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HomeMy WebLinkAbout0320Boerov~ and IwndK oownaat a~d as~w ~a folbws: 1. Paymeat ot Priocip~l u~d IAterat. Bort~ower ~haU promptly p~y when due th~ principal o! and int~~t on the indebeednew evid~nad by tM NotR. pnpaya~t aad late char~e~ ~a pe~ovided in the Not~. and Ihe principal of u~d int~rat o~ any F'utun Advance~ ~acured bY thi~ Matsa~~. Z. FLnd~ tor Ta~cN u~d Ia~uranoe. 8ubject to applicable law o~ to a writte~ wxiver by Lende~. Borrower shall pay to Gendsr o~ the day monthly in~t~l4nmta of princip~l snd i~t~t are payable unda the Not~. until the Note is paid in full. a~um lherein "F1~ndi") equal to ons ~w.~tu, otu~• ye.r~y ia~cM and ~~~wmeota which may attain p~ority over thia Mortsa~e, and ~round rertta on th~ Property. i[sny. plw onr twelAh of yeuty premium initallaneM~ fw hasard ituur~nce. Plw onstwelRh o[yearly ptemium in~tallmenta for mort~qe iruurance. if ~ny. all a~ rea~on~bly e~timated initially and trom time to time by Lende~ on the ba~u o! a~aes~me~ts and bilb a~d reawnable estimaeea thereof. 'iL~ F1~nd~ ~h~A b~ held ie an ir-stitnaoa tA~ deposit~ or aocou~t+~ oi which an insured or ~uamnteed by a Fedaal or 3tate a~ency (includins t.~d~ if Lmd~r L~ach arriastitution). Iwnder ~b~U ~pply the Fundi to paY ~aid tase~. as~raenta. insuranoe premiwns ~nd ~round e~tnta. l.end~ ma,~- not char~e fae w ho{dir~ and ~pplyin~ the I~ndi. ar~alysins ~aid account. or verifyins and compilin~ ssid a~an~ats ~nd bills. unl~ i.eridtr pq-a Bor~owe~ intr~at on the Fund~ end appticable law permib L'ender to make ~uch a char~e. Borrower and I.end~ may ~~ in ~rritin~ at We tim~ ot ~:ecution of thu MortQuu~e that interat oe the I~nd~ shall be paid b Borrower. and unlep ~uch a~eeratat u made or ~pplicabk law require~ ~uch intere~t b be paid, Lender shall ~ot be required b pay Bonower any intere~t or earnin~s oa the P1u~d~. Le~de* shap ~ive to Borrower. without chu~e, an ennual acoountins of the Fund~ showin~ credib and dcbib to the Fw~d~ and tbe purpow !or which each debit b the PLnds wa~ made. The Funda are pledQed u additional ~ecurity for the ~um~ ~ecured by thi~ Moet~as~. Itthe ~mount of the I~land~ held by Lender, to`ether with the fntun monthly installmen4 otFundi payablr pcior to the duedate~ ottase~, a~ments. insurance pr~aaiuma and ~round renb. shall excied the amount required W pay wid taxea. as~esamenta~ insurance premium~ and ~ound renb u they idl due. ~uch e:oe~s shdl be, at Bon~ower's option. either promptly repaid to Bormwer or creditcd to Borrowet on ~nonthly iruWlment~ of FLnd~. If the aaiount of the Fund~ held by l.ender ~hall not be aufficie~t b pay taxea, awewment~, inaurance premium~ and pronnd rer~b u they (all due, Bote~ower ~hal! pey to Lender any emount rtecea~ary w make up the deficieacy within 30 day~ [rom t1~e d~te notioe iu mailed by l,ender to Borrowes reque~atin~ payment thereot. ' Upon paymeat in full of all ~uaw ~ecured by thir Mort~a~e. Lender ahell proraptly refund to Borrower any fund~ held by Lender. If under par~raph 18 heraof the Pe~operty u wld or the Property i~ otherwiae acquired by I.ender, Lender shsU apply, no later than immediately prior to the aak ot the Property ot it~ aoquisition by [.endrr, any (l~nd~ held by Lender at the time otspplication as a credit a~ainat the ~urtu ~ecured bv thiu Ma~asa. 3. Applicwtloa ot Payme~ta. U~le~a applicable lew providea otherwi~e. al) payments received by Lender under the Note and para~raph~ 1 and 2 hersof ~hell be applied by Leader fint in payment of amouots payable to l.ender by Borrower under pen~rapb 2 hereot. then to iatered payabk on lhe Note, then w the principal of the Note, and then to intereat and principal on any Future Adva~oc~. ~. Chu~e~; I.iea~. Borrowe~ sha11 pay all taxea, aasessments and other charges, finea and impoeitions attributable to the Property which mey attain a priority ova this Mortgage, and leasehold paymeota orgrnund rents, if any, in the manner pmvided under para~raph 2 hereojor, if not paid in such manner, by Borrower making payment, whm due, directly to the payee thereof. Iiorrower shall prwnptly furniah to Lender all noticea of amounts due under thia pa~agraph, and in the event Borrower shali make payment di~ectly, Borrower shall promptly tumuh to l.ender receipb evidencing such payments. Rorrower shall promptiy discharge any lien which has priority over thia Mortgage; provided, that Borrower shaU not be required to discherge any such lien so long as Horrower ahall agree in writing to the payment of the ubligation secured by euch lien in a manner acceptable to Lender, or ahall in good faith conteet such lien by, or defend enforcement of such lien in, legal proccedings which operate to prevent the enforcement of the lien or forfeitun of lhe Property or any part thereof. - 5. Hazud ln~urance. Borrowrcr shall kcep the improvements now existing or hereaRer erected on the Property inaured against iass by fire, haza~ds included within the Lerm "eatended coverege," and auch other hazards aa I.ender mey require and in such amounts and far~uch perioda as Lender may require; provided, that I.ender shall not require that the amount of such rnverage exceed that amount of eovera~e