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Home My WebLink About1481, ~ .; . ~ ,.t'-} t.~ 8onrorru and IwadK oowaaat and a~ne a~ foUo~w: 1. Pa~ent o~ IMncip~l ~d lntety~t. Borrow~t ~haU promD~ll~ WU- wh~ dw tM pinc~l ot and iateewt oa W~ ind~bada~ rvid~o~d by tM Nob. pnpaymeat ~nd l~te charsM u pmvided in the Note. and We priaapal otuid int~t oa any Pbtnre Advu~a~ Ncnnd bi- thi. Martsasa Z. Fhad~ for Tue~ ~ad Inwr~noa Subj~ct ~o applicabk law or b a vrritten waiver by L~nder. Bor~owa~ ~haU p~y to Land~ on We da~r moathb- inaealle~b of prindpal and iateewt ~re p~yable under the Note, until the Noh is paid in lWll. a mm (heteiA "PLndi'h equ~l to oa• twdRh oitha Y~i- taxa ~ad ~a~eaakab ~rhich may attain priority over thi~ blort~a~e. and ~rouad reab on the ProPertY. it W-~ Plw on~ t~reltth of yeRrly pcemium installa~ent~ fo~ haurd in~urance. Plus oa~twelRh of yeuly Pr~aium inst~llmenta for moKSa~e tn~ur~no~. itany. all +w naroaably estimated ini,tial~y u-d tMm time to time by Lend~r oa th~ baau of as~menta and bi1L and reawnaWe atimatN thae+~oL 17~ Pbnd~ ~h~ll b~ h~ld in an in~itutton tM deposita or aooonnt~ oi whid~ an iaaured or ~wranteed by ~ Fed~al or 8tat~ ~asi.y - (indadin~ Iwad~ar ii Iwnd~e i~ snch ~n in~titatlon~ Iwader ~sU aPPll- the F`ands to pw ~aid tase~. awaunenb. inanranoe.pre~iums uid ~row-d raih. Iwader mqr ao! charp fae ~0 6oldins and applyin~ the PLnda. analy:ins ~aid aoooune. or var~~yin~ and oanpilin~ ~aid ~t~ aad biW. nalw I,ead~r p~y~ Harowe~ inte~t on tbe F~ads end applicabb law permib Lead~r to make ~nch ~ chars~. Boee~orwe ~nd Iwad~r u~uU- +isew in areitin~ at the tln~ oi esecution of thia Mort~a~e that interest on the P1u~d~ ~haq be paid t~o Borrower. aAd uniw ~nch a~eat i~ made or applicabb law rpnir~a such intere~t to be Paid. Lend~ shdl not bi reqnired to p~y Borrowu iny intrewt a ~arniap on tl~e P1~nda. Lender shall ~iw to Borrowror. wdehont char~e, an eu~nual sooonntin~ of the F~ad~ ~howins credita and d~b to tM ELnd~ aad the patpo~ for which e~ch d~b~it to the PLad~ ~+a~ made.'1Le Phuds are pl«l~ed u~dditional Ncurity for tbe ~umr wcnr~d b~r tbi~ Mortsa~. lf the amoant of tbe Fhnd~ held by Lender. to~eWer with the fnture awnthly uutalla-ents otF'nnds psyable prior to the dw dat~s of ta:~ a~enta~ iiuuranoe premium~ and ~rouad r~ta. ~hall accaed the amonnt nqnired b pay wid taxes„ a~esaneata~ iruarancs premium~ aad ~roaad ra~t~ a~ tbey fiU dne. snch eacoa~ ahal! be, at Botrower's option. either P:'omPW- repaid to Borra~rer or credibd fo Borro~r~r oa moathl,y itut~Umtnt~ at Fttnd~. U the amonat of the Funda held by Lender abaU not be s~icient b pay tuea, aae~a~nts ituaeano~ pnmiuco~ and ~ronad r~ta iu thq fill dne. Borrower shall pay to Lender any aasouat neoMaary to ma~e up the deticieary witLin 30 da~n !~m the date notioe i~ mailad bY Leade~ to Borrower requating payment the:eof. Upon paynNnt in inll dall ~nma ~ecured by thi~ Mortga~e. Lender ~haU promptly nfnnd to Boaowee any fund~ held by Lnd~. If unda para~eaph 18 h~reof tM Propeety iu wld or the Pcopert,y u oeherwi~e acqaired by Lender. Lender shall apply. ao lat~r than immedi~teiy psia~ to the ~ab oitb~ Propady a~ it~ aoqnirition by I.e~du. aay I~nda held by L,endes at the time of application u a credit a~ai~ut the suma ~s~werd bY thi~ Matta~a. 3. AppUcatbn of Pa~rment~. Ualas apsrUcable lsMr provida otherwise~ aU paymeats reosived by I.ender nnd~ t1~s Note aad para~raph~ 1 a~ ~ 6e:eot ihall be applied by Iender fust in payment of a~unb payable to Grider by Borrow~ under par~yb 2 b~c~o~ t6~ to intere~t p~yable on the Note, then to the principal of the Note. end then to inttewt and priacipal oa aay P1~tmrs Advanae~. 