The URL can be used to link to this page

Home My WebLink About0386 UN«atM Cova~+~rm, gorrovner and l~ender covenant and aara u follows: ~~p ~~ti~l a~i l~Ier~eN. Horrowei shall promptl) paY whe~ due the principal of a~d iMerat on Ihe ;c,debcedaa~ evideaoed br che Nae. peepayme~t and late cha~ge~ ac p~ovided in the Note, and the principsl ot and interest a~ my Futur+e Advsnces secured bI? this Mortsaae. - Borrowtr shall My ltrci tK 71nns a~i i~r~ca Subject to applicabk law ur to a written waiver by 1-ender. to Lenda on the day moetAly installments of principal and ~ntcrcc~ arr payable undet the Note. until the Note is paid in [ull. a um~ (herein "Fundt'~ equal to one-twelfth of the yea~l)' ta~~~ anJ assessmonts which may attain priority ove~ this Mort~a~e. and <<ou~d rents on tho Prope~ty. if any. F+lus o~e-twelfth of yea~ly prcmium i~stallments for hatard insurance. plus oae-twelfth ot yearly pretnium installinents for mongsge insurancc. if any, all as reas~nably estimated initially and t~+otn time to time by l.ender on the buis of assessmcots and hills and reasonabk atimata thereof. 'ILe Funds ~all be held in an institutic+n the depas~u or accounts of which are insured or guarantad by a Fedenl ot stste s~et~cy (i~cludioa Lender if Lender is such a~ institutionl. I.ender shall apply the Funds to pay said taxa. assessments. inturance pr'saniums and ~nd tents. I.ender may not cbatge fo~ sc+ holding and applying ~he Pu~dc• analyzing uid account, or verityin~..and comqlins said assessments and bills, unless Lende~ pays Borrower interat on the Funds and applicable law permits Leader to make such a charge. Borrowe~ and I.ender may agrce io writing at the time of ezecution ot, this Mortgase that interat on the Funds shall be paid to 8orrower, and unlas such aarcemeot is made or applicabk law requires such interat to be paid. Lender shall no~ be requircd to pay Borrower any intercst or eardings on the Funds. Lende~ s6a11 pve to Borrower. without c4argt. an annual accounting of tl~e Funds showing credits and debits to the ~unds and the purpose for which tach debit to t6e Funds wu madt. The Funds are plodged as add~tional security [or ~he sums sxurtd by this Mottpae. ]f tbe amount of the Fund~ held by Lender, together with the future monthly installments of Funds payabk prior to the due dsta of taxes, assasmenn, insunnce prcmiums and ground renu, shall exceed the amount required to pay said uxa. au~o~ents. insuranoe premiums snd grouod rents as ~h~Y ~all due. such excess shall be, at Borrowei s option, either pro~mpdy repaid to Borrower or credit~d to Borrower on monthly installments of Funds. If the amount of ~he Funds held by I.~oder shall nut be sutCicient to pay taxes. assessments, insurance ptemiums and ground rents as they fall due, Borro~ver s6a11 pay to Leader any unou~t necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower ~equestin8 paYment thereof. Upoa payment in full of all swns secured by this Mortgage, l_ender shall promptly refund to Borrower any Funds held by Lender• If under pusgraph 18 he[eof the PropeRy ~a so~d or the Propeny ~s otherwise acquired by Lender. Lender shall apply, no later than immodiatelY pcior to the sale of the Property or its acquisition by Lender. any Funds held bv L.eader at the time of application as a credit against the sums secured by this Mortgage. g, I?~plicatfo~ ot Payoeob. Unleu applicabk law provides otherwise. all payments received by [.ender under the Note and paragraphs 1 and 2 hereof shall be applied by t_ender first in payment of amounts payable to Lender by Bor~ower under puagraph 2 hereof. then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on Rny Futurc Advanoes. ChaR~s; Ueas, Borrower shall pay ail Iaxes. assessments and other charges, fines and impositions attributable to tbe property which may attain a priority over this Mortgage. and leasehold payments or ground rcnts, if any, in the manaer pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee tliet+eaf. Borrower shall promptly furnish to Lender all notices of amounts due under this paragrsph. and in the event Borrower shall make payment directly, Borrower shall promptly fumish to Lender receipts evidencing such payments. Bonower shall pranptly discharge any lien which hu priorrty over this Mongage: provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligatiun securcd by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, kgal proceedings which operate to prevent the