The URL can be used to link to this page

Home My WebLink About0418 ~ • UNtroa~t Covar+~~ns. Borrower snd l.ende~ cove~ant and a~rce u follows: 1!~t d hi~t}~l a~i I~hi+al. Bormwer sh~ll p~omptl) WY when due tbe principsl ot and iaterest oo the indebted~at evidenoed by the Note, ptepaymeat and late chargec ac provided in the Note. and ti~s principal of snd inte~est oa auy Futuoe Adva~ces tecu~ed ~y this Mortta~. 2. l~~i tK 'l1~aiM a~i Giwr~ee. Subject to spplicabk law ur 1o a written waiver by t~ender. eorro~?~ wr to Lender on the day monthly installme~ts of principal aod intcrcct arc payable undcr the NotC. until the Note is paid in full, ~ s~ma (I~ein "FundP~ eqwl to one-twelfth of thc yea~1~~ taa~~ aecl assessmen~s which may attain priority ove~ this Mortjaje. and ~~ound rents on the Property. if any, plus one-twelfth ot yea~ly prcmium iastallmenb for hazard inwrance. plus ooe-twelfth ot yearly prcmium irtuallmeots to~ mongaae insunncc, if any, all u rcasonabty estimated initially ~nd fr+oan time to time by Leader o~ the basis of asxssmcots and hills and rcasonabk estimata theceof. The Funds s1~a11 be beld in an instituti~n the depos~a or •rccounts of ~rhich arc inwred or ~uaranteed by a Federal ot state ajency (includins L,ender if Lcnder is such an ins~itutionl. 1_eoder shall apply the Fn~ds to pay uid taxa. sssestments. iasuranoe premiums a~d ~round rcnts, t.ender may no~ charge for s~ holdiog and applyi~a the Fund.s. analyzin= said accoun~ ~ or verifyins and compilins said assessments and bills, unless Lender pays Borrower intercst on the Funds and appticabk law :'S petmits I~rnder to make wch a charge. Bonowcr and l.ender may agrce in writing at the time ot execution ot this Mortp~e tbat interat on the Fuads shall be paid to Borrower. and unkss such aarcement a made o~ applicabk law requira such interat to be paid. Lender shall not be rcquired to pay Borrower a~y interat or earnings on the Funds. Lende~ sball ~ive to Borrower. without charae, an annual accoueting of the Funds showina credils and debits to the Funds and the purpose for which each debit to the Funds wu made. The Funds arc pledged u additional socurity for ~he sums secured by this Mortpte. If t6e amount ot tbe Fut~s held by Lender, togcther with the future monthly installments of Funds payabk prior to tbe due data of tua. assessmenu. insurance prcmiums and ground rcnts, shall ezceed the amount nquired to pay said taua. asspaneats. i~unnce prcmiums and ground rcnts u they fall due, such excas shall be, at Borrower's oplion, either promptty rcpaid to Borrower or credited to Borrower on monthly installme~ts of Funds. If the amount o[ the Funds beW by Leoder shall not be sut6ciwt to pay taxa, assessments, insurance premiums and ground nnts ss they fall due. Borro~wer s6a11 pay to Lender a~y amou~t naasary to make up tf~e de6ciency within 30 days from the date notice is mailed by Lender W Borrowec requating payment thercof. Upon paymeot ia fuA of all sums Kcurcd by this Mongage, l,ender shall promptly refund to Bormwer any Funds held by Lender. If under puagraph 18 hercof the Property ia sold o~ the Propeny ~s othenivise acquired by LerKkr. Lender - s6a11 apply. no later than immodiately prior to the sale of the Property or its acquisition by Lender: any Fund . held bv I.eader at the time of application as a credit.against the sums secured by this Mortgage_ ' 3. A~pticatioe of ?~~nfs. Unless applicable law provides otherwise, all payments received by Lender under the Note and pangnphs 1 and 2 hereof shall be applied by LenJer first in payment of amounts payablo to Lender by 8orrower under parsgraph 2 hereof. then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances.. Crarse~ I.ieas. Borrower shall pay all taxe's, assessments and other charges, fines and impositions attributable to tbe Property which may attain a priority over this 1lfortgage, and leasehold payments or ground rents, if any. in the manner pruvided under paragraph 2 hereof or, if not paid in such manner, by Borrower malcing payment, when due. diroctly to the psyee theroof. Borrower shall promptly fumish to Lender all notices of amounts due under this paraarsph. and in the eveot Borrower shal) make payment directly, Borrower shall promptly furnish to l.ender receipts evidencing sucfi payments. Borrower shall promp~ly discharge any lien which has priority over this Mortgage; provided, that Bortower shall not be rcquircd to discharge any such lien so long as Bor~ower shall agree in writing to the payment of the obligation secured by suc6lien in a manner