The URL can be used to link to this page

Home My WebLink About2973Borrower aod l.ender coveaant artd ~ree u folbvw: 1. PRymeat ot Principwl and latere~~ Borrower shall pmmptly pay when due lhe principal of and intereat on the indebtednea~ evidenced by the Note. prepayment and late chu~e~ aa pmvided in the Note, and the principal of and intere~t on eny btiture Advances eecured by this Mort~n~e. 2. Ftiu~di ~or Teu~e~ w~d In~uru~ce. Subject to applicable law o~ to a writte~ waiver by t.ende~, Horrowe~ ahall pay to l.enderon the day monthly inatallments o[principal and intereat are payable under the Note, uotil the Note ia paid in full, a aum (herein "F unds") equa) to one- twelRh otthe yea~ly taxea and assesements which may attain priority ove~ thia Morigage. and ground ~ents on the f'~operty. itany, plus one- twelfth of yearly premium inatallmenta for hezard inaurance, plus unetwelfth otyea~ly premium inatallments fo~ morigage insu~ance, if any, all a.~ reaso~ably estimeted initielly and from lime to tirr~e by I.ender u~ the basis of asaessments and bills s~nd reasunable estimatea thereof. 'Ibe PLnds shall be heW in an inetitution the deposita or accou~ts oi which are ineured or guaranteed by a Federal or State agency (including [.ender it Lender is such an institution). l.ender ahall apply the Funda to pay said taxea, aaseae~ments, insurance premiuma and ~ound rents. l.ender inay not cherge for so holding and applying the Funds, analyzing suid accuunt, or ve~fyi~g and compiling aaid aeseasments and biUs. unleas [.ender pays Borrower intereat on the Funda and applicable law permite l.ender to make such a charge. Borrower and I.eade~ may agree in writing at the time of execution ot thia Mortgage that intereat on the Funds ahall be paid to l3orrower, and unless euch agreement is made or applicable law nquires such interest b be paid, [.ender ehalt not be required to pey Borrower any i~tereat or earninga on the Funds. Lender shall give to Borrower, without charge. an annual accounting of the Funda ahowing credita a~d debita to the Fuads and the purpoee [or which each debit to the Funda was made. The h unda are pledged as additional aecurity ior the aume aerured by this Mortgage. - lf the amount otthe ~nds held by l.ende~, together with the [uture monthly inatallments of Funda payable prior to theduedatee of taxee. saseeaments, insurance premiuma and ground mnts, ahall excred the amount required to pay said taxes, asaessmenta, insu~nce pnmiums and ground rents ae they ta11 due, auch exceas ahall be, at Honrower's option, eilher promplly repaid to E3orrower or credited to Borrower on monthly inataUments o[ [~'unds. i[ the amount of the F unda held by lender shall nut be eufficient to pay taxes, aaseasments, insurance premiuma and ground rents as they fall due, Borrower shall pay W l.ender any amount neceasary to make up lhe deficiency within 30 deye from the date notice ia mailed by Lender to Borrower ~equesting payment thereof. Upon payment in full of all aums aecured by thie Mortqage, I.ender ahall promplly refund to Borrower any funda held by Lender. If under paragraph 18 hereof the Properly ia sold or lhe Property is otherwiae acquired by I.ender, !.ender ahall apply, no later than immedialely prior to the eale cf the Property or ite acquieition by Ixnder, any ~unda held by l.ender at the time otapPlication as a credit againat the auma secured by this Mortgage_ 3. Applieadoa of Paymenta. Uteleas applicable (aw pmvides otherwiae, all pay~nenls received by l~nder under the Note and paragraphs 1 and 2 hereof ahall be applied by I.ender firxt in payment of amounts payable to I.ender by E3orrower under parngraph 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 Advancee. 4. Charges; Liene. E3orrowershall pay all laxes, :~ssessments and other ch~rKes, fines and imp~itions attributable u~ the 1'roperty which may attain a priority over this Mortgage, and le.~sehold payments or Kmund rents, if any, in the manner provided under paraqraph 2 hereo[or, i! not paid in such manner, by E3orrower making payment, when due, directly to the payee thereoL liorrower shall promptty furnish lo txnder aU notices of amounts due under this pataKraph, :ind in the eti ent liorruwer shall make payment directly, Born,wer shal! prompUy furniah to I,ender receipts evidencing such payments.l3orrow•er shall promptly discharKe any lien which h:~s priority os er this {~lurigage; provided, that Borrower ahall not be required to discharge ~ny such lirn su lung .~.ti Fiorrower shall aKree in writing to ihe payment nf theubligation ~ecured by auch lien in a manner accrptable to l.ender, or shall in K«xi faith cunt~wt such lien by, ~r defend enfon•eme•nt of such lirn in, legal p}oceedings which operate to pre~ewl the enforcement of the lien ur furfeilum uf thr Proprrly or any part thercr~f. ~-- 5. Hazard Insurance. Borrower shall kerp the impmv~mrntx now exieting or hereafter erected on the Pr~,perty insured against loss by fire, hazarda included withinthe term "extendpd cov~raKe," and such uther hazards as I.ender may reyuire and in auch ~mounts and for such periods as [.ender may rrquire; pmvided, that Ixndpr shall not require th:~t the amount of such c~veraKe exceed that am~-unl of coverage required tn pay the sumx secured by this MortKaKP. The insuranrn c~me•r providinK the insurancY• shall 1~~ chnsen by Hurruw~r subjert tn :~ppru~•al bt• 1 ~•nder, provided, that such approval ahall not be unreasonably withheld. All premiums un in~uran~•~• EH.Ii~•i~~. shall tx• paid in the mann~•r prnvid~~ci under paraKr:~ph 1 hrrcr-f or, if not paid in such manner, by li~~rrower m:ikinK p.