The URL can be used to link to this page

Home My WebLink About0859 s . 1. ! ~ ? UNtroaw OOVtNAN7tt. ~ort~Owet acrd Lender covenant and agree as toUows: 1. rgwent et hitefMl tttM 1tMetnw. Borrowsr shall promptly pay when dues the principal of acrd interest on the irrdebledrrps evidenced by the Note, prepayment acrd late charges as provided in the Not0. and tbs principd o[ and irrtetest on ah? Frtttrrs Advances secured by this Mortgage. !`i !sr 4lsaoea ttrri ltrettra~tw Subject to applicable law nr to a written waiver by Lender. Borrower shall pay to Leader on the day moathip instalhaenb of principal and intercu +rc paysble antler the Note. until the Note is paid in lull. a tnrm (Ir~rr "Frards'~ equal to one-twdtth of the yearly tax~~ and assa:ntenb which may attain priority over this Mpt;age, and ground real: oa the Property, it any. plus one-twelfth d yearhi~ premium iabalbaettb for herald insurance. plus otM-twelfth of yearly premium installments for mortgage insurance. if any. all as rwsonably estimated initially and from lima ~ liana by Leader oa the basis of assessments and hills and reasonable estimates theteot. 'Ibe Pttr?ds shall be held in as institution the deposip or accounb of which are insured or guaranteed by a Federal or stale agarcy (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxis, assasnrarb. insutaooe pemiums and ground renb. lender may not charge for so ho{ding and applying the Funds. analyzing said account. or verityiag~rtd corrrpiliag:aid assessmenb and bilk. unless Leader pays Borrower interest on the Funds and applicable law permib Deader to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage. that interest oa the Funds :ball be paid to Borrower. and artless such agreement s made or applicable law requires sudr iatetaa to be paid. Leader shall not be required to pay Borrower any interest or earnings.on the Funds. Larder :ball give to Borrower. without charge, an annwl aooounting of the Funds showing credib and debits to the Funds and the purpose [or which each dt~it to the Funds was made. The Funds are pledged as additional security 'for the wins secured this M V theamount of tbti Funds held by Fender. together with the future monthly instalbnenb of Funds payable prior to the due dates of taxes. assasrrrenb. iawrance premiums and ground rents, shall exceed the amount required to pay said taxes. afseseaseab. iawratpe premiums and ground garb m they fall due. such excess shall be, at Borrower's option. either pteasptly repaid lD Borrower a credited to Borrower oa monthly installments of Funds. If the amount of the Funds btdd by Lender :ball not be au~cient to piy taxes. ssst:ssrrreate. insurance premitnm and ground tetras as they fall due, Bonewer :ball pay to Larder any amount ntscasary to make up the deficiency within 30 days from the date notice is mailed by Leader b Borrower t+egnatiag payment thereof. Upon payment is fuB of aU atmss secured by this Mortgage, Lender shall promptly refund to Borrower any Funds bead by reader. If under parapaph 18 hereof the Property is sold a the Property is otherwise acquired by Lender. Lender :ball apply. to laser than imeaedistely prior to the sale of the Property or its aoquaition by Leader, any Funds held by Leader at the time of applkatioo :s a credit agairut the sums secured by this Mortgage. 3~. AppBaMarr a[ !'syseals. Unless applicable law provides otherwise, all payments received by Lender under the Notts and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of smounb payable to Lstrder by Borrower under paragraph 2 baeof. then to interest payable on the Note, then to the principal of the Note. and then to interest acrd principal oa any Future Advantxs. ,'barges; Ije~s. Borrower shall pay all taxes. assessrrrents and other charges. fines and impositions attributable to the Ptopaty? which may attain a priority dyer this Mortgage, and kasehdd payments or ground rents. if any. in the mantxr provided under panrgraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due. directly to the payee thereof. Borrower shall promptly famish to Lender all notices of amounts due under this paragraph, sad in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such paymenb. Borrower shall promaly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be required to discharge any such lien so bng as Borrower shall agree in writing to the payment of the obligation secured by srsc6 lien in a manner acceptable to Lender. or shall in good faith rnntest such lien by, or defend enforcanent of such liar iq legal prooadirrgs which operate to prevent the enforcement of the lien or forfeiture of the Property or say part thereof. S. iFlasarti /awrtsrrce. Borrower shall keep the improvements new existing or hereafter erected oa the Property iowred agairwt loss by site, hazards included within the term "extended coverage and ;uch other hazards as Lender may require sad in such amounb and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coversge exeeod that amount of coverage required to pay the stems secured'by this Mortgsge. 'Ibe 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 pdicies shill be paid in the manner provided under paragraph 2 hereof or, if not pai~J in such manner. by Borrower making payrneat, when due. ditectty to the insurance carrier: All iawrant:e 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 Lender. Lender shall have the right to hold the policies and renewals thereof. i and Borrower shall promptly furnish to Lender all renewal notices and all receipb of paid premiums. In the event of loss, Borrower shall give prompt notice to the irr:urance carrier and Lender. Lender may make proof of Toss if not made promptly by Borrower. • j Unless Lender sad Borrower otherwise agra 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 a not ecortorrrically feasible or if the sxurity of this Mortgage would be impaired, the insurance proceeds shall be applied to the sum: 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 the date notice is mailed by Leader to Borrower that the insurance carrier oHen to settle a claim for imurance benefits, Lender is authorized to collect and apply ibe insurance proooeds at Lender's 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 postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If wider paragraph 18 hereo[ the Property is acquired by Lender, all right, title and interest of Borrower is and to say Ruurance policies and in and to the proceals thereof resulting from damage to the Property prior to th.: sale or acquisition shall pau to Leader to the extent of the sums secured by this Mortgage immediately prior to such sale or i. h~penatitra sad MaiNeraece of PropeAy; I,taselwlds; Cowiomisdrras; Plararei Unit Drreioprrrerrb. Borrower , I shall keep the Property io good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgagc is on a.kasehold. It this Mortgage is on a unit in a ~ condominium or a planned unit development. Borrower shall perform all of Borrower's obligations under the declaration or ooveaaats creating or governing the condominium or planned unit devebpment, the by-laws and regulations of the ~ condominium or planned unit developrttent. and constituent documents. It a condominium of planned unit development rider is .executed by Borrower and recorded together with this Mortgage. the covenants and agraments of such rider f shall bt incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider k were a part hereof. 7. Pr~stectioa of Lender's SecsuBy. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domain, insolvency. code enforcement, or arrangements or proceedings involving. a bankrupt or decedent, then I~nder at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is rrecescary to protect Lerxkr s interest, including. but not limited to. disbursement of reasonable attorney's lees and artery upon the Property _to make repairs. If Lender regttircd mortgage insurance as a condition of making the loan secured by this Mortgagc. Borrawcr sh.rll pay the premiums required to maintain such ~ irourance in eBect until such time as the requirement for such inwran:e terminates in accordance with Borrowers and •r l~.l.i.~ a ~A f Boo ~ PaGE