acceptabk to Lender, or shall in good taith contesi such lien by, or defend enforcement of soch lien ia, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard Iesnnwce. Borrower shall keep the improvements now~ existing or hereafter erected on th~ Property insured againtt loss by fire, hazards included within the term "extended coverage", and such other hazards u Lender may requirc and in such amounts and for such periods as Lender may require; provided, that [.ender shall not requirc that the amount of ~ such rnverage exceed that amount of coverage required to pay the sums secured by chis Morteaae, The insurance carrier providing the insurance shall be chosen by Borrower subject to approva! by Lender, provided, thu auch approval shall not be unressonably withheld. " Atl premiums on insurance policies shalf be paid in the manner ; providod uoder paragraph 2 hercof or, if not paid in such manner, by Borrower making payment, when due, directly to the insunnce curier. - ' ~ i All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage i clause in favor of and in form acceptable to Lender. Lender_ shall have the right to hold Ihe policies and renewals thereof. ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, ; ~ Borrower shall give prompi notice to ti~e insurance carrier and Lender. Lertder ma} make proof of loss if not made promptly by Bortower_ f Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to testoration or repair of ' the Property damaged, provicied such restorat~on or repair is economically feasible and the security of this Mortgage is _ not thereby impaired. If such restoration or repair is not economicallg 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 Property is abandoned by Borrower, or it Borrower fails to respond to Lender within 30 days from the date notice is mailed by l.ender to Borrower that ~he insurance carrier offers to settle a claim for insurance benefits, Lender ' is authorized to collect and apply t6e insurance proceeds at Lender's option either to restoration or repair of the Propem ' or to t6e sums secured by this Mortgage. - Unless Lender and Borrower otherwise agree in ariting, any such appliration of proceeds to principa) shall not extend or postpone the due date of the monthly installmcnts referred to in paragraphs I and 2 hereof or change the amount of - suc6 installments. If under paragraph IS hereof the ProFerty is acquired by Lender, all right, title and interest of Borrower' in and to any insurance policia and in and to the proceeds thereof resulung from damage to the Property prior to th~ sale or acquisition shall pass to Lender to the eztent of the sums secured by this Mortgage immediately prior to such sale or acquisition. r 6. Preservatlon and M~intenance of Property; Lease6ulds; Condominiuras; Planned Unit Devtlopments. Borrower ~ shall keep the Property in good repair and shall not comro~~ K'aste or permit impairment or deterioration of the Property ' and shall comply~ with Ihe ptovisions of any leau if this Mortgage is on a leaschold. 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 condom~nium or planned unit development, ~he by-laws and regulations of tho i ~ condominium or planned unit development, and constituent documents. If a condominium or planned imit development : rider is executed by Borrower and recorded together whh thic Mortgage, the covenants and agreements of such rider ; ~ shall be incorporated into and shall amend and supplcment the co~cnants and agreements of this Mortgage as if the riJer ~ were a part hereof. ' ~ : ~ 7. Protection of Leade~s Securfty. 1( Borrawer fa~l~ t„ perform the covenants and agreements contained in this ~ Mortgage, or if any action or proceedmg is commcnceJ v?h~ch materially afiects Lender's interest in the Property. including, but not 6mited to, eminent domam. in~h~enc}~. code enforcement, or arrangements or proceedings invoh•ing a bankrupt or decedent. then Ixnder at Lender's option, u~~n notice to Borrower, may make such appearances, disburse such = sums and lake such action as is nece~sary~ to protect Lender's ~nterest. including. bu~ not limrted to, disbursement ot ~ reasonable atiomey's tees and en~ry up.~n thc Properiy to make rcpair~. I( I.cnder reyuired mortgage insurance as a ~ condition of making the loan secureJ by this At~~rtgage. Borrower shall pay the premiwns requireJ to maintain such - iruurance in effect until such time as ~he reyuirement for ~uch insurance terminatcs in acrnrdance wi~h Bormwer s and ~ . BG~JK PA~t ~R295 v~~~ f F ~ . . - - - _ . - ''--'b. - -