The URL can be used to link to this page

Home My WebLink About0835 . ~ ~ , S t, ~ . ~ - • . ~ • 1~ . ' • UNrt~o~u?t CoveN~t~rs. Bor~owe~ and l.ende~ cove~ant and agrrc a~ foll~~ws: ~ 1. ta~aeat o[ l~iitcip~l aod laferat. &~rrower shaU prampUy pay when due thc principai of and intercst on the indebtodnas evidenced by thc Note. propayment and latc chargec ac pmviJcd in Ihe Notc, and thc pri~cipal of and inter~st ~ o~ any Futuro Advances secured by this Mongage. 2. Fruds tar Tasa apo lasrrasce. Subject to applicablc law or ~o a wriue~ waiver by I.endcr, Borrowe~ shall pay to Lende~ a~ the day monlhly installmeots of principal and intcrcst .?rc payahle under the Notc, untit the Note is paid in full, ~ a sum (herein "Funda") equal to onatw•elhh af ~he yearly taxc~ and a.ccessments which may attain priority over this ~ Mortgage. and ground re~ts on the Pmper~y. if any, pl~u onc-tweltth of yearly premium installme~ts for hazard insurance, plus oae-twelfth of yearly prcmium installments tor mortgage insurancc, it any, all as reasonably estimated initially and from ~ tima to time by I.endct o~ the basis of asscssments aod hills and reax~nable estimates thereof. 'I~e Funds shall be held in an institution the depos~U or accounts o( which arc insured or guaranteeci by a Federal or state agency (including L.todet if l.ender is such an institution). I.endcr shall apply the Funds to pay said taxes, assessmeats, ~ ipsuranoe premiums and g~ound rents. I_tnder may not cha~ for so hc.lding and ap{+tying ~he F~inds, analyzing said acrnunt, or verifying and compling said assessments and t?ills, unless I_ender pay~s Borrawer interest on the Funds and applicaMe law ; permits l.ender to make such a charge. Barrower and l.ender may agree in writiog at the time ot eaecution oi this ' Mortgage that inlerest on the Funds shall bc paid ta Borrower. and unless such agreement is made or applicable law { requires such interest to be paid. Lender shaU nat be required ta pay Borrower any interest or earnings on the Funds. 1_enJer € sha11 give to Borrower. without charge, an annuai accounting of the Funds showiag credits and debits to the Funds and the purpose for which each debit to the Funds was made. 77~e Funds are pledged as additional security for the sumi secured by this Mortgage. ~ - If the amount of the Funds held.by Lender, together with the future monthly installments of Funds payablc prior to ~ the due dates of taxes. suessments, insurance premiums and ground rents, shall exceed Ihe amount reyuircd to pa} said taaes, ~ aase~nnents, insurance premiums and ground rents as they fall due, such excess shall be, at i3orrower's option, either f promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. lf the amount o! th~ Funds f held by Lender shall not be sulficient to pay taxes. assessments, insurance premiums and ground rents as ~hey fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 day~s f~om the date notice is mailed ; by l.ender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage. Le~der shall promptly refund to Borrow~er anp Funds 1 held by l.ender. If under paragraph 18 hereof the Property is sold oc the Property is otherwisc acquirrd by l.endcr, l.endcr E shall apply, no later than imtnediately 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 Mongage. 3. Application ot ps,rmeMa. Unless applicable law proviJes otherwise, all payments received by [_ender unJer the ~ Note and paragraphs 1 and 2 hereof shall be applied by I.ender first in payment of amounts payable to lender by Borrower under paragraph 2 hereof. 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. Char~e~ Liens. Borrower shall pay all taxes, assessments and cithcr charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if a~y. in the manner • provided under paragraph 2 hereoE or, if not paid in such manner, by Borrower making payment, when due, directly to the payoe thereof. Borrower s6at1 promptly furaish to Lender all notices of amou~ts due under this paragraph. and ia the eveat . Borrower shall make payment directly, Borrower shall promptly fumish to Lender receipts evidencing such payments. Borrower shall promptly discharge 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 liea in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in. legal proceedings which operate to prevent the