en(orcement of the lien or forfeiture of the Prop~rty or any part thereof. S. Hazard Inwnwce. Borrower shall keep the improvements no~~ existing or hereafter erected on the Propeny insured against lou by firc, hazards included within the term "extended coverage", and such other hazards as Lender may require C and in such amounts and for such periods as Lender may require; provided, that Lender shall not rcquire that the amount of j such coverage exceed that amount of coverage required to pay the soms uc~ired by this Mortgage. i 'Ihe insurance carrier providing the insurance shall b~ chosen by Borrower subject to approval by Lender. provided, , j that wch approval shall not be unreasonably withheld. All premiums on insurance policies sha11 be paid in the manner ~ provided under paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment, when due, directly to the ~ insurance curier. 3 All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard morigage t clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, ~ and Borrower shall prompUy furnish to Lender .all renewal notices and all receipts of paid premiums. In the event of loss, ~ Borrower shall give prompi notice to the insurance carrier and l_ender_ Lender may make proof of loss if not made promptly ~ by Botrower. Uoless Lender and Borrower otherwise agree in writ~ng, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoralion or repair is economically feasible and the security of this Mortgage is not thereby. impa~red. If such restoration or repair is not economically 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 il Borrower fails to respond to Lender within 30 days from the ~ ~ date notice is mailed by l.ender to Borrower that the insurance carrier ofien to settie a claim for insurance benefits, Lender is autborized to collect and apply the insurance proceeds at Lender's eption either to restoration or repa!r of the Propertv ~ or to the sums securuf by this Mortgage. ' ~ Unless Lender and Borrower otherw~se agree +n wnting, any such application of prcx:eeds to pnncipal shall not extend ~ or postpone the due date of the momhly installments referred to in paragrapht 1 and 2 hereof or change the amount of ~ such installmeots. If under paragraph 18 hereof the Property is acyuired by Lender, all right, title and interest of Borrower ~ in and to any tnsurance policies and in and to the proceeds thereof resulung from damage to the Property prior to thc sale ~ or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisicion. 6, preservatbo and Maintenance of Properiy: I.easehulds: (ondominiums; Planned Unit Developments. Borrowcr ; shall Iceep the Property in good repair and shall not comroit yvaste or permit impairment or deterioration of the Property - and shall comply~ with the provisions of any leace ~f th~s ~tortgage it on a leasehold. If this Mortgage is on a unit in a ~ condominium or a planned unit develupment, Borrower shall per(orm all of Borrower's obGgations under the declaration or covtnants creating or governing the c~ndominium or planned unit development, ~he by-laws and regulations of the i condominium or planned unit development. and constituent d~xumentc. ff a cundominium or planned unit development rider is executed by Borrower and recotdeJ together with this Mortgage, the covenants and agreements of such ri er ~ shall be incorporated into and shall amend and supplement the co~enants anJ agreements of ~his Mortgage as if the rider were a part hereof. 7. Protection of Lende~'s Security. If Borro~er fail~ tu perl~rm the covenants and agreements contained in this kE Mortgage, or if any acUOn or proceeding is cummenced which materiall} affectc I.ender's intere~t in the roperry. ~ ~ includmg, but not limited to. em~nent domain, inu•lvency. code cnfariemcnt. i~r ar.angements or prc~ceedings invol~~ing a ~ bankrupt or decedent, then Lender at I.ender'~ option, upon notice to Borrower, ma~ make such appearances, disburse such ~ ~ sums and take such action ac is necessary tu protect Lender's mterest. incluJin~. but not limrted to, disbursement of reasonable atromey's tces and entry upon thc Propcr~~~ t~ make rcpairti. If Lcnder reyuircd mortgage incurance as a ~ condition ut making the loan ~ecured bp thiti M~~rtgage. B~~rn~Hrr shall pay the premiwns requ~red to maintain such ~ ~ • insurance in cticct umi! such timc as ~hc rcyuircmcm for wch insurancc tcrminatc~ in accor ancc with orrowcr s an se ~ ~ ~ ~ 386 ~ . 310 , _ . . ~