The URL can be used to link to this page

Home My WebLink About0002 ~~NIFOR!?t COYESVANTS. AOCiONQi and l.ende~ co~~enant and aRree as tolMws: ~ l. Parneat of Principal aad lnterest. BortoMer shall prun~ptl~• pay when duc the principal o( and interest o~ the indebteduess e~~idenced by the Notc, p~epa~•ment and latc charges as pm~•ideci in the Aote, aud thn priucipal a[ a~u1 inter- , est on any Futurc Adva~ca aecureci by this ~iortgagc. Y. FLnds [or Taxa and Insurance. Subject to applicable law or to a Mritten wai~•er by Le~~der, Borrowe~ shall pay to Leude~ on the day monthly instaUments of principal and interest arc payable under the Note, until the Note is paid in tull, a sum (hercin "Funds") equal to one~twellth of the yearly caxes and a~sessmcnts which may attain priority o~•er this \tortgage, and ground rents on the Yroperty, it any, plus onatwelfth of yearly pttmium in.tallr?leuts (or ha:ard insunnce. plus one-tr.el[th o[ yearly prcmium installments (or m~ . tqaqe insurance, if any, all as reasonably estimated initially and [rom time to time by Le~der on the basis o[ asscssments and b~lls and reasonable ~stimaees thereot. 'The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or stae~ agency (including Lender i[ Lender is such an ius~iwtion). Lender shaU apply the Funds to pay said taxes, assessmenu. insurance premiums and ground rents. Lender may not charge (or so holdinq and applying the Funds, analyiing said ac- count, or veri[ying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and ap~ plicable law permiu Lender to make such a charRe. Borrower a~id Lender may agree in writiug at the time o[ execvtion of thic ~(ortgage thac interest on the Funds ~liall be paid to Borrower, ahd unless such aRreement is made or applicable law rcquires such interst to be paid. Lender shaU not be required to pay Botrower any interat or earninqs on the Funds. I.ender shall give to Borrower, without charRe, an annual accounting oE the Funds showinR creciits and debits to the Funds and the purpose for which each debie to the Funds was made. The Funds are pledged as additional securit~• for the sums secured b~ this ~[ortgage. - lf the amount of the Funds held 6r Lender, together with the tuture monthly installments o[ Funcls payable prior to the due data o[ taxa. assessmenes, insurance premiums and qround rents, shall exceed the amount required to pay said _ taxes, assesunents, insurance premiums and ground rents as they fall due, such excess shall be, a[ Aorrower s option. tither promptly repaid to Borrower or credited to Bonower on monthiy installments of Funds If the amount oE the Funds held by Lender shall not be sutticient to pay taxes, auessmenu, insurance premiums and ground rents as they (all due, Borrower shall pay to I.ender any amount necessarv to make up the deiiciency within 30 days from the date notice is mailed by Lender to Borrower requesting papment thereof. Upon payment in [ull of all sums secured by this Mortqage, Lender shall pmmptly refund to BorroMer any Funds held by I.ender. IE under paragraph 18 hereof the Property is sold or the Property is other~vise acquireci by Lender, Lender shaU appl~, no later than immediatel~• prior to the sale of ,the Property or its acquisition by Lendcr, an}~ Funds held by Lender at the time of application as a credit aRainst the sums secured b} this ~fortgaRe. . . 3. AppUntion of Pa}~nents. Unless applicable law provides othenvise, all paymenu raeiced by Lender under the I~ote and paragraphs l and 2 h~reot shall be applied by Lender (irst in pa~~ment of amounts payable to Lender by Borrower under paragraph 2 hereo(, then to interest pa}•able on the Note. then to the principal ot the ~ote, and then to inttrest and principal on any Future Advances. ' 4. Chatge~ Litns. Borrower shall pay all taxes, assessments and other charges, [ines and impositions attributable to the Propetty which may attain a prioiity over this \lortgagt, and leasehold pa}7nents or ground rents, ii any. in the man= ner pro.•ided uuder paragraph 2 hereot or, i[ not paid in such manner, b}• BorroMer makinq pa?~ment, when due, dirtctly to the pa1•ee thereof. Bonower shall promptl~• furnish to Lender all notices o[ amounts due under this paraqraph, and in the event Bormwer shall make pa}inent directl}, Borrower shall promptl} (urnish to Lender receipts ecidencinR such paymenu. Bonower shall promptly discharRe any~ lien which has priority o~~er this ~tort~qe: pro~~ided, that Borrower s.hall not be re- quired to dixharge any such lien so lonq as BorroMer shall agree in writing to the papment of the obligation secured by such lien in a manner acceptable to Lender. or shall in good [aith coneest such lien by, or de[end enforcement ot such lien in, le- Ral pr«eedinRs which operate to pre.•ent the enforcement of the lien or forfeiture ot the Property or any part thereof. 