The URL can be used to link to this page

Home My WebLink About0607 Un~ Covew~rns, Borro~vet and (rende~ covenan~ and a~roe ss tollows: 1,. T~nt o~ h1~e1M1 ~¦i I~NreM. Borrowe~ shall p~omptly pay when due tba principal ot and inte~est on tAe i:tdebtednps evidenoed by the Note. prePsyment and late clwrgec s.s ~ovided in the Note, and the pri~cipal ot and inte~at oa ~oy Fusure Advances ~ecw~ed by this Monjsje. 2. l+~i hr Ts~s a~i l~wea~a~c. Subject to applicaAk law ~~r to a written waiver by i.ender. Borro~we~ shaQ Wy to Lender or~ the day moethly installments ot principat and intcrcct uc piyaMe unde~ the Note. until tAe Note is paid i~ tull. a suai (herein "Fuad~'~ equal to a~e-twelfth of the yea~l)' tax~~ anJ auasments which may attain prioriry over this Mottsa,~e. and ~aound cs~ts on the Pwpeny. it sny, plus one-twel(~h ot yearly prcmium installments tor hazard insurance. plut one-tweltth of yearly premium iastallments for maigage inu~nncc, if any, all u reasonably atimated initially and from , tima to time by Leuder on the basis of assasmcnts and hills and reasonabk atimata thereof. 7be Fu~ds shall be beld in ae institutic+o the depos~u or accounts of ~vhich are insured or guaranteed by a Fedenl or qata aseocy (includin~ Lender if Leoder is such an institution). I.e~de~ shall apply 1he Funds to pay uid laxa, auessments. iuwraeoe premiums and ~wuod rents. I_ende~ may not charge for u? holding and applyins the Funds. analyzin~ uid accoun~ or verityins aed complinj said assasments and bilh. unlas Lendet pays Borrower ioterat on the Funds and applicabk law permits Lencler to make such a charge. Borrower aad Lende~ may a~rce in writi~a'at the time of exaution oi this Mortpje that interest on the Ftinds shatl be paid to Borrower. and uakss sucb aarame~t is made or applicabk law requira wch interat to be p~aid. Lender shall eot be rcquired to pay Borrower any intercst or earnings on the Funds. l.ernkr sluU pve to Borrower. witbout cha~ge, an annual accounting of the Funds showing crcdits and debits to the Fu~ds and the purpose tor ~rhich acb debit to We Fu~ds was msde. The Fu~ds aro pledgod u sdditional security for the sums secured bl? this Mortpje. - If tbe anaunt o[ tbe Fundt hdd by l.ender. together with the fulure monthly installments of Funds payabk prior to - t6e due data of tua. assasmtnts, insurance premiums and ground rents, shall exceed the amount required to pay said tua. s~saaaeats. i~uranoo premiums and tmund rents u~they (all due. such excess shall be, at Bonower's option. either praapdy repaid to Barower or credited to Borrower on monthly installments of Funds. If the amount of the Punds hdd by Ltnder shaU aot be su~iCieot to psy taues. assessments, insurance premiums and ground renta u ~hey fall due, Borm~rer shall pay to l.ande~ any amount naYUary to make up the de6ciency within 30 days from the date ~otice is mailed by I~ender W Borcower t+oquatin8 WYment thereof. Upon payment in full of all wms sxured by this Mortgage, Lsnder shall promptly refund to Bormwer any Funds held by Lender. If un~kr paraaraph 18 heroof the Property ia sold or tt~e Propeny ~s otherwise uqyircd by Lender. Leoder sDall apply. no I~tu than immed'utely prior to the ule of the Property or its acquisition by Lender. any Funds held bv I.eader st_ the time of application as a credit against the :ums secured by this Mortgage. . . 3. A~lic~tio~ of la~eab. Unkss applicable law provida otherwise, all paymenta received by Lender under the Note ud pangraphs 1 and 2 he~eof shall be applied by I.ender first in payment of amounts payable to Lender by Borcower under parssraph 2 hereof, t6ea to interest payabk on the Note, then to the principal of the NMe. and then to interat and priacipal on any Future Advances. (.'rarie~ Litas. Borrower shall pay all laaes, assessments and other charges, fincs and impositions attributable to tbe Property which may attain a priority over this Mortgage, and leasehold payments or gmund rents, if any. in the manner provided under parsgraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due. diroctly to ihe payee the~of. Bormwer ahall promptly furnish to Lender all notices of amounts due under this paragraph, and in th~ event Borrower shall make payment diroctly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Bonowtr shall promptly discharge any lien which hu pnority over this Mongage: providod. that Borrower shall not be , requited to discharge a~y such li~n so long az Borrower shall agree in writing to the payment of the obligatiun securod by suc6lien in a manner acceptable to Lender, or shall in good taith contest such lien by, or defend enforcement of such lien ia, legal proceedings which operate to prcvent the enforcement of the lien or fodeiture