The URL can be used to link to this page

Home My WebLink About0016~ '~ UNtraw Covan~Nn. Bortewer and l.ende- coveoant and s~rce u toliows~ I. hipwe~t o~ hi~c~1 a~i i~te~al. 8otrowet shall prompSly pay when due the principal of and interest a- the ~ndebtednat evidenoed by the Note, Ptepaymeot and late chargec ac p~ovided in the Note, and the principd ot ~nd interes~ on aoy Fwuro Advaoces secured ~y this Mortsase. 2. 1hMi ~or Tnas ~ I~~e. Subject to applicabk law ur to a written waiver by [.ende~. Bo~rower shall paq to Lender on the dsy moothly instaltments of princip~l and mt~rcc~ arr payaMe unde~ the Noie, until ~he Note is psid in tull. a ttnn (hersie "Fur~'~ equal to o~e-tweltth ot the yea~l~~ ~a~~~ anJ asse:smen~s which msy att~in pno~ity ove~ this Mort~a~e~ and ~round renb o~ tbe Property, if any. plus one-twelf~h of yearly premium installments tor hazard insurance. plus o~x-twelfth ot rearly premium installments tor mongage insurancc. it any, all as reasonably eslim#ted initia~~Y ~nd trom time to tirtk by Lender on the buis ot assacmcnts aod h~lls and reaaanabk atimata thereot. 71~e Funds shalf be held in an institution ~he depo~us or ~ccounts ol ~rhich ~re insured or Suaranteed by a Federal ot stale a~ency (includina Lender if Let~de~ is such an institution). I.ender ahall apply Ihe Funds to pay said ~axa. uscssments. irouratwe premiums and around rcnts. I.ender may eot charge tor s~+ holdina and op{+lyin~ ~he Fnnda. analyzing said account. or verifyins and compilina uid assessmen~s and bills, unleu l.ender pays Borrower interal on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agret in writina at the ~ime ot execu~ion ot this Mortp~e that intetat o~ the Funds shall be paid to Borrower, and unlas such agrcemen~ is made or applicable law tequira such intercst to be paid, Lender shall not be rcquired ta pay Borrower a~y interat or ta~nings on the Funds. Lender sha11 ~ive to Borrower, without charge, an annual accouming ot the Funds showina c~cdits and debits to the Funds and Ihe purpose tor which each debit to the Funds wu made. The Funds are plodged u additional security for ~he sums secured by this Mortp=e. IE the amount ot the Funds held by Lender, togethet with ~he future mo~~hly installments of Funds payable pnor to tbe due data of taxa, assessments, imunnce premiums and grouod rents, shall exceed the amount reyuired to pay sa~d taxes, assesunents, insunnce premiums and ground rents as they tall due, such excess shall be, at Borrower's opaon, either pwmptly repaid to Borrower or crodited to Borrower on monthly installmen~s oE Funds. !t tht amoun~ ot ~he Funds heW by l.eodet shall not be sufficieat to pay tues, assessments, insurance prem~ums anJ ground rents u they fall due. Borro~ver sball pay to Lender any amount nocessary to make up the deficiency within 30 days from the date notice is rnailed by Leader to Borrower rcquesting payment thercof. Upoo paymeat io full of dl awns secured by this Mortgage, I.ender shall promptly retund to Borrower any Funds held by Lender. It under puagraph 18 herco( the PropeAy n sold or the Property ~s othervvis~ acqwrcd by l.ender, l_emier aDdl apply, no later than imrtxdiately prior to the sale of the Property or i~s acquisUion by I.ender, any Funds hel~! bv I.eader at the tim~ of application ~ a crcdit aga~nst the sums secured by this Mortgagc. ~ 3. A~ptkat{o~ ot Pqme~ts. Unless appiicable law provides otF~erwise, all pavments received by Lender uneler the ' Note and paragnphs 1 and 2 hereof shall be applied by I_ender first in payment ot amounts payable to I.ender by Bo~rower under puagraph 2 hercof, then to intcrest payable on the Note, then to thc principal of Ihe Note, and then to interest and principal on any Future Advances. 4. C6~rtes; Lkas. Borrowtr chall pay all lasrti_ a~sessmeMs and ather charge~. finec and imposiuons aUributable to the Property which may attain a pnority over this Mortgage, and leasehold payments or grouna rtMS, it any, in the manner provided under paragtaph 2 hereof or. ~f mn paid m such manner, by Borrower making payment, when due, dircctly to the payee ihereof. Borrower shall promptly furn~sh to LenJer all no~~ces of amounts due under th~s paragraph, and in the event Borrower shall make payment directly. Borrower tihall promptly turn~sh ~o l.encier receipts evidenc~ng such pa~rments. Borrower shall prompUy Jischarge any I~en whrch has prionty~ ~-ver thic Mortgage; proviJed. that Borrower shall not be tequired to d~scharge any tuch lien co long as B~~rn~wer shall agree ~n wnhng 1~ 1he payment of the obl~gatiun secured by such lien ~n a manner accep~able to l.ender, ur sh~ll in gcxxi tauh conte.