The URL can be used to link to this page

Home My WebLink About0926 UNIFO~M COVBNANTf. Borrower and l.encie~ covenant and a~~es u tollowa: 1. h~naeat ot hi~cl~~l ~i WenN. Borrower ~halt promptly pay whe~ due the principal of and i~te~est on the indebtedrku evidenced by the Note. prepaymeot and late char~es as providod in the No1e. and t!?e principal ot ~nd intercst on aay Futuro Advances secured by this Mortjaase. Fr~ds tor 7'~M ~i Iwn~ce. Subject to appiicable law or to ~ written waive~ by Lender. Botrower ahall psY to i.ender on the day mo~~thly instaliments of principal and interest are payaWa under the Note. until the Note is paid in full, s ~um (herein "Fund~'7 eqwl to one-twelfth ot the yea~ly taxes and asse:smenb which may attain priority over thi: Mort~a~e. and ~round ren4 on the Pr~perty. it any, plus ono-twelfth ot ytuly prearium inuallments for hazard insuranve. plus ot~e-twel[th ~ yearly premium io:tsilments tor morl~s~e iruunnce. if any. all as nasonably estimated initially and from ~ time to time by Leader oa tbe baais of auessments and bil~ and ressonabk e.~timata theroof, 'il~e Funds :hail be held in an institution the deposits or accounb ot wbich arc insured or gwrantad by ~ Federal or ~tate a~ency (includin~ Lender if Lender ia auch sn ic~stitution). Lender ahall apply the Fuads to psy said tues. assassment~, iaiuranoe premiumt and aound teats. Lender may not charge for so holding and applying the Funds. analyzing wid accoun~ or verifyin~ aad compilin~ said assestments and bitls. unkss Leader p~ys Borrower interat on tha Funds and applicable law permits I.ender to make auch a chargc. Borrower and Lender may agroe in writin~ at the time of eacecution of this Mort~a~e that interat on the Ftinds ahall be paid to Borrower. and uaku such agroement is made or applicabk law roquira such interest to be paid, Lender ahall not be roquired to pay Borrower a~y interest or earnin~ on the Fua~. Lender ~ shall give to Borrower. wittwut charge. an annwl accounting of the Funds ahowing credits and debib to the Fund~ and the purpose for which eac6 debit to the Funds was made. The Funds are pledged as additional security for the sums aecurcd by this Mort~a~e. If the amount of the Fuads held by I.ender, together with the tuture monthly installments oE Funds payabk prior to the due data of tazea. auaaments. insurance premiums and ground re~ts. ahall excood the amount required to pay uid tsxa. ~ assaaiments, i~uunnoe premiums and ground rents u they fall due, such exccss shall be, at Borrower's option. either prompUy npaid to Borrower or crodited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sutBcient to pay taxes. as~sments, insurance prcmiums and ground ronts as they fall due. Borrower thall pay to Lender any amount neceasary to make up the deficiency within 30 days trom the date notice is mailod by L.ender to Borrower requesting payment thereof. Upon payment in full of all su~tu aecured by this Mortgage, l.ender ahall promptly refund to Borrower any Funds held by Lender. If under puagraph 18 heroof the Property is sotd or the Prapeny is otherwise. uquired by l.ender. Lendtr shall apply, no later than immediately prior to the sale of the Property or its acquisition by I.ender~ any Funds held by Lender at. the time of application as a credit against the sums secured by this Mortgage. 3. ApplieaUoa ot Pqmeob. Unless applicable law provides otherwise. all paymenta received by l.ender unckr the Note and pamgraphs l sad 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under psngraph 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. 4. Crsrtes; IJee~. Borrower shall pay all taxes, asscssments and other chargea, fines and impositiona attributable to the Property which may attain a prioriry over this Mortgage, and leasehold pay~mnts or grou~d rents, if any, in the manner provided under paragnph 2 hereof or, if not paid in such man~er. by Borrower malcing payment. when due. diroctly to the payoe t6eneof. Botrower ahall promptly furoish to Lender all.notices of amouats due under this paragraph. and in the event Borrower shall make payment directly. Borrower shall promptly (umish to L.