The URL can be used to link to this page

Home My WebLink About1487E3orrower and l.ender covena~t and a~ee as tolbwc 1. Psyment ot Principal and Interest. Borrower shall promptly pay when due the principal of and interest un the indebtedness evidenced by the Note, prepayment and late charges a~ pmvided i~ the Note, end the principal of and inte~eat on any Future Advancee aecured by this Mortgage. 2. F unde tor Tasee and ineucwnce. Sub~ect w applicable law or to a written waive~ by l.ende~, Burrower shal! pay to I.ender on the day monthly inetallments of principal and intereat are payable under the Note, until the Note ie paid in tull, a auni (herein "F'unda") equa! to on~ twelfth of the yearly taxes and asaessmenta which may attain priority over this Mortgage, and ground rents on the 1'roperty, if any, plus one twelRh af yearly premium installments for hazard inaurance, plus onetwelfth of yea~ly premium installmenta [or mortgage ineurance, if any, all as reasonably eatimated initially and from time to tiR~e by I.ender on the basis uf asaessmenta and bills and reasonable extimatea thereof. The ELnda ehall be held 'in an inatitution the depoaits or accounta of which are ineured or guaranteed by a Fede~al or State agency lincluding l.ender it Lender is such an institution). l.ender ehall apply the Funds to pay eaid taxee, asaeasmenta, ineurance premiuma and ground rents. Lender may not charge fo~ so holding and applying the Funds, analyzing said account, or verifying and compiling said aaeeaements and bills, unleas I.ende~ pays Borrowe~ inte~t on the Funda and applicable law permita l.ender to make auch a charge. Borrower and I.ender may agree in writing at the time of execution of thia Mortgage that intereat on the Funds ehall be paid w I3orrower, and unleas auch agreement is made or applicable 1aw requiree auch i~tereat to be paid, l.ender shall not be required to pay Borrower any intereat or earninge o~ the Flrnds. Lender ahall give to Bor~owe~, without charge, an annual accounting of the Funds showing credits and debite to the Funde and the purpoae [or which each debit to the Funds was made. The Funda are pledged as additiunal eecurity forthe sume aecured by this Mortgage. ~ If the amount otthe Funda held by Lender, together with the future monthly installments of Funds payable prior to the due datea of taxes, esaessmenta, inaurance premiuma and ground rents, ahall excaed the amount required to pay said taxea, asaexaments, inaurance premiume and ground rents ae they fall due, auch exceas ahall be, af Borrower'a option, either promptly repaid to Borrower or credited to Borrower on monthly installmenta of Funde. 1f the amount of the Funde held by [,ender ahall not be aufficient to pay taxea, asaeasments, insurance premiume and ground rente ae they fall due, Borrower ahall pay to L.ender any amount necessary to make up the deficiency within 30 day~ fmm the date notice ie mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all aume secured by thie Mortgage. Lender ahall promptly refund to Borrower any [unds held by lxnder. If under paragraph 18 hereof the Property ia sold or the Property is otherwise acquired b~ Lender, l.ender shall apply, no later than immediately prior to the sale of the Property or ite aequiaition by [.ender, any Funds held by l.ender at the time of application as a credit against the sums aecured by this Mortgage. 3. Application ot Peymenta. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragrapha 1 and 2 hereof ahall be applied by Lender first in pnyment of amounts payable to l.ender by t3orrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal o! the Note, and then to interest and principal on any Future Advancea. 4. Charqea; Liens. Borrower shall pay al) taxes, assessmrnts and other chargea, fines and impusitions attributable to the Property which may attain a priurity over this blortKage, und leasehold payments ~~r gmund rents, if any, in the manner provided under paraqraph 2 hereof or, ~[ not paid in such manner, by Rorrowrr making paymen:, when dur, d~rec•tiy to the payee thereof. Burmwer shall promptly furnish to I.ender :~11 notices of amounts due under this par.igraph, and in the event I3ortower shali make payment directly, BorruMer shall promptly furnish to lxnd'er receipts e~~idencing such payment~c. t~rrower shall prompdy dischargr any lien which has priority over this MortKage; provided, that Rorrower shall not be required todiccharge any such lien su Inng as N~rruwer shall aRreein writinR to the payment of theobliKation secured by such lien in a manner accrptai~lr tu 1.~•oder, or shall in gaxl faith cuntest such lien by, ordefend rnfiircemrnt of such (ien in, leKal pruceedings which operate to prevent thr enfurermrnt of thr lirn ur forfriture uf the Pruperty or any part therr~~f. 5. Hazard Ineurance. Korruwer shall keep thr impruvements now exishnK or hereafter erectec! on the Property insured against loss by fire, hazards included within the term "exlended coveraKe," :~nd such uther hazards as I.ender may require and in such amountx and forauch prriods as Ixnder ma~ require; pruvided, that Ixnder shall not reyuire that the amount of such cwver:~Ke excecd that a~nount of coverage ff(~UI~ t0 ~1i1)' ~IIP SUIfl1 SM'UfPd Fl~' ~f11S MoriKaKe. The insurance carrier pru~•idinK thr ~nsurance shaU tri• i~husen iry 1{~~rrower subje~•t to .