Laserfiche WebLink
~0- ~f.35 <br />Usitt'oteM Covsxerrrs. Borrower and Lender covenant and agree as follows: <br />I. Payment of Priactpai and Interest. Borrower shall promptly pay when due [ha principal of and interest on the <br />indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest <br />on any Future Advances secured by this Mortgage. <br />3. Funds far Toes a~ ranee, Subject to applicable law or to a written waiver by Leader, Borrower shall pay <br />to Lender on the day monthly installments of principal and interest are payable under the Note, until the Nnte is paid in full, <br />a sum (herein "Funds") equal to one-twelfth of the yearly taxes and assessments which may attain priority over this <br />Mortgage, and grottttd rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, <br />plus otte-twelfth of yeazty premium installments far mortgage insurance. if any, all as reasonably estimated initially and from <br />time to time by Lender on the basis of assessmenzs and hilts and reasonable estimates thereof. <br />The Funds shag be held is an institution the deposits or accounts of which are insured or guaranteed by a Federal or <br />state agency (including Lender if Leader is such an insiitutionl. Lender shall apply the Funds to pay said taxes, assessments, <br />i~t,~ts~ premiums a~ gtxwad rents. Leader may net charge far sa ho:dirzg attd applying the Funds, analyzing said account, <br />or verifying and compiling said assessments and "Dills, unless Lender pays Borrower interest on the Funds and applicable law <br />petatits Lender To mate such a charge. Borrower and Lender may agree in writing a[ the time of execution of this <br />Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law <br />tegttitrs atrch interest io be paid, Lemier shall nut be required to pay Borrower any interest or earnings on the Funds. Lender <br />sldall give to $ortawu, without charge, an annual accounting of the Funds showing credits and debits to [he Funds and the <br />purpose for which each debit to the Funds was made. '7tte Funds are pledged as additional security for iht sums secured <br />by this Mortgage. <br />If the amount of the Ftmds held by Lender, together with the future morzthly instailmenzs of Funds payable prior to <br />the due dates of taxes, assessments, insurance prt:miums and ground rents, shat exceed the amount required to pay said taxes, <br />tsnu, insurance Premiums std ground rents as they fall due, such excess shalt be, at Borrowwei s option, tither <br />ptnmpdy repaid to Smmws ~ credited to Borrower on monthly installments of Funds. If the amount of tbe Funds <br />1>tdd by [.coder shall trot be stmt to pay lanes, assessments, insurance premiums and ground rents as they fall due. <br />Bonnsvu shall pay w Leader any amount necessary to male up the deficiency within 30 days from the date notice is mailed <br />by Leader to Herrowu regttestiag payment thereof. <br />Uptm payment in fuB of all sums sertuxd by this Mangage, Ladd: shs!t tromptly refund to Borrower any Funds <br />held by Leatdv. If under patitgraph 18 hereot the Progeny is sold ar the Property is otherwise acquired b}' Lendtt, I.ettder <br />simll apply, ao lots rhea imedediatety guar to the sale of the Properly or its acquisition by under, any Funds held by <br />Linder st the tint of applicatix+tt as a credit against il!e sums stxura! by this Mortgage. <br />3. AltpBcatlae of Ptpatwts. Limas applicable taw provides athenti~, all payments received by Lender under rite <br />Node std patsgraghs i and 2 hereof shall be agplitd by Lender first in payment of amounts payable to Lender by 8orrovm <br />uadv paragraph 2 ]temof, then to inretcst paval>)t on the Nate, then to the principal of the Nate, and then to interest and <br />prindpal ~ any Fluent Advances <br />0. I3es. Borrower shall pay nil taxes, assesanenzs and other charges, fines and impositions attributable to <br />tide Propsty which ratgy stain a priatity over this Mortgage, and leasehold paymenas or ground rants, if any, in the manner <br />provided imdiS paragraph 2 hereof or, if not paid is such tnanrnr, by Borrower making payment, when doe, directly to the <br />godyot< tiseteaf. Boaower shall grotmpily furnish to Leader all na.ica of amounts due under this paragraph. and in the event <br />Borrmter shall mate paymem directly, Borrower shall promptly #uraish to Lender receipts evidencing such paytstentc. <br />Bosrtssty shall promptly discharge any lcen which has priority over this Mortgage; Provided, that Borrower shall not be <br />tequi:od to tiischatge anp such Best se long as Borlower shall agree in welling m the payment of the obligation secured by <br />tast3t ~ is a ttranna at~ttabk to Leaeier, ar shall in good faith mmesr such ilea by, or defend enforcement of such lien io, <br />Irgal wisleit