The URL can be used to link to this page

Home My WebLink About0355 . 8orrower and I.ender covenant and aQsee a~ followr. 1. P~,~rmeat of Principal and Intered. Bo~rower shall promptly pRy when due the principal ot snd intere~t on the indebtednea~ ~ evidenoed by the Note. prepsymeAt and late charge~ aa provided in the Note. end the principal of and intece~t on any f~ture Adveu~oea ~ecured by thia Maart~e~e. 2. PLnda for T~e~ ~ad Ituuranoe. 3abjtct b appliceble !aw or to a writtet~ waiver by Lender. Boirower shsll pay to l.md~ on the dwy ! monthly itutallmenb o[ principsl and iAtenst are pe~yable under the Note, ur?til the Note u paid in tuU, a sum inerein "P1tnd~") equal to ona twelfth olthe yearly taue~ and asaeusmenta which may attsin priority over this MoK~a~e, and ground nnb on the Property, if any, plw one~ twelfth of yearly premium installments for hesard i~uurance, plw oaetwelRh otyearly premium i~stallmente [or mort~aQe insusance, itany. all aa reasonably estimated iniliaUy and trom time to time by [.ender on the ba~i~ of as~e~smenta snd bilb and reasonable estimatc~a thereo! 'l7~e Pbnd~ ~bsll be held in aA irutitution the d~po~its or aooonnta oi which ars uuursd or ~ue~ranteed by s Federal or 3tats sgency . (includin~ Lende~ if Lender i. •~ccb an insa~ution~ Lender sball epp~y ~he Fund. b a?y.aid ~aues. aa.e.smen~. uuurence premi~uaa and ~ouad rent~. Lende~ may not char~s [or w holdint and applyin~ the F~d~~ analysin~ ~aid aocaun~. or verityin~ aud compilin~ ~aid we~sm«~ts and biW. unlea I.ender pays Borrower intere~t on ths ~nds and applicabk law pe~mit~ Lendsr to make ~uch a charge. Borrower and Leader may a~ree in writin~ at the timt of euecutiou of this Mort;a~e that interest on the PLnda shaU be paid to Borro~rer. and unles~ auc6 a~reement ia made or applicable lawr require~ wc6 ineere~t b be {iaid. Lender shall not be required to p4y Borro~ver any intered or earnin~ on the P1~nda. I.ender shaU give to Borrowet. ~vithont chatQe, eu~ annual aooouaiing o[iha Fnads ~howing credita and debits to t6e P~nd~ and the purpwe for which each debit to the F~nd~ was made.ll?e Fund~ are pledged as additional ~ecurity for the~uQU ~ecured by this Mort~a~s. ~ If the amonnt of We PLnds held by Lender, tcgether Mritb the future monthl~y uutaUmer.:::.: ~t:ntis gsyabk pri~ to the due date~ of taxes. a~menb, inauranoe preaniunu and ground rents. ~hall e:oaed the amount reqnired b PaY said tazea. a~ae~emeot~. insuranca premiwns and ~round renb as they ~all due, such e~coew s6all be. at Horrowar'~ option. either prompdy npaid to Borro~ver or credited to Borrower ori monthly itutallmenta of P1u?ds. It the amouat of the F'nnds held by Lend~ shsll aot be aut~cient tq pay taxea. asseaamenta~ insuranoe pnmiums and gronnd sene~ aa they fall due. Botro~rer shaU pay to I.endet any amount necesaary b make up the deficiencywithin 30 days • trom lhe date notioe is mailed by Lender Lo Borrower reQuesting pe~yment thereof. - Upon payment in tnll ot all sume ~ecund by thi~ Mortgage, Lender ~hall ~ompt~y refund to Borrower any funds held by Lender. U under para~caph 18 hereof the Propetty is sold or the Property is otherwiae acquieed by Leader. Lender ahall applY. ao later than immediately prior to the sale of the Property or its aoquiaition by Lender. any I~nda held by Lender at the time of eppUcatioa as e credit against the sums eecured by thu Mo:tgege. 3. Applle~tion of Payments. Unlees applicable law provide~ otherwiee, all payment~ received by Lender undrr the Note end paragraphs 1 and 2 hereof shall be applied by Lender firnt in payment o[ amounts payeble to Leader by Borrower under paragraph 2 hereot, then to intered payable on the Note. then to the ~incipal of the Note, and then to interrat and priacipal on any Future Advanoea. ; 4. Chargea; I.iens. Borrower shall pep+ all ta:es, asseesmer~ts and other chargea. fines and impositiona attributable to the Property which mey attain a priority over thia Moctgage. and leasehold payrueata orground rents. if any. in the manner pmvided under paragraph 2 hereof or. J not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to I.ender all notice8 of amounta due under this paragraph, and in the event Borrower ahall make payment d'uectly. Borrower ahall prompdy furniah to = I.ender receipts evidencing such paymenta. Borrower shell prompdy diecharge any lien which has priority over thia Mortqege; provided, that f Borrower shall not be required to diacharge any such Gen so long aa Borrower shall agree in writing to the payment of the obligation secnred by such lien in a manner acceptable to [.ender, or shall in good faith oonteet euch lien by, ordefend enforc~ementof such lien in,legal procee~inga which operate to prevent the enforcement of the lien or forfeiture ot the Property or any part thereof. 5. Hazard Insurance: Borrowez shall keep tbe improvements now e:isting or hereafter encted on the Property }nsured againat loss by fin; hazarda included wiWin sFte term "e~ctended ooverege." aad euch other hazards as I,ender may require and in such amounta and for such perioda aa Lender may require; provided, that I.ender shall not require such ooverage amount exceeding the minimum. as tnay be required by # atate or [ederal regulatione governing activities of Lender, or that amount of ooverage reqnired to pay the euma eecnted by this Mortgage, whichever is the greater. 