The URL can be used to link to this page

Home My WebLink About0765 , • ' UHrroR~t Cover+~Hrs. Horrowt~ aad Leode~ oovenant aod s~ra u tollows: f. ~qwe~t ~t hieiNl a~i bleraA. Borrowe~ shall prompdy pay wheo due the ptincipal ot sod inte~est on the indebeednea evidenad by cba Naa pnW~~ a~ lau charaa a.~ ~ovided in ihe Nae, aod the principal of and intaat oa aor Futu~e Adv~uices securod bp this Mo~t~s~- 2. l~ri ~i~ Ta~ Mi l~wra~cw S1~bject to spplicabk law ~x to a writtrn waiver by Lender, eor*oM?~~ ~i wr , to Lender on ~he day moethly instdlments of principal and i~tcrcst uc payaMe under the NWe. until the Note is paid in (ull. ~ a wm (herein "Funds'7 equal to one-twdith of the ytarfy Iax~~ a~! assasments which may attain priority over this Mortsa~e. and `row,d reaa on ehe Propeny. it any, plus oae-twelfth ot yearly prc~nium installments tor hsurd inwn~ce, plus oae-tweltth of yea~ly premium installmen~s to~ mortss=e insu~ancc, if any. dl u reasa~ably atimated initially and te+oat pme to time by Leader oa the basis of assasmen~s and hills and rcasonabk atimata theroof. Tbe Funds shall be beld in ae institutian the deposiu or accounts of ~rhich are insurad or gwranteed by a Federal ot ~ state ajency (includina Lende~ if Lender_is such an institutionl. 1_e~der shall apply the Funds to pay said lua, assasments. i~uranoa premiums and ~out~d ?tnts. i_ender ~nay not charge for s<+ holdins and appiyioa Ihe F~mds. analyzing said attount, s or verifyin~_snd compili~~ said assasmenu aod bilh. unless Lender pays Bon~ower interest on the Funds and applicabla law permits I~ender to make such a charge. Borrower aad Lender may agrce in writin~ at the time of exceutioo of ihis . Mort~ t6at interesi on the Fuads shall be paid to Botrowe~. and uakss sucd aarame~t a made or applicabk law roquit+es such interat to be paid, l.ender shall not be requircd to pay Borrower any interat or arniogs on the Funds. Lender sbaU pve to Borrower, witbout charge, an annual accounting of the Funds showing crediu and debits to the Funds and the - pupose fot which each debit to t6e Funds was made. The.Funds arc plodged u additional security for the sums sccured by tha Mortpse. If tbe amount o[ tbc~ Funds held by Lender. toge~her with the future monthly installments oE Funds payabk prior to tbe due data of tsxes, auasments. insurance premiums and g~ound rcnts, shall exceed the amount required to pay said taxes. assd~meots, ias~ranoe prenniums aad grou~d renu u they fall due, such excess shall be. at Borrower s op~ion, either pranptly npaid to Borrower or credited to Homower on monthly installments of Fur~ds. lf the amount of the Funds beid by I,endet sball not be sui6cieat to psy taxes. s~essments, insurance premiums and ground rents u they fall due. Borro~?er s6a11 pay to Lender a~y amount neoaxary to make up the deficiency within 30 days from the date notice is mailed by Leader W Borrower requestina PaYment thereof. ~ ~ Upoa payment in full of ~ all swas secured by this Mongage, l.e~der shall prom~ly rcfund to Borrower any Funds held by I,ender. If under panarsph 18 hereof the Propeny is sold or the Propeny ~s othervvise acquircd by I.ender. Lender ~ s~all appty. no later than immediately prior to the uk of the PropeKy or its acquisition by Lende~, any Funds held bv ~ I~eoder at the time of application u a credit against the sums secured by this Mortgs~ge. 3.. A~licatio~ ot Pq~e~is. Unless applicabk law provida. otherwise, all payments received by Le~der under the ~ Note and paragtaphs 1 and 2 heieof shall be appliod by Lenckr first in payment of amounts payable to Lender by Borrower under parsgraph 2 herrof. tfien to interest payabk on the Note, then to the p~incipal of the Note. and then to interat and ` , principal on any Futurc Advanoes. 4. Crarsa; Uess. Borrower shall pay all taxes, assessments and o~her charges, fines and impositions auributable to the property which may attain a priority over this Mortgage, and kasehold payments or ground rents, if any. in the manaer pr~vided under patagrapl~ 2 hereof or, if not paid in such mmner, by Borrower making payment. when due. direcdy to the payee thereof. Borrowu shall promptly furnish to Lender all notices of amounu due under this panaraph, and ia the event Borrower shall malce payment diroctly. Borrower shap promp~ly fumish to Lender receipts evidencing such~ payments. Bormwer shall promptly discharge any lien which hu priority over this Mortgage; provided. that Borrower shall not be ~ ~+equired to dixharge any such lien so long as Borrower shall agree in writing to the payment of the obligation xcurcd by sucb lien i~ a manner