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which hu priority over this Mortgage; provided. that Borrower shall not be required to diacharge any wch lien so long as Borrower shall agree io writing to the payment of thc obligation securod by such lien in a manner acoeptabk to Leoder. or shall in good faith contest such lien by. or defend enfoc+cement of such lien in, legal proceedings which operate to prevent the enforcement ot the iien or for[eiture of the Property or any part therr,of. S. Hazard Isserasce. Borrowtr shall keep the improvements now existing or hereafttr erected on the Propeny insured against loss by flre. hazards included within ihe term "extended coverage", and such other hazards as Ixnder may require and i~ such amounta and for auch periods as l.endsr may require; provided, that Lender shall not require that the amount of such coverage excad that amount of coverage required to pay the sums secured by Ibis Mortgage. "I~e insuraoce carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided. that such approval shdl not be unreasonably withheld. All premiums o~ insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrowu making payment, when due, directly t0 the ; inwrance carriu. ' • - All insurance policies and renewals thereof shall be in fdrm aCceptable to [.enckr and shall include a standard mortgage clause in favor of and in form acceptable to Lender. I.ender shall have the righC to hold the policiea and r+enewals thereof, and Borrower shall promptly furaiah to Lendec all renewal notices and all receipu of paid prcmiums. In the eveot of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof,of loas if not made promptly by Borrower. Unlat Lender and Borrower otherwise agree in writing. insurance procceds shall be applied to restoration or repair of the PropeRy damaged, provided such restontion or repair is economically teasible and the secu~ity of this Mortgage is not thereby impaired. lf such rcstoration or repair iu not economically feasible or if the security of ihis 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 Propeny is abandonod by Borrower, or if Borrowcr fails to respond to Lender within 30 days from ihe date nodce is mailed by L.ender to Borrower that the insurance carrier ofters to setUe a claim for insurance benefits. Lender is aut6orizod to colloct and apply t6e insurance procoeds at Lender's option either to restoration or repair of the Property or to the wms secur~d by this Mortgage. Unlas I.ender and Borrower otherwise agrce in writing, any such application of procetds to prineipal shall not extend or po:tpone the due date of the monthly installments rcferred to in paragraphs 1 and 2 hereof or change the amount of such instatlments. If under paragrap6 18 hereof the Property is acyuired by l.ender. all right. title and intereat of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Propeny prior to the sale or acquiaition shall pau to Leader to the extent of the sums secured by this Mortgage imm~diately prior to such sak or acquisition. . 6. Yreservados a~d Maiatenaoce of Property; Leaaeholds; Condominiums; Planned Udt Devebpments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Ptoperty and shall comply with the provisions of any lease if this Mortgage is an a leaaehold. If this Mortgage is on a unit in a condominium or a planned uait development, Borrower shall perform all of Borrower s obligations under the doclaration or covenants creating or 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 developmeot rider is executed by Borrower and recorded together with this Mortgage. the covenants and agreements of such rider shall be incorporsted into and sbal!-amend and supplement the covenants and agreemenb of this Morigage as if the rider werc a patt hereof. ' 7. Protectbo ot Lender'a Security. If Borrower fails to perform the covenants and agreemenls contained in this Mortgage, or if any actio~ or procetding is commenced which matesially aflects Lender': inter+est in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceeding: involving a bankrupt or decedent. then Lender at Lender's option, upon notice to Borrower, may malce such appearances, disbune auch sums and take such action at is necessary to protat Lendtr's interest. inctuding, but not limited to, disbutsement of reasonable attomey's fees and entry upon the Proper~y to make repairs. If Lender required mortgage insurance u a condition of making the loan secured by this Mortgage, Borrower shall pay the premiurtu required to maintain such isuurance in effoct until such wne as the requirement for such insurance terminates in accordunce with Borrower's and ` °~~K ~9~ ` 92fi ~ ~ A . ~ ~ ~ , - - - ° rt ~ ~ ~ =~"',,~x _ -