The URL can be used to link to this page

Home My WebLink About0741 l?rtFOga[ Covexerrs. Borrowrr and Lendcr co.•cnant and al{ree as iollaws: , 1. PaYtnent of Priacipal and Iaterest. Borrower shall prumptly pay when duc the principal of and interest on thc inciebtedoess evidrnctd by the Note, prepa~aneut and late chuges as pto~•ided in tht Note, aud tht principal o[ aud inter- est o~ any Future Advanca secu~ed by this ~tottgage. 2 fl~nds tor Taxa aad Iasurance. Subject to applicablc law or to a written Mai~•er by Lender. Borro~rer shall pay to Lender on the day monthly initallments of priiuipal and interest are payable under the Note, until the Note is paid in (ull, a~um (hertin "Funds") equat to one-tweltth o[ the yearly taxes and assescmen[s Mhich may attain priority o~•er this Atortgage, and ground renu on the Ptoperty, if any, plus onatweitth o[ yearly premium iostallments for hazarci insurance. plus one-twel[th ot ytarly ptemium installments tor mortgage insurance, i[ any, all as reasonably estimated initiaily and trom time to timt by Lender on tht basis o( assessments and bills and reasonable estimates thereot. The Funds shall be held in an institution the deposits or accounts o[ which ar~ insurcYt or guaranteed by a Fedenl or state agencp (including Lender i[ Ltnder is such an institution). Lender shall apply the Funds to pay said taxes, asses,une~u, insurance premiums and ground m~ts. I.eader may not chuge tor so holding and applyinq the Funds, analvzinR said ac- count, or ~~eritying and compiling said ass~ssments and bilis, unless Lender pays Borrower interest on the Funds and ap~ plicable !aw petmits Lender to make such a charqe. Borrower and Lender may agtee in writin~ at the time ot execution oE thic \tortgage that interat on the Funds shall be paid to BortoMer, and unless such agreement is made or applicable law requi~cs such interest to be paid. I.ender shall not be required to pay Borrower any interest or earnings on the Funds. l.ender shall give to Borrower, without charRe, an aunual accounting o[ the Funds showing credits and debics to the Funds and the purpose !or which tach debit to the Funds was madt. The Funds are pledged as additional security tor the sums sewred b} chis \tortgage. . IE the amount of the Funds held by Lender, together with the tuture monthly installmenu of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground renu, shall e~cceed the amount required to pay said taxes, assesunents, insurance premiums and qtound rents as t~ey fall due. such excess shall be, at Borrower's option, tither promptly repaid to Bortower or.credited to Borrawer on monthly instaliments oE Fund~. lf the amount ot the Funds held by I.ender shall not be sufEicient to pay taxes, assessments, insurance premiums and ground rents as they (all due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days [rom the date notice is mailed by Lender to Borrower requesting payment [hereof. Upon payment in [uU ot all sums secured by this Atortqage, Lender shall promptl~ mfund to Borrower any Funds held by Lender. If under pangraph 18 hereot the Property is sold or the Propen} is otherwise acquireci by Lender, Lender shall apply, no later than immediatel~ prior to the sale o[ the Propetty or its acquisition by Lender. any Funds held by I.ender at the time of application as a credit against the sums secured by this ~fortgage. . 3. Appliration of Payments. Unless applicable laN provides otherwise. all payments recei~•ed by Lender under the Note and paragraphs 1 and 2 hereoE shall be applied by Lender (int in payment o[ amounts payable to Lender by Bonower under paragraph 2 hereo(,- then to interest payable on the I~ote. then to the principal ot the Note, and then to interest and principal on any Future Advanca. 4. ~arge~ Liens. Borrower shall pay all taxes, assessments and other charges, tines and impositions attributable to the Property which may attain a priority o~•er this ~(ortgage, and leasehold payments or gtound rents, if any, in the man- ner pro~•ided under paragraph 2 hereof or, if not paid in suc2~ manner, b~• Borrower makinR pa~~ruent, when due, dirtcdy to the payee thereoE. Borrower shall promptl}• [urnish to Lender all notices oE amounts due under this paragraph, and in the event Borrower shall make payment directly. Borror.er shall pmmptlp furnish to Lender receipts ecidencinR such payments. Borrower shall prompdy discharge any lien which has priority ocer this \iortp,age: pro~•ided. that Borrower shall not be re- quired to discharge any such lien so IouR as Borrower shall agree in writinR to the pa~Tnent of the obligation secured by such lien in a manner acceptable to Lender. or shall in good faith contese such lien by, or defend en[orcement of such lien in, le- Ral proceedings which operate to pre~•ent the enforcement o( the lien .or torfeiture ut t1?e Propertp or auy part thereoE. 