HomeMy WebLinkAbout0885 it?surecl or guaranteed by a Fecierni or ~tate agenct~ lir~cludiug I.e~~der it I.ender is such an institution). I.ender
shall apply the ~nds to pay ssid taxes, ass~ssn~ents, insurance premiums and graund mnts. I.ender shall make no
eharge for so holding and applying the Funds or verifying nncl co~»~~iling said aRSessment:~ anci bills. Borrower and
Lender n~ay agree in writing at the time ot execution of this \iortgage that interest on the Funds ~hail t~e paid to
Borrower, and unless such agreement is made, Lender ahall not he required to pay BorroK~er any interest on thc~
Funds. Lender shall give to Borrower, without charge, an annual accaunting o[ the Funds ahowinR credits nnd
debits to the Funds and the pur~~ose for which each debit to t•he Funds was made. The I~nds are ~~ledgecl as addi-
tional security for the sums secuted by this Mortgage.
If the amount of the Funds held by i,ender, together ~vitl~ tl?e future monthl~~ instnllments of Funds payable
prior to the ciue dates of taxes, assessments, inaurance premiurns nnd ground rents, sl~all exceed the amount re-
quired to pay said taxes, t~ssessments, insurance premiums nnd ground rents as they falt due, such excess sball be,
at Aorrower's option~ either promptly repaid to Borrower or credited to Borronrer on monthl} installments of
Funds. If the amount of the ~nds held Ly Lender shsll not be sufficient to pay taxes, assessments, insurance pre-
miun~s and ground rents as they fall due, Borrower shall pay to I.ender anv amount necessary to make ctp the
de6ciency within thirty days aiter notice fram I.ender to Bornower requesting ~~ay~nent thereof.
IIpon payment in ful! of all sums secured by tl~is 1~lortgage, 1.ender shull prompt.ly retund to Rorrower unv
l~nds held by Lender. .
If under ~~aragraph 18 l~ereot the Property is sold or tl~e Property is othenvise acquired by I.ender, I.ender
shall apply, no later tl~an immediately prior to the snle of the Propert.y or its acquisition by i.ender, ant~ Funds
held by I.ender at. fhe time of appiication as a rredit against the sums secureci hy this ~tort.~a~e.
3. Applicatioa ot Payments. Uniess applicable la~~ provides otherwise, nl! ~~ayments neceived by Lender
under the Notc and ~zaragraphs 1 and 2 hereof shall I~e applierl by 1.endcr first in payment of amounts payable to
Lender by Borrower under ~~aragraph 2 hereof, then to intemst puyable on the Note and on Future Advances, if
any, and then to the principal of the Note and to the principal of Future Ad~ances, if any.
4. Charges; Liens. Borrower si~all pav all taxes, ass~ssments anci otl~er charges, fines and im~ositions attrib-
utable to the Property whicl~ may nttxin a ~~riority over tl~is ~fort.gage, and ground rents, if any, at ~.ender's
option in the manner p~nviaed i~nder paragrapL 2 liereof or I~v RorroKCr ~naking payment, when due, directly to
the payee thereoi. Borroncr slinl! promptly furnish ta I.ender nll not.ices of amount~s due under this paragraph,
and in the event Borrower shull make ps,yment directly, Aorrower ~hall promptly furnish to T.ender receipts evi-
ciencing such ~ayments. Borrower sl~all ~~romptly discliarge nn~ licn ~vhich has priority over this viortgage; pro-
vided, t.hat Borrower shall noti be required to discha~~c unv ~i~cl~ lien so long as Bortower shall agree in writing to
the pAyment of the obligation secured by suci~ lien in a manner ncce~~tahle to I.ender, or shall in goai faith contest
such lien by, or defend enforcement of such liet~ in, leg~l l~roceeclings ~vhich o~~ernte to prevent the enforcement of
the lien or forfeiture of the Propertv or Any part t:hereof.
S. Hasard Insurcmce. Borro~ver shall kee~~ the im~~ro~•eu~ents no~~• existin~ or hereafter erecteci on the Prop-
ert~v iusureci against loss by fire, liazards inciudecl ~vithin the tern~ "extended coverage", and such other haaards as
I.ender may require nnd in siich nmounts and for ~uch ~~eriais ac T.ender mu~ require; provideci, that I.ender shall
not require that the ~mount of such co~•ern~e exceeci tL1t a~uoimt. of coverage i~equirect to pay the svn~s secare~ by
this ~Iortgage. _
The insura~~ce carrier pro~•iding the i~isur~uce shall bc cl~osen bv Borrower subject to approval Uy Lender;
~~rovidecl, that~ suc}~ np}~mvsl shall not i?e unreasonably withheld. All premiums on insurance policics shall be paid
3t Lender's uption in the manner ~?rovided ~mdcr ~~aragnt~~h 2 1?ercof or hv Borro~~•er ~naking paymenf,, ~vhen due,
directly to the insurance carrier.
