The URL can be used to link to this page

Home My WebLink About0497 UNIFORM COVENANTS. BpffQWt~ ~(1tI I.Cf1lICf l'uven:lnt and akrrt a~ (oili~wt: 1. tsymcst ot Priacipd aod lalenst. Iio~f~~wCf .h:~11 prum~~l~ pay whcn duc ~hc pr~ncipal u( and mterest on the i~debtedness evidenced by the Note, ptepaymrn~ and Irte ch,?rge. a. ~ruvi~kd in ~he Note, and the principa) of and ~ntercst on aay Fulure Advanccs secured by th~c Mor~gage. 2. Ruads for Tues aad lusurauce. Subject to applirahlr IaN .~r ia a wrillen waiver hy I.ender, Harrowe~ shall pay to l.ender on the day momhly inctallments o( pnncipal anJ ~ntrrr.~ .~rr p~yablc unJrr the N<?te, aintil the Note ~s paid in full, a sum (herein "Funds") equal to une-tw~eltth ~t ~he yra~l~ ta~r. anJ ac.cscmentc wh~ch may atlain pnoriry over ~h~s Mongsge, a~d ground rents an the Propcrry, if ~ny. plus ~nc-twcl(~h ~~I qcarly prcmium installments for hazard ~nsur•rnce. plus one-twelfth of yearly premium installmcnts (or m~~rtgage ~nsurancc, if any, all a~ rcasunahly e+tima~ed initially anJ ~rom time to time by l.ender on the basis of a~ses~mcnb and h~lh anJ r~a~unablc et~~matc~ thereo(. The Funds shall t+e held in an ins~itut~~?n the depotiin ar .~ccuun~s M which are inwred or guaranteeJ hy a Fede~al or state agency (including Lender if I_enJe~ is ~uch an ins~itution). I ender.h•rll apply the Fundc to ~y ~aid ~axes, asussments, insurance premiums and graund rcnh 1 ender m:+y not chargc tur.~? holding :~nd applying ~he Fundc. a~r~lynng s~id acc.+unt. or verifying and compiling said asses.mems anJ bifls, unlc~s LenJer pay~ Borrower inlerest un the Funds and applicable law permits Lender to m~ke such a charge. Hi~rrowe~ and I.enJer may agrce in N~nting at the ~ime c?~ecutiun o[ this Mortgage that interut on the Funds shall t?e Mid Io Borruwer, and unless wch agrecnunt i~ made or applicable law requires such interest to be paid, Lender shall nol he re4uircd to pay Rorrower any interest ur earninK~ un the Funds. I.ender shall give to Borrower, without charge, an annual accuunUng o( Ihe FunJs ~howing credits and deb~ts to the Fund~ and the putpose for which each debit to the Funds w:u madc. The Furx1~ arr pleeiged a~ additiunal secur~~y fur ~hc sum~ secured by this Mortgage. ' lf the amount of the Funds held by I_enJer, rogether v?ith thc future monthly imt~llmemc of FunJc payablc prior to the due dat~s o[ taxes, assessments. insurancc premiums and ground renls, shall excced thc amoum rcyuircd to ~aid taxes, asseasments, insurance premiums and gmund rents as they (all due, such etice~s thall be, at Barrower's optK~n, either pranptly repaid to Bormwer or credited to Borrower on mon~hly installmentc of Fund~. It the amount of thc Funds held by Lender shall not be suffieient to pay taxes, ascecsments, insurance premiums and ground rents as they fall due, Borrower shall pay to l.ender any amount naessary to make up the deficiency within 30 d•rys trom the date nntice is mailed by Lender to Botrower requesting paymem thereot. Upo~ payment in full of all sums secured by th~s Mortgage, Lendcr shall promplly refund to Bormwcr any F~unds held by Lender. If under paragraph IR hereot the Property i. sc~ld o~ thc Property is otherwitc acquired by LenJer, l.cndcr s6a11 apply, no later than immediately prior ro the sale of the Properly or its arquisiuon by Lender, any Funds helJ by Lender at the time of application as a credit against the sum. secured by thic Mongage. 3. Applicstion ot Payments. Unless applicahle law pn.vides otherwise, all payments reccived by I.ender under the Note and paragraphs ! and 2 hereof shall be apphed by LenJer first m p~yment of amc~unts pay;,ble to 1_cnJer by Borru~er under paragraph 2 hercot, thcn lo intcresl payablc an the Nutc, thcn to thc principal of the Note, and then to interest and ' principal on any Future Advsr~. 4. C6~rges; I.ienS, Borrower shall pay all ~axet, ~ssc~~mcnts and rnhcr chargcs, fines and impositions auributabk to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dircctly to the payte thereof_ Borrower shall promplly turnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment direcUy, Borrower shall promptly turnish tc~ l.ender receipts evidencing such payments. Borrowet shall prompQy discharge any lien which has priority over this Mor~gage; provided, that Borrower shall not be rcquired to diuharge any such lien so long as Borrower shall •rgrec in writing ~o the payment o( the ~~bligation secured by suc6lien in a manner acceptable to L.ender. or shall in goc~d faith conte.