The URL can be used to link to this page

Home My WebLink About2109 . - , - i~_ ~ _ r ~ M I ? ~ ~ . ~ ~ + {i `i BOrrewer and a0veasat sad ~w as to~bws: i 1. F~-s:..: ~ PtiggiMl sad Ltte~rsst. Horrowee shall prompty? pour whoa dw the peindped of sad intenat oa ttre indebtedness t wideaosd by the Nots„papalrmeat sad latecharges ew provided in the Note. sad the peiaaipal load iateewt oa say Flttun Advaaas seeru+ad { by this iKattage. 4. I+yesds for 7'ases and Iawranp, 8ubjed to applicable law or to a written waiver by Leader. Borrower shall peer to Leaden oa the deiy monthly irtetalbsNats dpetndpal andinteeest.aie payable antler the Note, until the Note is paid is lull. a sum (herein "Ptirnds'~ prtal to oae• twelRh of the year~jr takes sad aaessmeab which auy attain priority over chi. Mortgage. and ground ttiab aei the Prapertl?. itaay, phtr oae- twrdNr azyearly premism irretallmeats toe trar~rrrd insaraace. plus orre~tweUlh otyeat(y premiuat iastalLaeats [or mortgage insurartoe, itagy. all as reasoaab~y estimated initialbr-and !;cram time to time bo? Lender on the basis of aaesemeats sad biiM aqd reasonable estimates thereof The Funds shall be beW in eucr insRituttoa the depodts or aoootrnts of which are insureit or gnaraatsed by a Federal or State agenq (iadrtdirrg Iwndee if header i• sud? rra ine~titution). Erodes shall appy? the Panels to pay said tares. aaessatsats~ insnrsuoe peemiams sad gronad rests. Lander may not cbarp far. so holding and applying tM Funds, analysing said account, or wriiyring and awnpiling said assessments and br'lis, unless Leadee pays 8osrower interedon the Fends and appHcsble law permits Lsndee to make such adrarge.Borrower sad I.endar may sgrw in welting at tM time of ezecntioa of this Mortgage tbst interest ~ the fiends shall be paid to Borrower, and aaiers such agreanent le made ~ applicabM taw requires sudr interest to be paid, I,eadm a6a11 not be required to pay Borrower any interest or earnings as the fiends. Lender shall give to Borrower. withonL dsarge. an anneal aooonnting of the Panels showing credib and debits to the Funds and tbs qupose for which each debit to the fiends was made. The Fends are pledged as erdditioaai security for the sums ssc9redby this Mortgage. Ttthe amount of the fi~ held by header. together with the future monthly iastallmenta of Funds payable prior to the des dates of takes. anseseeneats. insm~aocs pe+erainms and ground rents, shall e:oaed the amount required b pay said lases. aseenmeats. iasnrance premiums and ground rents as they fall dw. such eiroess shall be, at Borrower's option, either promptly repaid to Borrower or aedlted to Borrower ~ monthly iasallmwrb d Fonds. Zt the amount of the Funds held by Lender shall not be enffideat to pay tares. assesaneats. iasnrarroe premiums and geouad seats as they fall due. Borrower shall pay b Lender say amount aeoessagi to make up the icy within 30 days from tbs date notice is mailed by Leader to Borrower requesting pe4yyment thereof Upon payment in fell a[all wens secured by this Mortgage. Leader shall promptly refund to Borrower any farads held by Lwrder. Itnndes paragaphb 18 hereof the Property is sold or the Propedy is otherwise acquired by I.errder. Lender shall a . no later than immedia t pPIY tell?1>rior to the sale of the Property oc ib aognisitioa by Lender.say Fends held by tender at the time of application as a credit against the sums secured by this ldatgage. 3. Applicatloa of Fayseata. Unless applicable law provides oWerwise, all payments received by Lender under the Note sad paragraphs 1 and Z hereof shall be applied by Leader first Lu payment of arnourrts payable to Isrrder by Borrower nodes mph 2lmranf, then to Interest peUrabk orJ the Note, tben to the principal of the Nola, and then to interest sad principal on any Future Advances. ' 4. Clearges; Liens. Borrower shall pay all fazes, assesamerrts and other charges. fines and impositions attributable to the Property which ^ray atteun a priorityover thisMortgage, and leaseholdpayments orground rents, if any,in the mannerprovided underparagrapb 2hee~eofar, if not paid in such manner. by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due ender this paragraph, and in the event Borrower shall make paJrment directly, Borrower shall proaptly fnraish to Lender seoeipta evidencing such payments. Borrower shall pranptly discharge arty 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 theobligation