The URL can be used to link to this page

Home My WebLink About1377E;orrowe~ and l.ende~ covenant and agree as fullows: 1. Payment ot Principal and l~teresl. Borrower shall prompily pay wheo due the principal of and intereat un the indebtednesa evide~ced by the Note. prepayment and latecharges as provided in lhe Note, and the principal of And i~temston any Futu~e Advancea secured by this Mortgage. 'l. F1~r~da for Te:ea and Inaurancc, Subject to applicable law or to a written waiver by l.ender, fiorrower shall puy to l.ender on the day mo~thly installmenta of principal and interest are payable unde~ the Note, until the Note is p~id in full, a sum (he~ein "h unds") equal to one twnlRh of the yea~ly taxes and asseasmenta which may attain priority o~ e~ this Mortgage, and ~,-round rents on the !'roperiy, if any, plus one twelith of yearly premium installments [or haxard insurance, plus onPtwelRh of ye~rly prnmium insti-llments for morignge insurs-nce, if any, all as reaeonably estimated i~itiaUy and from time to tin~e by Ixnder on the basis of assessmen~4 and bills und rensonable extimates thereof. The ~Lnda shall be hrld in an inatitution lhe depoeita or accounla ot which are insured or guaranteed by a Federal or State agency (including I.ender if I.ender ia such an inatitution). I.ender ahali apply the F unds to pay said tuxes, usaesnmenta, inaurance pmmiums and ground rents. Lender may not charge for eo holding and applying the Funds, analyzing said account, or verifying and cumpiling said assesamente and bills, unlese Lender paye Borrower intereat on the F unds and applicable lavir permils I.ender to make such a charge. E3orrower and Lender may agree in writing at the time of e:ecution of thia Mortgage tha~t interest on the F unds shall be paid to E3orrower, and unleea auch agreement is made or applicable law requires such interrst b be paid, I.ender shall not be required to pay I3orrower any internat or eamings on the Ftinda. I.ender shall give to Bo~ower, without charge, an annual accounting of the Funds showing cmdits and debita to the Fu~de and the purpose for which each debit to the Funds was made_ 7'he Fundx are pledged as additional security forthesums secured by thie Mortgage. If the amount of the Funds held by l.ender, together with the future monthly installments of Funds payable prior to the duedates of taxea, assessments, insurance premiums and ground renta, shall excred the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, auch excess shall be, at Bo~TOwer's option, either prompUy repaid to Bormwer or credited to Borroweron monthly inataUments of Funds. If the amount of the Funds held by l.ender shall not be sufticient to pay laxes, assessments, insurance pmmiuma and ground re~ta as they fall due, E3orrower shall pay to I.ender any am~unt necessary to make up the deficiency within 30 days from the date notice is mailed by l.ender to tiorrower requestinK payment thereot. Upon payment in full of all aums secured by this MortRage, I.ender shaU promptly refund to Fiorrower any tunds held by l.ender. I[under paragraph 18 hereof the Properiy is sold or the Property ie otherwise acquired by l.ender, l.ender shall apply, no later than immediately prior to the sale of the Property or its acquisition by l.ender, s~ny Funds held by I.ender at thr time of ~pplication as a credit against ihe sums secured by this Mortgage. 3. Applieation of Paymenta. Unless applicable !aw• provides otherwise, all paymenls received by I.ender under the Note and paragrapha 1 and 2 hereof shall be applied by l.ender finst in payment of amounts payable to I.ender by Borruwer under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advancea. 4_ Charges; Liens. E3orrower shall pay all taxes, assessmrnts and ~~lfirrcharKes, fines:ind impusitions attriLutable tn the Property which may attain a priority over this MurtgaKe, and (e.~sehold paymrnts or Kround rents, if an> , in th~ manner pro~ ided under paragraph 2 hereofor, iE not paid in such manner, by Borrower makinK payment, w•hen due, dircK•tly tu the payee thrrer-L Rorn-w•cr shall promptly furnish to Ixnder all notices of amounts due under this para~,*raph, and in the e~•ent li~~rrnwer sh:ill mak~• pa~ ment directl~, fiorn~~n~er shall promptly fumish to I.ender receipts evidencing such pa~•menLe. fiorrower shall promptl~• Jis~•h:~rKr an~• lien w~hich has priority o~•er this MnrtKaKe; pro~ ided, that Korrower shaU ~ot be required to discharKe any such licn su lunK :++ Kurruw•er shall :~Kree in writinK tu the pay~nf•nt oCthe obliKation secured by wch lien in a manner acceptable to I.c•nder, or shall in ~;~xK1 faith .ti~ntcwt wch lirn by, ordrfi•nd enforci•mrnt uf such lii~n in. If•kal prucerdings K•hich operate to prevent the enforcement of the fien ~~r furfrituri• uf thr I'ru~•rty ur an}• part then~~L 5_ Hazard Insurance. Borrower shall kQCp the improvemrnts nuw existinK ur here.ifter erectrd c~n the Pruperty insured aRainst loss by f re, hazards included within the term "extend~d cuver.iKe." and such uth~•r haz:irds as Ixnder may rc~uire and in such amounti; and forsuch periods as I.ender may reyuire; providc~cl, that I,endrr chall nut n~~uin• th:~t the umuunt of such c~~•c•raKe exc-ecYl that amount of coveraqe reyuired to pay the sums secured b~• this 1~~-rtK;~Ke. The insuranm carrier providiny; thr insuran~•~• .hall IN• ~•h~~.rn h~• It~~rr~~w~•r sub~e~•t h~ :~ppru~~.