The URL can be used to link to this page

Home My WebLink About0195 UNIlORAt COVENAN7'S. Bocruwer and Lender coveoant and a~ree ss tollows: 1 Tqwed W lrM~eiNl a~i WereM. 8o~mwe~ shall promptl) paY when due the principal ot and intercst oo the indebt~dness evidenoed by tl~e Nota, prepaymen~ and bte chargec a~ provided in the Nae, and the p~ncipal of and interest - on ~ny Future Advances stcurad by this Mortsa~e. 2. F~i tor Ta~~s s~i I¦wn~c~e. Subject to applicabk law ~a ~o a written waiver by Lende~. Bo~rawe~ sha1~ W7 to l.e~der on the day monthly ir~stallmeots of principal and intcrcst arc µ?ysMe unde~ the Note. uMi) the Note is paid in tull, a tum (herein "Fu~'7 eqwl to o~e-twelfth of the yes~ly ~as~~ anJ assessme~ts which may attain priority ove~ this Motisa~e. and ~round rcna on tbe Prope~ty. if a~y. plus ooc-twelfth of yearly prcmium i~stallments for hszard insurance. plus oae-twelfth of yearly prcmium inuallments for mongage insurancc. if any, all u ressonably estimated initially ~nd from time to time by I.ender on the buis ot assessme~ts and hills and rcasonabk atimata thereof. The Fu~ds shall be held io an institution the depoaita or accounts of which arc insurcd or gwranteed by a Federal olr :tate a~ency (including Lende~ if Lender is such an institution). I_ender shall apply the Funds to pay uid taxa. sssessments. ituurance premiums and ~ouod rcnts. I.ender may na~ charge ~or so holdina and applyios the F~mds. analyzing uid accoun~ or verifyin~ and complin~ said assessments and bills; u~less I.ender pays Borrower intercst on the Funds and applicable law . permits Lender to make such a charge. Borrower and l.ender may agrce in writing at the time ot ezecution of this Mortp=e that interat on the Funds shall be paid to Borrower. and unlas such agreement is made or applicable law requira such i~terat to be paid. Lender shall not be rcquired to pay Borrower any interat oc earnings on the Funds. I.ender slull aive to Bortower, without charge, an annual accounting of the Funds showing credits ar~d debits to the Funds and the purpoae for which peh debit to tbe Funds wu made. The Funds arc plodged u additional xcurity for the sums secured • by this Mortpae. If the amount o[ the Funds l~eld by Lender, together wilh the tuture monthly installme~ts of Funds payable prior to tbe due dates of tues. aueumenu. insurance prcmiums and ground re~ts, shall exceed the amou~t required to pay said taxa. atseasments. insurance premiums and ground rents u they fall due, such excess shall be, at Borrower's oplion, either pranpily repaid to Borrower or croditod to Borrower on monthly installme~ts of Funds. If the amoun~ of the Funds held by Leode~ shall not be sut6cieat to pay taxes. assessmenu, insurance premiums and ground rents as they fall due, Bomo~rer shall pay to Lender a~y amount necessary to make up ~he deficiency within 30 days from the date notice is mailed by Lender to Borrower requestiag payment thereof. Upon paytnent in full of a(1 wms ucurcd by this Mongage, 1_ender shall promptly rcfund to Borrower any Funds held by Leader. If under puagraph 18 herro[ the Property i~ sold or ~he Propeny ~s othcrvvise acquircd by Lender. Leoder s6a11 apply. ra later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held bv I.aoder at the time of application as a crcdit against the sums secured by this Mortgage. 3. A~licat~ of Pa~seetr. Unless applicable law provides otherwise, all payments received by Lende~ unde~ the Note and paragraphs 1 wd 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. t6en to interest payable on thc Note, then to the principal of the Note, and then to interest and principal on any Future Advances. _ 4. Cbar~es; Lieas. Borrower shall pay all taaes, assessments and other charges. fines and impositions attributable to tbe Property which may attain a priority over this Mortgage, aod leasehold payments or ground rents, if any, in the manaer pmvided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment. whe~ due, dirccUy to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. and in the avent Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Bonower shall promptly discharge any lien which has priority over this Mongage; provided, that Borrower shall not be requircd to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by : sucb lien in a manner xceptable