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Home My WebLink About2271 ~ - ~ UNil~ORM OOViN~M~. 1ortON~r aAd Lel~dO~ Covenant ~~d a~roe ss tOllOws: ~ ti4f~N .t hi~l ..i ahtrQ. 9o~rowst .na~~ promM~) wr when aw tue pri~c[pal ot .~a inte~ea oe u~e it~d~btedt~a wldenoed Iry tM Note, prepayment and late charses a: ~xovided in the Nws. ~nd the principd ot snd intetat aa sor PWun Advanas ~ecurod bp thi: Mott~ase. l1~is hr Tiat~ a~i b~C~e. Subject ~o ~pplicabk bw ~x ~o a wtit~e~ waiver by l.e~dw, so~ ~•u wr to Lee~d~ or~ the day nanthly inudiment: of principal and in~~rc~t ~rc paYsl~le uoder 1he No1e. until tAe Note is psid in tull. a wm (h~roin ••Ruad~'~ eqwl to a+atwal(th ot the yeaA~• uz~~ anci assasments which may attaia priority over this : Mo~tja~e. and ~round raaa oa chsa PropeNy. if ~ny. plus ooe-tweltth of yearly~ pre~nium iau~llments tor hatard inwra~ce. ; plus otM-twalfth ot yearly premium installme~ts tor mort~a~e in:u~ance, it any. dl ss t~easonably tstimated initially and troia ~ tims to time bp Laade~ oa tbe buis of assasments and hilis snd rcasonabk atimata theccot. - 71M F~n~ shall be hald in ae iaslitu~ion the depos~u or ~ccounu of ~vhich are insurod or ~uarneteed by a Fedenl ot state a~ency (includinj L~ende~ if Leoder is such an ir~~itution). I.ende~ shsll apply the Funds to pay ssid ~ua. asseame~ts. ' intuptt~oe premiums and ~tound rents. l.ender may oot cha~je lor so holdins and applyin~ the F~mds. analyzins said account, ' or verityins_and oomplin~ said asseuments and bills, unlas 4ender pays Boriawe~ inletest on.tbe Funds aod applicabb law ~ pem~ia l~der to make such a cluir~e. Borrowe~ aAd Lender may atree in writins at the time o[ execution ot this ~ Mortp,e tbat interat on the Fuads siwll be paid to Borrow?e~. and uakss such asroement is made or applicabk ~aw eequires such int~at to be paid. l.ende~ shall ~ be required to pay Borrower any inten~t or e.arnings on the Funds. l.ende~ ; ~hall iive to Borrowe~~ without charse, an aonwl aocountina of tbe Funds showin~ credits and debits to the Fu~ds and the pupae for wbich each dabit to tbe Funds was made. The Fun~ arc pledied ss additiooal security for ~he sums securod by thi~ Mort`ye- It tbe amount ot the Fuadt bdd 6y t.ender. to~ether with the future mo~thly installment: of Funds payabk prior to t6e due data of tua, asse~meab. insunnoe premiums snd g~ound re~ts. shall exceed the amou~t requircd to piy said tua. aaeaments. insurance premiums aad grou~d rents ss they fall due. such excess shall be. at Bonower's option. either pranptly repaid to Bonower or credited to Borrower on mvnthly i~stallcr~nts of Funds. If the amouot of the Funds beW by L,end~r shall uot ba wl6cient to pay taxes. a~nents. insurance premiums and grou~d rents ss they fall due, Botro~?e~ sbal) p~y to Leoder aey amount naasary to make up the deficiency withia 30 days from the date notice is mailed by Leode~ to Borrowa requatint P~Ytnent thereof. Upon paymeat ia tuU of dl su~ socurod by this Mongage. Lender shall p~omptlY refund to Borrower any Fp~i4 heJd bp L.ender. If under puasraph 18 hereof the Property is sold or the Propeny ~s othenvise acquired by Lender. I.ender s6aU apply. no later tl~sn immediately prior ~o the sak o[ the Propeny or its acquiaition by Lender. any Fund~ held bv I.eoder at the time of applicatjon as a crodit agsinst the sums secured by this Mortgage. 3. A~eatiw of ~p~eM~. Unless applicabk law provida otherwise. all payments received by [.ender under the Note and para~nphs 1 aad 2 bereof ahall be applied by t.ender flrst in payment of unounu payabk to Lender by Borrower uader parsiraph 2 heroof, then to iaterest payabk on the Note, then to the principal of the Note. and -then to interat and priacipal on any Future Advaooes. 4. C~es; Lkas. Borrower shall pay aQ ~aaes, assessments and other charges, fines and impositions attributable to tbe Property which t~aay attain a priority over this Mortgage, and leuehold payments or gmund rtnts. if any. in the manner provided under parsstaph 2 hereo[ or, if not paid in such manner, by Borrowe.r making payment, when due, direcdy to the , pa~ree theceof. Borrower:ball poomPtly furnish to Lender all notices of amouats due under this paratrsph, ancl in the erept Borrower shal) malce payment dirxtly. Borrower shall promptly tumish to Lender receipts evidencing such payments. Borrower shaU praaplly discharge any lien which hu priority over this Mortgage; provided. that Borrower shall not be ~+equired to discharae any such lien so long as Borrower shall agrce in writing to the payment of the obligation secured by such lien in a manr~er acceptabk to l.ender, or shall in good faith contes~ wch lien by, or defend enforcement of such lien ia, 1ega1 proceedinas which ope~ate to preveat the enforcemont of the lien or torfeiture of the Properiy or any part thereof. S. Aaz~rd lawnwee. Bocrower shall keep the improvements now existing or hereafter erected o~ the Property insured against loss by firc, hazards included within the term "eztonded coverage". and such other haurds as l.ender may require aad in such amounts and for such periods u Lender may requirc; provided, that Lenckr shall not requirc that the amount of sueh covenge exceed that amount of coverage required to pay the sums securcd by this Mort6ase. 