The URL can be used to link to this page

Home My WebLink About1703 ; ~ ; . ~ . _ I ~ i i Borrower and Lead~ coveaaat and agree as follows: l. Paqrment oi Priaclpal aad Iatere~~ Borrower shall promptly pay when due the principal of aad interest on the indebtednes~ ~ evideaoed by the Note, prepayment and late chuges es provided ia the Note. and the principal of and interest oa any fi~ture Advances eecured by thia Mort~sags. 2, l~nds for T~e~ and buuranoe. 3abjed Eo applicable law or fo a written waiver by Lender. Borrower ahall pay to Lender on the day monthly inetallmenb of principal and int~est are payable Under the Nota, until tbe Note ia paid in full. a sum (herein "~nds") equal to ono- twelRh of the y~rly ta:es and assessmenta which may attain priosity over thi~ Mortgage. snd ground rents on the Property. if any. plw oat ! cwellth of yearly premium inatallmenta for hazard insurance, plus onetwelRh of yearly premium inataltmenta for mortgage inauranoe. if any. ~ all a~ na~onably estimated initial~y and fmm time to time by Lender on the basie of esaeasments and billa and reasonable eetunatea thereof. ~ 'P6s ILnds ~hall bs he~ in ea institution the depoait~ «r aocounts of which are insured or guaranteed by a Federal or State agency ~ (including L~?der it I.ender is such sa inetitntion~ I.ender shall apply the Funds to pay eaid t~es. aeeesameata, inaurance premiuma and i ground nnfa. I.ender msy not cbarge for so holding and appiying the Phnds. analyzinB eaid aocount, or verifying and compiling eaid ; aae~anents and biUs. anless I.ender pays Borro~ver intereat on the flu?ds and applicable law permita I.ender to make sucx, a charge. Borrower ; aad Lead~ may agree in writing at We time of e:ecntion of this Mo~rtgage Wat interest on the P~nds ehsA be paid to Borrower. and unless t snch agseement is made or applicable law reqyires such inte~re~t to be paid. Lende~ ahaU not be required~ to pay Borrower any interest or ~ earnin~s on the I~1u~d~. Lender shall give to Borrower. withont charge, an annual aooounting of the Funds ahowing credita snd debita to the Fnnds and the purpose for which each debit to the P~nds waa made.'Il~e ~nda sre pledged aa edditional secusity for the sums eecnred by this Mortgage. Uthe amount of the Ftinds held by I.endes. tagether with the future monthly installments of flinde payable prior to the due datea of tazes, assessmenta. ins~anoe pe~emiums and ground rents. shell ezcaed the amouat required to pay eaid taxee, essesaments, insurance premiums and ground n`nta as they fall dne. snch ~ass ahall be. at Borrower's option. either pmmptiy repaid to Borrower or credited to Borrower on monthly installments of P1~nds. If We amonnt of We Funds held by I.ender shall not be eufficient to pay t~es. assessmenta. insurance premiwns and ground nnts as Wey fall due. Borrower ahall pay to Lender aay amount neoeasary b make np the deficieacy within 30 days ~ from the date notice ie msiled by I.ender b Borrower cequeeting pa,yment thereof. Upon payment in fnll of all eums secnred by this Mortgage. Lender ahall promptly nfund to Borrower any funda held by Lender. If under paragraph 18 herewf the Property ia sold or the Property is otherwiee aoquired by I.ender. I.ender ehaU apply, no later than immediately prior ~ to the sak of the Property or ita aaquisition by Leader, any Phnds held by Lender at the time of application as a credit against the eume eecured by this Mo~tgage. i 3. Application of Payments. Ualess applicable law pmvides otherwiee, all paymenta reoeived by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Leader first in payment of amounta payable to Lender by Borrower under paragraph 2 hereof, ~ then fo inter~st payable on the N~e, then to the principal of the Note. and then to intereat and principal on any Futun Advancea. 4. Charges; Liens. Borrower shall pay all t~es. esaesemente and other charges, fines and impositions attributable to the Propert3 which may atlain a priority oves thia Mortgage, and leseehold pa.yments or ground renta, if any. in the manner provided under paragraph 2 hereof or, if aot paid in auch manner. by Borrower malong payment, when due, directly to the payee thereof. Borrower ahall pmmpdy furnieh to Lender . ~ all noticea of amounts due undez thia paragraph. and in the event Borrower shall make payment directly, Borrower ehali promptly fumish to I,end~ reoeipts evidencing such paymente. Borrower ahall pmmptly diecharge any lien which has priority over this Mortgage; provided, that Borrower shall not be req~ired to discharge any such lien eo long as Borrower ahall agree in writing W the payment of the obligation eec~red by snch lien in a manner aooeptable to L.ender. or ahall in good faith conteat such lien by, or defend enforcement of auch lien in. legal proceedings j which operate to prevent the enforoement of the lien or forfeiture of the Prop~ty or any part thereof. ~ 5. Hasard Inrurance. Borrower ahall keep the improvementa now exieting or hereafter erected on the Property ina~red againat lo6e by fire. hazarda included within the term "~tended ooverage." and such other hazards ea Lender may require and in such amounta and for such p periods aa Lend~ may require: provided, that Lenda ahall oot require auch ooverage amount e:ceeding the minimum, as may berequired by ~ atate or federal regulations governing