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HomeMy WebLinkAbout0924 ~ ~ . ~ . ~ ~ • s ~ • . ~ Borrower and Lende~ oovenant and a~ree aa tollowa: 1. Paymeat oi Pitiacipwl ar~d Intere~t. Bornower shall pmmptly pay when due the principal of and inteteat on the indebtednea~ evide~ad by the Note~ prepayment and late charges aa ptovided i~ the Note, and the principal of and interest on aoy ~tun Advances secured by lhis Mort~a~. 2. Fund~ for.Tasea and Ia~uranee. Subject to applicable law or to a written waiver by Lender. Borrower ehall pay to Lender on the day monthly installme~es of principal and inter~t are payable under the Note, until the Note is paid in full, a sum (herein "Funds") equal to o~e~ tweltth of the year~jr tauea and asaesementa which may attain priority over this Mortgage. and ground rents on the Property, if any. plus ont tweli3h of yearly premium instalimente for hazard inaurance, plna one-twelRh ot yearl y premium inatallments tor mortgage inaurance~ if any, al! aa nasonably estimate~ initially and firom time to time by Lender on the baeia of aeseeamenta and bills and reasonable eatimales thereof.. The ILnds shall be held in an inetitution the deposita or accounta of which are inaured or guaranteed by a Federal or State agency (including I.ender if Lender is such an inetitution). Lender ahalt apply the Funds to pay said taxes. as~eaaments. inaurance premiume and • ground reate. Lender may not charge for so holding end applying the Funda, analyzing said account, or verifying and rnmpiling said aeeesamenta and bills. unlese Lender pays Bormwer intereet on the Funda and applicable law permita Lender to make auch a charge. Borrower and Lende~r may agree in writing at the time of executio~ of thie Mortgage that interest on the Fl~nds shall be paid b Borrower, and ualess euch agreement is made oc applicable law requires auch intereat to be paid, Lender ahall not be required to pay Borrower any interest or ' earninga on the I~tnde. Lender shall give to Borrower, without charge, an annual accounting of the Funde showing credits and debits to the Funds and the purpoee for which each debit to the ~Lndrs was made. The Funds ate pledged as additional security for the euma secured by this Mortgage. If the amount of the ~nds held by I.ender. together with the tuture monthty installments of ~nda payable prior to the duedates of taxes. asaesemente. ineuranee pnmiums and gr~ured rents, aha11 excaed the amount required to pay eaid taxes. aeaessmenta, inaurance premiwns and ground nnts as they fall due. auch e:ceae ahaU be. at Bo~TOwer'a option, either pmmptly tepaid b Borrower or credited to Borrower on moathly installmenta of Flinds. If the amount of the Funde held by Lender ahall not be sufficient to pay taues, aseeeaments. inaurance premiums and ground rents as they fall due. Borrower shall pay to [.eader any amount necessary to meke up the deficiency within 30 days from the date notice is mailed by I.ender to Borrower requesting payment theTeof. Upon payment in full~of all sume eecured by this Mortgage. L.e~der ahall promptly refund to Borrower any funda held by Lender. If undet paragraph 18 hereof the Property ie aold or the Property is otherwise acquired by Lender, I.ender shaU apply, no tater than immediately prior to the sate af the Ptoperty or ita soquiaition by Lender, any Funda held by Lender at the time of application as a credit against the sums aecured by this Mortgage. 3. Applicatioa of PaymeRCs. Unlesa applicsble law provides otherwiee, all payments received by Lender under the Note and paragraphs 1 and 2 hereof ahall be applied by Lender first in payment of amounts payable to Lender by Borrower under patagcaph 2 hereof, then to intenst payeble on the Note. then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Chargea; Liene. Borrovver ahalt pay all taxes, asses.sments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, directly fo the payee thereof. Bornowershal~ promptly furnish to Leoder ali noticea of amounts due under this paragraph, and in the event ~3orrower shall make payment directly, Borrower shall promptly furniah to Lender receipta evidencing auch payments. Borrower shall promptly discharge any lien which has priority aver this Mortgage; pmvided, that Borrower ahall not be required to discharge any such lien so long as E3orrower shall agree in writing to the paymentottheobligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such tien by, ordefend enforeement ofsuch lien in, legal proceedinga which operate to prevent Lhe entorcement of the lien or forteiture of the Yroperty or any part thereof. 