The URL can be used to link to this page

Home My WebLink About0029 i. . ` j, ~ - ~ ~ i BoROwer and Leodet covenant and ~~ee eu folbvw: ~ l, pyra~et~t a[ principal and Intere~R Borrowe~ shall pmmptly pay when due tba principal of and interest oa the indebtednees ~ evideno~d byr tb~ Nots. p~epayma~t and lste char~e~ as provided in the Note. and the principal of aad intesest o~ any PLture Advanoe~ ~ecured bp Wia Matia~e- 2. P~d~ Ior Tue~ ~wd Inwrance. 3ubjed to applicaWe law or.b a wiittea waiver by I.erider, Borrowe~ ahall pay to Ler~der on the de~y ma?t}Jy uulallmenta ot principel aad inte~est are payable under the Note. until We Note is paid in tn11. a sum lherein "~ads'~ e9ua1 to oaa twelfth of tbe y~rly taxes and awessments which may attain priority over this Mortgage. and grounci senta on the Property, itany. plus one- twrelRb of yearlY Praaium inatalltpenta !or hasard insuraaca, plus onetwelRh of yearly premium installmeats for mortgage inaurance, itanY. all as rea~oaably atimated initial~y aad [rom time to time by l,ender on tha besis of asaeeaments and bills aud reasonabie eetimates thereof. TLt PLnds ~kall be held in aa ia~titatioa the deposits or aooouat~ of which are insured or gwranteed by a Federel or State ageacy (indudins Leade~ if Lande~ is a~ch.an uutitution). Leader shaU epply the Fbnds b pay said tazes. a~sessments. insuranoe premiuma and se+nand renb. Leader mqy not char~e for w 6oldin` snd ePP1Yin~ the Pliads. analyzing ~aid acoount, or verifying and oompiling said as~ce~maats and bills, aalen Les~der psys Borrower iatee~est on the F~nds and epplicabk la~r permits I.eade: to make such a charge. Borrow~ and I,ende~ ma,y agree in writia~ at We time of e:ecutioa of thi~ Mortgage that interest oa !he FLads shall ba paid b Eiorrowes, and ualess ~ ach asreemeat u made or applicabk law requires such interest to be psid, Lender ~hall not be required to pay Borrower any iAtere~t or ~ earoia~s oa the Phndo. L~s?der shaU ~ive to Borrowes. without charge. an annual aocounting of the I~ade shoMring credifa and debits to the Fands and We pur{w~e for which each debit b We P~nds was made.'tUe ~nds are pledged as additional security for the suma aecut^ed by thi~ ~~octSeBe. Uthe amonnt oithe P1wds held by Lender. together ririth the fnture monthly inetallmente of fl~nde pe~yable prior to the due dates of t~u~es. assesaneat~. insaraaoe preminms and ground renta. shall esoa~d ihe amount required to pay said taxes, aeeessnnents. inauranoe preauuma and ~roond reata a~ tbry fall dne, wch ~oea ~hall be. at BoYrowe~s option, either ~prompt~y npaid to Borrower or credited b Bormwer on mootlily installmade d Ptinds. If the amount of the F~nd~ held by I.ender shall aot be satrcieat b pay t~es, aese~ente. u?surance premiaa~s and ground rents as tl~eyr fall due, Borraw~ ahell pay to Lender any amount neceseary to mal~e up the de5ciency arithin 30 days fmm the date rotiee is mailed by I.euder to Bormwer requestinB PeYment thereof. Upon payme~?t ia fnll of all sum~ ~ecured by thia Mortgage. Lender shall pmmPtly refund to Sorrower any funda held by Lender. If under paragraph 18 ha~eof the Propaty is sold or the Property is otherwoae acquired by Lender, Lender ahall apply. no later than unmediately prior to We ~ale of the Property o~ its aoquieition by Leader. any P~nds held by Lender at the time of appticatioa as a credit against the swns secnred by tbis Mortgage. 3. Applk;ation ot Pa,~ment~. Unless .applicabk lew pmvides othawise. all payments received by Lender under the Note and pan~grephs 1 and 2 6ena~f shall be applied by I.ender first in payment of amounta p~yable ta Lender by Borrower nnder paragraph 2 hereof. then to interest psyable on the Note. then to the principal of the Note. and then to intereat and principal on any I~t~ue Advanoea. ~ 4. Charsea; Liens. Borrower ahall pay all tazee. aseessmenta and other chargea, finee aad impositione attributable to the Property which - may attain a priority over this Mortgage, and leaeehold payraents or ground te~ts, if eny, in the manner provided under paragraph 2 hereof or, if not paid ia sach mean~, by Borrower making payment, when due, directly to the payee thereof. Borrowec ahall promptly fnrniah b I.ender all notiees of amounta due under this paragreph, and in the event Borrowe~r shall make payment directly, Borrower ehall promptly tumieh to Leader receipts evidencing such pavmente. Borrower ahall promptly discharge any lien which has priority over thie Mortgagr, provided, that Borrower aha11 not be required to discharge any a~ch Gen eo long as Borrower ahall egree in writing to the payment of the obligation aecured by surh liea in a manner aoceptable to I.ender. or ahall in good faith contest such lien by, or deCend enforcement of auch Gen in, legal proceedinga which operate b prevent the ~forcement of the lien or forfeiture ot the Property or any part thereof. 