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Home My WebLink About1632 t.:i ; = } - i.... - _ Borrowee sad Lsrrdsr ooverrant and agrw as tolbwa: 2. P•ty~rtt of Prlaelpal sd Rata l~+~nroeree shall pernptil? Par when dw td Prindoal of ae?d interest as the indbtedn~ eriderlcsd by the Note, prepayment and lateeharges as providd is the Note, sad tbspriaciped ofsad iatarastoaa~ty Fhturs Advances secwnd - by thin Yaet~a`a. Z. !br Tasaa aid Inatrasoer, tlie6ysct to applicable law or b a written waiver by Lender, Borrower shall pay to Leader oa the day monthly inttal4m•ab of priacaPul and intes+aat era psyabM wider the Note, uutil the Note is paid in full. a sum (herein "Funda'h equal to one- , twdRh of the yearly rasa sad assessments which may attain priority over Chia Moetgage, sad groamd rents oe~ the Property. ifagy, Phu one. twelAh of yaaely premium instalbmenta for hassrd insanuroe, plus oaatwellth ofyearRy premium iaatallmeats Ice aroetgageiruuranee, if aqy. all as nasoaab>`y estimated initially sad firers time to time bD? Leader on the basis of assermrenta sad biu. and reaaoaable estimates thsreoi 'Ills F1~nds shall be held in sn iastitatioa the dgwsita or aoooaats of which errs iruured or guaranteed by a Federal or t3itate agency (iadnding Leder if Lsadse is such an iaoa~. bender shall apply the 1?~nda to pay said tares„ aaesamaats. iasnranee pemainms es~d g[oand rents. Landes myr sot ~ fee so hokliag sad aPpjjriag ttre Pbnds. ana(yziag said aceouat, os vari~ying and eompiting acid assesemsnts sad bills„ caters Iwode:pays Harrower interaston the Ftimds sad applicable law permits I~er~dac to mob such a dtiuge. Borrower sad Leader meUr sgrw be wdtiog at the lima of execution of this Mortgage that interest oa the Ptimds shall be paid to Borrower. ad unless such agraonent k made a< appliabla law requires sock interest to be paid; Lander shall sot be required to pry Borrower any interest os eamiags oa the Fbads. Leader shall give to Borrower, without dtiarge, as anaaal aeoouating of the Farads showing credits saddebits tothe - Fuads and the porpoea tot which each debit to the F~rnds was made. The Flrnds errs pledged as additional security for the sums secured by this Mortgage. V the amount of the F1u~ds held by Lender. together wild the futnrc monthly iastatlmarts of F'uads payable prior W the duedates of rases„ assesssaeats, inset sacs premiums and geeuad rents, shall erased the amount required to pay said lases. aasessm,eata, inwraaae preminau - andground trots as they fall dive, such erases shall be, at Borrowe~a option, either promptly repaid to Borrower or credited to Borrower on monthly insWlment+s of Ftirads. Tf the amount of the Fhads held by Lender shall not be sn~dent to WY aaaameats, insurance - Premiume and ground teats a• they fall dun. Borrower shall pay to Leader say amount necessary to make rep the Cy within 30 days from the date rwlice is mailed by Lender b Borrower requesting payma?t thereof Ups payment is fell of all wets secreted by this MortttaRe. Leader shall pcamptly nfnnd to Borrower say funds held by Landes. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by ~~er amply, no filer than immediately prior ~ - tothe sale attheProperty err its acquisition by Lender, aaY I~rnds h41d by Lender at the tteiieb ap licc~~~ion a. a credit against theaunu secured by this Alartgage. 3l:! ~ ~+'8 3. Application of Payments. Unless applicable law provides otherwise. sU, paypna4t. rseeived by Y;eade: under the Note and paragraphs 1 sad Z hereof shall be applied by Leads fast is payment otamonnts payab, a to Ltpdgr: by Borrower under paragraph 2 hereof. rhea to intered ps~yable on the Note, then to the principal of the Note, and then to interest gird Principal ca spy Ftiture Advances. 4. Charges; Llena. Borrower shall pay all tares, assessments and other charges, fines and impositions attribntabk b the Property which may attain a priority ova this Mortgage. and leasehold payments or ground rents, itany. in the manner provided ender paragraph 2 hereof or. ti if not paid in each manner, by Borrower making payment, when due, directly to the payee thereof BorrowashaU promptly furnish to bender all notioseof amounts due render this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furr~ah to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that _ Borrower shall not be required to discharge any such Gen so long as Borrower shall agree in writing to the payment of theobligation secured by such lien in a manner aoaptabte to Lender. or shall in good faith content such lien