The URL can be used to link to this page

Home My WebLink About0004 UHrno~~1 GUvBr+~t~trs- Bonawer snd l.ankr coveoant and ag~oe as toUows: 1. l~4~eN ~t lei~ a~i IMered. Borrower ahall pramplY psY when due thc principal of and i~terest on the ~ e~idenoed bp t6e Note, prepayment aad late cha~es as providod in the Nwe. a~ the principai of and interest ~ on ~ny Futw~a Advanoe: secuned bp this Mortasae. FY~i 7L~ a~i law~a~cw Stibject to spplicxbk !aw cx to : written waiver by Lender, 8orrower shall pay ~o L,ender on tbe day montht~? iastallmeots of p~ncipal and intcrect are payablc unJer the Nate, until the Note is paid in tull, ' a sum (1~ein "Funds'~ ual to one-twelfth of ~hc t eq yea~ly taxes anJ as.ccssments which may attain priority over this Mo~taaae, and around rents on the Property, if any, ~lus one-Iwetfih of ycarly p~mium installments for hazard insurance, pltis one-iwelfth of yearly premium installments for i~artgagc insurancc, ~i any, sii as reascmauiy c,iii~iot~d ii~itiatly an~! iram time to time by l.eader on tbe basis of assessments and bills and rea~onable estimates thereaf. 7Le fi~nds shall be held in an institution ~he deposits or accou~ts of which a~e insureci or guaranteai by a Federal or t atate aaency (~nc~ud~ng L.ender if Lender is such an institution 1_ender shaN apply the Funds to pay said taxcs, assessments, ; intutanoe pnmiums and ground rents. I_ender may not charge tor so fiolding and applying the Fundc, anal~7ing said accau~t. . or verifying and compiling said assessments and bills, unless Lender pays Bonower interest on the Funds and applicabte law permits Lender to make such a charge. Borrower and Lende~ may agree in writing at the time of ~execution of this ~ Mortgage that interest on the Funds shal! be paid to Borrower. and unless such agreement is made or applicabk law requins such interest to be paid. L.ender shall nat be required to pay Bo~rower any interest or earnings on the Funds. Lender ~ sliaU aive to Borrower, without chargo, an annual accuunting of ttx Funds showing creiiits and debits to !he Funds and the purpoae for which each debit to the Funds waz made. The Funds are pledged as additiona! security for the sums secureci by this Mortgage. If the amount of tha Fuads heM by [.ender, togethet with the luture monthly installments of Funds payable prior to Wt due dates of taxes~ assessments, insurance premiums and ground ~ents. ~ha0 exceed thc amount required ro pay said taxes, € asse~nents. insurance prerniums and ground rents az they fall due, such ezcess shall be. at Barrower's optian, either ~ pminptly repaid to Borrower or credited to Bormwer on rnonthly installmenta of Funds. If the amount of thc Funds ' bdd by I.ender shall not be sut5cient to pay taues. assessments, insurancc premiums and ground rents as they [all duc, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days lrom the date notice is mailed by I.,ancler to Borrower reque.stiog payment thereof. Upoa payment in full of all`sums secured by this Mor~gage, l.ender shall promptly refund to Borrow~er any F~nds held by [.ender. If under paragraph 18 hereof the Property i~ sold or t6e Propeny is othenwise acquired by Lender, I.eader s6at1 appty, no tater than immediately prior to the sale of the Propeny or its acquiytion by l.ender, any' Funds held by Lender at the tims of app{ication as a credit against the sums secured by this Mongage. 3. Applicatiw~ oE p~ymeets. Unless applicable law provides otherwise, all payments received by I..ender uncier the • ; Note and paragraphs 1 aad 2 hereof shall. be applied by Lender f~st in payment of amounts payable to Lender by Borrower under puagraph 2 heroof. t6en to interest payable on the Note, then to the principal of the Note, and then to intercst and } principa! on any Future Advances. ~ 1• Cbarse~ Isens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to i ~he Property which may atWin a priority over this Mortgage, and kasehold payments or ground rents. if any. in the manner ~ pmvidal under paragraph 2 hereof or, if not paid in such r.~anner, by Borrower making payment, when due, direcdy to the . psyae lherEjuG Borrawzr stiai: promptly furni~ ta Lcn~er a!l noticts of 3motents d~e un~r this paragraph, a~cl in the event Borrower shall make payment directly. Bottower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mongage; provided, that Borrower shall not be required to discharge any such tien so long as Borrower shall agree in writing to the payment of the obligation socured by suc6 lien in a man~r 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 the lien or forfeiture of the Property or any part thereof. ~S. Hazard Iusnraoce. Borrower shall keep the improvements nov?• existing or hereafter erected on the PropeRy insured ~ againat toas by fire, hazards included within the term "ezteaded coverage". and such ottier hazards as Lender may require 3 and in such amounts and for such peric~ds as Lender may_ require; 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. t6at such approval shall not be uareasonably withheld: All premiums on insurance policies shall be paid in the manner - i provided under paragraph 2 heraof or. if not paid in such manner, by Borrower making payment, when due, directly to tt?~ z insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ ctause in favor of and in fortn acceptabk to I:ender. l.ender shaq have ihe right to hold the policies and renewals thereof. 3 . and Borrower shall prompdy furnish to Leader all renewal notices and all receipts of paid prcmiums. In the event of loss. i Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. ~ f Unless Lender aad Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or npair of } the Propeny damaged, provided such restoration or repair is ernnomically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of t6is Morigage would be impaired, the insurance proceecis_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 Borrowet fails to respond to Lende~ withi~ 30 days from the date notice is mailed by I.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance prooeeds at Lender"s option either to restoration or repair of the Propetty or to the sums secured by this Mortgage. • Unless I,ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not eztend - or poatpone 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 4ereof the Property is acquired by [.ender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or aequisition shall pass to Lender te the extent of the surns secured by this 1~lortgage immediately prior to such sale or ~ acquisition. 6. Preservatioo aad Mainteaance of Property; I.easelwlds; Condomiaiums; Planoed Unit Devebpments. Borrower shall keep the Property in good repair and shall not comrpit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a Icasehold. 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 unit devetopment, the by-iaws and regulations of the ~ condominium or planced unit development, end coostituent documents. If a condominium or planned unit development ~ rider u extcuted by Bonower and recorded together wiih this Mortgage, the covenants and agreements of such rider ~ shall be incorporated into and s6a11 amend and supplement tt~e covenants and agreements of this Mortgage as if the rider ~ were a part hereof. • ~ 7. Protectioe of Leoder's Security. If Borrower faits to perform the covenants . and agreemenu contained in this , Mortgage. or if any action or proceeding is commenced which materially afiects !_ender's interest in the Property, ineluding, but not limited.to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a f banlcrupt or decedent. lhen Lender at [.ender's option, upon notice to Borrower, may make such appearances, dishurse such i sums and take such action as is necessary to pratect Lenders interest, including, bui noi limited to, disbursement of ' reatonabk attoraey's fets and entry upon the Property to make repairs. 1( I.ender requircd morigage insurance as a condition of making the loan secured by this Mortgage, BorrowCr shall pay the premiums required to maintain such insutance in eHect until such time as the requirement for such insurance terminates in accordance with Borrower's and , (1~~ ~~J ~ ' auuR fA~t ~