The URL can be used to link to this page

Home My WebLink About0924 l3orrower and l.ender covenant end a~ttee a~ [oUowc 1. Peyment of Principe! end Intere~t. Borrower shap pmmptly pay when due the principal of and interest on the indebtednes~ evidenced by the Note, prepayment a~d late chargea as provided in ihe Nole, and the principel of and inte~eat on any Future Adva~ces secured by this Mortgage. 2. Ftinds [or Tazes and Insura~ce. Subject to epplicable law o~ to a w~tten waive~ by I.e~der, Borrower shall pay to l.ender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in fuU, a sum lherein "Flindi ~ual to on~ twelfth of the yearly taxes and aseesaments which may attain priority over this Mortgage, and ground rents on the Pmperty, if any, plw on~ tweltth otyearly premium inatallments for hazard insu~ance, plus onetwelRh of yearly premium installments for mortgage insurance, itany, all ea rnusonably estimated initially and irom time to tirne by I.ende~ on the basis of assesamenta and bills and reaaunable estimatea thereof. The Flrnds shall be held in an institution the depoeits or accounts of which acr inaured or guaranteed by a Federal ur State agency (includi~g l.ender if Lende~ is such an institution). l.ender ehall apply the Funds to pay said taxea, assesaments, ineurance premiuma and Ecmu~d nnts. l~ender may not charge for so holding and applying the Funda, anelyzing said account, or verifying and compiling said asaeasme~ta and billa, unlees l.ender pays Borrowe~ intereat on the Funda and applicable law permita Lender to make such a charge. Borrower and l.ender may agree in writing at the time of execution of this Mortgage that interest on the Funds ahall be paid to Borrower, a~d unl~ss auch agreeme~t ia made or applicable law requiree such intereat b be paid, Lender ahall not be required to pay Borrower any interest or • earning6 on the F~nds. Lender shali giv! to Borrowe~, without charge, an annual accountiog of the Funda ahowing credite and debita to the Funde and the purpose for which each debit !o the Funde was made. The Funda are pledged as additionel eecurity for the sums eecured by this Mortgage_ Itthe amount of lhe Funde held by l.ender, together with the future monthly installments otFunds payabte prior to the due datea o(taxes, assesaments, insurance premiuma and ground renla, ahall excred the amount required to pay said ta:ea, asaessmenta, insura~ce premiums and ground rnnts as they fell due, such ezceas ahall be, at Bo~rower'e option, either prompUy repaid to Borrower or credited to Borrower on monthly inatallmente of Funda. It the amount of the Funds held by Lender ehall not be aufficient to pay taxea, seaeasiaents, inaurance premiums and grouod nnte as they tal) due, Bormwer shall pay W I.ender any amount neceseary to make up the deficiency within 30 days from the date notice is mailed bY l.ender to F3orrower requesting payment thereof. Upon payment in [ull of all aums aecured by this Mortgage, Lender ahall promptly refund to Borrower any funda held by Lender. lf under paragraph 18 hereof the Property ia sold or the f'roperty is otherwiae acquired by I.ender, l.ender ahall apply, no later than immediately prior to the eale of the Property or its acquiaition by l.ender, any F unda held by I.ender at the time of application as a credit againat the sums secured by this Mortgage. 3. Applieation ot Peymente. Unleas appticable law provides otherwiae, al) payments received by Irnder under the Note and paragraphe 1 and 2 hereof ahall be applied by I.ender firat in payment of amounta payable to l.ender by Borrower under paragraph 2 hereof, then to intereat payable on the Note, then to the principai of the Note, and then to intereat and principal on any Futurr Advancea. 4. Chargee; l,iene. E3orrower shall pay all taxes, assessments and uther rharKes, fines and impos~tions attributable to the Propertv which may atlain a priority over this MortK:~ge, and leasehold payments or Kround rents, iCany, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Rorruwer makinK payment, when due, directly to the payee thereof. Born?wershall promptiy furnish to Lender all notices of ~+muunl.~ due under thi~ p:ir.~Kraph, and in the event Borruwer shall make payment direcUy, f;orn,wer shall promptly furnish to I.ender rcYeipLs rv~drncing such paymen~s- I~~rrower sh:+ll promptly dischargr any lieo which has priority over th~s Mnrtgage; provided, thal l3orrower shall not he reyu~recl to dischargr any such 6en su long as tt~xruwer shall a~ree in writinQ to the payment of theobiigation secured by such lien in a manner acceptablr t~? Ixndt•r, or shall in Kood faith contest such lien by, orde(end enfonrment of such lirn m, leKal proceedings which operate U. prevent the e•nforcc•ment of the lien or forfriture uf the Property nr any part therer~f. 5. Hazard Ineurance. Bnrrower shall keep the impruvements now exist~nK or hereafter erected on the Property insured against loss by fire, hazards included v~•ithin the tPrm "extended coveraKe," and such other hazards as I.ender may require and in such amounts and forsuch prriods as Ixnder may reyu~re: pru~~ided, that I.ender shall not reyuire that the amuunt of such rnveraKe excetd that amount of co~eray~e myuirrd to paiy the sums s~•urcd by thi~ M~~rtKaKr. ' The insurance carrirr prov~dmK thr ~nsuran~r sh.