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Home My WebLink About2203 - - 1 uwtroast oovartwMS. llerrowar and Ltsarder oownaat and a~ a: fdtow:: . >t. )!lgllasN et l<daelpel 1ttM 1~eeeel. Borrower shall praaptly pay what dos tbs principal of and interest oa pre iadebledtress sviderrosd by the Note. prepayment and Isle charges ss provided in the Nato, sad the priecipal of and iateeat Qa any Frtarre Advances secured by this Mortgage. - - 1!<ttads !ee tlsarse asttl Isateaata Stitbjat to applicable law ax to•a wrritttn waiver by Larder. Hamsrar shall pay m Loader on the day monthly imtslhaents d principal and interest arrppyaUk undo the Note. uatd the Note is paid is tuN. a sewn praria "Frrnds'7 equal to otratwetfth d the- yearly tax~x and a:sessniarts which easy attain priority over this Iriottgsge, and ground tenor on the Ptopaty, if say, plus aK-tweltib d yauty- praniurn ~aNr~ts for barar~d itauraaoe. plus otrt`iwelfth of yearly praaium iostallmarts for mortgage instrtatree, if say, all as reasonabn? estimated initially and f`oaa limo to titres by geodes oa the basis of assessments std hills and reawnabk estitnata thta+eof. The Plrtrd::ball be held is sa institution the deposits or accouters d which are iustrrod or gutrraateed by a Federal at slats agaery (itrchding 4ender it Leader is such an institution).- 1_ender :ball apply the Funds to pay said taus, assessmaNa, _ iaperanoe pr+aaiutns std ground rears. Lender may not chsrge for so holding and apptyiag•ths Funds, anslyzitrg said aooornrt. - or vtsrityireg.aad t~ottepiliag said assessments and bills. unless Laden pays Borrower iNerat oa the Funds sad applicable law pertaitt< Leader to make such a. charse. Borrower and Lender may agree in writiteg at the time of execution of this MortBaBe that iaterop on the Fweds :ball be paid to 8orrawer, and utekss such agreaeraet is made or apptiabk law requires sudr interest b be paid. Lender shall not be required to pay Borrower any interest or auaiags on des Fwd:. Larder :Safi give to Borrower. without charge, an annual aocouretisg of the Funds slto+ving credits and debits to the Funds sad dte purpose for which lade dtaii to trees Femds was trrsde. 1'he Funds are pledged st additional stxaerity for the sums aecurod by lbw Mortgage. - . If tbs amoemt of the Funds 6dd by Larder. together with the futures monthly itrstalltneats of Funds payable prior to the dots dates of taues<, assessrteeats. itetarrance pmniums and ground carts. shag exceed the amount required to pay said taxes. wesseseats. issureoes Premiums std gt+oettd rests as they fall due. such excess shall be, at Borrower's option. either promptly repaid to Borrower a credited to Borrower oa monthly installmcdrts of Funds. If the amoemt d the Funds herd by Ltmder-stiaD not be suicisM to pay -taxes. sssesstaaets. iawranoe praniums and ground rents ss they fall due, Borrower shall py to Larder say:mount necessary to make up the ddciarcy within 30-days from the dale notice is mailed by Leader to Borrower rettuatiag pajrnrent thered. - Upon psymtaet io full of sfi sums secured by this Mortgage. Lends sbafi pranptly refund to Borrower any Funds Geld by Lender. If under paragraph l8 hereof the Property is sold or the Property a otherwise acquired by Lender. Larder shall apply, ao later than immediatdy prior to the sale of the Property or its aogetisition by Len_ der. any Funds held by Lender at the time of appliatioa as a credit sgaiost the sums secured .by this- Mortgage. - - - 3. Ap~ifcadaa et Ptp>•ettb. Unless applicable law provides otherwise: all payments received by Lender under the Note and paragraphs I and 2 hereof shall be applied by Leader fist in payment of amounts payable to Lender by Borrower - under paragraph 2 hereof. this to interest payable on the Note, then to the printpal of the Note, std then to interest and pciiuapsl on any Futons Advances. - - - 4. Cbtrse~ Liters. Borrower shall pay all taxes. assessments and other charges, fines and impositions attributable to the Property which rosy attain a priority over this Mortgage. and leasehold paytents or ground rents. if any. is the msaoer pnavilled under paragaapi. 