The URL can be used to link to this page

Home My WebLink About1046lturrower and [.ender cove~a~t and agree as follows: l. Paymeat ot Pri~cipal and l~tereet. Borrower shall pmmptly pay when due the principal of and intereat on the indebtedoees evide~ced by the Note. prepayment and late cha~ges as provided in the Nute, and the principal of end interesto~ anyFuture Advancee secured by this Mortgage. 2. El~nde torTaxes and Ineurance. Subject to applicable (~w or ta a writtrn waiver by l.ender, F3orrowerahull puy lo l.ender~~~ theday monthly installmenta of principal and intereat are payable under the Note, until the Note is pAid in [ull, a sum Iherrin "Funda") cqual to onP twelRh of the yearly taxes and essesamente which mi~y attnin pri~-rity over this Mortgage,.And Kn~und ~ents on the Y~operty, if a~y, plusonc t~~el(th of yearly premium inatallmenta fu~ hazard insurUnce, plusun~twelRh of yearly prcmium installmentx for morlgageinaurance, i[a~y, <-II as reasonably estimated initially and from time to time by l.rnde~ on the basis of axsessmenls and billx and re:~.KUnublr c~atimalex thereof. The Fti~ds ahall be held in ao inatitulion the deposita or accounts ot which are insured ur gunranteed by a Federal or State age~cy ~~ncluding l.ender it I.ender ia auch an institution). l.ender ahall apply the F unds to pay anid taxes, nssesxments, inaurance premiums and Mcr~~und rents. l.ender may not eharge tor so holding and applying the Funds, nnalyzing suid accuunt, or verify~ng and cvmpiling said xsaeasmente and bille, unleas I.ender pays Borrower intereal on lhe Funda s~nd applicable law permits t.ender to make auch a charge. E3orrowe~ und l.ender may ag~ee in writing at the time of execulion of this MoRgage that interest on the Funds ahal) be paid to l3urrower, and unleas such agreement ie made or applicabie law requirea such intereat to be ps~id, l.ender ahnll not be required to pay I;orrower any intereet or t•arnings on the Funda. I.ender ahall give to E3orrower, without charge, a~ an~u~l accounling otthe Funds ahuwing credite und debits to the F'unda and the purpose for which each debit to the F unds vras made. The Funds ure pledged as addilionai security forthe aums e-ecured by this Mortgage. If the amount of the Fl~nda held by l.ender, together with the futum monthly inst:~Umrnts uf N unds payHble prior to the duedates uf taxee, aKReasmenta, ineurance premiuma a~d ground rents, ahall exc ~f the amuunt reyuired to pay said taxea, ussessments, inaurance premiums xnd ground rents ae they fall due, auch excess shaU be, at Bu~TOwer's option, either promptly repaid to Borrower or credited to tiortower on monthly inetallmente of Funda_ 1f the amount of the hunda held by I~ender shuli not be sufficient to pay tuxea, aiaseasmente, insurance premiuma and ground rente as they [all due, Borruwer shall pay to l.ender any amuunt necessary to make up the deficiency within :~o days frurn the date notice ia mailed by I.ender to Rnrrower reyuesting payment thcrer~f. Upon payment in tull of all aums serured by this Mortgage, I.ender ahnll prumptly retund to fiurrower any funds held by I.ender_ If under ~~aragraph 18 hereof the Property ia sold or the I'roperty i~ otherwise acquired t-y 1~endrr, I.ender sh~ll apply, no latrr th~n immrdiately prior to the sale af the Pruperly or its acquiaition by 1~ender, any M unds held by 1 xnder at thr time of applic~tion as a credit againsl the sums sea:ured t,~• thie Mortgage. :~. Applieation ot Paymenta. Unless applicable law providrs ntherwise, all paymen~s received by I~rnder under the Note and p~ragrapha t and 2 hereof ahall be applied by [.rnder firxt in payment utamuunts payabir to l.ender by Borruvrer under paragraph `l hereof, thrn to inleteat payable on the Note, then to the principal ot the Note, and then to interest and principal on any F uture Advancea. 