The URL can be used to link to this page

Home My WebLink About0097 ~ . . ' i:. Borrow~ end Iender ooven~?nl and a~ree e?~ followr 1. Payment oi Priucipal and IatereoR Borrower shall pmmpW? pay when due the principal of and intere~e on the indebtodnees evideinoed by We Note. prepe~ymsat and late chas~ w provided in the Note. and the principal of and intereet on aqy I~tura Advences secured by t4i~ Mort~aRa ' 2. Ftiwda for T~e~ and Ia~urewoe. 3nbjec! b appUcable law or to a writteA waiver by Lender, Borrower shall pe~y to Let?der on tbo dey ; monthly instaU~oeats of priacipal and inte~est are payable under the Note. unW tha Note is paid in full. a sum (herein "l~nda'~ equal to oaa € twelRh of the yesrly t~es and a~ments which may attain priority over this Mortgage, and ground rents on the Propedy. i[any. plw one- ~ tweltth of yearly praniua~ inatalltnents for hazard insurance. plus onetwelRh of year~jr premium installme~ts for morigage inaurance, t1 any. ' aU es reasoaabiy esqmated initisl~y and trom time to time by Lend~ on the basis of assesamenta and bills and reasonable eetimates thereof. ~ '!Ue P1~nds shaU bs hel~ ia an iaditutioa the deposita or aooouat~ o! wrhich ars uuured or guaranteed by a Federal or State aQency ' (including Leade~ it Lendet it such an uutitution). I.ender ahall aPP~3? the PLnd~ to pay said taxes. asaessments. insurance premiums and groaad nafa. Ieud~ msy not char~s f~ so holding and applyia~ the ~ds. analysinB said aocount~ or verifying and coaopiling said asses~meata and biW, unlee~ Leuder pays Borro~cer interest on the ~nds and applicable law per~nifa Lender to make auch a charge. Borrower and L~d~ may a~ree in aritin6 at the time oi ezecntion of thia Mortgage thet interest on tbe I~nds shall be paid b Borrower, aad unlesa ` snch aQreement is made or applicabk law require~ wch inte:est b be paid. Lende~r shall not be required to pay Borrower any iaterest or i eamings on the Phnds. Lend~ shall give to Borrower, without charge, an annual aooownting of the ~nda showing credits and debits to the ~ Ftinda and the purpoee for which ~ch debit Lo the ~nds was made. The fi~nda ara pledged as additional aecurity for the syms secnred by this Mortgage. : If the amouat of the Fhnda held by Lender. togeWer with the future mon Wly inetallments of Funds payable ~rior b the due dates oitauea. ; aseessments, insurance Pnminms and ground renta. shall e:c~ed the amount required to pay said taxes. aeeessments. ineuranoe premiuma . and ground rents as they faU due. snch esoers ahaU be. at Borro~rer's option. either pmmptly repaid to Borrow~ or aedited to Borrower on monthly inatallments of P1~nds. If the amonnt of the Funds held by Lender shall aot be a~fficient b pay t~es; aaseeamente, insuranoe premiums aad ground nnts as they fall due. Borrawes shall pay to Lei?der aay amount neceasary b make up the deficiency within 30 days from Lhe date notice ia mailed byI.ender to Borrower requesting peyment thereof. _ Upon paymeat in full of all snma secured by this Mortgage, Lender shall promptly nfund to Borrower any funde held by Lender. Uunder ~ paragraph 18 hereof We Property ia eold or the Property is othezwiae acquired by Lender. Lender ahall apply, no later than immediately prior • to the eale of the Property or ita aoq~isition by Lendu, any F11hda held by I.ender at the time of application as a credit againat the sums aecured ~ by chis Mortgage. 3. Appllcadon of Payraenta. Unleea applicable law provides otherwiee. all paymente reoeived by I~er~der under the Note and s paragraphs 1 a~ 2 hereof al?all be applied by Lender first in payment of amounta payable to Lender by Botrowa under paragraph 2 hereof, ~ then to intereat peyable on We Note. then !o the principal of fl~e Note. and then to interest and principal on any I~tnn Advancea. ~ 4. Charges: I3~s. Borrower aha11 pa3? aU teuee. asaesamente and other charges. fines and impositions attributable to the Property which ~ may attain a priority over this Mortgage. and leaaehold paymenta or ground re~ts, if any. in the manner provided under paregreph 2 hereof or. ~ if nM paid in sud~ manner. by Borrower makinH PaY~~~. ~hen due, directiy to the payee thereof. Berrower ahall prompdy furniah to Lender ~ all notices of amounta due under this paragraph, and in the event Borrower ehall ma1~e payment directly. Borrower ahall prompdy furniah to ~ Lende: receipta evidencing anch paymente. Borrower ahall proroptly discharge any lien which has priority over thia Mortgag~ Provided. that Borrower ahall not be reqnired to discharge any such lien so long as Borrower ahall agree in writing to the payment of the obligation eecured by ~ euch lien in a manner aoceptable to I.ender. or shall in good faith conteet auch lien by, or defend enforcement of such lien in, legal prooeedings ~ which ope~ate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ~ 5. Hazard Insnranoe. Borrower aha11 keep the improvementa now e:iating or hereafter erected on the Pcoperty inaured agair,al loss by ~ fire, hasarda included ~vithin the term "extended aoverege." aad such other hazards as Lender may require and in such amounts and for such ~ perioda aa Lendez may require: pmvided, that Lend~ shall not require such ooverage amount e:ceeding the minnnum, as may be required by ~ state or federal regulationa governing activities of Lender, or that amount of