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HomeMy WebLinkAbout0934 . . _ . ~ ._..,r. _ . . _ . _ - . , ~ . ~ . ~ ~ ~t Bose~DM?K iA~ TA3~it C01NR+At aAd ~!'N Y TOuONa: 1. Pa,nwat ot Peiacijal asd Iattewt. Bore~ow+r ~heU W'ompttl? PU? wh~a dw tlw pincipa! oi u~d int~rat o~ !h~ iad~btednw rvideso~d b~r ~M Nod. p~eP~U?n~ent aad laee d~ar~es ~s provided in the Note. aod the ptiacip~l otand interat oa any PLture Advancw ~ecwrd b~? thL liloet~ap. Z. P1u~ tor Tas« aad lnwranoe. Susjed ~o appticaWe law or oo a written w~iver by Lead~. Horrowe~ ehnll p~y to Leadu an the d~~r awuWlY in~Wlm~ata of peineipal and interest are pe,ya~ble nnder the Not~. unW tt~e Note is paid in fu11. a~ua? (h~ein "I~lind~'7 a4ua1 to oaa twellW atlM year~,p ta~tN ~nd as~a~aienta which a~ay atWn priority oves thi~ blott~a~e. and ground nats oa the P~oD~~tY, ~iaqy. Plus on? tw~1Rh of ye~rly p~aiwn in~talhaa~es fo~ haurd in~urance. plus onatwelRh of yearly prernium installmants fos mort~age insusanoe, if any. all a e~onably Mtimated initially and lfrom time w ti~uue by Lender on the basis of as~sraents ar~d bills and reawnabk estimates thereo! 'I1N Pbnds ~ball b~ held 'w an in~titntion the deporit~ or aa~ounta of which are insnred or ~w?rsnteed by a Federal or State a~ency (iadtidin~ I.e~d~ it Iwader is axh ~n uutitntian~ Ludes shall apply the Fbnds eo pay said taxe~. aae~meat~. insuranoe premiums and groand nab. Lendar mqr not char~e fo~ ao hoWins and xpplyins the F~nd~. snalnins said acoount, or varib?ina and compilins said aa~e~a~aits ~ad bilb. nnleM Iwnder pari Borto~rer interest on the P~nds and applicable law permita Le~der to onake auch a char~e. Borrorv~ and Iwnd~ m~1? ytw in w~tins at tl~ tia~e oi e:ecntion oi thu MortBe~ that inttre~t oa the PLnda sbeU be paid to Bonrowes. Aad unlep wch ~reemant ia made or app~Cabk law require~ such interat to be paid, Leadez shall aot be reqnired to p~y Horrowar any intered or uenin~ on the Pbnd~. Lendet ~hall ~ive to Borrower. without charSe. sa annual aocountiag of tl~e Etinda sho~ring credits and debib to !he F1~nd~ a~ tM porpoN ~os which esch debit to tbe PLnds was made.'i1~e Funds ue plcdged as additional ~ecuri4jr for the ~~nu secured by thi,s Mortgap. If tl~e amount of tM Fbnd~ held by Iender, together with the future mo~tht,y iasLallments oi ~nds payabk prior to the due dates of tues, aaeament~. insaranoe prsa~inms and ground renb. ahall e~caed the amoun: required b pay said taxes. assesanents, insuranoe pnminms and srewad reats as Wey fall dne. s~th e~tow shall be. at Bonower's option, eithec prompely cepaid to Borrower or credited tfl Borrower on monthly i~utallmeata ot PLnd~. lt t1~e amouat of the fi~d~ heW by Lender ahall not be aufficient to pay tazes. assessmea4. inauranoe pnmiuuss and aronnd raab aa WeS? fall due. Borrower shaA pay to Lender any amount ncassary b make up the deficiency within 30 d~y~ trom the date aotioe i~ m~iled by Lenda to Borrowes requeatine pamunc tl,etewf. Upon p~ymeat in full ot a11 wma secured by this Mortgage. Lender shall promptly nfund to Borrower any funds held by I.ender. If under para~raph 18 hrreof the Pcoparty is aold or tbe Property is other~vise acquired by Lender, Leader ahsll apply; no later than immediately p~ior to the sale of tl~e Prope~ty o: ib aoquiaition by Lender. any flrnds held by Lender at the time of application as a credit against the swns secured bY thi~ Mast~a~e. - 3. Applkation of Papmenta. Unless applicabk law providea otherwiae, all paymenta ceaivqd by Leader und~r tbe Note and para`raph~ 1 and 2 hereof shaU be applied by I.end.._ :ust in payment of amounts payable to Lender by Borrowet under para~raph 2 hereof. then to interast p~yabk on We-Note. then to the principal of the Note. and then to intereat and principal oa any FLtui~e Advanoa. 4. Charfes; I.iens. Borrower ahall pay all taxea. aseessments and other chargea. fines and impositioas attributable to the Property vrhich may attain a priority ova this Mortgage, and leasehold payments or ground renta, if any. in the manner provided under paragraph 2 hereof or. it not paid in such manner. by Borrower making payment, when due, dintikly to the payee thereof. Borrower ahall promptly furniah to i.ender all notioes of amounb due nnder thia paragraph, and in the rvent Borrower shall make payment directly. Boreower ahall promptly furnish to Lendez receipts evidencing sud~ pe~yments. Borrower ahall promptly discharge any lien which has priority over.thia Mortgage; pmvided, that Boreoara ahall aot be required b diacharge any auch lien ao long as Borrower ahall agree in writing to the pay~nent of the obligation secured by such lien in a manne: aooeptable to Lender. or ahal! in good [aith co~teat such lien by. ordefend enforcementofsuch lien en. legal proceedings which operate to ptevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hasard Iawraace. Borro~ra shall keep the improvements now existing or hereaRer erected on the Piroperty insured againat loss by fire, hazards included within the Lerm "eutended rnverage; ' and such other hazards as Lender may require and in such amounta and for such periods as I.ender ~ay require; provided, that Lender shall not require that the amount of such ooverage euceed thet smount