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Home My WebLink About0110 1 • ItNt~qw ppve~,?r~~s, B~rr~w~r snd La~der a+ve,~ant snJ at~oe u tollows: • 1. Ty~t N hi~c}~I aM laterat. fbrrower ihall P~~M~Y WY When dUe the p~incipal of and intcrest on the indeb~~dnas avideaodd !ry the NWe, p~a~nent aad late chanes u providod in the NotR and the principai of and inte~+est oa aay Fut~erre Advances sec~ued byr tbis Mo~a~e. - s 1~ri Nr Tws a¦i bwrarcw Slibject to applicabb law or to a written waiver by Lendw~ Borwwer shall pay tu l.eader o~ the day moathly iraullaxnts of pnnciptl and interat are payaMe unde~ the Note, uatil the Nate is paid in full. s sum (lKrein "Fw~t") equai to a~atwdfih of the yea~lr taxes a~d assessments which may attsin priority- orer ehis ~~i~E~• ~ t~ ~a ~ the Property. i[ any. plus oac-tw~tf[th af yeutr premium insta!lmcntt far haur~i insurance. P~~s o~e-tweNth ot ~reariy prcmiwn iAStallme~ts for mortaa,~e inwnnce. if aay, dl as ressonably estimated initially and from timc to time 6y Leoder oa t~e basis ot asseurt~e~t~ and bilts aod rcawnabk astimata thereof. The Fw~is sbap be hdd ia aa institwioa the deposits or accounts of whsch ue insurod o~ ~uuanteed by a Federal or state aaency (iaciuding Lrnder if Lender is such an i~titutiun). Laeder shall spply the Ftinds to pay said turs. assessmenb. P~'~~~ ~ E~nd reats. I.ender may not charge ior so holdin6 and applyinE the Funds, a~alyzing uid account, °r ~~P~~~QE ~~~s and bills, unkss l.e~xler pays Borrower interest on the Funds a~d applicable law pemnits I.eatk~ to make such a charee. Borrower aad Leode~ msy agrce i~ writing at ~hc time of execution of this Mort~e tbat iatercst on ehe Fu~ds shaU be paid to Bormwer. and unlas such agroement is made or applicabie law roquins wch intdat t~ be paid. Lc~ sha11 not be rcquired to pay Borrov?er any interest or earnings oa th~ Funds. l.ender shaU ~ive W Bornower. witl~out ch~~e, an as~nual accountiea ot ttm Funds showiog craiits and debits to the Funds and the purp~ose for which qch debit to tbe Fuads wu rr~de. 'Ibe Funds Yre pledgect as addetiona! security for the sums secured ~ bY tWs 1Kottds~e. _ If the amount ~f tl~e Funds hetd b~r I,ender. together vrith the tuture monthly installments of Funds payable prior to the dut dates of tues, asxssmeuts, insurance premiums and grourd rents, shall excYed the amount roquirtd to Ray uid taxes. a~neo~s. i~surance premiums and gmund «nts as they falt due, such e~cess shall be. at Bonower's option. either promptly repaid to Borrawer or credited to Ber_rower oa monthly installments ~~f Funds. lf the amount of the Funds hdd by Lender shaU aot be suffi~at to pay taxes. assesunents, insurance poemiums and ground rents as they falf due, Soaro~rcr sbsll pay to Lender any amouat necasary to make up tlK deficie~y within 30 days [rom the date notice is mailed by Lende~ to Borrower Rquatin6 WYmc+~t theteof. Upoa payment in fuU of all wa~s secwed by this Mortgage, t.ender shall promptly refund to Borrowe~ any Funds held by Leade~. It under paragraph 18 hereof the Property is sold or the Propeny is otherwise acquired by Lender, i.ender shall apply no later tban immediasely prior to the sak uf the Prope~ty or its acquisitio~ by Lender. a~y Funds held by Lender at tbe time of application as a credit against the su~ns socund by this Mortgage. 3. Arliicatios ot P~~ea~s. Unkss ~pplicabk law provisks otherwise, all payments receivod by Lender under the Note aad paragraphs 1 asid 2 hereof sha11 be applied by Lender first i~ payment of amounta payable to Lender by Borrower under parsaraph 2 heroaf, tben to interest payable on che Note, then to ihe principal of the Note. and then to interest and principat oa a~y Futur~e Advanca. ~.'i~r~ex I3eas. Bonower shall pay a!1 trtes, assessments and other charges, fines and impc~itions attributable to tbe Ptoperty virhich may attaia a priority over this Mortgage, and kasehold payimnts or grous~d rcnts. if any. in the rnanaer ~ provided wd~r pan~graph 2 hereof or, if not paid in such manner, by Borrower making payment. when due. dirocdy to the payee theceof. Bormwer shai! promqly fumish to l.eeKizr all notioes of amounts due under this paragraph, and in tbe e~ent Borrow,er shaq malce paytaent direcljy, Borrower shall prc*mptly tumish to ~;:nder receipts evidencing such payments. Borraver shall promptly discharge any lien which hu Friority over this Mor:gage; provided, that Borrower shaq not be . toquired to dischuge a~y such litn so b~g as Borrower shall agrce in writing to tt~e payment of the obligation secured by wcb lia~ in a manner acaeptabk to Ltnder, or shaN in good faith coatest such lien by, or defer~d enforcement of such lien ia. ~ kgal pmceedir~gs which operate to preveot the Cnforcement ot the l~en or fodeiture of the Property or