The URL can be used to link to this page

Home My WebLink About2084 . ~Y . • . • ' . . s ! ' . Uxtrow Covt~+~x~s. Borm~rer and Lender corenaat a~d a~ee a~ folb~rs: 1. ?~rmeat oE Mndpal and Intae~t. Bortower shaU pr+ompdy pay ~vhen due the prindpal of and intereu on the tridebtcdnat evidenaed bJr tbe l~iote. prepa~anent and late cbarga as provided in che Note. and tZic priacipal o[ and inter- at on sn~ Futute Advauca savred by thL Mort6aae. L~ad~ Eoe Tatp aad Inwranoe. Subject to appliable lanr or co a~vritcen waiver by I.cnder. Borrower shallpa ~ to I.ender on tbe day moathlr Iratallmena oE prinapal and interat are papabk under che Note. uncil the Note is paid in tuU. a wm (hereia "Fundt'~ equal co one-tweUth of the pearlr taxa and assessmenu which msy actain priority over thL Mortgage. and ~pund renU oa the Propaty~ if aay. plu~ o~cwelfch oE yearl~ premium insuUmenu Eor hanrd inwnna, - plns on~aveUth oE ~rearly pmnium iastallments [or aartgage insurante. if any. aU u reasonably atimated initially and fram time to time b~ Lender on the basis of as~es~tneats and bills and reasonable atimata chereof. ' The Fn~ ~all be held in an institutan the depai4 ot aocoanu oE which are inwred or guaranteed br a. Federal or stace age~ (including Lender iE Lender is wch an inscitudon~. Lender sfuill apply the Fun~ co pay said wces. a:sas~nents. insurance premiumt and gawnd rcnts. u~aK ~y a~~ ror ~~Qa ~~a applyina the Funds. anal~ing ~aid u munt, or vedEyina and oompilIn6 said aaa~,~ments and billt, unlat Le~der pa~ Bomower iaterest on the Funds and ap~ pliable la~+ permib Lender co make wch a chuge. Borrower and Lender may agree in writi~~ at the time of acecution of this Mortgage that interat on thc F~~n~ shaU be paid to $orro~ver. and unless such agreement u ~nade or appliable law requim wch inta+at w be paid. Lendtr shall not be required to pay Borro~ver anr interat or earnings on the Fu~ds. Lendtr s6aU give w Bort+aMrer. without chuge. an annual aaoounting o[ the Fu~ds showing credia and debits to the Funds and the 6~ M r which ach debit to the Funds was made. The Fur~ds are pledged as additional secvrity tor the wms securtd ~ ~ ~~8a _ If the amouat of the Funda held by I.ender. together ~rith the tuture monthly insullments of Funds pa~rable prior to the due dates of taxa, aasessmrnts. insurance premiuau and ground nnu, ihall rxceed che amounc required to paT said wca, as~ess~nent~. insunnce pmniums and ground renb at thtr fall due. sude exoas shall be. ac Borrorver's opcio~. either prompd~ npaid to Borro~ver or credited to Borro~va on monchlr installments oE Funds. If the amoont oE the Fnnds held by Lender shaU nQt be wfticient to pay taxes, assessments, insunnce pteaaiums and grou~d rents u they fall due, Borrawa shall pay to Lenda any amount necessary to make up the deticiencr ~vithin 30 days [mm the date notice is mailed by Lender to Botrower requating payment thereoL _ Upon paysneat in fnll of all sums ucured by this Mortgage. i,ender shall promptiy reEund co Borrower anr Funds held by Lender. If unda parxgnph 18 hereoE the Propertp is sold or tht Property is otherwise acquired by Lender, Lender shalt apply. no later than immediatelr prior to the sa7e oE the Property or iu acquisition br Lender, any Funds held by Lender at the time oE application as a credit againsc the wms secural by this :ltortgage. 3. Applintiou of Pa~menb. Unlas applicable law provides otherwise. all paymenu received br Lender unda the Note and pangraphs 1 and Y het+cof shall be applied b7 Lender Eint in payme~t oE amounu payable to Lender by Bormrrer under pangtaph Y htteof, then to interest payable on tht Note; then to the principal of the Note, and then to interat and principal, on any Futnre Adva~ca. 4. CbaigeK Lieni. Bcrrtrower shall pay all taxes, assesxments and other chuges, fines and impositions attributable to t6e Property w+hich may attain a priority over this ltortgage, and le:sehold paymencs or ground rents, if any, in the man- net provided under paragnph Y het~oE or, iE not paid in such manner, by Bornower making payment, when due, dinttly to the payee thereof. Borrower shall promptlr Eurnish to Lender all notica of amounts due undei this paragraph, and in the event Borro~rer shall make payment directly, Borrower shall prompdy furnish to Lender receipts evidencing such payments. Borrower shall prompdr dixharge any lien which has priority o~•er this Aiortgage; provided, that Borrower shaU not be re~ quired to dischuge any such lien so long as Borrower shall agree in writing to the payment oE the obligation secured by such lien in a manner atteptable to I.ender. or shall in good faith contest such lien by, or defend entorcement of such lien in, le gal prooeedings ~?hith operate to prevrnt the enforcement of the lien or fotfeiture of the Property or an' part