4. Cluirses; Li~a. Borrower ~hall pqy all taues, assesamen4 and other rhar~es. fine~ and impositions attributuble to the Propaty whid~ mqy attain a priority ov~ this Mortgage. and leasehold payments or ground rents, if any. in the manner provided under par~raph 2 her~of or. if aot paid ia snch manner. by Borrower msking payment, when due. directly to the paya thereof. Borrower ~hall promptly fnsni~h to Iwnda all notice~ of amonn4 due under thu para~raph. and in the event Borrowa shall make payment directly. Borrower ehall pmmpdy fnsni~b to Lwder ncapts rvidencin~ ~uch pe~ymeata. Borrow~ shall promptly diacharge any tien which has priority over thia Mort~aQe; provided, W at Botrower shall not be reqnired to di~charge any such lien so long as Borrower ~hall a~gree in writing to the payment of the obli~ation ~ecnred by auc~ lien in a manner aocept~able to Lender. or shall in good faith conteat such lie~ by, or defendenforcement of such lien in.leQatprooeedinp which operate to prevent the a-forament of the lien or forfeiture of the Property or any part thereof. b. H~sard I~unrance. Botro~rer ~hall teep the impmvemenb now existi~ or bereatter erected on the Propetty insnred a~aiiut loM b~r lie~, hwrds iaclnded within the term "e:tended oovaege." and snch other hazardi e~ I.euder may require and in mch amounts end forau~ period~ e~ Leader may require; provided, that Lender shall not etiquire thet Lhe amount of ~uch oovera~e exoeed that anwwst of oovet~ reqninsd to pay We sums ~ecured by thu Mort;age. - The uuurance carrier providing the insurance shall be chosen by Borrower ~ubject to approval by I.ender; pmvided. that ~uch spprovd shall not be unrea~onably withheld. All premiums on insurance policiea shall be paid in the mannet provided under paraQraph 2 hereof or. if not paid in mch manner. by Borrower uaakir-a payme~t, when due, directly to the insurance carrier. All iiu~rance policiu aad rene~rala thaeof shell be in torm acceptable to Lender and ~.aU include a standard mortsa~e elau~e in favor ot aad in form aoceptable to I,endir. Lender shall have the right to hoid the policies and renewab thereof, and Borrowar ~haU promptly tmnisb to i.eudec all reaewal notice~ and aU receipta of paid premiums. In the event otloa, Borrowar ~hall sive prompt notio~ to the ta~uraua carrbr and Leader. Lender n-sy make proof ot low it not made promptly by Borrower. Unlea L~der and Borrorvrr othrrwi~e a~ree.in writing.. in~nrance proceelw shall be applied to ratontioa or r~psir ai tbe Prap~rtr dama~ed, provided ~nch re~toration or npair is cconomically feisible aad theMecurity oi thiu Mort~e~e i~ aot thenby impaind. It ~aeh ee~toration or sepair is not economically feasible or it the recurity of this Mortga~e wouId be impaired, the insurana prooeed~ shall b~ epplid to the snau secnred by thia Mort~a~e. with the accas. it anY. Peid to Borrowes. tithe Property is abandoned by Borro~va, or ii Bo=row~a tail~ b r~pond to Lenda within 30 day~ from the date notice is mailed by Lender to Borrower that the in~nranoe carrier otrir~ to ~ a claim for insnranoe bene5ts. I.endtr u enthorised to collect and apply the insuranoe proceed~ at Lender'~ option either to re~toration or