The URL can be used to link to this page

Home My WebLink About0916 ~ Utv~f~~x~t (~OYF.N~NTS. BOfft1N'C~ :?nJ l.cn~lcr cuv~n:,nt and agr~c :u (oll~ws: ~ 1. Payment of Priocipd aad Interest. Nu~ruwrr shaU promptly pay whcn due thc principal af and intcrest c?n thc = ineiehtedness e~•idenceJ hy the Note, prepaymrnt and latr charge~ a~ provi~ed in thc No1e, and the principal af and interest ; on any Futurc Advaoccc sccured by this Mor~gagc. f 2. Funds tor Ta:es and Insur~nce. Subject to applicable law ar to a written waiver by I.ende~, Borrower shall pay ' to I.cnde~ on ~hc Jay monlhly installmems of principal and intcrect arc payable under the Note, until the Note is paid in (ull, ~ a sum (hercin "FunJs"I cqual to onc-tK~clfth af thc ycarly (3YC~ and acscscmenls N•hich may auain pri~~riry over this ~ Martgage. an~l gmund rents on the Pmpcrty, if an}•, plus onc-Iwclfth of ~~early prcmium installmcots for hazard insurance. ~ plus ~nc-~welfth of ycarly prcmium in~tallmcnts tor morlgagc insurancc, if any, all as rcasonably cstimatcd inilially and from ` time to time hy l.ender on the basis ot as~essmen~s and hill~ anJ reason;?ble eslimates therto[. The Funds shall he held in an i~stitutioa the deposits or a~ccounts of which are insured or guaramceJ by a Federal or state ~gency 1 including LenJer if l.cnder is such an institution). l.ender shall apply the Funds to ~+:~y said laYCS, assessmenls, insurancc prcmiums and ground rents. I.cndcr map nc~t charge tor holding and applying thc Funds, analyzing said account, i or ve~ifying and compiling said aisessments and hilt~, unles~ t.ender ~~-s Barrower interest on the Funds and applicable law permits Lendcr to n~ake such a charge. Borrower and I.cnJer n~ay agrcc in writing at ~hc time ot cxecution of this ~ Mortgage that interest un ~he Funds shall he paid tu Borr~~wer, and unless such agreement is maJe or applicable law reyuires sucti interest to he paiJ, Lcnder ~h:ill not be reyuirrJ t~~ pay Hor~owcr any interest or carnings an the Funds. Lender {i shall gi~•e to Borrower, without charge, an anruial acc~junt~ng of the f=unJ~ showing credits and debits to the Funds and the purpose fur which raeh debit tu the Funds wa~ madr. "The Funds are pleJg~d as additional security for the sums secured hy this ~tortgagc. lf thc amount of thc Funds hcld by I.cndcr, togcthcr with thc future mon~hty installmcnts o[ FunJc payabtc prior to thc due dates of taxes, asscssments, insuranre premiums ~nd ground ren~s, shall e~ccced the amount reyuired to pa~• said taxes, assessment~, insurance premiums and ground rentti as the~• fall duc, such excets shall be, at Horrower's option, either promptl~~ repaid to Borrower ot crcdited tu Borrower on monthly installmcnts of Funds. If thc amount af thc Funds held by Lender tihall not be suff'icient to pay taxes, assessments, imurance premiums and graund rents as they lall due, Borrawer shall pay to I_ender any amaunt neces~ar}• ti~ make up ~he ~cficiency within 30 day~ from the date notice is mailed by l.ender to Borrowcr rcyuesting pa~~ment thcrcuf. Upon payment ~n full of all sums secured hy thi~ Mortgage, Lender shall rramptly refund to Borrower any Funds held hy Lender. If under paragraph t8 hereof the Property ic ~~•Id or thr Prupert}~ is otherw•ice ~cywred by l.er~der, 1_ender shall apply, no later lhaa immediatel~• priar to the .alc i~f the ProEx:rt~~ ar its acquisition hy Lendcr,~ any Funds held by Lender at the dme ot application as a crcdit aga~nst the sum~ tiecured by~ this 1~lortgage. 3. ApplicAtion of Payments. Unless applicahle la~• pn?rides c~therwitie, all payments received by LenJer unJer the Note and paragraphs 1 and 2 hereof shall lx applieJ b~• Lrnder fint in p:~yment of amuunts paJ•ahle to 1_endcr by Borrower undcr paragraph hereof, then to interest payabk ~~n thr Nu~r, thrn t~~ thc principul of Ihe Nute, an~ then tu interest and principal on any Futu~c Advanccs. 4. Clw~es; Lkns. Borrowcr shall pay all ~axc~, a,ccstimcnts and c~thcr chargc~. finct anJ im~x~sitions attributable to the Property w~hich may attain a priority aver thrs Afortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or. if not p:~id ~n such manner, by Borrower making paymrnt, when due. directly to the payee thercaf. Borrower shall promptly furnish tu l.ender all.notices of amounts duc under this paragraph, and in the event Borrower shall make payment directl~~, Borrowcr ~hall promptly turnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has prinnty aver ~hic Mortgage: provided, that Bormwer shaU noi be required to disc:harge any such lien so long as BorroWe~ sh:,ll agree en writing Io Ihe payment of thc obligatiun secured by such 6en in a manner acceptable to Lender, or shall in gocxl faith contr~t such lien hy, or Jefend enforcement of such lien en, legal proceedingc which operate