Loading...
HomeMy WebLinkAbout0951 ~ iii t;urrower and l.ender covenant and agree ae tollowa: 1. Payment of Principel and Intereet. Borrower ahall promptly pay when due the princ~pal of and intereat on the indebtednesa evidenced by the N~te, prepayment and lale chargea as prvvided in the Note, and the pnncipal of and inierest on any Future Ad~~~nces secured by thie Mortgnge. 2. Funde tor TaYes and Ineurance. tiub~ert w applic<ible law• or to a wntten waiver hy l.ender, tiurruwer ~hall pay tu lxnder un the day monthly instaliments of principal and interest are payable under thr Nute, until the Nute is paid in full, a sum Iherein "F'unds"1 eyual to one- twelfth of the yearly taxea and asseasmente which may atta~n priurity uver this ~lurtgage, and gruund rents un the Yruperty, if any, plus une- twelfth of yearly premium installments !or hazard in:i~ranrr, plus une-tK~elfth of yea~rly premium instullments for mortgage insurance, if uny, ~il as reasonably estimated initiaily and from time tu :~~~r h}• I.rnder un the basis of assessments und bills and reasonablr estirn.+?cs theri+,f. The Funds shall be held in an inatiwtion the depusits or accuunts of w•hich arr insured ur guaranteed by a Federal ur titate agency ~including I.ender if l.ender is such an i~stitutionl. l.ender shaU xppiy the E'un~. to pay s~?id taxes, assessments, insurance premiums and Kround re~te. l,ender may not charge for eo holding and appl~•ing the Funds, anafyzing said account, or verifying and rumpiling said asaeaement~c and bills, unlesa l.ender paya Burrower interest on the Funds und applic~?ble ]uw~ permits l.ender to make such a charge. Borrower and Lender may agree in writing at the time of execution uf this MurtgaKe th~t interest on the Funds sha11 be paid to Borrower, and unlesa such agreement is made or applicable law requires xuch interest to be pa~d, IAnder shall nut be required to pay Borrower any intereat or earnings on the Funde. Lender ahall ~ve to Borrower, without charge, an ~innual ai~countinR of the F unds showing credits and debits to the Funde and the purpose for which each debit to the Funds w:~s mude Thr Funds are pledKeci as uddition~~l aecurity for the suma secured by thia \lortgagz. If the amount of the Funds held by i.ender, tuKether with the futurr monthly instaliments uf Funds payable prior tu the due dates of taxee, assesamente, insurance premiums and ground rf>nts, sh~ill excred the .imuunt rry~ired to pay said taxes, assessments, insurance premiums Find ground renta as they fall due, such excess shali t~, at &»TOwer'c optiun, eithrr ~rc,mptly repaid to Borrower or credited to Borroweron monthly installments of Funds. If the amuunt of the h'unds held by l.ender shall not be sufCtcient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Burrower shall pa~~ to I.ender any amount necessary to make up the deftciency w•ithin 30 days from the date notice is mailed by I.ender k~ Borruw•er rt•questinK payment thereof. Upon paS~nent in fuli of ali sums securecl by this A1urtKaKe. I.ender shall prumpth• refund to Burrower any funds held by l.ender. If under paragraph 18 hereof the Fropetly is suld or the Property is c~therH•ise acyuired by I,ender, I,ender shall apply, no latrr than immediately prior to the sale ef the Ptoperty or its acyuisition by (.ender. .?n}• t~'unds held by l.ender at the time of applicatior. as a credit against the sums secured by thie Mortgage. 