The URL can be used to link to this page

Home My WebLink About0985 UNlFOR1! Cov~~xn. Borrower and Lender covenant and agrce as tollows: 1. Panatat oE Prindpal and In~ereit. Borrower shall prompclq pay when due the principal of and i~te~est on the , indebted~eu evide~ted by the Note, prepayment and late charga u provided in the i~ote, a~id the princiFal ot and incer- est on ~ny Future Ad~lancet securcd by thit Mortgage. Z l~Lnds [or Taxa and Insuraace. Subject to appliable law or to a written waiver by I.ender. Borrower sha11 pay to Lender on the day monthly instaUmen[s ot principal and interest are payable under the Note, until the Note is paid in ; tull, a suw (herein "Fundi') tqual to onrtwel[th o[ the ytarly taxes and assessments which may attain priority over this Mottgagt, and ground rents on the Pmperty, iE any, plus ont~twelith of yearly premium instaUments tor haia~d insurance, ~ plus onatwelfth of yeuly premium inseallments [or mortgage insurance, i[ anr, all u reasc~nably tstimateci initiallr and ttom time to time by Lender on the bui: of assessrnent~ aod bills and re~soiiable estim~tes thereoE. The Funds shali be held i~ an institution the depcnits or accounts oE which art insured or gua~anteed by a Federal or xtate agency (includiog I.ender i[ Lender is such an institution). l.ender shaU apply the Funds to pay said taxa, assessments. insurance premiums and ground rencs. Lender may not chuge tor so holding and applying the Funds, analyzing said ac- count, or ~•eri[ying and compiling szid ass~uments and bills, unless I.ender pays Borrower interest on the Funds and ap~ plicable law permits Lender to make such a charge. Borrowtr and Le~der may agree in writiug at the time o[ execution ot thix \iortgage that interest on the Funds shall be paid to Borrower, and unless suth agreement is made or apptiuble law requires such interest to be paid, i.ender shall not be required to pay $orrow•et any interest or earnings on the Funds. Lender shall give to $orrower, without ch~rge, an annual actounting of the Funds showinq credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are plMged as additional security tor the sums secured by chis ~iortgage. If the amoant of the Funds held by i.ender, together with the [utute monthly installmenu of Funds payable priot to the due dtitts ot tasies, ~~-ji ents, insurance premiums and ground rents, shall exceeci tht amount required to pay said taxes, assesaments, insurance premiums and ground renes as they tall due. such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly instailments ot Fundc. lE the amount ot the Funds held by L.ender shal) not be su[[icitnt to p:y taxes, assessments, insurance premiums and ground rents as they fall due, Botrower shall pay to I.ender any amount necessary to make up the deficiency within 30 days trom the date notice is mailed by Lendet co Borrower reques[ing payment thereof. Upon payment in fult of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by I.ender. If under pangraph 18 hereof the Ptoperty is sold or the Property is othenvise acquircd b~ I.ender. Lender shall apply, no later than immediately 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 ~fortgage. 3. Appliution oE Pay~nents. Unless applicable law pro~ides otherwise, all papments recei~•ed by Lender under the Note and paragraphs I and 2 hereo( shall be apptied by Lender (inc in pa}Tnent of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, the~ to the principal of the Ivote, and then to interest and ~ principal on any Future Ad~ances. 9. Charge~ Liens. $orrower shall pay all taxes, assessments and other charges, fines and impositions attributabl~ to ; the Propertr which may attain a priority over chis \fortgage, and leasehold payTnents or ground rents, i[ any, in the man- ' ner pro~•ided under paragnph 2 hereoE or, if not paid in such manner,•by BorroNer makinq payment, when due, directly to the payee thereoi. $orrower shall promptly furnish to Lender all notices of amounts due under ehis para~{raph, and in the event Bonower shall make pa}~nent directl}, Borrower shall promptly [urnish to I.ender receipu e~~idencinR such paymencs. Borrower shall promptlY discharge any lien which has priority o~•er this \tortqa~{e: proa•ided, that Botrower shal! not be re~ quired to discharge any such lien so lonR as Borrower shall agree in writing to the payTnent ot the obligation secured by such lien in a manner acceptable to Lender, or shal! in qood [aith contest such lien by, or defend en[orcement o( such lien in, le- gal pr«eedings which operate to ptevent the enforcement of the lien or forfeiture of the Property or any parc thereof. . 