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HomeMy WebLinkAbout0984 : i ~ ~ t , r. Boreower and Iwr~d~r ooveaaat md yees a~ folbws: 1. Prqnseat ot PiriaciPal wnd Iaterea~ Boreowe~ st?all proeaptly pay ~rhen due the pcipapal o[ and interest on the indebtedne~a evidenosd by the Note. prep~yment ~ad lata chu~es u pmvided in the Note. and the prinripal of and interest on nny F1tun Advance~ ~ecured - bY thi~ Mort~a~e. : 2. Pluids for Tue~ and Insuraaca. 3ubjeet to applicable lew or eo a written waiver by I.ender. Borrower shatl {~ay to I.endet on the day ~ ' monthly itutallmeab of principal and interat ate payable unde: the Note. until the Note ir paid ia full, a snu~ (hentin "Fuods") equxl to onN t tweltth of the yeariy teu~es and a~sments which may attain priority over this Mortga~e, and ground rents on the Property. i[any, plw one- tweiRh olyearly prenniuan instalhuents for hazard insurance, plus one-twelRh of yearly pntaium ihstallmenb for mortgage insurance, if any, all as reasonably estimated initially end lfrom time to time by Lender on the baeis of aseessments and bills and reasoneble estimatea thereof. ~ The I~nda shall be heW in aa iaditulion the deposita or soeounts of which an insured or guaranteed by s Federal or State agency (including Lender if Lender is such an institution~ I.ender shaU apply the Funda to pay said taxes, assessmenLs, insurance premiums and ~ ground rents. I,ender msy not char~e for w holding and applying the ~nds, analysing said account, or verifying and compiling said aseessmcnta and bil4. unless I.ender pays Botrower interest on the ~?nds and applicable taw pern~its Lender to make such a charge. Borrower and I.ander may agree in writing at the time of e:ecutioa of this Mortgage that intereat on the F~nds ahail be paid to Borcower, and unless such agreement is made or applicabk le~v requires such iatenst to be paid. Lender ahall not be required fo pay Borrower any intereat or earnings on the I~nds. I.~ad~ shall give to Borrower. without chuge. an annuul acoounting of the ~nda showing credits and debib to the Funds aad the purpose for which each debit to the I~ada was made. The Funds are piedged as edditionel security tor the suma secured by thi~ Mortgage. If the amount of the Fl~nda held by Lender. together with the future month~y inatallmente of Funda payable prior to the due dates of ta~ces. aseeeamenta. insurance premiums and gr+ound renta, ehall eaccYed the amount required to pay eaid taxes, aasessments. insuran~e premiuma and ground nnts aa they fall due. euch exceea shall be, at Bornower's option, either promptly repaid to Borrower or rredited to Borrower on ' monthly inatellments of fl~ads. If the amount of the Funds held by Lender ahall not be aufficient to pay taxes, aseeaementa, inaurance ~ premiums and gtound rents as they fall dae, Borrower ahall pay to Lender any amount neceseary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requeating payment thereof. ~ Upon paymet~t in full of all aame eecured by thia Mortgage. Lender ahall pmmptly refund to Borrower any funda held by l.ender. If under ~ paragraph 18 herEOf the Propetty is aold or the Property ie otheiwiae acquired by Lender, I.ender ahall apply, no later than immediately prior ~ to the sale of the Propeity ot ita aoquiaition by Lender, any Funds held by I.ender at the time of application as a credit againat the suma secured ~ by this Mortgage. ~ 3. Appllcation of Paymente. Unlesa applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender firat in payment of amounta payable to Lender by Borrower under paragraph 2 hereof, ~ then b intereat payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. ~ 4. Charges; [.iene. Borrower ehall pay all taxes, assessments and othercharges, fines and impositions attributable to the Property which ' may attain a priority over this Mortgage, and leasehold payments or ground reqts, if any, in the manner provided under paragraph 2 hereof or, ~ if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Bormwer shall promptly furniah to Lender all noticea of amounte due under this paragraph, and in the event Borrower shall make payment direcdy, Borrower shall promptly furniah to ~ Lender receipts evidencing such paymenta. Borrower shall promptly aischarge any lien which has priority over this Mortgage; pm~rided, that ~ Borrower shall not be required to discharge any such lien so long as Eiorrower shall agree in writing to the payment otthe obligation seeured by ~ such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, ordefend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the ~Property or any pa[t thereof. 