HomeMy WebLinkAbout0979 It Borrower pays FuRds to Lenoer, li1C f
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guaranteed by a Federal or state agency (including L.cnckr i( Lender is such an inst~wtion). Lendcr shall appty the Funds to pay
said taxes, asscssments, insursnoe prcmiums and ground rents. Lender may not charge fw so holding ar~ spplying thr Funds,
analyzing said accouot or vcrifying and compiting said asussme~ts and bills, unk~ss l.crxkr pays Borrower interest on the Funds ;
and appiicabie law permits Lendrr to make such a eharge. Borrower and Ixnder may agree in writing at the time of exccution of i
this Mortgage that interat on the Funcis shall be paid tu &xrower, arxl unks~ such agre~mcnt is made or applicable law reyuires ;
such interest to be paid. L.ender sh~ll not be reyuired to pay u.:rrower any interest or ear~ings on the Fundc. Lcnder shall give to
Rorrov?~er, without cfiarge, an annual acccwnting of the Funds showing credits and dcbits to the Funds arui the purpose for which '
cach dcbit to thc Funds was made. The Funds are pledged ~ a~kiitional security for the sums sccurcd by this Mongagc.
If the amount of the Funds held by l.ender, together with the futnre monthiy instailments of Funds payable prior to the due
dates of taxes, assessnxnts, i~surance premiums and ground rcnts, shall exceed the a?~~u~,e~t requircd !o pay said ta~ces,
assessments, insurarsc~ prcmiums and ground rrnts as they fall due, such excess shall be, at f3c~rrowcr's option, ei~her promptly ;
repaid to Borrowe~ or crcdited on monthly installments ot Funds. I( the am~nt of the Fund~ t~e1d by lxnder shall not bc S
sufCicient to pay laxes, assessments, insurance premiums and ground rcnts at they falt due, Bormwcr shall pay to l,ender any ~
amount neoessa to make u tne deiicKnc in ur~c ur nKMC ~rw~~.s ~ ~
~Y P Y ~y ,
Upon payment in full of all sums secured by this Mortgage, Lender shall promptly reiund to Borrower any hunds held by ~
Lender. If under paragraph !7 herco[ thc Property is sold or the Proptrly is otherv?•ise acquired by I xnder, Lxr?der shatt apply no +
leter than immediately prior to the s~le of the Property or its acyuisition by txnder, any F=unds hcld by lxnder at tt:e time ot
~pplication as a credit against the surtu secured by this TtAortgage. .
3. Applicatan of Payments. Unless applicabk law provides otherwise, afl payments received by lxnder ~~nder :tK Kote ar,d
parographs 1 and 2 hercof shall be applied by l.ender first in payment of amounts payable to t xnder by Borrower w~der paragraph ~
2 hereof, then to intewst payabk on the Note, and then to the principal of the Note. .
4. Prior Mort~aSes and Detds ot Tnist; Char~es; I.iens. Borrower shall perform all of Borrower's obligations under aa~~
mortgage, deed of trust or other security agreement with a lien which has prioriry over this Mortgage, including Borrou~er's .
covenants to make payments wt?~n due. Borrower shall pay or cause to be paid all taxes, assessments and other charges, fines a:~d ~
impositions attributable to the Property which may attain a priority over this Mortgage, dnd leasehold pa}•ments or ground rents, '
if any. ~
5. Hazard Insuranee. Borrow~er shall keep the improvements now existing or he;reafter erected on the Property ~nsured I
against loss by fire, hazards included within the term `~extended coverage", and such othcr hazards as Lender may require and in `
such amounts and for such periods aS Lcnder may rcquire.
The insurance camer pr~viding thc insurance shall be chosen by Borrower subject to approval by Ixnder, pro~~ided, thet such
approva! shall not be unreasonably withheld. All insuranoe policies and rcnewals thercof shall be in a form acceptablt to Lender
and shall inelude a standard mortgage clause in favor of and in a form aeceptabk to Lendec l,enckr shali have the right to hoid the
policies and renewals thereof. cubject to the terms of any mortgage. deed of trust or other security agreement with a lien whirh has f
p.iority o~~er this Mortgage. ;
In the event of toss, Borrowershal! give prompt notice to the insurance carrier and l.ender. Lender may make proof of loss if
not made promptly by Borrower.