of the Property or any part thereof. S. Hanrd Inwnwce. Borrower shall keep the improvements now existing or hereafter erocttd on the Property insured against loss by firc, hazards included within the term "eatended coverage", and such other hazards as Lender may rcquirc and in wch amounts and for such periods as Lender may reyuire; provided, that Lenclershall not rcquire that the amount of " wch coverage exceed that amou~t of coverage required to pay the sums secured by this Morlaaae_ 'I~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, t6at such approval shall not be unrcasonably withheld. All premiums on insurance policies shafl be paid in the manner ' provided under paragraph 21~ercof or. if not pai~ in such manner, by Bonower making payment. when due. directly to the ~ ' insurance curier. f All insurance policies and renewals therrof shall be in form acceptable to Lender and shall include a standard mortgage ~ claux in favor of and in [orm uceptable to Lender. Lender shall have the right to hold the policia and renewals thereof, ~ and Borrov?er shall promptly furnish to Lender all renewal noUces and all receipts of paid premiums. In the event of loss. ' Borrower shall give prompt nwice to the insurance carrier and L_ender. Lender may make proof of loss if not made promptly ~ by Borrower. . ~ ~ ~ Unless Lender and Borrower otherw~se agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provi~kei such restoration or repair is economically feasible and the security of this Mortgage is not thercby impaired. If such restoration or repair is not economically (easible or if the security of this Mortgage would ~ be impaired. the insu~ance proceeds shall be applied to the swns secured by this Mortgage, with the excess. if any. paid ~ to Borrower. If the Propetty is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is maded by l.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender is authorized tu collect and apply the insurance proceeds at Lcnder'3 option either to resloration or repa'sr of the Propertv or to t6e sums securod by this Mortgage. Unless Lender and Borrower othervaise agree in writing, any such applica~ion of proceeds to principal shall not extend , ~ or postpone the Jue date of the monthly installmcnts referred to in paragraphs I and 2 hereof or change the amount of ~ such installments. lf under patagraph 18 hereof the ProE.erty is acquired hy Lender, aU right, title and interest of Borrower in and to any Aisuran,e policies and in and to the proceecls thereot resulung from damage to the Property prior to th~ sale ~ or acquisition shall pass to Lcnder to the eatent of the aums secured by th~s Mortgage immediately prior to such sale or ~ acquisition. ~ 6. Treservation and Mainten~nce ot Properiy; Leaseholds; Condominiums; Planned Uait Devebpments. Borrower shall keep the Property in good repair and shalt not comro~~ ~as?e or permit impairment or deteriotation of the Propeny ~ and shalt comply with the Qrovis~ons of any lease ~f th~~ Mor~g~ge is on a leasehold. lf this Mortgage is on a unit in a ~ condominium or a planned unit development, Borrower shall perlorm all of Borrower s obligations under the declaratiun or covenants creatiog or governing the condaminium or planned unit develupmeni, the by-laws and regulations of the a condominium or planoed unit development, and cons~ituent documentt. If a condominium or planned imit cfevelopment ~ ~ rider is executed by Borrower and recorded together w~th ~his Mongage, the covenants and agreements ot such riJer 7 shall be incorporated into and shall amend and supplement the covenams and agreements of this Mortgage as if the rider i wert a part hereof. - ; 7. Protectioa of Leode~s Securfty. If Borrower fa~l~ a• ~xr(~~rm the covenants and agreements contained in this ~ Mortgage, or if any acUvn ur proceedmg i~ cnmmenced v?hi~h ma~erially afTects 1_ender's interest in the Proper~y, ~ including, but not fim~ted ~o. em~nent domam, inc~l~~enc}~. axle enforcement. i~r arrangements or proceedings invoh•ing a ~ bankrupt or decedent, then Lender at I.ender'a opiion, uEx?n notice to 8orrower, ma} make such appearances, disbutse such sums and take such action as is neces~ary tu protect I.ender'. interest. ~ncluding. but not limited to, disbursement of ~ re~sonable at~omey'~ (ccc and entry oFxm thc Property to makc •rcpairc. If [.cndcr reyuircJ mortgage insurance as a. ' condiUon o( makmg Ihe loan cecureJ by~ this Atortgage. B~~rrawrr shall p~p the premiums requireJ to maintain such ~ insurance in rtkct until such time as ~he reyuircment for wch msurance terminate~ im :~ecordanee with Borrovver s and ~ 5 ~ . . °ecK 3~3 ~acE s~s s ~ , a _ ~ > ~ -~.~g..:~,~„.~~._~~-a~, - ~ _ aSn v _ _ ' . . . . 2e..._.v_