4. Chargea: l.iena. Borruwersh.dl p:+y all taxe::, assi~+..men~s and otht•r~•harKes, fini~ and im{-uwitiuns.~ttrihut:~ble G-the Property which may attain a prio~itp o~ er this A1ortKaKe, .ind leasehold pa~ ment~v ur Kmund rt•nts, if any, in the manner pruvided under paragraph'L hercv,fur, ~f not paid in such manne~, ~1)' BOROwer makinK payment, when due, d~rec•tly t~~ the paytr ther~~C liormwrr shall prumpUy furnish to l.ender .~II noticex of amounLs due under this paraKraph, and in thc r~~rnt Ii~,rruw•er shall make pat~ment dirri•tly. Rorn~~•rr stu~ll promptly turnish to I.t•nder receipts e~ idencing such pa~ m~•n~c It~~rruw•er shall prumptly diceh:irti~• i~m• lirn w•hich hati pri~~rity o~•i~r this \furtK:+Kt~; pruvided, thal {i~ ~rrower shall nut t~e reyuired to discharKt• an}• ~u~•h lu•n cu lun~ :15 I~1IRIIN'Pr ~haU aKriY~ in w•ritin~; tu th~• paynu•nt of tht• ubliKatiun scruretl by .u~ h lirn in a manner acceptablr tu L~~nd~•r. ~~r ~hatl in ~;~N~ f:uth ~ti~nt~•~t wi•h lirn h~-, urd~•k=nd ~•nf~~rr~~m~•nt ~~f su~•h lirn in, l~•~;al pr~-Prclings w hich operate to prevent the enforce•ment uf th~• lien ~~r furf~•iturr uf th~• Prup~•~ ty ur any part th~•rt,~f. 5. Hazard Inaurance. Korrow•er sh.dl kt~~p thi• impn~vrments nuw• i•xistin~; ur hert~after ~~rrct~~l un the 1'ruprrt~ inaund aKainst loss by Firt~, hazards included within thi• t~•rm '~•xt~•~~i~Yi ~ti~.•rray~r." and such uthrr haz:+rd~ as Ixnder may n~~u~re and in such :~moun~~ and forsuch p~•riuds ~ I.ender may reyuim: pru~:ide~1, that Ixnde•r shall nut rrqu~m th:~t tht• amount uf sucfi c-u~eraKr excec~i that amount of cuvrrage rFti~uiiecl to pa~ the sums st~cur~cl b~~ thi. 11~~rtK:~Ke. The insuran~r carrier pn~v~dmk thi~ insur:~m-~• •h:~ll tH• ~•h~~.~•~: h~• li~~m~w~~•r.utr~~Y•t t~. appnn:~l b} L~•ndi•r. pru~ idw1. that ~uch appro-•al shall nut be unre:-M~nably w•~thhrld. All pre~mwn~ ~~n ~nwr.~m-~~ EN,1~~-i~••.hall Ik• p.~id ~u the• m:u:n~•r pr~~~:~i~rl und~~r E~:~r:-Kr.~ph '~ h~•~w~f~~r. if n~~t paid in such manner. b~~ Ii~~rn~w~~~r m:+kin~ p:+>m~~nt. wh~•n du~•. ~iin~~•tlv t~~ th~• ~n-urani•~~ ~:irri~•r. All insurance policies and renewals th~~reoi shall IK• in furm ac~•~~ptablt• tu I.~•nder :ind shall in~lud~ a st:~nd.~rd murtK:~Keclause in facorof and in fnrm acceptable to I.ender. l.Pndrr sh:ill h.ict• tht~ nKht tu h~~ld tht~ ~H~h~•u•~ and rem•~:~Is ther~tirf.:md linrruw~Pr chall promptly furnish k- i~~nder all reoewal notice~ and ~ill rec•eipts of paid pn~miums In tht• ~~v~•nt ~~f lu.x, 14urruNr~ sh:Jl Kiv~• prumpt nutice tn th~ insur.~nce carrier and I.ender. I,ender may make pnH-f of lus~ if nut madi• prompth- b~• R~~rruwt•r lJnless I.ender and Borrovicer utherw•ist• aKn~t~ in wntinK, insur:~n~•~• pnx•red. ~hall tx• :~pplit•d t~~ n~sturation or repair of the Property ri:imaged, pro~~ded auch resG-ration ur repair is ~.•um~mi~ :+11~~ fr:~s~lrle :md th~~ st~•untt• uf this ~1~~rt~;aKe is not thereb~ impaired. [f suc6 rrytnration or repair is not econum~cally f~•:+sibl~~ ur ~f th~• s•tivnty ~~f thiti ~1ortKaKr vruuld 1~ ~mpaimd, th~ insurance pnK•eeds shall heapplird t„ the aums secured by this ~1r~rtKaKe, w-ith thc i~x~~•sc, ~f am•, paid to ti~~rrower. I f the 1'ruprrtp is aband~~nr~1 by F~~rruv--er, ur if li~rruwer faila to r~,pond to (.ender within :i(1 days frum ihr dat~ m~h~•t• is m:~il~d I~y I,rndt•r t~~ li~~rn~w•rr th:~t thr ensur:~nce i~amer offers tu settle a ~laim for insuran~e benefits. I,ender is author.r.cr1 tn c-nlleti~t :~nd :+ppl~ Ihe ~nsur:+n~•~' ~~f~N'Wds :~t I,~mdPr's uptinn r~ther io restoration ur repair of the t'ruperty or the sums secured by th~x ;11ortK:-K~•. t'nless I.ender and &~rruwer oth~rwisr aKrrr ~n w~nhnK. any:~uch :~pphc:+tion uf pnN•t~•ds to principal shall nut extend or p~stp~me thedue date of the monthly installment~v refrrre~i b~ in p:+ra~;raphz 1:~nd'l hrny~f ur chainKt• th~• amuunl of such inKt:~llmen~s. If under paragr.