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HomeMy WebLinkAbout0948 i..t ~?t~ Borrower and Lender covenant and agree as follows: + 1. Payment of Princip4l and lntenst. Eiorrower shall prompUy pey when due the principal of end interest on the indebtedneas evidenced by the Note, prepeyment and lete charges aa providecl in the Nute, and the principal of and intereet on any Fl~ture Advancee secured ' by this Mortgage. i 2• F~tnds for Taxer and lneurance. Subject to applicable iaw or to e written waiver by Lender, Borrower ahall pay to I.ender on the day ~ monthly inatallmrnts cf prin~~~al and intereat are payable under the Note, until the Note ia paid in full, a aum (herein "Funda") equal to one- ~ twelfth otthe yearly taxee and aaaeaamente which may attain priority ~ver thie lllortgage, and ground rents on ihe Prope~.y, if any, plue one- ~ twelfth of yearly premium inatallmenta for h~ard ineurance, plus onetwelfth of yearly premium instaliments for mor/gage i~surance, if eny, t all aa reseoaabty eetimated initially and from time to ?ime by l.ender on the basis of asseasmenta and bilta and reasonable eatimates thereof. ~ Tl~e Funds ahall be held in an inetitution the depoeita or accounte of which are inaured or guarpnteed by a Federal or State agency ; (including Lender if Lender ie euch an institution). Lender sha11 apply the Funda to pay said texee, aaaessmente, ineurance premiuma and ; ground rente. Lender may not charge for so holding and applying the ~unda, analyzing said account, or verilying and compiling eaid i aasesamenta and bilie, unlesa Lendpr pays Bonower interest an the Funda and applicable law permita Lender tu malce such a charge. Borrower ! ~ and Lender may agree in writing at the time of execution of thia Mortgage that intereat on the ~nda ehaU be paid to $orrower, and unleas i euch agreement ie made or applicable law requsr~ euch intereat to be paid, Lender shall not be required to pay Borrower any interest or ~ earnings on the ~nds. L.ender ehaU give to Borrower, without eh~~ge, an anm~al accounting of the Funda ehowing credits and debite to the ~ Funds and the purpoee for wAich each debit to the Fur.ds was made. The Funda are pledged as additional eecurity ior tF.e suma eecured by thu ~ Mortgage. ~ If the amount of the F~nda held by Lender, together with the tuture monthly installments of Funda payable prior to the due dates of taxes, j asaeeementa, inaurance premiume and ground renta, shall exc2ed the amount required to pay said taxee, asaeasmente, inaurance premiume and ground renta aa they fal! due, euch exceas shnll be, at Borrower's option, either prompdy repaid to Borrower or crndited to Bflrrower on ' monthly instaUmenta of Funda. If the amount of the Furtds heid by Lender ahall not be aufficient to pay taxes, aseessmente, ir.eurance ~ premiume and ground rente as they [all due, Borrower shall pay to Lender any amount neceasary to make up the deficiency within 30 days ~ from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all eums aerured by this Mortgage, I.ender ehail promptly refund to Borrower any funds held by I.ender. If under paragraph 18 heteof the Property is eold or the Property ia otherwise acquired by Lender, Lender ahall apply, no Iater than itnmediately prior to the sale of the Property or ita acquieition by Lender, any Funds held by I.ender at the time of applicatian as a credit againat the sums aecured ! by this Mortgage_ 3. Applicatian of Paymeate. Unleas applicable law provides otherwi$e, all payments received by Lender uncier the Note and paragrapha 1 and 2 hereof ahall be applied by Lender fimt in payment of umounts payable to Lender by Borrower under paragcaph 2 hereof, i then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advancea. 4. Chargee; Liens. Borrower ahall pay ali taxes, assessments and other rharges, fines and impositions attributable to the Property which may attain a ptiority pver this Mortgage, and leasehflld payments or ground rents, if aoy, in the manner provided under paragraph 2 hereofor, ~ if not paid in auch manner, by Borrower making payment, when dur, directly to the payee thereof. Borrower shall promptly furniah to Lender ~ all noticea of amounte due under this paragraph, and in the event Sorrower shall make payment directly, Bortower sha!! promptly furniah to l.endtr receipta evidencing such paymenta. Borrower shall promptly discharge any iien which has priority over this Mortg~s~; proviaed, that ~ Borrower shatl not be required to discharge any such ~ien ao long as Aorrower shal! agree in writing to ihe payment of theobligation secured by ; such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, ordefend enforcementof such lien in, legal proceedinge which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ~ 5. Hazard Ineurance. Borrowrer shall keep the improvements now existing or hereafter erected on the Property insured againat)oae by firP, hatarde included within the term "extended coverage," and such other hazards as l.ender may reQuire and in such amounts and forauch periode as Lender may require; provided, that [.ender shall not require that the amount of such coverage exceed that amount of coverage ~ required to pay the suma secured by this MortQage. ' '~I The inaurance earrier rovidin the insurancr .hall be chose: by ?