The URL can be used to link to this page

Home My WebLink About0983 . - . - - - _ - - - , - i ' ` 'M~~J C~.~J . sorro.rer aad i.end~ aova„wc aad yr« ~a follo.?r. 1. Pw~ueat ot Priucipal aad Iatere~t. Horrow~r shall prompt~y pay wh~ dw tb~ priacipal of aad iateted on the indebtednen evidei?ad by tbe Not~; PnP~t ~nd late chane~ a~ provided ia the Note. and the principal ot and iatere~t on any PLtnre Advanoss ~ecured bY thi~ Marfsan. Z. FMnd~ [or T~e~ aad lasur~noe. Subject to applicable l~w or to a writtan wuver by [.cnder. Borrower shall pay to Lende~ on the de~y moathly insWlmenh otprincip~l aad iaterat are p~yabl~ undes 1he Note, until We Note is paid in full, a sum (herein "b1nc4") equal b ona twellEh of tht yMrly tasa ~wd aaasmait~ which may attain priority over thi~ MotR~a~e, and ~round renb oa the Pmperty, if any. plw oat twel!!h of Yerrly preiaiwo instapments for haserd inausance. plus onstvreltth of year~jr prnnium inatallma~t~ foe moetQa~e ineurance. itanY. sll a~ rea~oaaWy ~stimated initially and l~om titne to tiwe by Lender on the basi~ o! as~aaments and billa and reaaonabie estimates thereo! Tha P1u?d~ shall be hdd in an in~titntioa the depoait~ or aocounb of which ue insured or ~ranteed by a Federal or State a~ency lincludins Lender if L•nder i. wch an insatuaon~ Lender ahall apply the bl~nds co pey said tue.. aweasrnenta. insurence premiums and grouad renh. Leadee m~y not char~s f~ ~o hoWin~ and applyins the PLnds. analyzins said account, or verifying and compiling ssid aaewnenb and biW. unle~s Leader p~y~ Borwwer intenet on the F~nds and applicabk law permita Lender b make wch a charge. Borrower and Iwad~ matiy a~ra in writins at We titne of execution of this Mort~aQe thet interest on the Fuad~ shaU be paid to Borrower. and uniew ~nch ~reaaeat is made or appUcabk Isw requires such interat b be paid, Lender thall aot be required to pe~y Borrower any interat or carninp oa the P~nds. Lender shall give to Borrower. without charge. an annual acoounting of the Funds showing credit~ and debit~ to ehe Funds aad We pnrpwe for wrhich ach debit to the P1~nds was made. The Funds are pledged aa additional sscurity for the sums secured by tbi~ Mortga~e. . . If the amount of the Phad~ heW by Lender. together with the future monthly iaatallments of flinds payabk prior b the due dates of tuer. a~satmenta. inauranoe premiuma and ground rents, shall ~acaaed the amount required to pay said ta:es. aasessments. insuranoe premiums and around renfa ss tbey fall due. ~uch esaa shall be, at Borrower'a o~ion, either promptly repaid to Borrowa or credited to Borro~rer on monthly itutaUments of I~nd~; If the unount of the Fund~ heid by Lender shall not be sufficient to pay ta~ce~. assessmenta. iasurance pnmiuma and se+ound renb as they fall due. Borrower shall puy to I.ender any amount neceasary to make up the deficiency within 30 days trom the date aotioe is mailed by Lender to Borrower requesting payme~t thercof. Upon payment in fnll of all ~ums secured by this Mortgage, Lender ahall promptly refund to Borrower any funda held by I.ender.lf under . para~rap618 he:eoithe Piroperty is sold or the Property ia oLherwise acquired by Lender. I.ender ahaU apply. no later than immediately prior to the tale af t}ie Property or its aoquisition by Lender, any flinds held by Lender at the time of application sa a credit against the a~ne aecured by thi~ Morlga~e. - 3. Applicatioa ot Payaaeata. Unless applicable law pmvidea otherwiae, all payments reoeived by Lender unde; the Note aad paragrapha 1 and 2 hereof shall be applied by Lender firat in payment of amounts payable to Lender by Borrowrr under paragraph 2 hereof, then to intere~ payable on the Note. then to thc principal of the Note, and then to interest and principal on any Future Advanoes. 4. Chartes; I3ens. Borrower ahall pay all taxes, asseasmenta and other ehargea, finea and impositions attributable to the Property which may attain a priority over thia Mortgage, and leasehold paymenta or gmund renta, itany, in the manner provided under paragraph 2 hereof or. ~ if not paid in such manner, by Borrower making payment, when due, directly to th~ payee thereof. Borrower shaU promptly fumish to Lender ~ all noticea of amounta due under thia paragraph, and in the event Borrower shall make payment directly. Borrower shall promptly furnish to ~ Len~er receipta evidencing such payments. Borrower shall promptly discharge sny lien which haa priority over this Mortgage; pmvided. that Borrower shall not be required to discharge any such lien so long as Borrower shall agree ir? writing to the payment of theobligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of euch lien in, legal proceedings which operate fo prevent the enforcement of the lien or forfeiture of the.Property or any part thereof. ~ 5. Hasard Insurance. Borrowrer ahall keep the improvemeats now existing or hereafler erected on the Property insnred againat loss by ~ fire, hazarda included within the term "extended rnverage. ' and such other hazards as Lender may require and in auch amounta and for such periode as Lender-may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverege required to pay the aums aecured by this Mortgage_ ~ ; i The inaurance carrier providinq the insuranm shall be chosen by Rorrower subject to appmval by I.ender; provided, that such appmval i shall not be unreasonably withheld. All premiums on insurance pulicies shall be paid in the manner provided under paragraph 2 hereof or, if I not paid in such manner. by Borrower making payment, when due, directly to the insurance carrier. 