activitiea of Lender. or that amount of coverage required to pay the auma eecured by this 111ortgage, whichever ia the greater. • The insnrance carrier providing the insurance shall be choeen by Borrower aubject to approval by l.ender; provided, that such approval Ij ahell not be unreaeonably withheld. All premiuma on insurance policiea shall be paid in the manner provided under paragraph 2 hereof or, if I, not paid in Such manner. by Borrower making payment, when due, directly W the insurance carrier. ! ~ All insurance policiea and renewals thereof ehaU be in form aoceptabie to Lender and ehall include a standard mortgage clauee in favor of and 'w form acoeptable to Lender. I.ender shall have the right to hold the policies and renewala thereof. and Borrower shall promptly furniah to i i.ender all renewal noticee and el1 reoe~pts of paid premiums. In the event of loes, Borrower shall give prompt notice to the inaurance carrier and I.ender. Lender may make proof of loss if not made prompdy by Borrower. Unleea I.ender and Borroa+er otherwiee agree in vvriting. inauranoe proceeda ehall be applied to reatoration or repair of the Property damaged. provided such reatoration or repair is economicaUy (easible aad the security of this Mortgage ie not thereby impaired. If auch restoration or repair is not econoaucally feasibk or if the security of thie Mortgage would be impaired, the inaurance prooeeda ehell be applied ~ to the snma aecured by thia Mortgage, with fhe ezoeae, if anY. paid to Borrower. If the Property is abandoned by Borrower. or if Borrower faile to respond to Lender within 30 days firom the date notice is mailed by I.ender to Borrower that the inaurance carrier oHers to eettle a claim for ineurance benefits, Lender is authorized to coUect and apply the inaurance prooeedB at Lender's option either to restoration or repair of the ~ Propertyr or the sams aecnred by this Mortgage. Unleas Leader and Borrower ot}?rrwiee agree in writine, any auch application of proceeda to principal ehall not e:tend or postpone the due date of the monthly installmente refert+ed to in paragrapha 1 and 2 hereof or change the amount of auch inetallmente. If under paragraph 18 hereof the Property ia aoquired by Lender, all right, title and intereat of Borrower in and to any inaurence policies and ia and to the proceede thereof nsulting from damage to Property prior to the sale or aoquisition ahall peas to Leader to the eztent of the eums eecured by this ; Mortgage immediately prior to such sale or aoquiaition. ~ 6. Preaervation and Naintenance of Property; LeaBeholds; Condaminuma; Planned Unit Developmente. Borrower ahall keep ~ the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and ehall rnmply with the ~ provisions of any lease if this Mortgage is on a leaaehold. If this Mortgage is on a unit in a condominium or a planned unit development, s ~ Borrower shall perform all of Borrower's obligationa nnder the declaration or covenanta creatingor governing the oondominium or planned unit developmenl~ the by-laws and regulations of the oondominium or planned unit development, and oonatituent docamenta. If a ~ condominium or planned unit development rider is e:ecuted by Borrower and reoorded together with thie Mortgage, the oovenante and ~ agreementa of such rider ahall be inrnrporated into and ahall amend and aupplement the covenante and agreementa of thie Mortgage as if the ` rider were a part hereof. ~ ~ 7. Prote~tion of Lender'~ Securit~. If Barrower faila to puform !he oovenante and agrcementa ooatained in thu Mortgege. or if any ; ~ action or pe~ooeeding is commenced which materially affects I.ende~s interest in the Property. inclnding. but not limited to. eminent domain. ~ insolvencY. oode ~foc~o~ent, or arrangements or pmoeedin8s involving s bankrapt or deoeden~, then LendeT at Lendel~ option.npon ~I ~ aotice to Boreower may make ~nch appearanoe~. diaburse such sums and take snch action as is neoasary to proted L~de:'s intuest, ; ~ inclnding. but not limited to, disb~veement of reasonable attorney's fees and entry npon the Property b make repai». If I.ender reqnired s mortgage insursnce as a condition of making the loan s~cured by this Mortgage, Borrower ehall pay the preminms required to maintain - ~ snch in~aranoe in et~ect until snch time as the requirement for ~nch in~nranoe tazminates in aooordanoe vrith Borrower i and Lendt~s writt~ agreement or applicabk I~w. Borrower shaU pay the amouat ot all mortgage uuurance premiums in the manner provided under - ~ paragraph 2 hereof. . ~ ~ Any amoants disbursed by Lenda persaant to this paragraph 7, with int~ereat thereon, shall beoome additional indebtedness of ~ Borrower ~ecared by this Mortgage. Unless Borrowrr and I.enda agree to otha tesms of payment, snch amoants shall be payable npon ~ notioe irom Lender to Borrower requesting payment thereof, and ehall bear intera~f.. from the date of di.sbursement at the rate payable ~om 5 time to time on outsianding principal undez the Note unless payment of interest at snch rate would be oontrary to applicable law. in which ~ event such amounts shall bear intereat at the highest rate permissible under appliceble law. Nothing contained in thii paragraph 7, shall requin I.ender to incur any e:pense or take any action hereunder. ~ ~ ~ ~ a ~a; . =t~:.R~. `r~:;~ ` R 311 1702 ~ ~ ;