3. Applieation of Paymente. l!nless applicablr law provides otherw~se, all payments received by l.ender under the Note and paragrapha 1 and 2 hereof ahall be applicd by l.ender fir.t in pa~•ment uf amuun~s payable to l.ender by Sorrower under paragraph 2 hereof, then to interest payabie on the Note, then to the principal of the Nute, and then to interest and principal on any Future Advances. 4. Charges; l.iens. Borrow-ershall p.n• all t:lXk'S, i1~Sl•ssmt~nts c+nd ~~the•r ch.~r~ec, fini~.:ind imFH~ti~tions:ittributahle to the Yroperty which m<~y attain a priority over this hlortKaKe. and leasehuld payments ur ~;n+und rents, if any, in the manner pruvideci under par,igraph'l hereofor, if not paid in such manner, by Burruw•rr makin~; pa~'me•nt, whrn duc~, dtm~•tiy t~~ tht• pa~~t•r th~•rE~~L Hurro~vrr shaU promptl~• furnishto I.ender esil notices of amounts due under this par.~Kraph, and ~n the event Iiurrc~Nrr shall ~n.~kr pa} mE•M dirrctly. F~urruwa~r shali prumptly fumish to I.ender receipts evidencing such pa~•mrnts. ft~~rr~~.+~er shali prumptly di~ch.irKe~ any Len H hich has pri~~rit~• o~•er this !11urtKaKe: provided, that Fi~~rrower sha11 not tx~ required to discharKe an~• such lit~n s~~ IunK f;~~rruw•er sh:~ll aKr~~~~ ~n w~nt~nK t~~ thr p:i~~mt•nt uf thr~,bliKation secured h~~ ~uch lien in a manner acceptablr tu Lender. ur ~h.ill in Ri~u~1 f:~ith runt~•~t ~u~ h I~i~n tn . ur iirfc~nd f~nfurct•~ni•nt uf.u~-h lit~n in, leKal pr~x~erdings ~~hich operate to prevent the enforcement uf thc~ I~e•n ur furf~~~tur~• ~~t tht• 1'ruprrt~ :~r :~n~ part thenti~f- Hazard Insurance. Rorruwer sh.ill kt•c~p th~• impru~ ement. n~~w~ ~xist~nK ~~r hereafter erected un the Propert~• insured against lo~s by tire, hazards included within the term "extendrd ~•u~ e~r.ikc•.~~ eind surh uther huzards .+s l.ender may require and in such amounts and for such periods as I.ender may reyu~re; pn~~•~dc~i, that Lt•nd~~r ~h:~ll «ut rryuin• that the amuunt uf wch cuveraKe exceed that amount of coverage required to pay the sums securt~l h~• thi~ :11~~rtR.ik~• The +nsurance carrier pnn~id~n~; the ~nsuran~ ~~~~.~II h~~ ~ h~~~~•n I~~ li~~rn~wt•r .uh3f~ct tu ~iNpru~:+l tn Lt ndrr, pr~~~•~ded, that such approval shall not be unreasunably w•ithhc~id. Ali prerniun~~ ~m ~n~uran~•e p~~licic•~ ~h,ill he~ p.iid m tht• m:~nn~~r pn~~ idaK1 undrr p.iraKr.iph'l herc~~f or, if not paid in such manner, b~~ Rurru~•er makin~; nu~nt. ~'ht~n ilur. ilinrtl}' t~~ thr ~n.ur.ini~e carna•r All insurance policies and renew•als thrreuf .hail he ~n form a~•ceptahle tu l.e~nder and shall ~ni~lude a standard mortKaKeclause in favor of and in form acceptable to l.ender. [.endrr shall ha. c• thc• nKht a~ h~~id the~ p~~i~c•ie~ and rrne~•~ilc thereuf, and 13orruw•er shall promptl}• furnish to i.Pnder a!1 renewa) notices and all receipt~ uf pa~d premiums In the r~~ent uf fus~, li~~rruK•er shall K~ve prompt nutice to the insurance camer and Lender. l.ender may make pnMf of losc if n+~t made promptlp b~~ Iiorrower. I' Unless Lender and E3orrow~er utherwise~ aKree ~n rYntinK, insurance pruceeds sh:ill be applied tu resturation or repair of the Property i damaged, pro~~ded such restoration ur repa~r is ecunumically feasible and the sf•e•unty uf this Mort~;age is not thereby impaired. If such rrstoration or repair is not econumically feasihlr or if the secunty uf this MnrtKage w~uuld be impaired, the insurance proceeds shall beapplied I to the aums secured by this titortKaRe. w•ith the~ Fxct•~s, if an~•. paid to Rurru~•er- If the Prrrperty is abandoned by Borrower, or if F3orrower faila to E ~ respond to l.ender within :i(1 days from the date nut~ct~ m:ul~~c1 b~~ I.endf~r tu 13~~rr~~wrr that the insuran~e carrier offers tu settle a claim for F insurance benefits, I.ender is authorir.E~c~ tu cnll~•ct .