~orro~er sob~ect to a P K ~ pproval by I.ender; provided, that such approval shall not be unreasonably withheld. All premiums un insurance puli~ies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower makinK payment, when due, directly to thc insurance carrier. Alt inaurance policiea and repewals thereof sheil t?e in lorm arceptable to I.enderand sha11 include a standard mortgageclause in favor of ; ~ and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shaU prompdy furnieh to i.ender all renewal notices and all receipts uf paid premiums. In the event uf loss, Borruv?er shalf give prompt notice to the insurance carrier and Lender. Lender may make proof of losa Sf not made promptty by Borrower. f Unlese Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair oi ine Property s damaged, provided such reatoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such ~ rneWration or repair is not economically feasible or if the security of this Mortgage wo~td be impaired, the insurance proceeds shatl be applied to the euma aecured by this ~'1~tortgage, w~th the excess, if any, paid to Korrower. If the Property ie abandone~ by Borrower, or if Borrower fails to reepond to Lender within 30 days from the date notice is mailyd by I.ender to E3orrower that the inaurance carrier offera to settle a claim for ~ ineurance benefita. Lender is authorized to collect and appiy the insurance proceeds at Lender's option either to restoration or repair of the Property ~r the aums secured by this MortQage. Unteae Lender and 8orrower otherwise agrre in µ~riting, any euch appiication of proceeda to principal shall not extend or poetpone thedue ~ date of the monthly inatallments referred to i~ paragraphs ! and 2 hereof or change the amount of auch inataliments. If under paragraph 18 ~ hereof the Property ia acquired by Lender, all right, title and interest ot Borrower in and to any inaurance policies and in and to the proceede thereof rneulting from damage to Property prior to the sale or acqu~sition shaU pass to Lender to the extent of the sums aecured by this ~ Mortgage immediately prior to such sale or acquieition. , 6. Pteservation and Maintenance of Property; I.easeholde; Condominume; Plenned Unit Developmenta. Bonowershall keep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ahall comply with the provisiona of any leaee if this Morigage is on a leasrhold. If thia Mortgage is on a unit in a condominium or a planned unit development, Borrower Bhall perform all of Borrower's obligations under the declaration or covenants creatingor governing the condominium or planned unit development, the by-laws and regulations uf the condominium or pianned unit development, and constituent doeutnents. If a condominium or planned unit development rider is c•xrcuted by Borrower and recorded together with thie Mortgage, the cuvenanta and agreements ofsuch rider ahall be incorporated into and shalt amend and supplement thecovenante and agreementaof thiaMortgageaaifthe rider were a part hereof. 7. Protection of Lender's Securlty. If Borrower fails to perform the covenante and agreements rnntained in thu Mortgage, or if any action or proceeding ia rnmm~enced which materially affecte Lender'e intereet in the Property, inctuding, but not limited to, eminent domain, ineolvency, code enforcement, or arrangemente or proceedinge involving s bankrupt ar decedent, then Lender at Lendei s option,upon notice Lo Borrower msy malce euch appeaiances, dieburee euch eums and tate euch action as is neceeaary to ptotect Lender's wterert, including, but not limited to, disbureement of reaeonable ettorney's feea end entry upon Lhe Property to make repairs. If Lender requirad mortgage insurance aa a rnndition of making the loan eecured by thia Mortgage, Borrower sha11 pay the premiums required to maintain euch ineurance in effect until euch time ae the ~equerement for auch inaurance terminates in accordance with Borrowei s and Lendds wpitten egreement oz epplicable Law. Borrower ehall pay the amount of all mortgage inaurance premiuma in the manner provided under paragraph 2 hereof. My amounte diel~ursed by Lender pereuant to thie paragraph 7, with intereet thereon, ehall become additiona] indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounta shall be payable upoa notice ftom Lender to Borrower requesting peyment theteof, and shall bear intereat from the date of d'u+bursement at the rate payable from time to time on outatanding principal under the Note unleea payment of intereet at euch rate would be contrary to applicable law, in wh:cb event such amounta ahall bear intereat at the higheet rate permiasible under applicahle law. Nothing contained in thii paraQraph ~hall requirz Len3er to incur any espense or take any eciion hereunder. ~ ~ ~ , ~ f~ ~ ~76 P~ ~~7 _ - _ . . ~ 4~_ ~ ~ W _ . . v_..~_