5. Hanrd Insurance. Borrower shall keep the improvemtnts now existing or kereafter ereceed on the Property in- sured against loss by fire, hazards included within the term "eatendecl cocerage", and such other hazards as Lender may re- quire and in such amounts and for such periods as L.ender ma?• require: provided, that Lender shall not require that the amount of such co~•erage exceed chat amount ot coverage requirecl to pay ehe sums secured by this \(ortRaRe. 'i'he insurance carrier providing the insurance shall be chosen b}• Borrower subject to appro~•al by Lender: provided, that such approval shall not be unreasonabl} Nithheld. All pn•miums on insurance policies shall be paid in the manner i pm~ided under paragraph 2 hereot or. i[ not paid in such manner, b)' Borrower makinR pa~~nent, when due, direcdy to ~ ~ { thc insurance carrier. ; All insurante policies and renewals thereof shall be in torm acceptable to Lender and shall include a standard mort- E qage clause in fa~•or oF and in form accepeable to Lender. I.ender shall ha~•e the right to hold the 'policies and renewals i thereof, and Botrower shall promptly furnish to I.ender all renewal notices and all receipts of Paid premiums. In the event ~ of loss, Borrower shall gi~~e Prompt notice to the insurance carrier and L,ender. Lender may make proof ot loss it not made i prompcly by Borrower. ~ Unless Lender and Borrower othenvise aqree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, ptovided such restoration or repair is economically feasible and the security of this :ltortp,aqe is not ± ~ theteby impaired. If such restoration or repair is not economically teasibte or if the securit}' of this ~fortgage would be im- ! ~ paired, the insurance proceeds shall be applied to the sums secured b~ this ~tortgage, with the excess, if any, paid to Bor-• ~ ror+er. If the Property is abandoned by Borrower, or if BotroNer fails to respond to Lender within 30 days lrom the date ; notice is mailed by Lender to Borrosrer that the insurance carrier o(fen to settle a claim for insurance benefics. Lender is authorized to collect and appl} che insurance proceeds at I.ender's option either [o restoration or repair of the Property or to the sums secured by this ~tongaqe. Unless Lender and Bonower otherwise agree in wtiting, any such application of proceeds to principal shall not eutend or postpone the due date of the monthly installments referred t~~ in paraRraphs 1 and 2 hereof or change~the amount of such installments. If under paraqraph 18 hereof the Property is acquired b~ Lender, all riRht, title and interest of Borrower in ~ and to any insurance policies and in-and to the proceeds thereof resultinR from damaqe to the Propert}' prior to the sale or acyuisition shall pass to Lender to the extent of the sums secured bv this ~fortgaRe immediatel~ prior to such sale or acquisition. 6. Preservation and Maintenance of Property; Leaxholds; Condominiums; Planned Unit Devdopments. Borrower ~ sl~all keep the Propertq in good repair and shall not commit waste or permit impairmenc or deterioration of the Property and shall comply ~.ith the pro~•isions of any lease it this ~iortRage is on a leasehold. IE this tiortgage is on a unit in a ~ ~ condominium or a planned un~t decelopment, l3orrower shaii periorm aii ot lSorrower`s obiigations unaer tne ueciaracion ~ I ~ or covenants creating or governing the condominium or planned unit development, the bylaws and regulations oE the condo- ~ minium or planned unit devdopment, and constiment documents. i( a condominium or planned unit development rider is ~ ~ ;I executed br Borrower and recorded together wich this ~tortgage, the covenants and agreements ot such rider shall be in- ~ corporated into and shall amend and supplement the covenants and aqreements of this ~fortgage as i( the rider Mere a part 1 ~ hereof. ~ Protection oE Lender's Stairity. If Borrower fails to perform the covenants and agreements contained in this ~ ~fortgage, or i( any action or proceeding is commenced which maeerially af(ects Lender's interest in the Properey, induding. ~ but not limittd to, eminent domain, insol~•ency, code en(orcement, or arrangements or pr~xeedings im•ol~•ing a bankrupt or decedent, then Lender at Lender's option, upon notice to Bonower, may make such appearances, disbarse such sums ~ and take such action as is necessar}• to protect lxnder's interest, includinR, but nnt Iimited to, disbursement o[ reasonable ~ attorney's fees and entry upon ehe Propert~• to make repain. I( l.ender required mortgage insurance as a condition of ~ making the loan secured by this ~toregage, Rorrower shall pay the premiums required to maintain such insurana in e[- ~ [ect until such time as the requirement for such insutance terminates in accordance with Borrower's and Lender's written ao~c 2'~ ~ 741 - - X _ ~ ~ £ .z ~ ~ ~ sr~ ~r~.~"~ . ~ - . _