The URL can be used to link to this page

Home My WebLink About0883 f~orrowe~ and l.ender covenant and agree aa follows: l. Payment ot Pirincipal and Intereat. Iiorn~wer shall promptly pay whe~ due the principal of and interest un the indebtedneaa zvidenced by the Note, prepayment and late charqra ae provided in the Note, a~d the principal of and inte~est un any Future Advancra secured by thie Mortgage. _ 2. ~rtds tor Taxee and Ineurance. Subject tu upplicable law o~ to e written waiver by l.ender, Aorruwer ehull pay to I.ender on the day monthly inatallmenta o! principal and interest are payable urtder the Note, until the Note ie paid in full, a sum (herein "M unda") equal to one tveelfth ot the yearly txxes and ausesemente which muy nttaio priurity over lhie MocigaKe, and ground renta un the Pwperty, if any, plue one~ twelRh otyearly premium inataQments [or hazard inaure~nce, plus onetwelfth ofyearly premium inataUmenla fo~ moKguge insu~ance, if any, all as rnaeonably estimate~ ioitially and from time to tiR~e by I.ender on the basis af tisaesamenta and bills and ~et?aonable eatimates thereof. 1'he F1?nds dhall be held in an institution the depoeits or accounte uf which are ineured or guaranteed by e Federal or State agency (including I.ender if l.ender ie auch an institution). Lender ehali apply the Funds to pay said taxes, asseaements, inaurance premiuma and ground rents. Iendet may not charge for eo holding and applying the Funds. analyzinq said account, or verifying and compiling aaid eieee8aments and bills, unleaa I.ender pays Borrower interest on the Ftinda and applicable law permite l.ende~ to make auch a cha~e. Borrower and Lender may agree in writing at the titne of e:ecution of thia Mortgage that intereat on the F unde ahall be paid to Bon~ower, and unlese auch agreement ie made or applicable law requiree such interest to be paid, Lender ehal! not be required W pay Borrower any internet or eaminga on the Funda_ I.ender ahaU give w Borrower, without charge, an annual accounting of the Funda ahowing credite and debita to the F unds and the pu~poee for which each debit to the Funds was made. The Funde are pledged as additional eecurity [or theaume eeCured by this Mortgage. ~ If the amount of the Ft?nds held by I.ender, together with the future monthly installments of Funda payable prior to the due dates of taues, aseeeaments, insurance premiums and ground rents, ahali excYed 1he amount required to pay said taxea, aaeesaments, ineurance premiuma xnd ground rents aa they fsll due, such exceae ahall be, at Borrower'a option, either promptty tepaid to Borrower or credited to Borrower on monthly insialtmente of flunde. I[ the amount of the Funds held by Lender ahall no! be sufficient to pay taxes, aeseasmenta, inaurance premiwns end ground irents as they fall due, Bormwer shall pay to l.ender any amount necexsary to make up the deficiency-within 30 daya from the date notice ia mailed by [.ender to Borrower requeating payment thereof. Upon payment in full of all aums aecured by thie Mortgage, Lender shail prompdy re[uad to Borrower any funda held by Lender_ If under paragraph 18 hereof the Property ie Aold or the Property is othenvise acquired by Lender, I.ender ahall apply, no later than immediately prior to the sale of the Property or ite acquiaition by t,ender, any F~nda held by I.ender atthe time of application as a credit againat the aums eecured by thia Mortgage. 3. Applieation of Paymente. Unteas applicable Iaw provides otherwiae, al) paymenta received by I.ender under the Note and paragrapha 1 and 2 hereof sha11 be applied by I.eader firat in payment of amounte payable to Lender by E3orrower under paragraph 2 hereof, then to inSereat payable on the Note, then to the principal of the Note, and then to interest and principal on any Futurn Advancea. 4. Charges; Liene.l3orrower sh~ll pay ttll taxes, aa~smenta iind other charges, fines and impositions ~ttrihut~ble to the Property which may attain a priorityove~this Mortgage, and leasehold payments orgn,und rnnts, if any, in themannerprovided underparagraph `L hereofor, if not paid in such manner, by Borrower making payment, when due, directly to the pnyee thereof. Borrower-shall promptly furnish to Ixnder all noticea of xmounts due under this para~raph, and in the event ~rrower ahall make payment directly, E3orrower shaR promptly furnish to [,ender receipte evidencing such paymente.l3orrower shalt promptly dischargr any lien which has priurity over this Morigage; provided, that E3orrower ahal! not be required to discharge any such lien so long as E;orrower shall agree in writinq to the payment of theobligation secured by yuch lien in a manner acceptable to Lender, or ahalt in good faith contest such lien by, or defend enforcement of such lien in, legal proceedinge w~hich operate to prevent the enforcement of the lien or forfeiture ot the Yroperty or any part thereof. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured againet losa by fire, hazarda included within the term "e:tended coverage," and auch ather hazarda as I,ender may require and in auch amounte and forsuch perioda ae I,ender may require; provided, that Lender ahall not require auch rnverage aruount exceeding the minimum, as may be required by stAte or [ederal regulations governing activities of Lender, or that amount of coverage required to pay the suma eecured by thie Mortgage, whichever ia the greater. The inaurance carrier providing the insurance shall be chosen by 13orrower subjecl to appruval by l.endrr, provided, that such approval shall not be unreasonably withheld. All premiums on inaurance poliries shall be paid in the manner pn,vided under paraRraph 2 hereof or, it not paid in such manner, by Rorrower making payment, w•hen due. directly to the insurance carrier_ ~ All inaurance poliriea and renewale thereof ehall be in form acceptable to Lender and ahall include a atandard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right W hold the policiee and renewala thereof, and Borrower ahall promptly fumish W i.ender all renewal noticea and a11 reoeipLs of paid premiuma. In the event of lose, Borrower shali give prompt notice to ihe inaurance carrier and Lender. I.ender may make proof of loss if not made promptly by Borrower. ~ Unleas Lender and Borrower otherwiee agree in writing, inaurance proceede shall be applied to restoration or repair of the Property damaged, provided such reatoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. I[such reatoration or repair ia not economically feasible or it the security of this Mortgage woald be impaired, the insurance proceeda shall be applied so the suma secured by this Mortgage, with the excesa, if any, paid W Borrower. If the Property ie abandoned by Borrower, or if Borrower faile Lo respond to L.ender within 30 days from the date notice is mailed by I.ender to Borrower that the inaurance carrier ofCera to setde a claim for insurance benefite, Lender is authorized to coUect and apply the inaurance proceeds at I.ender's option either to restoration or rnpair of Lhe Property or the suma secared by thie Mortgage. ~ Unleas Lender and Borrower otherwise agree in writing, any such application of prnceede to ptincipal shall not extend or poatpone the due date of the monthly inetallmenta ceferred to in paragraphs 1 and 2 hereof or change the amount of auch installmenta. If under paragraph 18 hereof the Property ie aoquired by I.ender, sil right, tit2e and interest of Borrower in and to any inaurance policiee and in and to the proceede iheteof reaulting from damage. to Property prior to the sale or acquiaition shall pass to Lender to the extent of the sume aecured by this N~Iortgage immediately prio; to such sale or aoquiaition. 6. Preservation and Mainte~ance of Property; Leaeehotds; Condominums; Ptenned Unit Developments. Borrower sha11 keep the Property in good repair and shall not commit waete or permit impairment or deterioration of the Property and shall comply with the proviaione of any lease if this Mortgage ie on a leaaehold. If this Mortgage ia on a unit in a condominium or s planned unit development, f3orrower shall perform all ot Borrower'a obligatione under the declaration or covenants creatingor governing the condominium or planned unit development, the by-Iaws and regulationa of the condominium or planned unit development, and conatituent documents. If a condominium or planned unit development rider is executed by $orrower and recorded together with thia Mortgage, the oovenante and agreements of euch rider shall be incorporated into and ahall amend and supplement the covenanta and agreements of this Morigage as if the rider were a part hereof. 7. Protection of Lender's 3ecurity. If Borrower faila to perform the cbvenante and agreemente contained in thia Mortgage, or if any action or proceeding ie commenced which materially affects Lender's interest in the Property, including, but not limited to, eaninent domain, inaolvency, oode enforcement, or arrangementa or proceedings involving e bankrupt or dec~edent. then I.ender at Lender's optioa.upon notice to Borrower may me1~e such appearancea, dieburee euch suma and take auch action as ie necesaary to protect Lender's interest, including, but not limited to, diebureement oi zeasonable attorney i feea and entry upon the Property to make repaire. If Lender required ncortgage insurance ae a rnndition of making the loan eecured by thie Mortgage, Borrower shall pay the premiuma reqnired to maintain : euch insurance in effect until euch time as !he requirement for such ineurance terminates in eccordance with Borrower's and Lender's w+titten agreement or applicable Law. Borrower ehali pay the amount of all mortgage ineurance premiums in the menner provided under paragraph 2 hereof. - - ~ ~ : My amounte dieburoed by Lender pereuant to this paragraph 7, with intereet thereon, ahall become additional indebtedneea of Borrower secured by this Mortgag~ Unleee Borrower and Lender agree to other terme of payment, euch amounta ehall be payable npon notice trom Lender to Borrower requeating payment thereof, and ahaU bear intereet from the date of disbureement at the rate payable from time to time on outetanding principal under the Note unlese payment of interest at euch rate would be contrary to applicable law, in which event such amounta ehall bear intereat at the higheat rate permisaible under applicable law. Nothing contained in this paragraph ehaU require Lender to incur any eacpenae or take any action hereunder. 80CK r'AGE 1 ~ 'v ? ~ `w_ . ~ ~ ' ~ ~ 2Y , ~ . . , f~ . . . - , r_.. .rra~