~ph IS hereof the Properiy is acquind by (.end~•r. :~11 riKht, tid~~ and inU•re~xt uf RorrowF~r in .ind t~~ am• inxuranir p3lici~~~ and in and to the proceeds thF~reof reeultinR from damaRP tn F'rope~rty priur tu thr c:~l~• or ai•qwsition shall pass tn IR•nder to the extent nf thr sums srcured by this ~1urtKage immediately prior to such xale nr acyuitiition. 6. Preservation and :Maintenance of Property: l.raseholds; ('ondominumx; l'lanm~d li nit Uevrlopments.l3c~rrow•er shall keep ,ht~ Property in g«~d repair and sh:-II not crrmmit wa.rt~• ur ~K•rm~t unp.+irmrni or d~•t~•rioration ~rf the 1'ruprrt>• and shall n~mply v-~th lhe prn~~~si~~ns of any leasr if thi~ ~11urtKaKe is on a lea<rh~dd. If th~~ MurtK:~Ki• ~+ ~~n a unil in :i cundnminium or a planned unit de~•elopment, li~,rrower shall perform all of Ii~rrruwer's ubli~;atiuns undrr thede~•lar:~ti~~n or~•~~vvnant:: ~~n:~un~;ur Ko~•rrn~nK thecondominium or planned ~nit development, the by-law•s and reKulations uf the cund~~minium nr pl:~nnecl unil developmrnt. :ind constituent documents. If a ~ unduminium or planned unit drvelopmrnt rider ~v ~~xtrvttd h~~ li~~rruw~•r and rt~c•~~rdt~i tnKf•thet v-ith this MortRage, the covenants and :,K~t~~•menls of such ridPr shall {-e~ i~~•ur~x,ratecl into and .h:Jl am~•nd :~ nd ,upplt•m~•nt the ~•oven:u~ts and aKmementti of this MortKaKe as if the ndf•r werr a part hereti~f. 7. Protection ot I.ender'e Security. If Borrow•er failx u- perfortn the rnvenant8 and agreementa contained in thie Mortgage, or if any .,ctinn or proceeding ie commenced which materiaUy affecte l.ender'a interez+t in the 1'roprrty, including, but not limited to, eminent domain, ~n~lvency, eode enforcement, or arrangemente or proceedinge involvinR a bankrupt or decedent, then l.ender at [.ender'e option,upon n~~tice to Borrower may make auch appearancen, diaburee auch sume and take auch action as ie neceesary to protect Lender's interest, ~ncluding, but not limited to, diebureement of reaeonable attorney's (eee and entry upun the Yroperty to make repairo. If Lender required mortgage inaurance se a condition of making the loan secured by thiA MortgaQe, Rorrower ehall pay the premiume required to maintein Auch ineurance in effect until euch time ae the requirement for auch ineurancr terminates in accordAnce with Rorrower'e and Lender's written agreement or applicable I.aw. Borrower ehall pay the amaunt nf al) mortgnge inyurance premiume in the manner provided under paragraph 2 hereof. ' Any amounte dieburaed by I.ender persuant to thia paragraph 7, with interret thereon, Ahall become additional indebtedneas o[ E3orrower eecured by thie Mortgage. Unleae E3onower and I~ender aKree u, i~ther terme of payment, such amounte ehall be payable upon nntice from I.ender to E3~rmwer requeeting payment thereof, and ah~ll bear interent fmm the date of diAbursement at the rate payable from t~me to time on outetanding principal under the Note unlesis paymrnt ~-f interest at euch rate would be rnntrary to applicable law, in which Pvent auch amounta ehall bear interest.at the highest rate permiyeible under applicable law. !Vuthing contained in this paragraph 7, ehall require I.ender to incur any expense or take any aclion hereunder. 1!R 3~,: rK 3~ Pa~f 10~ 4 ~