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HomeMy WebLinkAbout0968 ~ • y . • , ~ ~..i i UNtFOxt~t Covert~?vTS. Bormwer and Lender covenam and agret as followa: 1. ta~ac~t of trincipl a~d Wemt. Borrowcr shall promptly pay when due the principat of ~nd intercst on the indebtedness evidenccd by the Note, prepayment and late charges as provided in !he Note, and the principal of and interat on any Futurc Advances socured by this Mongage. 2. Fti~ds tot Ta~ces sni lennt~oce, Subject to applicat+le law or to a written waiver by l.ender, $orrower shall pay to Lender o~ the day monthly instaliments of principai an~ interest arc payable under the Note. until the Note is paid in futt, a sum (herein '•Funds") equal to one-twelfth o[ the yearty taxes and assasmenu which may astain priority over tAis Mortgage, and ground nnta on the Praperty. ;f any, plus one-tweifth of yearty prcmium installmonts for hazard insu~ance. plus one-twelfth of yearly prtmium installments for mortgage iosurance, if any. all as reason~bly estimated initially and from cime to time by Lender oa the basis of assexsments and bills and reasonabk estimates thaaof. • "Il~e Funds shali be held in an institutian the deposits or accounts of whicA arc insured or gwranteed by s Fedanl or state agency (including Ixnder if Lender is such an institution). Lender shall apply the Funds to pay said laxes, assasments. insurance prcmiums and ground rents. [.ender may not charge for so holding and applying the Funds, analyzing:aid ac¢ount~ or verifying and compiling said ass~ssments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Horrower and Lcnder may agree in writing at the time of executioa of this Mortgage that intercst on the Funds shall be paid to Borrower, and unless such agreement is made or appJicable law rcquires sucl interest to be paid, Lendcr shall not be requirtd to pay Borrower any interest or earninas on the Funds, I.ender shall give to Borrower, without charge, an annuat ~ccounting of tbe Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was mado. The Funds are pledged az additional security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to tt:e due dates of taxes, assessments, insurance premiurtu and ground rents, shatl exceed the amourtt requitrd to pay said taxes, asse.aments, inauranoe prcmiums and ground renis as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sui~cient to pay taxes, asxssmenta. insurar~ce ptemiums and ground rents as they fall due. Borro~rer shatl pay to Lender any amount nocessary to make up the deficiency within 30 days from th~ date notice is mailed by Lender to Borrower rtiquesting payment ther~of. Upon payment in full of all auciu secured by this Mortgage, Lender shall promptly refund to Borrower any Funch held by L.ender, If under Paragraph 18 heceof the Property is sold or the Property is otherwise acquired by Lender. Lender stull appty, no tater than immtdiately prior to the sale of the Property or its acquisition by Lsnder, any Funds held by Lender at tbe time of application as a credit against the sums secured by this Mortgage. 3• Aplkatfoi ot Pay~reas. Unkcs applicable law provida otherwise, al!-payments received by Lender under the Note and paragnphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payaWe to L.~nder by Borrower under paragraph 2 h~reof, then to iaterest payable on the Note, then to thc principal of the Note, and then to interest and pcincipal on any Futurt Adv~nces. • 4. CL~a; Lke~e. Borrower shall pay all taxes. assessments and other chatges, fines and impositions attributable to ~ the Property which may attain a priority over this Mongage, and leasehold paymenta or ground reata, if any, in the muiner i provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paytnent, when due. directly to the payx th~reof. Borrvwer shsll pmrnptly fumish to Lender al!_notices of amounts due under this paragrap6, and in the event Borrower shall make payment direttly, Borrower shall promptly furnish to Lender receipts evidencing auch payments. • Borrower shatl promptly discharge any lien which has priority over this IMortgage; pmvided, that Borrower shail not be , required to discharge any such iien so long as Borrower sha!! agrce in writing to the payment of the obligation s~cured by 4 such iien in a manner acceptabie to Ltnder, or shall in good faith contest such lien by, or defend enforcement of auch lien in, legal praceedings which operate to prevent the enforcement of the lien or fotfeiture of the Property or any part thereof. ~ S• N~tard L~an~ce. Borrower shap keep the improvements now existing or hereafter erected on the Property insured ; against lass by Sre, hazards induded within the term "extended coverage", and such other hazards as Lender may require " and in suct~ amounts actd for such periods as Leader may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums securtd by this Mortgage. 'ILe insurance carrier providing the insurance shall be chosen by Borrower aubject to approval by Lender. provided, that such approval shall not be unreasonably withhdd. All premiums on insura~cx policia shal! be paid in the manaer provided uader paraaraPh 2 hereof or, if not paid in such manner, by Bonower making payment, whtn due, direcUy to the insurance carrier. All insurance policies and renewala thereof shall be in form acceptable to Lender and shall inctude a standard mortga~e clause in favor of and in form acceptable to I..ender. Lender shall have the rig6t to hold the policies and renewals thertof, and Borrower sha]! prompdy futnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Bonower shall give prompt notice to the insurance carrier and Lender. ?_ender may make proof of loss if not made promptly by Borrower. Untess Lender and Borrower otherwise agrce in writi~g, insurance procceds shall bc applied to restoration or npair of the Proptrty damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, psid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date aotice is mailed by Lender to Borrower that t6e insurance carrier ofiets to settle a claim for insurance benefits. L.ender is aut6oriud to collect and apply the insurance proeeeds at Lender's option either to reatoration or repair of the Property or to the wms secured by this Mortgage. Unless I.ender and Borrower otherwise agree in wriiing, any such application of proceeds to principal shall not extend or pcutpono the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph l8 hereof the Property is acquired by I.ender, all tight, tide and intereat of $orto~ver in and to any insurance policies and in and to the procceds thereof resulting from damage to the Proporty prior to tht sak or acquisition shaii pass to Lencler to tht eztent of tbe sanu secured by this Mortgage immediatety prior to such sak or acqtutition. 6. tt~ervadoo aod Mai~tenaoce of Prope~ty; [xasebal~; Condominlams; Plansed Uait Devdo~oeals. Bonowtr shall kcep the Praperty in good repair and shall not commit waste or permit impairtnent or deterioration of the Propertr and shall comply with the provisions of any lease if this Mortgage is oQ a leasehold. !f ihis Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the dec)aration or covenants creatiag or governing the condominium or planned unit deve{opment, the by-laws and regulations of the condomenium or planned unit development, and constituent docume~ts. If a condominium or planned unit development rider is executed by $orrawer and recorded together with this Morigage, the covenants and agrcements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of ihis Mortgage as if the rider were a part h~reof. 7. hotectio~ of Leeder's Security. If Borrower fails to perform the covenants and agrcements contained in this Mortgage, or if any action or proceeding is commenced which materially a~tects Lender's interest in the Property, including, but r~ot limittd to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedont, then L.ender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender s intereat, inclnding, but not limited to, disbursement of reasonable attomey's fees and entry upon the Property to make rePairs. If Ler~der required mortgage insurance as a candition of rnak+ng the loan secured by this Mortgage, Borrower ahall pay the premiums required to maintain such insurance in eftat until such time as ti~e requirement for such insurance terminates in accordance with Borrowcrs and ' ~ a~c~l7 ~~f ~6~ ~ ~40~ ~~~5~ - . R:-~~ . _ - . . _ w .