~ If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days Irom the date notice'is
~ mailed by Lender to Barrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorited to
collect and apply.the insurance proceeds at L.ender's option either to restoration or repair of the Property or to the sums secured by
this Moctgage.
6. Prcservatbn s?nd Maintenance of Pr rt; €
ope y I.easeholds; Ca~ominiurm; PI=nned Unit Developrnents. Borrower shall
keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and ~hall ?
comply with the provisions oiany leau if this Morigage is on a leaxhold. If this Mortgage is on a unit in a condominium or a ;
planned unit developmeni. Borrower shall perform all of Borrower's obligations under the dectaration or covenant~ creating or
governing the condominium or planned unit development, the bylaws and regulalions of the condominium or ptanned unit
development, and constituent documents.
7. Proteetion of Lender's Security. If Borrower fails to perfurm the covcnants and agreements contained ~n this Martgage, ~~r
if any action or proceeding is cemmenced which materially affccts Lender's interest in the Properiy, then L.ender, at LeRder's
option, upon notice to Borrower, may make such appearances, disburse such sums, including reaconable attorneys' fees, and take
such action as is necessary to protect i.ender's interest. It Ixnder required mortgage insurance ~s a condition of making the loan ;
securea by this Mortgage, Borrower st~~all pay the premiums required to maintain such irsura~ce in effect until such time ~as the ~
requirement for such insurance terminates in accordance with Rorrower's and Lender's writien ag~ee~nent or applicable law ~ i
Any amuunts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the ~lote rate, shall become ~
additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment,
such amounts shalt be payable upon notice from L.ender to Borrower requesting paymcnt ehereof. Nothing contained in this
paragraph 7 shall require [.ender to incur any expense or take any action hereuncler.
InsQectan. C.ender may make or cause to be made reasonable eutries upon and inspectior~s of the Property. provided that
Lender shatt give Borrower n~tice prior to any such inspection specifying reasonabie cause ihercfo~ rrlated to [A nder's intere.t ir~
the Property.
9. Condenuuriion. The proceeds of any award or claim for damages, direct or consequential, in connectian with any
condemnation or other taking of the Propeny, or part thereof, or for comeyance in tieu of condemnation, are hereby azsigncd and
shall be paid to l,ender, subject to the terms of any mortgage, deed of trust or other secunty agreement with a lien w•hich has
priority over this Mortgage.
10. Borrower Not Rekssed; Forbeara~e By i.ender Not a Waiver. Extension ot' the time for payment or modification of
amortization of the sums xcured by this Mo;tgage granted by Lender to any sucressor in interest of Borrower shall not operate to
retease, in any manner, ttte liabitity of tite origiaal Borrower and Barrower's successors in interest. Lender shall not be required to
commence proceedings against such succcssor or refuse to extend time f~r payment or otherwise modify amortization of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest. Any
forbearance by Lender in exercising any right or remedy hereunder, or otherwise afforded by applicable law, shall not be a waiver
of or preclude the exercise of any such right or remedy.
11. Sueeessars and Assig~u Bound; Joint and Stvmtl I.iabiiity; Co-signers. The covenants and agreemertts herein contained
shall bind, and the rights hercunder shall inurc to, the respective sucressors and assigns of Lender and Aorrowrr, subject to the
provisions of paragraph i6 hereof. Aii covenants and agrcements of Borrower sha11 be joint and several. Any Borrowcr who
co-signs this Mortgage, but docs not extcute the Note, (a) is co-signing this Mortgage only to mortgage, grant and convey that
Borrowcr's interest in the Propcrty to Lender under the terms of this Mortgagc, (b) is not pcrsor:aJly liable on the Note or under
this Mongagr, and (c) agrees that Lender and any othcr Borrower hereundcr may agra toextend, modify, forbear, or make any
other accommodations with regard to the terms oi this Mortgage or the Vot~ without that Borrower's consent and without
~ relea~sing that Borrower or mod'Jying this ~lortgage as to that Borrower's interest in the Property.
• BUtM Y3lGE .
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