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HomeMy WebLinkAbout0925 r . _ t - i ~ ~ , . - ~ ~ ~ ~ ~ ~ ' ~ ~ r ~ • # Boriro~rer and [.ender covenant and agre~e ae followe: ~ l. Payment ~f Principat and Inierest. Borrower »haH prom~tly pay when due t~e princip~l of and intereet on ihc indsbtednesa evidencc~i by the Note, prepayment and lAte cha:~es ae pmvided in the Note, and the principal of and intereeton Any Fy.~ture Advancea s~;ured ~ by thie Moitgsge. ~ 2. ~nde tor Taxee ar:d Ineurance. Subject to ~~licabie 1aw or to a written waiver by Lender, Borrower ahall puy to I.enderon the day - monthly in~:t~ilme~ta of principal and interest are payable under the Note, unti! the Note is paid in [up, a eum (herein "b'unde") equal to one twelfth of the yearly taxes and assessments which may att,~in priority over thia Mortgage, a~id groUnd rents on the Property, if any, plus one- , twelfth oiyearly premium installments for haza~dinsurance, plusonetNelRh ofyearly premium instAllments form~rtgngeinxurance, ituny, all ae eeasonably ealimated :~itially and from time to time by Ixnder on the basis of asseaements and bills And reaeonable estimate~ thereni. - 'The ~Lnda ahall be held in an inetita~ion the depasite or arcounts of which are ineured or guara~teed by a Federal or Stnte agency f e~ncluding I.ender if Lenaer is Buch an inatitution). I.ender ahslt apply the Funda ta pay esi~ taxea, as6esamente, ineurance premiuma and ~ ground renta. Lender may not charge for ao holding and applying the ~unde, analyzing eaid account, or venfying and compiling said • asaesamerste and bille, unle0e I.ender paya Borrower intere9t on the Funde and applicable layar permita L.ender to make euch a charge. Sorrower and Lender may agree in writing at the time of execution of thia Mortgage that intPrest on thc Funda shell be paid to Bortower, and unleae ' ; euch agreement is mnde or applicable law requiree such intereat to be paid, Lender ahall not be requirrd to pay Borrower any intereet_or ~ eaminga on the Ftindq. I~rnder ahaQ give to Borrov?er, without charge, an a~nual accounting of the Funde ehowing cn-dite and debita to the ~ Funda and the purpoae for which eaeh de~it to the ~nda was made.l'he Funds are pledged as additional eecurity f~r tlie sume secured by this Mortgage. . _ ~ If the amount of the ~~nds held by Lender, together with the fuiure monthly inatallmenta of Funda payable pr.or to the duedates ofta,cee, . esaesair?ente, i7eurAnce premiume and ground renta, sha11 excred ihe amount required to pay said texea, asaessmente, ineurance premiuma and ground renta as they fall due, auch excesa shall be, af Fio~TOwer'a oplion, either promptly repaid to Borrower or credited to Borroweron monthly inetallmenta of FLnde. If the amount of the Furds held by Ixnder ahail not be aufficient to pay taxes. aaseear~ienta, insurance premiums and grou~d renla se they fall due, E3orrower shall pay to I.ender any amount necesaary. to make up the deficiency within 30 daya from the dete noti~re ia mailed by I.ender to Borrower requesting payment thereoL _ ~ Upon pay?nent in full of ali sums aecured by this Mertgage, I.ender ahall promptly refund to Borrower any funds held by I.ender. If under paragraph 18 hereof the Property is sold or the Yroperty is othenviae acquired by L.ender, I.ender ahaU apply, no later than immediately prior to the aale cf the Property or ita acc~aisition by L.ender, any Funds held by I.ender at the time of application as a credit against the suma secured by this Mortgage. • 3. Applicstion of Paymente. Unless applicable law provides otherwise, all paymenta received by Lend~r under the Note and paragr~u~ite l a~:~ ~~ier~f shall be applied by Lender firc;t in paymznt of amounts payable to I.ender by Borrower under paragraph 2 nereof, then to interest pay~ble on the Note, then to the principal of the Note, and then to interest ~nd priricipal on any Future Advancea. . 4. Chargea; I.iena. Fiorrower shall pAy all tnxes, ~issessments and other rharges, fines and impositions attributable to the Property which . may attnin a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2hereofor, ' if not paid in such manner, by Borrower mt~king payment, when due, directly to the payee therenG Rorrov~ er ahal! promptly furnish to Ixnder all notices of amounts due under thjs paragraph, and in the event Borrower shall mnke payment directly, Borrower shall promptty [umish to Lender receipts evidencing surh payments. I3orrow•er shall promptly discharge any lien w hich has priority o~•er this htortgage; provided, that ' Borrawe, shall not be required to discharge any suct~ lien so long ns Borrower shall agree in writing to the paymentof the obligution secured by such lien in a manner Acceptable to l.ender, orshall in good faith contest such lien I~y, ordefend enforcementofsuch lien in, legai proce~dings , which operute to prevent the enforcetnent of the lien or ~orfciture af the Property or ~ny part thereof. _ _ 5. Hazard Insurance. Borroa•er shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended cover~ge," nnd such oti~er hnzards as Ixnder may require and in auch arnounta and for auch ~ periods as Ixnder may reuuire; provided, that I.ender shall not require that the amount of sunc ~overage exceed that amount of cover~ge required