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HomeMy WebLinkAbout0062 ~~.~.~.r n~.1 I~n.1ur r;ven»n! +~nr1 +a~ran ~aa ~nIL~WY' l. Payment of I'rincipa) and Inlereet. tiorruwrr xha~ll promptly pa~y whrn due the principa?1 of nnd intrrext un the ind~~bt~~lnrsx evidenced by the Note, prepayment nnd lutrcharges ue pn?vidtd in the Note, and /he p~ncipal of nnd interext on ~ny FutureAdvunceK scrured hy thia Mortgage. 2. Flinde torTaxee and Ineurance. Subject k? i~pplicuble law ur t~i n writtrn wiiive~ by I.ende~, ii~~rruwrr xhull puy to IA•ndrr un Ihe duy monthly instnlimcntx otprincipnl and interrxt ure pi~ynble unde~ the Nute, until the Nule is p:iid in fuli, u sum Ihrrein "Funds"1 eyuul to on~- twelfth of the yei~~ly tnxes nnd ussexsmrnta which muy ntt.~in priority over this :1lurtgt~Ke, and Kn?und rents un the 1'rupcrty, if uny, plus une twelflh of reiuly premium inatiillmenta for hazard inaurnncr, plas unc twrlfth ofycarly premiwn instull~nrntx for muRKaKe inwur.~nce, if nny, all ux rnasunably eatimi~tecl initinlly ~nd fr~~m time to time by I.ender on the t~nsis of a.cseasments a~nd bilis .~nd re.taun+~Lle ~~timautw /hrr~r~f. The FL~de shall be held in a~ inatitution the depoaita or accounts of which are inaured ur guf?ranteed by a Fcxlernl or State uKency (including l.ender if I.ender is auch nn inatitution). I.ender shall npply the h unda to pay said taxea, uasrsvmrnts, inaurance premiums and ~und tents. t~ender may not charge for eo holding and upplying the Hunda, analyzing snid accuunt, or verifying and cumpiling eaid xaeessmenta and bi!!a, unleas I.ender pe~ys Iiorrower interest on the Funds and Applicable lxw permiti+ t.ender to mtike such a churge. Burrower and Lender may agree in writing ut the time of execution of thia Mortgxge thut intrrext on thc Funds shall be pnid to Burn,wer, and unlesa such agrc~ement is made or applicable law requitea such intereat to be p:~id, l.ender ehaU nol be required to pny liorruwer nny intereat or earninga on the F unda. l.ender ahall Rive to Borrower, without churge, nn annunl a~ti-ounting of the F unds showing credite xnd debitx tu the Funda and the purpose for which each debit to the Funds waa mAde. The F unds nre pledgrd as additionai security for ihe sums secured by thia ~tortRnge. If the amount of the F'unda held by l.ender, together v?ith the [uture monthly inxtallments uf Funds pnyxble prior to the due dutex of taxes, nsaesamenta, insurance premiums and gmund mnts, ehall excred the umuunt reyuired to pay xaid taxes, usxessmenta, insurance premiums rind ground renta ua they fall due, such excess shall be, ut l3orrower's uption, either pn,mpUy mpaid to Born~wer or crrdited to l3orn,wrr on monthly installments of Funds. If the amount of the Funda held by l.ender shall not be sufficient to pay taxea, assessments, insurance premiuma and ground mnta as they fall due, I3orrower shall pay to l.ender any amount necessury to make up the deficiency within 30 da}~s from the date notice is mailed by l.ender to E3orrower reyursting payment thereof. Upon payment in full of aU suma secured by thia MurtKnRe, I.ender ahall prompdy refund to 13orrower any funds held by I.ender. If under paragraph 18 hereof the Property is sold or the I'roperty is othemise ~cquired b}~ I.ender, l.ender shnli apply, no later than immedisitcly prior to the sale of the Property or its acquieition by l.ender,lny E~ unds held by l.ender at the time of npplir~tian as a credit againat the sums secured by this Mortgage. 3. Application of Paymente. Unlesa applicable law pmvides otherwise, all payments recei~•ed by I.ender under the Note t~nd plragraphs 1 and 2 hereof shall be applied by Lender firxt in pnyment of a?mounts paya~ble to l.~~nder by Borrower under paragrnph 'L hereof, :IiCli W fiiLCiCB~ ~f2ljliUiC t)11 1712 :'~Uir. LSicit i.V isi2 j'itii~iiNdi 8i isic :~:vic, n:~u ieicTa iii• "'i£: ~Si aa:ia }.C4a.°Iyi:~ '~'~e~7: A:~L..•..<< Charges; I.iene. Rorrovrer shall pa~ nll taxes, as.~sments and other charKes, fines and impc~sitiuns attribut.?ble to thr Pro~rty which may attain a priority o~ er this D1ortKage, and leasehuld payments or kround renLc, if .~ny. in lhe manner providEd undet par.+graph 'L hercr,f or, if not paid in such manner, by I3orruwer makinQ payment, when due, directly to the payir then~~t Rorn~wershall p~omptlp furn~sh!o I.ender :ill notices of xmuunt~4 due under this paraKraph, and in the event Borro.+•er shall m:~ke pay~nent dircrtly, t3urn,N•er shall pr~mptly farnish tu I.ender receipts evidencing such payments. ~rrow•er sh:?II promptly disch.vKe any lien which has priority over this NortKaKe; providecl, that f3orrower shall not be requirecl to discharke uny such lien so long as I~rroveer shail a~ree in writinK tu the paymrnt of thrublig.ition secunKi bp ~uch lien in a manner accept~~ble to I.ender, or shall in Kcwd C:~ith cy~ntc~t .uch lien by, urdefend enfurceme~t of such lien in, It*al pr~K•rEdinKs ti~•hich operate tu prevent ihe enforcement uf the lien ur forfeiture of the Pmperty ur am• part thertr~f. 5. Hazard Ineurance. Borrower shaU keep the improvements now existing or hereafter erected on the Property insured aKainst loss b~- fire, hazarda included within the term "extended wverage." and such other hazards as i.ender may require f~nd in such amounts and for such periods as Lender may require; provided, that l.ender shall not require such rnveraKe amount exceeding thr minimum, as mxy be rryuired by state or federal regulations governing activities of Lender, or that amount of covertige required to pay the sums secured by this MortK<ige, Khichever is the greater. ~ The insurance carrier pruvidinK the in~urance shall be chusrn by Korruwer subject to approv~l b~ I.endc•r: pr~reidcd, that surh appru~•al ~h~ill not be unre~sonably withheld. All pmmiums on insuran~~ puliues shall t~paiJ in the munner pn~vid~~i und.