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Home My WebLink About2674 r- ~t t~ Zt^~ t• i • v. ~ 1 j Boerowe: sad Leader oovwtant aced agtw as fdbws: ' 1. PaytraAt of PelwoiNl acted Ltstrast. Beerowar shall prosptgr pay whoa dw the principal d and intereest on the indabadner wid«rad by the Noce, pnpairnwatand hiadtargw u provided in the Noce. and tbs peiaeipal dead iatenstaa agir Plums Advances secured t . by this Moel~aga. , 4. Ftitada lrar'I'w:es ss~d Iawr~soe. Subject b applicabls law a b a weitan waiver by Lender, Borrower shall pay b Leader on tM dtU? monthU? iastal4~ta dprirrcipal and inland errs payable under the Noce. anti) tM Noce i. paid is fall. a sam (hareia "Phrds'~ agaal b eras twetttb a~tths ysariy lases aced u.asmeaa wbkh may attain priority over this Modgag~. and growud recta on the PeopM,lr. itaay, phr oua• trralAh of yearly premiam insgJhwna for hasard insarance, idu on?twdith ofyearly pnmiam inatallmeaa for mortgage insarartos, itagp. al r rsasonaWy estimated iaitialllr and fiom time b lima by Leader on the basis of arsasenena aced biW and nasorabls astimaas thanot Ths Ponds ahaU be hdd in ao institution tM deposia or aoooaaa of which are iasared err guaranted by a F~edseal ~ Mats agency (indading Leader it Lander i+s sudt sa institatloaJ. Lander shall apply the Fluids b pay said rues. assesamua. inanraaa premiams and sroand rants. Lender may not eitargs far eo holding and applying the F1~nds. analysing said account, or veritying and oompiliog said aasesmena and olio. unity Leader pays Boerowat interest oa the Fonds sad applicr?bls law permia Lader b make sodt a charge. Baerowar ~ and Lender msur agues is wriWig at the time d suscation of lhir Mortgage that intrrest oa the Fonds shall bs paid b Bosrowar. and anises :ach sgr+esmsot is made or applicable law requires such interest b be paid, Leader shall not bs negaired b pay Borrower say interred a earnings on tM Ponds. Iwoder shall giw b Borrower, without charge. an aannal aooonnting of the Finds showing credia and debia b the Fonds a~ the purpose for which each debit b the Fonds wu made. The Fhnde era pledged u additions).ecarity for tbeaams secarad by this Morigag~s. If the amount of the Ponds held by Cruder, together with the future monthly iruteilmena of Fonda payable prior b the due ddss ofta:as, assesameaa, insurance premiums and groand rena, shall a:oaed the amount required to pay said taza, assessmena, insurance pr~emipm~ _ and ground rasa u they fill dw, sach ezoess shall be, at Borrower's option, eiWer promptly repaid b Borrower or credited b Borrower ~ monthly iwailmena d Ponds. Tf the amount d the Fonds held by Lender ahali not be snt8aent b pay tsxes, apeesansaa. inaaranos premienae and groaad rena u they fall due, Borrower shall pay b Lapda any~iuaonnt neoeaary b make rep the delicieacy within 30 days from the date rwtios ie muted by Lender b Borrower requesting pe~yment thereof. { Upon paynrsnt in idii datl arms sxared by this Mortgage. Lender shall promptly refund b Borrower any funds odd by Lender. ffundec paragraph 18 hereof the Property it sold or the Property is otherwise aognind by La?der, Leader shall apply, ao Oar than immediaaly peiot ' to the cede dthe Peopaty orisaognieition by Lender, any Fonds heldby Leaderatthe timeof application u acredit against the sums secured by Ibis Meetgage. 3 Application of PaUasents. Unless applicable law provides othwwise, all prymena received by Lender under the Noa and paragraphs 1 and 2 hereof shall be applied by Lender foal in payment of amoana payable b Lender by Borrows: under paragraph 2 hereof, than b inured payable on the Note, then b the principal of the Note, and then b roared and prindpal. on any Fntare Advances. 4. Charges; Liee?s. Borrower shall pay all to:es, assessmena and other charges, tines a~ impositions attributable to the Pmparty which may attain a priority over this Mortgage. and kaaehold paymena orground rena, if any, is the manner provided under paragraph Z hereof or, if not paid in each manna;. by Borrower making payment, when due. directly b the payee thereof. Borrower shall promptly furnish to Larder all notices of amoana due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish b Lender receipts evideneiag such payma?tr. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be required b discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acepable to Lender, or shall in good faith contest such lien by, or defend enforoEtnent of such lien in, legal proceedings which operas b prevent the enforcement of We lien or forfeiture of the Property or any part thereof. 