any pan theroof. S. Ha~xi I~iawce. Boirower shall koep the improvements nov? existing or hereafter erected on the Property insurod aaai~t b~s by Sre. huards included withio the term "extended coverage', and such other hazards u Lenikr may require_ . snd ia wch amouats and for such periods u Le~der may roquirc; provided, that Lender shall not require that the amount of wch rnverag~e eaceod that amount of coverage reyu;rcd to pay the sums secured by this Mort6age- The ~rauraaoe canier providing t6e insurance shall be chosen by Borrower subjoet to approval by Lender; providod, that wch approval s6a11 not be unre~se:iably witht~eld. All premiums on insurance policies shalt be paid in tha manner provided under panig,raph 2 lieteof or. i[ iwt paid in such mancer, by Borrowtr makiag payment, when due, directly to the iesunnce carrier. All iasurance policees and reaewah thereof shall be in form acceptable to Leoder and shall include a standard mortgage ~ clause in favor of and in form aceeptabk to Lender. Lender shall have the rig6t to hotd the policies and re~ewals thereof, 4 and Harrower shall promptty furaish to Lenckr all renewal notices and all receipts of paid premiums. In the erent of loss, ~ ; Bo.mawer shap gi~e ptomq noticc to the iuwrance carrier and Lender. Ltnder may make proof of loss if not made promptly ~ by Borrower. Unlest I-ender and Horrower otherwise agree in writing, insurance proceeds shall be applied to restoration or reQair of the Properiy damaged, providod wch restoration or repair is economically feasible and the security of this Mottgage is not ~hereby impaired_ If wch restoration or repair is ~ot ~-conamirally feasible or if the security of this Mortgage would , be impaircd. the insucance proceods shall be applied to the sums secured by this Mongage. with the excess. if any, paid t to Bortower_ !f the Ptoperty is aba~oned 6y Borrower, or if Borrower fails to respand to Leader within 30 days from ihe date notioo is mailod by Lender to Borrower that the insvrance camer oRers to setlle a claim fo~ insurance benefits, Lender is aut6orizod to collect and apply the insurance prooeeds at Lender s optioa either to restoration or repair of the -Property or w tlx wms socured by Wis Mortgage. Un1sss Lender and Botrower otherwise agret in writing, any such application of Proc~s to principal shall not eatend - or postpone the due date of the monthly iastallments referred to in parsgraphs I and 2 hereof or change the amount of wch installmeots. If under paragrapl~ 18 6eroof the Property is acquired by I,eoder, all right. titk and interest of Bonower in and to any iawrance pulicies and in and to the pro~ceds theroof resulting from damage to the Propeny prior to the sale _ or aoquisiaon shal( p~ass to Lender to the extent of t6e sums xcured by this Mortgag~e immodiately prior to such sak or ao4uisition- f~. lrsserraBo~ a¦i E.~ai~te4aaee ot Properly; 1,easehdd~ Coadomini~ms; Pfanned Ueit De~ebp:aeots. Borrower shall koep the Property in good repai~ and shall not commit waste or pCrmit impairment or ckteriorati~n ~f the Property and shall canply with the provisions of any k~e if t6is Mortgage is on a teasehotd. !f this Mortgage is on a unit in a - conclominium or a planned unit develop~r~ent. Borrower sha!! perfcum all of Borrower's obligations und'r the declaration or covenanu creating or goveroing the ca~dom:nium or pfanned unit development, tt~e by-laws and regulatioru of tlx oondominium or planned unit develop~txnt, and constituent documents. If a candominium or planned unit deve(opment ~ rider is eacceuted by @ormwer u~d rocorded together with this Mortgage, the covenants and agrcements of sueh rider ~ sbalt be incorporatod into and s6al1 amend and wpplement the rnvenants and agreements of th"ss Mortgage as if the rider wrre a part l~ereof. ~ ..7• lrotectio~ of Leder's Secrrit~. If Borrovrer fails to perfornn the covenants and agreements contained in this Mortgage. or if any action or prouoeding _ u cannxnced which materialty affects Lender's interest in the Property.- ~ iocluding, but not liroitod to. aninent dornain, tftSOIVG/1Cjr, code enforcement, or arrangements or proccedings involving a ; b~arelcrup or docede~t, thal L,ender at Le~der c option, upon notice to Borrower, may make stjch appearances, disburse such ~ wms and take such action as a~ary to protect [.ender s interrst, including, but nd limitad to; disbursement of ~ reawoable attomey's fas and rntry upon ti~ Propeny to make rcpairs. i[ Lender roquired_ matgage insurance as a 7 condition of makina the loan soctired by this Mortg~ge. Borrower sha!! pay ths premiums requirod to maintain wch i~raacs in effect ua!il wci~ tinRe u the roquirement for such insurance terminata in xco~+d~na with Bormvrer's and ~ . . 8~J~1( ~G 7~ P~~ ~ ~~.1 . ' - . ~