The URL can be used to link to this page

Home My WebLink About1885= ~ ~~ : ~~~tl ~ . . -~ ~'~',~ UNIFORM COVENANTS. Borrowe- and Lender covenant and agree as toflows: 1. Paym~nt of PM~cipal and Int~nat. Borrowe- Shall prOmplly pay when due the principa~ ot and inte-est on the ~nqebtedness evidenced by the Note, prepaymenl and late cha~ges as provided in the Note. and the pr~nc~pa! of and ~nterest n~ any Future Advances Secured by th~s Mortgage. 2. funds forTaxss and Insu~ane~. Sublect to appt~cabie iaw or lo a w~~tt~n wa~ver by Lende-. Borrower shail pay to Lender on the day monlhly inslallmenis of pnnc~pal and interest are payable under the Note. unt~l the Note ~s pa~d ~n tull, ~a sum ihere~n ~~Funds"- equal to one-tweltth oi ihe yearly taxes and assessments whi~h may atlain pnor~ty over th~s Mn-tgage. and ground rents on the Prcperty, it any, plus on~twelltri oi yeany premwm mstaiiments ior nazar~ Ins~rance. c~~~~s one-twelllh of yearly premium installmenls lo- mo-tgage insurance, il any, all as reasaonably estimated in~t~ally and Irom !~me to time by Lender on the basis oi assessments and bilts and reasonabte eslimates thereof. The Funds shall be held ~n an msUtut~on the depos~ts or accouMS ol wh~ch a~e ~nsured or guaranteed by a Federa~ or sta!e agency(~ncluding Lender ~f Lender is such an ~nst~tut~on) Lender shalt appty lhe F~nds to pay said tazes, assessments. ~nsurance premiums and ground rents Lender may nol charge for so holding and applymg Ihe Funds, analyz~ng said account. ;3r ~er,ty~ng and comp~l~ng sa~d assessmeMs and b~lls, unless Lender pays Borrower mterest on the Fun~s and appt~cabie law ~,erm~ts Lender to make suGh a charge_ Borrower and LendP- may agree ~n wntmg at the t~me o~ execution ol th~s Mortgage Ihat ~nterest on the Funds shall be paid to Borrower, and unless such agreement is made ~r appticable law requ~-es such ~nteresl to be pa~d, Lender shall not be required topay Bo-rower any ~n!erest orearnings on the Funds Lender snal: g~ve to Bo-rower, w~thout charge. an annual accounting ot the Funds showmg credils and deb~ts to the Funds and the pu-pose for wh~ch each deb~t to the Funds was made The Funds are ptedged as addit~onal secur~ty fo: Ihe sums secureci by th~s Mortgage If the amount of the Funds hetd by Lender, tagether with the futu~e monthly ~nstallments ol Funds payabte pno~ to the due da[es ot taxes. assessments. ms~rance prem~ums and g-ound rents. shatl exceed the amount requ~red to pay sa~d taxes. assessments. ~nsurance prem~ums and ground rents as they fafl due. such excess shati be. at Bo-rower's opt~on. e~ther promptiy repa~d to Borrower or credited to Borrower on monthly ~nstallments of Funds It ihe amount ot ;he Funds he'd by lender shali not be sutf~c~ent to pay taxes, assessments. ~nsurance prem~ums and ground rents as they tali due. Borrower shatl pay to ~ender any amount necessary to make up ihe def~c~ency w~th~n 30 days trorr~ the date not~ce ~s ma~led by Ler,der to Borrower request~ng payment thereot. Upon payment m(ull of all sums secured by th~s Mortgage. lender s~alt promptly refund to Borrower any Funds helc! by Lender. It unrfer paragraph 18 hereof the Property is sold or the Prope-ty ~s otherw~se acqu~red by Lender. Lender st~aii appty, no Iater than immediately pno~ to the sate ot lhe Property or ~ts acqu~s~t~on by Lende;. a~y Funds held by lender at the I~me ot appl~cat~on as a cred~t aga~nst the sums secured by th~s Mortgage 3. Application of Payments. Uniess app!~cable law prov~des othervv~se. at1 payments rece~ved by Lender under the Note and paraqraphs t and 2 hereof shatl be appi~ed by Lender t~rst ~n payment of amounts payable to Lender by Borrower ~ncier paragraph 2 hereot. then to ~nterest payable on the fVote. then to the pnnc~pal ot ihe Note, and then to ~nteresl ancl pr~ncipal on any Fut~!e Advances. 4. Charges; Liens. Borrower shau pay all taxes. assessments and other charges. f~nes and ~mposit~ons attr~butabie io the Properiy wh~ch may attam a pnonty over th~s Mortgage, and leasehold payments o~ gound rents. ~f any. in the manne- p~ov~ded under paragraph 2 hereof or. ~f not pa~d m c,~ch manner. by Borrower makmg payment, when due. d~reclly to :he payee thereol. Borrowe- shatl promptly furn~sh to Lender all not~ces of amounts due under th~s paragraph, and in the event Borrowe- sr~atl make payment d~rectly. Borrower shatl promptly 1ur~~sh to Lender receipts ev~denc~ng such paymeMS. Borrower shall promptly d~scharge any hen wh~ch has pnonty over th~s Mortgage; prov~ded. that Borrower shall not be required to d~scharge any such i~en so long as Borrower shall agree ~n wr~t~ng to Ihe payment oi the obl~gat~on secured by such I~en ~n a manner acceptable to Lender, or shall ~n good fa~th contest such f~en by. or detend entorcement of such I~en m. legal proceedmgs wh~ch operate to preve~t the entorcemenl of the i~en or lorfe~ture ot the Propprty or any part thereot. 