The URL can be used to link to this page

Home My WebLink About0177 J Unr~aw CorrEH~r+n. Bomower and l.~nder cove,~ant aod s~~oe u follows: 1, l+ywest ot hi~t~l a~i bNe~rd. Bo~rowe~ shall promptl) paY when due tbe principal of and interest on the ~ndebccdness evide~ced by ehe Nae. prepayme~t and latc chargec ac p~ovided io ~he Note. aod the pri~cipal of and intercs~ o~ any Future Advances secured by this Mortsa~e. _ 2. F~ui ~or Ta:es ~i Iwrarce. Subject to applicabk taw ur to a written waiver by Lender. Borro~wer shall pay to L.ender on ~he day mo~thly installments of principal anJ iotcrcc~ arc ~yahle undet the Note. until the Note is paid in tuU, . a suat (btrei~ "Fund:'~ oqual to one-tweltth ot the yearl~ ~a~?c~ ~nd assessments which may attain priority over this Mortjaje. and around renu on the Pwperty. ii any, F+lus one-tweltth of yearly prcmium installments for hazard insurance. plus oae-twelfth of yearly premium installmeots for mongage insarance, it any. all u reuonably estimated initially aod (rom drr~e to time by Lender on thc basis ot asxssmcnts and hills and rcasonabk atimates thereof. • The Funds shall be held io an institution the deposita or accounts of which arc iosured or gwranteod by s Federal ot ttate agency (including Lender if Lender is such an insti~ution). I.ender shall apply the Funds to pay said uxa. useuments, insuranee premiums and ~ound rents. l.e~der may nat cha~ge tor so holding and applying the Fundc. aoalyzing said account, or verifyin~ a~d compling said assessments and bill~, unleu Lender pays Bonower intercst on the Funds and applicable law permits Lender to mske such a charge. Barrower and l.cnder may agrce in writing at ~he time of executioo ot this Mortgage that interest on the Funds sball be paid to Borrower. and untess such agreement is made or applicable law trquira such interest to be paid. Lend~r shall not be required to pay Borrowe~ any interest or ea~nings on the Funds. Lender s6a11 Sive to Borrowe~. without charge, an an~ual accounting of the Funds showing credits ar~d debits to the Funds and the purpose for which pch debit to the Funds wu made. The Funds are plodged as additional security for the sums secured by thia Mortsage. • If the amount of the Fuads held by l.ender, together with the future monthly installments of Funds payable prior to the due dates of taues. auessments. insurance prcmiums and ground rents, shall exceed the amount required to pay said taxes, assestments. insurance prcmiums and ground rents as they fall due, such excess shall be, at Borrower s option, either promptly repaid to Bormwer or creditcd to Borrower oe monthly installments of Funds. If the amount of the funds h~M ~y LendK.shall not be sut6cient to pay taxes, assessments, insurance pnmiums and ground rents u they fall due. Borrawe~ sball pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower rcquating payment thereof. Upon paymeat ia full of all sums secured by this Mortgage, I_ender shall promptly rcfund to Borrower any Funds . . held by Lendet• If under parsgraph l8 hercof the Property i~ sold or the Property ~s otherwise acquircd by Lender. l.ender shall apply, no later than immediately prior to the sale of the Propeny or its acquisition by [.ender, any Funds held-bv Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Appticatioe ot P~me~ts. U~Icss applicable law provides otherwise, all payments received by Lender under the Note and'paragnphs 1 and 2 hereof shall be applied by !_ender first in payment of amounts payable to Lender by Borrower uader paragraph 2 hereof. t6en to interest payable on the Note, then to the principal of the Note, and then to interest and . principal on any Futurc Advanoas. - 4. C6utes; Lie4s. Borrower shall pay all taxes, assessmcnts and other charges, fines anJ impositions attributable to tbe Propecty which may attain a priority over this 1Nortgage, and leasehold payments or ground rcnts, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dircctly to the payee thereof. Borrower shall prompUy furnish to Lender all notices of amounts due under this paragraph. and in the event Borrower shall make payment directly. Borrower shall promptly furnish to l.ender receipts evidencing such payments. Borrower shall promp~ly dixha7ge ~any lien which has prionty over this Mortgage; provided, that Borrower shall not be rcquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in. legal proceedings which operate to prevent the enfurcement