The URL can be used to link to this page

Home My WebLink About0917 ! UNiFORM COVEt~~N7'S. Borro~ve~ ~nd l~ender coven~nt ~nd a~ree u foUows: 1. piynneat ot pdedp~i ~nd laterat. Borcowor ahall promptly pay whsn` due the priarip~l snd interest in• debtedaess cvidenccd by the Note and late charge~: ss pmvlded i~ the Note. Z. Fmsd~ tos Taxa ~ad Im~anna. Subjoct to spplic~blo Isw or s written walrer by I.ender~ 8orcower shail pAy to Lender on the day monthly p~yments of prlncipal ~ad intorest are p~yablc under th~ Note. until the Note is paid in full. a sum (herein "Funds") equal to one•twelflh of the youly tases ~nd ~ssassmeata (ineluding condomiaium and pl~nnod unit devetopment usessments. If ~ny) which msy ~tt~ln pdority ovec th~ Mortgsg~ and gcound ne»t: on tt~a P~operty, if ~ny~ ~lus one•tvrelfth of yeuly pnmium inatallmeats fo~ haz~u~d iasuruue~ plus onatwelfth of ~?euly premium in• staliments for mottgsge insu~ance, if any~ ~li aa ceasonubly esNmated iaitlally at~d from time to time by Leader ou the basis of assessmeata and bilis aud reasonable estimates thereof. Borrower ah~ll not ba oblig~tod to mske :~ech p~yments of Funds to Lender to the wctent thst Borro~wer m~kes such payments to tht holder of a pcior mortgage or deed of trust if such holder is an lnstitutioaal lender. 'I If Bocrawer psys ~'tinds to I.ender, the Funds shall be held in ~n institutiop the depoalts oc sccote~ts of which are In• ; ` sural or guuante~ by s Federal or state ageACy (including Gender ~f Lender ia such an institutioa). Leadec shall apply ~ the Funds to. pay said ti:es. sasessraents~ iawc~ace premiuma sAd gr~wnd nata. Lender may not chirge for so holdiag and applying the Funds~ analyzing sald a~ecount or ve~lfying aud compiling said asaetsments and bills. uniess I.ender pays Bonovver tnterest on the ~nda and applteable law permlts Lender to maka such a char~o. Borrower ~?nd I.~nder may sgree ia wrltiag at the time of exocution of this Moctgsge th~t intec+~st an the Fu~ds ~alt be psid to Sorrowec. and , unless such agceement is snsde or sppllcable law tequiens auch interest to be psid~ L.ead~r shali not be cequlred to psy Borrower iny iatenst or eunings on the Fuada. I.ender shxll give to Borrower, without charge. an ~nnual account?ng of ' the Funds showing credits and debits to the Funds and the purpoae for which each debit to ths Ftinds was made. The Funds ~re pledged ss additional aecurity for the aums aecurtd by this Mortgsge. lf the amount of the Funda held by Lender, together with the future moathly installments of Funds paysble prior to thc due datas of ta:es~ assessments~ insurance premiums and grourad rents~ shsll exceod the amount requirod to pay sald taxes, auessments~ insursna premiums ~nd ground reats ss they fall dae.:ucb excass shall be~ st Borrower's aptioa~ elther prornptly repatd to Botrower or credlted to Borrower on monthly installments of Funds. lf the atnount of the Funds heid by Lender shall not be suflicient to pa~r taxes~ assessmeats. IAS~~ace premiums and ground tenta aa they fall due. Borrower shalf pay to I.ender any amount naessary to make up the deflciency in one or mora payments as Lender may requiee. Upon payment in full of all sums secured by this Mortgsge~ Leader ahall promptly refuad to Borrower any Funds held by Lender. If und~r puagraph 17 hercof the Propecty is sold or the Pcoperty is otherwlse acquirod by Lender. Lender shall apply, ~o later than imme~iataly p~ior to the sale of the Nmperty ot Its acquisition by I.endee, any Funds held by I.cnder at the time of applicaNon ss s crodit agaiaat the sums secured b~r this Mortgsgc. Appikstio~ ot P~~ateab. Unless spplicsble law pmvides othenvise, ~11 psyments received by ~ender under the NotE and paragraphs l snd 2 hereof shall be applied by Lender firat in payment of amounta payable ta Lender by Borrowcr under puagrs~ph 2 hereof~ then to intetest payable on the Note~ and then to the priacipa! of the Note. 4. Pri~ Mo~t~a ~ad Desda of 71ir~t; Cbarta; Li~na Borrower sh~ll perform all of Borrower': obligations under any mortgage, deed of trust or other secu~ity agrcement with a iiea whlch hu prtotity