ooverage required to pay the aume eecured by thiB Mottgage, ~ whichever ia the greater. • ` The insurance carrier providing the ineurance shall be choeen by Borrower,eubject to approval by Lender; provided, that auch approval ~ ahall not be unreaeonaWy withheld. All premiuma on ineurance policies ahall be paid in the manner provided under paragraph 2 hereotor, if ~ not paid in euch manner. by Borrow~ making payment, when due, directly to the inaurance carrier. < Al1 insurence policies and renewale thereof ehall be in form acceptable to Lendez and shall inclnde a etendard mortgage clauee in favor of ~ ~ and in form aoceptable to Lender. Lender shall have the right to hoW the policiea and renewala thereof. and Borrow~ shall promptly furniah to ~ i.ender all renewal notioes and all receipts of paid premiuma. In the event of loss. Borrnwer ehall give prompt notice to the inaurance carrier ~ and L~der. Lender may malce proof of loss if nat made prompdy by Borrower. f , Unlese Lender and Botmwer otherwise agree in writing, insurance pmceeda shall be applied to.restoration or repair of tLe Property - i ! damaged. provided ench reatoration or repair ie economically feasible and the security of thia Mortgege ie not thereby impaired. If auch ~ restoration or npair is not eoonomically feasible or if the eecurity of this Mortgage would be impaired, the insurance proceeds ahall be applied ~ to the anms secmed by thia Mortgage, with the ezceas. if anY, Paid to Borrower. If the PropertY is abandoned by Borrower. or if Borrower fails to reapond to Lender within 30 daya fmm the date notioe is mailed by I.ender to Borrowez that the insnrance carrier offers to eettle a claim for # ~ inaurance benefita, Lender ia authorized to oollect end apply the inaurance prooeeds at Lendei s option either to reetoration or repair of the ~ i Property or We sums secural by this Mortgage. Unlese I.eader and Borrower othe~wise agTee in writing. anY such application of prooeeda to principal ahall not ~tend or postpone the due date of We monthly insLallments•referred to in paragrapha 1 and 2 hereof or change the amount of euch inatallmente. If nnder paragraph 18 h~eof the Property is aoqnired by Lender. all right. title and iatereat of Borrower in aad to any inaurance policiee and in and to the proceeds thereof reaulting from dame8e to Property prior to the sale or soquiaition shall pass to Lender to the e:tent of the eums eecnred by thie Mortgage immediately prior to auch sale or aoquiaition. 6. Preaervadon and ~aintenance of Property; Leaeeholds; Condominums; Planned Unit Developments. Borrowar ehall keep - the Property in good repair and ahell not commit waete or permit impsirment or deterioration of We PrQperty and shall oomply with the provisiona of any lease if this Mortgege ie on a leasehold. If this Mortgage is on a anit in a oondominium or a planned unit development, Borroaer shell perforau all of Borrower e obligationa nnder t6e declaration or oovenante creatinSor governing the condominium or plsaned unit development, the by-lawa and regulations of ihe oondominium or planned unit developmentti and oonetituent docnments. If a condominium or planned nnit development rider ie ~ecuted by Bo:row~ and recorded together with thie Mortgege, the oovenente and agreements of such rid~ shall be incorporated into and ahall a~nend and supplement the covenants and agreemente of this Mortgage ae if the rider wen a part hereof. 7. Protectioa ot Lender'~ 8ecnrity. If Borrower fails to pe:form tbe ooveaants and agreements oontained in thie Mo~rtBaBe, os if anY i action or prooeeding is oommenoed which materially a~ects I.ender's interest in the Property. inclnding. bnt not limited to. eminent domain, ; inwivenc~r, oode eaforoemenk or aurranBemente or pr~oeedin8~ involving a bankr~pt or deoedent, thea L~?der at L.enda's option,npon - notioe to Barrower mey ma~e snch appearanoes, diabnree such sums u?d take wch action as is neoessary to protect I.ender s int~rest, ~ incinding, bat not limited to. disbnr~emeat of na~onable attorney's fees and entry npon the Property to make repaira. If Lende~ required mostgage ins~anoe as a oondition of maldag tbe loan secared'by this MaatBeBe. Borrower shall pay the pnminms required to maintain ~ snch insnranee in effect nntil snch time a~ the reqnirement for ench in~urance terminates in accoraanoe with Boaowe~'s and Leader'~ ~ w+rittm a~eemeat or applicabk Law. Borro~ver ~hall paY the amonnt of all mortgege insurance preminms in the mauner provided nnder paragraph 2 hereof. _ ~ Any amonnb disbnreed by Lender persnent to this paragraPh 'i. with interest thereon, shall baoume additional indeM~edness of ~ ~ Borro~rer secured by thia Mortgaga Unless Borrower and Leader agree to other terros of payment~ suah am~nt~ sliall be paYable npon ~ ~ notioe lSrom Leader to Borrowe~ reqnesting psyment thereo~ and shall bear intenst from the date of diaburs~t at the rate payable &om ~ time to time on outstanding principal unde: the Note nnless payment of interest at ~nch rate would be oontrary to appiicable law. in w?hich ~ event wch amounb shall bear intuat at the highest rate permisaible under applicable law. Ndhing aoniained in tbis paragraph 7. shall ~ reqnire La~der to incur any apen~e or take aay action hereander. r ~ . ~ B ~ 9g7 ~ # ~ ; 001( 4?~ ! ~ ~ f . ~ - - _ _ . _ ~„~-r, .,...-_w.~._ < = xp~ -