2 hereof or, if nor paid in such manner, by Borrower making payment. when due. directly-to-the payee: thereof. Borrows shall promptly furnish to Lender all notices of amounts due under this paragraph. and is the: avant Borrower shall make payarent directly. Borrower shalt promptly furnish to Lender receipts evidencing such payments. Borrower shaft promptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment'of the obligation secured bry? such lien in a manner scoeptabk to Lender, or shall in good faith contest such lien by, or defend enforcanent of such lies in, legal proceedings wleich operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Htuari Iswrasce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured . sgait>:t loss by fire.. hazards included within the term "extended rnverage", and such other hazards ss Leader may require sad in such amounts and for such periods ss Lender may require; provided, that lender shall not require that .the amount d web coverage exceed that amount of coverage required to pay the sums secured Eby this Mortgage: - - -The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Larger, provided, that such approval shall cwt be unreasonably withheld. All premiums on insurance pdicies shall be paid in-the meaner provided under paragraph 2 hereof or. if not paid in such manner. by Borrower makin8 PaY~L due. directly to the iasuraaee came.. . All inwranot policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Larder. Leader shall have the right to hold the pdicies and renewak thereof. and Borrower shall promptly furnish to Leader all renewal notices and all receipts d paid prdaiums. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. lender may make proof of bas if not grade promptly by Borrower. - - - Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair d the property damaged, provided such restoration or repair is economically feasible and the sxurity of this Mortgage is not thereby impaired. If wch 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 Mortgage, with the excess, if any. paid to Borrower. If the Property is abandoned by Borrower, or it Borrower fails to respond to Lender within 30 days from tree date aeries is mailed by Lender to Borrower that the insurancx carrier offers to settle a claim for itewrateoe besefiu, Lender is autlwrized to collect and apply the irssr•rance proceeds at Lenders option either to restoration or repair of the Property _ or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of-proceeds to principal shall not extend - or oosfpone the due date of the monthly erstrllments referred to in paragraphs. l and 2 hereof or change the amount of such installments. If under paragraph l8 hereof the Property is acquired by lender, all right, title and interest of Borrower in and to any insurance pdicies and in and to the proceeds thereof- rewlting from damage to the Froperty prior to the sale or acquisition shall pass to Lender to the extent of the wms secured by this Mortgage immediately prior to wch sale or - f. lh+aervsetioa and Mrusteoasee of Property; I.essebr,ads, Conttomiaiot~ Pbwaed Unit 1DsvdoNetus. Borrower shall keep the Property in good repair and shall not comrgit yvaste or permit impairment or deterioration of the Property sad shall comply- with the provisions of any kale it this Mortgage is on a leasehold. If this Mortgage is on a. unit in a condominium or a planned ur.:t development; Borrower shall perform all of Borrowers obligations under the declaration or covenants creating or governing the-condominium or planned unit development, the by-laws and regulations of the : condominium or plantrod unit development, and constituent documents. I[ a condominium or planned unit devebpment rider is executed 5Y Borrower and ra.-orded together with this Mortgage. the covenants and agreements of wch rider shall bt inwrporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. 7. Protsctiou of Leader's Security. If Borrower fails to perform the covenants and agreements contained in this 3 Mortgage, or if any action or proceeding is commenced which materially affects Lenders interest in the Property. - including.-but not limited to, eminent domain, insolvency. code enforcement, or arrangements or proceedings involving a bankrupt or decedent. then Lender at Leader's option, upon notice to Borrower, may make wch appearances, disburse such sums and take such action as is necessary to protect Lenders interest, including. but not limited to, disbursement of reasonable attorney's feu and retry upon the Properly to mate repairs. It Lender required mortgage inwranoe as a condition of making the ban securul by this Mortgage. Borrower shall pay the premiums required to .maintain such itsurance in effect until wch time as the requirc~eeent,-for such -insurance termenatu in accordance with Borrowers and 80 K~~ P~GE~W -