5. Haia-d Insurance. Borrower shall kesp the ~mprovements now ex~stmy o~ hereafter erected on the Property ~nsured aga~nst toss by f~re, hazards ~ncluded w~thm the term ~~e~ended coverage", and such other hazards as Lender may reau~re and ~n such amounts and for such per~ods as Lender requ~re. prov~ded, that Lender sha-! not requ~re that the amount ot such coverage exceed that amount ot coverage requirec+ to pay !he sum secured by~ this Mortgage The ~nsurance carner prov~d~ng the ~nsurance sha11 be chosen by Borrow~r sub~ect to approval by Lender. prov~ded. that such approva~ shalt not be un-easonably ~nnthheld. Ali prem~ums on ~nsu~ance pol~c~es shall be pa~d ~n the manner prov~ded under paragraph 2 hereot er ~t not paid ~n suCh manner by Borrower making payment when due. d~rectly to the ,nsurance ca-ner A11 ~nsu-ance p~hCies and renewafs thereof shall be m torm acceptabte to Lende~ anc~ shat! ~nc~ude a standard mo-tgage ciause m favor of and ~n form acceptahle to Lender Lender shatl have the r~ght to hotd the pol~c~es and renewals thereof. ancf BorroNer sha11 promptly fum~sh to Lender aIl renewat nohces and all -ece~pts ot pa~d prem~ums. In the evem ol loss. Borrower shan g~ve ~rompt not~ce to the ~nsurance carner and Lender. Lender may make proof ot !oss ~f not madeprompUy by Borrower Unless Lender and Borrower othen+v~se agree ~n v~nt,ng. ~nsurance proceeds sha~i be aUp:~ed !o restorat~on or repa~r ot tr,e Property damaged. provided such restoration or repair is econom~cally Iea~~b~e and the secur~ty of th~s Mortgage ~s not thereby ~mpa~red. If such restorat~on o- repa~r ~s not econom~cally feas~ble or ~f the sec~~~~ty of th~s Mortgage would be ~mpa~red. the msurance ~roceeds shall be appl~ed to the sums secured b~ th~s Mortgage. w~th the ezcess. ~f any. pa~d to Borrower If the Property ~s abandoned by Borrower, o- ~f Borrower ta~ls to respond to Lender w~th~n 30 days trom ihe da;~ not~ce ~s ma~led by Lender to Borrower that the ~nsurance car~~e- ~(fers to setNe a cla+m fo+ ~nsurance benef~ts. Lender ~s author~zed to collect and app-y the ~nsurance proceeds at Lender'~ opt~on either to ~estorat~on or repa~r ot Ihe P-operty or to the sums secured by this Mortgage ~ Unless lender artd Borrower otherw~se agree ~n wnt~ng any suCh appl~cat~on ot proceeds to pr~nc~pat shali not extend or postpone the due date ot the monthly ~nstaliments referred to ~n paragraphs i and 2 hereof or change the amount of such ~nstallments If under paragraph 18 hereof the Property ~s a~qu~red by Lender. al~ nght. t~tle and interest of Borrower ~n and to any ~nsurar.ce pol~c~es and ~n and to the proceeds thereof resu!t~ng from damage to the Property pr~or to the saie or acqu~s~t~en shalt pass to Ler,de~ t~ the extent of the sums secured by th~s Morigage ~mmed~ately pnor to such sale or acq;:~smon 6. Presenation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. B~~~~c:ve! shaii keep the Property ~n good -epa~r and shall not comm~t waste or perm~! ~mpa~rment or detenorabon of the Pro- ,~prt~ and shall comply w~th the prows~ons ot any lease ~t this Mortgage ~s on a teasehold It th~s Mortgage ~s on a urrt ~n a ~,-,~~r,m,n~um or a p1a^ned urnt deve!opment. Borrowe- shall perform ali ot Borrower's obhgahons unde- the deciarahon -. ~,;venants creahng or governmg the condom~n~um or planned unrt development the by-taws and regulat~o~s ot the .^~;~_~m,~nium or ptanned unit devetopme~t. and constituent documents. If a condom~nium or planned urnt deve!opment •~~er ~s ~executeci by Borrower and re~orded together w~th this Mortaage. the covenants and agreements ot such r~;ier ~,~a~~ he mcorporated ~nb and shall amend and supplement !he covenants and agreements ot th~s Mo-tgage as ~f the nrier ::~~~r a part heceof 7. Protection of LendeNs Security. 11 Borrower fa~ts to pe~form the covenants and agreements conta~ned ~n th,s Mo+tgage or ~f any achon or proceed~ng ~s corrtmenced wh~ch mate~~auy atfects Lendels ~Merest ~n the P-operty. mc~u~f~ng but noi i~m~ted to. eminent domain. msotvency. code enforcement, or arrangements or proceedings involvir~g a ha^~+~~pt o+ decedent then ~ender at Lenders opt~on. upon not~ce to Borrower. may make such appearances. d~sburse such s,~^-~ a~~1 rake such achon as ~s necessary tu protect Lender's mterest. mcluding. but not I~mrted to. disbursements of •~•;+,::~a:;'~~ ~:ttor~ey s fees and entry upon the Propetty t0 makA'rep~irS. It lender requ~red mortgage msurance as a ,^~!~•~- n ~,' ~ak~ng ~he toan secwed by th~s Mortgage. Borrower shall pay the prem~ums requ~red to ma~nta~n such •.•:,nr~ ;n eStrrt un1rl su~h time as the requ~rement for such ~nsurance term~nates ~n accordance w~th Bor.ower s and ,~ ~~~, ~t~~~ a~~x~ f~~~~