Loading...
HomeMy WebLinkAbout0933 ~ j • ~ ~ i'~I~ ~ ~ ~ ~ ~ ?1V t~ E~orrowe~ and I.e~der covenant and agcee as follows: 1. Payment ot Principal and Intere~t. Borrower shall pmmptly pay when due the principal of and interesl on the indebtedneas evidenced by the Note, prepayment and late charges ae provided i~ the Note, and the principal of a~d intereat on any Future Advancea eecured by thu Mortgage. 2. Ftinda [or Taies and Insurance. Subject to applicable law or to a written waiver by l.ende~, Borrower shali pay W L.ende~ on the day monthly installmertte o[ principal and intereat are payable under the Note, until the Note ia paid in full, a sum (herein "Funda") equal to one e1Rh of the yearly taxca and asa~ssments which may attain priority over this blortgage, and grouod rents on the Proprriy, if any, plua one twelfth of yearly premium installments.for hazard insurance, plusonPtweifth ofyearly premium installments for mortgage insurance, if uny, nll aa reasonably estimated initially and trom time to tiR~e by Lender on the basis of assessments and bills and reasonable estimates thereot. The Funda ahall be held in en inatitution the depoaita or accounts of which are insured or guaranteed by a Federal or State ugency I~ncluding Lender if Lender is auch an inatitution). l.ender shall apply the Funds to pay said taxes, asaesamenta, insurance premiuma and ground rents. Lender may not charge for eo holding and applying ihe Funda, analyzing said account, or verifying and compiling said asaeeaments snd bille, unleae Lendet paye Borrower interest on the Funde and applicabie law permits I.ende~ to make auch a charge. Bonower and L.ender may agree in wtiting et the time of execution of this Morigage that interest on the ~Lnds ahal) be paid to Borrower, and unlees ~ach agreement is made or applicable law requirea such internst to be paid, Lender shall ~ot be required to pay Borrowe~ any intereet or earninga on the Ftinde. Lender ehall give to Borrower, without charge, an annual accounting ot the Funda ahowing credita and debits to the Funds and the purpoae for which each debit to the Funda was made. The Funds are pledged as udditionat security for the suma eecured by this Mortgage. If the amount otthe FLnde held by l.ender, toqether with the future monthly instaliments of Funda payable prior to the due datea of taxea, asaeasmenta, inaurance premiums and ground rents, shall excred the amount required to pay said tnxes, asseasments, insurance premiume and ground rents as they fall due, auch excess shal) be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installraenta of Funde. If the amount of the I~unds held by l.ender shall not be suf6cient to pay taxes, asseasmenta, insurance premiuma and ground renta as they tal) due, Borrower shall pay to I.ender any amount necc:x~ary to muke up the deficiency within 30 days from the date notice ia mailed by I.ender to Borrower reqursting payment thereof. Upon payment in full of all auma secured by this MortRage, I.ender shall promptly refund to E3orrower any funds held by Lender_ If under paragraph 18 hereof the Property is sold or the Property is othemise acquircd by Lender, Lender shal! apply, no later than immediately prior to the sale af the Ptoperty or ita acquisition by Lender, any Funds held by l.ender at the time of application as a cred~t against the sums secured bp thie Mortgage. 3. Application ot Paymenta. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragtaphs 1 and 2 hereof ahall be applied by Lender first in payment of amounts payable to I.ender by Borrower under paragraph 2 hereof, then to intereet payabie on the Note, then to the principal of the Nute, and then to interest and principal on any Flture Advancea. 4. Chargee; Liena. t3orrower shall p.iy all taxes, assessmrnts and other rharKes, fines and impocitions attributable to the Property which rnay attain a priority over this Mortgage, and leasehold payments or Krounci rents, if any,.in the manner provided under paragraph 2 hereofor, ~ f not paid in such manner, by Borruwer making p.i~•ment, when due, dir~•tl~ to the pxyre thereof. Bormwershall promptly furnish to I.ender all notices of amounts due under this paragraph, a~d in the e~•ent Borrower shall make payment directly, Korruwer shall promptly furnish to nder rereipis evidencing such pa~~ments. liorrouer shall prompth~ disct~ar~e any Gen w hich has priorit}• o~•er this Mortgage; provided, that ttorrower shall not be required to discharge any such lien so IonR .i~ Rurtower chall a~ee in writing tu the payment of the obligation secured by ~uch lien in a manner ac~ieble 1o Ixnder, or sh:~ll in KcK~d faith cont~wt cuch lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of lhe lien or forfeiture of tht• I'rupertp ur xny part thereof. 