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Home My WebLink About0197 _-.y,c. „ - ~ J y ~ ~ Utrawrtw Cbviwru.~s. lorrower and Lsaier oov~eaant and agree a fellow:: • 1? lgataM off Ttidtal M >belsrest. borrower shall promply pay when due the ptnadpal of sad ialttrlet oa itts iadebledwas evidewoed by tba Note. prepayment toil lstt charges as provided in the Note, sad the pthtcepel of sad interest ea awl ? •rdtns Advances tiocttrsd by then Mortge,/a ~ ar ~ .ate 1<.~r.w~ sltbject to applicable law .x to . written weever br ceder. Son+o~rrer shsp PaY b Lettdet on the day tttonthty iostallrrtents of principal attd intercM arc. payable Bader the Note. uaW the Note it paid in full, s swell (herein "Fttrds'~ equal to oa>9-twetftlt of tha yearl~• taxcc and atsmsatatts which may attain priority over this Mortgage, aril grottrtd trrats as ttte property, it any. plus one-tv~•tltth M yearl~~ pretuttmt iMtalbaents [or ht~sard ittsutattoe. _ pbte ace-ta?,lfth of yearly premium iastaUmeats for mart~e ir>:ursnce. if sat. aN as reasor.:biy e:Umated initially sad fr~cnt Bata to bans by Lewder oa the basis of assassmenii aril hills and ressonabk estimates thereof. - 1be bltads attall be held is as institution the deposes or axotrnts of which aro inwred tx gusrattteod by a Federd otr tdaee agptcy liacleding l~ertder if Lender is such an institution). l.ertder shill aplOly the Funds m pay said taxes. atwasrrtents. . iawrawoa prerrritum and grourM r~att:. Lender may not eharge for sn holding and applying the Funds. analyseng said accotatt. or verefying~ad compiling wed assesstetertfs and bills. unless Leader pays Borro_ ewer iMet+est oa ibe Pltnds and applicable law permits Lender to make such a charm. Borrower- and Lender Wray sjroa is writing at the time of execw.ian ~ this Mortgage that iatt~at oa the Pupils shall be paid to Borrower. and _tatkss such agreerrteat is made a apptigbk law requires tntclt interest to be paid, Leader shall not be required to ply Burrower any eaterest of earnings oa tits Fueti. Larder shsq give to Borrower. without Charge. an annual aooouating o[ the r~uttds showing credits and duets to the Funds and tlx purpose for which eseb debit to the Funds was msde. The Ponds are pledged as additional security Eor the sums secured by this Mortpya. N the arrauat of tots Funds held by Leader, together with the future monthly installments of Funds payable prior to . the due data ~ taxes, ataasmeaa, iatrsranoe premiums and =round teats. shall exoeeo~ rite sntount required to pay said taxes. aaaaaenb, iasuraoog premiums and gt+ound rants as -they fall due. such exams shall biti at Borrower's option. either - promptly t~epaid to Borrower ar credited to Borrower oa monthly installments oft Funds. If the atttotatt of the Fuadt held by Lewdar-s6all not be std&ieot to pay taxes. asst:ssrrtatts. irtsttrance premiums and ground taus as they fall due. - Boem~arer tdsap pay to Lender say smottat necessary to make up the deficiency within 30 day: from Nr. date notice is mailed bit header to Borrower~tre:tiag payment thereof. - Upon payeneot is full of all arms secured by this Mortgage. Lender shsp promptly rcfurd to Borrower any Funt4 - - hdd by L.cader. If u~ mph 18 hereof the Property is wld or the Property a otherwise acquired by Lender. Lender shall apPIY~ ao later than immediately prior to the sale of the Property o< its t?oquesition by Leader. nay Funds held by Iwader at the time of appticstiow m a coedit agttaASt the sums secured by this Mortgage. - 3. Appiicatiair d Unless applic-abk law provides otherwise, ail payments received by Lender under the ~ - Note and pan~graphs 1 sad 2 beroof shsU be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Note, and then to interest and principal oa any. Future Actvanoes. 4. Crargefi hews. Borrower shall pay all taxes, assessments.and other charges. fines and impositions attributable- to . the Prrsperty which may attain s priority over this Mortgage. and leasehold F aymeats or ground rents. if any, in the manner provided wader paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, whsa clue, ditbctly to the payse thereof. Borrower shall promptly furnish to Lender sli notices of amounts due under this paragraph, and is the event Borrower shall make paytaent directly, Borrower shall promptly furnish to Lender recdpts evidsaciag such payments. Borrower shall promptly discharge any lien which hat priority aver this Mortgage: provided. that Borrower shall not be - t+equired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such liar is a manner aaaptabk to Larder. or shall in good faith contest such lien by, or defend epforcancnt of such ilea in, 1~[ p~eiedi~ vrlrich nperste to prevent the enforcement of the.iien Or forfeiture Of the Property or any part thereof. S. Basest! iwsttestwt.