The URL can be used to link to this page

Home My WebLink About0950 8o~ruwer and I.ead~r ooveai?at and ~ns as follorw: ~ 1. Pt~?ment of Priacipwl ~nd ~IatereaR Bo~ower shall promptly pay whe~ due the principsl of and ineenst oA the iadebtednesa evidenced by the Nots. prep~syaaent aad late cbar~e~ eu provided in the Note, and the priacipsl of and interest on any I~ture Advances ~ecured by ehi. Moet~s~e. . - 2 P~nd~ for Taze~ aad Ia~ur~nce. 3ubject b applicable law o~ to a written waiver by Lender, Borrow~r ~hall pay to Lende~ on the day moathly instaUmeais o! principat ead inte:est are payabk under the Nots, unW the Nok+ u paid in tuA, a sum (herein "I~Lnd~") oqual to ons twelRh of the yearly tase~ aad a~ee~amenb which may att~in priority over this Mort~a~e. and Qround rents on the Propecty. if any. pl~u one~ w t earl remium installwenb [or hasard'uuurance, plw onetwelRh ofyoar~v premium installmente for mortga~e inaurance. if aay, aU as reaaot~a esutaa uu an e me y " 1Lt Fbnd~ ~hall be held in en institutio4 the deporib ar e~eoounb of Mrhich are ins~ued or ~uarsateed by ~ Federal or State a~ency (includinR Lsndec if Lender ia s~ an iattitutioa~ L~endet shaU apply the Funds to pqy ~aid ta:es, a~se~sments. iniureiice premiums and ~e~ound reAts. I.eader may aot chac~e for w holdin~ aad 4PplyinB the PY~nda, aaalyzing said acrouat, or verifyin~ and oompiling said a~se~sm~fa and biW. ualess Leader psys Boritower interest on the FLads and applicable la~r pemuts L.ender to make ~uch a char~e. Bon~ower and I.ead~r may a~res in writin~ at WQ time of execution of this Mortgage that intere~t on the F~ads shell be paid to Borrower. and unles~ such a~reetaent u meide or applicabk Iaw reqnires euch intera~t to be paid. L~d~ shaU not be requie+ed co p~y Borro.re~ any inceresc or samia~s on the Fl~nds. I.ender shall give to Borrower. without c~arg~, an annual aooounting of the Fhnde s6owing credite and debits to the ' FWnda and the purpo~s for which ~ch debit to the F~nds wae made. The Funda ara pledged as additional eecurity for the sum~ secnred by this ~ - If the amount of the P1~nda held by I.ender, together with the future monthly installmenta of F~nda payrable prior to the due dates of tases, au~nents. insuraaoe premiums aad ground renta.•shall euazed the amoant required b pay aaid taxes. aseeaements, ins~ranoe premiuraa and ground reata as tl~ey fall due. such exoe~e shall be. et Borrower's option, either pramptly repaid b Borrowa or credited to Borrower on - monthly installmenb of P1wds. If the amount of the P~ceds held by Lender ahaii not be snfficient to pay taues, aaeeeatnmta. insarance premiums and ge~ound t~ts aa they tall due. Borruwer shall pay to Lendez any amount neoeaaary to make up the deficiency within ~ days from the date notioe u mailed by I.ender to Borrow~ nquesting payment thereo! - Upon paymeat ia tull a~ell sums eecured by this Mortgage. Lender ~haU pmmpely retund to Bormwer any fuada held by Lender. Uunder paragraph 18 hereof We Prop~ty is sold or the Property is otherwise acquired by Leader. Lender ahall apply. no later than immediately prioi to the ssk ot the Property or ib aaquisition by Lender, any I~nds held by Lender at the time of application ae a ct~edit against the suma eecared by this Mo~eQa~e. 3: Application of Pqymenta. Unlees applicable law pmvides otherwise. all payments reoeived by Leader under the Note and paragraphs 1 and 2 hereo~f shal! be applied by Lender firat ia payment of amounte payable to I.eader by Borrower under paragraph 2 hereof, thea to inte~+ed p~yable on We Note. then to the pcincipal of the Nota. and then to intereat and principal on any F'~tnre Advances. 4. Che4r~es; Lieas. Borrower ahall pay all t~ea. aseeasmente and other chargea. finea end impoaitiona attributable to the Property which may attain a priority over this Mortgag~, and leaeehoId paymente or ground renta, if any, in the manner provided under paragraph 2 hereof or, if ao! paid in snch manner. by BorrowQ making payment, when due, directly to the payee thereoi Borrower ahaU pmmptly furnieh to Lender all noUcee af amounta due under this paragraph, aad in the event Borrower ahall make payment directly. Borrower shali prompdy fnrnieh to Lead~ rec+eipta evidencing snch paymenta. &?rrow~ ahall P~P~Y diacharBe anY lien which has priority over this Mort8a8~ Pmvided. that Borrower shall noE be required to discharge any such lien sa long ae Borrower ahali agree ia writing to the payment of the obligation eecured by such lien ia a manna aoceptable to I.ender, or ahall in good faith rnnte8t auch liei? by, or defend enforcement of such lien in, legal proceedinga which operate to pm.went the enfoe~ement of the lia~ or forfeiture of the Property or any part thereoL ~ 5. Hsurd Insuranoe. Borrower shall keep We improvemente now ezisting or hereaR~er erected on the Property inaured againat lose by ~re, hasards included within the tezm "~tended ooverage." end auch other hazards as L.ender may require and in such amounts and for anch paiod~ as I.endez mayr requir~ pmvided, lhat Lender shall aot req~ire aurh ooverege amount exceeding the minimum. as may be required by state or federel esgulationa governing activities of I.ender, ~ that amount of ooverage required to pay the aums aecnred by thie Mortgege~ whichever