The URL can be used to link to this page

Home My WebLink About0800 ~ i e UNIFORM CovEN~NTS. Borrower and ~encler cuvenant and agrCe a+ loUows: ' l. T~mtd ot P~intlpal aod lMenst. Borrower shall prompd~ pay Nhen due ihc principai c~f and inle~est a~ the ~ indebtedneu evidenced by the Note. prepayme~t a~J late charge. a. p~uviJed i~i ~he Note, and the prirtcipal of and m~eresl on aay Futuro Advances sccurod by this Mortgage. ; 2. i~~dt for Taua aad lawra~ce. Subject to appli~at~lc law ar ta a written waiver by l.ender, Borrower shall pay ~ to l.et?der on the day mo~thly instaltments of principal anJ ~ntcr«~ arc p:?yablc under thc No~e, until thc Note is paid in tull, ! a aum (herein "Funds") equal to ane-twelfth of the ycarly ta>~~ anJ asa;ssmcnts which may atlain prioriry avcr thic ~ Mortgage. a~d ground rents on the Property, if any, plus one-twcl(th ol pcarly premium installments for hazard insurance, i plus oae-twellth of yearly prcmium installments for mo~~gage i~isurancr. if any, all as reasonably estimated initially and trom f time to time by Lender o~ thc basis of assessmcnts and hills and re~wnable esUmates thercof. 'It~e Funds shall be held in an insti~utii.n tlx: dep~ia or accounts of which are insured or g~aranteecl hy a F~~ieral or stato agency (including Lenc':r if Lender i~ sin:h an institution?. I.ender ~h•rll ~pply the Funds t~ pay said taxes, assessmcnls, insuranco prcmiums and ground rents. l.ender may no1 chargc Iar u? holding and applying thc Fun~lc. an:+lyr.ing caid account, _ or ve~ifying and compiling said assessments and bills, unless I.ender pay~ Barrower interest on the FunJs and applicahle law permits Lender to make such a charge. Borrowe~ a~d l.ender m:~y agrce in writing at ~he time of ex~~:utivn ot this Mortgage that interest on the Funds shall he paid to Borrower, and unless such agreement is maJe or appticable law rcquires such interest to be paid. Lender shall not br required to pay Borrowcr any intcrest or earning+ on thc FunJs. Lcnder ' shall give to Borrower, without charge, an annual accuunting of the Funds showing crediis and dehits to the f=und~ a~J the ~ purpose [or which each debit to the Funds wac made. The Funds are pledged as additional security for ~he sums secured ~ by this Mortgage. ' If the amount of the Funds held by l.cnder, together with thc iuturc monthly installments of Funds ~ayabl~+prior to ~ the due dates of taxa. assessments, insurance premiums anJ ground rents, shall exceed the amount reyuired ta pa)• said taxes, assasstnents, insura~ce premiums and ground rents ~as they fall due, such excess shall be, at Borrower s op~ion, rither pranpUy repaid to Borrower or credited to Borrower on monthly installments of Funds. !f the amount o( thc Funds ~ heW by Lender shall not ba suf6cient to pay taxes, assessments, insurance premiums and ground rents as thcy fall due. Borrower shall pay to l.ender any amount necessary to make up the deficiency within 30 da~s from the date notice is mailed ' ~ by Lender to Borrower requesting payment thereoi. Upon payment in full of ~ll sums secured by this Mortgage, l.endcr shall promptly refond to Borrower any Funds ~ held by I.enJer. If under paragraph 18 hereof the PropeRy ia sold or the Property is otherwise acquired by Lender. LcnJer ~ sball apply, no later than immediatcly prior to the sale of the Property or its acquisition by Lender, any Funds heW by t [~nder at the time of applicatio~ as a credit against the sums secured by this Mortgage. } 3. Application of Paymeats. Unless applicable~ law provicies othen+•ise, all payments recei~ed by l.ender under the ~ Note and paragraphs 1 and 2 hereof shall be applied by t_endcr first in payment of amuunts payable to I_cnder by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to thc principal of the Note, and then to interest and principal on any Future Advanves. 