The URL can be used to link to this page

Home My WebLink About0622 , fiorrowu and Lender covenant and ag~ee au follows: 1. Payment of Principal u~d IateresR Borrower shap pmmpdy pay when due the principal of and intereat on the indebtedneas evidenced by the Note. prepayme~t ead late charges ae provided in the Nots. and ehe principal of and iaterest on any ~ture Advancee secured by chi~ Mortga~e. . 2 PLnd~ [or Tase~ aad Iasurance. Subject to applicable law or to a writtea waives by I.ender. Borrower shull pay to Lender on the day monthly installmerits of principal and intereet are payable under the Note. until the Note is paid in full, a sum (herein "F~nds") equul to on~ twelfth of the yearly taxes and assessments which may attain priority over this Mortgage. and ground rents on the Property. if nny. plus on~ twelRh of yearly pnminm irutallments for har.ard inaurance. plus onetwelRh of year~jr premium installmenta [or mortgage ineurar?ce. if any. sll es nawnably estuaated initial~jr and from time to tima by I.ender on the baeia of aesesamenta and bills and reaaonable estimetea thereof. 'flte FLnda ~hall be held in an institution the depoeit~ or aooonnts of Mrhich are inaured or ~uaranReed by a Federal or Slate agency (including Lender if Lead~ iu such an inatitutioa). Lendu shall apply the Funda to pay said tanes, aseessments. insurance preaniums and ground ~enb. Lend~ mayr not charge for so holding and applying the ~1nds. analyring esid acoount, or veri(jring and coaopiW~g said assessmeata and bilb, unless Lender paya Botrower interest on the bl~nds and applicable law permita I.ender to make such a charge. Borrower and I.end~ m~y egree in writin6 at the time of e:ecutioa of this Mortgage that interest on the PLnds ahall be paid to Bormwer. and unleea sucb a~rcement u made or applicabk law requires euch inte~eat to be paid. Lend~ ahall not be required to pay Borrower any interest or earaings on the FLnds. Lender ahall give to Borrower. without charge. an annual aooounting of the Flmda ahowing credita and debite to the Funds and the purpo~e for which ~ch debit to the FLnds wea made. The E~nda are pledged as additional security for the eums eecured by this Mortgage. If the amouat of the fl~nds held by I.eader. together with the future monthly inatallments of fl~nda p~yable prios to the due datea of ta~ces. aesessmenta, insuranoe pretniums and ground [enta. ahall exoaed the amount required to pay esid taxes. aseesamenta, insurance premiiuns and ground r~nts as they fall due. euch e:cess ahall be. at Borrower s option. either promptly repaid to Borrower or credited to Borrower on monthly installmenb of Phndi. If the amount of the F~nds held by Lender ahall aot be suf'bcient to pay t~ee. aseeaementa, inaurance ~ premiutns aad gronnd rents es they fsU due. Borrower shall pe~y to Lender any amount neoeasary to make up the deficiency within 30 days firom the date notioe is mailed by I.ender to Borrower requeating payment thereof. Upon payment in full of all sums secured by thia Mortgage. Lender shall promptly refund to Borrower aqy funda held by I.ender. If under paregraph 18 hez+eof Lhe Pcoperty is eoW or the Property is otherwiae acquised by I.ender, I.ender shall apply, no later than immediately prior to the eale of the Property or ita acquiaition by Lender, any I~nda held by I.ender at the time of application ea a credit againet the auma eecured by this Mortgage. 3. Applkation of Paymenta. Unlees applicabk law pmvides otherwiee, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender firat in payment of amounte payable to I.ender by Borrower under paragraph 2 hereof. then b interest payable on ihe Note. Ehen b the principal of the Note, and then to iaterest and principal on any Future Advancea. 4. Charges; Liena. Borrower ehall p~v all taxes, eaaeeamente and other charges, fin~ and impositions attributable Lo the Property which may attain a priority over this Mortgag~ and leasehold payments or ground rente, if any, in the manner provided under paragraph 2 hereof or. if not paid in euch manner, by Borrower making paymen~ when due, directly to the psyee thereof. Borrower shall promptly turnish to Lender all notices of emounts due undez thie pacagraph. and in the event Borrower ahall make payment directly, Borrower shall pmmptly furniah to Lender reoeipta evidencing auch payments. Borrower ehall promptly discharge any lien which has priority over this Mortgage; provided, that f3orrower ahall not be required to diacharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by auch lien in a manner acceptable to I.ender, or shall in good faith rnntest such lien by. or defend enforcement of auch lien in, legal proceedings ~ which operate to prevent the enforoement of the lien or forfeiture of the Property or any part thereof 5. Hazard Ina~ranee. Bo~rower ahali keep the improvemeate now e:isting er hereafter erected on the Property insured against loss by fire~ hazaids included within the term "eztended coverage." and auch other hazarde ae Lender may require and in such amounts and for auch periodi as I.ender may require; provided, that Lender shall not require such ooverage amount e:ceeding the mini~num, as may be required by 3tate or federal reg~lationa goveming adivitiee of Leader, or that amount of ooverage