The URL can be used to link to this page

Home My WebLink About1486 Ut+tt*ottw Oovstswt~rra, liotr~ower sad Leader covenant and agroe ss follows: 1. l~q'aNM W lrlrtelwl aM Wesaal. Borrower shall proraptty Pay wham due the prtnctpal of sad interest on the iudsbtedtress evisleaobd bI? tbs Note, prepayttreat and late charges as provided in ihs Note. and the principal of and interest tm any Future Advatxa second by toes Mortgage. g. >Etsntls for 'hsss tttttl Yaweaxe. Sltbject to applicable law or to a written waiver by Leader. Boaower :hap pay tD Lender on the day monthly irtstslltaears of principal and interest are payable under the Note, anti! the Note is Paid in lull. - a autn (bet~eia "Funds' egwl to otw-twelfth of the yearly taxes and asseamait: which tray atta?ia priority over this . Mott age, std gerund renu oa the Property. is any. plus oae•twelfth of yta.-ly premium irwatltaertts for ltazacd insuratce, . plus ooatweltth of yearly premitun installments for mortgage insttrartoe, it stty. all as reasonably estimated initially and teen sites to time by Leader oa tots basis of assessnten;x and bills and reasonable tsstimatss thereof. 1Le Foods shalt be held in at institution the deposits or accounts of which era insured or guaranteed by a Federal or estate agency (iaclttding I;etder if Lender is suclt an institution). Lender stall apply the Funds to pay said taxes, assesstt>arts, iawraaoe premiums and ground rents. Lender may not charge for so holding and applying the Funds, anaiy:ing said account, or verifying and compeliag said assessment: and bills, unless Leader pays Sorro~rer interest oa the Funds and applicable law pet~rrtits Leader to make sttch a charge. Ba-rower and [,ender may agree in writing at the time of execution of this Mortgage that interest on the Fund: shall be paid to Borrower. and unless such agreement ~ made or appliable law roquites such interest to be paid. Lender s1raU not be required to pay Borrower any interest or earnings oa the Feuds. Lender aba11 give to Borrower, without charge. as annual stxounting of the Funds showing crediu and debits to tln Futds and the . pupon for which each debit to the-Food: was made. The Funds are pledged as additional security for Ylte sutras secured by this MortialR• - - . If the atnatrrtt of the Funds held by Lender, together with the future monthly insWlmenes of Funds payable prior to too due dater of taxes. assessments, insurance premiums and ground rents, shall exceed the attwtmt r+aquired to pay said taxes, stse»ments, iasutaaoe premiums and geauad rents as the fall due. such excess shall be, at Borrower s Y option. either P~PdY ~ w ~ro~ or credited to Borrower oa monthly installaents of Funds. If the amount of .the. Funds bald by Leader shall not be su!$cicot to pay taxes, assessments, iasu*artce premiums and ground rents a>s they f:il due. - - ~ . BorrowershaU pay to Larder any arrtouat necessary to make up the deficiency within 30 days from the date notice a mailed by? header to Borrower requesting payment thereof. ~P~ l~Y~ is full of all sutna secured by-this Mortgage. lender ;hall promptly refund to Borrower any Funds heW by Leader. If under paragraph 18 hereof the Property is sold or the Property is otherwise aoquir+td by Lender, Lender shall apply, no later than ia::aeaiately prior to the sale of the Property or its acquisition by Lender, say Funds held by Leader at the time of application as a credit against the sums secured by this Mortgage. 3. ApliieaNoa et layrea/s. Unless applicable law provides otherwise. all payments received by Lender. under the Note aryl paragraphs l and 2 baeof shall be applied by Lender first in payment of amounts payable to Lender by Ba;ower under paragraph 2 hereof, then to interest payable on the Note. then to the principal of the Note. and then to interest and - priacip~al on any Future Advaooes. _ 4. Crarges; Liens, Borrower shall pay all taxes, assessments and other.i:harges, fines and impos:~tnms attributabk_to - - the Property which rosy attain a priorky over this Mortgage, and lasehold payments or ground rents, if any, is the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower makin8 paymatt. what due. directly tti the payee thereof. Borrower shall promptty furnish to Lender all notices of amounts due under this paragraph, and in the event - Borrower shall make payment directly. Borrower shall P*~PUY famish to Linder receipts evidtnciag such payments. Borrower shall promptly discharges any lies -which hsc priority over this Mortgsge; provided, that Borrower shall not bt: required to discha--~ ady such