The URL can be used to link to this page

Home My WebLink About0821 ! UNtrau~t Covatr~rm, Horc~ra snd Le~der covenant and a~roe u tollows: t Z, lww~t ~t hi~eiM1 ri 1~tenrl. 8otrower shall promptly paY when due the principal ot and interat on the ; itKkbtednat evideaoed by tbe Note. p[epaymeot and late char~ ac ~xovided in the Note. and the principal of snd iotcrest ea aoy Futut~e Advances seew~ed bp this Matts~. : 2. !tii tor T~M s~i ia~¦ra~ca Subjett to applicabk law a~ to a written waiver by l.ende~. Bor*o~?~t shall pay ; to Lender on the day nantAly installments of principal and iotcrcct are payaMe unde~ the Note. until the NMe is paid in full, ~ a tum (heoei~ "Funda'~ eqwl to one-twelfth of the yeatl~• tax~~ and assasnxnts which may attain priority over this Mortsase. and ~round rena on tbe Propeny. if any. E?lus one~-tweltth of yearty premium installments for hazard insurance. ~ plus oae-twelfth ot yearlY premium installmen~s tor mort6age insurance, if any, all u reasonably estimated initially and fro~n f time to time by [.ender on the buis of assessments and hills and rcasonabk estimata thercof. The Fw~ds shall be held in a~ instituticu~ ~he deposiu or accounts of which arc insurcd or guaranteed by a Federal ot ttate a~ency (includina Lec~de~ if Lender is such an institutionl. I_ender shall apply the Funds to pay uid uxa. assessme~ts. ~ iusuranee premiums and gmund rcnts. I.ender may not charge for u+ holdiog and applyint the Fundc. anaiyzing said account, , or v~rityinj.aod complin~ said asussments and bilh, uo{as L~nder pays Borrowe~ inlerest on the Funds and applicable law ~ . permits LeeKkr to make such a charge. Borrowe~ and Lende~ may agrce in writint at the time of execution o[ this : Mo~t~a~e tbat interat on the ~nds shall be paid to Borrower. a~d uakss such agreement is made or applicabk law ~ requira such interat to be p~id. Lender shalt not be requind to pay Borrower any interest or earnings on the Funds. Lender sball pve to Bomower. witbout charge, an annual accounting of the Funds showina credits and debi4t to the Funds and the purpoae for which eac6 debit to tbe Fu~ds wu made. The Funds arc plodgod u additional security for the sums socured by thi: Mortpje. If the amount of tbe Fun~ held by Lender, toge~her with the future monthly installments of Funds paysbk prior to the due dates of taxa. assasmeats. ituuranoe premiums and ground reots, shall exceed the amount required to pay said tues. ass~nents. i~urance premiwns and 6round re~ts u they fall due. such excess shall be. at Borrower s option. either promptly rcQaid to Bornower or crodited to Borrower on monthly installments of Funds. If the amount of the Funds heid b~r Leoder shali not be wfficieat to pay taxa. aesessments, insurance premiums and gmuad rents as they fall due, Borro~rer shall pty to Lender any amount necessary to make up the de6ciency within 30 days from the date notice is mailed by I.eader W Horrower requatiag payment lhereof. Upon paymeat ia fuU of all :ums :ocurod by this Mortgage. Lender shall promptly rcfuod to Borrower any Fur~ds held by L.ender. lf under puagraph 18 hereof the Property ia sold or the Propercy ~s otherwise acquircd by Lender. [.ender s6aU apply, no later thaa immediately prior to the sak of the Property or its acquisition by Lender. any Funds held bv I.ender at the time of application as a ctcdit against the sums secured by this Mortgage. 3. A~pBeatlo~ a[ lq~ee~tr. Unless applicable law provides otherwix, all payments received by I.ender under the Note and par+graphs 1 and 2 heeeof shall be applied by Lender 6rst in paymeot of amounts payable to Lender by Borrower under parsaraph 2 heroof. tben to iaterest payabk on the Note, then to the principal of th~ Note, and then to intercst and priocipd on any Future Advances. CraRe~ Lieas. Borrower shall pay al! taaes: assessments and othe~ charges, fines and impositions attributable to tbe Property which may attain a priority c+ver this Mortgage, and leasehold payments or ground rents, if any. in the manaer Qmvided under puagraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dircctly to ihe payee theroof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragnph, and in t6e event Borrower shall nuke payment directly. Borrower shall promptly fum:sh to Lender receipts evidencing such payments. Borrower shall pranptly dischargo any lien which hu Priority over this Mortgage: provided, that Borrower shali not be rcquired to discharge any such lien