The URL can be used to link to this page

Home My WebLink About0350 Borrower and I.ender covenant and a~e as followa: l. Payme~tt ot Principal and intereat. I3oROwer ahuU promptly pay when due the principal of and interest un the indebtedneaa evi~enced by the Note, prepayment and late chargee us providecf in the Note, and the principa! of and intemat on any Future Advancre aecured by this Moctgage. 'l. PLnda for Ta~tee and Insurance. Subject to applicable luw or t,o a writlen waiver by I.ender, IiorroNe~ shall pay lo I.ender on the day monthly installmenta of principal and interest a~e payable under the Note, u~til the Note ia paid in full, a sum (he~ein "Funda") equal to oiie twelfth of the yea~ly taxea and asseeamente which may atlain priority over this Mortgage, and ground renta un the Properly, if uny, plua one- twelRh of yearly pmmium inatulimenta for hazard insurance, plua onetwelRh of yearly premium inatallmenta for moirtgage ineurance, if any, all ae masonably eatimated initially and trom time to time by I.e~der on the basie of assea~ments nnd bills and reasonable estimates thereof. The bl?nds eheU be held in an inatitution the deposits or accounte o! which are inaured or guaranteed by a Hedrral or State ngency (including Lender if Lender ia euch an institution). I.ender shall apply the Fu~ds to pay eaid taxee, assesamenta, ineurance premiums and ground rents. I.ender may not charge for so holding and applying the F~nde, unalyzing said account, or verifying and cumpiling said asaeeamente and billa, unleae I.ender pays Borrower intereet on the ~nde and applicable law permits [.ender to make auch a charge. Borrower and Lender may ag[ee in writing at the time of execution of thia Mortgage that interest on the Ftinda shall be paid to Borrower, and unleas such agreement ia made or applicable law requires such intereet to be paid, I.ender ahall not be required to pay Borrower any intereat or earnings on the ~tnds. Lender ahall give to E3orrower, without charge, ao annual accounting of the Funde showing credita and debita to the ~nde and the purpoee for which each debit to the Funds was made. The Funda are pledged aa additional security far the sums aecured by this Mortgage. If the amount of the fi~nde held by I.ender, together with the future monthly inatnl Imenta of Funds payable prior to the due datea of taxea, aseesamente, insurance premiuma and ground rente, ahall excred the amount required to pay said taxee, aaseasmente, inaurance premiums and ground ienta as they [all due, such e:cese shall be, at Bo~~wer'e option, either promptly repaid to ~iorrower or credited to Borrower on monthly inetallmenta of Ftinds_ If the amount of the Funda held by Lender ahall not be sufficient to pay taxes, asseasmenta, inaurpnce pre~niums and ground renta as they faq due, Borrower aha11 pay to I.ender any amount neceasary to make up the deficiency within 30 days from the date notice ia mailed by Lender to Borrawer requesting payment thereoG ~ Upon payment in fuU of all auma eecured by thia Mortgage, Lender ahall promptly refund to Borrower any funds held by Lender. If under paragraph 18 hereof lhe Property ie eold or the Property is otherwise acquired by l.ender, I.ender shall apply, no later than immediately prior to the saie of the Property or itn acyuisition by Lendet, any ~nda held by Lender at the time otapplication as a credit againat the sums secured by thie Mortgage. 3. Application of Paymenta. Unlesa applicable law pmvides otherwise, all payments received by Lender under the Note and paragrapha 1 and 2 hereof ehall be applied by l.ender firat in payment of amounts payable to Lender by Borrower under paragraph 2 hereot, then to interest payable on the Note, then ta the principal of the Note, and then to intereat and principal on any Future Advancrs. 4. Charges; Liena. Borrower shall pay all taxes, asseasments and other chnrges, fines and impositions attributable to the I'roperty which may attain a priority over this Mortgage, and leasehold paymenta or gmund rents, if nny, in the manner provided under parAgraph 2 hereof or, i[ not paid in such manner, by E3orrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to l.ender aU notices of amounta due under this paragraph, And in the event E3orrower shall make payment directly, Borrower shall promptly turnish to I.ender receipta evidencing such payments. I3orrower ahall promptly dischargr any lien v~ hich has priority overthis Mortgage; pmvided, that Borrower shall not be required to discharge any such lien so long as E3orrower shall agree in writing to the pnyment of the obligation secured by such lien in a manner acceptable to L.ender, or shall in good fuith contest such lien by, or defend enforcement ofauch lien in, leRal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thernof. 