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HomeMy WebLinkAbout0950 i , ~ t~~~rrower and I~nder coveo~nt end a~rre as fullowc 1. P~y~aent o~ Principal and Intereit. E3orrower shall prompUy pay when due the p~nc~pal o( and ~ntereat on the indebtedoees ev~denced by the Note, prepeyment and (ate charges aa provided ~n the h'ate, and the principa) uf and mterest un any Future Advancee serured ' hy thi~ Mort~aQe. 2. bltnds for Ta:e~ Rnd Insurance. Sub~ect to apphcable I;~w ur tu a wnttrn M a?ver b~• lxndrr, Kurruwer ~hall pay tu l.rnder un thr day monthly inataliments of pnnc~pal and i~terrst are payable under the N~,te, untii thv :Vute is pa~d ~n tult, a sum t herein "F unda"r equai! to onP twelfth otthe yearly taxea and aaaeasments which may atta+r~ prionty over th~a Mongagr, and gmund renls on the Property, i[any, plua one tw~IRh of yearly premium inatallmenta for haxard insurance, plus onPtwelfth of yeariv prrmium i~sta!lments [or mortgage inau~ance, i[any, all as reaeonably estimated initially and from timr to t~me by I.ender on the bas?s of axaessments and bills and reasunable estimates thereof. The Funda ahall be held ~n an institution the depoaita or accuunts of wh~ch are ~nsured ur guaranteed by a Federal or titate :~ency ~including l.ender if Lender is euch an inatitution). l.ender ahall apply the F unda to pay said taxes, axsesamente, insurance premiums and tzround tenfa. Lender may not charge for eo holding and appl~~ng the fundss, analyzing said account, or verifying and compiling said aseesaments and bills, unleae Gender paya &?rrower interest on the Fundc and appl~cable Iaw permits I.ender tu make such a charge. E3orrower and Lender may agree in writing at the time uf execution of this MurtgaKe thet ~nterest on the FundA ahall br paid to Borrower, and unleea such agreement is made or applicable law requires auch intereat to be paid, l.ender ahall not be rryuired W pay Borrower any intereet or earnings on the Funds. Lender shall give to Borrower, without charge, an annual acaiunting of the Funds showing credits and debita to the Funda and the purpoee for which each debit to the Funda w;+s mude The F u~ds are pledged as additionat secunty for the sume secured by thia 4tortgage. If the amount of the Funda held by I.ender, together with the luture monthly instaliments of F unds payable prior to the due dates of taxes, assessments, ineurance premiums and ground rnnts, shall excred the amuun! required to pay said taxea, asseasments, insu~ance premiums and ground renta as they fall due, such excess shall be, at E3o~rower's option, either promptly rnpaid W Bdrrow~er or credited to Borrower on monthiy inatallmenta of Funds. If the amount of the Nunds held by I.ender shall not be sufCicient to pay taxes, asseasments, insutance prnmiums and ground renta as they faU due, Borrower shal! N.vy to l~ender an~ amount necessary to make up the defic~ency within 30 days from the date notice is mailed bY Lender to Borrower mquestinR payment thereof. Upon payment in full of all aums secured by this !11ortKaKe, l.ender shall promptly refund to E3orrower any funds held by Lender. If under paragraph 18 hereof the Property ia sold or the Property is othem~ise aryuircd by I.ender, I.ender shall apply, no latrr than immediately prior to the sale af the Property or ita acquisition by l~nder :~ny Funds held by [.rnder at the time of applicatior. as a credit against the sums secured by this Mortgage. 3. Application oC Paymenta. t~niess appticable law provides otherwise, all pa}•ments received by Lender under the Note and paragrapha 1 and 2 hereof ahall be applied by Lender first in payment of amounts payable to (.ender by f3orrower under paragraph 2 herE~`, tl~en to interest payable on the Note, then to the principal of the tiote, anci then to interest and principal on any Futum Advances. 4. Charges; Liena. E~ormwer shall p.~y all taxes, acsessments and ~~iher rharKt~s, tines and im~x~sitions attributable G~ the Property which may attain a priority over this MortKaKe, and Irasehuld pagments ar ~;rc~und rents. ~f any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrowrr mak~nK pacment whrn due, d~re~•ti>• U~ thr p.~yw• thrrecrf. Iturmwet shall promptly fumish to I.ender all notices of amounts due under this paragtaph, and in the e~•ent Rorruwrr chall m:tkt• p:i~•ment directly. Rorruw~er shall promptly furnish to Lender receipts evidencing such pa>•mrnts. Fi~rrruN•er ahall promptty disrhauKe am• lien v?•hich has pri<~ritr o~•er this Mortgage; p~ovided, that Horrower shall not be required to disrh:+rKe an}• .ui•h I~rn ~u InnR a. RnRUNPT ~hali aKrec in writinK tu thepayment of theobliKation secured by ~uch lien in a man~~er acceptable to l,ender, ur shall in K~KKI faith contest wch li~~n M•, urdefend enfurcement of such lien in, legal prceeedings v:hich operate to prevent the enforcement o( the lien r~r furfe~fure uf tht~ ('rop.•rt~• ur nny part therrof. 5. Hazurd Inaurance. Borrower shall krep tt~e imprn~•emrnts nc~w• existinK ~~r hereaftererected un the Property insured against loss by fire, hazards included within the term "extendrd c•u~•eraKe." ~ind surh uther haz.?rds as l.ender may require and in such amounts and for such periods as l,ender may require; pru~•idect, that l.ender ~hall m:t rrquirr that the amuunt of such coveraKe exceed that amount of coverage required to pay the sums secured br thi. 11urt~aKc~. The insurance carrier pre,i•idinK the insur:~n~~~• ~h.