The URL can be used to link to this page

Home My WebLink About0975 _ - _ _ ~ ' - , ' . ~ . ~ ~ , ' ~ , UNJFORIN COYENANTS. Borrower and Lender coveoant and ag~a as follows: 1. Taywest ot l~lacipN asa IAterest. Borrowe~ shall pramptly pay when duc thc principal of and interest on the ind~btedness evidenced by the Note, prepayment and late chargcs as provided in the Note. and the principat of and intercst ~ on aay Future Advanca secured by this Mortgage. - Z. Frwd~ tor Tuas saa lawrasee. Subject to applicabk law or to a written wsiver by l.ender. BoROwe~ shall pay ~ to Lender on the day monthly installments of principal and intercst ue payabk unde~ the Note. until the Nota is paid in tull. a sum (hercin "Funds") equal to one-twelfth of the yearly taxes and auasments which may attain prionry over ihis Mortgage. and ground re~ts on the Pt+operty~ it any. ptus one-twetfth of yearty premium installments tor haurd insurance. plus one-twelfth of yeuly premium installmaots tor mohgage insunnce. if any. sll u ressonably estimated initially and trom timc to time by i.ender on thc basis of assessments and bills and rcasonabk estimata thereof. . 77~e Funds shall be held i~ an institution the depusita or accounts of rvhich ue insured o~ guaranteed by a Federal or state agency (ir~ciudina i.ender if Lende~ is such an institution). Lender shall apply th~ Funds to pay said taxes. assessments, ~ ~ insurance prtmiums and ground rents. Lender may nQt charae for so hoWing and applyi~g the Funds; analyzing aaid account, t or veritying and compiliog said asxssments a~tl bills. unless Lender pays Borrower interat oe the Funds and applicabk law ( permits l.ende~ to make such a charge, Borrower ~nd Lender may agrce. in writina at the time oI execution of this + Mortgage that ioterat on the Fuads shal! be paid to Bor?wver. and unless such agraement is made or applicabk law rcquires such intercst to be pzid. Lender shall not be requircd to pay Borrower any interest or earnings on the Funds. Lender shal) give to Borrower. without charge. an annual accounti~g of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds wu made. The Funds are pkdged as additional security for the sums saured by this Mortp~e. ' ~ If the amount of the Funds.held by Lender, together with the future monthly installments of Funds payable prior to ' the due dates of taxes~ asxuments. insurance premiums and ground rents~ shall eaceed tl~e ar~wunt required to pay said taxa. ! asseuments. it~su~ance prcmiums and ground rc~ts as they fall due. such exceu shal! be. at Borrower s'option, either . pranptly rtpaid to $ormwer or crodited to Borrow~r on monthly installments of . Funds. If the amou~t of the Funds held by L.eader shall ~ot be sufticieot to p~y taxes, -assessments. insurarice premiums and grdund ~e~ts u they fall due. ; Borrowe~ sball pay to Lender a~y amount necessary to make up the deficiency within 30 days fmm the date notiee is maikd by I,eader to Bomower reque.stiag paymcnt thereof. _ ' ' Upon payaxnt in full of all sums secured by this Mongage, l.ender shall promptly refund ta Borrower any Funds ? held by I.ender. If under paragraph 1S hereof the Property is sold or the Property is oihen~rise scquircd by Lender. Lender sha11 apply. no iate~ tha~ immediateiy prior !o the sale of the Property or its acquisition by Lendtr. any Funds held by j' Leader at ihe time of application as a cndit agsinst the sums secured by this Mongage. - 1 3. Applkatioa of pay~ne~ts. Unless applicabk law provides otherwise. all payments received by Lender unde~ the ~ Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower : under paragraph 2 hereof. then to interest payable on the Note. theo to the principal o[ the Note. and thcrt to interat and j principal on any Future Advanoas. ! 1• C6arses: Ueas. Borrower. shall pay all taxes, assessments and other charga, fines and impositions attributabk to ~ che Property which may attain a priority over this Mortgage. and kasehold p3yments or ground rents. if any. in the manner ptovided under paragraph 2 heroof or, if not paid in such manner. by Borrower making payment. when due. direcdy to the ~ payee thereof. Borrower sball pro?~tptly furnish to Lender all notices of amou~nu due under this paragraph, and in the event ~ Borrower shall make payment directly. Borrower shall promptly fumish. to Lender receipts evide~cing such• paymenu. ~ Borrower shall promptly discharge any lien which has p~iority over this Mortgage; providcd. that Borrower shall not be - required to discharge any wch lien so tong as $orrower shall agret in writing tp the payment of the obligatioo securcd by suc6 lien in a manner ~ceptabk to Lender, or shall in good faith contest such Iicn by; or defend enforcement of such lien in, legal proccedings which operate !o prevent the enforcement of the lien or fOrfeiture of the Propeny or any part ihereof. ~ S. Huard Issonnre. 