by, ordefend enforeementofsuch lien in, legal proceedings whidti operate to prevent We enforcement o! the lien or forfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrower shall keep the improvements now esiating or hereafter erected on the Property iasnred against lass by " fire, hazards induded within the reran "eztended coverage," and such other hazards as Lender may require and in such amounts and forsuch periods as Lender may require; provided. that Lender shall not require that the amount of such coverage ezceed that amount of coverage required to pay the sums secnsed by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unresnonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manna, by Borrower making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form sooeptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to i.ends all renewal notices and all recxipta of paid premiums.ln the event of lass, Borrower shall give prompt notice to the insurance carries and Lender. Lender may make proof of loss if not made promptly by Borrows. - Unlea Lends and Borrows otherwise agree in 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 not 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 secreted by this Mortgage. with the excess. if anY. Paid to Borrows. If the Property is abandoned by Borrows, or if Borrows fails to respond to Lends within 30 days from the date notice is mailed by Lends to Borrows that the insurance cams ogers to settle a claim for inauraaoe benefits, Lends is authorized to collets and apply the insurance proceeds at Lender's aptioa either to restoration or repair of the Property or the sums secured by this Mortgage. Unless Lends and Borrows othswise agree in writing, any such application of proceeds to principal shall not eztend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of arch installments. If ands paragraph 18 hereof the Property is aognired by Lends, all right, title and interest of Borrower in and to any inaurancx policies end is and to the proceeds thereof resetting from damage to Property prior to the sale or acquisition shall peas to Lender to the extent of the soma secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservation surd >Ifaintenance of Property; Leaseholds; Condomiaums; Planned Unit Developments. Borrows shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned snit development, Borrows shall perform all of Borrower's obligatiana ands the declaration or covenants creatingor governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rids is executed by Borrows and recorded togeths with this Mortgage. the covenants and agreements of Hoch ride shall be incorporated into and shall amend and supplement the covenants end agreements of this Mortgage as if the rider were a pert hereof. 7. Protection of Lender's Becnrity. U Borrows faits to perform the covenants and agreements contained is this Mortgage, or if any aMion or proceeding is commeaoad whidy materially affects Leeds's interest is the Property, indcding, bat not limited to, eminent domain, insolvency. code eaforameat, os smngemeats or pr~ooeedings involving a bankrupt or decedent. than Lender at Leader's optionnpon notice b Borrows may mob ands appearances, disburse such sums and take such action as is neoasary fro protect Lender's iatereet, induding, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to mob repsin. Tt bender sequird mortgage iwursaee ere a eonditioa of making the loan aecared by this Mortgage. Borrower shall pay the premiums required to maintain sndy insurance in effect until such time au We requirement for such insurance tsminates in aooordenee with Borrower's and Lender's written agreement err applicable Law. Borrower shall pay the amount of all mortgage insurance preminnu in the manner provided under paragraph 2 hereof. Any amonab dubnned by Lends prrsuant to this Paragraph 7. with interest thseon, shall become additional indebtedness of Borrows secured by this Mortgage. Unless Borrows and Leads agree to oths tams of Payment, such amounts shall be pr~yabk upon notice from Lender to Borrows requesting payment thereof, and shalt bear interest from the date of dutbnrsemeat at the rate payable from time to time on outstanding principal under the Note nnleea payment of interest at such rate would be contrary to applicable law, is which event such amounts shall bear interest at the highest rate permissible ands applicable law. Nothing contained in this paragraph 7, shall require Lends to incur any espease or take any action hereunds. - _ ~ BOOKtII~ P~GE1~6 n _