The URL can be used to link to this page

Home My WebLink About0664y~~{~ ~ Utt[ro~W Covat+~m~s. Bomo~wer and Lender corenant and sjrce u follows: 1~. t~p~sKN N lei~elN1 aN tNenst. Bo~rowe~ shall p~ompdy psr when due the principal of and intcrest on the indebtednas evidenoed bp tMe Note. prePayment aod late chargec a~ provi~kd in tAe Note, aod the principa! ot aad interesl on aoy Futuro Advances securbd by tAis Mort~a~e. 2. ll~i !or T~~ w/ I~wraK~e. Subject to spplicahk law ar to a writlen waiver by Le~er. 8orrowe~ shall paY to Lender on 1lre day momhly installmeo~s ot principsl and intcrcc~ ~ec payst+k unde~ the Note. until the Note is paid i~ full. • tmn (batein "Funds'~ equal to one•tweltth ot the yea~l~~ taz~~ anJ assasments which msy attsin priority over ~his Monta~a sad ~round ~n on ~t,e Prope~iy, if any, plus ooe-tweltth of ytarly pnmium installments for huard insurance. P~~ ~~dhh ot yea~ly ~remium insapmen~s (or montsje insursnce, it any, all as reuonably cstimated initially a~d t~om time to time by l.eader on the buis ot asses~meots and bills and rcasonable estimata thercot. 7Le Funds shall be held in an institu~i~n the deposiu or accounts of whicb arc insut+ed or 6uarsnteed by a Federal ot tute aseocy (inchdin~ l.e~der if Lcndcr is such a~ institution). I.ender shall apply the Funds to pay sa~d taxa. assessments. inwtsnce ptemiums and ~ound rents. l.ender may not charae fo~ sn holdin~ aod applyie= ~he Funds. analyzin~ said accounL or verityin~.aad compilin` said uxssmeets and bills. unless Lender pays 8orrower interat on the Fuods and applicable law pamia Leoder to maka such a char~e. Bortowe~ and Lender may a~rce in writina st the ~ime of execution ot this Mortp~e that interat on Iha Fuads :hall be paid to Bo~rower. and ualeu such atroemeot is made o~ applicable law oequira such interat to be Qaid. Lender shall not be rcquired to p~y Bo~rowe~ any intercst o~ earnings on the Funds. Lender shap pve W Borrowet, without char~e, an annua( accountin~ of ~he Funds show+n~ credits and deb~~s to the Fu~ds and the purpose tor wRich tach debit to the Fur~ds was made. The Funds arc pledged u additional saurity for the sums secured by tha Mortsa~e. If tbe amouot o[ tbe Fund~ held by Lender. togethe~ with the future monthly installments of Funds payable prior to tbe due data of tua. assessmeats. iroursnce p~+emiums at~d ground re~ts, shall excecd the amount required to pay said taaa. a~sp~toents. iowranoe prrmiums and ~round rents as they fall due. such excess shall be. at Sorrower's option, either pranptly repaid to Borrower or ccedited to Borrower oe monthly installme~ts of Fu~ds. If the amount of the fun~ l~eW by LeadK-sfiaU not be wt6cient to pay ta~ca. asseuments. insurance premiums and ~wund rents u they [all due. Botro~wer s6at! p~y to Leader any amount necasary !o make up ~he de6ciency within 30 days (rom the date notico is maikd bp Leader W Hottower rcquatinS P~Yme~t Ihereof. Upoa papmeot in full of dl sums =ecured by this Mortgage, t.ender shall promptly retund to 6orrower any Funds held by Lende~. It under pua~nph 18 herco[ the Propeny is sold or the Property ~s otherwise acquired by Lender. Lender s6aU apply. ra later than immediately prior ~o the ule o[ the Propeny or its acquisitio~ by Lender. any Funds held br I.eeder at the time of application as a credit against the :ums securcd by this Mortgage. 3. A~iic~tio~ ot tqee~b. Unltss applicable law provida othenvise, al( paymeots received by Lender urtder the Note aad para~nQhs 1 and 2 hereof shatl be apptied by Lender first in payment ot amounts payable to Lender by Borrower uader parastaph 2 heroot. then to interest payable on the Note, the~ ~o the principal of the Note. and then to interest ind principal on any Future Advanca. ~. C~~ar, Iitas. Bomower shall pay all uxes, assessments and other charges, fints and impositions attr~butable to tbe Property which may attain a priority over this Mortgage. and leasehold paymeets or ground rents. if any, in the manaer provided under puagraph 2 hereof or, if not paid in such manner, by Borrowe~ making payment. when due, diroctly to the ps~rae tl~ereof. Borrower ahall promptlr furnish to Lender all notices of amounu due under this para~raph. and ia the event Borrowe~ shall malce payment diratly, Borrower shall promptly (umish to Lender rcceipts evidencina such parmenu. Borrower shall promptly discharge any lien which hu priority oyer ~his Mortaage; pmvided, that Bonower shall not be roquircd to discharae sny such lien so long u Borrower shall agree in wriung to the payment of the obligatiun xcured by suc6lien in a manner acceptabk to Ltnder. or shall in good faith contest such lien by, or defend enforcement ot such lien in. letal proceedinjs which operate to prevent the enforcement of the lian or