lief: so brag~a= Borrower shall agree in writing to the payment of the obligation secured by such lien in a ma:.ner aooeptabk to Leader. or shall in good faith contest such lien by, or defend enforcement of such liar in, legal Proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or say part thereof. S. Hasari Iwsaaee. Borrower shall keep the improvements now existing or hereafter erected oa the Property insured against loss by hazards hrctuded within tot: term "extended t:average", and such otha• hazards as Lender may require and in such amounts and for such periods as Leader may require: provided. that Leader shall not require that t_he amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. _ 'Ibe iaatraax carrier providing the iasuraaee shall be chosen by Borrower arbject to approval by Lender. provided, . shat such approval shall not be unreasonably withheld. All premiums oa io:trranee policies shall be paid in the manner provided under paragraph 2 hereof or. if not paid is such manner, by Borrower making payment, what due. directly to the insurance carrier. ~ - - - _ Ap iraurantx pdicies and renewals thereof shall be in form aceeptabk to Lender and shall include a standard mortgage j clause in favor of and is form actxptabk to Leader. Lender shall have the right to hold-the policies and renewals thereof, _ sad Borrower shall promptly ftJnab to Leader all renewal notices and al{ receipts of paid premiums. In the event of bas. - Borrower shall give prcxttpt notice to the. insurance carrier and Lender. Lander may make proof of bss if not made promPUY by Borrower. - - - - Unless Leader and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damage, provided such xestotatioa or repair is economically feasible and the security of this Mortgage- is I not thereby impaired. If such restoration or repair a not economically feasible or if the sxurity of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with tot: exotss. if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Leader within 30 days from the date notice is mailed by Leader to Borrower that the iasunuco carrier offers to settle a claim for insuranee benefits, Fender is authorized to collect and apply the insurance proceeds at Le.-der's option either to reswration or repair of the Property or to the sums secured by this Mortgage. Unless Lsnder sad 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 and 2 hereof or change the amount of . such installments. If under paragraph ! 8 hereof the Property is acquired by Leader, all right, -title sad interest of Borrower -in and to any instuatxx policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition- shall pass to Lender to the extent of the sutra sectuat by this Mortgage immediately prior to such sale or acquisition: - ' ~ lreserratba east [KaiNeaassoe of Property; Leaselsoids; Condoarlairrr~ Phrraed Udt It)evdeprents. Borrower - shall keep the Property in good repair sad a.~ill not commit waste or permit impairmaot or deterioration of the Property sad shall.oomply with the provisions of any,kase if this Mc*rtgagt is on a leasehold. If this Mortgage is on a unit in a coadominivm or a phur~d unit development, Borrower Jtall perform all of Borrower's obligations under the declaration ~ or coveaartts creatiaa or governing the condominium or planned unit deve_ topment, the by-laws -and regulations of the . ~ condominium or planned unit development, and 'constituent documents. If a condominitan of planned unit development _ rider is executed by Borrower and recorded :ogether with this Mortgage. the covenants and agreements of such rider shall be incorporated into and shat atnerd and supplement the covenants and ageemeatie of this Mortgage as if the rider ` were a part hereof. _ - . 7. lrotecflo~ of Leaflets Scetrtiry. If Harrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest is the Property, including, but not limited to, eminent domain, insolvency. code enforcwnent, or arrangements or proceeduygs involving .a bankrupt or decedent, then Lender at Leader'. option, upon notice to Borrower, may make such appearanoa, disburse such sums sad take such action as is aocesury to protect bender's interest. including, but not limited to, disbursement of reasonable attorney's foes and entry upon the Property tC make repairs. If Lender required mortgage iawrsnce as a condition of making the ban secwed by this Mortgage, Borrower shall pay the premiurro required to: maintain such iasuraooe in eSect until such time as the requirement for such insurance termitu?tes in accordance with- Borrower's and - X324 P,~~.~84 4