+U th• ~~h~„rn tr~• Itorruaf•r sub~cY•t tu appm~~al b~• I.ender. pn~nded, th:it tiuch appro~•al shall nnt 1~ unn•:~w~nabl~~ withheld. All prrm~ums un ~nsur.+n~•rp~~lii•ir. sh:ill tx~ pa~d ~n thP mannrr pru~•~d~d undPr paruKraph'2 here~~f or, if not paid m such manner, b~• firrrruNer mak~nK payme~t, wht•n du~•. dinx•th• t~~ th~~ ~n.ur:~nce carrier All inxurance policies and renewals thereof shall t?e in form acceptable to I.ender and shall ~nclude a standard mortgaRe clause ~n fa~•orof and in form acceptahle tn l.rnder- I.rnder shall have the riKht G~ huld the policies and renewals there~t, and E3orrower shall pmmpth• furn~sh to ; i.ender all renewal nntices :ind all rrceipts of pa~d prrmiums. In the rvrnt of loss, Korn~wer ahall R~ve pr~,mpt notice to the ~nsurance carrier i and I.ender. l.ender may make prc~f nf loss if not made prumpUy by Borrower. ~ Unless I.ender and 13orrnwer otherwi~ aKree in writing, insurance proceeds shall be appGed to resturation or rnpair of the Property damaged, pmvtded such reaG~ratiun or repair is ec~,nomically fe~sible and the security uf th~e Mortgage is not thereby impaired. If such , restnration or repair is nnt econnmicalh• feas~ble or if the security of this Mortgagewould be ~mpaired, the inaurance proceedashall be applied to the sums securrd by th~s MurtKaKe, w~th thr exi•ess, if any, paid to &~rrower. lf the I'ropeRy is abandoned by E3orrower, or if Borrow•er faila to re~pond to I.ender within :i(1 day~s frum thr d:~te notice is mailPd by I.ender k~ E~rr~~wer that the insurance camer offers to settle a claim !or insurance benefi~4, I,ender is authunzrd tn colle~•t and •rpplv the insurance pmceeds at I.ender's option either to restoration ur repair uf the Property or the sums secured by this MortKaKe. Unless I.ender and Korruwer ~~therwisr aKree in wndnK, any such applicativn ofpmceeds to principal ahall notextend or poatpone thedue date of the monthly inst~llmenGc referrrd to ~n paraKraphti 1 and 'l hereof or change the amount of such installments. If under paragraph 18 hereof the Propertp ia acquircd bp I,ender, all right, title and intrrest of I3r~rn,wer in and t<? am insurance policies and in and to the proceeds thereof reAUlting from damaKe tn Property prior to the sale ~~r acyu~sition shall pass to I.ender to the extent of the suma secured by this s MurtgaKe immr3iatriy prior io r~ui•h eair or acyuinii~on. 6. f'reservation and MaintenanceotProperty: I.eaxeholds;Condominume; Planned Unit Developments. Borrowerahallkeep the PropeRy in Krx,d repair and shall nnt commit waste or perm~t impairment or deteriorat~on of the Property and shal) comply w~th the provixione of any lease if this MortKaKe is on a leasehold. If this MorlgaKe is ~~n a unit in a condominium or a planned unit development, Itorrower ahall perform all of Fiorruwer's c,bliKatiuns under the declar:~tiun or covenanta creatinKor governmg the condominium or planned unit development, the by-laws and reKulations of the condom~nium or planned unit development, and conatituent documents_ If a c~~ndnminium ~~r pla~ned unit de~•rlopment nder ie executed by liorrower and recorded tcrytether with this Motrigage, the covenaota and , :~KrPements ~~f such nder ahaU t~e in~~orp~~ratrd ~ntu and sh.+ll ame•nd and supplement the covenanLs and a~eements of this Morytage as ~f the ~ ridcr w•rrF a part hereof_ 7. Protection ot Lender'e Security. If Borrower faile to perform the cwvenante and agreemente contained in thi~ Mortgage, or if any ~ action or proceerling ie commenced which materially aftects I.ender'e interest in the Property, including, but not limited to, rminent domain, insolvency, rnde enforcement, or arrangemente or proceedings involving e bankrupt or decedent, then Lender at Lender's option,upon notice to Borrower may make euch appearances, diaburse such sums and take such action se ia ntceasary to pmtcct Lender'~ interest~ including, but not limited to, diebureement of reasonable attorney'e feea and entry upon the Properiy to make repairs_ It Lender requi~d mortgage ineurance ae a condition of making the loan eecured by thie Mortgage, Borrower shall pay the premiums required to maintain ~ euch insurance in effect until euch time as the requirement tor such inaurance teRninalea in accordance with Borrow~er's and Lenda • ~ written agreement or applicable Law. Borrower ehall pay the amount of all moKgage inaurance premiums in the manner provided undef paragraph 2 hereof. Any amounte dinburaed by I.ender persuant to this paragraph 7, with interest thereon, ahall become additional indebtedness oi Borr~~wer secured by thie Mortgage. Unlese Horrower and Lender agree to other terrns of payment, such amounte ~hall be payeble upon notice from [.ender to Bormwer requesting payment thereof, and ahall bear interest (rom the date of disbureemeat at the rate payabk irom time to time on outetanding principa) under the I~ute unlesa payment of interest at such rate would be contrary to applicable law, in which event euch emountw ehal) hear intenet at the higheet rate permieaible under applicable law. Nothing contained in thu paragraph 7, ~hdl require I.ender to incur any expenee or take any action hereunder. ~ ~ 6~~K 352 P~~E 9z3 ~ ~