The URL can be used to link to this page

Home My WebLink About0518 UNIFORW Covcrwt~rTS. Borrower a~d l..ender covc~~ant and agree as (ollows: 1. Paymeat oE Priacipal and Iaterest. Aorrower shall promptly pay wheo due tt~e p~inci~,al ot and inceresc on the indeb[ed~eu e~•idenced br the Note, prepaymei~t rud late charges as pror•ided in the I~ote, and the principal of and inter- est on any Futum Advances securai by this :~lortqage. ' 2 Fuads tor Taxes and Inwrauce. Subject to applicable law or to a writte~ wai~•e~ by Leuder. Borrowe~ shall pay to Lende~ on the day monthly installments of principal and interest are payahle undc~ thc hote. u~uil the Note is paid in full, a sum (herein "Funds') equal to one-twel(th oE the yearly taxes and assessments which may attaio priority over this 1~lurtgage. a~d ground reuts on the Property, it any. plus onatwdith ot ~•early premium installments tor harar~l insurance, plus onrtwel(th o[ yearly premium installments [or mottgage insu~ance, if any, all as rrasonably estimatect initially and frotn time to time by I.endes on the basis o[ assessmeuts and bills and reaso~~able estimates ther~~t. 'The Funds shall bt held in an institution the deposits or accounts ot which arr insured or guaranteed by a Federal or state agency (including Lender i[ Lender is such an institution). Lender shall apply the Functs to pay said taxes, assessmenu. insurance premiums and ground rents. Lender may not chuge tor so holding and applying the Funds, anal~zinq said ac- count, or ~•eri[ying and rnmpiling said assessments and bills, unless Lender pays Borrower interest on thc Funds and ap- plicable law permits Lender to make such a charRe. Borrower and Lender may agree in writiug at the time of execution of this ~tortgaqe that interest on the Funds shall be paid to Borrower, and unleu such aRreement is made or applicable law requires such inte~est to be paid, I.ender shall not be required to pay Botrower any interest or earninqs on the Fu~ds. Lender shaU gi~•e lo Borrower, without charge, an annual attountinq of the Funds showinR credits and debits to the Funds and the purpose tor which each debit to the Funds was made. The Funds are pleYlged as additional secvrity tor the sums secured by this ~fortgage. IE the amount o[ the Funds held by l.ender, toqether with the future monthly installments o( Funds payable prior to the due data ot taxes. assessments, insurance premiums a~d ground rents, shall exceeci the amount requireci to pay said taxes, assessmenu, insurance premiums and qronnd rents as they [al1 due. such excess shall be, at BorroNer's option, either ptomptly repaid to Borrower or credited to Borrower on monthly installments of Fundc. It the amou~t of the Funds held by Lendet shall not be suE[icient to pay taxes, assesamenu, insurante premiums and qround rents as they faU due, Borrower shall pay to I.ender any amount necessary to make up the de[iciency within 30 da~~s irom the date notice is mailed bp Lender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this rtortgage, Lender shall promptl}• re[und to BorroNer any Funds held by Lender. .lE under panqraph 18 hereof the Property is sold or the Propert} is othervvise acquired b~~ Lender, Lender shall apply, no later than immediately prior to the sale ot the P~operty or its acquisition by Lcnder, any Funds held by Lender at the time o[ application as a credit aqainst the sums secured b~• this ~tortgage. ~ 3. Appliatioa o[ Payments. Unless applicable IaN provides otherwise, all payments recei~•ec1 Ay Lender under the Note aed paragraphs I and 2 hereof shall be appliccl by Lender first in pa}~nent o( amounts pa~able to Lender b~ Borrowe~ under paragraph 2 hereot, then to interest pa~•able on the Note. then to the principal of the Note. and then to interest and principal on any Future Advances. 4. Charge~ Litns. Borrower shall pay aU taxes, assessments and other chatges, fines and impositions attributable to the Property wtiich may attain a priority o~•er this \iortgage, and leasehold pa~-ments or ground rents, if any, in the man- ner pmcided under paragraph 2 hereoE or. ii not paid in such manner, b} BorroNer makinq papment, when due, directly eo the payee thereo[. Borrower shall promptlr• furnish to Lender all notices of amounts due under this paraRraph, and in the e~~ent Aorrower shall make pay7nent directly, BorroMer shall promptl} furnish to Lender receipts evidencinR such payments. BorroMer shall promptly discharge an~ lien which has priority o~~er this \tortRaqe: pro~•iclecl, that Borrower shall not be re- quired to discharge anr such lien so lonR as Bormwer shall agree in writing to the payment ot the obligation securecl by such lien ii~ a manner acceptable to Lender, o~ shall in good faith contest such lien by, or defend en(orcement of such lien in, le- Ral proceedings which operate to pre~•en[ the en[orcement of the lien or fotieiture oF the Property or any part thereof. 