The URL can be used to link to this page

Home My WebLink About0932 l3c~rruwrr nnd l.ender covenant and agrce as lulluwr ~ 1. Psyment of Principal and Inte~esl. Rurrower shali promptly'pny when due the priocipal of a~d intere~?t un the indebtrdnesr evidenced by the Note, prepayment and late cha~~ea a~ providcd in the Note, and the p~ncipal of and intemt un any F uture Advnncea secured by this Mort~age. 2. t~'undi tor Ta:e~ and tn~ursnce. Subject to applicable I~w or b a writtrn waiver by I.ender, I~rruwe~ ahali pay b l.rnder on the day monthly irutxllmentr ot principel a~d intrrret are payable unde~ the Nc?te, until the Note is ~wid in fuU, a sum (he~ein "F undi"1 equal to un~ twelRh ot Ihe yea~ly ta~cea and uracwamenes which mey atlnin priority uver thia Murtga~te, and ~ound rentr un the Piroperty, if any, plw one~ twelRh of yearly premium inatalime~tx for hezard insurance, plus o~etwelRh of yearly prnmium inxtallmenls for murtgage inaurance, if any, all as reasonably eotimated initially and from time to time by I.cnde?on lhe basie of asee~amente nnd bille and reueunnble estimatea thereof. Tfie Funds shall be hdd in a~ in~titulion the deposit~ or accounta ot which ere i~sured or guaranteed by a Rederal or Stete agency (including I.ender it I.ender ia such an institution). (~nder sheU apply the Funds lo pay said taxes, assesamenle, iniurance prcmiums and Ecround rents. I.ender may not chwrge for ~o holding snd epplying the htinds, enalyzing said account, or verifyin~ and cumpilir?g said eaaeasment8 and bills, unlees I.ender peys E3orrower interest on the Funda and npplicable law permits i.ender to make euch a cherge.~f3orruwer and I.ende~ may agree in writing at the time of e:ecution ot this Mortgage thut interest un the Funds dhall tx paid to Borrower, and unleas euch agreeme~t is made or applicable law requi~ea such interest to be paid, l.ender shall not be required to pay Born>wer any interest ur earnings on the I~ unds. l.ender shaU give to Eiorrower, without charge, an annual acc~unting of the Funds ahowing credita and drbita to the Funds and the purpoee tor which each debit to the F unds waa made. The F unde are ptedged as additional security for the aume secured by this Mortgage. If the amount of the Funda held by l.ender, together with the future monthly inetallmente of h unde payable priur to lhe due dates of ta:es, aese8aments, insurance premiums and ground rents, shall exc2ed the amount required ta pay said taxes, aasesements, ineurance premiuma and ground rents as they fall due, such excess shall be, at l3o~TOwer'e optiun, either prompUy repaid to &?rrower or credited to Horrower on monthly instaUments of F`unde. If the amount of the Munds held by I~ender shall not be sufficient to pay taxee, a8aessmente, insursnce pre~niuma and ground rents as they fall due, Borrower ahnll pay m I.ender any amount neceseary W make up the deficiency within 30 days € from the date notice is mailed by l.ender tc? Borrower requesting payment thereof. Upon payment in fuU otall euma secured by this Mortqage, I.ender ehall promptly refund to Fiorrower any funds held by l.ender. If under paragraph 18 hereof the Property is sold or the F'roperty is otherwise acquired by l.ender, I.ender ehali apply, no later than i~nmediately prior to the sale of the Property or its acquisition by l.ender, any Funda held by [.ender at the time of applicntion as a credit agninst the euma eecured ~ by thia Mortgage. ` 3. Appllcation of Peyments. iJnieae apRlicnble law pmvidea otherwiee, all paymenta received by l.ender under the Note and paragraphe 1 and 2 hereof ehall be applied by I.ender firnt in puyment of emounte payable to I.ender by Hurrovrer under paragraph `l hereof, thrn to intereat payuble on the Nute, then lo the principal of the Note, and then to intereat and principal on any Future Advancea. 4. Charges; l.ie~x. B~,rn~wer ehall pay ull eaxee, nxxexamente~ and other churKe~a, finex und im{w:?itiuna atlributable b the Pruperly which may attain i~ priority over thix MortguKe, and let~sehold paymrntx or gn~und ~rnts, if any, in the manner providrd under puragruph'l herer~f or, ~f not paid iR such manner, hy f3urruwer mukinK payment, when due, directly to the p~yee thereoL Born,wc~shall promptly furniah to l.ender :~11 notices uf amounla due under lhia parnRr~ph, and in the event fi~?rruwer shfill make payment directly; E3c?rn?wer ahall pmmplly furniah to I.ender receipti+ evidencinK euch puyments. fiorruwer shull pr~,mptly dischi~rKr any lien which h.is priurity over thia Mortgs~Ke; pmvidcd, that , Itorrower ehnll not be required to diachn~ge nny such lien so long na liorruwer Rhall aKnr in writing to the payment of the obligation eerured by ~uch lien in a manner acceptable to I.ender, or shall in g~wd feith cuntest auch lien by, or defend enfurcement o[euch lien in, legAt prcx~ecdinge which operate k~ prevent the enforcemrnt of the lien or [orleiture ot the Property or any part thereof. 5. Hazard Insurance. F3orrower shall keep !he improvemrnte now exiating or herea[ter erected on the Pruperty insured against loes by fire, hazarda included within the term "extended coverage." end xuch other hazards as I.ender may reyuire and in euch amounte and for such - periods ae I.ender may rQquire; provided, that l.ender ehal) not requim such rnverage amuunt exceeding the minimum, aa may be required by ; xtate nr federal regulationa governing activities of I.ender, ur that amount of coverage required to pay the suma secured by thia Mortgaqe, ~ j whichever is the greater. 