The URL can be used to link to this page

Home My WebLink About0326 . . Bo~ower and Lender oovenant and a~ns a~ [ollow~: l. fhyment ot Princlpal and IMece~~ BoROwer shall pmmptly pay when due the pri~cipal of and interat oa the indebtednw evidenoed by tM Note. prepayment and late charQe~ a~ provlded in the Note. and the princip~l olatrd inte~aton any Ftiture Advanca~ ~ecured by thi~ Mort~a~e. 2. i~nds to~ Tue~ and Insur~nee. Subject ta applicable law or to a writtea waiver by I.eoder. Borrower ~hall pay to l.e~der on the day mo~thly irutallmeat~ of principa! end intt~t are pqyebk under the Nate, unW the Nots ia psid in full. a~um (herein •'I~nda") equal to oas twelAh of th~ yearly tu~caa and esse~ament~ which msy attain priority over thi4 Mo~sQe, and Rround rents oa the Property. itany. plua o~s tweltth otyesrly pnmium in~tallmenta tor h~zard in~uranoe, plw onatwelRh of yearly pranium i~stallments for mo~a~e in~urance, if any. dl a~ reewnably estimated initiaUy and kan time to Ume by I.ender on the baaiu of a~se~ament~ and hilb and reasonable estimates thereoi ~ 11u Pbnd~ ~hel) b~ heW in an inditution th~ deposita or ~ooouat~ oi which an insurod or ~uaranteed br a Fedaral or State a~ency (includin~ [.ender it I.ende: i~ ~uch en uutitution). I.endar shall apply the F1~ads b pay said esse~, aasea~menta. iniurance pnmiuma end t ~nd renb. Lender may not chuRs for ~o ho{din~ and applyin~ the Ftinda, analyzip~ ~aid aocounl. or verityi~~ and oompiliry~ said ' a~ta and biW. uolea Gender pay~ Borwwer intere~t on the Ptinda and applicabls law pertnita Lender b make ~uch a chary~e. Borrower and Iwnder may a~ns in writin~ ~t the time of execution oi thu MortQe~e thet intere~t on the F~nd~ shall be paid to Borrower, and unle~a ~uch asreeoasat i~ made or appGcabk la~r raquire~ ~uch interest b be paid. t.ender ~ha11 aot be required to psY Borrower any interest or eamin~~ on ths PLnd~. Lender ~hel1 give to Borrower, withoue chuQe. an annual aooountin~ of the Fund~ ~howing credib and debita to the Ftindi and the p~trpwe tor which each debit b the Ptsssds wea mad~.'ttte F'tia3~ ~rv pteci~e~ as adc#iiionai recarity iet the ruros ~etured by thu Mo~s~e• [tthe amount oi the FLndi held by I.ender. toQether with the [uture monthly inataliment~ otFnnda psyAble prior to the due date+~ of tase~. asseaments. insurance pr~aiuma and ~round renb. ~hall exoaed the amount required to pay said taua. aa~asmenta, inauranos premiuau ~ and ~round ranta as they ial) due. ~uch eso~s ~haU bs. at Botrowei'~ optioa. either pmmpdy rep~aid to Borrower or credited to Borrower o~ monthly inataUmenb ot P1ind~. It the amouat ot the Fund~ held by Lend~ shall nM be ~~ftfcie~t to pay taxa~. ar~smeub, iruurance premiuma and ~tound renb a~ they fall due. Borrower ahall pey to Lender any amount necewary to make up the deticiencjr within 30 day~ from the date ~otice ia mailed by [.end~ b Borrower requesting payment thereof. Upon payaient in full oteU suma ~ecursd by thu Mortga~e. I.sader shall promptly retund to Horrower any tunds held by Le~der. I[under , para~raph 18 hereof /he Property u sold or the Properfy is otherwise acquired by Lender, Lender ahaU apply, no later than immediately prior to the ~ale of the Property or ib aoquisition by Lender. aay Plinda held by I~nder at the time of appUcation a~ a credit against the sums securod by thia MortgaQe. . 3. Applicwtton ot Paymenb. Unles~ applicable law pmvide~ otherwi~e. a1) payments received by I.ender under the Note and paragrapha l aod 2 hereof shall be epplied by l.ender fint in payment otamounb payeble to Lender by Borrower under paragraph 2 hereof, then b intereit pa,yable on the Note, ~han b the principal o! the Note. and then to intereet and principal o~ any Futiue Advanoea. 4. Char~er.l.ien~. Borrower ahall pay all taxes, aaseasmenta and other charges, fines and impoeitiona attributable W the Property which may attain a priority over thia Mortgage, and leasehold payments or ground rente, if any, in the manner provided under psragraph 2 hereof ur, if not paid in euch manner, by Borrower meking payment, when due, directly to the payee thereo[ Botrower ehall promptly fumish to Lender - aU notices o[ amoun4 due under thia paragraph, at~u ia ~fle event Bc-rower ahali make payment directly, Ebrrower shall promptly furniah to I.ende~ reoeipb evidencing euch paymenta. fiorrower shall promptly discharge any lien which has priurity over thie Mortgage; provided, that - Borrowet shall not be required to discharge any such lien so long es E3orrower shall agreein writing to the payment of theobligation secured by such lien in a manna accepteble to Lender, or ahali in g«d [aith contr~st auch lien by, or defend enforcement of auch lien in, lega! proc~eedings which operate to prevent the entorcement ot the lien or forfeitun of the Property or any part thereof. 