~ll h~• ~ h~~.~~n 1~~ ft~~rr~~.crr sub~i•ct t~~ appn~~ :~l b} I xnder, pr~~~~idecl, that such approval shall not be un~easonably withheld. All prem~wu~ un ~n~urani-c• p~~l~c~r. ~h;?Il lx~ paid ~n the mann~r pro~•idec! under p~~r~+Kraph'~ hereof or, if not paid in such manner, b>• K~~rruw•er m.+k~n~; p:~~m~•nt, wh~•n duc•. ~iir~~rtl~• tu th~• ~n~urance carrier. _ All insurance policies and reneM•ats thareaf sha!! tx~ ~n futm :~creptablr tu ! xnder:?nd shall include a standard mortqaReclause in fa~~or of and in form aceeptable to i.ender. I.ender shall ha. tht~ nKht t~, h;~ld the puGc~e~ and rrnewals thereof, and Borrow~er shall promptly furnish to ~xnder all renewal notices and all receipts uf pa~d premiums. In [he e~•ent uf lu.s. Rorruw•er shall Ki~•e prompt notice tu the insurance carrier and Lender. Lender may make pr«~f of loss if nnt made promptly b~• Bnrrower. Unless I.ender and Borrow~er otherwise aKrre in w'ntinK, insuranc•e pr~~eeds shall be applied tu restoralion or repair of the Property damaged, provided such restoration or repair is ei•~~nnmicalh• feasible and the srcurity of this Mortgage is not thereby impaired. If such resWration or rnpair is not economically feasihle ~~r if the ~rc-urity uf this Mortgage would be irnpaired, the insurance proceeds shali be applied to the suma aecured by this 61ortRage, with the exct•.s, il:+ny, paid tu };orro~~er. lf the Property es abandoned br Borrower, or if Borrower faile to respond to L.ender within :i0 days from the dat~~ n~~ti~•~~ i. maii~~d by I.endFr tu f;orruw•er that the insurance camer offers to settle a claim for insurance benefits, [.ender is authonzecl tc~ c~~II~K~t and ~ipply the insurance pruce~ds at l,ender's optiun either to restoration or repair of the Property or the sums secured by this MortKaKr. Unlesa L,ender and Borrower otherwise .igree in w nting, any such application of proceeds to principal shall notextend or postpone thedue date of the monihly installments referred tu ~n par.?Kraphs 1 and `2 hereuf or change the amuunt of auch inetallments. If under paragraph 18 hereof the Pmpeny is acquired by l~ender, all right, titte and interest of Burrower in and to any insurance policies and in and to the proceeda thereof msulting from damage to Property prior to the sale or acywsition shall pass to l.ender to the exteni oi f~ e s~.:.s secured by this ;1~fortgage immediately prior to such sale c~r acquisiteon. 6. Preaervation and Maintenence of Property; l,easeholds; ('ondominums; Planned llnit Developmenta. Borrower shail keep the Property in good repair and shall not com~nit w•a.te ~~r permit impairment ur detenoration uf the Property and shall cemply with the provisions of any lease if this MortgaQe is on a Ieaseh~~Id. If th~s i~lortKaKe is on a unit in a condominium or a planned unit development, Sorrower sha1) perform all of F3orrower's obligati„ns undrr thr declaratiun ur cu~~enants creatinKor govern?ng the condominium or planned unit devel~pment, the by-lav?s and reQulatiun~ .hc• cundominium or planned unit development, and constituent documents. If a condominium or planned unit development ridPr ~s ~~xfY•utrd fiy Rorrow•er .+nd recordeci toQether with this Mortgage, the rnvenants and ~greements of such rider chatl be inc~~rporatc~d ~nt~~ .ind sh:~U amf~nd and supplement thecovenants and a~treementsof this Mortgageas if the nder were a part hereof. 7_ Protection o! Lender'e Security. li Borr~~wer fails to perform the covenante and agreemente contained in thie Mortgage, or if any action or proceeding ia commenced which materially af[ecte I.ender'a intereet in the Property, including, but not limited to, eminent domain, ineolvency, oode enforcement, or arrangements or proceedinge incolving a bankrupt or decedent, then Lender at Lendei e option,upon notice to Borrowe: may make auch appearancee, diaburee auch aume and take euch action as is neceeeary W protect Lender'e inLerest, including, but not limited to, diebureement of reaaonable attorney's feee and entry upon the Ptoperty to me1~e repairs. If Lender required mortgage insurance ae a condition of making the loan aecured by this Mortgage, Borrower ahall pay the premiuma required to maintaia such ineurance in effect until auch time ae the requirement for auch inaurance terminatea in accordance with Borrower'e and Lender'e . written agreement or epplicable Law. Bonower ahall pay the amount of all mortgage ineurance premiume in the manner provided undet paragraph 2 hereof. . Any amounta disbureed by Lender persuant to thie paragraph 7, with intereet thereon, ahall become additional indebtedneae of Eiorrower secured by this Mortgage. Unleae F3orrower and Lender agree to other terme of payment, auch amounte ehell be payable upon notice from Lender to Bormwer requeatinq payment thereof, and ahall bear intereat from the date of diebureement at the rate payable from time to time on outatanding principal under the Note unlesa payment of interest at such rate would be contrary to applicable law, in which event euch amounta ehaU bear interest at the higheet rate permiaeibte under applicable law. NothiQQ contair{ed.A~ this paregraph 7, ehall require Lender to incur any expense ar take any action hereunder. ~.;<<r 411 P~G~ 949 . ~ - ; ~ - ~ _ .