~nd appiy [he• insuranre pnK•re~ds at (xnder~s option either to restoration or repair of the ~ F'roperty or the sums secured by this A1ur!KaKr. € Unless I.ensier and Borrower otherw•ise aKree in u ntinK,.iny such applirition nf proceeds tu principal shall net extend or postponethedue ~ date of the monthly installment~5 referred to in pcvaKraph, 1 and ? herr~~f t~r chanKe the amuunt of such installments. [f under paraqraph iR s hereof the Pmpeny is acquired by (.ender, all riKht, utle and interest uf Burrnwer in and tu any insurance policies and in and to the proceeds ~ thereof reaulting from damage to Property pnur tu tht~ ~.ilr ur acqws~?itm shxll p.+ss t~~ I.ender to the extent of the sums secured by thie tilortgage immediately prior to such sale ur acqui,~tiun. ~ 6. Preservation and Maintenanceof Propt•rt~; Let~sehuld~; ('onduminumv; Planned Unit Developmenta. F3orrowershall keep the E'roperty in ga~d repair and shall not cummrt w a~tc• ~~r prrm~t ~mpairmer.t ~~r drten~~rahon nf the Yroperty and shall compl>• w-ith the ~ pru~~isions of any lease if this AlortKaQe is on a le:~s~~hr,ld. (f this MurtKaKt• is ~~n a un~t m a cunduminium or a planned unit de~•elopment, ~ ~urrower ahall perform all of RurruK•er's ~~bliKati~~n~ under thc~ drelarati~m nr cc~~~enant, ~ re.it~n~;or Qo~-ern~nK thecondominium or planned ~ unit development, the by-laN~s and reKulatium ~~f th~• ~~~~n~l~~m~nium ~~r pi;~nned un~t devel~~pment, and constituent documents. If a ? ~.•~~ndominium or planned unit de~cel~~pment n~ie~r » t'Xt'l'Ulf'~~ I/\' RUITI~K'PC and rrc~~rded t~~Kether w•ith this t~lortKaKe, the co~•enants and ~ +~reementsofsuchndershallheincnrp~~r.~te•dint~~:~n~i~h:~il:~m~~nd:incl.upplt~mt•ntehec~~cenantsandaKreementsofthisllurtRaKeasifthe ~ nd•rr wese a part hereof. ~ 7. Protection of Lender'e Security. If Borruwer fails to perfortn the covenants and agreementa contained in this Mortgage, or if any action or proceeding ie commenced which matrrially affecta I.ender'd inier~~at in the 1'rcperty, including, but not limited to, eminent domain, 4 ineolvency, code enforcement, or arrangementa or proceedings involving a bankrupt or deceden~, then [.ender at Lender'e option,upon s notice to Borrower may make auch appearances, diehuree auch sume and take euch action as is necessary to protect Lender'e intereet, i ir.cluding, but not iimited to, disbursement of reaeunable attorney's fees and entry upc~n the Property to make repaire. If Lender required mortgage ineurance ae a condition of making the lc~an secured by this MortRage, Borrower shall pay the premiume required to maintain euch ineurance in effect until such time as the requiremrnt for euch ineurance terminatea in accordance with Bonower'e and Lender'e t w~ritten aRreement or applicabie Iaw_ Borrower ahall pay the amount ~~f all mortKaKe in~curance premiume in the manner provided under ~ paragraph 2 hereof. Any amounte dieburaed by Lender perauant u~ this paragraph with intereat thereon, ahall become additional indebtednees of ~ Horrower secured by thie MLrtgage. Unless Bonuwer and Lender agree to other terms of payment, such amounta ehall be payable upon ~ notice from [.ender to Borrower requestirtK payment thereof, and ahall bear intereat from the date of dixbureement at the rate payable from ~ time to time on outAtanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which ~ event such amounte ehall bear interest at the higheet rate permieaible under applicable law. Nolhing contained in thie paragraph 7, ehall.- require I.ender to incur any expense or take any action hereunder. . . ; . ; . 600K ~l~ PAGE ~ ~ ~ ~ ~ ' ~ - - - - „ .