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Home My WebLink About2253 . ' • - ~ ~ ~ ' : ' '}••j~ ! ~ ~ 5 : i ~ , ~ Ut+t*aw Oovet+~K». 8ort~o~rer aad Leade~ coven~n~ snd a~ee ss folbws: 1~ liq~N ~t lei~e~t a~i hl~l. 8otoowet shall Pr~W~) WY wAe~ dua tha principal ot aad interost on the E irdebtednat svidenoed bp the No~a. p~+eps~t snd late chanes a.c ~ovided in the Note, and the princip~l ot aad ietetat ' a~ aoy Future Advaaces secuted b~r this Mortsa~a. ; lrit tK Taau~ ri Ir~~ca Subjat to ~pplicabk law ar to a written waiver by I.ende~. eo~o*?e* ~n~i wy ' to Lender on the dsy ~ao~nthly installmeots of priocipal a~d intcrcst are payal+k under the Note. until the Nde is paW ~n tull, ! a sum (be?ein "Fund~'q equal to a~e-twdRh ot the yea~l~• tax~~ and assasments which may sttain priocity over this ~ . Mo~t=a~e,, aad ~o~n~d reab oe the propWty. it any. plus onc~twel(th of ~rearly~ pranium iastaltmeou iar hsrard insurance. plus oae-twelfth of yeuty premium iastallmeats tor mortsa~e insurance. if aay. all u reasonabfy estimated initi~lly and frea~ dme to tuee by Leader on the bssis of assessments and hills and reasonabk atimata thereof. ~ . 7Le flmds shall be beld i~ an institutic+n the deposia or •rceounts of ~rhich are inwrcd or `uaraoteed by a Federal ot ~ stat~ asency (includint I.ender if Lcnder is such an institutionl. I.ender shall apply the Funds to pay uid taxa. auauna~ts. iowrance premiums and jmund rents. t.ender may not cha~ge fo~ sc+ holdin= and applyins the F~~odc. analyzin~ said actount, or verifyin~.and comqlins said assessmeots aod bilh. unku Lender pays Bormwe~ i~terat on the Funds and applicaWe law ; parmits L,endei to make wch a char=e. Borrower and Lender may agroe in writin~ at the time ot executioo ot this ~ Mott~e tbat interat on the Fw~ds sball be paid to Bomower. and uakss wch asreeme~t is made or appliqbk law ~ requira wch iaterest to be paid. l.ender shall not be required to pay Borrower any interest or prnings on the Funds. Lender ~ s6a11 pv~ to Horrower, witbout cbaqe, an annual accounting of tbe Funds showina credits and debita to the Fu~ds artd the pnrpose for which eub debit to the Funds wu made. The Fu~ds arc pledged as additional security tor the sums secured i tbis M ~ It ~nt ot tbe Funds held by Lender. toaether with the future monthly inuallmeats of Funds payabk prior to ' t6e due data of taxa, auasments. iawnnce premiums and g~ound rtnts, shall excced the amount requircd to pay said tua. ~ aaeuoneats. insurat~e premiuma and ground rents u they tall due. such excess shall be. at Borrower's option. either ~ pr~emptly repaid to Borrower or credittd to Borrovver on nwnthly inuallments of Funds. If the amount of the Funds ; hdd by Leoder sball not be wlFcieat to pay taxes. ssxsiments. insurance pcemiums and grouod rents ss'they fall due. Bomo~ret dWl pay to I.e~er any smount neceasary to make up the deficiency within 30 days from the date notice is maikd by Leader to Borrower requesting payment thercof. Upoo payaaent in Eull of aD swm ~cured by this Mortgage. l.eoder ahdl promRtly rcfund to Bormwer any Funds lield by Leader. If under para~rap6 18 he~+eof the PropeKy ia sold or the Propeny u othenvise scquired by Lender. [.ender s6e11 appty. no later Wan immediately prior to the safe o( the Prope~ty or its acquisition by Lender, any Funds held bv Leoder at the time of application as a credit against the sums secured by this Mortgage. 3. A~IkMIo~ ot lq~esb. Unless applicabk law provida otherwise. all. payments rtceived by Lender under the Nota and pangraphs 1 and 2 htreof shall be applied by Lende~ first in payment of amounts payable to Lender by Borrower ; under paraaraph 2 hereof. tben to interest payable on the Nwe, then to the principal of the Note. and then to interat and principal on any Futura Advaoces. ~ 1. CMrtes; I3eas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributabk to the Propetty which may attain a priority over this Mortgage. and kasehold payments or ground renu, if any. in the manaer provided under parsgraph 2 hereof or, if nd paid in such manner, by Borrower making payment. whea due. diroctly to the payee theroof. Borrower shall promptly furnish to Lender all notices ef amounts due under this parsgraph. aod in the eveat Borrower shall make payment direcUy. Borrower shall promptly fumish to L.ender receipts evideocing such payments. ~ Borwwtr shall promptly dischargt any lien which has priority over this Mortgage; providtd. that Borrowe~ shall not be . requircd to dixharge any such lien so long u Borrower shall agree in writing to the payment of t6e obligatiun securcd by suc6lien in a manner acceptabk to Lender. or shall in good faith contest such lien by. or defenJ enfor~cement of :uch lia~ in, ' legal proceedings which operate.to prevent the en(orcement of the lien or forfeiture of the Property or any part thereof. S. Hazard [nauawce. Bortower shall keep the improvements now existing on c~reafter erocted on the Property insurcd sgairut loss by 6rc, hazuds included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods u 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 securcd by this Mortaage. 