of rnverage required to pay the sums secnred by this Mortga~e. The insurance carrier providin~ the insurance shall be chosen by Fiorrower subject to approval by I.ender; provided. that such appmval - 'i shall not be unreasonaWy withheld AU prnmiums on insura~ce policies shall be paid in the manner pmvided nnder paragraph 2 hereof or, if I not paid in sncb manner, by Borrower making payment, when due, directly to the inaurance carrier. All insurance yoliciee and renewals thereof shall be in form acceptable to Lender aad ahall incl~de a standard mortgage clauee in favor of i and in torm acceptabk to Lender. Lender shall have the right to hold the policiea and renewala thereof, and Boaower ahall promptly fi~miah to ~ i,ender all renerval notices and all receipte of paid premiuma In the event of loss. Borruwer ahaU give pmmpt notice to the inauranoe carrier [ and Lender. I.ender may make proof of loas if not mede prompdy by Borrower. I Unlw Lender and Borrower otherwise agree in v~riting, insurance prooeeds ahall be appiied to reatoration or repair of the Property f damaged. provided snch reatoration or repair ia economically feaaible and the security of thia Mortgage is not thenby impaired. If wch resbration or repair ia not eoonomically feasible or if the security of thie Mortgnge would be impaired. the inaurance pmceeds ahaU be applied ~ to the aams ~ecured by this Mortgage, with the excess, if any, paid to Borrower_ If the Property is abaqdoned by Borrower. or if Borrower fails to respond to Lender withi~ 80 days from the date notice ia mailed by Lender to Borrower that the insurance carrier o~era to setde a claitn.foa , insutance benefits, Lender is authorized to rnllect and apply the insurance proceeda at Lender s option either to reatoration or repair of the Proparty or the sume aecnred by this Mortgege. Unless I.ender and Borrower otl~trwise agree in writing, any such application of proceeds to principal shall not a~tend or postpone the dne date of the monthly installmenta referred to in paragraphs 1 and 2 hereof or cl~ange the amount of ~nch installments. If under para~raph 18 henof the Propertry is ~oquired by I.eader, all right, title and interest of Borrower in and to any inaurance policies and ia ~nd to the prooeed~ thereof ranlting firom damage to Property prior to. the sale or acquisition shall pasa to Leader W the e~ctent of the sums secwred by thia Mortgage immediately prior to wch sale or soquiaition. 6. Pres~rvation and ltdntenance of Property; Leaseholds; Condominums; Planned Unit Developweata. Borrower shall keep the Property in good npair and ahall not commit waete or permit impairment or deterioration of the Property and ahall rnmply with the ~ provisiona of any lesae if this Mortgage is on a teasehold. It thia Morigage is on a unit in a condominium or a planned unit developmenf, Borrower shall perform sA of Bortower'a obligations under the declaration or covenants creatingor governing the oondominium or planned unit develop~nenk the by-laws and cegulations of the condominium or planned unit development, and rnnatituent document~. If a condomininm or planned unit development rider ia executed by Borrower and recorded together with thia Mortgage. the aovenante and agreementa of auch rider ahall be incorporated into and shall amend and supplcment thecovenants and age+cemeab olthis Mortgage ss if the rider were a part hereof. : 7. Protectlon ot Lender'~ Securitp. If Borrower faib to perform the wvenants and agreements contained in thi~ Mortga~e, or ii aay ~ action or prooeedin~ u oommenoed wrhich materially affect~ Lender's intered in the Propaty. including, but not limited to. ~mina?t domain. Y in~olvencjr. oode enfotoe~nen~ or arran~ements or prooeedin~s involving a benkrupt or deadent, We~ Lendet a! I.eader'~ option,npoa notioe to Ba~eower may m~e ~ocb appeas~nce~. disbune ~nch sam~ and take snch actioa as u neoeNary b proted Lead~'~ intes+e~t~ ! indnding, but not limited to, di~bunement of nawaabk attorney'~ tees and entry npon the P~+operty b make repair~. It Lende~ reqnired mo~tsase inauranas a~ s canditioa of malring the loan aecnred by this Mortgage, Borcower shall pay the preininm~ reqaired to maintain ' s~ch in~nranoe in dted natil ~nch time as the requirement for such in~urance te:minate~ in accordance with Borrower'~ and Lende~~ writta~ a~reement oe applicabk Law. Borrower shall pay the amount of all a~ortga~e insuranee praninms in the manner provided nnder ~ Pan~r~Ph 2 hereoL My amount~ disbuned by La~da pereuant to this PeraHraPh 7, ~vith inLerest thereon, shall beoome additionel indebtedne~s of ~ Borrower ~ecured by thia Mortgege. Unlew Borrower and L.enda a~ree to other tanns of payma~f, wch amounf~ ~hall be payable upon ~ notioe irom Lendes eo Borrower requesting payment ihereqf. end ~hall bear iatere~t imm the date of disbursanent at the rate payabk f:~om ~ time to time on outstanding principal uader the Note nnlen payment of intenst at such rate w+oa~~ ~d~t}~pplicable law, in a6icb event auch amouab shaU bear interat at the hi~hest rate permi~aible nndez applicabk law. N ~ tiun w this p~r~raph 7. ~hall reqnire Lender b incur sny acpetue or take any ection hersunder. ~ ~ • ~ ~ aQac~ ~ _ ~ ~ ~ ~ _ ~a _ ~ - - ~ _ .