required to pay the auma secured by this Mortgage. The insurance carr~er providing the insurance ahall be chosrn by f3orrower subject to approval by i.ender; provided, that auch approval ehall not be unreasonably withheld. Al) premiUms on inaurance p~-liciea xhall be paid in the manner provided under pars~raph 2 hereof or, if not paid in auch manner, by Y.orrower making ps~yment, when due, directiy to the insurance carrier_- All insurance policies and renewals thereof ehall be in torm acceptable to l.ender and shall include a standard mortgageclause in favorof and in form acceptable to [.ender. Itnder shal) have the right to hold the policiea and renewals thereof, and Borrowershall promptly furniah to i.ender all renewal notices and all receipta of paid premiums. In the event of losa, Born,wer shall give prompt notice to the insurance carrier and I.ender. L.ender may make proot of loss if not made promptly by Eiorrower. Unlas Lender and Borrower otherwiee agree in writing, insurance praceeda shall be applied to reetoration or repair ot lhe Propesty damaged, provided such reatoration or repair ia ecunomically feasible and the secunty of thi~ Mort~a~e is not thereby impaired. [t such resLoration or repair ia not economically feaaible or if the eecurity of this Mo~age would be impaired~ the insurance proceedsshall be applied to the sums ~ecurtd by this Mortgage, with the excras, if any, paid Ln Rorrower. If the Piroperty is abandoned by Borrower, or if Sorrower faib W respond to Lender within 30 days from the dale noticp is mailed by l.ender to Borrower that the insurance carri~r of'[ers tn eettle a claim for insurance benefib, Lender is authorized to collect and apply the insu-ance proceeda at [.ender'~ option either to restoration or repair of tht Property or the ~um~ secured by thia Mortgage. Unlw Lender and Borrower olherwise agree in wnting, any such application of pr~oceeds b principa) shall not a[tend or postpone thedue date of the monthly installments referred to in paraqraphs 1 and 2 hereof or change the amount of such installmenta. t[ under paragreph 18 hereof the Property ie aoquired by Lender, all right, title snd interest of Borrower in and to any insurance policiei and in and to the proceedi thereot re~nlting trom dsmage to Properly prior to the eale or acqwsition ahall pass to Lender to the extent of the ~umi aecured by thi~ Mortga~e immediately prior tc~ ~uch sale or aoquisition. 6. Pre~erv~tion and Maintenance otProperty; I.eeseholds; (;ondominumr. Planned Unit Developments. Borrower~hall keep the Property in good repair and sball not commit waete or permit impairment or drterioration of the Property and shall rnmply with the provisioru of any lease it thie Mortgage is on a leaaehold. If this Mortgage ia on a unit in a rnndominium or a plenned unit development. E3orrower ~hall prrtorm all of Borrower'~ obligntions under the declaralion or covennnts creatingor govern~ng the rnndominium or planned unit drvebpment, the by-law~ and regulatians ot the conduminium or planncd unit development, and rnrutituent document~. lf s condominium or planned unit development rider ia executed by Burrnwer and recurded together with thu Mortgage, the aovenants and aqreementsof such rider shnll be incorporated into and shall amend and supplement thecovenanta and agreemenbofthis Mortgageasifthe rider were e part hereof. 7. Protection oi Leader'~ Security. It Borrower feib to per[orm the o~venant~ and aQreement~ oontained in thu Mort~e~e, or if aay action or prooeedins u oommenoed which materially attect~ Lender ~ interert in the Property, including, but not limited to, eminent domain. inaolvency. oode entorcement, or arran~ement~ or proceeding~ involving e bankrupt or decedeat, then Leoder at Lender'~ option,npon notiae b Borrower may moke ~ucb appearsnce~. di~bune auch ~uau and take ~uch ~ction a~ u neoaaary to proted [.endd~ intera~t, includin~, but not limited to. di~bunement of rwonable ettorney i fee~ and entry upo~ the Propecty to make repeirr. If Lenda requird mortsase in~urance o a oondition of makins the loan ~ecured by thia Morega~e, Borrower ~hall pey the premiuau required to maintwi ~uch irunrance in effect unti) ~uch time as the requirement [or ~uch in~urance terminetes in accordance with Borrowet'~ and Lender'~ written a~reement or ~pplicabk Iaw. Bortvwer shall pey the amount of ell mortgage in~arance premiuau in the mant-rr provided and~r pars~raph 2 hereof. Any amount~ di~bur~d by Lender per~uant to thia para~raph 7, with interat thercon, ahdl beoome additional indebtedeea of Borrower ~ecured by thiu Mort~a~e. Ualew Horrower and Lenda a~ree to other ternu ot paymen~ ~uch amount~ ~hdl be payabk npon notice tmm Lender to Bornowe~ reque~tin~ payment thereof, and ~hall bear interest irom the date of di~bunement at the rate payable t~nt time !o time on outrianding principd under the Note unlea~ pwyment ot interat at ~uch r~te would be oontrary to ~pplicable law. in wbfch, event weh amount~ ~hall bear inte~at ~t -he highe~t rate pecmissible under applicable law. Nothing oontained in thu parasraph 7~ ~ha11 require Ltnder to incur any e:perue or teke any ution hereunder. ~ - ~ - 1 B~ 348 FAGE 3~0 ~ ~ ~ ~ - y~~ ~,~ ~:~; ; _.