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Home My WebLink About0961 ~ . ~ ~ _ - - . _ _ _ . ~ _ 1_ _ _ . _ - . ; ~ ~ ti , Boero~ ~ad Iw~dK oov~aaat and a~n~ a~ tolb~n: 1. P~at o[ Pti~i wad Int~rMt. Bo~row~ ahall p~omytbr p~y wMa dw W~ pdacipal oi aad int~~t oa the indebtedn~a ~vidwo~d b~r th. Woq. wrp~,r~nwt and 4a durp. as peovid.d ia W. t~oh, aod W. p~incip~l of aad ia~wt on ~ ~ W~IfitunAdv~na~»cund Ptiod~ tot Ta=es ~ad Iawr~no~. 3ubjed b applicable !aw or b a writte~ waiver by Leader. Borrower shaU pay b Leader on the d~y monthlp iiutallmenta of priaiap:l ~nd int~cest an payable ~nde~ ehe Nota. nntil the Note i~ p~id in tnp. a wm (herein "Plinds") avual to oa~ , t~wlith of the Yearb? las.. and a..a.ma~ts.v6id, m.y aaain prioricy ove~ thia Mo~tta~a and ~rouad ren~ on ehe Propeesr. if any. Plw oae~ twallth of yearly peaninm ieutal~o~ats l~or hasard in~urwioe. Plw an~twellth of yearUr pe~emium ia~tallments for mortQa~e inaaranoa itany. aU a~ r~~aonaWy ~imat~ed iaiEial~y and trom titne to time by Lende! a~ the basis oi aaMSmeat~ and bil4 and reasonable e~timate~ thenof. ~ 11~ P1~ads ~hall b~ AaW in u~ in~titntion tb~ d~po~i4 or aooount~ of ahich ars uuured ~ ~uaraate~ed by a Federal or 3tste agency (wclu~n~ Lsndee if Iwnd~r is snch an iastitation~ Le~d~r shaU appl~r the fl~nds to pay oaid ta~c~ss s~menta. insutance premiuma and ~raand reab. I.sndK mq iwt charp fo~ a~ 6oidin~ u~d app~jrin~ the Fbnd~. aaa~in~ said aooount, or v wa~meat~ aad bill~. nnlea Le~d~r pay~ Hoerower iate~est oa !he Phnd~ and ~~s and oompiling said and I,endec m~y a~ree ia writin~ at tbs ti~ne of e:ecution of this Mo~e~e that incatere~t oa the ~ads aha~ll be eke such a charee. Bosro~rez wch a~e+eesneat i~ made or ~pp~iCe?ble law require~ ~h intere~t to be paid, Lead~ sheU not be ~ to Borrower, and naks~ required to pqy Borrower any intere~t or earninp on the Pltnds. Le~de~ ~hall ~ive to Borro~rer. withont chsrte, an aannal sooountiag of the ~nd~ ahowing credih and debits to tbe . F~nd~ and tbe pnrpo~s for which each debit to the P1ind~ waa made.'Il~e fl~ada are pledged as edditional ~e~curib for the snm~ ~ecured by this . If We amount oithe Pbnd~ hdd by Lender. togeWer ~riW ehe fnt~re monthly uutallments of Funds pyrabk prior to the due date~ of tuer. e~eaments. insnranae praaiums and ground rsnts. ahall ~oaed the amour~t riquirad ~o pa~y said tazea. as~ees~nents. insuranoe premi~ and ~round rests a~ tbey fall due. snch eioe~s shall be. at Borrbarer's optioa. either promPt~y repaid to Borrower or credited to Bozrowre~ on monthly inslallmenta of Pbnds. If !he amount of tbe P~nds held by I.gnd~ ahall aat be entficient to pay texe~. aaees~maits. inanranoe prtmiunu aad ground re~?4 aa Wey tall dne. Borro~rer ahall pay to Lender any amonnt neceesary to mske np the de5ciency within 30 de~y~ irom the date notioe is mailed by Lenda to Bormwer requesting pay~aent thereuf. Upon paya~ent in fnll of all sum~ ~ecu~ed by this Mortgage. Lender shall promptly refnnd to Borrower any fi~nds held by Leada. If nnder Para~rap618 harcof the Property ia sold or the Prope~ty is otherwiie acqnind by Lenda, Lender ahall apply, no leter thsn immediately prior . to the sak of tt~e Property oe its aaqnisition by Isnder. any Plinda held by Lender at the Lime of application as a credit against the sams secnred bY tbis Matga~e. - - 3. Applieadon of Psyments. Udesa applicable law providea othervvise. all paymsnb e+eoe'sved by Lender under the Note and Par+~6raP~ 1 end 2 hereof ehall be applied by I.eader first in payment of amounts payable to Lender by Borrower und~ para~nph 2 hereof. then to intend payable on the Note. fhen to the p:incipai of the Note. and then to interest and principai on any Phture Advanoea. ~ : Char~es; I.ieas. Borrower ahali pay all taxea, aeeeesmenla and other rharges. fine~ and impoeitions attributable to the Property which ~ may attain a priority over thia Mortgage, and leasehold ps~yrnente or ground rents. if any, in the manner pmvided under paragraph 2 hereof or. if no~ paid in euch manner. by Borrower making payment, when due, directly to the payee thereof. Borro~ver ahaU prompdy fumish to Lender all notioes of anwunts due under this pasagraph. and in the event Borrower shall make payment directly. Bormwer shall pmmpdy furnish to I.~der receipts evidencing such paymente. Borrow~ shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower ahall not be required to discharge any such lien so long aa Borrower shall agree in writing to the payment of the obligation secured by such liea in a manner acceptable to I.ender, or ahall in good faith rnntest such lien by, or defend enforcement of such lien in, legal prooeedings which opetate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hasard Insurance. Borrowrer ahall keep the improvements now r~iating or hereatter erected on the Property inaured against lose by fire, hezarda inciuded within the tenn "e:teaded ooverege," and such other hazards as Lender may reqnire and in anch amonnte and for anch perioda as Lender may require; provided, that Lender shall not require that the amount of anch aoverage euceed