The URL can be used to link to this page

Home My WebLink About0715 . y r UNI~ORM COYHNA!lTS. Bormaet snd Leoder coveaant aod a~roe u tollows: i, ~rweM a/ ~r~¦elMl a~/ lderpl. Borrowe~ shall promptl) paY when due the prie~cipsl ot aad interat oo the ~ndebted~ evideaoed by the Nde, prepayment and late cha~ees a~ ~uovided in the Note. and the principd ot and ietercst on any Futuro Advsnces secured by this Mortsa~a 2. Fri tK T~z~a a~i l~wn¦ee. Subject to applicabk law to a written waiver by ~.ender. Bo~ro~rer shall pay to Lender on Ihe day mo~thly installments of principal ancl int~rcsl arc payabk undet the Note. until the Note is paid in tull. a suan (herein "Fundt") oqwl to one-twelfth ot the yeari~~ ta~?~~ and assessm¢nts which may attain priority over this ~ 1Norttase. and ~round rents on tbe Prope~~y. it any. ~lus one•cwel(~h of yeart~?~ promium insallmeea tor hua~rd insunnce. plus one-tweltth of yearly premium inuallments for mon~a~e inu~~ancc, i( aey. all u reaionably estimatcd initially and troan time to time by Leader on the buis of assessments and I+ills and rcasonaek atimala theteof. 7Le Funds shall be beld in an institwic?n the depatits or accounts of ~rhich are insured o~ ~uaranteed by a Federsl or state asency (includina Lender if Lcode~ is such an institution). 1_ender shall apply 1he Funds to pay said tua. assessmeMS. iawrance premiums and ~muod rcnts. I.endsr may not charae for s<+ holdins and applyins the Fuods. analyzin~ said atcounl. mu or verifyint and compilin~ uid assessmeots ond bilh. unless Leoder pays Bonowe~ interest on the Funds and applicabk law pamtits Lender to make such a char~e. Borrower and Lender may atroe in writinj at the time ot execution ot this Mortp~e that interat on tht Fuads shall be paid to Borrower. and ualas such a~reement is made or applicable law requira wch interat to be paid. Lender shall not bt required to pay Borrower any interat or earnings on the Fur~. t.ender sha11 pve to Borrower, wit6out char~e, an annual accounting of the Funds showin6 credits and debits to the Funds and the ~ purpo~e for which ad~ debit to t4e Funds was made. The Funds are plodged u additional security for the sums securod by this Mortp~e. ~ ~ ` If tbe amount ot the Fund~ held by Lender, together with the future monthly installments of Funds payabk prior to ~ t6e due data of tua, assessments. insunnce prcmiums and ground rents, shall eaceed the amount requircd to pay said taxa. as~ua~nts. iiuuraaoe premiums and ground rcnts as they fall due. such excess shall be. at Borrower's optic+n. either promptly repaid to Borruwtr a credited to Borrower oe mon~hly iastallments of Funds. lf the amount oi the Funds heid by L,ender shall not be w~cieat to pay taxes, assasments. uuurance premiums and ground rents as they fall due. Bort~o~ver s6a11 pay to Lender any amount necessary to make up tl~e deficieacy within 30 days trom the date notice is mailed by I,eada to Botrower requatiaE payment thereof. ` Upoa payment in full ot all sums secured by this Mongage. Lender shall promptly refund to Borrower any Fuods ~ held by Lender. If under paratraph 18 hercof the Property ia sold or the Property u otherwise acquired by Lender, Lender ~ shall apply,' no later than ima~ediately prior to the sak of the Propeny or its acquisition by Lender. any Funds held br I.eoder at the time of application as a credit against the :ums secured by this Mort6age. 3. A~plkat~ ot l~~e~b. Unkss applicabk law provida otherwise, all payments received by [.endet under the s Note atd paragraphs 1 and 2 hereof shall be applied by Lender 6rst in payment of amounts_payable to Lende~ by Borrower ~ under paraaraph 2 hereof. tben to interest payabk on the Note, then to the principal of the Note. and then to interest and priacipal on any Fututt Advaoces. 4. Crar~es; [3e~s. Borrawer shall pay all taxes, asxssments and other charges, fi~es and impositions attributabk to tbe Prope~ty which may attain a prrority over this Mortgage. and kasehold payments or ground rtnts, if any, io the manoer pmvided under pus,~rap6 2 hercof or, if nw paid in such manner. by Borrower making paymeat, when due. direcdy to the _ psyee theroof. Borrower shall promptly fumish to Lender all notices of amounts duc under this parauaph. snd in the eveat f Bornower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such paymeRts. ~ Borrower shall protnptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be reyuired to discharge any such lien so bng as Borrower shall agrce in writing to the payment of the obligation socured by such lien in a manne~ acceptabk ~o Lender. or shall in good faith contest wch lien by, or defenJ enforcement of such lien ia, legal pn~ecedings which operate to prevent the enforcement of the ~ Gen or forfeiwre of the Property or any part thereof. S. Hazard lawrawce. Borrower shall keep the improvements now existing or hereafter erocted on the Property iosurod against loss by 6rc, hazuds included within the term "eatended coverage", and such other haurds u Lender may requirc i and in such amounts and tor such periods as Lender may requirc; provided, that Lender shall not requirc that ihe amount of sucli coverage exceed that amount of coverage required to pay the sums securcd by this Mortaase. 