~ such lien by, or defend enforcement of such lien in, legal pcoceedings which operate to prevent the enforcement af the lien or forfeiture of the Property or any part thereof. S. Huard Insurance. $orrower shall kcep the improvement, now eYisting or hereafter erected on the Property insored against loss hy fire, hazards included withm the term "cxtendeJ coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may reyuire; provided, that I~nder shall not reyuire that the amount ot such coverage exceed tha~ amount of caverage required to pay"ihe sums cecured ~hy this Mortgagc. "Il~e iasurance carrier providing the insurance sh•rll be chosen by Borrower subject to approval by Lender; provided, ' that such approval shall not be unreasonably withheld. All premiums on insurance policies shall bc paid in the manner ! providod under paragraph 2 hereof or, i( not paid in such manner, by Borrower making payment, when, due, direcUy to the ~ 'j insurance carrier. ~ ~ All insurance policies and renewals thereof shalt be in form acceptable to Lender and sha~l include a standard mortgage I 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 promptly furnish to Lender all renewat not~cec and all receipts of paid premiumc. In the event of loss. ~ Borrower shall give prompt nodce to the insurance carner :~nd l_ender. Lender may make pr~f of loss if not made prompUy ~ by Borcower. Unless Lender and Borrow•er otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of F the Property damaged, provided such restorat~on or repair is economically feasibie and Ihe security of this Mortgage is not thereby impaired. If suc:h restoraUOn or repair is not rconomically feasible or it the secunty of this ~tortgage would be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage, wilh the excess, if any, paid to Borruwer. If the Property is abandoned by F3orrower, or if Borrower fails to res~nd to I.ender wrthin 30 days from the Jate notice is mailed by l.ender to Borrower that ~he insurance carrier o(Fers to ce~tle a claim for insurance benefits, 1_ender ~ is aW6orizod to coll~ct and apply the inwrancc proceeds at LcnJcr's option either to restoration ~or repair of the Propertv or to the sums secured by this Mortgage. Unless Ixnder and Borrowe~ otherwise agree in wnting. any such application of prcx:eeds to pnncipal shall not extend ~ or postpone the due Jate of the monthly installments referred ro in paragraphti I and 2 hcrcof or change thc amoont of ~ such installmeuts. If under paragraph 1 S hereof the Property is acywred by I.ender, aU right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resul~ing from damage to the Property prior to thc sale ~ or acquisition shall pass to Lender to the extent of the sums secureJ by this 111ortgage immediately prior to such sale or ~ acquisition. ~ 6. Prrstnatbn aud Maintenance of Propert}~: Ixsiseholds; Condominiums; Planned Unit Ikrelopments. Borrow•cr ~ shall keep the Property in good repair and shall not comroit w•aste or perm~t impa~rment or deterioration of the Property _ and shall comply with the provisions ot any lease ~t th~s Mur~gagc i~ on a leaschold. I( this Mortgage is on a unit in a condominium oc a planned uriit Jevelopmenl, Borrower shall Fxrtc~rm all of Borrower's obligations under the declaraU~~n a or covenanls creat~ng or governing the condominium or planned unit develapmem, the by-laws and regulations of the =s conJominium or planced unit Jevelopment, :,nd eonstituent da:umen~ti. If a condominium or planned unit Jevclopment ~ rider is executed by I3orrower and recorded logether w~th ~hic Morigage, Ihe covenants and agreemenls o( such rider shall be incorporated into and shall amend anJ supplement thc covcnan~s anJ agreements of ~his Mortgage as if the riJcr ~ were a part hereof. ~ 7. Protectioo of Lender's Security. If Borrower_ fails ~o pertorm the covenaMs and agreemenls contained in this ~ Mortgage, or if any action or proceeding ~s c~~mmeneed wh:rh materially a(Tects I.ender's ~nteresl in the Property, ~ ineluding, but not limited to, eminent domain, insolvency, a~de enf~~rcement, or arr~ngements or prviceedings involving a ~ bankrupt or decedent, then I~nder al l.enJer's op~ion, upon notice Io Borrower, may make such appearances, disburse such ~ sutns and takt such action as is necessary to protect Lender'x ~merest. ~ncluding, but not limited to, disbursement ot reasonabk attomey's (ees and en~ry u~n the Properry to makc repair~. I! Lrnder rcyuircJ mortgage in~urance as a ~ cond~tion ot making the loan secured by this Mongagc. Borr<~wer sh.dl pay the premnims requireJ to mainta~n such ~ inturanet in ef~ect until such Ume as ~he reyuirement fe~r ~uch inwrance Ierminatc~ m accurdance whh Borrawer's and 3 " ~ . . ~ - ~ ~ BOUK~:~U i'At1f ~~U ~ _ ~ ~~s ~~~;'~~_»5~ , „ . . _ _ t ~,`s~'~:ra.,~