The URL can be used to link to this page

Home My WebLink About0032 Borrower and [~nd~ oovanant and a~ree aa folbw~: : 1. Pwymeat of Priacipal ~ad laterea~ Borrower shall promptly pay whe~ due the principal oi and interest on the indebkdness ' evidenosd by tha Note. prepeymsnt aad late charge~ as pmvided in the Note. and the principal of and interest on any F'uture Advances ~ecured by chis Mort~a~e. ' 2. Ptiada tor T~e~ aad Iniurwnoe. 3ubject b applicable law or to a written waivar by I.ender, Borrower ehall p~y to I.end~ on the de~y ~ awathly installmeab olprincipal and intereat are payable under the Note, unW the Noee ie paid in full, a sum (herein "Funds") equal to one~ i twelRh of the y~rly taxes and aaseesmenta which may attain priority over thia Mortgege. and ground renta ou the Pmperty. if any. plus ona ? twelRh of yearly premium installmenb tor hazard insurance. plus onetwelRh of year~jr premium installments fos mo~rtgage ineurance, if any, ! all as eeasonably eatimated initially and from time to time by I.ender on the baeia of aeaessmeats a~d bills and reasonable estimates thereof. } '!~e P~nd~ shall be held ia an tn~titutiou the depoait~ w aocounts of which ars insund or guaraneeed by a Federal or State agency i (including I.ead~ if I.eudez u such aa institution). Lender shall apply the i~nde to pay said ta:es, aaees~menta. ineuranoe pnmiums and F gtonnd re~ta. Leader may aot cbarQe for w holding and applying the Ftinds. analysing said aocount~ or veritying and rnmpiling said ; ~asse~sment~ and biUs, wlless I.ender psys Borrower interest on the P~nds and applicable law pemuta Lender to mate such a charRe. I3orrower and L~?der may agree in wrritia~ at t!~ time of ezecution of thie Mortgage that iaterest on the I~nds shall be paid b Borrower, and unl~s 4 such a~reemeat is made or applicabk law req~ire~ such interest b be paid, Leader ahall aot be required b pay Borrow~ eny interest or ~ings on the flinds. I.ender ahall give to Borrower. without charge. an annual aooouating of the fl~nds ahowing credits and debite b the F~nds and the purpose far which each debit to the F~nds was made.'!~e Funda are pledged as additional eecurity for the sums ~ecured by this ~ Mortgage. If the amonnt of the ~nds held by I.ender. together with the futtue monthly indallments of Fut~ds payable prior to the due dates of ta:es, asseeaments, uunraaoe premiums arid ground rents, shall exoaed the amount required to pay eaid ta~cea, asaeasments. insurance premiums and ~round nnta a~s they faU due. such ezcess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Bocrower on monthly iastallmenta of PLnds. If the atnoant of the F~nda heW by Lender eheU not be sufficient to pay ta:es, aaa~aments, iaaurance pnmiums and gmund rents as they fall due. Borrower ahall pay to Lender any amouat necessary to make up the defiriency within 30 days from the date notioe is mailed by Lender to Borrower requesting paymene thercof. Upon paya~ent in fnll of all sums sxy.,red by Wis Mortgege. LeAder ihall proiinptly rrfund to Borrower any funds held by Lender. Uunder i paragraph 18 haeof the Property ia sold or the Property is othetwise acquired by I.ender, I.ender ahall apply, ao later thaa itumediately prior ' to the sale of the Property or ita aoq~isition by Lender. aay Pbnds hdd by Lender at the time of application as a credit againet the aums eecured by this Mortgage. ~ ~ . . 3. Applieation of Payments. U~ applicaWe law provides otherwiae, ell payr~ents received by I.ender under the Note and paragraphs 1 and 2 hereof ahall be applied by Lender firdt in payment of amounts payable Lo Lender by Borrower under paregraph 2 hereof, t6en to interest payable on the Note, theh ~'o t~te~iiicipal oi the Note, and then to interEbt and princapal on aay r 3ture Advancea 4. Chargea; Liena. Borrower shall pay all ta:ea, asseasments and other charges, fines and impoeitiona attributable to the Property which ~ ~tray attain a priority over this Mortgage, and leaaehold payments o~ ground renta, if any, in the manner provided under paragraph 2 hereof os, ` if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower ahall promptly furniah to Lender all noticee of amounte due under thia paragraph, and in the event Borrower ahall make payment directly, Borrower ahall ~promptly furniah to Lender receipts evid~cing auch payments. Borrower ahall promptly discharge any lien which has priority over thia Mortgage; provided, that Borrower ahall not be required to diacharge any such lien eo long as Borrow~ ahaU agree in writing to the payment of the obligation secured by such lien in a manner aooeptable to Lender, or shall in good fait6 contest such lien by, or defe~d enforcementof such lien in, legal proocedinga ; which operate to prevent the enfotcement of the lien o~ fodeiture of the Property or any part thereof. 