5. Hazard Ineurance. Borrower ahall keep the improvements now existing or hereafter erected on the Property ineured againat laea by fire, hazarda included within the term "extended coverage," and such other hazards as Lender may require and in such amounts and forauch periods as I.ender may require; provided, that Lender shall not require that the amoant of such rnverage exceed that amount of coverage required to pay the sums secured by this Mortgay~e. The insurance carrier providing the insnranc~e sh:~ll lx~ chosen by-Korrower subject to approval by [xnder; pmvided, thaEsuch approval shalI not be unreasonably withhetd. All premiumx un incurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the in~urance carrier. All insurance policiea and renewais thereof shall be in fonn acceptable to l.ender and ah~ll include a standard mortgage clause in favor of and in form acceptable to Lender. I.ender shall have the right to hold the policies and renewals thereof, and Bonowershali~promptiy furnish to i.ender all renewal notices and all receipts of paid premiums. In the event of losa, 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 agree in v~?~iting, insurance proceeds shall be applied to restoration or rnpair of the Property damaged, ptovided auch restoration or repair is economically feasible and the security ot this Mortgage is not thereby impaired. If such reatoration or repair is not economically fessible or if the serurity of thia Mortgage would be impaired, the insurance proceede shall be applied to the euma eecured by this Mortgage, with the excess, if any, paid to Borrower. I[the Property is abandoned by Borrower, or if Borrower fails to respond to I.ender within 30 days from the date notice is mailed by Lender to Borrower that the insurance ca~rier offera to settle a c[sim for :nsurance benefits, I.ender is authorized to collect and apply the insurance proceeds at Lender s option either to restoration or repair of the Pruperty or the sums secured by this Mortgage. - - Unless Lender and Borrower otherwise agree in writing, any auch application of proceedsto principal ahall note~ctend or postpone thedue- date of the monthly installmente referred to in paraECraphs t and 2 hereuf or change the amount of euch installments. If nnder paragraph 18 hereof the Properiy ia acquired by [,ender, ail right, titie and interest of Borrower in and to any insurance policiea and in and to the proceeds thereof e•eeulting from damage to Property prior to the sale or acquisition shall pass to Lender to the eatent of the euma secured by this Mortgage immediately prior to auch sale or acquisition 6. Preeervation and Maintenance of Property: Leaseholds: Condominuma; Planned Unit Developmente. Borrower ahali keep the Property in good repair and shatl not commit waste or permit impairment ar deterioration of the Property and ahall comply with the ~ proviaiona of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower sha11 perform all of Borrower's obligatinns under the declaration or covenants creatingor governing the condominium or planned unit development, the by-lawa and regalations of the condominium or planned unit development, and conatituent documents. If a condominium or planned unit development rider is execuced by Horrower and recorded together with this Mortgege, the aovenants and agreements of auch rider shall be incorporated into and shall amend and supplement the covenants and agreements of thia Mortgage as if the rider were a part hereof. 7. Protection of I.ender'a 3ecurity. If Borrower faile to perform the oovenante and agreemente rnntained in this Mortgage, or if any action or proceeding is commenced which materially affecte I,ender'e i~tereet in the Property, including, bot not limited to, eminent domain, insolvency. oode enforcement, or arrangemente or proceedinge involving a bankrupt or decedent, then Lender at Lender's option,upon ~ notica b Borrower may make auch appearances, disburse euch euma and tal~e such action as is neceeaary to protect Lender's intere~t, ~ including, but not limited to, disbnrsement of reaeonable attorney'a teee and entry upon the Property to make repairr. If Ler?da required mortgage inaurance ae a condition o[ naaking the loan eecured by thia Mortgage, Borrower ehall pay the preraiums required to aiaintain j auch inaurance in effect until such time ae the requirement for auch ineurance tetminates in accordance with Borrower's and Lendds written agreement or applicable Law. $orrower ehall pay the amount of all mortgage ineurance premiuma in the manner ptovided under paragraph 2 hereof. ' ~ Any amounts diebureea by Lender perauant to thia paragraph 7, with intereat thereon, ahall become additional indebtedness of ~ BorroweT secured by thie Mortgage. Unleae Borrower and Lender agree to other terme of payment, euch amounts shall be payable upon notice from Lender to Borrowec rec~}ye~t~qg payment thereof, and ahall bear intereet from the dete of d"ubureement at the rate payable trom ~ time !o time on outetanding~xinc~pal dbder the Note unleee payment of interest at such rate would be oontrary Lo applicable law, in which event such amounts ehaU bear interest at the higheai rate permiasible under applicable law. Nothing contained in this paragraph 7, shall require Lender to incur any expense or take any action herennder. ~'L~~K P~~ . . ~ ,m~.-, t - - - ~si~?~ - - ~ ~,e;;,;,-..~,.~ ~:<~.s.._~~_..~ ~~-~,r-~sa -