'Ibe inwrance carrier providing the insurance shall be choxn by Borrower subject to approval by Lender. provided, ~ t6st wch approval shall not be unreasonably withheld. All premiums on insurance policia shail be paid in the manner j provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due. dieectly to tfie ; i~unnce curier. I All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage € clause in favor of and in form acceptable to Lender. l.ender shall have the right to hold the policia and renewals thereof, ~ and Borrower shall promptly furnuh to Lender all renewal notices and all receipts of paid premiums. In the event of bss. Bonower shall give prompE notice to the insurance carrier and Lender. Lender may make proof of Ms.s if not made promptly ~ by Borrower. - Uales~ Lende~ and Horrower dherw~se agree in writing, insurance proceeds shall be applied to rcstoration or repair of the Property damaged. provided such restoration or repair is economically feasible and the security of this Mortgage is not theteby impaired. lf such restoration or ropair is not economically feasible or if the security of this Mortgage would be impaired, the insuraace procceds shall be applied to the sums secured by this Morlgage, with the excess, if any. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond ta Lender within 30 days from the date notice is mailed by I.ender to Borrower that the insurance carrier offers to settle a claim for insurance bene6ts, Leneier is aut6orized to collect and apply the insurance proeeeds at Lender's option eittier to restoration or repair of the Propenv or to the sums securod by this Morigage. Unless Lender and Borrower otherwise agree in writing, any wch application of prckeeds to principal shall not extend or postpone the due date of the monthly installments referted to in paragraphs 1 and 2 hereof or change the amount of such insullmeu~s. If under paragraph 18 hereof the Property is acquired by LenJer. all right, title and interest of Borrower in and to any Insurance policies and in and to the proceeds thereof resul~ing from damage to the Propeny prior to th~ sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sak or acquisition. ~ heservatioa and Maintenaace oE Property; Leasehulds; Condomiaiums; Plaaaed Unit Devebpmeets. Borrower ~F shall keep the Property in good repair and shall not comro~~ ~aste or permit impairment or deteriotation of the Property ~ aod shall comply with the provisions of any lease it th~s Mortgage ?c on a leasehold. If this Mortgage is on a imit in a s condominium or a planned unit development, Borrower shall per(orm all of Borrower s obligations under the declaration ~ or coveoants creatiag or governing tbe condommium or planned unit development, the by-laws and regulations of the ~ conJominium or planned unit development, and constituent documents. If a conJominium or planned unit dcvelopment rider ~s executed by Borrower and recorded together wi~h thu Mongage, the covenants and agreements of such rider shall be incorporated ~nto and shall amend and supplement the co~enams anJ agreements of th~s Mortgage as if the riJer i were a part hereof. ~ 7. Proteclioa of Lendt~'s Securfty. lf Borrower (ails t~~ perform the covenants an~ agreements contained in this Mortgage, or if any action or proceeJ~ng ~s commencrd which materially atTccts 1_enJer's ~nterest in the Property, induding, but not 6mited to, eminent doma~n. ~nsolvency, code enforcement, ur arrangements or proceedings involving a bankrupt or deceden~, then lxnder at t.ender's opiion, upon not~ce to Borrower, ma~ make such appearances, dishurse such sums and tai~e such ac~ion as is necessary w pr~~tect Lender's ~nlerest, including, but not limited to, disbunement of f re~sonable .auomey's tees and entry upon the Properip to make repairc. It Lcnder requireJ mortgage insurance as a condition of mak~rtg the loan ucureJ by~ ihi~ Mortgage. B~~rruwer shall pay the premiwns requ~red to maintain such insurance in rffiect unlil such time as ~he reyuiremenl for ~uch insuranre terminate. in .~c:ordance with Borrov?•er's anJ , . ' ~ ~ (?OK J~~ PGGE ~~U9