~r p:ira~:r:~ph 'L hen~dnr. if n~~t paid in such manner, by fiorre~wer making paymeqt. w•hen due, dire~tly tu the insurunce carrier. All inaurance policies and rnnewala thereof shall be in form acceptnble to I.ender and shall include a standanl mortKaKe clause in fa~•or of. and in form acceptableto Lender. I.enderahall have theright to hold the policiea and renewals thereof, and Borro~•er shall prumptly furnish tn ?.ender all renewal notices and all receipts of paid premiuma In the eventof losa, Borruwer shall give prompt notice to the insurance carrier 'i and Lender. I.ender may make proof of loas if not made pmmptly by Borrower. - i Unless Lender and Botrower otherwise agree in writing, insurance proceeds shall t?e applied to restoration or mpair of the F'roperty eiamaged, provided such restoration or repair is economically feaeible and the security of this Mortgage is not thereby impaireci. If such restoration or repair is not economicaUy feasible or if the security of this Mortgage would be impaired, the i~surance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Iiorrower, or if Borrower [~?ils to ~ respond to I.ender within 30 daye from the date notice is maikd by Lender to Borrower that the in~urance carrier offers to settle a claim for r inaurance benefits, Lender is authurized to collect and apply the insurance proceede at I.ender's option either to restoration or repair uf the ; I'roperty or the sums secured by this Mortgage. ~ Unlese Lender and Rorrower otherwise a~ree in v?riting, any such application of procreds to principal ahall not extend or postpone the due ~ date of the monthly inatallmentx referred tn in paragrapha 1 and 2 hereof or chanQe the amount of such installments. If under paraKraph ltt E nereof the Property is acquired by I.ender, all right, title and interest of Borrower in a~d to any insurance policies and in and to the proceeds ~ thereot resulting from damage to Property prior to the sale or acqws~tion shall pass to Lender to the extent of the suins secured by thia ~ ~tortgaqe immediately pnor to such sale or acquisilion. ~ 6. Preaervation and Maintenance of Properiy; Leaseholde; Condominums; Planned Unit Developments. Borrower shall keep ~ the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and shall comply with the ~ provisiona of any lease if this Mortgage is on a leasehold. If this MortgaRe is on a unit in a condominium or a planned unit development. ~ Rurrower shall perform all of Bortower's obligations under the declaration or covenants ~•rc•:~tinKor RoverninQ the condominium or planned unit development, the bylawa and ~equlations of the candominium or planned unit development, and conatituent documents. If a ~ condominium or planned unit development rider is executed by E3orrower and recorded together with this Mortgage, the covenants and :~~reements af such ridrr ehall br inwrpurated inlu and .hali amend and auyplrment thecovenantis and ~~reementa~ of this 1lortgage as if the ~ rider were a part hereof. - ~ - ~ 7. Protection of Lender'e 3ecurity. I! Borrower fails to perform the oovenante ~nd agreements rnntained in thie Mortgage, or if any ~ action or pmceeding ie commenced which materially affects I.ender'e intecest in the Property, including, but not limited to, eminent domain, ~ ineolvency, aode enforcement, or anangements or proceedinga involving a bankrupt or decedent, then Lender at Lender'e option,upon ~ notice to Borrower may make euch appearances, dieburee auch eums and take auch action ae ie neceasary to protect Lendei a intereet, including, but not limited to, diebursement of reasonable attorney'e feee and entry upvn the Pruperty W make repaire. If Lender required - mortgage ineurance ae a condition of making the loan aecured by this Mortgage, Borrower ehall pay the premiume required to maintain euch ineurance in effect until Buch time as the reqnirement for euch ineurance terminatee in accordance with Borrowet's and Lender e written agreement or applicable Law. Borrower et.all pay the amount of all mortgage ineurance premiuma in the manner provided under ~ paragraph 2 hereoL Any amounta dieburaed by I.ender persuant to thia paraqraph with intereat thereon, shall become additional indebtednesa of ~ Borrower eecured by thie Mortgage. Unleas t3orrower and [.ender agree to other ternia of payment, euch amounte shall be payable upon ° notice from Lender to Borrower requeating payment thereof, and ehall bear interest from the date of_diebureement at the rate payable from time to time on outetanding principal under the Note unleea payment of intereet at auch rate would be contrary to applicable law, in which event such amounta shal) bear intereat at the higheat rate permisaible under applicable law. Nothing contained in thia paraqraph 7, ahall require I.ender to incur any expense or take any action hereunder. a~; . k ~sz ~ ti~~~ 290 ?a~~ ~ ~ ~ r ~ ~ ~ ~ - - _ - - _ : ~ _ : - ~ ~ ~ ~ } ~ ` 'S.. ~ .f, ~ s -av _ _ ~ ~ ~ r`""~ ~ e ~ ~l~- ~ zY ~ P.~' _w . w %i, . . r . ~ . .