The URL can be used to link to this page

Home My WebLink About1654 t • Borrower and Lender coveaant and agree as foUows: 1. Pqrmeat ot Princlpal wAd Iaterea~ Borrower shall prompUy pey when due the principal of and intereat on the indebtedneas evidenoed by We Note. prepsyment aad late charga a~ pmvided in the Not~e. and the principal of and interest on any I~ture Advances eecured by chis Morfga~e. 2 Ftitnds for Teuteo eu~d Iesuraaoe. 3ubjeet to applicable law or b a written waiver by [.ender, Borrower ahall payr to Lender on the day monthly installraenta of principal apd interpst an payable under the Note, until the Note ia paid in full. a eum (herein "Funda") equal to one twelRh of the yearly tanes and asxwamente which may attain priority uver thia Moctgage, and ground rents o~ the P~operty, itany. plus onc i twelfth of yearly. premium inatallments for hazard ineurance. plua onctwelRh ofyearly premium inatallmenta for mortgage ineurance. if any, ~ all es reasonably estimated initially and from time to time by i.ender on the basis of aaseaemente and bilis and reasonable estimetes thereof. The I~1ndp shaU be held in an institntioa the depoaits or aoconnts ot rvhich are insored or guaranteed by a Federal or State agency (including I.ender if I.ender ia such aa inatitubion). Lender ehaU apply the ~nds to pay said ta:es. aseeeementa. ineurance premiums and ground nats. Lend~ may aot charge for so holding aad applying the fi~nds, analyzing said account, or verifying and compiling eaid . assessments and bills. unless Lender pays Borrower interest oa the Ftinds and applicable law permita Lender to make such a charge. Borrower and I.et~der m~yr agree in writing at We time of e:ocution of this Mortgage that interest on the Fnnds shall be paid to Borr~ower. and unleas snc6 agre~ent is a~ade or applicable law requirss auch interest to be paid, I.ender ehall not be required to pay Borrower any intereat or ~arnings on the I~ada. Lend~ shall give to Borrower, without charge, an annual acoounting of the Funds ahowing credits and debits to the Fnnds and We purpoee for which each debit to the Funds was made.'14~e Funds are pledged se additional security for the eums secured by this Mortgage. , , If the aanount of the Fl~nds held by Lender. together with the tuture monthly installments of Funda payable prior to the due datee of ta~ces, aseeasments, insarance piemiums and grouad rents. shall r~a~ed the amount required to pay esid ta:ee, aeeeeameate, inaurance premiuma and grouad rents as they fall due. such ea~ceas ahall be, at Borrower's option. either prompdy repaid to Borrowet or credited to Borrower on monthly installmente oi fi~nds. If the amount of the ~nds held by Lender ahall not be eufficient to pay t~es, aseeasmente, inaurance premiums aad ground rents as they fall due, Borrower ehall pay to Lender ahy amount neceseary to make up the de5ciency within 30 deya from the date notioe is mailed by Lei?der to Borrower requeeting payment thereof. Uoon Davment in fnll of all suma aecured bv thie MortQaae. Iender ehall monlbMr refii~d tt~ Rormwer anv h,nd¦ hPld hv I o.+do* if.....i.. paragraph 18 hereof the Property ia sold or the Property is otherwise aoquire4dbX~•t~es,,i.ender ahall apply. no !ater than immediately prior to the sak of the Propedy or ita aoquisition by Lender, any P~nds held by I.ender a~ tl~e hme of application ae a credit againet the sums eecured - ~r by Wis Mortgage. • • 3. Application of Payments. Unleea applicable law providee othenviee. ell peym~b reoeiv.ed by Lender ~under the Note and paregraphs 1 and 2 hereof ahall be applied by Lender firat in payment of amounie pa~yable to Lender by Borrower under paragraph 2 hereof, then to intereet payable on the Note, then to the principal of the Note, and t~en to interest and ptincipal on any Future Advances. 4. Chargea; Lieae. Borrower ehall pay all taxes, assessmente and other chargea, fines and impositions attributsble to the Property which may attain a priority over this Mortgage, and leasehold paymenta or ground renta, i[any, in the manner pmvided under paragraph 2 hereof or, if not paid in auch manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furniah to I.ender all notices of amaints due undet thia paragraph, and in the event Borrower shall make payment directly, Borrower ahall promptly furnish to L.ender receipta evidencing auch payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower ahall not be required to diacharge any such lien eo long aa Borrower ahall agree in writing to the payment of the obligation sec~red by such lien in a manner aeceptable to I.ender, or ehall in good faith rnntest such lien by, or defend enforcement of auch lien in, legal proceedinga which op~ate to prevent the enforcement of the lien or forfeitum of the Property or any part thereof. 5. Hazard Insurance. Borrower ahall keep the irnpmvementa now ezistiag or hereafter erected on the Property inaured againat losa by fire~ hazards included within the term "ractended ooverage.