secured by such ties in a manner acceptable to Lender, or shall in good faith content such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Properly or any part thereof, 5. Hasard Iarlnranoe. Borrower shall keep the improvennents now existing or hereafter erected on the Property insured against lass by fin, hasards indnded within the term "extended coverage." and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided. that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the soma second by this Mortgage. , - - ;.r !i The insurance carrier providing the insurance shall be chosen by Borrower subject b approvarbyLerider provided, shat such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided nnildrp~agraph 2 hereof or. if not paid in ouch manner, by Borrower making payment, when due, directly to the insurance carrier.. All insurance policies and renewals Wereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favorof and is form acceptable to Lender. Lender sha116ave the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to ;.ender all renewal notices and ap receipts of paid premiums. In the event of lose, Borrower shall give prompt notice to the insurance carrier and Deader. Lender may make proof of toes if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to rcetoration 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 err 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 if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers 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 repair of the Property or We sums secured by this Mortgage. Unless Leader and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend err postpone the doe date of the monthly installments referred to in paragraphs t and 2 hereof or change the amount of each inetallmenta. If under paragraph 18 hereof the Property in acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Coadomiaama; Planned Unit Developments. Borrower shall keep ~ the Property in good repair and shall not commit wa8te or permit impairment or deterioration of the Property and shall comply wiW the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a oondomininm or a planned Wait development, Borrower shall perform all of Borrower s obligations under the dectsration or covenants creatingor governing the oorrdomininm or planned unit development, the by-laws and regulatlens of the condominium or planned unit development, and oonditnent docnmeata. Lf a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and agnwrents of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as ifthe rider were a pad hereof. Z Protedton of Leader's Security. U Borrower fail to perform the covenants and agremnents contained in this Mortgage, at ii arty action or proceeding is oommenoed which materially affects Lender's interest in We Property. induding, but not limited to. emiaeat domain. insolvency, code eafoe+aemenk or arrangements or proceedings ir?votving a bankrupt or deoederut, then Lender st I.eader'~ optioaupon notice to Borrows may make such appearaaoes, disburse such scans and take such action as is necessary to protect Leaden interest. inducting, but not limited to, disbursement of reasonable attorney's fees and antsy upon the Property to mate repairs. If Lender repaired mortgage insurances as a condition of making the loan secured by this Mortgage. Borrows shall pay the premiums required to maintain . such insarance in effect until such time as the regnireaoent for such insurance terminates in e?ecardance with Borrower's and Leader's written agreement or applicable Law. Borrower shall pay the amount of at1 mortgage inwrance premiums in the manner provided under paragraph 2 hereof. Any amounts disbursed by Lender persuant to this paragraph with interest thereon, shall become additmnal indebtedness of Borrower secured by this Mortgage. Ualea Borrower and Lender agree to other twins of payment. sadr amounts shall be payable upon notice from Leader to Borrower requiting payment thereof; and.shall beau interest from the date of disbarsemeat at the rate payable from time b time aer oubtanding principal under the Note unlea payment of interest. at sack rate would be contrary to applicable law, in which event such amounts shall bear interest st the iughest rate pe:,nisenble ands applicable law. Nothing ooataiaed in this paragraph shall require Lender to incur any expense or take any actiar hereunder. ' n aoac~ t~~.~ ~