The URL can be used to link to this page

Home My WebLink About0797 UtviFOt~t Covcxexn. BorroNer and Lender cove~ant and agree u tolb~vs: 1. Paymment o~ Prlnclpal and laterat. Bonower shall promptl~ pay when due thc principal ot and interest on the indebtednea~ evidenced br the Note. prepaYment and late cha~ges u provided in the Note. and the principal of and inta- est on a~r Future Advanca secured br this lltortgage. Y. tLnda Io~ Tasp and Iawnnce. Subject to applicable law ot to a written waicer by l.ender. BorroKer shall par to Lender on the day monthlr in•tallments ot principal and interest are payabk under the Nott, until the Note i~ paid in tull. a sum (herein "Funds") equal ta one-twel[ch ot the yeulq taxes a~d asscssme~cs which may acuin prioritr over this r(or[gagc, and ground rents on the Property. i[ any. plus onatweltth ot Yearlp premium installmen[s tor hasard insunnce. plus onatwelfth oE yearly premium insallmena for mortgage insunnce. iI any. all u reasonably cstimated initially and irom time to time by Lender on ihe basis ot assessments and bilb and reasonable atimata therto(. The Fu~ds shall be held in an institution che deposits ot aaou~ts of which art inwred or guar:ntccd by a Fedenl or state agencp (intluding l.e~der it Lender is such an institution). l.ender shaU applr the Funds to pay said taxes, asses.sments. insurance prtmiums arxl ground nn[s. Lender may ~ot chuge for so holding and applying the Funds, a~aly:inR said ac- couot, or verifying and compii~ng sa~d asxssments and bills. unless Lcnder pa7a Borro~ver interest on the Fundi and ap~ plinble Law permits Lender to m~ke such a charRe. Borrowa and Lender may agtet in writing at the time o[ exet~ition oE this ~lortqage that interat on the Funds shall be paid to Borrower, and unltss such aqreement is made or applicable la~r requir~s wch inte[est to be paid. Lender shall not be required to pay Borrower any interat or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting o( tht Funds showing credits and debits to the Funds and the purpose tor which cach debit to the Funds was made. The Funds arc pledgrd as additiorul securitr tor the sums setured by chi~ Morcgage. - It the amount of thc Funds held by Lender, together writh the [utun monthly insullments ot Funds payable prior to the dut data ef taxts, assessments, insurance premiums and ground rents, shall txceed the amount required to pay said taxes, asxssments, insunnce p~emiuaas and ground rents u thcy tall due. such excess shall be. at Borrower s option, tither promptly repaid to Borrower or credited co Borrower on monthl~• installments o[ Funda. 1[ the amount oE the Funds held by I.ender shall not be sutficient to pay taxes, assessmena, insurance prrmiums and qround reots u they tall due, Borrower shall pay to Lendet any amount necessary to makt up the de[icienc~r within 30 days trom the date notice is mailcd by Lendet to Borrowcr requescing payme~t therco[. Upon papment in (ull of all sums secured by this Aiortgage, Lender shall promptly nfund to Borrower any Funds held by Lender. If under puagnph 18 hercof the Property is sold or the Property is otherwise acquired by I.ender, I.ender shall apply, no later than immediately prior to the sale o( the Propeny or its acquisition bY l.ender, any Funds held by L.ender at the time o[ appliption as a credit aqainst the sums xcured by this Aiortqaqe. 3. Application of PaJnnedn. Ualess applicable law provida othenvise, all payments received by Lender under the Note and paragnphs 1 and Y htreot shall be applied by Lender fint in pa~~ment ot amounu payable to Lender by Borrower undet paragraph 2 hereot, then to interest payable on th~ Note, then to the principal ot the Note, and then to interat and principal on any Future Advanca. '~4 4. C:barge~ Lietu. Borrower shall pay all t~xes, asscssments and other chargrs, fines and impositions attributable to the Propertr whith may attain a prioritv oa•er this ~Tnrtgagt, and leasehold payintnts or ground rrnts, if a~}, in tht atan- ner pro~•ided under paragraph Y hereot or. i[ not paid in such manner, by Borrovrer makinq payment, whew due, direcdy to the pa~~ee thereof. Borrorver shall promptly (urnish to Lender all notices o( amouna due under this paragraph, and in the e~•cnt Borrower shall make pa~Tnent directly, BorroMer shall promptly furnish to Lender receipts evidencinR such pa~ments. Borrower shall promptlp disch~rge any lien which has priority o~-er this ~tortqaRe: providcd, that Borrower shatl not bt ro- ~ quired to dixharp,e any such lien so long as Borrower shall agree in writing to the payment of the obliqation xcured by such lien in a m~nner accepuble to Lender, or shap in good faith contest such lien by, or defend en(orctment of such lien in, le• Ral proceedings wrhich operate to prevent the entorcement o[ the lien or forfeiture oE the Propeny or anp part thereof. 