that amount of covetage required to pay the suma secnred by this Mortgage. The insnrance carrier providing *_he insurance shall be chosen by Borrower su5ject to approval by l.ender. provided. thal Surh approval . ahall not be unreaaonably withheld. All premiums on insurance policies ahall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. i All inaurance policies and renewals thereof ahaU be in form acceptabte to Lender and shall include a atandard mortgage clauae in favor of and in form aooeptable to Lender. Lendershall have the right to hold the policies and renewals thereof, and Borrower shall pmmptly fumish to i.ender al: renewal aotioea and all receipts of paid premiuma. In the evenl of loss, Bortuwer ahall give prompt notice to the ineurance carrier 'j and Lender. Lender may mal~e proof of loea if not made promptly by Borrower. j Unlesa Lender and Horrower otherwi~ agrer in writing, inaurance proceede ahall be applied to reatoration or repair of the Property F damaged.-~ovided snch reatoration or repair is economically fesaible and the ~ecurity of thia Mortgage is nd thereby impaired. If anch f restoration or ~+epair is not economically feasible or if the security of this Mortgage would be impaired~ the inaurance prooeeds shall be applied ! to the sums secured by thia Mortgage, with the excess, if any, paid to Borrower. If the Property ie abandoned by Borrower, or if Borrower fails to respond to L,endu within 30 daye from the date notice is mailed by Lender to Borrower that the ineurance carrier offera to settle a claim for E ineurance benefite. Lender ia authorized to collect and apply the insurance proceeda at Lender a option either to reatoration or repair of the ~ Property or the auma secured by this Mortgage. ~ Unlees Lender and Borrowet otherwiae agree in.writing, any such application of proc~eeds to principal shall not ~tend os postpone the due date of the monthly iaatellmenta referred to in paragraphs 1 and 2 hereof or change the amount of auch inatsllmente. If und~ paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any iasurance puliciea and in and to the proceeds thereof resultiag from damage to Property prior to the 8ale or acquisition ahall pass to Lender to the extent of the sams eecured by thie Mortgnge immediately prior to euch sale or aoquiaition. • - 6. Preaervation and Mointeaence of Property; Leaseholds; Condominums; Planned Unit Developments. Borrowerehall keep the Property in good repait and shall not commit waste or pennit impairment or deterioration of the Property and shall oomply with the provisions of any lease if this Mortgage ia on a leasehold. If thia Mortgage ia on a unit in a oondominium or a plenned nnit developmetl~, Borrower ahall perfotm all of Borrower's obligationa under the declaration or covenanta creatingos eovrrning the condominium or planaed ~ unit development, the by-laws and regulationa of the rnndominium or planned unit development, and conatituent documente. If a ~ oondominium or planned unit development rider is executed by Horrower and eecorded together with thia Mortgage. We oovenants and agreemeata of euch rider ahall be inrnrporated into and shall amend and aupplement the covenante and agreements of this Mortgage as if the rider were a part hereof. 9. Protectlon ot I.ender'~ Securit~. If Borrowa fails to paform the ooveaante and sgrcemenh oontained in this Mors;age. ar if aqy s action or proeeeding is oommenoed which matezially affects Lender's intenst in the Propesty. including. bnt not limited to, emineat domain, ' in~olvency. oode eaforoement~ ~ arran~ements os pmoeeding~ involving a bankrnpt or deoeden~ then Lender at Lenda's option,npoa ~ notioe to Borrower meqr mai~e sach ap~peaspnoe~. disburse wch snms and take snch action as i~ neoeNary to protect I.ende:'s interest, ; indnding, but not limited to, disbn»~t ot nasonahle att~aey'~ feer aad entry upon the Propetty to make repairs. If Lender requirsd mortga;e insanaee as a wndition of maldn~ t2~e loan ~ecnred by this MortSaSe, Borrawer ~hall pay the preminm~ reqnired to maintaia ` soch inanraace in eftect antil snch time as the requirement tor ~ach in~nrance taminate~ in aooordance witb Borrower'~ and I.ende~~ written agreemeat or applicabk I.aw. Borrower ~hall pay the amouat of aU ~nortgage inaurancx pnminm~ in the manner provided under k PareBraPh 2 hereof. . My amouats disbnr~ed by I.enda per~vant to thia paragraph 7, Mrit6 int~rest Wereon, shall beoorae additional indebtedne~a of Borrower eecnred by thi~ Mortgage. Unlen Bonower aad Leader agree to otha term~ of payment, ~uch amonnb ~hall be payable npon notioe from Lender to Borrower reque~ting payment thereat. and ahsll bear intere~t ftvm the dale of disbur~emast at We rate payabk trom time eo time on outstanding prinripal unds the Note nnk~s paymeat of interest at snch rate would be oontrary b applicable law, in which _ eveat wch amounta ~hall bear intere~t st tl~e hi~hat rate pami~sible nnder applicabk Is~v. NotbiA~ oantained ia ~is para~raph 7, shall require Lender b incnr any a[petue or ta1[e any ac4on hereunder. - E~~~s P~ ~ ~ ~ ~ . ~ _ r.~ _ _ . _ ~ _ _