The URL can be used to link to this page

Home My WebLink About1296 1 1 ~ ~ . . J l ~ Uxttostta Oovst+aw*s. Itotrowar and Leader ooverant and agree as fdbws: )i? l~gwsat ett lsiae+al tttsi dMtrNf. Borrower shall Promptly pay when dus the principal of sad inletwt on the evidstroed by the Note, prepayment and late charges as provided in the Noss. and tM principal of and iatereq as soy Futttro Advaotxs stscrtrod by tba Mortgage. 1 !~i ht liras asM Ittwrases. Stitbjeci to applicable law or b a written waiver b7? Leader. Borifo'a?sr shall Pay to Larder on lire day ruoathly itKtallmenb of principal and interest ire. payable utrder the Note. until lire Note is paid in full. a sttm (het~ein "Fuods'ti equal to ono-twelfth of the yearly taxcc and apesamarb which may attain priority over this Mottgags, and grouud teats on the Ptnperty. if any.•plus Otte-twelfth of yearlli' pr+emittm iastalhnenb for hazard insurance, plus oaatweltth of yearly premium irptallmenb for mortgage inuuance. if any. all ss reasonably e;uimated initially and tram tints to bate by Lt;oder as the basis of assessments and hills and reasorubk estimates thereof. 7Ue Fends shall be beW in an institutioer the deposits or accounb of which are iratued or guaranteed by a Federal of state agency (iachtding Lsrrder it Lender is such an irWitution). Lender sbrttl.apply the Funds Oo pay said taxes. assessnrarb. iagtraeroe prarrietnrs sad ground r+arb. Larder may not charge for:<r holding and applying the Fnrrds, analysing said aecowd. a veritying.aod ex>trrpiling said aesessrneets and bilhti unless Lewder pays Borrower interest oa~the Funds and appiiabk law pet~aits Lender to males wch a charge. Borrower and Lender may agree in writing U the time .of execution of this Mortgrye that interest oa the IrWrds :ball be paid to Borrower. sad unless stscb ap~eeerrnrt s msde a applicable law r~equiesa such intet'at to be paid. Larder shall not be required to pay Borrower any interest of earnings on the Funds. Leader shall give b Borrower, wi@rottt charge, sn annwl aooatnting of the Funds :bowing credits std debib in the Funds sad the purpose for whidr eadr debit to the Fuada was made The Funds are pledged as additional security for the scans secured by this MatMge- if the amount o[ tbe6 Funds beW by Larder. together with the future monthly installn~eab of Funds payable prior to the due data of taxes. sasasnrenb, irrpuanoe premiums and ground rents, shall exceed the atrrottnt required to pay said taxes. assessoseub, insurance praairmss and ground reab ss they fall due. such exeess shall be, at Borrower's option. either psom~ptly r+t:Paid r Borrower of exedited to Borrower on nrarthly irrstaltmenb of Fantle. If the amount of the Funds held 6y Leader-shall not be autBcieat to pay taxes. ane::raarb. iuwrance premiums std grated rent ss they tall due, Bosrower shall pay to Larder soy amount necessary to make up the deficieecy etritbin 30 days from the date notice is mailed by Lender to Borrower requesting pajrment tha+eof. Upon payateat is fuU of all sums secue~ed by this Mortgage, Lender shall Promptly refund to Borrower any Funds hdd by Lewder. If utrder paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Leader. Lender shall apply. ra rater than iesasediately prior to the :ale of the Property or ib acquisition by Lender. say Funds held btr Lstrder at lire time of application as a credit sgainst the sates secut+ed by this Mortgage. 3. Ap~Ycatigts stir lgaeab. Unless applicable law provides otherwise. all payments rexeived by Lader under the Note and.paragraphs 1 and 2 hereof shall be applied by Lender brat in payment of amounb payable to Lender by Borrower under paragraph 2 hearoof. then to interest payable on the Nde. then to the principal of the Note. and then to interest and Principal on any Future Advances. 1. (.largrati Lftesis. BormMrer shall pay all taxes, assessrrxnts and other charges. fines and impositions attributable to the Property whidt may attain a prarity over this Mortgage. and kasehdd payments or ground rents, if sny. is the manner provided under paragraph 2 hereof or, if not paid in such manner. by-Borrower making payment. when due, directly to the Payee tbaieof. Borrower shall promptly furnish to Lender al! notices of amounts due under this paragraph, nerd in the event Borrower shall make payment directly. Borrower shalt promptly famish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall riot be required to dixharge any such lien so long as Borrower shall agree in writing to the payment of the obligation securead by such liar in a manner aotxptabk to Lender, or shall in good faith torten such lien by, or defend enforcement of such liar iq legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 3. Hmri Inwra~ee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included 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 teaquire that the amount of such coverage exceed that amount of rnverage required to pay thei•sums secured Eby this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Leander, pravided. that such approval shall not be unreasonably withheld. All premiums on inwrance pdicies shill be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrowex making payment, when due. directly to the insurance carrier. - Al! insurance pdicies 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 Leader. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. in the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if trot made promptly by Borrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoraton or repair of the Property damaged, provided such ratoration 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 procexdc 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 inwranoe bare5u, Lender ~ is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repau 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 exter?d or postpone the due date of the monthly ;fluallments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Pro forty is acquired by Lender, all right, title and interest of Borrower ' in and to any ftrsurance policies and in and to the procceds thereof rewiring from damage to the Property prior to the sale or acquisition shall pass to bender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. I f. Preservation and Msintcnance of Property; Lesseholds; Condominiaor:; Planned Unit Devdopstents. Borrower shall keep the Property io good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property sad shall comply with the provisions of any lease if this Mortgage is on a leasehold. I[ this Mortgage is on a unit in a s condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration E or eovettants creating or 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 i rider is executed by Borrower and recorded together with this Mortgage. the covenants and agreerrxnts of such rider shall be incorporated into and shall amend and supplement the cavenants and agreements of this Mortgage as if the rider were a part hereof. 7. Protextios of Leader's Secorlty. If Borrower fails to perform the covenants and agreements contained in this a Mortgage, or if any action or proceeding is commence) which materially affects Lender's interest in the Property. i including, but not limited to, eminent domain. insolvency, code enforcement, or arrangements or proceedings invdving a bankrupt or decedent. then Lender at Leader's option, upon. notice to Borrower, may make such 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 tees and entry upon the Property to make repairs. if Lender required mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such , insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and • - s, ~ BOOK JJ 4 PAGE i~.x7eJ .:'-3