acceptabk to Lender. or shall in good faith contest such lien by, or defend enforceroent of such lien in. - kgal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof_ S. Huard lawrs~ce. Borrower st~all keep the improvements now existing or hereafter erected on the Property i~ured ~ against loss by firc, hazards included with~n the term "extended coverage", and such other hazards as Lender may rcquire ; wd in such amounts and for such periods as Lender may require; provided, that Lender shall not require that ~he amount of ~ such coverage exceed that amount of coverage required to pay the sums secured ~by this Mortgage. ~ The i~urance carrier providing the ituurance shall be chosen by Borrower subject to approval by Lender, providod, : that such approval shall not be unrcasonably withheld. All premiums on insurance policies shatl be paid in the manner ; ! providod under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment. when due, directly to the j iosunnce carrier. ! All insurance policies and re~ewals thereof shall be in form aceeptable to Lender and shall include a standard mortgage ~ clause in favor of and in form acceptable to Lender. Lender shall tiave tt~e right to hold the policies and renewals thereof, and Borrower shall promptly furn~sh to Leoder all renewal notices and all receipts of paid premiums_ in the event of loss. ~ Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. . - ~ Ualess Lender and Borrower otherwise agree in writing, insurance proceeds shal) be applied to restoration or repair of the Property damaged, provided such restont~on or repair is economically (easible and the security of this Mortgage is ~ not thereby impaired. I[ such restoration or repair is not economically feasible or if the security of this Mortgage would _ be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid ~ to Borrower. lf the Propeny is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the . `s date notice is madeci by Lender to Borrower that the insurance carrier ofters to setUe a claim for insurance benefits. I,ender is authorizod to collect and apply the insurance procceds at Lender's option either to restoration or repa~r of the Propertv ~ or to t6e sums secured by this Mortgage_ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monlhfy installments referred to in paragraphc I and 2 hereof or change the amount of suc6 installmeats. If under paragraph 18 hereof the Prof,erty is acyuired by I.ender, all right, title and interest of Borrower in aod to any tnsurance policia and in and to the proceecls thereof resuittng from damage to the Property prior to thc sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. ~ 6. P~rservatioa and biaintenaace of Propcrty; Lrasehulds; Condominiums; Ptanned Unit Devebpments. Borrower ~ shall keep the Property in good repair and shall not comro~~ r'aste or permit impairment or deterioration of the Property ^ and shall comply with the provis~ons of any lease if this Mortgage ~c on a leaschold. If this Mortgage is on a imit in a ~ condominium or a planned unit development, Borrower shall perform all of Barrower s obligations under the declaration ~ or covenants creating or governing the condominium or planned unit development, the bylaws and regulations of tht condominium or planoed unit development. aod constituent documents. If a condominium or planned unit ckvelopment rider ~s eaecuted by Borrower and recorded together wi~h th~c Mortgage, the covenants and agrr.ements of sueh rider , shall be incorporated ~nto and shall amend and supPlement the co~enants and agreements of this Mortgage as if the riJer + ~ were a part hercof. ~i ~ 7. Protection of Leoder's Securify. If Borrower fa~l~ ta per(orm the covenanls and agreements contained in this ~ Mortgage, or if any action or proceeding is commenced which materially afiects I.ender's interest in the Properry, ! including, but not limited to, emment domain. ina.lvency. cude enforcement, or arrangements or proceedings invoh•ing a ~ bankrupt or deceJent. then Lender at I.e~xier's option, upon notice to Borrower, ma} make such appearances, dishurse such . ~ sums and take such actiun as is necessary tu pro~ect Lender's interest, includirtg, but noi limited to, disbursement of ~ reasonable attomey'ti fces and entry upon 1he Properly to makc rcpairs. I( [.cndcr reyuircJ mortgage insurance as a ~ conduion of mak~ng ~hc loan secureJ by th~s Mortgage. B~~rruwer sh.~ll pay the premiwns requireJ ro maintain such insurance in efiect until such time as ~he tYyui~emenl f~r wch ~nsurance terminates ~n accordanee with $ormwer's and . ~ . R~~Pr 3U? .r 765 - . , . ~ ~ : _ -