forfeitu~c of the Property or Any part thereof. S. Hsiar~ lawra~ce. Borrowe~ shall keep the improvomeots now ezistina or hereafter e~ectcd on the Property insurod ajainst loss by 6rc. hazuds included within the term "eatended coverage", and such other hazards u[.ender may require and ia wch amounts and for such periods u Lender may require; pro~ided, that Lender shall not rcquire that the amount of wch rnveragt eaceed that amount of coverage required to pay the sums securcd by this Mortsaae. '[l~e iawnnce carrier providing the insunnce shall be chosen by Borrower sobject to approval by I.ender. providod. tbst wch spprovil sha11 not be uarcasonably withheld. All prem~ums on insurance polici~s sha11 be paid in the manner provided under paragtaph 2 hereof or, if not paid in such manner, by Borrower making payme~t. when due. diractly to tt~e i~surance curier. AQ insurance policia and renewals therrof shall be in torm acceptable to Lender and shall include a standard mortgage ,. , clsuse in favor of and in fonn acceptabk to Lender. Lender shall have the right to hold ~he policia and renewals thereof. and Borrower shall promptly furnish to Ltnder all renewal notices and all rcceipts of paid prcmiums. In the event of bss. Borrower shall give Promp{ not~ce to the insurance carrier and Lender. Lender may make proot of loss if not made promptly by Horrower. ' Unless Lender and Borrower otherwise agree in writing, insurance proceods shall be applied to restoration o~ repair of the Ptoperty damaged, pror~ded such ratoratioo or rcpair is economically feasibte and the security of this Mortgage is not thereby impaircd. I[ such rcstoration or rtQair is not economically feasible or if the security of this Mortgage would be iaipaired, tbe insurance proceeds shall be applied to the sums secured by this Mottgage, with the eacess. if any. paid to Borrower. If the Property is aWndoned by Borrower, dr if Borrower fails to rapond to Lender within 30 days from tt~e date notice is mailod by Lender to Borrower that the insurance carrier offers to xttle a claim for insurance benefits, Lender is autborizod to oolloc! and apply t6e insurance procoeds ~t Lender's option either to restoration or repaer of the Propettv or to tbe sums secured by tbis Mortgage. Unless [.ender and Borrowe~ otherwise agree in writing, any such application of proceeds to pnncipat shalt not eztend or postpone the due date of the monthty instaltments referred to +n paragraphs 1 and 2 hereof or change the amount of ~uc6 installmeuts_ If ur~der paragraph 18 htreaf the ProF,erty is acquired by Lender~ all right. title and interat of Borrowe~ in and to any Ruurance policia and in and to the proccods thereof raul~ing from damage to the Property prior to th~ sale or acquisition shall pus to Lender to the extent of the sums xcured by this Mortgage immediately prior to such sale or acquisition. 6. Pr+eserratiod aQd Maintenanct ot Ptoperty; t.easehulds; Condominiums; Plsnntd Unit Devebpmeats. Borrower shall kup the Property in good repair and shall not comroit Waste or permit impairmcnt or deterioration of the Property and shall comply with the provisions o[ any Itase it ~h~s Mor~gage is un a Icasehofd: [f this Morlgage is on a unit in a coadominium or a planned unit developmcnt, Borrowcr shal! perform al1 of Borrower's obligations under ~he declaration or covenants ctcating or governing the condom~nium or planoed unit develupment, the by-laws and rcgulations of the condominium or planoed unit develo~ment, and constituent Jocuments. If a condominium or planned unit development rider is executed by Botrower and recorded together with this Mortgage, tho covenants and agreements of such ride~ '~ shall be incorporated into and shatt amend and supplement ihe covenanls and agreements of th~s :1~lortgage u if the rider were a paR hereof. 7, pra~r~ or t,eoa~rs s~~r~h. if Borrower fads ta perform the covenants and agreements containcd in this Mortgage, ot i( any action or proceeding ~s commenceJ wh~ch materialiy aRects Lender's interest in the Property, including, but not lim~ted to, eminent domain. ~nsolvency, code enforcement, or arrangements or proceedings involtiing a bankrupt or decedent, then Ltnder at LenJer's op~ion, upon notice to Borrower, may make such appearanca, disburse such sums and t~ke such action as is necessary tu protect Lender's interesl, including, but not limited to, disbursement of ~tasonable attomey's fecs and cmry upon the Propcrty to make repairc. If [.cnder rcquircd mortgage insurance as a condition o( making the loan secureJ by th~s Mortgsge. 8orrawer sh~fl pay the premiums requireJ to maintain such insurance in effect u~til such time as the reyu~rement for such insuran:c terminates ~n accordance with Borrower's and ~~~,K•.)~~ 1'~GE l1U~ =_~