~ym~•nt, w•hen due, dinx•tly t~~ thi• in~urance carrier. All insurance policies and renewa[s thereof shall be in furm acceptable to I,rnder and shnll include a standard mortgagedauae in favorof and in form acceptable to l.ender. l.endershall have the riKht to hul~ the ~~li~•ies and reni•w:~lg there~~f, and Rorrow•ershall promptly furnish to i.ender all renewal notices and all receipta o[ paid premiums. In thr evrnt of lu+s, Rorniwer shall Rive prompt notice t~- the inxurance carrier and Lender. Lender may make pr~f of loav if not made promptly by Korruwer. Unlese I.ender and E3orrower btherwixe agree in writinK, insurance proceeds shall Iw applied to rcwtoration or repair of the Property damaged, provided such restoration ur repair ~s rconomically feasible and the security of this MortRaKP is not thereby impaired. If such restoration or repair is not economically feasible~~r if the securih of lhis MortgaKev+ould beimpairrd, the insurance proceedashall beapplied to the sums aecured by this Mnrtgage, with the excessc, if any, p:iid to liorrov-er. lf the I'rupc~rty is abandoned by Borrower, or if E3orrower faila to reapond to I.ender within 30 days from the date nntice is mailPCl by I,ender to Fk,rruwer that the insurance carrier offers to aettle a claim for insurance benefits. I.ender is authnrized to ndlect and apply the insuranm pn-ceecls at I,ender's optiun either to restoration or repair of the Property or the aume secured by this MortKaKe. Unlese I.ender and E3~rrower otherwise agree in writing, any such .ippliration of pnx-c~ds to principal shall not extend or poatpone the due date of the~monthly inetallments referrecl G~ in paraKraphs 1 and 'L hereuf or changr the amount of such instsillmentx. If under paragraph 18 hereof the Property ie acquired by [xnder, all right, title and inlerest of E~,rry,wpr in and tu any insurance pc-licieR and in and to the proceeda thereof resulting from damage te- f'roperty prior to the sale or acyuisition ghall pa~ss to I.ender tn the extent of the suma sirured by this ylortqage immediately prior to such sale or acquisition. 6. Preaervation and Maintenance of Property: I.eaxeholds; Condominums; Planned Unit Developmente. I3~rrowerahall keep the Yroperty in qood repair and xhall not commit waste or permit impairmrnt or drtrriuration uf the Proprrty and ahall comply with the proviaions of any leaae if thia Mortgage is un a leaxrhald. It this MorlKaKe ix un a unit in a condnminium or a planned unit development, Rorrower shal) perform all of E3orrower's obliKatiuns undPr the declar:~tiun or covennnts crratinKor governing the condominium or planned unit development, the by-laws and regulatiuns of the condominium or planned unit development, and conatituent documente. If a ~ondominium or planned unit development rider is executed by fiorrower and recurdcd toKether with this Morigage, the wvenanta and aKreemenLg of such rider shall be incurporated into and sh:~ll amend and supplement theeorenanls and aKrerments of this MortKaRe as iflhe rider wern a part hereof. 7. Protection ot Lender's 3ecurity. If I3orrower faile to perform the covenante and agreemente contained in thie Mortgage, or itany action or proceeding is commenced which materially affecte I.ender'e inierest in the Property, including, but not limited to, eminent domain, . insolvency, oode enforcement, or arrangemente or proceedinga involving a bankrupt or decedent, then [.ender at Lendrr's option,upon notice to Borrower may make euch appearances, dieburee auch aume and take auch action se ie neceseary to protect Lender's interest, including, but not limited ta, disbursement ot reasonable attorney'a feee and entry upon the Property to ma1~e repaire. it Lender cequired mortgage insurance as a condition of making the loan secured by thie Mortgage, Borrower ehall pay the premiume required to maintain euch insurance in elfect unti) such time as the requirement for euch innurance terminatee in accordance with Borrower'e and I.endds written agreement or applicable Law. Borrower ahall pay the amount of all mortgage ineurance premiume in the manner provided under paragreph 2 hereoL ~ Any amounte diebureed by [.ender perouant to thie paragraph 7, with interent thereon, ehall become additional indebtedneas of I3orrower secured by this Mortgage. Unlese Eiorrower and [.ender aqree to other tertna u[ payment, auch amounte shall be payable upon notice from Lender to E3orrower reqaesting payment thereof, and ehall bear interest from the date of diebureement at the rate payable trom time to time on outetanding principal under lhe Note unleae payment of interest at such rate would be rnntrary to applicable law, in which event euch amounte ehall bear interest at the highest rate permienible undrr applicable law. Nothing contained in this paragraph 7, shall require [.ender b incur any expenee or take any eMion hernunder. ~ ~::~~_~.__ _. _ r.. _. ~,~~~347 P~~F2~~6 ,_ ~. a - _ _ ~Fr~~