5. Huard Imurance. Borrower shall keep the imptovements now existing or hereafter erected on t6e Property in- suted against lou by tire, hazards induded within the [erm "extended co~~erage", and such other hazards as Lender may re- quire and in snch amounts and for such periods as I.ender mav require: provided, ehat Lender shall not require that the amount of such coverage exceed that amount oE co~•erage required to pay the sums secured by ehis ~tortqage. The insurance camer providing the insurance shall be chosen by $orrower subject to appro~•al bc Lender; pro~•ided, that such approval shall not be unreasonably withheld. All premiums on insutance policies shall be paid in the manner pro~~ided under paraqraph 2 hereof or. if not paid in such man~er, by $orrower making pa}~nent, Nhen due, directly to the insurance carriet. AU insurance policies and renewals thereof shall be in form acceptabie to Lender and shatl inctude a standard mort- gage clause in fa~or ot and in form acceptable [u I.ender. Lender shall ha~•e 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 che event of loss, Borrower shall give prompt notice to ehe insurance carrier and I.ender. Lender may make proof ot loss if no~ made promptly by Borrower. Unless Lender and Borrower otherwise aRree ir~ Mritinq, insurance proceeds shal! be applied to restoration or repair of the Property damaged, pro~~ided such restoration or repair is economically.feasible and the securit~ of this \fortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the securit}' of this ~tortgage would be im- paired, the insurance proceeds shall be applied to the sums secured by this ~tortgage, with the excess, i[ anp, paid to Bor- roher. If the Pmperty is abandontd by Borrowet, or if Borrorrer fails to respond to Lender wichin 30 days trom the date ~otice is mailed by I.ender to Borrower that the insurance carrier o(fen to settle a ctaim for insurance benetiu, L.ender is authorized to coUect and apply the insurance proceeds at Lender's option eieher to restoration or repair of the Property or co the sums xcured by this ~tortgage. Unleu Lender and Borrower otherwise agree in writing, any such application of proceeeis to principal shall not extend or postpone the due date of the monehly inswllments reEerred t~~ in para~raphs I and 2 hereof or change the amoune of such - inctallments. lf under paragraph 18 hereot the Ptoperty is acquired by Lender, all riqht, title and interest of -Borrower in and to any insurance policies and in and to the proceeds thereof resalting trom damaqe to the Property Prior to the sale oz t acyuisition shall pau to I.ender to the extent o( the sums secured b} this :~fortRage immediately prior to such sale or acquisition. 6. Praervation and Maintenance of Propert'; Leaaeholds; Condominiums; Planned Unit Developments. Borrowtr st~all keep the Propercy in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions o[ any lease i[ this ~fortgage. is on a leasehold. If this lfortqage is on a unit in a condominium or a planned unit development, Borrower shall Perform all of Borrower's obliqations under the declaration or co~•enants creating or governing the condominium or planned unit de~elopment, the by-laws and regulations of the condo- minium or planned unit development, and constituent documer~ts_ If a condominium or planned unic development rider is executed b} Borrower and recorded together with thir Mortgage,- the covenants and agreements of such rider sha11 be in- corporated into and shall amend and supplement the co~enants and agreements oE this ~tortgage as if the rider were a part hereof. 7. Protection of Lender'~ Secvrity. If $orrower fails to per(orm the co~°enants and agreements contained in this ~tortgage, or if any action or proceeding is commenced which materially a(fects Lender's interest in tt~e Propert}~, induding, but not limited eo, eminent domain, insolcenty, code enforcement, or arrangements or proceedings in~~ol~•ing a bankrapt or decedent, then Lender ae Lender's option, upon notice to Borrower, may make sach appearances, disburse such sums and take such action as is necessary to protect Lender's interest, includinq, but not limited to. disbursement of reasonable attorney's [ees and entry upon the Property to make repain. I( I.ender required mortqage insurance as a condition of making the loan secured by this ltortgage. Bonower shall pay the premiums required to maintain such insurance in eE- fect until such time as the reyuirement [or such insurance terminates in accordance with Borrower's and L.enders written ' ~ . : _ ' ~o~K 28~. P~~E 983 s