of_ ~he lien or forferture of the Property or any part thtrcof. S. Huard I~uraace. Borrower shall kcep the ~mprovements naw~ existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "eztended coverage", and such other hazards as Lender may require and in such a~nounts and [or such periods as Lender may require; provided, that Lender shall not require that the amount of ~ such coverage exceed that amount of coverage required to pay the sums secured ~by this Mort6age. - The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, t6at such approval shall not be unreasonably withheld. All premiumt on insurance policies shail 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 + insurwce carrier. i - All insuran~~ policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage i claux in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, ~ and Bortower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carner and t_enJer. Lender may make proof of {oss if not made promptly E by Borrower. ' ~ Unless LenJer and.Borrovver otherwise agree in writing, insurance proceeJs shall be applied to restoration or repair of ~ the Property Jarnaged, provided such restorahon or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is nut economically feasible or i[ the security of this Mortgage would ~ be impaired, the insurance proceeds shall be applied to the sums secored by this Mortgage, with th~ excess, if any, paid ~ to Borrower. If the Propeny is abandoned by Borrower, or if Borrower fails to respond ~o Lender within 3~ days from the f date notice rs maded by l.ender to Borrower that the insurance carrier ofTers ro setUe a claim for insurance benefits, Lender ~ is authorized to collect and apply the insurance proceeds at Lender's option ei~her to restoration or repaer of the Propertv ; or to t6e sums secured by this Mortgage. ~ Unless Lender and Borrower otherwise agrec in writing, any such application iif proc:eeds to principal shall not extend ~ or postpone the Jue date of the monthly installmentc rcferred to in paragraphs 1 and 2 hereof or change the amount of ~ such installments. If under paragraph 18 hereof the ProE,erty is acyuired by Lender, all right, tiUe and interest of Borrowcr - in and to any it~surance policies and in and to thc pr~ceeds thereof resulting from damage to the Property prior to th~ sale or acquisidon shall pass to Lender to the eatent of the ~ums secured by this Mortgage immediately prior to such sale or ~ acquisition. ~ 6. Presen~alion and ~taintenance of Property; Leasehulds; Condominiums; Planned Unil Derelopments. Borrower ~ shall Icetp the Pr4perty io good repair and shali not comroit ri~aste or permit impairment or deterioration of the Property and shall compl}~ with the ptovisions of any lease if this Mortgage n~ on .a leaschald. !f this Mortgage is on a unit in a ; condomin~um or a planned unit development, Borrower shall perform all of Borrower's obGgations under the declaration a or covenants creating or governing the condominium or planned unit develupment, the by-laws and regulations of the $ condominium or planoed unit Jevelopment, and constiwent Jocumem~. If a conJominium or planned unit development ~ rider is executed by Borrower and recorded iogether with thiti Mortgage, the covenants and agreements of such rider shall be incorporated inro and shall amend anJ supplrment the co~enants •rnd agreements of this Mortgage as iF the riJcr were a part hereof. ~ 's 7. Protection of I.ender's Security. If B~rrower f:~d. a. ~rf~~rm the covenants anJ agreements rontained in this ~ Mortgage, ur if any action ur proceed~ng cummencrJ ~hi~h m~terially afTrcts LenJer's interest in the Property, ~ including. but n~~t limited to, eminent domain. in`~.Ivenc}, c~xle cnfi~rremem. ~•r arranRemems or proceedings invol~~ing a 4 bankrupt or decedent, then I_ender at (.enJer's oplion, uEx.n notice ti~ Borrower. ma~ make soch appearances, disburse such ~ sums and take such action a~ ~s neces.ar} ~u pr~~~ect Lender's is~terest, including. but not limued to, disbursement of ° reasonable attomey's f~~es and emry up~m the Proper~}• to make repa~r~. If I.cnder ~rey~iirc~ mortgage insurance as a ~ condiliun of making thc loan ~ecureei b~~ this M~~ngage. B~~rr~~HCr shalt pa~• the premiwm requireJ to maintam such ~ insurance in eftect unt~l .~~ch nme as ~he n:yuirernent f~r .urh insurancc tcrm~nate. in :ircordanre with Bc~rrow-er's and 9 ?~~.K 3U$ 177 . ~ ~ ~ ~ _ . _ - _ _ K.~_: _