Loading...
HomeMy WebLinkAbout0993 t~~~RUwer and l.ender cv~venant and aQree aa foilow~: 1. P~yment ot Priocipwl and Intere~t. F~orrower shall promptiy pay vrhen due the pnncipal of and interrat un the ~ndebtedneaa rvidenced by the Note, prepayment and late charges aa pruvided ~n the Note, and the pnnc~pal ~~f and interest un any F u!ure Ad~ ancea secu~ed by thu Mort~age. 2. ~nds fo~ Ta:e~ vnd (nsurance. ~ub~ect k~ app6c~bie lav?• ur to a wnttrn waiver by t.ender, fi~rruw•er ahaU pay w I.ender un the dey munthly ~nstallmenta of pnnc~pai and ~~tereat are pxyable under the Note, until the Nute ~K pa~d ~n (ull, a sum therein °Funda"1 equal to one- twrlfth of the yearly taxea and asseasmenta which may atta~n pnunty over th~s illurtgage, and gruund rents on thr E'ruperty, ~f any, plus one- t.velRh otyearly premium installments for hazard ~nsurance, plus «nPtwelfth of ~•early prrmium inst~limenu for mortg~ge insurance, if any, all as reaeonably eaiimated initially and from time tu t~me by I.ender on thr hasis of ~~ssessmrn~c and bills and re.?sunable ~timates thereof. The Funda ahall be held in an inatitution the depusits or accounts of w•hich are insured.or guaranteed by a hederal ur titate ugency ~~ncluding l.ender if l.ende~ ia such an institudonl. I.ender ahall apph• the Funds to pxp s~id tazes, assessmrnte, ~nsurance premiums and Kround rente. Lender may not charge tor eo holding and applying the hunds, anulyzing said acrnunt, or verifyinQ and compiiing said assessmentB and hille, unleea Lender peya Borrower interest un the Funda:ind applicable law permita l,ender to makesuch a charge. Borrower and l.ender may agree in writing at the time of execution ~~f this MongxKe that interest on the Funds ahall be paid to f3ormwer, and unleae such egreement ie made or applicable law requirea such interest to be paid, l.ender shall not be requimd to pay fiorrower any intereet or rarnings on the Funde. Lender eha11 give to E3ormvver, withc~ut charge, an annual accountinR o! the Funda shuN inK credits and debits to the F unde and the purpose for which each d~bit to the Fundb N•ac made. The N unds r?re pledged as additional aecurity for the suma secured by thie Mortgage. If the amount of the Funde held by l.ender, together v?ith the future monthly ~nstaliments of F unds payable prior to the due dales o[taxee, asaesementa, insurance premiuma and ground rents, shaU excred the amuunt required to pay said taxes, asxessments, insurance premiuma and ground renta as they tall due, auch excexs shall be, at E~~rower's upt~on, either promptly repaid to Borrower or credited to Borrower on monthly inatallmenta of Funds. If the amount of the Funds held by l.ender shall not be sufficient to pay taxea, asseasments, insurance premiuma and ground renta as they fall due, Borrower shall pay to l,ender any amount necessary to make up the deficiency w~thin 30 days from the date notice ia mai!ed by Ixnder to Rorruw•rr rrquesting payment thereof. Upen payment in fu?t of all sums secured by this blortKage, I.ender shall promptly refund to E3orrower any funds heid by l.ender. If under paragraph 18 hereof the Property is sold or the E'raperty is otherwise acquircd by I.ender, l.ender shall apply, no later than immediately prior tu the sale cf the Ptoperty or its acquiaition by l.ender, :tny Funds held by l.ender at the time of applicatiur. as a credit against the sums secured by this Mortgage. 3. Applieation of Peymenta. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragrapha 1 and 2 hereof ahall be applied by I.ender firct in payment of amounts pay:ible to l.ender by Sorrower under paragraph 2 hereof. then to intereat payable on the Note, then to the principal of the Nute, and then to interest and principal on any Future Advances. 4. Chargea; Liena. I3orrower shall pay all taxes, .isscssments and uthrr charKes, fines and impusitions attributable to the Property which may attain a priority over this MortQaQe, and lez?sehold payments or Kround renEs, if any, in the manner pruvided under paragraph 2 hereof or, if not paid in such manner, b3 E3orrow~er mak~ng p.iymrnt, when due, directly to the payre thereoC Borrower shall promptly turnish to lxnder all notices of amounts due under this paragraph, and in the e~•enl Borruwer shall make pa~•ment directly, Barrower shall promptly furnish to l,ender receipts evidencing such pa~•mrnts. liurruwer shxil promptiy discR~rKr an~• iien wnicn n.?s prioriiy ovrr inis iriorigage; provided, inai Eiorrower shall not be required todischarKe an~• such lien s~~ IonK a~ Rurruw•er shall aQree in writinK to the pa>~mrnt uf theobliKation secured by .uch lien in a manner acceptable to Ixnder, ur shall ~n kixK1 faith c~~ntrst ~u~•h lit~n hy, urdefend enforcement ofsuch lien in, IeKal proceedings _ w hich operate to pre~•ent the enforcement of the lirn nr furf~•iture~ ~~f thr f'roperty ur any part therc~~f. 5. Hazard Insurance. Borrower shall keep thr impru~•ementc nuw• existinK or hereafter erected on the Property insured against Icx~s by fire, hazards induded within the term "extend~l cu~•er.iKr," xnd wch uther hazards .~s I.ender may reyuire and in such amounts and forsuch ~ periods as I.ender may require; pro~•idc~i, that Lc~nde~r shall nut rt~quire that the amuunt of such coveraKe exceed that amount of coverage ~ rc~yuired to pay the sums secured h~~ th~s !1lortk.