The URL can be used to link to this page

Home My WebLink About0937 S • ~ . ~ • ' ~ i`~ UNIFORM COVHNANTS, BOffOWC~ BfKI Lt11lICf COVg(l~pl 8tlt~ Bg~CC aS faUows: 1. l~meat of Pdac~al aod I»terest. Harrower shall prumpll~• pay whcn duc ~he principal of and interest on thc = indebtedness evidenced by the Note. prepayme~t and late charge~ a~ pn~vided in the Nate, and tbe principal of and interes~ o~ auy Future Advances securod by this Mortgage. 2. Frads tor Tues aad I~raece. Subject to applicabk law or to a written waiver by 1_ende~, Borrower shall pay ; W I.er~der on Ihe day mor?thly installments of ptincipal and intcrest are payablc under the Note, until thc Note is paid in tull, ~ s sum (herein "Funeis") equal to one-twelfth a( 1he yearly ~axcs and ascessme~ts w~hich may attain priority over this Mortgage. and g~ound re~ts on the Property. if any, plus o~e-twelfth of yeariy premium installments for hazard insurance, pius one-twelRh of yearly premium instaliments for mortgage insu~ance, if any, all as reasonably estimated initially anJ from ~ time to time by I.endtr on the basis of assessments and bills and re:~sanable estimates thereof. 'i'he Funds shall be held in an institution the depasits or accounts of which are insured or guaranteed by a Fecieral or ' state agency (including l.ender if Le~der is such an institution). l.ender shall apply the Funds ta pay said taxes, assessments, ~ iasurance nmiums and ~oi~nd reots. I_ender ma ~ not ebar (or so hold;n and a m the Fum1~. anal ~zin ~aid account. ` P B > 8e 8 PMY~ S ) 8~ ~ or verifying and compiling said asscssments and bills, unless Le~der pays Borrower intcrest on the Funds and applicable law permits Lender to make such a charge. Borrower and I.ender may agree in writing at thc time of execution oI this Mortgage that interest on the Fu~ds shall be paid to Borrower, and unless such agreement is made or applicable law requira such interest to be paid, Lender shall not bc require~i to pay Borrower any interest or earnings on the Funds. l.ender shal! give to Borrower, without charge, an annual accounting of the Funds shawing creciits and debits ta the Funds and the purpoae for which each debit to the Funds was made. The Funds are pledged as additionat security for the sums u~cured by this Mortga$e. If the amount of the Funds held by LenJer, together with the f~~turc monthly installments of Funds payablc prior to t6e due dates of taxes, asussments, insurance premiums and g~ou~d re~ts, shall exceeci the amount reyuircd to p:r~• said taxes, assessments, insu~a~ce premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Fundt. If the amounl ot thc Funds held by Leader shall not be sut6cient to pay taxes, assessments, insurance premiums and ground rents as the~• fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof. . Upon payment in ful! of all sums secured by this Mortgage, l.ender shall promptly refund to Borrowcr any Funds held by Lencier. If u~der paragraph 18 hereof the Property is sold or the Property is otherwise acquired by l.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 credet againsi the sums secured by ~his Mortgage. 3. Applicatloa oE paymeats. Unless applicable law provicks otherwise. all payments received by I_ender under the Note aad paragrap:~s 1 and 2 hereof shall be applied by I_endcr first in payment of amounts payable to LcnJer by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principat of the Note, and thcn to interest and principal on any Future Advances, . 1• C6arges; Lkus. Borrower shall pay all ~axes, assessmcnts and othcr charges, fines and impasitions attributable to th~ 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 i~ such manner, by Borrower making payment, when due, directly to the payee fhereof. Borrower shali promptly furnish to Lender all notices of amoeents due uncter ihis paragraph, and in the event Borrower shall make payment directly. Borrower shall promptly fumish to l.ender receipts evidencing such payments. Borrower shall promptly dixharge any lien which has priority ovcr this Mortgage; provided, that Borrower shall not be requiral to dixharge any such lien so long as Borrower shall agrce in writing to the payment of the obliga~ion secured by such iien in a manner aceeptabte to Lender. or shal! in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hszard lnsurance. Borrower shall keep the improvements now cxisting or hercafter erected on the Property insured against loss by fire, hazards included within the term _"extended coverage", and such other hazards as Lcnder may require and in such amounts and for such periods as Lender may require; Provided, that Lenefer shall not require that the amount of such rnverage exceed that amount of coverage required to pay the sums secured by this Mongage. "I1u 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 premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. . All insurance policies and renewals thereof shall be in form acceptable to L.ender and shall includc a standard mortgage clause in favor of and in form acceptable to [.ender. Lender shatl have the right to hotd the policies ar~d renewals ihereof, and Borrower shall promptly furnish to Lender all renewa! notices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt nouce to the insurance carrier and Lender. Lender may make proof of Ioss if not made promptly by Borrower. Unless Lender and $onower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provi~led such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If suc:h restoration or repair is not economically feasible or if the 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 Borrower. If the Propeny is abandonecl hy Borrower, or if Barrower fails to respond to Lender within 30 days from ihe date notice is'mailed by Lender to Borro~ver that the insurance carrier ofTers to setUe a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at l.ender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. Unfess I.ender and Borrower otherwise agrce in wr+ting, any such application of Proceeds to principal shall not extend or poatpoae the due date of the monthly installments referred to in paragraph~ I and 2 hcreof or changc the amount of such installments. If under paragraph IS heroof the Property is acquired by L.ender, all right, title and interest of Borrower in and to any insurance policies and in and to t6e proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to L.ender te the eatent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservatioo and Maintenance of Property; l,ea9e6olds; Condominiums; Planned Uuit Devebpmeats. Borrower shall kaeQ the Property in good repair and shall not comro~~ Waste or permit impairment or deterioration of the Property and shall comply with the provisions of any IeaSe if this Morigage is on a leasehoid. 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 covenants creating or governing the condominium or planned uniC development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Morigage, the coveoants and agreements of such rider shall be incorporated into and s6all amend and supplement the covenants and agreements of this Mortgage as if the riJer were a part hereof. 7. Proteetion of Lender's Sec~rify. If Borrower fails to perform the covenants and agreements contained in this • i Mortgage, or if any action or procetding is commenced which materially a(fcrts I~nder's interest ir~ the Proper~y, ' including, but not limitad to, eminent domain, insolvency, code enforcement, or arrangements or prviceedings .involving a ~ bankrupt or dtcedent, lhen Lender at I.eoder's option, upon notice to Borrower, may make such appeara~ces, disburse such sums and take such action az is nece~ssary to protect l.ender s interest. including, but not limited to, disbursement of reawnabk attorney's tees and entry upon the Property to make repairs. If [.endcr required mongage insurance as a. coadition of mak+ng the loan secured by this Mortgage, Borrowcr shall pay the premiums required to maintain such insutanee in effcet unti{ such time as the requirement for such insurance terminates in accordance with Borrower s- and . ``~JR 285 9 . • ~ ; PA6E ~