All insurance poticies ~nd rene«•als NiercaF ~I~all !,c in foi7u ac~e~~tabic to I.ci~der and shu11 include a standard
mortgage clause in fa~or of and in forn~ acce~~tnble to J.ender. T.ender ~hall have the right to hotd the policies and
rene~tials thereof, :?nd Borro~~•er ct~all prom~?th~ furnisli to T.ender ~Il rene~~ul notices and nil receipts of paid pre-
miums. In the eecnt of loa~, I3orro~~•cr ~hall gii-e ~~roinl~t uotice to'thc insurance carrier und Lender, and Lender
mny make prooi of loss if not u~adc prom~~tl~ by Botro~ver.
Unless T.ender .?nd I3orro~cer oti~erwi~e agrec in writin~. insttr.ince ~?roceeds shall be Applied to restoration or
repair uf tl~e Pro~~ert~• ~1ai?~agecl, pro~•i~le~l ,iich restoration m• repair i~ economicallt~ feasiUle and the securit~ of
this :~Iortgage is not tberel~p in~paired. It sucl~ restoratioii or repair i~ not economicall~ feasible or if the security
of this \tortg~~c ~could he impaire~l, th~ insurancc ~~rceeeds shail i?c applieci to thc sums secured by this R'Iortgage,
~~ith the excess, if am~, paid to Borro~ver. If thc Yroperfy is abancloi~eci b} Borro~er or if Rorro~ver fails to respond
to I,ender ~cithin 30 days ufter nof.ice b~• t.ender to Borro~ver that the insursnce carrier of~ers ta settle a claim for
insurance l,enefits, T.ender is authoriZeci to collect and apph• the insurance proceeds at 1,ender's option either to
~-estor~ttion or repair of the Pro~>ert~• or fo the sums secureci by this \Iortgage.
Unless Lender and Botro~cer othern~ise agree in ~vritin~, an~ ~such application of ~iroceeds to principal shall
~~ot extend or postpone the due datc ot the montlily instaliments referreci to in paragrapl~s 1 and 2 hereof or ehange
the amount of such instaliments.
; If under paragmph 18 hereof tlze Pro~?crtr is acquireci b~• I,eitder. all ri~ht, title :~nd interest oi Borrower in
and to am• iiisursnce i~olicie~ aoc! in ancl to the ~~roceedc thereof (to th~~ extent of the ~um. securecl hy this Mort-
gage imroediatel~~ ~uior to sucl? ~~tle or acquisition i resultin~ fron~ ~~SI11RgQ t0 t~l(~ Pro~~ert.y prior to the ~ale or
:icquiaition shall ~~a~s to I.enrier_
6. Preservation and Mednten~ce o1 Property; Leaceholds; Condosniniums. Bormwer sl~atl keep the Prop-
erty in good repair ~nd shall not ~~ermit or commit waste, impairment. or deterioration of the Property and shall .
comply with tt~e provisions of an~• leuse, if this ~iortgage is on ~t leasei~old. If this ~iortgage is on a condominium
unit, Bomoc~•er shail perform all of Borrower's obligations ~m~er tl~e declaration of condominium or master deed,
the by-laws and mgulations ot the condominiuui Juoject and constituent documents.
7. Protection of I.endei s Security. If Borrower faits to ~~erforn~ the covenants ~nd agreements contained in
i this ~tortgage, or if un}- action or procecding is commencecl which n»tterially ufTects Lender's interest in the Prop-
erty, including, but not Iimited to, eminent. dou~ain, insolvenc~•, code enforeement, or 3rran~ements or proceed-
ings involving a bankrupt or decedent, tl~en T.ender at i.ender'~ o~~tion, upon not~ice to Borrotiver, may ~nake such
appearances, disburse such sums and take such uction :~s i~ necessary to ~~rotect I.ender's interest, including. but
not limited to, disbursement. of reasonuble attornev'~ fecs and cntry upon the Property to ?nake repairs. Any
; amounts disburseci by Lendcr ~~ursuant to this par:~grsph 7. ~vitl~ interest thereon, sl~all become ad~litional indebt-
edness of Borrower secured by this ~tortgagc. Unless Borrower an~i I.ender agree fo other tenns of payment, such
amounts shall }?e payable upon notice from I,ender to Borro«cr ~~uesting ~~ayment Lhereof, and shal) besr inter-
est from the date of disbursement at tlic rate stuted in the :~'otc unless ~~av~nent of interest at such ratc would be
contrsry to applicable law, in whicli event such :~mounts slinll 1?ear interest at thc highest ratc ~~ermissible by
applicable law. ~lothing containeci in thi~ ~?arngraph 7 shall require T.ender to incur anv expense or do any aet
hereunder.
' ORK ~.i. ~ Vdlsf :JS~
~
~ -
~~t. _ ~ : r"~
_ t... . . . . t _ =u.~