The URL can be used to link to this page

Home My WebLink About0489 r • ~t ~ ` y. UNiFOat?~ Cov~N~Nrs. Borruwer and Lendcr covena~t and agree as follows: 1. Pqmeat ot Princlpal ~ad lateresf. Borrower shafl promptly pay when due the pri~cipai of and interest on the indebtedness evidenced by the Note, prepayment And late charges as provided in the Note, and the principal of and intercst on any Future Ad~ ances secured by this Mortgage. " 2. fl~odi to~ T~es aAd laanuce. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly installmcnts of principal and interest a~e payable u~der the Note. until the Notc is paid in tull, a tum (herein "Funds") equal to onatwelfth of ~he yearly taxes and assessmrnts which may attain priority over this MortQage, and groun~ renu on the Property. if any. plus one-twelfth of yearty premium iastallments for hazard insurance, plus one-twelfth of yearly premium installments for mortgage insu~ancc, if any, all as reuonably estimated initially anJ from time to time by Lender on the basis of assessments and bills and reasonablc estimates thereof. 'tl~e Funds shall be heid in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taues, assessmenu, insurance premiums and ground rc~ts. Lender may not charge for so holding a~d applying the Funds, analyzing said account, or verifying and compiting said assasments and bills. unless Lender pays Borrower interat on the Fu~ds and applicable law permits Lender to make such a charge. Borrower and I.ender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requircs such interat to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shatl give to Borrower, without charge, an annual accounting of the FunJs showing credits and debits to the Funds and the purpose (or which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with thc future monthly installmonts of Funds payable prior to the due dates of taxa, assessments, insurance premiums and grou~d rents. shall exceed the amount roquired to pay said taxes. assessments, insurance 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 Funds. If the amount o! the Funds held by Lender shall not be sufficient to pay taxa, assessments, insurance ptemiums and ground rents as thcy 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 Lender to Borrower requating paymcnt ihereof. Upon payment in full of all sums secured by this Mortgage. I.ender shall promptly refund to Borrower any Funds held by Lender. If u~der paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later ihan immediately prior t~ the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of apQlication as a credit against the sums secured by this Mortgage. 3. Application of Paymeats. Unless applicable law provides otherwise, all pa}~ments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by 1_ender first in payment ot amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, thcn a~ the principal of the Note, and then to interest and > principal on any Future Advances. 4. Ctwr~es; Lk~. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Propecty which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner pmvided under paragraph 2 hercof or, if not paid in such manner, b~• Borrower making payment, when due, directly to the payee ther~eof. Borrower st~all promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shaU make payment direcd~~. Borrower shall promptty fumish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien ~hich has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing ta ~he payment of the obligation secured b~ such lien in a manner accep~able 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 ar forfeiture of the Property or any part thereof. - S. Hazard Insurance. Borrow•er shall heep the improvements now~ existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "e~tended coverage". and such other hazards as Lender may require anJ in s~ch amounts and for such periods as Lender may require; provided, that LenJer shall not require that the amount of such coverage exceed that amount of co~~erage required to pay the sums secured by this Mortgage. "I~e insurance carrier providing the insurance shall be chosen by Borrow~er subject to approval by Lender; provided, i 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, direcUy to the insurance cazrier. ~ All insurance policies and renewals thereof shall bc in fortn acceptable to Lender and 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 promptl~• furnish to Lender all renewal no~ices and a11 receipts of paid premiums. In the event of loss, € Borrower shall give prompt notice to the insurance carrier and ~ender. Lender may make proof of loss if not made promptly ~ by Borrower. ~ Unless Lender and Borrower othervrise agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. I[ such restoration or repair is not econ~mically feasible or if the security of this Mortgage would be impaired, the insurance procceds shall be applied to the sums secured bp this Mortgage, with the excess, if any, paid t~ Horrower. lf the Propert}• is abandoned b~• Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, I.ender ~ is authoriud to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sumi secured by this Mortgage. ~ Unless Lender and Borrower otherw~ise agree in v?•riting, anp such application of proceeds to principal shall not extend or postpone the Jue date of the monthly installments rcferred to in paragraph~ 1 and 2 hereof or change the amount of such installments. If under paragraph i8 hereof the Property is acquired by L.ender, atl 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 acquisition shall pass to l,eader to the extent of the sums secu~ed by this tifortgage immediately prior to such sak or ~ acquisition. 6. Presen•ation aad ~tstintenance of Property; Leaseholds: Condominiums; Planned Uait DevelopmenLs. Borrower shall keep the Property in good repair and shall not commit ~aste or permit impairment or deterioration of the Property ~ and shall comply with ~he provisions of any lease if this Mortgage is on a leasehold. 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 cove~ants ereating or governing the condominium or planned unit development, the by-laws and regulations of the ; condominium or Planned unit development, and constituent documents. If a condominium or planned unit development riJer ~s executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider ~ ? shall be incorporated ~nto and shall amend and supplement the covenants and agreements of this Mortgage as if the rider " v?ere a part hereof. ~ 7. Protection of Lender's Security. If Borrower fails to periorm the covenants and agreements contained in this Mortgage, or if any action or proceeding is commer.ceJ which materially afiects Lender's interest in the Propeny. ~ induding, but not limited to, eminent domairs 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 action as is necessary to protect Lender's imerest, including, but not limited to, disbursement of ~ ~ reasonable attorney's tees and entry' upon the Propcrty to makc repairs. If Lender required mortgage insurance as a ~ cond~tion of making the loan secured b~• this Mortgage. Borrower shall pay the premiums required to maintain such ~ insurance in effect until such time as the reyuirement for such msurance terminates in accordance with Borrov~er s and ~ R ']~j(~ ~ ~ ~ PAGE 3~GK ~.•~7V.: ~ . - _ ~ ~ ~ ~ ~ ° ~ - . -