The URL can be used to link to this page

Home My WebLink About0874 .~i . U~iFOa~t CoveK.~rvrs. Bo~mwer and l.en.l~r c~~vcnan~ a;,d agr~c a, (uUuws: 1. Psymeat of Principai sod lateresi. B~~rmu<< .n:~it Od~' Kfilll dur !he prinri~~:,i and inierest un thc ~:?~iebtedness evidenced by ihe No1r, prepayment anJ lat~ ch:~~~.. Pruvi~ied ~n the Nota and the principal of and inlerrst on any FuWre Advancec secured by th~s Mnrtgage. - 2. FLads for Tues apo lnsuraace. Subject to appli~ .~t Ic I,,~~ i~, a wciucn warver by I.ender. Borrowcr ch;~ll pay to I.encier on ~he day monthly instatlments ot pnncipal an~l iutrrr.t .~~r ~,ryahl~ undcr the Note, u~ti! the Notz ~s paid in iull. a sum (hercin "Funds") equal to onc•tu~lf~h ~~f ~Ix yr:~rl~ ;a~~. aml a~.~:~.mcnlc which may a~~ain priority avcr ih~. Mongage, and ground r~ots on thc Pr+opcrty, if any, pli~s onc-~Hrlfth ol yrarly premium installments tor ha~ard insuranre, plus one-twelfth of yearly premium inuallmcros for mortgaFc i~uurancc. any, al! as reasonabty cstimated iaitially and (rom time to time by t.ender on ttn: basic ot a.ti«~n~cnts and ~+~Iti an~! rc.u.~nable estimatcs thereof. 71ie Funds shall hc held in an in~tnu~io~i ~hc deEx~tiu, or ,~~r~~unts ut which :?rc insured or guarantccd by a Fcderal or state agency (i~cluding Lender if 1.enJer i. wch an insUtWi~~n?. I.cndrr ~hall appl}~ the Fw~ds to pay ~aid ta~es, atc~ssn?cnts, insurance premiums and ground rents. I ender ma~• ni.~ charge Ior ~i~ holding anJ applying the Fundc. analy~in@ +aid account. ~ or verifying and compiling s3id assessments and bill+, unlc~~ I.cnJcr pry~ Burrowc~ intcrest on thc Funds and appliratde law permits Lender to make such a chargc. I~,rruwer anJ I.cnJcr O1J}' ~b'fCC in writing at the ~imc of c~ccwi~~n uf this Mortgage lhat interest an Ihe Funds shall M: paid t~? Borrower, and unless Such ag~eemen~ ie maJc ~~r appG~~ble I:/N' requircs such interest to be paid, I_cnder shalt nat tn reyuired to (w)• Borrow•er any interest or earningt i~n thr I~und.. L~nJrr ' shall give to Barrower, withoLt charge, an aitinual acc~~unung of thc Fund~ shawing credits and dehits t~• thr Fund, :~nd the ; purpose for which each Jebit to the Funds wa, mad~. The Fund~ arr plcdgcd a~ additional securi~y irr ~hc sum, securrd by this Mortgage. If the amount of the Funds held by l.cndrr. toge~her Hith ~hc future me~nthly installmcnts of Fun~ls payable prior to the due dates of taxes, asscssments, insuranrc premiums and ground rents, shall c~ceed thc amount rcyuircd to pa~ ,aiJ ta~cs, assessments, insurance premiums and gmund rents as they fall dur, such e~ces~ .hall be. at [ior~ower's opt~~~n, cither promptly repaid to Borrower or credited to 8ormwer on monthly installmcnts of Funds. If the amount ot thc F•unds held by Lender shal) not be sufl~icient to pay tazcs, assessments, insurancc prcmiums anJ ground rents as th~y fa{I due, Borrower shall pay to Lender any amount nccessan• to make up the deficiency within 30 d•ry~ trom the date nMice is mail~d by Lender to Borrower reyuesting paymcnt ~herrnl. Upon payment in full of att sums secured by this Mortgage. 1_ender shall promptly nfund to Borrower any Funds held by l.ender. If under paragraph 18 hcrcof Ihe Property i~ sold ar thc Propcrty is otherwisc acquircd by Lcnder, I.cr.dcr shall apply, no later than immediatclp ptior to the sale uf thc Propcrty or its acquisition by Lcnder, any Funds hetd by Lender at the time of application as a creJit against the sums secured hy this lllortgage. 3. Application of Paymeats. Unlecs applicahte law provides otheraice, al! pay~ments receiti•ed by I_ender unJer the Notc and paragraphs 1 and 2 herevf shall bc applied hy I.cndcr first in payment of amounts payablc tmLender by Borrawer under paragraph 2 hereof, then to interest payable on the No~c, then to the principal of the Note, and thcn to intcrest an~ principal on any Future Advances. 4. Clw~es; Liens. Borrower shall pay aU tax~~, asscstments and oth~r charges, fines and imp~xitions altributable to the Property which may atlain a priority over this Mortgagc, and leaschold payments or ground rents, if any, in the manner pmvided unckr paragraph 2 he~eof or, if not paid in such manner, by Borrower making payment, when due, directly to the . payce therreof. Borrower shall promptly furnish to Lender ali notices of amounts duc under this paragraph, aad in the event Borrower shall make payment directly, Borrower shal! Qromptly fumish to lxnder receipts evidencing such payments. Borrower shall promptly discha~ge any lien w~hich has priority over this Mortgagc: proviJed, that $orrower shall not be required to discharge any such lien so long as Borrower shall agree in writing t~~ the payment of ihe obligation secured by such lien in a manner acceptable to Lender, or shatl in good faith contes~ such lien by, or defend enforcement of such lien in, legal pra:eedings which operate to prevent Ihe enforcement of the lien or torfeiture of the Property ~r any part thereo(. 