enforcement of thc lien ar [odeiture of the Property or any part thereof. S• Huard Iasurance. Borrower shall keep the improvements now• existing or fiereafter erected on the Property insured against loss by fire, hazards included within the term "extended caverage",_ and such other hazards as Lender may reyuire and in such amounts and for such periods as Lender may requirc; provided, that Lender shall not require that the amount of such rnverage exceed that amount of coverage required to pay the sums secured by this Mortgage. "Ibe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, # Wat such approval sha11 not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner ~ provided uoder paragraph 2 hereof or, if not paid in such manner, by Borrowet maki~g payment, when due, direcdy to the I insurance carrier. F ; All insurance policies and renewals thereof shall be in form acceptabk to i.ender and shall include a standard mortgage ~ ; clause in favor of and in form acctptable to l.ender: Lender shall have the right to hold the policies and renewals thereof, ~ ~ and Borrower shall prompUy furaish 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. Lender may make proc~f of bss if not made promptly ; by Borrower. ~ Unlest Lender and Borrower otherwise agree in writing, insurance p~oceeds shall be applied to restoration or repair of ~ the Property damaged. proviJ~xt such eestoration or repair is economically feasible and the security of this Mortgage is @ not thereby impaired. If such restoration or rcpair is not economically feasible or i[ the socurity of this Morigage would be impaired, the insurance proceeds 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 L.ender to Borrower that the insurance carrier offers to setUe a claim for insurance benefits, I.ender . ~ is aut6oritod to collect and apply the insurance prooeeds at Lender's option either to restoration or repair of the Propert}~ ~ or to the sums secured by t6is Mongage ~ Unlas Lender and Borrower otherwise agree in writing, any such application of proceeds to prin~ipal shall not extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of = such installments. If under patagraph 18 heroof the Property is acyuired by Lender, all right, title and interest of Bormwer ' in and to any insurance policies and in and to the proceeds thereof resulting from damage to t6e Property prior to thc sale ; or acquisition shall pass to I.eoder to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ ~ acquisition. ~ 6. Pnservatfon aod Mainteaance of Properly; I.easebold~ Condomiaium~ Plaaaed Ueit DerdopmeoLs. Borrowcr N shall kcep the Property in good repair and s6a11 not com~qit waste or permit impairment or deterioration of the Properiy ~ and shall comply with the provisions of any IeaSe if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the declaration ~ ~ or coveaants creating or governing the condominium or planned unit development, the by-laws and ttgulations of the r ~ condominiwn or planned unit development, and constituent documents. If a conciominium or planned unit ckvelopment ~ ~ rider is executed by Borrower and recorded together with this Mortgage, the covenants and agrcements of such ridcr ` shall be incorporatod into and s6all amend and supplement ihe covenants and agreements of this Mortgage as if the ricfer a were a part hereof. ~ • ° 9. Protectjos of Le~der's Securit~. If. Borrower fails to perform the covenants and agrcements contained in this ~ Mortgage, or if any action or procceding is commenceJ which materislly afiects Lender's interest in the Property. ; ~ including, but not iimitod to, emioent domain, insolvency. code cnforeement. or arrangemeats or proceedings involving a ~ banlcrupt or deccdent, then Lender at Lender's option, upon noticx to Borrower, may make such appearanoes~ disburse such ; ~ wms and take sucb actan as is nocessary to protect Lender s imerest, including, but not limited to. disbursemeot of " teasonabk attomey's foa and entry up~n the Property to make repairs. If Lender requircd mortgage insurance as a ' condition of making tbe ban socurcd by this Mortgage, Borrower shall pay the premiums requirod to maintain such imursnoe in effoct until such tia~e as Ihe rcquirement for such inwrance terminates in accordance with Borrower s anci . . eooK z76 P,wE ~ ~ > ~v _ - -