'Borrower shap keep the improvements now existing or hereafter erected on the Property insured agairut loss by fir~e. ha7ards included within the term "extended coverage", and such other hazards as i,ender may rcquire and in wch amounts and for such periods as Le~der may requirc; provided, that Lender shall not requirc that the amount of such coverage excecd that amount of coverage requircd to pay the sums securcd by this Mortgage. _ 'ILe iasurac~ce.carrier providiag the insurance shall be chosen by Bonower subject to approval by Lender, provided. W~t such approvai shatl not be unreasonably withheid. AII premiums on inaurance policies shall be paid in the manner provided uuder paragnph 2 hereof or, if not paid ia sucb manner, by Borrower making payinent. when due. directly to the insurance carrier. . " AU inwrance policies and renewals thereof shall be in fortn acceptable to [.e~der and shall inciude a standard mortgage 1 ciause i~ favor of and in form acceptable to Lender. Lender shall have the right to hold tht policies.and renewals thereof. • ~ and Horrower shall promptly furnish to Lender all renewal notices and all rcceipts of paid prcmiums. In the event of loss. , ! Borrower shall give prompt notice to the insurance carrier and l.ender. Lender may make proof of loss if not made promptly ~ by Borrower. . . ~ ~ Unless Lender and Borrower otherwise agree en wreting, i~surance proceeds shall~be applied to restoration or repair of ~ ~ the Property damaged~ provided such restontion or repair is economically feasible and the security of this Mortgage is ~ ? not thereby impaired. lf such restoration or repair is not economically (easible or it the security of this Mongage would t~ be impaired. the insurance proceeds shall be applicd to the sums secured by this Mortgage,~witt~ the eacess. if any, paid to Borrowor. !f the Ptopeny is abandoned by Borrower. or if Borrower tails to respond ta Lender within 30 days _from the - ~ date notice is mailed by Lender to Borrower that the insura~ue carrier offen co senle a claim for insuranc~ benefits. I.ender. # is autborized to collect and apply t6e insurance prooeeds at Lender's option either to ~atoration or repair of the Property or to the sums secured by this Mortgage. ' ; Un1eu Lender and Borrower otherwise ra in writing, any such application of proceeds to prit~cipal shall not extend . ' or postpone the due date of the monthly in~lments rcferrcd to in paragraphs I and 2 hereof or change the amount of ~ sucfi installments. If under puagraph I8 bereof the Propeny is acquired by Lender. al( right. tiUe and.interest ot Borrower in and to any insurance policies and in and to tbc procoeds thcreof raulting from damage to the Propeny prior to the sale i os acquisidon shall pus to Lender to the extent of the sums securod by this Mortgage immediately prior to such sak or ~ acquisition. ' 6. l~eservatbn aod Mainteaance of Property; Leaseholds; Condomiaiums; Maaaed UnH Devebpaicnts. Bormwer shall icoep the Property in good repair and shafl. aot commit waste or permit impairn~ent or detori~ntion of the Property and shall comply with the provisions of any leue if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condom'inium or a planned unit development. Borrower shall perform all of Borrower s obligations under the declaration or covenants crcating or governing the condomiriium or planned unit developnient. the by-laws and regutations of the condominium or planned unit devefopment. and constituent documents. If a condominium or planned unit development ~ rickr is executed by Bonower and recorded together with this Mongage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the ricicr were a part heroof. 7• Profecfior d Leadec's Secndty. If 8orrower fails to perform the covenants and agrcements conlained in .this ~Iortgage. or if any action or proceeding is commenced which materially aRects Lender's interest in the PropeNy. including, but not limited to. eminent domain, inwlvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent. then Lender at Lender's option. upon notice to Borrower. may make such appearances, disburse such • sums and take :uch action u is necessary tb protect Lender s interGSt, including, but not limited ~o, disbu'rxment of reuonable attotney's tees and entry upon the Propehy to make repairs. . If Lender requircd mortgage insurance u a condition of .making • the loan secured by this Mortgage, Borrower shall pay the premiums roquired to maintain such insurance in eBcet until such tirtu as the requirement for such insurance terminates in accardance with Borrower s and , , ' ~ ~ . O~ ~Q ~/V _ ' ' ~ ~ : ~