5. Hazard Insurance. Borrower shall keep the improvements noM existing or hereafter erected on the Property in- sured against loss by fire, hazards includeci ~sithin the term "extended coverap,e", and such other hazards as Lender may re- quire and in such amounts and Eor such periods as Ixnder ma} reyuire: provided, that Lender shall not require that the amoune oE such co~~erage exceed that amount oi co~•erage required to pay che sums secureci b} this ~tortp,aRe. The insurance tarrier pro~•iding the insurance shall be chosen by Borrower subject to appro~~al b~~ I.ender: pro~ided. ! that such appro~•al shall not be unreasonabl}• Nithheld. ?111 premiums on insurance policies shal! be paid in the manner . ~ pro~•ided under paragraph 2 hereof or. if not paid in such manner, by Borrower making pa}ment, N~a--due. directly to i the insurance canier. ~ i ??11 insurance policies and renewals thereo( shall be in form acceptable to Lender aud shall include a standard mort- ~ ~age dause in fa~•or of and in [orm acceptable to Lender. Lender shall ha~•e the riRht tu hold the policies and renewals ! chereof, and Borrower shall prompely turnish to Lender all renewal notices and all receipts of paid premiums_ In the e~ent - of loss. BottoMer shall gice prompt notice to the insurance carrier and l.ender. I.ender ma}• make proo( of loss it not made promptly by Borrower. ~ Unless Lender and Borrower otherwise aRree in Nritinq. insurance proceeds shall be applied to restoration or repair oE the Property damaged, provideci such restoration or repair is economically (easible and the securitv ot this \fortgage is not thereby impaired. I[ such testoration or repair is not economically feasible or if the securit}• ot this ~fortgaJ;e Mould be im- paired. the iawrance proceeds shall be applied to che sums secured by this ~tortgage, with the excess, iE any, paid to Bor- roh•er. If the Propert}' is abandoned by BorroNer, or ii Botrower fails to respond to Lender Nithin 30 da~~s from the date notice is mailed by I.ender to Borrower that the insurance tarriet o(ters to seule a daim for insurarice benefiu, Lender is aathorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this .\iortgaRe. . Unless Lender and Borrower otherwise agree in w~riting, any such application of prrxeeds to principal shall not extend or postpone the due date of the monthly installments re[erred a~ in paraRraphs I and 2 hereot or change the amount of such inctallments. It under paragraph 18 hereof the Property~ is acquired b~~ I.ender, all riqht, tide and interest oE Borrower in and to any insurance policies and in and to the proceeds thereof resultinR from damage to the Propert?~ prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this ~tortRaRe immediatel}• prior to such sale or acquisition. - 6. Presenation and Maintenance of Propert'; Leaseholds; Condominiums; Planned Unit De~elopments. Borrower sl~all keep the Property in good repair and shall not commit waste or permit impairmcnt or deterioration oE the Property ~ and shall com~lt with the provisions of any lease i( this ~tory{aRe is on a leasehold. If t6is ~(ortqaqe is on a unit ~n a ~ condominium or a planned uni[ de~•elopment. BorroMer sha11 pcrform a11 of Borrowcr's obliRations under the dedaration or co~enants creating or governing the cor~dominium or planned unit de~•elopment, the br•laMS and regulations oE the condo- minium or planned unit de~~elopment, and constituent documents. I[ a condominium or planned unit de~•elopment rider is executed by BorroMer and recorded toRether with this ~tortgaqe, the cocenants and agreements of such rider shall be in- _ corporated into and shall amend and supplement the co~•enants and agreements o[ this ~fortgaRe as if the rider Mere a part ~ hereof. 7. Protection oE Lender's Security. If .Borrower fails to per[orm the covenants and agreements contained in this ~ ' ~fortgaqe, or if any action or proceedinR is mmmenced rehich materialty a((ects Lender's interest in the Propern•, induding. but not limited to, eminent domain, insokenc~, cocle en(orcement, or arranqements or proceedinRs in~•ohinq a bankrupt or decedent, then Lender at ~.ender's option, upon notice to Borrower, may make such appearances, disburse such sutns and take such action as is necessar}~ to protect Ixnder's interesi, indudinR, but not limited to. disbursement o[ reasonable attorne}'s fees and enery upon the Property to make repairs. I( Lender required mortRage insurance as a condition of making the loan secured by this ~(ortgaRe, Rorrower shall pay the premiums required to maintain such insurance in ef- fecc until such time as the requiremene ior such insurance terminates in accordance with Borrower's and Lender's written y~ . ~ • °~~301.~.~~= 2 . ~ _ : ~ ~ , , : ~ ~'s" ~ - , ~ ~ ~ ~ . ~ . ~-"°`FS,.,~~.~._ s~._ _ i . . . _