5. Harard Inauance. Borrower shall keep the impmvemenu now existing or hereatter erected on the Propertp in- sured against loss by Eire, hatards included wichin the term "extended coceragr", ~nd such other hazards as Lender may n- quire and in wch amounu and tor wch periods as Lender may rcquire: provided, that Lender shall not require that the amount of wth toverage t±cceed that asnount of rn~'tfa~G 7Ci;UtiG~ 28 pdi t}it SUIIIS SCNifd by this ltortgaRe. The insunnce carrier providing the insunncc shall be chosen by Borrower subject to appro~•al b~ Lender: provided. chat wch approval shall not bc unrcasonably withheld. AU pretniums on insurauce policies shail bc paid in ~he tnanner pro~•ided under panqnph 2 hcrcot or. if not paid in such manner, br Borrow~r makinR payment, when due, directly to the inwnnce curier. ~li All insurance policies and renewals thereot shall be in form acceptable to Lendcr and shall indude a sundard mort- gaqe clause in fa~•or of and in form accept~blr to Lender. Lender shall ha.•e the right to hold the policies and rene~vals thereof, and Borrower sh~ll promptly furnish to I.ender all renewal nocices and all receipts ot paid premiums. In the event of loss. Borrovrer shall give prompt notice to the insunnce carrier and Lender. Lender may make proo[ o( lou i( not made prompcly by Bonower. ~ Unless Lender and Borrower otherwise aRrte in writing, insurance pr«eeds shall be applied to restoration or repair of ~ thc Property damaged, provided such rcuoration or repair is etonomicallv teasible and the security o( this 1lortp,age is not thereby imp~ircd. If such restontion or repair is not economitally leasible or if the securit} of this ~lortqaqe vrould be im• ~ paired, che insurance proceeds shall be applied ta the wms secured by this ~fottgaqe, with che excess, it any, paid to Bor- i roNer. If the Property is abandoned by Borrower, or if BorroMer fails c~ respond to Lender within 30 days (rom the datt ~ notice is mailed by Lender to Borrower that ~he insunnce arrier o((ers to settle a claim (or inwrance bene(its, Lender is ; } authotized to collect and apply the insurance proceeds at Lender's option either to ratoration or repair o( the Property or ; ~ co ehe sums secured by chis Alortgagt. _ - E Unless I.ender and Borrower otherwise agree in writing, any wch application o[ proceeds to principal shall not e~ctend ~ ~ or postpone the due date o( the monthly installments reterred a~ in paraRraphs 1 and 2 hereof or change the amount ot such ~ ~ instaltmencs. It under puaqraph 18 hereut the Propertr is acyuircd by Lender, atl riRh[, citle and interest of Borrowa in E and to any insurance policies and in ared to the pr~xeeds thereo( resultinR from damaRe to the Property prior to the ult or i acyuisition shall pass to Lender to the extent of the sums seturrd by this ~fortRaRe immediately prior to such sale or acquisition. 6. Preservation and Maintenance of Propert~; Leaae6olds; Condominium~ Planned Unit Decdopmena. Borrower sl~all keep [he Property in goai repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisiom ot any lease i( this :1lortRaqe is on a leasehold. If this ~tortRaqe is on a unit in a condominium or a planned unit de~•elopment. Borrower shall perform all of Borrower's obliRations under the declaration # or co~enants cr~atinq or governing the condominium or planned unit development, the b~-IaKS and regulations of the condo- s minium or planned unit detielopment, and constituent documeuts. If a condominiom or planned unit de~•elopment rider is ezecuted by Borrower and recorded toqether with this ~fortgaqe, the co~•enants and agreemenu of such rider shall be in- corponte~d into and shall amend and supplement the co~enants and a~eemenes of this \(ortgaqe as it the rider were a part hereof. • 9. Protection of Lender's Securiq. If Borrower (ails to ptr[orm the co~enants and ap,reements contained in ehis ; Aiortqage, or if any action or proceedinq is commenced which materially a(fecu Lender s interat in the Propere~, induding. i but not limited to, eminent domain, insolvency. cate entorcement, or arranqements or proceedings in~•olving a bankrupt i or decedent, then Lender at Le~nder's option, upon notice to Borrower, may make such appearances, disburse wch sums and t~ke such action as is necessary to protEct Lender's intere~~, induding, but not limitecl to, disbursement o( reasonable attorney's fecs and entry upon the Property to make repain. If L.ender required mortqaqe insunnce as a condition oE makinq the loan secured by this ~iortqage, Rorrower shall pay the premiums required to maintain such insunnce in e[- tett until such timt as the requirement (or such insurance terminates in accordance with Borrower's and Lender's written ' r, i • ~ E~~~ ~ ~71f,f ~.~1