~Kt• ~ The insurance camer pru~•idinK thr inwr.?nr~• .h:~ll hr ~ h~~.t•n h~• ft~~rn,w~~r suhjrct tu ,?ppr~~~•al h~• I.ender, pro~•idecl, that such approval ~ shall not be unreasonably w•ithheld. r111 prem~un~. ~~n inwr:inc~• p~~l~cie~~ .hall tx• paid in the manner pr~~~•idrd under paraKriph'~ hermf or, if ~ nut paid in such manner, by Ei~~rruvver mak~nK p.~vm~•nt. wht•n dut~, ~lirrctl~• t~~ thi• ~nwrance carric~r- All insurance policies and renew•als thrrc~~f .hall tx• in furm acceptabir d~ I,ender and shal! include a standard mortgage clause in favor of ~ and in form acceptable to l.ender_ I.ender sh.?Il h.i~•~~ thr riKht to hold the {x~liciec and rrnrK•ak thereof, and f;orrower shall promptly fumish to ~ i.ender all renewal notices and al) receipts of paid premiums. In the event of loss, [iurruw•er shal) Kive prompt nutice to the in~urance camer ~ and [.ender. Lender may make pr«~f of los~ if not m:ide promptl>• bc Rorrovicer. ~ Unless Lender and Borrower ~ther~•isr aKrer ~n w'rihnK, insurance procreds shall be applied to restoration or repair of the Property ~ damaged, proqided such restoratiun or rep.?ir e~•unumically [e:?sible and the scrunt~• uf this 1lortgage is not thereby impaired. If such ~ restoration or repair is not econumirally feasihlr ur if the sfYVrity of this MortgaKe wuuld be ~:npaired, the insurance proceeds shall be applied to thesums secured by this MortKage, N~th thc• excc~c, if an~, paid to Rorruw•er. If the Properly is ~+bandoned by Borrower, or if E3orrower failsto ~ re+pond to L.ender within :i0 days frnm the dat~• nuh~-~• i. mailrci b~• [.ender tu Bnrruwer that the insurance camer offers to setde a claim for ~ insurance benefits, [.ender is authorizrd to collr~•t and apply thr insuranrr pnrceeds at I.ender's option either to restoration or repair of the ¢ Property or the sums secured by this htortKaKe. ~ l,'nleas L,ender and Borrower otherwise aKrec• ~n wnhnK, any such application of proceeds to principal shall not extend or postpone thedue ~ date of the monthly installments referrecl to in paraKraphs 1 and'l hereuf or change the amount of such installments. If under paragraph 18 ~ hereof the Propeny ia acquired by I.ender, all nKht, title and interest of Burrow•er in and to any insurance policies and in and to the proceeda ~ thereof rei+ulting from damage to Property prior to the s:~le or acywsition shall pass to l.ender to the extent of the sums secured by this tiiortgage immediately prior to such sale or acqeisition. ~ 6. Preservation and Maintenence otProperty; l.easeholds; ('ondominums; Planned Linit Developments. Borrower shall keep ~ the Property in good repair and shall not commit w•a~te or permit impairment or deterioration of the Property and shall comply with the g proviaions of any lease if this Mortgage is on a leasehuld. If this MortKaKe is un a unit in a condominium or a planned unit development, ~ Rorrower ahall perform a!I of E3orrower's obliKatiuns under the deciaration ur covenants creatinKor govern~nK thecondominium or planned unit development, the by-laws and reEtulations uf the cundominium or planned unit de~•elopment, and constituent documents. If a r condominium or planned unit development ridc•r i. ~•xeY•utc~cl by F~rrrower and recordeti t~~Kether with this Mortgage, the rovenanta and ; aKreements of such rider shall tw incorporated into :ind ~hall amend ~nd supplement thecuvenants and agreementsof this Mortgageas ifthe nder were a part hereof. 7. Protection of Lender'e Security. If Borrower fails to perform the covenants and agreementa contained in thie Mortgage, or if any action or proceeding ia commenced which materially affecta Lendei e intereet in the Property, including, but not limited to, eminent domain, ineolvency, oode enforcement, or arrangementa or proceedinga involving a bankrupt or decedent, then Lender at Lender'e option,upon notice Lo Borrower may make euch appearances, dieburee auch aume and take euch action ae ie ne~.~eseary to protect Lendei e interest, - including, but not limited to, diebureement of reaaonable attorney's feee and entry upon the Property to make repaits. If Lender required mortgage inaurance as a condition of making the loan aecured by this Mortgage. Borrower shall pay the premiume r¢quired to maintain euch ineurance in effect until euch time as the requirement for auch ineurance terminatee in accordance with Bonower'e and Lender'e w~ritten agreement or applicable Law. Borrower ehall pay the amount of all mortgaqe ~neurance premiuma in ine manner provided under par$graph 2 hereof. Any amountc diabureed by Lender pereuant to thie paragraph with intereat thereon, ahall become additional indebtednesa of };orrower aecured by thie Mortgage. Unlesa E3orruwer and [.ender agree to other terma of payment, such amounle ehal! be payable upon notice from Lender to Borrower requesting payment thereof, and ehaD bear interest from the date of diebureement at the rate payable from time to time on outetanding principal under the IVote unless payment of intereet at such rate would be contrary to applicable law, in which - event euch amountn ehall bear intereat at the higheat rate permiaeible under applicable law. Nothing contained in thie paragraph 7, shall require Lender to incur any e:pense or take any action hereunder. - . _~~Gr411 PA~E 992 ~ ~ . - _ ~ _ - - - ~ _ _ .