av~r this Mortgage~ in- cluding Borrower'a covenants to make payments whea due. Borrow~er shall pay or cauu to be pald ali taYes, sssessments and other charges. Rnes and impc~aitions attributable to the Property which may attain a priority over th~s Mortgage. _ and leasehoid ps?yments or gronnd rents~ if any. S. Ha~rd Imar~ucs. Borrower shall ke~p the impcovements now e:isting or hereafter e~ectod on the Property insured against lou by fire, hazards imluded within the term "extended coverage", and such other hazacds as Lendcr may requic+e and in such amounts and for such periods u I.ender may requice. ~ The insurance carrier providing the insurance shall be chosen by Bortower subject to approval by I.ender; provided. that such approval shall not be unreasonably withheld. All insurance policies and nnewals thereof shall be~in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Lender shali have the right to hold the polic~a aaci renewals thereof~ subjat to the terms of any mortgage. deod of trust or other security agrcement with a lien which has priority over this Mortgage. In the ~vent of loss. Borrower shali give pmmpt notice to the insuranca carrier and Lender. Lender may make proof of loss if not msde p~omptly by 8orrower. If the Property is abandoned by Borrower. or If Boreower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Boerower that the insurance carrier offers to settle a ciaim for insurance beneflts, Lender is authorizod to coltect and apply the insurana pmceeds at Lender'a option either to nstoratioa or repalr of the Prop- eMy or to the sums secured by ihis Mortgsge. 6. prasnatia~ aad Malnteo~oce o[ Prop~rt~j; Lea~ehold~~ Condousfntamsi Planned Unit De~dopments. Borrower ahall koep the Peoperty in good repalr snd shall not commtt waate or permit impairnaent or deterioration of the Property ` and shal! comply ~vith the provisioas of any lease if this Mortgage Is on a ieasehold. !f thia Mortgage is on a unit ia A rnn- dominium or a planned unit devalopmeat~ Borrower sha~~perfvrrn all of Borrower's obllgations under the declaration or coven~nts creating or gorerniug the con~ominium or planned un[t develo~ment, the by-laws and regulations of the con• ~ dominium or planned uait development, and conatitueat documents. 7. ~rotectba ot I~der's Secodty. If Borcower fails to perform the covenants and agraments contained ia this Mortgage~ or if any actloa or proceeding is commenced whieh mste~ially affects Lender's interat in the Pcoperty~ then Lender, at -Lender's option. upon aatice to 8otrower. may malce auch appearances, dlsburse such sums. including ~ reasonable attorneys' fas, and take such action as is ncs~ssary to pmtect Lender's interest. If Lender nquired mortgage insurana sis s condition of making the loan secuted by th~s Mottgage~ Sorrower shafl pay the gnmiums nquired to , maintain such iasurance in effect unN! such time as the nquitement for such insur~nce terminates ia accotdance with Borrower's and Lender's written sgrament or applicable law. ~ Any amounts disbuned by Lender punuant to this puagraph 7. with interat thereon~ at the Notc rate. shali become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower a~d Lender agree to other terms of payment, such amounts shall be payable upon~ not'sce from Lender to Borrower nqueriing paymsnt thereof. Nathing contained in this puagraph 7 shail requira Lender to incur any cxpenss or take sny action hereunder. Iaq~ct~oa. Lender may make or cauae to be made reasonAbic entries upon and inapection: of the Property, pro- vided that Lender:hall give Borrower notice prior to any such inspection apeeifyiag ressonabie csuse therefor niated to Lender': interest in the Property. 9. C.~sda~aatlo~. The procceds of any award or cinim for damaga, dinxt or consequentiai, in connection vvith any condcmnation ot other taking of the Property. or psrt thereof, or for conveyaacc in lieu of condemnstioa~ sre heraby usigned snd sh~11 be paid to Lender~ subject to the terms of any mortgs~e. deed of tnut or ~ R`s+~~7ty sgtan~nt `with s lien which has ptiority ovet thk Mortgage. OOK v~ PACE V~ 1 . . t_ . . = - . _ ~.i~.~;