~ppn-val tn• 1 xndrr: provideYl, that wch .~pproval ~hall not be unreas~~nably w•ithhrld. All prem~ums on insur.~nct~ p~~lic~r~ shall tir p;ud in the mannrr pru~•idrel undrr p:vaKraph 'L here+~f or, if not paid in such manner, by liormw•er mak~nK p:~yment, when due, dir.Y~th• t~~ th~• insurancr c:~rrier. All insurancP policies and renew~al~ thereof shall be in form acceptablr G~ I.ender and shall include a standard mortqaKeclause in favorof and in form acceptable to I.ender. l.ender shall have the nght to hold the w•licies and renewals thereof. and RnnowPr chall n....,,..rl., ~....,:ati ~., -.ender all renrwal notices and aU receipts of paid premiums. In the r~•rnt of loss. Borruwer shall give prompt nutice to the insurance carrier and (.ender. [.ender may make proof ot loss if not madr prumptly~ by ~rrower. lJnlexs I.ender and &~rruwer otherw•ise agree in writinK, insurance proceeds shall be appGed to rextoration or rPpair of the Property damaged, pro~~ded such resG~ratiun or mpair ~s econnmi~:~lly feasible and the security of this Mortgage is not thereby impaired_ If such rrstoration or repair is nut economically feasible ~~r if the 5rcuritv of this Mortgage would be impaired, the insurance proceeds shall6e applied to the sums secured by this MortKaQe, vvith thr excrss, if any, pa~d to Rorrower. lf the 1'roperty is abanduned by E3orrower, or if tiorrower faila to respond to I.ender within 311 days frum the date nuti~e is m:~ilyd by I.ender tu Borrower that the insurance carrier offers to settle a claim for ineurance benefiL4. I~ender ~s authonzed to colle~•t and apply the insurance proceeda at I:ender's uption either to restoration or repair of the Yroperty or the sums secured by this ~17orlKaKe. Unlesa I.ender and f3ortower otherv~ise aKree in wnting, any such application of proceeds to principal bhall not extend or poslpone thedue date of the monthl~ insl~~llments referred G- in paragraphs 1 and 2 hereof or chanKe the amount of such inatallments. If undrr paragraph 18 hereof the Property is acquired by I.ender, all right, title and inleresl nf Borruwer in and to any insurance policies and in and to the proceeds thereof resulting from damage to Property prior to the sale or acqu~sition shall pass tv I.ender to the extent of the aums secured bv this ilortqage immediaiely prior to such aale or acquisition. 6. Preeervation and Maintenance of Property; I.eatseholda; Condominums; Planned Unit Developmente. E3orrowerahal! keep the Yroperty in ga~d repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisiona of any lease if this ;ltortg~ge is on a leasehold. If this Mortqage is on a unit in a condominium or a planned unit development, fiorrower shall perform all of Korrower~s oblig~tions under thr declazatinn cr covenants ~reatinKor govermng the condominium or planned unit developmenl, the by-laws and reKulations of the condominium or planned unit development, and conatituent documents. If a ~-onduminium or planned unit development rider is rxecutecl by &rrtower and recorded tugether with this Mortgage, the eovenantto and .iKreemen~s of such rider sh:~ll t-e incorpc~rated into and shall amend and supplement thecovrn~nts and aKreementsuf this AlortgaKeas ifthe nder were a part hereof. 7_ Protection of Lender's 3ecurity. If Bonower faila to perform the rnvenante and agreementn contained in thie Mortgage, or if any action or proceeding is commenced which materially affecte Lender'a interest in the Property, including, but not limited to, eminent domain, ineolvency, code enforcement, or arrangemente or proceedinge involving a banlcrupt or decedent, then Lender at Lender's option,upon notice to Borrower may make euch appearancee, dieburae auch euma and take auch action as ie neceaeary to protect Lender's interest, including, but not limited to, diebureement of reaeonable attorney'e tees and entry upon the Property to mal~e repairs. lE Lender required mortgage ineutance ae a condition of making the loan aecured by thie Mortgage, Borrower ahall pay the premiuma required to maintain such ideurance in effect until euch time ae the requirement for euch inaurance terminatee in accordance with Borrower'e and l.ender s written agreement or applicable Law. Borrower ehall pay the amuunt of all mortgage ineurance premiume in the manner provided undrr paragraph 2 hereof. Any amounte diebureed by Lender pereuant to this paragraph 7, with interest thereon, ahall become additional indebtedness of Rorrower eecured by thie Mortgage. Unleae E3orrower and Lender agree to other terme of payment, auch amounte ehall be payable upon notice from Lender to E3orrower requeeting payment thereof, and ahall bear intereat from the date of dieburaement at the rate payeble from t~me to time on outetanding principal under the Note unleae payment of interest at auch rate would be contrary to applicable law, in which event euch Hmounts ehall bear intereat at the higheat rate permiaeible under applicable law. Nothing contained in thia paragraph ~, ehall require I.ender to incur any eapense or take any action hereunder. ~'': ~A ''"350 t~a,E ~ 486 ;:_~. ~ :, ~~,~. _ . . . _. -- - . " - ->_ : ~,~