'I All inaurance policiee and renewala thereof sh~ll be in form acceptable to Lender and shall include a standard mortgage clause in favor of , and in form acceptabk to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furniah to - i,ender all rene~val notices and al1 receipta of paid premiums. In the event of loss, Borruwer ahaU give prompt notice to the insurance carrier ~ and I.ender. Lender may make proof of loas if not made promptly by Borrower. ; Unleas Lender and Borrower otherwiae agree in vv~iting, inaurance proceeds shall be applied to reatoration or rep$ir of the Property ~ dameged. provided sach reatoration or repair is economically leaaible and the security of this Mortgage is not thenby impaired. If auch ~ reatoration or repair ia not ec.~nomicaUy feasible or if the security of thia Mortgage would be impaired, the iusurance pmceeds shall be applied i to the sums secured by thia Mortgage, with the excess, if any, paid to Borrower. If the Property ia abandoned by Borrowet, or if Borrower feils to ~ respond to I.eader within ~0 days from the date notice ia mailed by Lender to 8orrower that the insurance carrier o~ers to eetde a clai~ for ~ inausanue benefita, Lender is suthorized to collect and apply the insuranceproceeda at I.ender's option either to restoration or repair of the ~ Propcrty or the sarns sunred by this Mortgege_ ~ Unlesa Lender and Botrower otherwise agree in writing, any such application of proceeds b principal shall not actend ar postpone the due , date of We monthly inatallme~ts referred to in parag~aphs 1 and 2 hereof or change the amount of auch installments. If under paragraph 18 hereof the Property is soquired by Lender. all right, tide and intereat of Borrower in and to any inaurance policiea and in and to the proceeda thereof resnlting from damage to Prope~ty prior to the sale or acqnisition shall pasa to Lender to the exteat of the awns aerured by this Mostgage immcdiattly prior to such eale or acquisition. ~ 6. Preaerv~tion and Maintenance otProperty: Leaseholda; Condominums; Pleaned Uajt Developmenta. Borrower shall keep ~ the Propedy in good repair and shall not rnmmit waste or permit impairment or deterioration of the Property and ahall comply with the , provisiona of any leaae if this Mortgage ie on a leasehold. If thie Mortgage is on a unit in e rnndominium or a planned unit developmen~ ` Borrowtr shaU pertorm all of Borrowez's obligationa under the declaration or covenanta creatingor governing the rnndominium or planned `s, ~nit develop~t, the by-lawe and regulationa of the condominium or planned unit development. and conatitnent documenta. If a ~ condominiam or plenned unit development rider is executed •by Borrower and recorded together with this Mortgage. the oovenanb and g agreements of auch rider shall be incorporaled into and shall amena and supplement the covenants and agreements olthis Mortgage as itthe E rider were a part hereof. 7. Protectbn ot Lender'~ Security. If Borrower fails to perform the covenants snd agreements oontaiaed in this Moitga~e, or if aqy action or prooeedir?~ iu commer?eed whiclr matesiapy affects Lendefs interest in the Prope:tY. includiag. bnt not limited to. emineat domain. ' inaolveacy, oode enforament, or arran~ements or prooeedings involving a bankrnpt or deoedent, then I.ender at Lenda'~ option,apen notioe b Borrower may make ~uch appeasanoe~. disbune ~uch snms and take ~uch actioa as u aeoeMary to protect Lendd~ intaest. inclnding. but not limited b. diab~eat of reaionable attorney'~ fea and entry upon the Property to make repsitt. If La~da reqnired mort~aBe uunranoe a~ a oondition of makin~ the loen secured by this Mortga~e. Borrower shall pay the preminms required to maintaia such in~uranca in ef[ect nnW ~uch time aa We requinment for such ituurance terminata in aaoordence with Borrowa'~ and Lende~~ wrritten agreement or appGcable La~v. Borrower shall pay the amount of all mortgage insurance praninms in the manner provided under paragraPh 2 hereoi ` My amounts disbursed by Lender persuaat to this paraQraph 7, writh intereat thereon. shall become additional indeMtdna~ of ra ~ Borrower ~ecured by thi~ Mortgage. Unlas Borrower and Lender agree to other term~ of payment, such amounta shall be payabk upon - notioe trom Lende: to Borrower requeating payment thereo~ and s1w11 bear iatere~t from the date of disbunement at the rate payabk from , time to time on out~tanding principal under the Note unlea psymeat of intenst at ~uch rate wou ~ applicabk law. in wbich i eveat wch amoant~ shall bear intarat at the hi~hest rate prrmiwible under applicable law. N~~~ thii para~raph 7, ~hall requin l.ender to incnr any acpe~ue or teke eny action herennder. . € 8~ ~ ~ t~ ~ ~ ~ ~ ,~r - - - - _ - -