5. Hazard lnaurance. Borrower shall keep the improvements now• existing or hereafter erected on the Property ineured agai~st loe~s by fire, hazards encluded within the term "extendeci coveraKe," and such uther hazards as I.ender may require and in such amounta and forauch periods as Lender may require; provided. that Lender shall not reyuire that the amount of such coveraQe exceed that amount of coverage r:-quired to pay the sums secured by this MortK.?Kr. The insurance carrier pruvidin}~ the incuran~•~• .hall Ix• i•h~~s~•n hy f{~~rruwer subject tu ,ippru~•al b}• Ixnder; providecl, that such approval shall not be unreasonably withheld. All premiunr, un insurancc• pul~c~es shall Ire p.i~d in the manner provided under paraRraph'L hereofor, if not paid in such manner, by F~,rrower makinK p:~~~m~~nt, w•ht•n due, dir~~~tly tu th~• incurance carrier. - ~ All insurance policies and reneK•als thrreo[shall be in form acceptable tu I,ender and shall include a standard mortgageclause in favorof and in form acceptable to Lender. l.ender shall have the nKht to huld the Ex~licies and renewals thereuf, and Borrower shall promptly fumish to i.ender all renewal notices and all receipts of paid premiums. In the eve~~t of loss, Korn~wer shall give prompt nutice to the insurance carrier and Lender_ I.ender may make proof of los~ i[ not made promptly by Rnrrower. Unless Lender and t3orrower ~therw~se a~ree ~n w'nt~ng, ~nsurance proceeds shall be appl~ed to restorat~on or repa~r of the Yroperty damaged, provided such restoration or repair is economically feasible and the security of this Mortqage is not thereby impaired. If sueh restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall beapplied ~ to the aums secured by this Mortgage, with the exce.s. if any, paid to R~nower. If the Property is abandoned by Borrower, or if Fiorrower faile to E respond to l.ender within :'s(1 days from the dxt~ nutice is mailPd b~ I.ender to Borruwer that the insurance carrier ot~ers to setde a claim for ~ insurance benefits, l.ender is authorizrd to rnllrct and apply the insurancr proceeds at [.ender's option either to restoration or repair of the ~ Property or the sums secured by this MortRaKe. . j Unleas Lender and Borrower otherwise aKree in wntinK, any such application of proceeds to principal shall not extend or postpone thedue date of the monthly inatallments referred to in paraKraphs 1 and'L k~ereuf or change the amount of such installments_ If under paragraph 18 ~ hereot the Properiy ia acquired by [.ender, all right, title and interest of Aorrower in and to any inaurance policies and in and to the proceede ~ thereof reaulting from damage to ~'roperty prior to the s:ile or acywsitiun shall pass to l.ender to the extent of the sums secured by this ~ btortgage immediately prior to such sale or acquisition. 6. Preservation and Maintenanceof Property; Leaseholds; Condominums; Planned Unit Developmenta. Borrowershall keep i the Property in good repair and shall not comrnit waste or pertnit impairment ur deterinration of the Property and shall comply with the ? provisions of any lease if this Mortgage is on a leasehold. if this Mongage is on a unit in a condominium or a planned unit development, ' Borrower ahall perform all of Borrower's obligatiuns under the declaration or covenant_. creatinKor govern~ng the condominium or planned ~ ~~nit de~elopment, the bylaws and reRulations uf the condominium or planned unit development, and conatituent documents_ If a ` condominium or planned unit de~elopment rider is eKC~vted bp &~rrower :~nd recorded together with this Mortgage, the rnvenanta and aRreements of such rider shall be incorpurated intu and .hall amrnd and supplement theco~•enants and agreementso[this Mortgageasifthe ~ nder were a part hereof. i 7. Protection of Lender'e Security. If Borruwer fails to perform the covenante and agreemente contained in this Mortgage, or if any ~ action or proceeding ie commenced which materially affect8 I.ender's intereat in the Property, including, but not limited to, eminent domain, ineolvency, code enforcement, or arrangemente or proceedinge involving a bankrupt or decedent, then Lender at Lender'e option,upon notice to Borrower may make euch appearances, diaburee euch auma and take auch action as ie neceeaary to protect Lenderb interest, inc)uding, bnt not limited to, diebureement of reasunable attomey'e feee and entry upon the Property to make repaire. If Lender required ; mortgage ineurance ae a condition of making the loan aecured by this Mortgage, Borrower ehall pay the premiuma required to maintain such ineurance in effect until euch time ae the requirement for euch inaurance terminates in accordance with Borrower'e and Lender's written agteement or applicable Law_ Borrower ehali pay the amount of all mortgaqe ineurance premiums in the manner provided under paragraph 2 hereof. Any amounte diebureed by Lender perauant to thia paragraph 7, with intereat thereon, ehall become additiona) indebtedneee of Korrower eecured by thie Mortgage. Unlesa Borrower and Lender agree to other terme of payment, euch amounte ehall be payable upon notice from Lender to Borrower requeating payment thereof, and ahall bear interest trom the date of dieburaement at the rate payable from time to time on outetanding principal under the Note unless payment of intereat at such rate would be contrary to applicable law, in which event euch amounta ahall bear intereat at the highest rate permisaible under applicable law. Noihir~ evnfai~ed in this paragraph 7, shall ' require Lender to incur any expense or take any action hereunder_ - ~ • 5 - ~<<~ 414 ~~~E ~ ~ ~ ~ ~ . . _ _ _ _ ~ ~ ~ - _ ~