The URL can be used to link to this page

Home My WebLink About0020 , i ~ UKtro~w Cov~xexis. Sorro„rer and Lender covenant and agree a~ tolbws: ~ 1. Pa~me~t oE Ptladpal and laterest. Borrower shall promptly pay wbe~ due the pri~ci[~al oE and intereat o~ the ~ indebtedness evidenced by the Note, prcpayment and late charges as provided in the Note. a~d the principal ot aad inter• at o~ any Fucure Advances secured by this ~iorcgagc. ~ i~Lad~ for Tasa aad Inwrance. Subject to appliablc law or to i written waives br I.ender. BorroKer shall pay - co Lendet on the dar monthly insullments ot principal and interest are parablc u~der the Nute, until ehe Note is paid ia tull. a sum (herein "fl~nds'~ equal to one•twel[ih oE che yearly taxes and assesunents which may attain priority over thIs Aiortgage, and ground renu on thc Property. i[ a~y. plas onatwelith of yearly premium installment: tor hazard insunnce. plus or~tweltth oE yeuly ptemium installdtents tor mortgage insunnct. it anr. all u reasonably atimated initially and irom time to time by I.endrr an the buis o[ assessmcuts and bilh and reasonxble estimates thereof. , The Funda shall be held in an in~titution the deposics or accounts oE whicfi are inwred or guaranteed br a Fedtral or state agenc~r (induding Lender iE Lender is such an institucion~ Lendrr shaU apply the Funds to pay said uxa, assessaatnts. insurance pxmiuma a~d ground rents Le~der may noc chuge [or a holding and applying the Funds. analJning iaid u count, or vaifying and compiling said assess~menu a~xi bills, unless Lender pays Borrower interest on the Fundt and ap~ plinble la~r pennits Lender to make such a charge. Borrower and Leatler may agre~e in wrriting~ at the time o[ execvtion of thia Mortgage that interest on the Funds shall be paid to Borrower, and unless such agrcement is made ot appliabk la~r requires such intetest to be paid, Lencler sha11 not be required to par Borrower any interat or eunings on the Funds. Lender shall give to Borrower. without charge. an annual ac~couating of the Funds showring crediu and debits to the Funds and the purpose for which each debic to the Funds was made. 'The Funds are pledgrd as additionat secvrity tor che sums secured br tlw Mon~age. . . . . If the amount of the Funds held bY Lendrr, together ~rith the tuture moothir inuaUments aF Fuads payable prior to the due data of taxes, assessments, insurance premiums and ground renu.. shall exceed the uaount required to piy ~id -taxes, aue.uuaents. inwrance praniums and ground reaes as they taU due. such rxcess shall be. at Borrorrer's option. tither promptiy npaid to Borrowet or ardited to Borrowtr on monthly instaUments of Funds. IE the amount of the Funds held by Lender shall not be wEfitient to pay, taxa, '«~++ents, insunnce premiuws and ground renu u the~r [all due, Borrower shaU pay to Lender any amount necessary to make up the deticiency within 30 days [rom the date ~otice is mailcd br Lendtr to Borro~ver requating pay~nent thereoE. Upon paymeht in EuU of all sums securcd by ehis Mortgage, Lender ahall promptly re[und to Borrower any Funds ~ held by Lender. If under paragraph 18 hereo[ the Property-is sold or the Property is ocherwise acquired br Lender. Lender shall apply, no later than immediately prior to the sale of the Prop~rty or its acquisition by I.~nder, anr Funds hdd br L.ender at the time oE application as a credit against the sums secured by this Mortgage. 3. Applicatioa of P~raenu. Unless applicable larv provides othervrise, all payments recei~ed br Lender under the Note and paragrapha 1 and Y hereof sha11 be applied by Lender fitst in payment oE amounts payable to Lender by Borrower under paragraph 2 hereof. then to in[erat payable on the Note, [hen to che principal ot the Note, and then to interest and prinapal on any Future Advanc~es. 4. Charger Liens. Borrower shall pay all taxes, . assessn~ents and other charges, fina and impositions attributablt to the Property which may attain a priority over this \~ortgage. and leasehold pa~ments or ground nnts, if any, in the man- ner provided under paragnph Y hereof or, if not paid in such mannec, by Botrower making pa~Tnent, when due, directly to the payee thereof. Borrow+er shall promptly (urnish to Lender all notices of amounts due under this pangraph. and in the event Borrower shall make payment directty, Borrower shall promptly [urnish to l.ender reteipts evidencing such pap~nents. Borrower shaA prompdy discharge any lien which has priority over this ~tortgage: pro~~ided, that Borrower shall not be rN quired to distharge any such lien so long as Bonower shall agree in writing to the payment o[ the obligation setured by suth lien in a manner accepuble to Lender, or shall in good faieh contest such lien by, or defend en[orcement o[ such lien in. k- gal proctedings w+hich operate to prevent the enEorcement of the lien or for[eiture of the Ptoperty or any patt thereof. 