to pay the sums secured by this 19ortKs~e. . The insurance carrier providing the insurance shall b~• rt?oEt ai l~~~ E3orruw•er subject to approva! by lxnder; providecl, that such ~pproval shall not be unreasonably withheld. AI1 premiums oii insurc~n. Y poiiciec shall be paid in the r?ianner pro~•ided under paragraph 2 hereof or, if not paid in such manner, by Borrawer making p:~yment, whcn due, ~tirectlS• to !he insurance c:irrier. All insurance policies and rznewals thereof shall be in form arcepk~bte to I.ender ~nd shall include ~ standnrd mortgage clause in favorof ~ and in form acceptable to I.eader_ (_ender shnll ha~•e the right te hold the policies and reneK•als the~eof, and Bortow•ershall promptly furnish to iender all renewal notices and all receipts ~f p~sid premiums. In ttie event of loss, Born>wer shall give prompt notice to the insurance camer - and Lender. Lender may make proof of loss if r.ot :nade piomptly by E3orruw•er. . Unless Lender and Borrower otherwisP agree in writing, insurflnce procee:ls ahall be applied to restoration or repnir of the Froperty damaged, provided such restcration or repair is ecnnomically feasihle and ih~ security ot this 6Sortgage is not thereby impaired. If such ~ restoration or repair is not economicaliy feasible c,r if the security of this btortgage would be impaired, the insurance proceeds sha71 be ap~lied to the aums secured by this 1ltortqage, with the excess, if any, paid to E3orrower. If the Property is abandoned by Borrower, or if 13orrower faile to . rrapor.d to Lender within 30 days from the d<~te notice is mailed by l.ender to Borrower that the insurance carrier offera to settle a claim for ineurance benefits, Lender is authorized to collect aud <~pply the insurance proceeds at Lender's optiun either to restoration or repair of the Property or the sums secured by this riortgage: . - Unless l.ender and Iionower otherwise agree in writing, any such application of proceeds to principal ahall not extend or postpone thedue date of the monthly inslaliments referred to in paragraphs t and 'l hereof or change the amount of such installments. If under paragraph 18 hereof the Property ia acquired by Lender, al) rigt~1, title and interest of Borrower in and to any insurance policies and in and to the proceeda thereof resulting fr~~rr. damage to Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this ?dortgage immediately prior to such sale or acquisition. ~ 6. Preservation and Maintenanceof Property; I.easeholds;Condominums; Planned Unit Developmente. BorrowerahaUkeep the Property in good repair and sha11 not commit Kaste or pemiit impairment or deterioration of the Property and ehall comply with the proviaions of any lease if this l~tortgage ia on a leaseho?d. If thes hlortgage is on a uni: in a condominium or a planned unit development, Bonower shall perform all of Eorrow~er's obligations under the declaration or coven~nts cre~tingorgoverning the condominium or planned unit development, th~ bylaws and reguiations of the condominium or plann~d unit dev~lopment, and constituent documents. If a condominium er p!anned unit de~•elopm?nt rider is executed by (3orrower and recorded together wilh this Mortgage, the covenants and agreernents ofsuch rider shall be incosuoraied into und shall amend and supplement thECOrenants and agreementsofthis Mortgageasiflhe rider were a part herec~L 7_ Protectlon of Lender'e 3ecurity. If Borrower fails to peeform the ooven~snfe and agreemente contained in thie MortgagP, or if any aMion or praceeding is comm~nced which meterially affects I.ender'e interest in the ~icoperty, including, but not limited to, eminent dorr.ain, ineolvency, code enforcement, or arrangements or proceedinga involving e bankrupt or decedent, then Lender at Ler~cier'a option,apan notice to B~rcower may mal~e auch appearancea, disburee such aums and take ench action ae is neceeeary to protect Lender'e interest, . incla~ing, but not limited to, dieburaement of reasonable attorney e feee and entrgr upon.the Properiy to mal~e repairs. If Lender required . mo-t.gsge ineurance aa a condition of making Lhe loan eecured by thia Mortgage, Bonoxe~~ ehall pay the premiums required to mainlain auch ineurance in e'fect until ~uch time ae the requirement for auch ineurance terminates in accordance with Borrower e and Lendrr'e written agr~ement or applicable Layv. Borrower ahall pay the amount ~f all ~r~ortgage ineurance premiume in tke manner provided undtr paragtaph 2 hereof. - Ar.y amounte diabursed by Lender F,erauant to thie paragreph 9, wi~h intereat thereon, ahall become edditional indebtedneae of ~ F3orrower eecured by this Mortgage. Unlees Soreower snd Lender agree io alher terme of payment, auch amounta ahall be payable upon ~ nntice from Lender to $orrower requesting payment Lhereof, and ehall bear intereet from the date of diebursement at the rate payable from tirr;e to time on outetanding principal under the Note unle$a payment of sntereat at such rate would be cnntrary to applicable law, in which event euch amounts ahal) bear intereat at the higheat rate perntieeible under applicable law. Nothing contained in thie para,graph 7, ahall - requir~ Lender to incar any expense ar take any action hereunder. . . i . c~ g- ~ . E(1~K c~Scl f`~GE ; - ; . ~ _ 3 ; ~ .