repsis a[ tla Prop~ty or the surns ~ccured by this Mortgage. Unlew Lenda and Borrower otherwiie aQree in writing. any euch application of pmceeda to principal ~hall not roctend or pwtpone th~ dw date of the montlily izutallmenta referred to in paraaraphi 1 and 2 hereof or chsnge the amonnt ol~uch installment~. If uader parasraph 18 hereaf the Prope:ty ia aoquired by Lender. all right. title and interest of Borrower in and to any iruutancx policie~ ~nd in and b t}u proossd~ thereof re~nltin~ ifom dama~e to PropertY Prior to the sale or aoquieition shell pass to Lender to the eztent of the ~uau aecurd by thia Mo~a~e immediately prior to ~nch ~ale or aoqnirition. ~ ' 6. Prerervation and Malntenance otProperty; Lea~eholdr Condon~nums; Pl~nned Ualt Developmenta. Borrowa ~haU kMp the Ptoperty ia ~ood repair and shall not commit waate or permit impairment or deterioration oi the Property ~nd shall ooaaply writh th~ provision~ of any lea~e if thia Mortgage u on a leasehold. If thu Mortgage u on a unit in e o~ndominium or a ylanned unit developn~~, Botrower ahall perform all of Botrower'~ obligations under the declaration or covenanta creatingor ~overning the oondomin{um or pl~tned anit developmen~ the bylaw~ and regulation~ of the condominium or planned tu~it development. and ooastitusnt docwntntr. If a ooadominium or planned unit development rider u executed by Borrower and recorded toQether with this Mort~a~e. tl~e oovenaab ~wd agreemenb of such rider shall be incorporated into and shall amend and supplement the covenants and a~ecn~nb of this Most;ase u iith~ rider were a part hereot. 7. Proteetion oi Lender'~ Securitp. If Borrower faib to pertorm the oovenRnf~ and s~ra~ment~ ooataia~d iu tbia Moet~an. o~ ft aW- action or prooeedir-~ u oommenosd ~rhich materially aifecta Lender'~ ineered in ths Propaty~ includins~ but aot limitd to, ~min~at domain. ia~olveacy. oode enforoe~aent, or aTransemrab or proosedinQ~ involvins a bankrnpt or d~ad~nt, th~n La~d~t ~t Iwada'~ optioa,ayoa notioe to Borrower miu- make ~nch ap~peuanar. disburse ~uch ~ums and take wch ~etton a~ ia aea~sary to pcot~et Iwnd~e'~ int~R indnding, bM not l~mited eo, di~bunem~t of nawaeble attorney's fee~ and entry upon the Property to m~ np~lr~. Ii IwndR rpoierd mort~ase insnranoe u a oondition oi makin~ the loan ~ccured by thi~ Mortgase. Borrowa ~hall pay tbe pr~ninma reqaird to maintda sneh inan:~nca in dtect nntil ~uch time a~ the requirement for ~uch in~urance tesminata in aaordaaoe ~rith BoerowR'~ aAd Iwndrt'~ written atreement or applicaWe I.aw. BoTrowes shall pey the amount of all mort~a~e iniuranae pnmium~ ia th~ maanR pe~ovid~d ondR pars~raph 2 hereof. Aay amonnt~ disbnned by I.ender per~uant to thu paragraph 7, with interat theraon, rhall beoom~ additio~ad indebtrdneM ot Bo~re~ower ~ecured by this Mortge~e. Unleu Boaowrr and Lenda agree to otl~rr te:m~ of payment, auch ~rnonnh s6a11 b payabb apoa notice l~om Lenda to Borrovver reque~tir-s payment thereof, and shaU bear inten~t trom the date of di~bur~ement at tl~~ r~t~ payabb from time to time on outstanding principal nnder the Note nn1eN payment of interest at ~nch rate wonld be oontrary' to appluabb l~w~ in wrhicb went wch amounts ~hal) bear interat at the higheet rate penniwible under applicable lsw. Nothin~ oontain~d ia thi~ pate~raph 7. sha11 reqnire Lender to inc~r any espenae or tal~e any action hereunder. ~{ ~*'` t; 8~~~ ~~~ ~ l -~~:~'::_~; :~=: _~ . _.