5. Hazard Insurance. Borro~rer shall keep the improvements now existing or hereaRer erected on the Property insured againstloeaby fire, hazarda included within the term "extended coverage; ' and such other hazards as Lender may require and in auch amounts and for such periods as L.ender may require; provided, that Lender shali not require that the amount of such rnverage exceed that amount of c~overage required to pay the sums secured by this MortRage. ' The insurance carrier providing the insuranm sha?11 be chosen by Borrower subject to appro~ al by Ixnder, provided, that such approval ~ shall not be unreasonably withheld. All prnmiums on insurance policies shall be paid in the manner pmvided under paragraph 2 hereof or, if j not paid in such manner, by Borrower making p~lment, wt~en due, directly to the insurance carrier. ; All insuranee policies and rnnewals thereof shall be in [orm acceptable to Lender and shall include a standard mortgageclause in favorof ~ and in form acceptable to Lender. Lender shall ha~ e the right to hold the policies and mnewals thereof, and Borrower shall promptly furnish to ~ ixnder all renewal notices and all receipts of paid premiums. In the event of ioss, Borruwer shall give prompt notice to the insurance carrier ; and Lender. Lender may make proof of loss if not made promptly by Borrower_ ~ Unleas Lender and Borrower otherwise agtee in writing, ineurance prnceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mottgage ia not thereby impaired. If such restoration or repair is not economically feasible or iCthe security otthis Mortgage would beimpaired, the insuraneeproceeds shall be applied to the aums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faile to resspond to Lender within 30 daya from the date notice is mailed by Lender to Borrower that the insurance carrier ofFers to settle a claim for inaurance benefite, L.ender is suthorized to collect and apply the insurance proceeds at I.ender's option either to restoration or repair of the i Property or the auma secured by this Mortgage. Unlees Lender and Borrower otherwise agree in writing, any auch application of proceeda W principal ahall not extend or poatpone the due date of the monthly installmenta referred to in paragrapha 1 and 2 hereof or change the amount of auch inatallmente. If under paragraph 18 ~ hereof the Properi~y is acquired by Lender, all right, title and interest ot Borrower in and to any insurance policies and in and to the proceeds thereof reeulting from damage to Property prior to the sale or acquisition shall pass to I.ender to the extent of the suma secured by thie Mortgage immediately prior to such sale or acquisition. ~ 6. Preaervation and Maintenance of Property; Leaseholds; Condominums; Planned Unit Developmente. Borrowerahail keep the Property in good repair and ehall noE commit waste or permit impairment or deterioration of the Property and shall rnmply with the provisiona of any lease if this Mortgage ia on a leasehold. If this Mortgage is on a unit in a rnndominium or a planned unit development. Borrower shall perform all of Borrower's obligations under the declaration or covenants creatingor governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit devetopment, and rnnetituent documents. If a condominium or planned unit development rider is executed by Horrower and recorded together with this Mortgage, the oovenante and agreements of aech rider ahall be incorporated into and shall amend and supplement the covenanta and agreementa of this Mortgage as if the rider were a part hereof. 7. Protection of Lender's Security. If Borrower fails to perform the oovenants and agrcements oontsined in this Mortgage. or if any action or proceeding is commenced which materially affecta Lender a interest in the Property, including, but not limited to, eminent domain. insolvency, aode enforcement, or arrangemente or proceedinge involving a bankrupt or decedent, then Lender at Lender'e option,upon notice to Borrower may make such appeasances, diaburee euch aume and take such action as ia ncoeesary to protect Lender's interest, including, bnt not limited to, diebureement of reasonabk attomey's fces and entry upon the Property to make npairs. If Lender required mortgage ineurance as a oondition of mal~ing the loan eecured by this Mortgage. Borrower ehall pay the pretaiums required to maintain euch insurance in effect until such time as the requirement for such ineurance terminates in accordance with Borrower's and I.~de~s writeen agreement or applicable I.aw. Borrower shali pay the amount of all mortgage ineurance premiums in the manner provided undu paragraph 2 hereoL My amounts diebureed by Lender persuant to this peragraph 7, with intereat thereon, shall beoome additional indeMedness of Borrower secured by this Mortgage. Unless Borrower end Lender agree to other ter~ns of payment, such amounts shell be payabie upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of diabureement at the rate payablt from time to time on outetanding principai under the Note unless payment vf interest at auch rate wonld be oontrary to applicable law, in which event such amounta ahall bear intereat at the higheat rate permiBSible under applicable law. Nothing oontained in this paragraph 7, ahall require Lender to incur any e:pense or take any action hereunder. . 3~ 418 9g4 ~ ~ ~ ~ ~ _ . y.. _ . _ - - -