5. Nszard Insurance. Borrower shall keep the improvements now existing or hercafter erected on the Property insured i against loss by fire, hazards includcd within thc term "cxtcnded coverage", and~such other hazards as Lender may reyuirc ; and in such amounts and for such periods as Lender may requin:; pmvided, that Lender shall not require that thc amoun~ o[ ~ such cove~age exeeed that amount uf coverage required to pay ~he sums secured hy this Mortgage. ~ "It~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. ; that such approval shall not be unreasonably withheld. All premiums on insurance 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 j +~surance carrier. ; All insurancr }wlicies anJ renewals thereo( shall be in form acceptablc tu Lender and shall include a standard mortgage ~ clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renew~ais thereof. ; and Borrqwcr shall promptly furnish to Lendcr all rencwal notices and atl rcceipts of paid premie~ms. In the event of lo.s_ ' Borrower shal! give prompt nolicc to the insur~nce carrier and l.ender. Lender may make prcx~f ot loss if not made pramptl~ ` by Borrower.. ` Unless Lender and Borrov?~e~ otherwiu: agrec in writing, insurance proceeJs shall be app[ied to restoration or repair ~ the Property damaged, proviJed s~ch rcstoratian or repair is ecanomically feasible and the securily of this Mortgage ic F not thereb~~ impaired. If such restoration or repair is n~~t economically fcasible or if the security of this i~tortgabe N•~~~~,d ~ ~ be impaired, the insurance proceeJs shall be applied to the sums secureJ by this Mortgage, w~ith the excess, if anc. ~~a~d ~ to Borrowcr. lf the Propert}• is abanJoncYi h~~ Borrower, or if Borrower fails t~~ res~nd to i_ender within 30 days Ir..rr ~he ! date notice is maited by Lender to 8orrower that the insurance carreer o1Fen to setUe a claim for insurance benefits, Lrr.d~- ~ is aulhorize:i to collect and apply the insurance praceeds at 1_ender's option either t~ restoration or repair oi thc Prc~~~r:: ; or to the sums sccurcd by this Mortgagc. ; Unles~c I.ender and Borrower utherwise agree in writi~g, any such ~ppiication e~f prcx:eeds to principal ~hall ?ut c..~er.d - or postpone the due date of the mart~hly installmcnis rcFerrcd to in par~graph, 1 and 2 hercof or change thc aniount ut i such installments. If under paragraph 18 hereof the Propert}• is acyuircd. h} Len.lcr, ali nght, title and interest of I3c~rr~~u~er in and to any insurance policies anJ in and to the proceeds thereot rc~-sulhng from da~nage to the Property prior to thc ~:+i~ t or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediate~y prior to such ~:!!e or t acquisitioct. 6. Preservation and Maintenance of Property; [xasehulds; Condominiums; Ptsnned Unit Devebpmenls. i3orro~~cr ; shall keep the Property in good repair and shall not comrpit waste or permit impairment or deterioration of the Property and shall comply with thc provisions of any lease i[ this Mortgage is ~in a ic~schotd. If this Mortgage is on a smit in a condomin~um or a planned unit development. Borrow•er shall perfurm all of Borrower's obligations under the declarati~~n or covenants creatmg or governing the condominium or planned unit development, the by-laws and regulationz of the conduminium or planned unit development, and constituent Jix:uments_ If a condaminium or planned unit development rider is exec~ted by Borrower and recordeJ u~ge~her with this Mortgage, the covenants and agreements of such ri~I.r ~ shall be incorporated into and shall amend and supplement thc covenants and agreemcnts o( this Mortgage as if the ri.lcr were a part hereof. 7. Proteetioo of Leade~'s Security. If Barrower (aifs to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects t_ender's interest in tfte Pmperty, inetuding, but not iimited to, eminent domain, in.colvency, c~~de enforcement, or arrangements or proceedings involving a bankrupt or decedent, then l_ender at l~nder's option, upon notice to Borrower, may make such appearances, disburse such ; sums and take such action as is necescary to pr~tect laender's interest, including, but not limited to, disbutaement of j reasonable attorney's fees and entry upon the Propcrty to make rcpairs. If 1_cndcr reyuired martgage insurance as a ~ condition ot making the loan secured by this Mortgage, Borrower shall pay !he premiums required to maintain such insuranet in eftect until such time as the rcyuirement for surh insurance lerminates in accordance with Borrower s and ~ 800K~+uV PAGf 8~~ , , ; . _ _ . ~ - =