The URL can be used to link to this page

Home My WebLink About0992 tbtrower and l.ender covenant and agree as folluwe: 1. Payme~t ot Prlncipal and Intereet. Eiorn~wer ahall pn~mptly puy when due the principal ot nnd itttetrat un the indebtrdneas evidenced by the Note, prepayment and late chargeei ae providcd in the Note, und the principul of and intrreat un any Future Adruncrs eccrured by thie Mortgage. 2. l~~nde fot Tazee and Ineurance. Subjeci lu applicable luw ur to a K i~ttrn wiiiver by Iw•nder, l~mowrr ahull puy tu 1 xnder un the day monthly inataUmenta of principal and intrrrst are payablr under the Note, until the Note ia paid in full, u sum Iherein "Funda"1 ~~u~il tu onc twelfth of the yearly ttutes and uasessaments which muy attuin priurity uver thia Alortgage, :~nd kmund rentb oo thr 1'ro{~erty, if uny, plus onP twelRh of yettrly premium inataUmenta tor hazard inaun~nce, plux onrtwelllh uf yearly pmmium instullmentc: [ur mortgugr inxurAnce, if any, all as teasonably eatim~ted initially nnd from time to titne by I A nder on ihe bnxis of uxsses~ments und bills aod rNUxunable c~+timutcx thereof. The Funds shall be held in an institution the deposita or accounts of which are insured or guerAnteed by a Federa! or State agency (inrluding I.ender if I.ender is auch an institution). l.ender ah~ll apply the Funda to pay suid taxes, asaesxmenta, inaurunce premiuma z~nd ~round renta. l.ender may not charge for so holding and applying the Funda, analyzing said account, or verifying and compiling said asaesaments and billa, unlena l.ender pays E3orrower intereat un the N unds t+nd applicable Inw permita I,ender tu make such a charge. E3orruwer and I.ende~ may ngree in writing at the time of execution of thia MortgAge thai intereat on the F unds shal) be paid to I3armwer, and unle~ such agreement ie made ot applirable law requirea euch intereat to be paid, l.ender ehall not be nwuired to pay I3onower any irttereat or earninga on the Funde. l.ender shaU give to Borrower, without charge, an annual acc~unting of the Funda showing credits and debits to the Funda and the purpose for which each debit to the F unds wus made. The F unds are piedged as additional scrurity !or the aums secured by thia Mortgage. If the amount of the Funds held by l.ender, together with the futum monthly inatallments of F unds payable prior to the due datra of tnxes, assesamente, inaurance prnmiuma and grnund mota, ahall excred the nmount required to pay xs~id taxes, asxesuments, insurs~nce premiuma and grvuhd renta aa they fall due, sueh ezcesa shall be, at f3oitower's option, either pr~omptly repuid to I3orrower or creKlited to I3orrower on monthly instalimente of'Funds. If the-amount ot the Funda held by l.ender shnll not be aufficieu: to pay taxes, nsaeezsments, insurance premiuma and ground tents ae they fa11 due, Borrower shall pay to Lender any emount necessary to make up the deficiency within 3C? daya fmm 1he date notice ia mailed by l.ender to Borrower ~equesting payment lhereot. Upon payment in full of all sums secured by thie btortgage,l.endershall promptly refund to Borruwer any funds held by l.ender. If under paragrapA i8 hereof the Properiv is aold or th~ Property is otherwise acquired by Lender, I.ender shall apply, no later than immeciiately prior to the sale of the Property or ita acquisition by Ixnder, any F unda held by I.ender ~t the time of applic~tion as a credit ugHinat the sums secured by this Mottgage. 3_ Application of Peymenta. Unleas applicnble law pro~•idea otherwise, all paymenis received by l,ender under the Notr and paragrapha 1 and 2 henwf ahall be applied by I.ender firat in payment of amounts pt~yable to I,ender by BorroKer under pnr~graph 'L hereof, then to interest payable on the Note, then to the principal of the Note, und then to intereat and principal•on a~ny Future Advances. 4. Chargee; Liens: Botrowershall pay all tt~xes, assessments ~nnd other charges, finc~ and impu.gitions attributable to the }'mperty which may attain a priority over this Mort~age, and leasehold payments nrground rents, if any, in the manner providcd under paragraph 2 hrreof or, if not paid in auch manner, by Borrower making pnyment, when due, direcdy to the payee thermf. Born?wer shall prompdy furnish tu IA•nder all noticea of amounts due under this paragraph, and in the event E3ortower shall make pa~yment directly, BorroN er shail pramptly lun~ish to I.ender receipts evidencing such pa~ ments. Borrower shal! pramptly discharge any lien which has priority over this MortKaKe; providcvl, that Borrower shall not be required todischarge any such lien s~~ long as i3orrower shall ~+gree in writing to the p~yment of the obliRation securEYl b~• s~~ch lien in a manner acceptable to l.ender, or shall in good faith rnntest such lien by, ordefend enforrement of such lien in, leKxl pr«•eeetin~;s which operate to prevent the en[orcement of the lien or forfeiture of thr Pruperty or any part thereof. 