The URL can be used to link to this page

Home My WebLink About0547 t~;.~ t~~~j UNIFOIW COVENANTS. Borrower aad Leuder covenant and a~ra u tollows: 1. Tqmeot ot l~incipd aoi l~terat. Borrow~er shall p~omPUY WY w~a due,the principal ot and intcrest on the indebtednus evidenced by the Not0. prepaymeat aad late charges as provided in the Note. and the principal of and inte~+est on any Future Advanczs secured by this Mortsase. 2. Ptiad~ [or 'i'uet aad Irrra~et. Stibject to applicebk law or to a writtea waive~ by Lender. Borrowe~ shap pay ~ to I.ender on the day monthly installmenis of principal and intcrest are payable under the Not0. uatil the Note is paid in fup. a tum (herein "Funds") equal to ono-twelflh of the yearly taxes snd assessmenta which may attain prio~iry over this Mortgagc, and geound reats on the Pruperty, if any, plus ono-twelfth of yeuly premium instsllmenV for hazard inaurance, plus or~e•twelfth of yeuly premium installme~t: fo~ mortgage insurance, if any. all u reasonabty estimatod initially aad f[om tirm to time by Lender o~ the basis of assessments and bills and reasonabk estimates thercof. The Funds shall be held in an institution the depasits or accou~ta of which arc ins~red or guaranteed by a Pedenl or state agency (including Lender if Lender is auch an iastitution). Lcnder shall apply the FUnds to pay said taues. assestmeats~ insurance premiums and gmund rents. Lender may not charge for so holding a~d applying the Funds. analyaiag said accoun~ or verifying and compiling said assessments and bilb. unless Lender pays Borrower interest on the Fu~ds aad applicable law permits Lender to make such a charge. Borrowe~ aad l.ender may agree in writing at the time of eacecution of this ~ Mortgage that iMerest on the Funds shall be paid to Borrower, and unless such agrcement is made or applicabk !aw requira such interest to be paid, l.ende~ shal! not be required to pay Borrower any interest or earaings oa the Funds. Lender shaU give to Borrower, without chsrge. an annuaf accounting of the Funds showing crodib aad debits to the Funds aad the purpose for which each debit to the Funds wu made. The Fuods are pledged as additional socurity for the sums secured by this Mortgage. . ' E If the amount of the Funds held by Lender, together with the future monthly installments of Funds payabk prior to ' the due data of taxes, asxssments. insurance premiums and'ground re~ts, shall exceed the amou~t requipod to pay said taxes. ` assessments. insurance premiums and ground rents as they fall due. such excess shall be, at Borrower's option, either promptly repaid to Bormwer or credited to Borrower on monthly installments of Funds. If thc amount of the Funds ' held by Lender shall not be su@icient to pay t~ca. assessments. insurance premiums and gmund rents sa they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailod by Lender to Borrower requesting payme~t thereof. Upon payment ia full of all sums secured by this Mortgage, l.ender shall promptly refund to Bomower any Funds held by I.ende~. If under paragraph 18 hereof the Property is sold or the Propeny is otherwise acquired by L.ender, Lender shall apply. no late~ than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by ~ Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Appiicatlon of P~wents. Unless applicable law provides otherwise, all payments receivod by Lender under the Note and paragraphs 1 and 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 the Note, then to the principal of the Note, and then to interat and principa) on any Future Advances. 4. C6uges; Liens. Borrower shall pay all taxes, assessments and other charges; fines and impositions attributable to the Property which may attain a prioriry over this Mortgage, and leasehold payments or gmund rents, if any, ia the manner . provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payme~t, when due, direcdy to the r payce thec+eof. Borrower s6all promptly furnish to Lender all notices of amounts due under this paragraph. and in the event Borrower shall make payment directly. Bonower shaq promptly furnish to l.ender receipts evidencing such . payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; pmvided. that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation securcd by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by. or defend enfoncement of such lien in. legal proceedings which operate to prevent the enforcement of the tien or fodeiture of the Pmperty or aay part thereof. S. Hazard lasunince. Borrower shall keep the improvements now existing or hereafter erected oa the Propeny insured 3 against loss by fire. hazards included within the term "extended coverage", and such other hazards as Lender may roquire - and in such amounts and for such periods as Lender may require: provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured ~y this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, pmvided, i that such approva! shall not be unreasonably withheld. AU premiums on insurance policies shall be paid in the maaner ~ provided under paragraph-2 hereof or, if ieM paid in such manner, by Borrower making payment, when due, dircctly to the ~ insurance carrier. ` ~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ; f clause in favor of and i~ fotm acceptable to I.ender. Lender shall have the rigbt 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 give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower. ~ ~ Unlesa Lender and Borrower otherwise agrte 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 sccurity of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if t6e security of this 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 Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender ~ is authoriaed to collect and.apply t6e insuraace proceeds at lxnder's option ather to restoraaon or repair of the Property ~ or to the sums secured by this Mortgage. Unless I.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the dye date of the monthly iastallments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under p~ragraph 18 hereof the Property is acquired by Lender, all rig6t. tide and inter~st of Borrower in and to any insuraoce policies and in and to the proceeds thereof resulting from damage to the Property prior to the sak or aoquisition shall pass to Lender to the exteot of the sunu secured by this Mortgage immediately Qrior to such sak or acquisition. 6. Preservation and Maintenance of Froperty; Lea~e6oids; Condomiaiums; Planned Uait Devdopments. Borrower ~ ~ shall keep the Property in good repair and shall not commit waste or permit impairment or deterioradon of the Pcoperty ~ ~ and shall comply with the provisions of anx lease if this Mortgage is on a leasehold. If this. Mortgage is on a unit in a ~ condominium or a planned unit development. Borrower shall perform all of Borrower's obligations under the declaration or covenants creating ot. 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 development a ~ rickr is ezecuted by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider ` ~ shall be incorporated into and sball amend and supplement tt~e covenants and agreementa of this Mongage as if the rider ^ were a part hereof. " ~ ~ ~ 7. Protectiou of I.ender's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially afiects Lender's interest in the Property, ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedirtgs involving a ~ bankrupt or decedent, then Lender at I_ender's option, upon notice to Borrower, may make such appearances, disburse such ~ sums and take such action as is necessary to protect Lender s interest, including. but not limited to, disbursement of reasonable attomey's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a ~ condition of making !he loan secured by this Mortgage. B~rrow~er shall pay the premiums required to muntain such ~ iasurance in effect until such Ume as the requirement for such insurance terminates in accordance with Borrower's and ~ - ~ - B~~~K 302 547 - ~ , . . ~ _ ~ ~ ~ ~ _r =_~~..~.~~z~ : ~