is the greater. ~ '14~e inanrance carrier pmviding the inanranoe ahall be chosen by Borrower subjed to approval by Lender. provided. that such approval shall not be unreaeonably withheld All premiums on inauranee policies ahall be paid in the manner pm~~ded under paragraph 2 hereof or, if not paid in auch me.naez, by Borrower making pqymeat, when due, direcHy to the insurance carrier. ~ AU insurance policies and renewala tha+eof shall be in form aoceptable to Leader and afiall include a atandard mortgage clauee in Eavor of . and ia form aooeptable to I.ender. L.ender shall have the right to hold the pblicies and renewals thereof, and Borrower ehall promptly tumiah to i.ender all renewal notices and all reoeipts of paid pt~iums. In the event of loas. Bon+ower ahall give prompt notice to the inanrauce carrier and I.ender. I.eoder may mat~ proof of loss if noc made promptly by Borrowa. I Unleas Lender aad Borrower otherwise agree in writiag, insurance peooceds shaU be applied to restoration or repair of tLe Property f ' damaged, pTOVided such reatoration or repair is economically feaaible and the security of thia Mortgege ie not thereby impaired. If auch reatoration ur repaQ ia not eoonomicallq feasible or if the eecvrity of thie Mortgage would be impaired, the insurance pmceede shall be applied ~ to the sums secuned by thi.s MortBaee. ~rith the ezcess. if anY. Pnid to Borrower. If the Property is abandoned by Borrower. or if Borrower faila to t reapond to Lender within 30 days irom tbe date notice is mailed by Lender to BoTrower that the insurance carrier offers to aettle a claim fos ~ inanrance bene5ts. Lendez is auth~ized to collect and apply the insarance proceeds at I.ender's option either to resbtation or repair of the ~ Proyerty or the snms secnred by thia Mortgege. Unlees I.eudez and Borrower otherwise age~ee in writing, any auch application of proceeds to principal ahall not atend or poetpone the dne 2 date of the monthly instellments referred b in psragraphs 1 and 2 hereof or change the amount of such inatallmenta. If under paragraph 18 hee~eof the Property is soqaired by Lender. all tight, title and interest of Borrower in and to any inanraaoe policiea and in and to tbe procxeda thereof e~esnltiag irom damage to Property prior b ~he aale or aoquisition shell p~ss to L,ender to the e:tent of the suma secured by thia Morfgage immediately prior to snch eale at aoq~isition. 6. Preservation and Maintenanoe of Property; I.easebolds; Condomianms; Planned Unit Developments. Borrower ehall keep the Property in good npair and sha}1 not oommit waete or permit impairment or deterioration of the Froperty and ahall oomply with the pmvieiona ot aay lease if this Mortgage is on a leasehold. If thia Mor~gage ia on a unit in a oondomininm or a planned unit developmen~ Borrower shall perfortn all of Borrower's obligatioas under the derlaration or oovenante creatingor governing the oondominium or planned unit dtvelopauent~ the by-laws and regulations of the ooadominium or planned nnit developmen~ and constitnent docamente. If a condomininm or planned unit development rider ia e:ecuted by Borrower aad reoorded together with this MortBsee. the oovenants and agreements of euch rider ahall be incorporated into and ahall amend and supplement the oovenanta and agreements of this Mortgage as if the rider ~ren s pert hereof. . • 7. Protection ot Lende~~ Secarit~. If Barrower fails to perfaem the oovenants and agreemaita oontained in thi~ MortS880. ~~~3? ~ sction or prooeeding iu commenoed which muterially affects La~der'~ interest in the Prope:ty. incinding~ bnt not limited to, emineat domain, t ~ inwlvency~ oode enforoemeat, ar arrangemeata or pmoeeding~ iavolving a bankrnpt or deoeden~ the~ Leades at Lendds option,npon ' notioe to Barmwer mqy malice sudi appearaace~, di~ba~se such eums and take snch actioa aa u neoessary to proted Lenda'~ inteeest~ ~ indading, but not limited to, disbnrseinent of rcaionable sttorney's fees and eatry upon the Pcoperty ~to make repait~. If Leader required ~ ma'tBeBe ins~ance as a oondition of making the loen secnred by tbi~ Mart8a8e, Bormvrer shall pay the pnminm~ reqnired to maintain ? soch in~oranoe in dfect unt~ snch time as the requisemmt for ~nch inaaranoe terminates in aocordeaoe with Bozrowds and Lmder'~ ~ arritlea a~reemrnt or ap~licable I~w. Bareorver shell pay the amount of all mortgage inaurance prtmiums in We manner provided nnd~ * paragraph 2 haeof. _ ~ Any amonnts diabnned by Leuder persuant to thi~ ParaBrsPh 7. wit6 intece~t We:eon, ahell beoome additionel indebtedness of Borrowe~ ~ecnred by Wis Morlgage. UnleOS Borrower and I.eader agrec to other terms oi PaYment, snch amounta shall be payable npon notioe firom Leader b Borrower requesting payment theeeof, at~d ahell bear intereet ~+om t1~e date of diabur~emmt at the rate payable from time to time on outstanding principal undez the Note nnless payment of intered at sach rate woald be oontrary to applicable laar. in which ° ` ev~t wch aaw;u~ts shell bear interest at the highe~t rate permissible under applicable law. No~hing oontained ia thi~ paragraph 7, shall ~ ~ reqnire I.a~der to incvr any eupense or take any action hereunder. , 3 ~ ~ ~ BOGK2~9 P~CE ~ • ~v~+ - ~ - . ~ u _ _ _ _ _ _ _ . ~ t ~ _ ~ _ ~ ~ w ° ~;,f ~