5. Hazard Insuranae. Borrower ehaU keep the impmvementa now eziating or herEaft~ encted on the Property ineured againat loee by fire, hazarde inch~ded withia the term "estended ooverage,° and uuch other hazards ae Lender may require and in such amounta and for such periods aa Lender may require; pevvided, that I.ender ahall not require ench ooverage amount e:ceeding the minimum, as may be required by state or federal reg~latione governing activitiee o,f Lender, or that amount of coverage required to pay the s~ms eecured by thia Mortgage, whichever is the greater. • The insurance carrier providin~ the insurance ahall be chosen by Borrower subject to approval by Lender; provided, that auch approval . shall not be unreasonably withheld_ All premiuma on insurance policiea shall be paid in the mannec provided under paragraph 2 hereof or. if not paid in auch manner, by Borrower making payment, when due, directly to the insurance carrier. All inaurance policiea aad renewals thereof ehall be in foran aoceptable to Lender and shall include a standard mortgage clauae in favor of and in form aaceptable to I.ender. L.ender shall have the right to hold the policies and renewale thereof, and Borrower shall promptly furnieh to i.ender all renewal aotices and all receipts of paid premiuma. In the eveat of loaa, Borrower ahall give prompt notice to the inaurance carrier ~ and ISender. I.endet may make proof of losa if not made prompdy by Borrower. j Unleas I.endet and Borrowe~ otherwise agree in writing. insurance pr~ceeda shall be applied to restoration or repair of the Property t damaged, provided snch reatoration or repair is economicaUy feaaible and the security of thia Mortgage ie not thereby impaired. If such ~ ~ restoration or repair is aot Eoonomically feasiblr or if the security of thia Mortgage would be impaired. the inaurance pmoeeda ahall be applied ~ to the sume sec~ued by this Mortgage. with the ezceea, if any, paid to Borrowe~. If the Propedy is abandoned by Borrower, or if Borrower faila to ~ reapond to Lender within 30 days from the date notiee is mailed by Lender to Borrower that the inaurance carrier offers to setde a claim for ~ii inaurance benefita. Ilnder ia authorized to rnUect and apply the inauranae pmceeda at Lender'e option either to restoration or repair of the ~ Property or the auma eec~ued by this Mortgage. Unlees Lendet and Horrower othe~wrise ag~ee in writing, any sach applicetion of pruceeds to principal ahall not eztend or postpone the due ~ date of the monthly inatailmenfa referred to in paragraphe 1 and 2 hereof or chenge the amount of eech inatallmente. If ~u?der paregraph IS hereof the P~uperty is aoquired by Lender, all right, title and intereat of Borrower in and to any insnrance policiea and in and to the proceeds Wereof resulting from damage to Property prior to the aale or aoquieition shall pas~ b I.ender to the e~tent of the sums secured by this Mortgage immediately prior to euch sak or aoquisitian. 6. Preservadon aad llaintenance of Property; Lease6olds; Condominume; Planned Unit Developments. Borrower ahall keep ~ the Property in good repair and shall n~ oommit waate or permit impairment or deterioration of the Propetty and ehall oomply with the proviaions of any lease if thia Mortgsge ia on a leaeehold. If this Mortgage ia on a unit in a oondominium or a planned unit development, 3 Borrower ahall perform all of Botrowes's obligaEions nnder the declaration or oovenants creatingor governing the condominium or planned unit developmen~ the by-laws and reguletions of the oondominium or planned unit development, and ooastitneat docnments. If a ~ oondominium or planned unit development rider is e~ecuted by Borrower and recorded together wiW thia Mortgage, the aovenants and ' agreementa of such rider ahall be incorporated into and ahall amend and aupplement the oovenants and agreementa of this Mortgage ae if the ~ rider were a part hereof. ~ - 7. Protection of Lender'~ Secnrit~?. If Borrower faiL to paform the oovenanta and agreemente oontained in thia MorteeSe. os if any ~ action or prooeeding is ooanmenoed which matesially aKects L.ender's interest in the Property. including. bnt not limited to. emin~t domaia. } in~olvency?. oode aiforamml~ or arrangemeats or Prooeedin8s u?volving a_baal~rupt or decedent, theu Leader at Lendd~ ~tion.upon ~ ~ notioe to Borrower may malce ~nch appearanoes. disbnr~e snch sums and take snch ection as is neoe~sary b proted I,eadaz's interett~ ~ ° indoding, bat not limited to. diabnrsemeat of resaunabk attorney's fees and eatry npon the Property to make npain. If I.ender reqnired ' mortgage insnrance as s oondition of mal~ing We loan secnred by this Mort8a8e, Borrower shaU pay the preonium~ reqnired to maintain ' ~ auh insnranoe in effect nntil snch time a~ the requirement for such insarance tuminates in aooordanoe witb Borrowds and Leadd~ ~ ~ writtea a~reement or applicabk Law. Bore~ower shall pay the amount oi ell mortgege insurance preminma in We manner provided unde~ ~ paragraph 2 ha+eoi - ~ Any amonnta disbnrsed by Lender persuant to thie paragraph 7. with interest thereon, ahall become additional indebtedness of ~ ~ Borrowet secured by this Mortgage. Unless Borrower and Lender agree to othet terms of paymen~ mch amounta shall be payable npon ~ notiee from I.ender to Borrower requesting payment thereof, and shall bear interest from t6e dete of diabnrsement at the rate payable from ~ time to time on outetanding principel nnde: fhe Note anless payment of interest at such rate would be ountrary to applicable law, in which ~ i eveat ench amounts shaU bear intereat at the highest rate peaniwible undrr applicable laa. Nothing contained in thia paragraph 7, shall reqnire Lmder to incur any espense or take any action hereunder. # i ~ ~ £ ~ 0F ~ ~ - J L V ~ ~ 299 32 ; ~ ~ ~ . , : ' _ ~ -w. -~~...e _ ~ Y' . E"'~ 3.t"^y.~ ~ ~fc ''a''~, aCC ~ F_. ~ ~ ~k "'~',~,~~ii _ . . v~r~~1~~=La4~~ ~ ~ ~ I, ~a-