apetate ro prevent the atforaasent of rite lien ar forfeiture of the Property or any part thereof. <br />5. Hwri Laauaea Btsttosvc shall tap rise iraptovtmertts raw existing or hereafis erected cut the PropenY insured <br />~ Tau by fire, hstards indnded within rise rum °exttndtd coverage", and such othu hanrek as Lender may require <br />and m stsc$ aasauma and feu rich periods u Leader m:y require; provided, that Lender shall net require that tix amount of <br />nsdt e:ttamd that amaum of eovrrrt=e tngmrexl to pay the sums secured by this Mortgage. <br />11se ittatnaace caxtiter pravi$iesa the iaxitraacr shag be dtosen by Borrower wbjtxt to approval by Ltnber, provR~d <br />t~ rids sppactvai shall ant be tmrsasaoahi}• witlthcid. AB premiums on insuratsr~ policies shall tie pail in the msnns <br />ptiwided undo patapalth 2 btseat or. if as gahi is such manxr, b7' Borrows' looking gaytnst4 when due. directly to rite <br />i tyasita. <br />AB ist Iwtitiec and rutev.•ak rltaen? shall be is form aaxptabie to Ltrtder and siwll incJttdt a standard mortgage <br />t in favor of amt is form ~ ao Irader. Leatitt shall howl the right to bald the policies and rnxu°als titereaf. <br />sad Hnnawer shag promptly furnish m Lt~da all tearwal ttoicces alai a!{ receipts of paid premitums. In the anent of loss, <br />BorroRr sAail gixe,prompt taatix m the insurance casrur and L«+der. Lender may make pranf of lms if not made promptt}. <br />by Btsxra+ee;. <br />Clydtsa i ~ a~ lfzxtowet otitEiM`rst agree in v.rit~, itssurasee prot-etds shall ht applied to restaraaon or repair of <br />the Pregeaty damagett grovtided tasch rsxrka$ia.'aa etc tepaia~ ss ea;ffnamicalt teasiisk std xhe security of this Mortgage is <br />sot theaeby impaired. If stsdt retatuauan or >~+r is ttm e.:osurmicatly feasible or rf tlx sectnit}• of this Mortgage would <br />ire lad, ~ inasnanee pteceeds sisal be applitad m the stuns sd-ured b} this Mortgage. with the excess, if any, Paid <br />m Botraaas. U the • is abattdosad it} Basmwer, ar i! 8ornower Earls to mpood to Leader within 30 days from the <br />due: aotia is riszilerl by i.ader to 13ttsaowet that the irtrarance carrier afters to settle a claim for insutatsce benefits, Lemke <br />i4 auehnr9md w rnileca std apply the insurance proceeds az Lentder's apaian nthtr m restoration or repair of the Propun <br />tr b the rums seeaaed by t2dc lAortBrae. <br />1}aias L.eoder xnd Beartntarr atltersvise agtme in writing, any such applicatitm of proceedx to principal shall not eatend <br />or ptap$oae she doe dsae of the tnnathiy ~-"_„-'--- refs-tod to in paragraphs t null 2 hseaf or change the asaunt of <br />sscfi ~, if smdsr ~ 1$ > rite PraputY is acquired b}• Lender, all right, title arsd inttteu of Barrowcl <br />~ sad r+a tiny iastuaacx pulidet sad is and to the proceeds [hereof resulting from damage to the Proper} prior to the sale <br />err gam do i.eradv to rise aateai ~ the sums secured by this Mortgagz :mirxdiateh prier to such sale err <br />i. ail 3eniAenana of Prepat~; L L'oadat Phased Uadt ~. Borrower <br />~ iattg the is grtoid reppair and shall ~ etrmmit wash or peamit impairtnmt or deeerioratiaa of the Properly <br />anti s~ pompfy w~ the prewiaions of any least if the Mortgage is on x leasehold. if this Mortgage is on a unit in a <br />aandatm>mm err a p3saspd amir ~, Banorvar shall perform all of Borrowei s obligations under the declaration <br />err cnaaentts nr 1~'niag the roadrxaiaium or planned unit dtvelagmeat, the by-laws and regulations of chi <br />aeadoteu®stts a gitmed trait ~ and mmtitttent doctuttents. if a condominium or planned amt development <br />tidtr is e+tarnaad by HQtawor sad recorded togesher with this Mangagt, the crovenatus and agreemenzs of such rider <br />sitaB 6e mtpoiparatrd iartts and si6all amend and sup}uemeat tits cavemants and agreements of this Mortgage as if the rider <br />want: a f~ htfaat <br />4: 1raNacpnt # [,Ntint3t K Btumtses fails to perform the ewenants and agreements contained in this <br />err # sag actias a ptoeaedi~ d mmmemrod which materially affects Lender's interest in the Property, <br />iecha~etp ltta oat Iiaaitad let, ate ditmsia, itmolvsacy, node enforixraent. err arrangeinertts or proceedings invoh•mg a <br />or deopdQSt, ~ I.tnder at L.tdef's option, upon swtitx to Borrower, may make such appearance, disburse such <br />ssf8tt sad a~a€ ~ action u ~ trscrosaty to ptetitct Leader's initrelil, including, but not limited ter, disbursement of <br />ieaaaetsLie atmtaay's Etta sad entry txpaat the Ptoparty >A matt repairs. If Lender required mortgage insurance as a <br />s of >~ the lara tractsed by this Motigspe, Borrower ahali pay the premiums required to maintain such <br />inasratteo ~ ~ snob tint as the ttgtderaeat for such iastaance terminates in accordance with Boranwer s and <br />