Sample Mortgage Form
by Lend er at the time of application as a credit against the sums secured by this
3. Applica ti on of P a yments. Unles s ap pli c able law provi des ot herw ise, all payments
recei ve d b y Len de r u nder the Note a nd paragr aphs I and 2 here of shall be applied by
Lender firs t in payment of amount s payable to Len der b y Borrower un der pa ra graph 2
hereof, then to interest payable on the Note, then to the principal of the Note, and then to
interest and principal on an y Future Advances.
4. Charges; Liens. Borrower shall pay all taxes assessments and other charges. fines
and impositions attributable to the Property which may attain a pr iority over this
Mortgage, and leasehold payments or ground rents, if any, in the manner provided under
paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when
due, directl y to the payee thereof. Bor rower s hall promptly furnish to Lender all notices
of amounts due under this paragraph, and in the event Borrower shall make payment
directly, Borrower shall prom ptly furnish to Lender receipts evidencing such payments.
Borrower shall promptly discharg e any lien which has priority over this Mortgage;
provided, that Borrower 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 acceptable to Le nde r, or shall in good faith co ntes t s uch lien by, or defend
enforcement of s uch lien in, legal proceedings w hic h operate to prevent the enforcement
of the lien or forfeiture of the Property or any part thereof.
5. Hazard Insurance. Borrower shall kee p the improvem ents now existing or hereafter
erected on the Property insured against loss by fire, hazards included within the term
"extended coverage", and such other hazards as Lender may require and in such amounts
and for such pe ri ods as L ender may require; p rovided, that Len der s hall not require th at
the amount of suc h coverage exceed that amount of coverage require d to pa y the sums
secure d by this Mortgage.
The insurance carrier providing the insurance shall be c h ose n b y Borrow er su bject to
appr oval by Lender; pr ovi d ed, that such app ro val shal l not be unreason ably wit hhe ld. All
premiums on insurance policies shall be paid in the manner provided under paragraph 2
hereof or, if n ot p ai d i n such manner, b y Borr ow er making payment, when due, direct ly
to the insurance carrier.
All insurance policies and renewals thereof shall be in form acc eptable to Lender and
shall include a standard mortgage clause in favor of and in form acceptable to Lender.
Lender shall have the right to hold the policies and renewals thereof, and Borrower shall
promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the
event of loss, Borrower shall give prompt notice to the insurance carrier and Lender.
Le nder ma y make pr oof o f l oss if no t m ade p rom pt ly by Borr ower.
Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be
applied to restorati on or repair of the Property damaged, pro vi ded such rest orati o n or
repai r is economically fe asible an d the securit y of this Mort gage is not thereb y im paired.
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