The URL can be used to link to this page

Home My WebLink About1487 IT\WORM COVF.VA.IITS. lorrower and Lender coycuant suet agree as follows: 1. Payment of Principal and Interest. Burrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Noce, preps}•ment and late charges as provideel iu the tote, and the principal of and inter- est on any Future Advances secured by this ~turtgage. 2. tFuads for Taxes and Insurance. Subject to applicable law or to a written waiver by Leader, $orrowrr shall pay to Lender on the day monthly installments of principal and interest are payable antler the Note, until the Date is paid in full, a sum (herein "Funds") equal to one-twelfth o[ the }•early taxes and assessments which ma}• attain priority Deer this ? Mortgage, and ground rents on the Property, if any, plus onatsvel[th of yearly premium installments for harard insurance, plus one-twel[th o[ yearly premium installments [or mortgage insurance, it any. all as reascnrably estimated initially and from time to time by Lender on the basis of assesstents and bills and reasonable estimates thereof. The Funds shall be held in an institution the deposiu or accounts o[ which are inutred or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Ixnder shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds. analyzing said so- count, or s•eri[yittg and compiling said assessments and bills, unless Lender pays Borrower interest on the Furrds and ap• z plicable law permits Lender to make such a charge. Borrower and lender may agree in writing at the time of execution o[ this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law 3 requires such interest to be paid, I.ertcler shall Trot be inquired to pay Borrower any interest or earnings ort the Funds. Lender shall give to Borrower, without charge, an annual accounting o[ the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was matte. The Furtds are pledged as additional securit}• for the sums securt:d by this tlfortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds pa}•able prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due. such excess shall be, at Borrower's option, either promptly repaid to Borrower or txedited to Borrower on monthl}• installments of Funcls. if the amount o[ the Funds held by Lender shall not be sufficient to pa}• taxes. assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting pa}•ment thereof. Jpon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired h}• Lrnder, Lender shall apph•, no later than immediatel}• prior to the sale of the Property or its acquisition by Lender, ar» Funds held by Lender at ttte time of application as a credit against the sums secured b}• this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all pa}'ments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender tint in pa}•ment of amowus pa}•able to Lender by $orrower under paragraph 2 hereof, the» to interest payable otr the Note, then to ehe principal of the :vote, seed then to interest and principal on any Future Advances. a 4. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priorit}• over this Mortgage, `and leasehold pa}•ments or ground rents, if any. in the man- ner proyicfed under paragraph 2 hereof or, i[ not paid in such manner, b}• Borrower making pa}•ment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due carder this paragraph, and in the event Borrower shall make payment direct{y. Borrower shall pmmpth• furnish to Lender receipts evidencing such pa}•ments. Borrower shall promptl}' discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be re- quired to discharge any such lien so lung as Born?wer shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in g«xi faith contest such lien bv, or defend enforcement o[ such lien in, le- _ gal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hanrd Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property in- ~ sured against loss by [ire, hazards included within the term "extended coverage", and such other hazards as Lender may re- yuire anti in such amounts and for such periods as Lrnder may require: provided, that Lender shall not require that the amount o[ such coverage exceed that amowu of coverage required to pay the sums secured by this \(ortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender: provided, that such approval shall not be unreasonably withheld. all premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if noe paid in such manner, by Borrower making pa}•ment. when due, directly to the insurance carrier. All insurance policies anti renewals thereof shall be in form acceptable to Lender and shall include a standard wort- gage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies seed renewals thereof, and Borrower shall promptls• 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 carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall he applied to restoration or repair of ~ the Property damaged, provided such restoration or repair is economically feasible and the security of this ~(ortgage is not E thereby impaired. If such restoration or repair is not economically feasible or if the securit}• of this Mortgage would be im- aired, the insurance roceeds shall be a lied to the sums secured b this Mort a with the excess, i[ any, aid to Bor- P P PP gag • P z rower. I[ the Property is abandoned by Borrower, or if Borrower tails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower chat the insurance carrier offer to settle a claim for insurance benefits. Lender is authorized to collect and apply ehe insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower othet~yise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred tt. in paragraphs 1 and 2 hereof or change the amount of such z installments. 1f under paragraph I8 hereof the Property is acquired b}• Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or ~ acyuisitiorr shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or t ~ acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower _ shall keep the Property in good repair and shall noe commit waste or permit impairment or deterioration o[ the Property and shall comply with the provisions of an}• (ease if this Mortgage is on a leasehold. If this \(ortgage is on a unit in a _ condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condo- minium or planned unit development, and constituent documents. If a condominium or planned unit development rider is execueed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be in- corporated into and shall amend and supplement the covenants and agreements of this Mortgage as it the rider were a part hereof. } 7. Protection of Lender's Senrrity. If Borrower fails to perform the covenants and agreements contained in this , Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, including, r ~ but not limited to, eminent domain, insoh•errcy, code enforcement, or arrangements or proceedings inyoh•ing a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower. may make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest. including, but not limited eo. disbursement of reasonable ° attorney's fees and entry upon the Property to make repairs. It Lender required mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shall pay the prrmiums required to maintain such insurance in ef- t feet until such time as the requirement for such insurance terminates in accordance with Borrower's and Lender's written `~~k.310 -~=,:1487 - J J . ~ i S Y