The URL can be used to link to this page

Home My WebLink About0829 . ' ' y . ~ . f ? • • \ . , i, ~ ~ U1~IFO~M COVENANTS. Bomower and lxnder cavenant and agrec as follows: l. lwnaeN of t~clpl a~i 1Mereat. Norn?wer shall pramptly pay when duc the principsl ot and intcrcst on the indebtodnas avidenctd by tt~e Note. ptepaymeot ar~d late chargec as provickd io the Ncue, and the principal ot a~d intercs~ vn any Futu~+e Advances socured by this Mongage. 2. F1nds [ot Tua a~d Iw~a~ee. Subject to applkabk law or ta s written waiver by l.ender. Borrawer shall pay ~ to L.ender on the day monthly instailme~ts of principal aod intcrc~t arc payable unJer thc Notc, until the Note is paid in full, ~ a sum (herein "Funds") equal to onatwelQh of thc ycarly taxcc anJ asces.uneots wi~ich may attain priority uvcr ~his ~ ' Mortgage. and goound tents on the Pt~npeny. if any, F+lus aoe-twelfth of yearly premium installments for hazard insurance. plus oaatwelfth of yearly prcmium installroents for moNgage insurance, it any, all as reasonably ectimated initially and (rom t timo to time by Lender on the basis of assessmcnts and hills anci rcasonable eslimatas thereo(. ~ 71ie Funds shall be held in an instituti~n the deposits or accounts o( which are insured or gua~anteed by a Federal or state agency (ihcludi~g Lender if l.endec is such an institution). I.ender ~hall apply the Funds to pay said taxes. assessments. iasuranoe premiums and graund rc~ts. l.ender may not charge for sc~ holding a~d apE+lying ~he Funds, analyzing said accou~t, or verifying and rnmpling said asscssme~ts and bills. unkss Lender pay~ Borrower interest on the Funds and applicable law permits Lender to make sttch a charge. Borrower and LenJer may agrce in writing at thc time of exccution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicahle law ~ requira such interest to be paid. Ltnder shall not be required ta pay Borrower any interest or earnings on the Funds. l~nder t s6a11 give to Borrower, without charge, an annual accounting of the Funds showing creclits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are plaig~•ci as additianal security for the sums secu~etif by this Mo~tgage. If the amount of the Funds held by l.ender, toge~her with the iuturc monthly instailments of Funds payable prior to t6e due dates of taxes. asxssments. insurance premiums and ground rents, shall exrced thc amount reyuircd to pay said taxes, assesstnents, insurance premiums and g[ound rents as they fall due, such excess shall be, at 13orrower's option, either pranptly repaid to Bornower or ctedited to Borrower on monthly installments of Funds. If the amount of thc Funds held by I.ender shall ~ot be sut6cieat to pay tares, assessments, insurancc premiums and ground rents as thcy fall due, Bormwer shall pay to Lender any amount necessary to make up the deficiency within 30 da}~s trom the date notice is mailed by Lender to Borrower requesting payment thcreof. ~ Upoa payment in full of all aums secured by this Mortgage. Lender shall prompdy re[~md to Borrower any Funds ' held by Lender. If under paragraph 18 hereof the Property i~ sold or thc Propeny is otherwise acquired by Lender, 1_ender i shall apply, no later than immediately prior to the sale of the Property or its acquisition by l.ender, any Funds held by ~ Leader at the time of application as a crcdit against the sums secured by this Mortgage. 3. Application ot P~ymeets.. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by I.cnder first in paymcnt of amounts payable to L~nJer by Borrov?er under paragrapfr2 hereof. then to interest payable on thc Note, then to the principal of the Note, and thcn to interest anJ principal on any Future Advances. ~ 4. C6arLes; I3eas. Borrower shall pay all taaes, asscssments and othcr chargcs, fines anJ impositions attributable to t6e Property which may attain a priority over this Mortgage, and leasehold payments or gc~ound rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the payo~ ihereof. Borrower shall promptly furnish to l.ernier all notices of amounts due under this Paragraph, and in the event Borrower shal) make payment direcily. Borrower shall promptly fumish to L.ender receipts evidencing such payments. ~ Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be tequircd tQ discharge any such lien so long as Barrower shall agree in writing to the payment ot the obligation secored by such lien in