required to pay the auma secured by this Mortgege, whichever is the greater. The inaurance carrier providing the inaurance ahall be chosen by Borrower su~ject to approval by Lender, prnvided; that such approval ; ahall aot be unresgonably withheld. All premiuma on insurance policies shall be paid in the mannec provided under paragraph 2 hereof or, if not paid in anch manner, by Borrower making payment. when due, directly to the inaurance carrier. ~ All insurance polici~ and renewalb thereof shall be in form acoeptable to Lender and shall include a standard mortgage cla~ee in favor of and in form aooeptabk to Lender. Lende~r ehall have the right to hold the policiee and renewals thereof, and Borrower ahaA pmmptly furniah to i.ender all renewal notices and all reaeipts of paid premiums. In the event of lass, Bormwer shall give prompt notice to the insurance carrier and Lender. I.euder may make proof of loes if not made prompdy by Borrower: Unleea Lender and Borrower otherwiee agree in writing, insurance pmceeda ahall be applied to restoration or repair of the Property damaged, provided euch reatoration or repair ie economically feaeible and the eecurity of this Mortgage ie not thereby impaired. If such reetoration or repair is not economically feasible or if the eecurity of thia Mortgage would be impaired, the inaurance proceeda shall be applied to the aume eecnred by thia Mortgage, with the e~cess, if any. paid to Borrower. If the Property ie abandoned by Barrowet. or if Borrower faile to _ ' respond to Lender within 30 days from the date notice ie mailed by I.ender to Borrower that the insurance carrier offers to settle a claun for ~ inaurance benefits, Lender ie authorized to coliect and epply the inaurance pmoeeda at I.ender s option either to restoration or repair of the ~ Pmperty or the avma eecured by this Mortgege. - ~ Ualees Lender and Borrower otherwiee agree in writing, any auch application of prnceeds to principal ahall not e~ctend or poatpone the due • ~ date of the monthly inataUmente referred to in paragrapha 1 and 2 hereof or change the amount of such installments. If under paragraph 18 . ~ hereof the Property ie aoquired by I.ender. all right, title and intereat ot Borrower in and to any inenrance policies and in and to the proceede ~ thereof reeulting irom dsmege to Property prior to the eale or aoquiaition ahall paes to Leader to the eztent of the sume eecured by this Mortgage immediately prior to such eale or aoqnisition. ` 6. Preeervation and Maintenance of Property; I.easeholds; Condominume; Planned Unit Developmente. Borrower ahall keep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ahall oomply with the provisiona of any lease if thie Mortgage ie'on a leasehold. If this Mortgage ia on a unit in a oondominium or a planned unit development, Borrower ahall perform aU of Borrower a obligationa nnder the declaration or oovenants creatingor governing the oondominium or planned unit development~ the by-lawa and regulatione of the oondominium or planned unit development, and oonstitnent docaments. If a ~ condominium or planned unit development rider.is ezecuted by Borrower and recorded together with thie Mortgage. the oovenants and agreementa of such rider shall be incorporated into and ehall amerrd and supplement the covenante and agreements of thia Mortgage as if the rider were a part hereof. - 7. Protection ot Lender's Securit~. If Borrower fails to perform the oovena.nts and agre~e~ts oontained in this Mortgage, or if anq ~ action or prooeeding ie commenced which materielly affecte Lende~a interest in the Property, including, but not limited to, eminenL domain. - ~ insolvency. aode enforcemen~ ar anangementa or prooeedings involving .a bankrnpt or deoedenk ~der at I.ender's option,upon ' notice to Bosrower may maice such appearances. diaburse anch aume and take such action as ie neoeaeary to proteet Lender's intere~~ ~ ~ inclnding, but not limited to. disbursement of ree$onable attomeyr's fees and eatry upon the Property to make npairs. If Lender required ~ ~ mortgage ineurance aa a condition of making the losn secured by this Mortgage,-Borrower shall pay the preminms reqnired to maintain ~ ench insnrance in e~ffect until snch tune as the requirement for auch inanrance terminates in aacordance with Borrower's and Lende?'s , ~ written agreement.ar applicabk I.aw. Borrower ehall pay the amo~wt of all mortgage inaurance premiums in the manner provided nnder ~ paregraph 2 hereoL ~ Any emonnts diabursed by Lender pereuant to this paragraph 7, with intereet thereon, shall beoome additional indebtedness of ~ Borrower secured by this Mortgage. Unlas Boaower and Lenda agree to other terma of payment, such amounta ehaU be peyable upon ~ notia irom Lender to Borrower requeeting payment thereof, and ehall bear interest from the date of diabursement at the rate payable from . 1 time to time on outetanding principal ande: the Note nnlees payment of intere~at at snch rate would be oontrary to applicab{e law. in which ~ event ench amounte ahall bear interest at the higheat rate permiasible undez applicable law. Nothing contained in thia paragraph 7, shall ~ reqnire Lender to incvr any e~[[penee or take any action here~nder. ~ ~ ~ BG~x ~V~ f;~r,E sZZ . _ ~ ~ ~ ~ , ~ - - : ~ ~ ~ ~ - . _ , ~ ~ _