The URL can be used to link to this page

Home My WebLink About1278r' UNt~ouw CovsNStm. Sqrrowe~ snd l.ender covens~t and a~ree u tollows: 1. lqwhM ~f hi~e1N1 aM 1MeraA. Borrowe~ shall p~omp~l~ psy when due the principal ot aod interat on the asdeb~edaa~ evideaced by the Nae. Prepsyment and late chargcc sc ~uovided in the NWe. and the principal ot snd interosl oa any Futuro Advances securod by this M~ase. 2. 1~1Nit Nr'htM a~ Iaw~ee. Subjat to ~pplicabk law or to s wmtten waive~ by l.ende~. Borrower shail psy to I.ender on Ihe day inoolhly inusllments o[ principal and intcrc~t arc payaMe unde~ the Note. until the Note is paid in (ull, s tum (herein "Fuads") eqwl to onS-tweltth or the yea~ly taxc. and assessmeots which may attsie priority ove~ this Mo~e, and sround re~ts on tbe P~+operty. d any. ~+lus ooe-~weltth of yearly premium installments to~ hazsrd insunncc. plus oae-twelfth of yarly premium instsllments (or mortgage insursnce, if any. all u reuonably estima~ed initially and trwn time to tima by Len~kr on the basis of assessmcn~s and hills and rcasonabk es~imata thercot. The Funds shall be held in an inslitution ~he depasita or accounts of which arc insured or guaranteed by a Fedenl ot state ajency (inctudina Lender if l.~nder is such an inslitution). I.ende~ shall apply Ihe Funds to pay said ~axes. assessmentt. irourance premiums at~d around rents. I.ender may nat charge ior u~ holding and spplying the Fnndc. analyzing said account, or vtrityins and compiling said assessments and bills, unless Leoder pays Borrowe~ interest on the Funds and applicable law pertnitt Lender to make such a charge. Borrower a~d Lender may agree in writina at the time of execution ot this Mortp~e tbat interat on the Funds shall be paid to Borrowe~. and unless such agreement is made or applicable law requira such interat to be psid. Lender shall not be rcquircd to pay Borrower any interat or earnings on ihe Fu~ds. l.eoder shall ~ive to Borrowe~, without charge, an annual accounting of the Funds showing credits and debits to the Funds and ihe purpose tor which taeh debit to the Funds wu made. The Funds arc plodgod u additional security for the sums secured by this Mortpae. If tbe amou~t ot the Fuads held by Lender, togelher with the future monlhly instaliments of Fuads payable prior to tbe due data of taxes, assessments. insunnce premiums and ground rents, shall exceed the amount requircd to pay said taxes, suewne~ts. insuranoe prcmiums and g[ound tents as they fall due, such excess shall be, at Borrower s op~ion, either promptly repaid to Bormwer or credittd to 86rrower on monthly installments of Funds. I[ the amount of the Funds . held bp Lender sbdl not be wt6cieAt to pay tua. assessments. insurance premiums and ground rents as they tall due, Horro~-er sball pay to Lender any amount necasssry to make up the de6ciency within 30 days trom the date notice is mailed by I.eader W Borrower requatin8 paYment thereof. Upoa paymeat in full of dl sums secured by this Mortgage, l.ender shall promptly refund to Borrower any Fundi held by Lender. If under pusgraph 18 hercot the Propeny ia sold or the Propeny ~s othetwise acquircd by I.ender, I_ender sball apply, ra later than immediately prior to the sale ot the Property or its acquisition by Lender, any Funds held bv I.eoder at the time of application u a cndit against the sums secured by this Mortgagc. 3. A~p~icatioe ot P~ments. Unless applicable law provida otherwise, all payments received by Lender under the Note aad pangraphs 1 and 2 hereof shall be applied by !_ender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Futurc Advanoa. .• 1. Chuies; Lieas. Borrower shall pay all ~axes, asussments and athcr chargcs. ~fines and'~mpositions attributable to t6e Property which may attain a priority over this Mortgage, and leasehold payments or grouna rents, if any, in the manner provided under paragraph 2 hereo[ or. i[ not paid ~n such manner, by Borrower making payment, when due, directly to the payee the~oof. Borrower shall prompUy furn~sh to Lender all notices of amounts due under this paragraph, and in the event Bormwer shall make payment directly. Borrower shall promptly tumish to L.ender receipts evidenc~ng such payments. Bortower shall prompily discharge any lien which hu pr~onty over this Mongage: provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in w~ru~ng to ~he payment of the obligation secured by ~ such lien in a manner acceptable to Lender, or shall m g«xi (aith contest such lien by, or defend enforcement of such lien in, legal proceedings whfih operate to prevent the