5. Hazerd Insurance. Borrower ahaI! keep the improvements nowexisting or hereafter erected on the Property insured <~gainst luss by fire, hazarde included within the term "extended rnverage; ' and such other hazards as I.ender may require and in such amounts and for such periods as Lender may require; provided, that [.ender ahall not require such coverage amount exceeding the minimum, as may be requircx~ by state or [ederal regulations governing activitiea of Lender, or that amount of coverage required to pay the aums secured by this ll~ortgage, whi~ever is the greater. e insurance carrier providing !he insurance shall be chosen by Borrow~er subject tu z~pproval bt l.ender, provid~d, that such uppruv~il ~hall not be unreasonably withheld. All premiums on insurance {x,licies shall be paid in the manner pm~•idc~ under paraKraph t~erc.~f or, if I'~ not paid in such manner, by F3orrower making payment, Khen due, directh• to the insurance carrier_ All inaurance policiee and rnnewals thereof ahall be in form acceptable to I.ender and shall include a standard mortqage clause in favor of ~ and in form acceptable to I.ender. Lender shall have the right to hold the po~icies and renewals thereof, and Borrow er shall prompUy furnish to ~ i.ender a11 renewal noticee and all receipts of paid premiums. In the event of loss, Borruwer shal! give prompt notice Lo ihe insurance carrier and Lender. Lender may make proof of lose if not made promptly by Borrower_ E Uriless Lender and Borrower otherwise agree in writing, inaurance 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 ie not thereby impaired. If such ~ restoration or repair is not eronomically feasible or if the security of this Mortgage woutd be impaired, the insurance proceeds shall be applied to the eums aecured by this Mortgage, with the eacess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if I3orrower fails to E reapond to Lender within 30 daya from the date notice ia mailed by I.ender to F3orrower that the inaurance carrier of'fera to settle a claim for ~ ineurance benefita, Lender is authorized to_collect and apply the inaurance proceeds at I.ender's option either to restoration or repair of the Property or the sume aecured by this Mortgage_ ~ Unless Lender and Borrower otherwise agree in writing, any such application of proceedsto prinripal shall not extend or postpone the due ~ date of the monthly inatallmente referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph !8 ~ hereof the Property ie acquired by Lender, all right, title and interest of I3orrower in and to any insurance policies and in and to the proceeda ! thereof resulting from datnage W Property prior to the sale or acquiaition shall pass to Lender to the extent of the sums secured by this I ~~iortgage immediately prior to such eale or acquiaition. i 6. Preaervation end blaintenance of Property; Leaseholds; Condominums; Planned Unit Developmenta. Borrower ahall keep ! the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ahall comply with the f provisions of any lease i[ this Mortgage ia on a leasehold. If this ~fortgage is on a unit in a conduminium or a planned unit development, ~ F3orrower shall perform all of Borrower's obligationa under the declaration or covenants creatinRor governing the condominium or planned ~ unit development, the by-lewa and regulations of the condominium or planned unit development, and conatituent documents. If a condominium or planned unit development rider ia executed by Borrower and recorded together with this Mortgage, the oovenants and agreements uf such rider ahal) be incorporated into and Phall amend and supplement the covenants and agreements of this ttort{;aqe as if the rider were a part hereof. 7. Protection of Leader•s Security. If Borrower faiie to perform the covenante and agreemente contained in this Mortgage, or if any action or proceeding ie commenced which materially affecta Lender e interest in the Property, including, but not limited to, eminent domain, inaolvency, oode enforcement, or arrangements or proceedings involving ,a bankrupt or decedent, then Lender at Lender e option,upon notice to Borrower may malce euch appearancee, dieburse euch aume and take auch action aa is neceesary to protect Lender'e intereat, including, but not limited to, diebureement of reaeonable attorney'e feee and entry upon the Property to make repaire. If Lender required mortgage ineurance ae a condition of making the loan secured by thia Mortgage, Borrower ehall pay the premiume required to iriaintain auch ineurance in effect until euch time ae the requirement for euch insurance terminatea in accordanee with Borrower's and Lender e written agreement or applicable Law. Borrower ehall pay the amount of all mortgage inaurance premiuma in the manner provided under paragraph 2 hereof. My amounte diabureed by Lender persnant to thie paragraph 7, with intereet thereon, ahall become additional indebtedneae of F3orrower eecured by thie Mortgage. Unleae Borrower and Lender agree to other terma of payment, auch amounta shall be payable upon notice from Lender to Borrower requeeting payment thereof, and ehaU bear intereat from the date of diebursement at the rate payable from time Lo time on outatanding principal under the Note untesa payment of intereat at auch rate v?ould be rnntrary to applicable law, in which event euch amou~te sha11 bear interret at the higheet rate permiasible under applicable law. Nothing contained in thie paragraph 7, ehall require Lender to incur any expenae or take any action hereunder. ~ 23~ y92 bvi~~, . , ~ ~,~:~~_~s.:.~,~ r - _ ~ . _ . 1H