so long u Borrowe~ shall agree in writing to the payment of the obligation secured by . such lien 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 operat~ to prevent the enforcement of the lien or forfeiture of the Property or any part thercof. S. Hazsrd lnaHa~ce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by firc, hazards included with~n the term "extended coverage", and soch other hazards u Lender may require and in such amounts and fot such periods as Lender may require; provided, that Lender shall not requirc that the amount of such coverage excced that amount of coverage required to pay the sums secured by this Mort6age. The insurance carrier providing the insurance shall be chosen by Bonower subject to approval by Lender. provided, t6at wch approval shall not be unreasonably withheld. All premiums on insurance policies sha11 be paid in the manner provided uoder paragraph 2 hercof or, if not paid in such manner, by Borrower making payment. when due, dircctly to the ; insura~e curier. ; All insurance policia and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ! claux in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. ~ and Borrow•er 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. Lertder may make proof of loss if not made promptly i by Borrower. ~ Unless Lender and Borrower otherva•ise agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provickd such restoration or repair is economically feasible and the security of this Mortgage is not thereby impa~red. If such restorat~on or repair is not cconomically feasible or if the 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 I.ender to Borrower that the insurance carrier oHers to settle a claim for insurance benefits, l.ender is authorized to collect and apply the insurance proceeds at Lender's option either to ratoralion or repair of the Propenv ~ or to the sums secured by this Mortgage. . ~ Uoless Lender and Borrower othervrise agree m wnting, any such applica~ion of proceeds to principa) shall not extend ~ or postpone the due date of the monthly installments referred to in paragraph~ I and 2 hereof or change the amount of suc6 installmeuts. If under paragraph I8 hereof the ProE,erty is acqu~red by L.enJer, all right, tiQe and interest of Borrower ~ in aad to any tnsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to th~ sale s or acquisiuon shall pass to Lender to the extent of the sums aecured by this Mortgage immediately prior to such sale or ~ aoquisition. ~ 6. Preservation 'nd biaintenance of Propert~; Leaseholds: Condominiums; Planned Uuit Ikveiopments. Borrower ~ shall keep the Property in good repair and shall not com~pit yvaste or permit impairment or deterioration of the Property and shall compl~~ with the provisio~s of any lease if this Mortgage ~s on a leasehold. If this Mortgage -is on a unit in a condominium or a pfanned unit development, Borrower shall perform all of Borrower's obl~gations under ihe declaration ot covenants creatmg or governing 1he condominium or planned unit development, the by-laws and regulations of the ~ condomin~um or planned unit development, and constituent do~:umemc. If a condominium or planned unit development ~ rider ~s eaecuted by Borrower and recorded together K~th ~h~~ Mortgage, the covenants aod agreements of such rider r shall be incorporated into and shall amend and supplement the co~enants and agreements of this Mortgage as if the rider ~ were a part hereof. ~ ~ 7. Protecrion of Lender's Security. If Borrower fa~lc to perfc.rm the covenants and agreements contained in this ~ ~ Mortgage, or if any action ur proceedmg i~ commcnce~l which materiatly afiects LenJer's interest in the Property. ~ indudmg, but rn~t fimited to. eminent domain. inu~l~ency, cucle cn(orcement. or arrangement~ or proceedings invoh~~ng a i bankrupt or decedent. then Lender at l.ender'a option, uEx~n not~ce to Borrower, ma~ make such appearances, disburse such j ~ ~ sums and take such action as is nece~sar~- tu pr~~tec~ Lender's mterest. including. but nrn limited to. d~sbursement of ~ reasonablc attomey's (ces and entry up.~n thc Propen}• to makc repairs. I( [.cndcr reyuircd mortgage in~urance as a ~ ~ cond~tion o( mak~ng the loan ~ecureJ b} Ihis ~1c~rlgage. B~~rr~~wer sh:dl p~y thr premiums required to maintain such ~ ~ ~nsarance in rlkct umil such t~me as the reyuirement for .uch msurancc tcrm~natrti in accordance with Borrow~er's and ~ . ~ ~ r..~' ~OV •"Nl~~ VA/0 _ ~ ..t:a`;, , ` - . . -