chereoE. Nasand Inwranca Borrower shaU keep che improvemenu now existing or hereafter erected on the Properq in- sured against loss by fire, hantds induded within the term "extended covetage", and such other hazards u Lender may re- I~ quire and in such amounts and Eor such periods as I.ender may require: provided, that I.ender shall not require that the amount of such oovenge exceed that amount of mverage required co par che sums secured by ehis ~tortgaqe. ; The insurance carrier providing the insurance shall be chosen by Borrower subject to appro~al by Lender: provided, ! that such appmval shali not be unreasonably withhdd. AU ptemiums on insurance policia shall be paid in the manner ~ pmvided under paragraph Y hereof or, i[ not paid in such manner, by Borrower making payment, when due, directly to ; tht insusance carrier. - ~ All insnrance politia and nnevrals thereof shall be in form acceptable to Lender and shall include a standard mort- E gage dause in fivor oE and in form acceptabie to I.ender. Lender shall have the righe to hold [he policies and rentwals ` thereo[, and Borro~rer shaU promptly [urnish to L.ender all r~enewal notices and all receipts oE paid premiums. In the event i o[ loss, Borrowu shall give prompt notice to the insunnce carritr and Lender. Lender may make proof of loss if not made ~ prompdy by Botrower. - Unlas I.enda and Borrower othetwise agree in writing, insunnce proceeds shall be applied to ratoration or tepair o[ ~ the Property.damaged, provided such ratoration or repair is aonomicallp feasible and the security oE this Mortgage is not thereby impaited. If such ratoncion or npair is not economically feasible or if the secyrity of this Atoregage would be im- ~ paired, the insunnct procetds shall be applied to the sums secured by this 1?iortgage, w+ith the exceu, if any, paid to Bor- s rower. If tht PropertJr is abandoned by Borrower, or if Borrrn.er tails to respond to I.ender within 30 days from the date ° notice is mailed by Lender to Borrower ttut the insunnce carrier of[ers to setde a claim tor inwrance benefits, Lender is ~ authorized w collect and apply the insuranct praeeds at I.ender's option either to ratontion or repair oE the Property or co the sums :ecured by this Aiongage. ~ Unlas Lender and Horrower otherwise agree in writing, any wch application of pr«eeds to principat shall not extend g or postpone the due date of the monthly installments refetred tc~ in paraqraphs 1 and 2 hereof or change the amount of such s installments. If under paragraph 18 hereof the Property is acquired by Lendtt, all riqht, title and interest of Borrow+er in ~ and to any insunnce politia and in and to the proceeds thereof raultinq ttom damage to the Propert~ prior to the sale or acyuisition shall pass to I.ender to the extent of the sums secured br this Mortgage immediatdy prior to such sale or ~ acquisition. = f ~ 6. Pnaer~ation and Maintrnance oE Propert~: I.easeholda; Condominiums; Planaed Unit Derdopmeata. Botrorrer - j ~ stull keep the Property in good repair and shall not oommit wute or permit impairment or deteriontion oE the Property e and ~all comply with the pruvisions of any lease if this Afortqage is on a leasehold if this ~tortgaqe is on a unit in a ; mndominium or a planned unit development, Borrower slull perform all of Borrower's obliqations under the declaration ~ or covenants crtating or governing the condominium or planned unit development, the by-laws and requlations of the condo- "t ` minium or ptanned-unit development, and constituent documei~ts. If a condominium or planned unit deveIopment rider is i dcecuted by Borrower and retorded together with this 1lfortgage, the co~enauts and agreements of such rider shall be in- ~ corponted into ~nd shall amend and wppletnent the covenants and agreements of this Mortgage as if the rider were a part ' hereof. ~ 7. Protection o[ Lender'~ Securiq. If Borrower fails to perfotm the covenants and agreements contained in this ~ Mortgage, or if any action or procceding is commenced which materially a(fects Lender's interest in the Propertr, induding, but not limited to, eminent domain, insolvency, code en[ortement, or arrangemenu or proceedings involvinq a bankrupt ~ or decedent, then Lender ae Lender's option, upon notice w Borrower, may make such appeannces, disburse such sums and take wch action as is necessur to protect Lender's interes~, including, but not limited eo, disbunement oE reasonable ~ attorney's ftes and entry upon the Propert}~ to make repain. I( Lender required mortqage insunnce u a condition of ' miking the loan xcurcd by this 1?lortgage, Borrower shall pay the premiums requirect to maint~in such insunna in e4 (ect until such time as the rtquirement !or such insunnce terminates in accordance with Botrower's and Lender's written ~ i . • . ~ o a n~ e~nnn l i