° and auch other hazarde as L.ender may require and in such amounts and for such periode as Lender may require; provided, that Lender ahall not require such ooverage amount exceeding the minimum, aa may be required by atate or federal regulationa governing activitiea of Lender, or that amount of coverage required to pay the aume secured by this Mortgage, whichever is the greater. - The inaurance carrier providing the inaurance ahall be chosen by Borrower subject to approval by Lender, provided, that such approval ahall not be unreasonably withheld. All premiuma on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, it j not paid in such manner, by Borrower making payment. when due, directly to the insurance carrier. . All inaurance policies and rernwala thereof ehalt be in form acceptable to Lender and ah all include a standard mortgage clauae in favor of ~ and in form aooeptable to Lender. Lender shall have the right to hold the policiee and rnnewals thereof, and Borrower ahall promptly furnish to ~ i.ender all renewal notices and all receipts of paid premiuma. In the event of loee. Borrower ahall give prompt notice to the insurance carrier ~ and Lender. Lender may make proof of loes if not made pmmpUy by Borrower. Unlees I.ender and Borrower otherwiee agree in writing, inaurance proc~eeda shall be applied to restoration or repair of the Property ~ damaged, provided euch reetoration or repair ia economically feasible and the security of this Mortgage ia not thereby impaired. If auch ~ reatoration or repair is not economically feaeible or if the eecurity of thie Mortgage woald be impaired, the insurance proceeds shall be applied ~ to the auma sccue+ed by thie Mortgage, with the ~cees, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faile to ~ respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the ineurance carrier offera to eettle a claim for inaurance benefits, Lender ia authorized to rnllect and apply the inaurance proceeda at Lender's option either to restoration or repeir of ithe ~ Yroperty or the snma sec~ued by this Mortgage. ~ Unless Lender and Borrower otherwiae agree in writing. any ench application of praceede to principal ahall not extend or postpone the due date of the monthly inetallmenta referred to in paragraphe 1 and 2 hereof or change the amount of euch instalimente. If under paragraph 18 hereof the Property ia aoqaired by Lender, all right, tide and inLereet of Borrowerin and to any inanrance policiea and in and Lo the proceeds thereof res~lting from damage to Property prior to the aale or aoquieition shall paas to Lender to the e:tent of the sume eecured by this Mortgage immediately prior to such sale or aoqniaition. ~ 6. Preaervation snd Mainteaance of Property; I.ease6olde; Condominume; Planned Unit Developmente. Borrower ahall keep ~ the Propedy in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ahall oomply with the ~ provieions of any lease if this Mortgage ia on a leasehold. If thia Mortgage ia on a unit in a condominium or a planned unit development, _ Borrower ehell perform all of Borrower's obligationa under the declaration or covenants creatingor governing the condominium or planned ~ unit development, the by-lawe and regulatione of the oondominium or planned unit development, and oonatituent documents. If a 3 condominium or planned unit development rider is e:ecuted by Borrower and recorded together with this Mortgage, the oovenant8 and agreementa of auch rider ahall be incorporated into and shali amend and supplement the covenanta and agreements of thie Mortgage as if the ' rider were a part hereof. ¢ 7. Protection of Lendtr'~ Securit~?. If Borrower faile to perform the oovenante and agrcements oontained in thia Mortgage. or if any r action or prooeeding is commenoed wrhich materially aftects I,ender's interest in the Property, including, but not limited to. ~ineat domain, ~ insolvency, oode enforcement, or arrangements or ptoceedings iavolving a ban~apt or deoedent, l6en Leader at I.ender s option,upon notice to Borrower may make auch appearanoes. disbune euch sums and teke sach actioa as is neoeasary to protect Lender's interest, - ~ including, but not limited to, diabureement of reasonable attorney's fces and entry upon the Propcrty to make repairs. If Lender required ~ mortgage insnrance aa a oondition of mal~ing the loan sec~red by this Mortgage. Borrower shall pay the pr+emiums reqnired to maintain ~ such insurance in dfect until such time aa the reqairement for ench inaurance terminates in aocordance with Borrower s and Lendds " writt~e agreement ar applicable I.a~r. Borrower ehall pay the amount of all mortgage ineurance premiums in the manner provided under ~ paragraPh 2 hereof. ~ - ' ` My amouab disbursed by Lender persuant to thie paragraph 7, with interest thereon, shall beoome additional indebtedness of f Borrower secured by this Mortgege. Unleas Borrower and Lender agree to other terms of payment, such amounts ehall be payable upon = ~ notice from Lender to Borrower requeeting payment ehereof, and shell bear interest from the date of disbureement at the rate peyable 5rom = ~ ame to time on oatstanding principal under the Note unless payment of interest at euch rate would be oontrary to applicable law, in which - ~ event such amounts shali bear intereat at the higheat rete permiesible under applicable lew. Nothing oontained in this paragraph 7, shall ? ~ requ've Lender to incur any ezpense or take any action hereunder. r ~ - a • ~ ~ . ~~qK 31i ~~~:16~3 ~