to prevent the enforcement of thc Gen c~r for(eiWre af the Property or any part thereaf_ S. Hazard Insurance. Borrower shall krep the ~mpr<?vemen~~ noH exis~ing or hereafter erected on the Pmperty insured against toss by fire, hazards included within the term "r~tended cover~ge", and such other hazards as 1_ender may reyuire and ~n such amounts and for such pcrioJs as Lcndcr may reyuirc; providcd, that Lcndcr shall no~ reyuirc that thc amount of such coverage exceed that amount of coverage reqwred to pap the ~ums .ecured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by [_enJer, provided, that such approval shall not be unreasonably withheld. All premiumc on insurance policies shall be paid in the manner provided under paragraph 2 hereof or. ~f not paid in such manner, by Borrower making payment, when due, directly to the insurancc carrier. All insurance policies and renewals thereo( shall tx in form acceptablr to LenJer and shall inctude a StanJard mortgage clause in favor of and in f~rm accept:~ble to I~nder. l_ender ~h:~l1 ha.•~ the right to hold the policies and renewah thereof, and Borruwer shall promptly furnish to Lender all renewal notices and all receipts of paid premium~. In the event of loss, Borrower ~hall give prompt notice to the insur,~nre carrier ~nd Lender. I.ender ma~ make pnx~f of loss if not made prompNy by Bormwer. Unless i.ender and Borroa~er othcru~~r agrer iR writing, insurance pr~xerdc shall bc applied to restoration or repair of the Property Jamaged, provided such retitorat~un or repair is ea,n~~mically feasihle and ~he security of this Mortgage is not ~hereby impaired. It such retitoration or repa~r is not economir.~lly fcasihle or if the security of lh~t Mortgage would h~• ~mpaired, the insurance proceeds shall be apptied to the sums u cured by this Mortgage. w~ith the etcess, if any, paid ~ to Borrower. II the Property is abanJoned h}• Borrowcr. or if Bormwcr fails to res~nJ to 1_cndcr wilhin 30 days irom the Jate nodce is mailed by Lender to Borrower that ~he insurance carrier ofien to settle a claim for in~urance benefits, Lender i~ authorized to collect and apply the insurancc proceeds at l.ender's uptiun either to restoration or repair of the Property ur to the sum, sccured by this Mortgage. Unle~. l.ender and Borrower otherwik ~gree in wnting, any~ such application uf pnx:eeds to prmcipal shall not extend or postpone the duc date of the monthh~ initallmcnts refcrrcd t~~ in paraRraph~ I anJ 2 hercof or changc the amount of ~uch instaliments. If under paragraph 18 hereof the Property i~ acywre~i b~• Lender, ali nght, tiUc and interest o( Borrower in and to am insurance poticies and in anJ to the prex:eeJs thereof resulting from damage ro the Propeny priar to the sale . or acyuisition sha!! pass to Lender to the e~tent of the ~ums securcd by this ltortgage immcdiately prior to Such sale or acyuisition. , 6. Presenation ~nd ~lainten~nce of Properl~; Les~seholds. ('ondominiums; Planned Unit [kvelopments. Borrow~er ' shall kcep thc Property in good repair and shall nrn commit waste ~~r permit impairmcnt or deterioration of the Propcrty and shall comply with the ptovisions of any lease ~f this Miutg~gc is on a leaschold. If this Mortgage is on a unit in a conduminium ar a planned unrt Jevelopmcnt. Born~wer ~hall Fnrt~~rm all of Borrower's ohligations under the declaratian or covenantt creahng or g~~verning the condominium or planned unit devrlopmrnt, the by-laws and regutation~ ot the ~ conJominium or planned unit Jevelopment, and constituent documents. If a condominium or planned umt deti~elnpment ri~er ~s executed by [3orrower and recorded together with ~h~s Mortgage, the covenants and agreements of cuch rider shall be incorporated into and shall amend and supplement the covenants and agreements of th~s Mortgage as if the rider were a part hereof. 7. Profection of Ixnder's Security. If Borrower fail~ to perh~rm the covenants and agreements contained in'this Mortgage, or if any actron ~~r proceeding ~s comnxncr~l which materiaUy :~fTects l.ender's interest in the Property. includ~ng, but not Lmi~ed to, eminent domain. in«~hency, cucie cnforcement, or arrangements or proceedings invol~~ing a bankrupt or decrdent, ihen LenJer at Lender's option, up~m notice to Borrower, ma~ make such appearance~, disbune sucF~ sums and take such action as is necessary t~, protect Lender's ~n~erest, including. but not limited to, dicbursement ot reasonabtc attomeyc fccs and entry u~n the Property t~ makc repairs. If Lender reyuired mortgaRe insurancc ac a cond~tion of rnaking thc loan securcd bp this Mortgage. B~~rmarr shall pa}~ the premiums requireJ to maintain such insurance in efiect until such time as the reyuircmeqt for such insurance terminates in aecorda~ee w~th Borrov?~er's and a~~39~ F~f ~16 . ~ ~ ;z~ ~ i ~