5. Ha~ard Inwrance. AorroNer shall keep the improvements now existing or herea[ter erected on the Property in- sured against loss by fire, hazards induded within the term "extended coa~erage", and such other hazards as Lender ma} re- quire and in such amounts and (oc such periods as Lender ma~ require: pro~•ided, that Lender shall not require that the amount of such toverage exceed that amount ot coverage required to pa~ the sums secured by this ~IortgaRe. The insurance carrier pro~iding the insunnce shall be chosen by Borrower subject to appro.•al b~ Lender: pro~~ided, ' that such approcal shall not be unreasonably N ithheld. ~11 Premiums on insurance policies shal! be paid in the manner ~ Pm~~ided under paragraph 2 hereof or. if not paid in such manner, b}~ Borrower makinR payment. Nhen due, direcdy to i the insurance carrier. i All insurance policies and reneNals thereof shall be in form acceptable to Lender ancl shall include a standard mort- ~ Rage dause in [a~or oE and in form acceptable to Lender. Lender shall ha~•e the right hold the policies and renewals thereo[, and Borrower shall promptlr [urnish to Lender all rencwal notices and all receipts o[ paid premiums_ In the e~•ent ° of loss. Borrower shall give prompt notice to the insurance carrier and L.ender_ Lender ma~• make proo( ot loss if not made ~ prompdy by Borrower. Unless Lender and BorroNer otherwise ag,ree in Mriting, insurance proceeds shall be applied to restoration or repair o[ the Propert~ damaged, pro~•ided such restoration or repair is economically feasible and the security o( this \tortqaRe is not thereby impaired. IF such restoration or repair is noe economically teasible or if the securin of this ~tortgage would be im- paired, the insurance proceeds shall be applied to the sums secured b~ this \tortqap,e, with the excess, if an}. paid to Bor- roMer. It the Property is abandoned b) Borrower, or if Bortow-er (ails co respond to Lender within 30 da}s trom the date notice is mailed by Lender eo BotroNer thae the insurance cartier offen to settle a daim for insurance bene(its, Lender is authorited to collect and appl} the insurance prcxeeds at Lender's option either to restoration or repair of the Property or to the sums xcured by chis ~~ortgage. [Inless Lender and Borr~wer othetwise aqtee in w~riting, any such application o[ proceeds to principal shall not extend or postpone the due date of the monthly installments reEerred t~~ in paraRraphs 1 and 2 hereo( or cha~2ge the amount ot such inctallments. It under paraqraph 18 hereof the Property is acquired by Lender, all riRht, title and interest oE Bortower in and to any insurance policies and in and to the proceeds thereof resulting (mm damaRe to the Propert? prior to the salt or acyuisition shall pas~ to Lender to the extent ot the sums secured b}~ chis ~ioreRaqe immediatel} prior to such sale or acquisition. ~ 6. Prexrvation and Maintenance of Property; Leaseholds; Condominiuma; Planned Unit Derelopmeab. Borrower ; shall keep the Property in good repair and shall not commit waste or permit impairmcnt or deterioration of the Property and shaU comply Mith the provisions ot any lease if this ~tortqaqe is on a leasehold. If this ~tortRage is on a unit in a ~ condominium or a planned unit de~•elopment, Borroher shaU perform all of BorroNer's obliRations under the dedantion = or co~•enants creating or go~-erning the condominium or planned unit development; the b~•-laws and regulations of the condo- ~ minium or planned unit de~•elopment, and constiwent documents. I( a condominium or planned unit development rider is ~ executed by Borrower and recorded toRether with this :~tortgage, the co~•enants and agteements of such rider shall be in- ~ corporated into and shall amend and xupplement the covenants and aqreements of this ~tortqaqe as i( the rider were a part ~ hereof. 7. Protection of Ltader's Smiriry. It Borrowet (ails to perform the co~enants and agreements contained in this ~ ltortgage, or it an}' action or praeeclinq is commenced which materially affects Lender's interest in the Propert}', induding. but not limited to, eminent domain, insoh~ency, cotie en[orcement, or arranqements or proceedinRs im~oleinq a bankrupt or decedent, then Lender at I.ender's option, upon notice to Borrower. may make such appearances, disburse such sums and take wch action as is necessary to protect I.ender s intere~t. indudinR, but not limited to. disbursement o[ reasonable ~ ~ a~torne}''s fees and entry upon the Propertv to make repairs. I( Lender required mortRaqe insurance as a condition of ~ making the loan securecl by this ~tortqage. Bonower shall pay the premiums requirecl to maintain such insurance io ef- Eece until such time as the requirement for such insurance terminates in accordance with Borrower's and I.enders written ~ - ~~.Rr~ /V '~~F ~.L / ~ . - _ . ,s £ ~ ~ . _ _ ~ ~ ,