to Lender, or shall in good taith contest such lien by, or defend enforcement of such lien in. legal proceedings which operate to prevent the enforcement of the 6en or fodeiture of the Property or any part thereof. S. Huud Iasnrasce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by firc, hazards included withm the term "extended coverage", and such other hazards as l.ender may require and in such amounts and tor such periods as Lender may require; provided, that Lender shall not requirc that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mort6age_ 'Ilx iosurance. carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, thst wch approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner . ptovidod under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the ~ insurwce carrier. ~ All insurance policies and renewals thereof shall be in form accep~able to Lender and shall include a standard mortgage' clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, ; Borrower shall grve prompt notice to ~he insurance carrier and Lender. Lender may make proof of Ioss if not made promptly s by Borrower. ~ Unl~ss l.ender and Borrower otherw~se agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such restoration or repair is economically feasible and the security of th~s Mortgage is ~ not thereby impa~red. I[ such restorat~on or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance procceds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid ~ to Borrower. If the ProQerty is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by [.ender to Borrower that the insurance carrier ofTers to settle a claim for insurance benefits, I.ender 3 is aut6oriud to collect and apply the insurance proceeds at Lender's option either to restoration or repa~r of the Propertv ~ or to t6e sums secured by this Mortgage. ~ Unless Lender and Borrower otherv?ise agree in writing, any such application of praceeds to principal shall not extend or pcutpone the due date of thc momhly instaltments rcferred in paragraphti I and 2 hereof or change the amount of ~ suc6 installments. If under paragraph 18 hereof the Pro~.erty is acyu~red by I.ender, all right, tiUe and interest of Borrower in and to any ihsurance policia and in and to the proceeds thereof resutt~ng from damage to the Property prior to thc sale ' or acquisition sha11 pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. 6. Pnservatioa and ~taintenaace of Property; Le~seholds: Condominiums; Planned Unit Devdopments. Borrower shall Iceep the Property in good tepair and shall not comrpit yvaste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mor~gage is on a leaschold. If this Mortgage is on a unit in a ~ condominium or a planned unit developmen~, Borrower shall per(orm all of Borrower s obligations under the declaration ~ or covenants creating or governing the condommium or planned unit devefopment, the by-laws and regulations of the condominium or planned unit development, and constituent document~. If a conJominium or planned unit development :il rider is executed by Borrower and recorded together with thi~ Mortgage, the covenants and agreements of such rider 4 shall be incorporated mto and shall amend anJ supplement lhe co.enan~s and agreements of this Mortgage as if the riJer I ~ were a part hereof. ~ ra 7. Protection of Lenders Securfty. If Bi~rrower f.i~b ta periorm the covenants and agreements contained in this ~ Mortgage,. or if any action ur proceeding iti cummcnced which materially afTrcts I.en~er's interest in the Property, i including, but nut lim~ted to, cminent domain. insc.lvcnry, code enfarcemcn~, or arrangcmcnts or proceedings invoh•ing a ~ z~ _ bankrupt or deccden~. then I.ender at Lender's option, upon noUce to Borrower. ma~ make such appearances, disburse sueh , sums and take such actiun as ~s necet+ar} lu protect Lender's interest. inclu~ing. but not lim~ted to, disbursement of ~ reasonable auomey'c tces and eniry uFx~n ~hc Propc~iy to makc rcpair.. lf l.cndcr reyuircd mortgage insurance as a ~ condition o( malcing ~he ioan cecureJ b~• th~t Mungagr. Bc~rrower sh.~ll pay the premiums requireJ to maintain such ~ insurance in efiect until such time as the reyuiremeni for wch insurance terminatr~ ~n :~ccordance with Borrower s and ~ g~~~ ~01,:~~E ~95 ~ . ~ ~ ~ - , - - - ~ ~ ~ G ,y~~ ~ 7; ~ ' - r~ ` ~ ~ s - ~