5. Hazard Imuranet. Borrower 'shall keep the impmvemenu now exiscing or hereafter erected on the Propert~ in- sured against loss by fire, hizards induded withire the term "extended co~erage", and such other hazards as Lender may re- qain and in such amounts and for such periods as Lender may require: provided, that Lender shall not require that the ainount of wch coverage exceed that amount oE mverage required to pay the sums secured by this ~tortp,age. The insurancr carrier providing the insurance shall be chosen b,y Borrower subject to appro~al by Lendet: provided, ~ that such approval shal! not be unreasonably withheld. r1ll premiums on inwnnce policies shall be paid in the manner ~ provided under pangnph Y hereoE or, if not paid in such manner, by Borrower making payment, when due, direcdy to . i the insunnce arrief. ~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mort- gage clause in ~~or of and in Eorm acceptable to Lender. I.ender shall ha~~e the right to hold the policies and renewals ' thereoi, and Borrower shall promptly turnish to Lender all renewal notices and all receipu of paid premiums. In ehe event ~ of loss, Sorrower shaU gi~e prompt notice to tfie insunnce carrier and Lender. Lender may make proof ot loss if not made prompdq by Borrower. ~ - Unlaa Lender and Borrower othtrwise aqree in writing, insunnce proceeds shall be applied to mt~ration or repair of the PropertY dunaged, provided wch n~storation or repair is economically feasible and the srcurity of this Mortgaqe is not thereby impaired. If such restoration or repair is not eeonomically ieasible or if tht security of this Mortgage would be im- paired, the insunnce proceeds shall be applied co the sums secured by this ~forcgage, with the excess, it any. paid to Bor- rower. If the Property is abandoned by Borrower, or iE BorroMer tails to respond to I.epder within 30 days irom the date noutt is mailed by Lender to Borrower that the insunnce carrier ofters to setde a daim for insurance benefiu, I.ender is authorized to mllect and apply the insunnce pt«eeds at LendEr's option either to restotation or repair of the Property or ' to the sums secured by this ~tortgage. ' Unlas Lenda and Borrower otherwise agree in writing, any such application of proceeds to principal shall not actend or postpone the due date oE the monthly installments re[erred to in paraqraphs 1 and 2 hereof or change the amonnt oE such installments. If under pangraph 18 hereof the Property is acquired by Lender, all right, title and interest of Botrower in and to any insunnce policies and in and to the proceecis theteo[ resulting irom damage eo ehe Propercy prior to the sale or uyuisition shall pass . to txnder_ to ehe extenc of the snms secvred by this Monqage immediatety prior to such sale or uquisition. ~ ; 6. Prc~vation and Maintenance of Property; Lea~eholds; Coadominiums; Planned Unit De~dopmenta. Borrower ! shall ktep tlie Property in good repair and slull not commit waste or permit impairment or detaioration of the Property and shall comply with the provisions o[ any lease if this 111ortgage is on a leasehold. I[ this ~fortgage is on a unit in a ~ condominium or ~ planned unit de~elopment, Borrower shall perform atl ot Borrower's obliqations under the dedaration > or covenanu creating or governing the condominium or planned unit development, the bv-laws ancP Tegulations of the condo- ~ mininm or planned unit development, and constituent documents. J( a condominium or planned unit devdopment rider is i ~ executed br Borrower and rernrded together with ehis ~tortgage, the covenants and agreements of such rider shall be in- ~ corponted into and shall unend and supplement the covenants and agreements ot this `fortgage as iF che rider were a part ; ~ hereof. - f ~ 7. Protection oE Lender's Securiq. If Borrower (ails to prr(orm the covenants and agreements contained in this ~tortgage, or it any action or proceedinq is commenced which materially a[fecu Lender s interest in the Property, induding. but not timittd to, tminent domain, insol~ency, -code entorcement, or arrangements or proceedings im~ol~ing a bankrupt or decedent, then Lender at Lender s option, upon notia to Borrower. may make such appearances, disburse such sums and take such action as is necessary to protect ixnder's interes~, including, but no[ limited to, disbunement oE reasonable ~ attorne}rs fees and enuy upon the Propeny to make repairs. I[ Lender required mortgage iraurance as a condition oE making the lwn secvrcd by this ~iortgage, Borrowa shall pay the premiums tequired to maintain such insunnce in eE- fect until such time as the requirement for such insurance terminates in accordance with Borrower's and Lendec's written- - . - BOCw FA~E ?O , . ~ ;~x~_ _ _ _ - ~ - _ ~ ~;r ° ~ - . -