~ such lien by, or defenJ enforcement of such lien in, legal proceedmgs wh~ch operate to prevent the enturcemem o( the I~en or tor(~nu~e o( the Property or any part thereof. S. Hwrd I~arawce. Borrower shall keep the ~mprovementti now cs~sung or herra(~er erecled on the Propeny insured against loss h}' 6re, haurds included with~n the term "rxtendeJ coverage", and such other haxards as Lender may reyuire and m auch amounts and for such periods at t_eader may reyuire: provided, that Lender shall no~ requ~re that the amount of such coverage exceed that amount of coverage required to pay ~he tumt ucurcd ~by thrs Morl~aae. 'Il~e insurance carrier providing the ~nsurance shall be choxn by Borrower subject to approval by LenAer, provided, t6at such approval shall not be unreasonably withheld. All prem~umti on insurance policies sha11 be paid ~n ~he manner provided under paragraph 2 hereof ur, if not pa~d ~n such manner, by B~~rrower mak~ng payment. when due, d~rectly to the insurance carner. Al) insurance ~xilicie~ anu renewals therrot shall he m torm acccp~able to Lender anJ shall ~nclude a~landard mortgagt clause in favor of and ~n form acceptable to I.ender. l~nder shall ha~•e the right t~~ huld thr policies and renewals thereof. and Borrower chall prompUy furnuh to i.ender all renewal not~ces and all rcceipis of paid premwm. In the event of lo,~. Borrower shall give prumpt not~ce to !h= ~nsurance rarner and Lender. 1_enJcr may mal,e pnx~t .~f loss if not made prc.mptly by Borrowcr. Unless I.ender and Borrowcr othetNiue agrce in v-nling, inturrnce pnxecJ~ shall be appl~ed to restoration or repair o( the Property damaged, prov~ded wrh re.toraaun or repair u economicell}• tras~ble and the security of :h~s Mortgage ~s not ~hereby impa~rcd. I( such resroraUi~n or repair ~s no~ econ~.m~caily feasible or r( the ucunry of 1h~s Mortgage would be impaued, the msurance procecJs shall be applied to the sums secured by th~s" Mortgage, wi~h the excess, if an}•, pa~d to Borruwer. (f Ihe Property is abanJoned hy Bo~n~wer_ or ~t Bormwer (aih to respond to I.endcr with~n 3U days irom the date not~ce ~s ma~led by l.ender to Borruv-er that ihe ~nsurancr carner oflert to seulc a claim for insurance benefits, l.ender ~s authariud tu rnllect and apply !he imurance proceeJ~ at Len~icr's opt~on erther to restorahon or repau of the Propenc ur to the sum~ secureJ by this Nortgage Unless 1_ender and Borruwe~ utherv-~se agree m~ntmg, an} such appl~cation af pruceeds to prmapa) ~hall not e~tend or postpone the due datt of Ihe m~~nthly imtallmcnt~ rcierrcd ti~ ~n paragraph~ I anJ 2 herco( or rhange the amount o( such installments. I( unJer paragraph 18 hereof thr Propert} is ~cywred hy Lendcr. ali ngh~, UUe and intercat ot Borru• rer in and to any~ tn~urance poltcies and ~n ~nd tc~ thr proceedt thcreut re~ulung (ror~ damage to the Property prior to th~ ti:+le or acquis~hon shall pass to-[.ender a~ the extent of the wms ~ecured by th~s :-lortgage immediately pr~or t~. wch ta!e or acquisition. 6. Presenalion aod ~ttiptenance of Property: l.easeholds; Condominiums; Planned Lnit [hrelopmenls. &~rrov-cr shall keep the Property~ in gcwcl repair and shall not cumrpn raste ur permit ~mpairment or deteriorat~on of tne Pruperty and shall compl) Kith th~ prov~sions ot any lease ~t thi~ Mortg:~gc ~. ~m a k~.ch~~ld. I( th~s Mortgage is on a unit in a condomin~um or a planned un~t Jevciopment, BurroNer .hall Exrlurm ail o( Borrower's obligaUOns under the ~eclarah~~n or covenantc crea~mg or governing ~he condomsn~um ur planned unit develupmcnt. the by-laws and regulatione ot thc condominwm or planned unit develupmenl. .md constituent J~xumem~ If a cundi~minium or planned umt de.el~pmem nJer !s e~ecu~ed by Borrower and re.•orded t~~gether wi~h thi~ Mc~rtgage. the covenants and agreements af such n~}~r shall be ~ncorporateJ into and shall amend and ~upplement the cu.enams anJ agreements o( th~s Mortgage as if the n~fer v-cre a part tercof. 7. Protection ot I.enders Securfty. 1( H~~rri~wer (a~l~ i~~ ~xrt~~rm the coven.~nt~ an~l agreements cuntained m this Morlgage, or if any action ~~r proceeding ~~ ~~~mmrnceJ wh~ch matrriall~ .~ITech ! rnJer'~ intere~t in the Pmpert}, ~ncluding. but n~~t I~mited tu. cmincnt doma~n. in~~~l~cn.~, ~~Klc cnf~~r~cmcnt ~~r arr~nRcmrnts ur pn-cccdir.~c ~mohing a bankrupr or decedent. Ihen Lei~Jer at 1 ender'~ upUon, upun n~~~ice t~~ Borrowrr, ma~ m:~ke wch appearanceti. dnhur~c ~uch sums and take such acuon eti is nc~cti•,ar} ~~~ pru~ccr Lcndcr'~ intctcst. incl~:il~ng, huI n~t IimitcJ tu. J~~hurscmcnt i~f reawnable a~torney'c Ire~ and en~ry uM~n Ihc Pn~~xrtti to maAc rcp.i~r. (t I.cnJer reyiiircJ mi~rtgage in.urance a~ a conJiuun uf ruakm6 thc loan ~ccurc~l bi thiti ~turtg.~Er. B„rr~:NCr sh ~II pay~ thr prrmiums rcquire~ M mai~it.nn ~uch ~nsurance ~n rl(ect unUl ~uch bme as Ihe reyuiremem (~~r ,uch m,urrn,e Icrmin:rte. in .~ccordanee Kith B~~rrr~rr'. and ~ ~ ~. - _ ; ~~~ :~, . ~ -~ ~~`~~,.:~~.~~_.~~ _ . _ > ~~',K 34~ ~~~,E 16 _ ; ~a _ ~ ~~~ .