'ILe inwrance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, providod, ; I! thst wch approval shall not be unrcasonaWy withheld. All prcmiums on insurance policies shall be paid in the manner = I provided uoder paragraph 2 hercof or, if not pai~ in such manner, by Borrower making payment, when due. directly to the ; ~ insurance carritr. ~ All insurance policies and renewals thereot shall be in form acceptable to L.ender and shall include a standard mortgage ~ i clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policia and renewals thereof, # and Borrower shall promptly furnish to Leoder all renewal notices and all receipls of paid premiums. in the event of loss. ~ Borrower shall gi~e p~ompt notice to the i~surance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance procceds shall be applied to restoration or npair of the Propeny damaged, proviekd such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically (casible or i( the security of this Mortgage would ~ be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excas. if any. paid to Borrower. If the Property is abandoned by BoFrower, or i( Borrower fails to respond to [.ender within 30 days from the date notice is maded by Lender to Borrower ~hat ~he insurance carrier oBers to settle a claim for insurance benefits, Lender _is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or reQair of the Property or to t6e sums secured by this Mortgage. Unlas Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 anJ 2 hereof or change the amount of # such installments. I[ under paragraph 18 hereot the Pro~,erty is acqu~red by LenJer, all right, title and interest of Borrower in and to any A?surance policies and in and to the proceecis thereof resul~ing from damage to the Property prior to ~h~ sale or acquisiUOn shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. _ 6. heservation aad Maintenat~ce of Property; Leasehulds; Condominiums; Planned Unit Derdopmenfs. Borrower ~ shall keep the Propertp in good repair and shall not comrvit yvaste or permit impairment or deterioration of the Property ~ and shali comply with the provisions of any lease if th~s Mor~gage is on a leaschold. lf this Mortgage is on a unit in a - ~ condominium or a Qlanned unit development, Borrower shall perform all of Borrower's obligations under the declaration ~ or covenants creat~og or govern~ng the condominium or planned unit devetupment, the by-laws and regulations of the ~ condominium or planoed unit development, and constituent documems, If a conJominium or planned unit development rider is eaecuted by Borrower and recorded ~ogether v?ith ~his Mortgage, the covenants and agreements of such rider ' ~ shall be incorporated into and shall amend and supplement the cuvenants and agreements of Ihis Mortgage as if ihe rider ~ were a part hereof. ~ ~ 7. Protection ot Leodt~'s Securfty. If Borrnwer fail~ t~~ perform the covenants and agreements contained in this ~ . . r~ Mortgage, or if any ~cUOn or proceeding is commenced which materially afTects I,ender's interest in the Properry. including, but nc~t limrted to, em~nent domam, tnu~lvency, code en(orcement, or arrangements or proceedings invoh~ing a bankrupt or deredent, then Lender a~ I.ender's opuon, upc~n notice to Borrower, ma}• make such appearances. Jishurse such sums and ~ake such action as is necessar}~ tu protect Lender's interest, including, but not limited to, disbursement of # reuonable attamey's (ees and entry up~~n Ihe Property to make repairs. If I.enJer rcyuired mortgage insurance as a - cond~Uon o( making the loan ~ecured by ~his Mortgage. Borr~~wcr shall pay the premiums reqiiireJ to maintain such : insurance in elfect until cuch time as the reyuiremem for .uch insurance terminates m accordance wilh Borrower's and ' . f . ~ 8~3~2 P~~E2251 . . : ~ ~ - - _ ~_«z~.~~~ . _ . -