5. Hasard Insurance. Borruwer ehell keep the unprovements now esiating or hereafter erected on the Property iasured against laea by fir~ barsrds indnded within the tena "ezteaded oovarage," and each other hazarde as I.ender may require and in euch amounts and for anch pe:iods ae L,ender may reqnire; provided. that Lender ahall not require snch ooverege amount ezceeding the minimum. as may be required by state or federal regulations governing activities af Lender. or that amount of coverage reqnired to pay the sums eecured by thia Mortgage. ahichever is the greater. - The inaurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreaeonably withheld. All premiums on insurance policies ahall be paid in the manner provided under paragraph 2 hereof or, if not paid in anch manner, by Borrower making payment, when due. directly to the insurance carrier. All inu~anoe policies and pentwala the~reof ahall be in form acceptable to Lender and ehall include a atandard mortgage clause in favor of and in focm aooeptable to I.ender. I.euder ahall have the right to hold the policiea end renewals thereof. and Borrower shall promptly farniBh to i,ender all reaewal notioes and all reoeipts of paid pr~iums. In the event oilose, Borrower ehall give prompt notice to the ineurance carrier and Leader. Lender may make proof of lose if not made prompdy by Borrower: Unleas I.eader and Borrower otherwrise agree in writing, inaurance prooeede ahall be applied to restoration or repair of the Property dameged, provided such reatoration or repair ia economicaUy feasible and the eecarity of this Mortgage is not thereby impaired. If euch k ratoration a:epair is not eoonomicaUy fesaibk or if We security of this Mortgage would be impaired. the inaurance pmoeeda ahall be applied to tbe sums secored by this Mortgage, with the e~ccess, if any, paid Lo Borrower. If the Property is abandoned by Borrower, or if Borrower faile to respond to I,eader within 30 daye from the dale notice is mailed by Lender to Borrower that the insnrance csrrier offers to eettle a claim for 'F insaraooe beaefits, Lez~der is authorized to collect and apply the inaurance proceeda at I.ender's option either to restoration or repair of the ~ Property or the aums secured by fhis Moitgage. Unkss Irnder and Borrower othervr'sae agree in writin8> any auch application of p~a to principal ehall not e:tend or poetpone the due date of the monthly inatallm~ta nferred to in paragrepha 1 and 2 hereof ar change the amount of anch inetallmente. if under paragraph 18 hereat We Ptoperty ie aoquired by I.ender. all right, titk and interest of Borrowet in and to any inaurance policiee and in and to the proceeds the:eof resulting fmm damage to Proprrty prior to the sale or aoquisitioa shall pass to Lender to t6e ~tent of the suma secnred by thie Mortgage immediatdy prior to such eale or aoqnisition. 6. Preservation end Haintenance olProperty; Lesee6olde; Condominuma; Planned Unit Developmeata. Borrower ahall keep ~ the Pt~operty in good repaa and shaU not commit waste or permit impairment or deterioretion of the Propedy end ahall oomply with the ~ provisioas ot any lease if thie Mortgage ie on a leasehold. If this Mortgege ie on a unit in a oondomimum or a planned unrt development, C Borrower ehall pertorm all of Borrow~'a obligations ander the declaration or covenanta creatingor governing the oondominium or plenned unit devebpment, the by-laws and regulationa of the condomini~m or planned unit developmen~, and oonatituent documente. If a oondominium or planned unit devebpment rider is ~ecnted by Borrower and recorded together with thia Martgage, the oovenaats and ageeementa of auch rider shall be inoorporated into and ahall amend and aupplement the covenants and agreements of thie Mortgage as if the ridrr were a part hereof. Pe~otedioa ot Lender'~ Secnritp. If Borrow~r fails to perEorm the oovenants and agreeaaeats o~ntained in this Mortgage. ar if any action or praoeeding ia oommenoed whic~ materially affects Lender's interest in the Property, including, bnt not limited to, emineat domaiq inwivmcy. aode mforcemenk ~~~8~~nts or pmceedings involving a banlQUpt or deoedeat, then I.e~der at I.endds option,upon notiee to Borzuwer may mal~e sncb ap~pearanoe~. disburse snch sums and take such action as is neceeeary to proted I.ender's intere~t, R indadins, bat not timited b. di~baisement of reaaonable attoraey's fees and entry upon the Property to mal~e repain. It I.ead~ reqnired ~ mort~age in~nranoe as a conditioa of making the laan eecnred by thie Mort8a8e. Borrowar ahall paq the pnoainm~ required to maintain . ~ ~ insmanoe in e~[ect nntil snch time as tbe reqniremen! for such iasaranoe terminatee in aocordance with Bormw~'s and Le~ndd~ ~ writte~ a~r~m~nt ar applicable Iaw. Borrower shall pay the amonnt of all mortgege ineurancx presniums in the maaner provided anda ~ ~ p~raaraph 2 haeof. ~ Aay amonnta disbnrsed by I.enda persuant to this paragraph 7. with interest thenon. ehall beoome additional indebtedness of Bor~+owe ~ecnred by this Mortgage. Unless Bormwer and Lender agree to other terms of paymen~ such amounta shall be payable upon ~ ~ notioe fmm I.mder to Borrower requesting peyment thereof, end shell bear iutereat from the date of disbnrsement at the rate payabk ~om I time to time on ontatanding principal uada the Note anle~ payment of intereet at such rate would be oontrary to applicable law. in which { ~ rvmt ~oeh amonnte shall bear interest at the highest rale permiasible un~ec applicable law. Nothing cantained in this paragraph ahaU iequire I.eader to incnr any eapense or take any actifln hereunder. ~ ~ ` ~ ~ R ~ BOOx ~ PACE ~ ~ ~ . ~ , - - ~ ~ ~ ~ G ~ , „ - - - . ~ ~ ~ ~ ~ _ . ~ ~ _