~l h}• I w~nd~~r, pn~~•idw1, that such .-pproval shall not be unre.~+s~mably v-•ithh~dd. All pmmiums nn imur,~n~•~• p~~lici~~ sh:~ll IK• pa-d in th~~ m:ain~•r pruvid~Yi under paraKraph '! hemnf or, if m~t paid in such manner, by Fiomsw•er makin~ p:~~•me•nt, w~h~•n ~lu~~, dirw-th tu th~• in.uran~•e carrii•r. All insurance polic+es and renew•als thereof shall l~ in fi~rm acreptahle G~ I.e•ndc•rand shul) includr a slandan! mortgaKeclause in favorof and in form acreptable to I.ender. l.ender sh:ill ha~•e the riKht tr~ hultl tht• FNdicie. and renrvcals thereof, and linrruwer shall prompth• furnish to i.ender all tenewal notices and all rerPipts uf paid premiums. In the e~•ent uf lo.c, ti~~rruNer ~h.dl Kivt~ prompt nutire to the insurance carrier and l.ender. I.ender may make pn~f ot loss if not madr prumptly b~• Ii~,rruwer. Unless Lender and Borrower otherveitie .+Kree in writinK, insurancc~ pr~K•~Y~lv shal! tie applied to rrstoration or repair of the Property damaged, provided such restoratiun ur repair is ecunumirally fe:~~ible and the ticr~urity of this MortKage is nnt themby impaired_ If such rrstoration ot repair is not economicallt f~~:~~ible nr Jthr s~curity ~~f thi. ~1ortK:~Ke WUUI(I ~M ITPairrd, the insurance proceedsshall beapplied to the suma secured by this MortKaKe, with thr exct•~s, if am•, paid to li~~rrower. If the 1'ruprrty is.~bandunecl by F3orrower,or if [3urrower fails to respond to Lender within 30 d.~ts from the date notic~• i~ mailNC1 by l.ender G~ liorr~~wer that the insurance carrier offers tu setde a claim for ~nsurance benefits, I.ender is authorized to collErt :+nd :~pply th~• insurancf~ pr~K•tY•ds at I.~mder's opti~~n either to restoration or rnpair of the Property or the sums secured by this hfurtKaKe. ~ Unless I.ender and l~rrov-er otherw•ise aKree in M•riti~K, any such applic:~tiun uf pmceeds tu principal xhall not extend or postpone thedue date of the monthly installmen~4 referrecl tu in par:~Kraphti 1 and 'L f~~nti~f or rhanKe the amuunt of such installments. I[ under paragraph 18 hereof lhe Property is acquired by I.ender, all right, tidr and in+.errst of It~nrowrr in and to any insurance pnlicies and in and to the proceeds thereof resulting from damaKe to Yroperty prior tu the salP ur acqu~sitiun shall p:~ss to f.ender to thr extent of the sums secured by this 11uRgage immediately prior to such sale m acquisition. 6. Preeervetion and Maintenance of Property:l.easehold~; Condominums: !'lanned llnit Uevelopmente. Rorrower shal) keep the Property in good repair and shall not commit watitt• or ~x•rmit impairment or drteri~iratinn of the Property and shall mmply with the pruvisions of any lease if this Mortga~e is on a Irasehuld. If thi~ ~1urtKaKe is un a unit in a c~~ndominium or a planned unit development, Korrower shall perform all of Ik~rrower's obliy;aliuns under lhe dt~•lar.~tion or cu~•rnants ~•rf~at~n~;or Kovernmg the condominium or planned unit development, the by-laws and reKulations of the conduminium ur {dannEd unit devrlopment, and rnnstituent dceumenta. If a ~•~~ndominium or planncYl unit devrlopment ridrr is executed by li~~rrow•er and rrcorded toKrtfier w•ith this Mortgage, the covenants and :iKreements of such rider shall t~ incnrpor.d~d int~~ :~nd ~h:~ll :~mt~nd .~nd ~;upplem~•nt the cu~•enants and aKreements of this Dir~rtKaqe as if the nder veere a part hercof. ?. Protection of Lender'e Security. if Aorrower faila to perform the rnvenantl+ and agreementa contained in thie Mortgage, or if eny action or proceeding ie eommenced whieh materially affecte I.ender'e intereat in the E'roperty, including, but not limited to, eminent domain, ineolvency, code enforcement, or anangementa or proceedings involving a bankrupt or decedent, then Lender at Lender'e option,upon notice to Borrower may make euch appearancee, diaburse such auma and ts+ke auch actiun as ie necesaary to prolect Lendet s intereet, including, but not limited to, diaburaement of reasonable attomey's feee and entry upun the Property to make repaire. If Lender required mortgage ineurance as a condition of making the loan aecured by thie Mortgage, Borrower ahaU pa3 the premiume required to maintain euch ineurance in effect until euch time se the requirement [or such ineurance terminalea in accordance with Rorrowei e and Lendei e written agreement or applicable Law. Borrower ahall pay the amount of all mortKaRe inaurance premiume in the manner provided under paragraph 2 hereof. Any amounta diebureed by I.ender pereuant ta thie paragraph 7, with intereet thereon, ahaU become additional indebtedneae of Borrower eecured by thie Mortgage. Unleae Borruwer and [.ender agree to other terms of payment, such amounte ahall be payable upon notice from t.ender to Borrower requeeting payment thereof, and ahall bear intereat from the date of diabursement at the rate payable from time to time on outatanding principal under the Note unleas pavment of interest at such rate would be contrary to applicable law, in which event such amounte ahall bear interest at the highest rate permisaible under applicable law. 1Vothing contained in thie paragraph 7, ehall require [.ender to incur any ezpense or take any action hereunder. a~~~K 346 Ya~t 137`3