7'he inRUrance camer pruviding the ineuruncr shnll Ix choaen by Korruwer subjcrt to appruva) by I.rndrr; pwvided, th:?t such approva) ,hall not be unre<uwnably withheld. All premiums un insurani~r pr~licira Hhall be p.~id in the mzinn~r pruvid~d under paraKr:?ph 'l hercr~f ur, if ! not puid in auch munner, by }inrrower muking payment, wh~•n due, direcUy to the inxurc~nce carrie•r. I All inaurance policiee and renewala lhereof ahall be in form acceptuble to I.ender and shall include a standard mortgay~e clause in favor of ~ and in form acceptable to I.ender. l.ender ehall have the riqht to hnld the policiea and renewal8 thereof, and f3orrowerehall promptly [urniah tu i i.ender all renewal noticee and all receipta of paid prnmiuma. In the event of loas, E3orruwer ehall give prumpt nutice to the ineurance carrier ~ and Lender. I.ender may make proof of loae if not mude promptly by E3orrower. . ~ Unless Le~der and E3orrower otherwiee agree in writing, insurance proceeds ahell be applied to restoration or repair of the Yroperty ~ damaged, provide~ auch restoration or repair ie economically [eaeible and the security of thie Mortgage is not thereby impaired. rf euch ~ reatoration or repair ie not economically feasible or if the aecvrity of this 1~iortqage would be impaired, the insurance procEedR ehall be applied ~ tc~ the sums eecured by this Mortgage, with the ezceea, if any, paid to i3orrower. If the Yroperty is abandoned by Borrower, or if 13orrower fails to ~eepond to I.ender within :i0 deys frnm the date notice ie maited by I.ende~ to F3orrower lhat the inaurance carrier offere W settle a claim for ~ ineurance benefits, l.ender ia aulhorized~to collect and apply the insurance proceede at I.ender'a option either to restoration or repair of the 3 Property or the eume eecured by this Murtgage. ~ llnlesa I.ender and E3orruwer otherwiee agree in writing, nny such application of proceeds to principal ehall not extend or poetpone thedue date o'f the monthly inatallmente referred to in paragrapha 1 and 2 hereof or change thr amount of euch inetal)ments. If under paragraph 18 hereof the Property is acquired by [,ender, all right, title and interest of E3~rrower in and to any ineurance policies and in and to the proceede ~ thereof reaulting from damage to Property prior to the eale or acquieition shal) pase to I.ender W the eatent ot the auma eecured by thia ~ ~ Murtgage immediately prior to euch eale or aoquieition. ~ z 6. Preservatiun and Maintenance of Property; Leaseholds; Coadominumr. Planned Unit Developmentr. Borrower ehall keep 3 ~ the Property in good repair end shall not commit waHte or permit impairment or deterioration of the Property and ehall comply with the pmvieione of any lease if thie Murtgage ie on a leaeehutd. (f this Mortgage ie on a unit in a condominium or a planned unit development, ~ Fiorrower shall perform all of E3ortuwer'e obligationa under the declaratiun or covenanta c~reatinKor governing thecondominium or planned ~ unit de~elopment, the by-lewa and requlatione o[ the condominium or planned un~t development, and conatituent dceumente. If a ~ rondominium or planned unit developmrnt rider ia e:ecuted by E3orrower and recorded together with thia Mortgage, the oovenante and agreementx of Ruch rider ehall br incorporated int~~ and ahj~ll amend and hupplement thecovenanta and aqreementa of thie Mortgage as if the ~ rider were a part hereof. s 7. Protection of [.ender'~ $ecurity. If 13orrower fails to perform the oovenants and agreementa contained in this Mortgage, or if any ? ~ action or proceeding is commenced which materially affecta Lender s interest in the Property, including, but not limited to, eminent domain, { insolvency, oode enforcement, or arrangecnents or proceedinge involving a bankrupt or decedent, then Lender at Lender's option,upon } natioe to Borrower may make such appearancee, disburee such sums end take euch action as is neceaeary to protect Lendei s interest, - including, but not limited to, di~bursement of reasonable attorney's fee~ and entry upon the Property to make repairs. If Lender required mortgage insurance as a rnndition of making the loen secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in tffect until euch time as the requirement for euch insurance terminates in accordance with Borrower i and Lendds writtet~ agreement or applicable l.aw. Bc~rrower shal) pay the amount ot all mortgege insurance premiums in lhe manner provided under paragreph 2 hereof. t My emounte disbursed by Lender persuant to this paragraph witl~ interest thereon, shall beoome additional indebtednesa of ' Borrower secured by thia Mortgage. Unleas Iiorrower and l.ender agree to other terme of payment, euch amounte shell be payable upon ~ noUce from i.ender to Bnrn?wer requesting payment thereof, and ehall bear inteteet from the date of dieburoement at the rate payable from time to time on outetandinQ principal under the Nute unleas payment of interest at such rate would be rnntrary to applicable law, in which ~ event such amounts ehell bear interest at the higheat rate permisoible under applicable law. Nothing oontained in this paragraph shall _ require [,ender to incur any enpenee or take any action hereunder. ~ ~ 3 ao~~ 297 o~~E 929 ~ ~ ~ _ s ~ f~, ~ _ . . _ . . _