'l7~e insurance carrier providing the inaurance ehall be chosen by Borrower aubject to approval by I.ender; provided, that auch approval ; ahall not be unreaeonably withheld_ All premiuma on inaurance policiea ahall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. ; All inaurance policies and renewals th~eof shall be in form aacepLeble.to Lender aqd shall include a atandard mortgage clause in favor of , and in form acoeptable to I.ender. Lender ehaU have the right to hold the policiea and nnewals thereof, and Borrower shall promptly furnish to i.ender ~a11 rene~val notices and all reoeipts of paid aremiums.ln the event of loss, Borroyver shaU give prompt notice to the insurance carrier and I.ender. I.ender may make proof of loes if not made prompdy by Borrower. ~i Unle~s Lender and Borrower otherwise agree in writing, in~uranoe prooeeds shall be applied to reatoration or repair of the Property i damaged, provided sach reatoration or repair is economically feasible and the secuncy of this Mortgage is not thereby impaired. If auch ~ reetoration or t+epair is not economically feaaible or if the security of this Mortgage would be impaired. the inaurance proceeda shall be applied ; to the sums secured by thii Mortgage. ~viW the ezoeas, if any, paid to Borrower. If the Property ia ebandoned by Borrower, or if Borrower faila to respond to Lender within 30 daya from the date notice is mailed by Lender to Borrower that the inaurenc~e carrier o~ers to aettle a claim for ~ inaurat?ce beaefits, Leader ia authorized to ooUect and appiy the iaanrance proceeds at I~ender's option eitl~ to restoration or repair of the ( Property or the auma eecured by this Mortgege. Unleaa Lender and Borrow+er otherwiae agree in writing, any such application of prooeeda to principal shall not extead or postpone the due ~ date of the monthly inatallmeata referred to in paraQraphs 1 and 2 hereof or c6ange the amonnt of euch inetallments. If under parsgraph IS ha+eof the Property ia aoquired by Lender, aU right, titk and interest of Bortower in and to eny insnranoe policiea and in and tu the prooeeds ~ thereof resulting from damage b Property prior to t6e sale or aoquisition ahall pass to I.ender to We ~tent of the s~nas eecnred by thia Mortgage immediately prior to such sak ~ aoqnisition. 6. Preservation end Maintenance of Property; Leaieholds; Condominum~; Pleaned Unit Deyelopment~. Borrower shall keep the Property in good repair and ahaU not commit waate or permit impairment or deterioration of the Property end shall oomply with the proviaions of any leaee if this Mortgage is on a leasehold. If this Mortgage is on a unit ia a aondominium or a planned unit development, Borrowet ahall perform all of Borrower'~ obligations under the dectaration or covenants creatingor governing the oondominium or planned unit development, the by-lawe and regulations ot the oondominium or planned unit developmeat, and oon~tituait documents. If a ~ candominium or planned unit development rider is r~ecuted by Borrower end reoorded together with this Mortgage, the oovenanta and agreemente of such rider shaU be incocporated into end shall amend and aupplement the oovenante and agreements of this Mortgage as itthe rider were a part hereof. . - 7. Protection ot I.ender•~ Securlt~. It Borrower faiL to pa~form the oovenants and agreemenb ooaterined ia tbis MoetQa~e, or if any action or prooeeding is oommenoed which materially affecte Lender'~ interest in the Propaty. includinQ, bnt not limited to. emine~at domain, in~olveacy. aode mforoement, or arran~emente or proceedings involvin~ a banlcrupt or deoedeat, thea L.eader at I.ende~'~ option,upon notioe b Borm~ver me~y make ~nch appearanoe~. disburre ~nch snpu and ta~e ~ach sction ae u aeoe~sary to proteet Lenda'~ interest~ . ~ inclnding, but not limited to. diibur~emeat ot reasonabk attorney'a fee~ end entry npon the Propedy to make repairs. Ii La~der required ~ mortga~e uuurance a~ a oondition of malcing the loan ~ecnred by thia Mortgsae. Bore+o~rer ~hall pay the preminms reqnired to maintain ~ snch in~nrsnoe in effect until ~nch time a~ the reqainmeat tor ~nch in~uranoe terminates in sornrdanoe wiW Borrowd~ and Laider'~ ~ writLeu a~reement or applicabk Law. Borrowrer ahall pay the amonnt of all mortgage inauranoe preminau ia We manner provided under ; paragraph 2 hereof. s ~ My amonnb disbarsed by I.ender persuant to thia paragraph 9, writh intere~! thereon. ~~181I bELO1DB 8~1hOAaI lI1dE~IlE~ Of i ~ Borroaer kcnred by this Mortgage. Unlas Borrower and Lend~ agree b other termi of paymeat, anch amounb ahall be payabk n ' notioe from Lender to Borrower requesting payment thereof, and shall beer interest from the date oi di~bursement at the rate payable ~rom ~ ~ time to timc on outdending principal under the Note nnlea paynunt of interest at anch rate would be oontrary to spplicabk Iaw. in which event such amounte shail bear interest at the highe~t rate permi~sible ander applicable la~v. Nathing contained ia this paragraph 7, shall ~ require Lender b incur any apense or take any acrtion bereunder. - ~ ~ _ m i = ' U~ ~ ~ 8G4x?~9 p~f 3 ~ s . . J5 ~ ; [ ~ ~ ~ : _ - - ~'.y"i`~~~.,~~~,~ . . 'f' . ~