~e. Borrover shall keep the improvements now exiuina or hereafter erected on the Property insured agaimt loss by fire, hazards included within the term "extended coverage".-sad such other hazards u Lender may require - sad in such amounts and for such periods ss Lender may require; provedod, that Lender shall trot require that the amount of - such coverage excced that amount of coverage required to pav the sums secured by this Mortgage: The irourance carrier providing the inwranoe shall be chosen by Borrower subject to approval by Lender. provided, ~ that such approval shall not be uareasonabiy withheld. All premiums on insurance policies shill 64 laid in the manner ~ provided under paragraph ~ hereof or; if not paid in such manner, by Borrower making payment, when due, directly to the iasuraooe carrier. All iuwrance policies and renewals thereof shall be in form acoeptabk to Lender and shall include a standard mortgage clause in favor of aid in form acoeptabk to Leader. Corder shall have She right to hold the pdicia and renewals thereof, aai Borrower shall promptly furnish to Lender all rene•.val notices and all receipts of paid prcmiuns_ in the event of bas. . Borrower shall give prompt !Mtiae to the irtstx: ante carrier and Lender. Lender may make proof of bas if not made promptly by Borrower. Unless Lender sad Borrower otherwise agree to writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this- Mortgage is - rtot thereby impaired. if such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired the insurance proceeds shall be applied to the sums secured by this Mor*$age, with the excess. if any, paid to Borrower. If the Property a abandoned by Borrower, or if Borrower fails to respond to Leader within 3Q days from the date notice is mailed by Lender to Borrower chat the insurance carrier offers to settle a claim for insur~ace benefits, Lender is authorized to collect and apply the insurance proottds at Lender's option eitixr to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agrce in writing, any such application of proceeds to principal shall not extend ' o: postpone the due date of the monthly installments referred to. in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Proferty is acquired by Lender,.all right, title and interest of Borrower in and to any Iosuranse policies sad in ar-di to the proceeds thereof resulting from damage to the Property prior to tlt~; sale or acquisition shall pass to Lender to the extent of the wms secured by this Mortgage immediately prior to -such sale or ti, lrsservs:tiow sad 1Nauteoaece of Property; [.esweholdq Condgmiaiums; Pliuaed Uwit iUevdopmeatr. Borrower - shap keep the Proptrty in good rcpae: and shall not comNit yrastc or permit impairment or detariaration of the Property and shall comply with the prorisioas of any kaae if this Mortgage is on a kasehvld. If this Mortgage is on a unit in a condominium or a piaruxd unit development. Borrower shall-perform all of Borrower's obligations unfit the declaration or covenants creating or governing the condominium or planned unit development. the by-laws-and regulations of the condominium or planned unit development, xnd constituent documents. if a condominium or planned unit dew_bpment rider is executed by Borrower and iesorded together with this Mortgage, the covet?ants aril agreements of such rider shall be incorporated iota and shall au~;.nd and st!pplemtnt the covenants and agreements of this Mortgage as if the rider - were a part hereof. - - - - 7. Pratectiaw of I.ewder's Sectadty. If Borrower fails to perform the covenants and agrcements contained in this Morigag:, or if any action or proceeding is commencfd which materially affects Lender's interest in ine Property. including, but not limited to, eminent domain. insolvency, code enforcement, or arrangements or ptvcced:ngs involving a bankrupt or decedent, then Lendu at t_ende:'s option, upon notice to &,nower, may -make such appearances, disburse such sums and take such action as is rtece,sary to Rrotect Lender'i interest, including, but iwt limited to, disbursement of reasonable attonuy'c tees and entry upon the Propery to make repairs. .f Lender required mortgage insurance as a condition of malting the loan secured by this Mortgage. Borrower shall pay the premiums requiredf to maintain such imurance in effect until such time as the requirement for such insurance terminates in accordance with Harrower s and - ~ s ~ - - . - ~ s~3~4 Pay x.96