5. Haserd Inwraooe. Borrower shall keep the improvane~ts now e~ciating or hereaRer esected on the Property insured againat !ws by lire, hazards included within We term "extended ooverage," and auch othar hasarda as [.ender may require and in such amounts and for such perioda a~ Lender may require; provided, that Lender shall not require such wverage amonnt esceeding the minimum, as may berequi~d by " atate or federa) regulationr goveming activitiee of [.ender, or that amount of coverage required b pay the sums secured by this Mortgege. whichever is the greater. The inaurance carrier providing the ineurance shall be ch~sen by E3orrower gubject ln approval by I.ender; provided; that euch approval - shall not be unreusonably withheld. All premiums on insurance policiee ahall be ~aid in thr manner pruvided under paragraph `l hereof or, i[ not paid in auch manner, by Borrower making payment, when due, directly to the ineurance cerrier. AU inaurance policiea end renewals thereotshaU be in fotm acceptable to Lender and shall include a standard mortgage clauae in favor of and in torm ad~eptable io I.ender. [.ender shall have the right to hoW the policiea and renewab thereof, and Borrower shall promptly furniah to umder all renewal notices and all receipts of paid premium~. In the evenl of loes, Borrower shaU give prompt notice to the insurance carrier and Lender. I.ender tnay make proof nf low if not made piomptly by Borrower. Unless Lender and Borrowrr otherwise agree in writing, inswance prooeeds ahall be applied to restoration or repeu ot the Property dameged, provided such restoration or repair ia economicaUy feaeible and the sec~trity ot this Mortgage is not thereby impaired. If such . restoration or repair ia not economically feasible or itthe sec~uity ot this Mort~age would be impaired. th~ insuranoe prooeeds shall be applied to the sums tecured by thie Mortgage, with the excea~, it any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrowrr fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower tha! the insurancx carrier ogera to ~etde a claim for iiuuranoe benefib. Lender is authoriud to rnllect and apply the insurance proceeds et Len~der's option either to restoration or repair ot the Property or the sum~ recured by tbis Mortgage. Unlea~ L.endet and Borro~ver otherwise agree in writing, any such ap~lication of pmceeda w principal shall not e~tend or postpone thedue date of the monthly installments referred to in paragrapha 1 and 2 hereof or change the amount of such installmenb. If under paragraph 18 hereof the P~operty is aoquired by Lender, all right, title and interest of Horrower in and to any inauranoe policies and i~ and to the proceedi thereof naulting irom damage to .Property prior to the sale or aoquisition ahatl pass to Lender to the eutent of the ~una~ secured by thii Mortgege immediately prior to.such sale or aoquisition. ~ 6. Pre~ervadon aad Maiatenanoe oiProperty; Leaaeholdr. Condominumi; PIHpDCd UIII~ D@Ye~Opl~epL~. Borrower rhall keep ~ the Property in good repair and ahall not commit weste or permit impairment or deterioretion ot the Property and shaU comply with the pmvisioru of any lea~e if thia Mortgage is on a leasehold. If this Mortgage is on e unit in a oondominium or a planned unit development, ~ Borrower shall pertorm eU of Borrower's obligations under the decleretion or covenants creatingor governing the condominium or planned unit develo~nent, the by-laws and cegulations of the condomininm or plenned unit developmenL, and constituent dceuments. Tt e oondominiwn ot planned unit deveiopment rider is e:ecuted by Borrower and recorded together with thi~ Mortgage, the aovenants and ' egreement+s of such rider ~hall be incorporated into and shall amend and supplement the covenanta and agreementaof thie Mortgage as if the e rider ~rere a part bereoL 7. protectton ot Lender'~ Securitp. If Borrower feib ta pertorm the oovenant~ snd agreem~t~ oontained in thia Most~a~e. or it aay adion or prooeedin~ u oanmenoed which mat~iaUY sffect~ Lender'~ intered in the ProPatY. incladini. bnt not limited to. emineat domain, in~olvency~ oode enforoement~ or asranaemM?t~ or prooeedin~ involving a bankrupt or deoeden~ then I.ender at Lende~~ optioA.npon notioe to Borrower may make ~uch sppeeranoes. disbune ~nch ~mu and teke snch sction as u aea~~sry to proteet L,snder'~ intere~t, including, bat oot Wnited to, di~bur~emart ot reawnable attorney's lees and entry upon the Property to nnake repain. Ii Lender required i morf~s~e insnrance eu a condition ot making the loan ~ecured by thii MortBuBe. Bonorver ~hall pay the premium~ required to maintain such iusuranoe in dfect unti) ~nch time a~ the requirement for ~uch in~urance trrminatRS in aoaordaaoe with Borm~ver'~ and I.endd~ - w~rittea a~reement or applicabk I.aw. Borrower ~haU pey tl~e amount of all mortgage insuranoe premiurn~ in the maaner provided und~ ~ pare~ra~h 2 bueot ' ~ My amounts didwned by Lender pe»uant to thu paragraph 7, with intereat thaeon, shaU beoome additionel indebtednea ot ~ Borrower ~ecured thii Mo # by rtgage. Unlew Borrower and Lender agree to other terms of payment, such emount~ ~hall be payable upon ( notioe from Lender to Borrower requesdng peyment thereof. and ~hall bear int,ereat trom the date ot di~bur~ement at the rate payable irom ' time to time on outatanding principal under the Note unlea~ payment ot interesf. at such rate would be oontrary to applicable law, in which event such aaaunb shall bear interest at the hiQhest rate permieaible under applicable law~. NothinQ oontained in thiu paragreph 7~ shall requin Lender to incur any espenae or teke any action hrnunder. ~ 5~~x 299 ~E 326 , ~ . ~ t? , . ~ . f~ ~ : _ ` ~ ,a~`~~~~~z a~x , _ ~t ~r~~ - _ _