5. Hasard Insvrranee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loa by fire, hazards included within the tam "ezaaded eoverage,° and such other hazards as Lender may require and in each amouna and for each periods u Lender may require; provided, that Calder shall not require that the amount of such coverage ezceed that amount of oova~age required to pay the sums secured 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 unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph Z hereof or, if not paid in such manner. 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 ad and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish b lender all renewal notices and all reoeipa of paid premiums. In the event of loan, Borrower shall give pranpt notice to the insurance carrier and Lender. 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 restoration or repair of the Property damaged, provided such restoration or repair is ernnomically feasible and the security of this Mortgage is not Wereby impaired. If snda restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, We insurance pr~ooeeds shall be applied to the same secured by this Mortgage, with the excess. if any. paid to Borrower. lfthe Property is abandoned by Borrower, or if Borrower fails b respond b Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers b settle a daim for insurance benetia, Lender is snthorized to collect and apply the insurance prooeedr at Lender's option either to restoration or repair of the Property or tM sums secured by this Mortgage. Unitas Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall noteztend or postpone the due date of the monllily installments referred b in paragraphs 1 and 2 hereof or change the amount of such installmena. If under paragraph 18 hared the Property is acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and b the proceeds thereof resulting froao damage b Property prior to the sale or aoquiaition shall pass to Lender b the a:tent of the sums aecnred by this ~ Mortgage immediately prior to sack sale or aogniaition. ! 6. Preservation and Yaintenanoe oiProperty; Leaseholds; Condomiaume; Planned Unlt Developments. Borrower shall keep the Property in good repair and shall red commit waste or permit impairment or deterioration of the Property and shall comply with the provisions d any ifase if this Mortgage is on a leasehold. I! this Mortgage ie on a unit in a condominium or a planned snit development, Borrower shall perform all of Borrower's obligations under the declaration or covenana creatingor governing the oondomituum or pictured unit development, the bylaws and regulations d the condominium or planned nail development. and constituent docamentr. If a i condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage the ooveaaaa and agreemena of such rider shall be incorporated into and shall amend and supplement theoovenantr and agreements of this Mortgagees if the rider were a part hereof. ' 7. Protection of Lender's Security. U Borrower fails b perform the coveaana and agreemena contained in this Mortgage a if aqy action or proceeding is commareed which materially affects Larder's interest in the Property. including. bat not limited to, eminent domain, inrolveacy, code enfo:+oemenl. or arrangemana or proceedings involving a banim~pt err deoedent~ toes Deader at Lender's optionap~ notion b Borrower may make each appearances, disburse such sums sad tske arch action. err ie neoeasary b proact Cadet's iatee+eet„ indnding, bat not limited b. dubarsemut of reasonable attorney's face and entry npoa the Property b make npain. Tf I.aader regnit+sd mortgage insurance u a condition of rpaking the loan secured by this Mortgage, Borrower shall pay the praniams regairad b maintain such inearanoe in effect until such time u the requirement for such inansance trrminetee in aoDOrdanee with Borrower's and Leader's written agreement or applicable Law. Borrower shall pay We amount d all mortgage insurance premiums in the meaner provided under paragraph 2 hereof. Any amonna disbarred by Lerida persuant b this paragraph 7, with interest thereon, shall become additional indebadness of Borrowres eecared by this Mortgage. Unless Borrower and Lender agree b other army of paymenk such amonna shall be payable upon notice from Larder b Borrower requiting payment thereof, sad shall bear interest from the dace of dubursemant at the race payable from time b time on ontdanding. principal under the Noa unless payment of inured at inch race would be contrary b applicable law, inwhich event such amonna shall bear interest at the highest race permissible under applicable law. Nothing contained in this paragraph 7, shall require Larder b incur any expense or take any action hereunder. r~