enforcement o( ~he lien or [orfe~ture of the Property or aoy part thereof. S. Hazard lusurawce. Borrower shafl koep the improvements now cxisting or hereafter erecled on the Propeny insured against loss by firc, hazards included ~within the term "extended coverage", and such o~her hazards as l.ender may require wd in such amounts and for such periods as Lender may requirc; provided, that Lender shall not rcquirc that the amount ot such coverage eaceed that amount of coverage required to pay the sums securcd ~by this Mort6a6e. ' 'il~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, t6at such approval shall not be unreasonably withheld. All premwms on insurance polic~es shatl be Qaid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower mak~ng payment, when due, directly to the insurance carrier. All insurance policiec and renewals thereof shall be in form accep~able to Lender anJ shall ~nclude a standard mortgage clause in favor of and in (orm acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. and Borrower shall promptly furnish to Lender all renewal not~ces and al) receipts of paid premiumc. In the event ot loss, Borrower shall gwe prompt notice to Ihe ~nsurance carrier and t_enJer. Lender may make proo! o[ loss if not made pramptly by Borrower. Unless Lender and Borrower otherw~x agree in writing, insurance procceds shall be applied to restoration or repair of the Property damaged, provided such rcstoration or repair is econamically (easible and the security of this Mortgage i~ • not thereby impaircd. I( such res~oration or repair is not economically (eas~ble or if ~he 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 if Borrower fails Io respond to (_ender within 30 days from Ihe date notice is mailed by Lender to Borrower that the insurance carrier ot~ers to se~tle a claim for insurance benefits, l.ender is aut6oriud to collect and apply the insurance Proceeds at Lender's option either to restotation or repaer of Ihe Propen~~ or to t6e sums secured by this Mortgage. Unless Lender and Borrawer otherwise agree m wnting, any such applica~ion uf proceeds to principal shall not extend or postpone the due date of the monthly ins~allmcnt~ rcferred to in paragraphc 1 and 2 hereoF or change the amoun~ o[ suc6 inst~llmeuts. I( under paragraph 18 hereof the ProE.erty is acywred b~ LenJcr, all right, title and interest of Borrow~er in aod ~o any kuurance policies and in and ~o thc pra;eeds thereof resulting from damage to the Property prior to Ih~ sale or acquisiuon shall pass to Lender to thc extcnt of the sums securcd by this Mortgage immediately prior to such sale or acquisition. 6. Preservalion aod Mainten~nce of Property: I.easeholds; Condominiums; Planned Unit Developmenls. Borrow•cr shall keep the Property in good'repair and shall not comrpit y~astc or permit impairment or deterioration of the Property and shall compl~• with the provisrons of any lease if tb~ Martgage i~ un a leaschold. If this Mortgage is on a imit in a condoJninwm or a planned unit devclopment, Borrower shall perform all of Borrower s obLgations under the dedaratiun or covenants creating or guvermrrg the~ condominium or planned unit develc~pment, the by-laws and regulationc of the condominium or planned unit develc-~mem, and constituent documemti. It a conJominium or planned unit development rickr ~s ezecuted by Borrower and recorded t~+ge~her w~ith this Mortgage, the covenants and agrcements of cuch ndcr shall be incorporated ~nto and shall amend anJ supplcment the co~enants and agreements of this Mortgage as it the ri~er were a part hercof. ~. Prota~lion of I,ender's Securfty. If Hnrr~~wer fad. t~~ perform Ihe covenantc and agreements conta~ned in th~c Mortgage, or if any acUon ur proceed~ng n commrnced wh~ch materially afiects I.enJer's ~nterest in Ihe Pra~crh~. includmg, but n~~t lim~ted Io. em~nent doma~n. in~olvency, a~Je rnforrement, or arrangementc or pnxeedings im•olt~ng a bankrupt or decedem. then Lender at I.enJer'~ opt~on, upcm nutice to Borrower, m•r~ m:~ke such appearances, J~shur~e wch sums and take such ac~ion as is nece~tiary tu pmtec~ Lender's interest. mcluding. but not lim~ted to, disbursement of reupnable auomey'c (cee and entry u~x-n the Prupcr~y Io mal~c rcpairti. I( I.cnJer reyuircd mortgage inwr•rnce a~ a condiUon of makmg. the loan tecured b}~ thiti M«rlgage. Borrr.NCr sh.~ll pay the prem~ums reqtnreJ to maintam wch ituurance in etiect until ~u~h time as the reyuiremenl (~~r wch m~uran:e term~nates in accordance with Borrawcr'~ anJ . . ~ ~ B~^K~~O PaGE12~S ~ ~ ~`~_~- _. -' - - --~ -._ ~ ~.~ ,-~ ~, _- ----