4. C6arga; Lieas. Borrower shall pay all taxes, assessments and othcr chargcs. fincs and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner ~ provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, directly to the i payce thereof.. Borrower sGall promptly furnish to Lender all notices of amounu due under this paragraph, and in the event Borrower shall make payment directly, Borrower shal! promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be ; requirod to discharge any such lien so long as Borrower shall agree in writing Ia the payment of the obligation secured by ~ such lien in a manner acceptable to Lender. or shall in good faith contest such lien by, or Jefend enforcement of such lien in, ~ legal proceedings which operate to prevent the enforcement o[ the I~en or forEeiture of the Property or any part thereof. S. Hazard lnsurance. Borrower shall keep the improvements now existing or hercafter erected on the Property insured ~ against loss by fire, harards included within the term "extended coverage", and such other hazards as Lender may reyuire ¢ and in such amounu and [or such periods az Lender may require; pr~vided, that Lender shall not require that the amount o[ ~ such coverage exceed that amount of coyerage required to pay the sums secured by this Mortgage. Tbe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All prcmiums on insurance policies shaU be paid in the manner • f provided uader paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the , insurance carrier. ~ E All insurance policies and renew~als thereof shall be in form acceptable to Lendcr anJ shall include a standard mortgage : ~ clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. ~ ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pr~emiums. In the event of loss. ~ Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly = ~ by Borrower. Unless Lender and Borrower otherwise agree in W~riting, insurance proceecls shai) be applied to restoration or repair of the Property damaged, provickd such restoration or repair is economically feasible and the security of this Mortgage ic ~ not thereby impaired. I[ such restoration or repair is not economically feasible or if the security of this Morigage would ~ be impaired, the insurance proceeJs shall be applied to the sums secured by this MoRgage, with the excess, if an}•, paid 's to Borrower. !f the Property is abandoned by Bor~ower, or if Borrower fails to res~nd to Lender within 30 days from the date notice is mailed by I.ender to Borrower that the insurance carrier otTers to settle a claim for insurance benefits, 1_er.der : is aut6orized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Prc•pem~ i or to the sums sccured by this Mortgage. ~ Ualess Lender and Borrower otherr+~•ise agree in writing, any such application of prcx:eeds to principal shall not c~tend ~ 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 paragraph 18 hereof the Propeny is acyuireci by~ Lender, all right, title and interest of Borrower = in and to any insurance policies and in and to the proceeds thereof resulting trom damage to the Property prior to thc sale f or acquisition shall pass to Lender to t6e eatent of the sums securecf by this Mortgage immediately prior to such sale or ~ acquisition. ~ 6. preservatioo and Maintenance of Property; Leaseholds; Condomioiums; Planned Uait Devebpments. Borrowcr ~ ~ shall keep the Property in good repair and shall not comroit wastc or permit impairment or deterioration of the Property ~ - and shall comply with the provisions of any lease if this Mortgage is on a leaschold. If this Mortgage is on a unit in a t ~ condominium or a planned unit development, Borrower shall petiorm all of Borrower s obligations under the declaration ~ ~ or covenan~s creating or governing the condominium or planned unit development, the by-laws and regulationc of the ~ condominium or planaed unit development. and constituent documents. If a condominium or planned unit Jevelopment • ~ ~ rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider ` ~ shall be incorporated into and shall amend and supplcment the covenants and agrcements of this Mortgage as if the riJcr ~ were a part hereof. F ~ 7, protectioo of Lender's Secarity. lf $orrower fails to perterm ihe covenants and agrcements coniained "in this Mortgage, or if any acUon or proceeding is commenced which materially affects Lencier's interest in the Praperty. ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ~ sums and take such xtion as is necessary to protect Lender s interest, including. but not limited to, disburaement of i ~ reasonable attomey's fees and entry upon the Property to make repairs. I( Lcnder required mortgage insurance as a ) ~ condition of making the loan xcured by this Mortgage, Barrower shall pay the premiums reqoired to maintain such . ~ insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower s and : ~ ~ ~ ~ ~ st?R!c ~~C7J PAGf ~ , ~ _ - - ~r~