5. Hezard Ineurance. Borrower ahall keep the improvements now existing or herepfter erected on the Property insured against losa by fire, hazards included within the term "extended coverage," and auch other hazards as Lender may require and in such amounta and for such periods as Lender may reqi?ire; ptovided, that I.ender shall not require such coverage amount eaceeding the minimum, as may berequired by state or federal regulations goveming aMivities of Lender, or that amount of coverage required to pay the sums secured by this Mortgage, whichever is the greater. The insurance carrier providin~ the insurance shall be chosen by Borrc~wer subject to approval by I.ender, pmvided, that such approval shall not be unre~sonably withheld. All premiums on insurance policies shall be puid in the m:~nner provided under paragraph Z hereof or, if not paid in such manner, by Borrower making payment, w•hen due, direcdy to the insurance carrier. All insurance policiea and renewals thereof ahall be in form acceptable to Lender and ahall include a atandard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policiea and renewals thereof, and Borrower shall promptly fumish to i.ender all renewal noticea and all receipte of paid pmmiums. In the event of losa. Borruwer ahall give prompt notice to the insurance carrier and L.ender. Lender may make proof of loas if not made prompdy by Borrower. ~ Uniess Lender and Borrower otherwise agree in writing, inaurance proceeds shall be applied to restoration or repair of the Property damaged, provided euch rnstoration or repair is cr.~onomically feasible and the security of this Mortgage is not thereby impaired. If such i rnetoration or repair is not economically feasible or if the aecurity of this Mortgage wonld be impaired, the ineurance prceeeda shall be applied ' to the auma eecured by this hlortgage, with the excesa, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to ; reapond to I.ender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefita, I.ender is authorized to collect and apply the inaurance proceeda at Lender's option either to restoration or repair of the ~ Property or the sama secured by thie Mortgage. ~ Unlese Lender and Borrower olherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly inatallments referred to in paragraphs i and 2 hereof or change the amount of such inatallmenta. If under paragraph 18 ~ hereof the Property ia acquired by Lender, all right, title and interest of Borrower in and to any ineurance policiea and in and to the proceeds s thereof resulting from damage to Property prior to the sale or acquisition shall pass to Lender to the eztent of the sums secured by thie ~ Mortgege immediately prior to such sale or soqniaition. ~ 6. Preservation and Maintenance of Property; Leaeeholda; Condominume; Planned Unit Developmente. Borrower ahalt keep ~ the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and ahall comply with the ~ proviBions of any lease if thie Mortgage ia on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, ~ Borrower ehall perform ali of Borrower's obligationa under the declaration or covenants creatinRor 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 rider ia eaecuted by Borrower and recorded together with this Mortgage, the covenante and ~ agreements of auch rider ahall be incorporated into and shaU amend and supplement the covenants and agreements of this Mortgage as ifthe ~ rider wern a part hereof. ~ 7. Protectton of Lender's Security. If $orrower taila to perform the oovenante and agreemente rnntained in this Mortgage, or if any ~ action or proceeding is commenced which materially affecte Lender e interest in the Property, including, but not limited to, eminent domain, ~ ineolvency. aode enforcement, or arrangements or proceedinga involving a bankn~pt or decedent, then Lender at I.ender's option,upon ~ notice to Borrower may make such appearances, diebaree auch eums and ta1~e euch action ae ie necxeeary to protect Lendei e interesk ~ inclading, but aot limited to, diebursement of reasonable attorney e fees and entry upon the Property to make repaire. If I.ender required y mortgage insurance as a condition of making the loan secured by thie Mortgage, Borrower ahall pay the premiume require~ to maintain - such inaurance in effect until auch time as the requirement for euch inaurance terminates in accordance with Borrower a and Lendele ~ writien agreement or applicabie Lew. Borrower shall pay the amount of all moTtgage insurance premiums in the manner provided under ~ paragraph 2 hereof. My amounte disbureed by Lender pereuant to thia paragraph 7, with intereat thereon, ahall become additional indebtednees of Borrower secnred by thie Mortgage. Unleas Borrower and Lender agree to other terma of payment, auch amounta ehall be payable upon ; notice from Lender to Borrower requeating payment thereof, and ehall bear intereet from the date of diebureement at the rate payable from _ ~ time to time on outatanding principal under the Note unless payment of intereat at such rate would be oontrary to applicable law, in which ~ event such amounte shaU bear interest et t}~e higheet rate permiaeible under applicable law. Nothing rnntained in this paragraph 7, ehall require Lender to incur any expense or take any action heteunder. ~ ~ ~ ~ , ~ ~ ~ ;;~r.2gz ~a~[ 350 ~ ~ w.'r . s . _ . _ _ _ . . _ - ~ : x~; ~ w. ; ..~'y,~' ~ r ~ .,s- ~`m 'Z~.:Y"'. ~ 31., ,yk.,`~, ~ k' Y,,,r 5~ d" J . ~ ~ . ~ ~ ~ ~ ~ A .~+~4(~ , ~ ~ Y` ~ ,s~.sn~.~~ ~ .`~i°r.-~.,_ ~+t~F~.~