a manner acceptable to Lender. or shall in good faith conte~t such lien hy,.or defenJ enforcement of such lien in, legal proceediogs which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard Insuraact. Borrower shall keep the impro.ements now cxisting or hereafter crccted on the Property insured against loss by fire, hazards included within the term "extende<i caverage", and such other hazard.c as Lender may require and in such amounts and for such periods as Lender may requirc; provideJ, that Lender shall not require that the amount of j such rnverage exceed that amount of coverage required to pay the si~ms secured by this Mortgage. ~ 'I~e insurance carrier providing the insurance shal! be chosen by Borrower subject to approval by LenAer. provided, ~ that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner I provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcNy to the ~ ~ insurance carrier. ; All insurance policies and renewals thereof shall be in form acceptable to Lender and sh~ll inctude a standard mortgage ` clause in favor of and in form acceptable to I.ender. Lender shall ha~e the right to hold the policies and renewals thereof. E and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the eve~t of loss. ' ; Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrowec. ~ Unless Lencler and Borrower otherw•ise agree in writing, insurance proceeds stiall be applied to restoration or repair of the Property damaged, proviJed such nestoration or repair is economically (easible and the security of this Mortgage is ~ not thereby impaired. lf such rcstoration or repair is not economically feasible or if ihe security of this Mortgage would : be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid ' to Borruwer. !f the Propertp is abanJoned hy Borrower, or if Borrower fails to rtxpond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier o(iers to settle a claim for insurance benefits, Ler.der is authorized to collect and apply the insurance prooeecls at 1_ender's option either to restoration or repair of the Propeny ~ or to the sums secured by this Mortgage. ' Unless Lender and Borrower otherwise agree in writing, any such application of proceecls to principal shaU not extend or pcutpone the due ciate of the monthly installments refcrred to in paragraphs I and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acyuirecl by l.encicr, all right, tiUe and interest of Borrower in and to amy insurance policies and in and to the proceeds thereot resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the surtu secured by this Mortgage immediately prior to such sale or acquisition. - 6. Prsaerration and Maiateaance of Property; l.e~eholds; Condomioiums; Planned Unit Devebpmenls. Borrowcr shall keep the Property in good repair and shall not com~pit waste or permit impairment or deterioration of the Property ' and shall comply with the provisions of any lease if ihi~ Mortg•rge is on a leaschold. If this Mortgage is on a unit in a condominium or a planned unit ckvelopment, Borrower shall perform all uf Borrower s obligations under the declarati~~n ~ or covenants creating or governing the condominium or planned uni~ development, the by-laws and regulations of the ~ condominium or planned unit development, and constituent documents_ If a condominium or p:anned ~mit ekvelopment ~ ridec is eaecuted by Borrower and recorded Iogethe~ with this Mortgage, the c.ovenants and agreements of such rider shall be incorporated into and s6a11 amend and supplement the wvenants and agreements of this Mortgage at if the rider ~ were a part hereof. 7. Protectio~ of Leader's Sec~erity. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially atTects 1_ender's interest in the Pmpehy, ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a $ bankrupt or decodent. then Lender at l.ender's option, upon notice to Borrower, may make such appearance.c, disburx such sums and take auch action as is necessary to protoct lxnder s interest, including, but not limited to, disbursement of reasonabk attomey's fees and entry upon the Property to make repairs. If I.ender requircd. morigage insurance as a condition of making the lwn socural by this Mortgage. BoROwcr shall pay the premiums requirai to maintain such ~ inwrance iri efFect until such tirne as the requireraent for such insurance terminates in accordance with Borrower s and f ~ r ~ 60~ z ~s ~ ~ _