'R~e insurance carrier providing the insurance shall be chosen by Borrower subjoct to approval by Lender. provided. tbat wch apQroval shall not be unreasonably withheld. All premiums on inwrance policies st~ail be paid in the maaner providod under paragraph 2 hereof or, if not pai~ in such manner. by Borrower making payment. when due, dircctly to the ' iosutance carrier. . k All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptabk to Lender. Lender shall have the right to hold the policia and rcnewals thercof, ~ ~ and Borrower shall promptly furnish to Lender all renewal notices and atl rcceipts of paid premiums. In the"event of loss, f ~ Borrower shall give prompt notice to the insurance canier and Lender. Lender may make proof o[ bss if not made promptly ~ by Borrower. ` ' Ualess Lender and Borrower otherwise agree in writing, insuranoe proceeds shall be appiied to restoration or repair of ~ the Propeny damaged. provided such restont~on or rcpair is economically feasible and the security of this Mortgage is not thereby impaircd. It such rcstoration or rcpair is not economically feasible or if the security of this Mo~tgage would ~ be impaired. the insurance procoeds shall be applied to the sums secured by this Mortgage, with ihe excess. if any, paid to Borrower_ I( the Propeny is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from tt~e date notice is mailod by Lender to Borrower that the insurance carrier oHers to settle a claim for insunnce ~enefits. L,ender is aut6orized to colloct and apply the insurance Qrocoeds at Lender's option either to restoration or repair of the Propertv or to the sums securod by tbis Mortgage. ~ Unleu i.ender and Borrower otherwise agrce in writing,'any such application of proceeds to principal shall not extend ~ ot postpone the due date of the monthly inuallments referrcd to in paragraphs 1 and 2 hereof or change ~he amount of such installments. If under paragraph 18 hereof the Pro~,erty is acquired by Lender, all right. titk and interest of Borrower ~ in and to any k~.surance policia and in and to the proceods theroof resuldng from damage to the Property prior to th.: sak ? ~ or uquisition shall pus to Le~der. to the extent of the sunu secured by this Mortgage immediately prior to such sak or acquisition. ~ 6. Praervatba aad Mainteoaace of Property; Lease6ulds; Condominium~ Plaaaed Uait Devdopmests. Borrower shall keep the Property in good repair and shall not comrpit yvute or permit impairment or deterioration of the Property ° ~ and shall comply with the provisioos of any lease if this Mor~gage ~s on a leasehold. If this Mortgage is on a unit in a E " coadominium or a pfanned unit development, Borrower shalt perform al! of Borrower s obligations under the declaration i ~ or covenants creating or governing the condominium or planned unit develupment, the by-laws and regulations of the ~ condominium or planoed unit development, and constituent clocumen~s_ It a condominium or planned unit development ~ rider is executed by Borrower and recorded together with this Mortgage, the coverrants and agrcements of such rider ' ~ shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage u if the rider ~ were a part hereof. 7. Protectioa of Leaide~s Securlty. If Borrower fails to perform the covenants anJ agreements contained in this Mortgage, or if any action ur proceeding ~s commenced which materially afiects Lender's interest in the Property, ~ ~ including, but not lim~ted to, eminent domain. insolvency. code enforcement, o~ arrangements or proceedings involving a ~ bankrupt or decedent, then Lender a~ Lender's option, upon notice ro Borrower, may make such appearances, disburse such sums and take such xtion as is necessary tu protect Lender s interest, including. but not limrted to, disbursement of reasonable attomey's tces and tn~ry upon the Property to make repairs. If Lender reqi~ircd mortgage insurance as a - cond~tion o( making the loan securcJ by this Mortgage. Borrower shall pay the premiums requireJ to maintain such insurance in eftect until sach time as the requiremen~ for such iosuiance term~nates in accordance with Borrower s and bV~~ ' ~~s ~a79 PA~ ?15 . j ' _ . ~ - ~ ~ .::t,~ a a a~i€` ~'r~ °4 , , g . _