78000492 - Laserfiche WebLink

Browse

. r- � 78- U00492 Uxmoxna Covatvertrs. Borrower and Lender covenant and agree as follows : 1. Payment of Princlpa! and Intereat. Horrower shalt prompqy pay when due the principal of and interest on the ; indebtedneas evidenced by the Note, prepayment and tate charges as provided in the Note, and the principal of and interest on any Future Advances secured by ffiis Mortgaga 2. Fmds [or Ta=es and I�urauce. Subject to applicabie law or to a writun waiver by Lender, Borrower shall pay to Ixader on the day monthly instaliments of principal and interest are payable under the Note, until the Note is paid in full, � a aum (heroua "Funds'q equal to one-twdith of the yearly taxes and assessmenu which may attain priority over this Modgage, and ground nnts on the Property, if any, plus ono-twelfth of yearly premium installments for hazard insuraace, i` :. plus oaatwelfth of yearly pnmium installments for mortgage insurance, if any, ail as reasonably estimated initially and from time to time by Lender on ffie basis of asscvsments and bills and reasonable estimates thereof. i ; The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a 'Federal or stau agency (including Lender if Lender is such an institution) . Lender shalt apply the Funds to pay said tazes, assessmenu, � insurance pnmiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account, � ' or verifying and compiling said assessments and bills, uniess Lender pays Borrower interest on t6e Funds and applicable law ;! permits I,ender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this a, MoRgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or appiicable law t roquires such interest to be paid, I.ender shall not be required to pay Borrower any interest or eamings on the Funds. Lender shall give to Borrower, without charge, an annuat accounting of the Funds showing credits and debits to the Funds and the ` ;; purpose for which each debit to the Fvnds was made. The Fonds are pledged as additionai security for the sums secured by this Mortgage. {' If the amount of the Funds held by Lendeq together with the future monthly instatlments of Funds payabie prior to Y. the due dates of taxes, assessments, insurance premiums and ground renu, shall ezceed the amount required to pay said taxes, i assessments, insurance premiums and ground renu as they fali due, such excess sha11 be, at Borrower's option, either , t prompdy repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds � �' hUd by Lender shall not be su6eient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lrnder any amount necessary to make up the deficiency within 30 days from the date notice is mailed ; � by Lender to Borrower requesting' payment t6ereof. Upon payment in full of a11 aums secured by this Mortgage, Lender shall prompdy refund to Borrower arty Fuads � held by L,ender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender j shall apply, �o later than immediately prior to the sale of the Property or its acquisition by I.ender, any Funds held by = Lender at the time of application as a credit against the sums secured by this Mortgage. � � 3. Applicallon of Paymenfs. Unless applicable law provides atherwise, all payments received by Lender under the � Note and paragraphs I and 2 hereof shatl be applied by Lender first in payment of amounts payable to Lender by Borrower funder paragraph 2 henof, then to interest payable on the Note, then to the principal of the Note, and then to interest and � principal on any Future Advances. 4 4. Charges; Liens. Borrower shall pay all taxes, assessmenu and other charges, fines and impositions attributable to the Property which may attaio a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner P provided under pazagraph 2 hereof oq if not paid in such manner, by Borrower making payment, when due, direcUy to t6e ! payce thereof. Borrower shall promptty furnish to Lender all notices of amounts due under this paragraph, and in the eveat � Botrower shall make payment direcQy, Borrower shall promptty fumish to Lender receipts evidencing such payments. ' i Borrower shall prompUy discharge any ]ien which has priority over this Mortgage; provided, that Sorrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptabte to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal praceedings which operate to prevrnt thc enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard Insurance. Horrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by Ero, hazards included within the term •'extended coverage", and such other hazards as Lender may requiro '' and in such arnounts and for such periods as Lender may require; provided, that Lendcr shall not roquire that the amount of such coverege excced that amount of coverage required to pay the sums secured by this Mortgaga y The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, � that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner � provided under paragraph 2 hereof ar, if not paid in such manner, by Borrower making payment, whm due, direcHy to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall indude •r standard mortgage clause in favor of aad in form acceptable to Lender_ Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furaish to Lender all renewal ootices and all receipts oE paid premiums. In the event of loss. Bortower shall give prompt aotice to the insurance catrier and Lender. Lmder may make proof of loss if not made promp8y by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Propeny damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby icnpaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance procceds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by I.eader to Borrower thut the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installmenu referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 herwf the Property is acquired by Lender, all right, tiUe and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquiaition. 6. PretervaUon snd Matntenance of Propecty; Leasehotds; Condominiums; Planned Unit Devdopments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any tease if this Mortgage is on a leasehold_ If this Mortgage is on a unit in a condominium or a planned unit devetopment, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or goveming the condominium or planned unit developmenL the by-laws and regulations of the condominium or plaaned unit development, and constituent documents. If a condorninium or planned unit development ; rider is executed by Borrower and rocorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplemrnt the coveoants and agrcements of this Mortgage as if the rider "\ were a pazt hcreof. - 7. Protectioo of Lendela Secarlly. If Boaower fails to perform the covenants and agreements contained in this � � a � �� Mortgage, or if any action or proceeding is commenced which materially affects Lender's interost in the Property, �;. ,i incinding, but not limiud to, eminenC domain, in§olvrncy, code enfonement, or arrangements or proceedings involving s. � baakrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may rnake suc6 appearances, disburse such �' " ' sntus and take such action as is necessary to protat Lender's interest, including, but not limited to, disbursement of �"'� nawnablaattomey's ' fxs and enfry upon the Property to make repairs. If Lender required mortgage insurance as a i ' �` ;'"y� conditioa of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such �` --, p iasuranoe in eHect until such time as the requ'uemrnt for such insurance terminates in accordance with Bon+ower's and 1y a � � . � . J . ;