The URL can be used to link to this page

Home My WebLink About0988 . • UMIOIIM COV6NANT5. BOTfONft Y1d I+tlidf! COWpiflt ~f1d i~'1~ 1~ I~IO.v~: ' l. P~ym~at ot Prtooip~! aad Iat~nsR 8otro~rtr ~haU prom~tly pay ah~n due the princip~l ~nd inuTt~t ind~bt~edn~~~ ~videnc~d by thi Nott and lat~ chac~t~ a~ provid~d in the Not~. . Z. Fttad~ iotTases aad la~utcnc~. 3ubjeM to appHcabt~ taN ot ~~vritten Maiv~~ by Lend~r~ BorroM*~ ~hall pay w lwnd~r on tM d~y mouthly p~ym~nta of principal ~nd iatur~t art pay~bl~ urdtr tM Not*. until th~ Not~ b pdd in hal). a ium (h~nir "~nds") pud to on~•t~?tUt~ ot ths y~ariy ta:~~ and ~u~~uen~nb (iruludln~ condomWum and plann~d unlt d~v~lopment ~~~~~~n~nta. t! ~ny) phlcb an~y ~ttain prioriq? ov~r thi~ Moctis~~ and ~round r~at~ on th~ Prop~rty. U u?y. plu~ one•t~raltth oi y~arly prtcaium Inttailment~ for ha:ard ituurwc~. plu~ on~•t~velfth oi y~v~jr p»mium in~tallments for moK~~`e in~urancs. it any. ~U u rs~wn~bly ~~tim~tsd taitially and lrom ttme to ttm~ by i.~~der oa th~ ba~4 ot ~~uasm~nta ~nd bilt~ and rsa~oaabl~ ~~irn~te~ thereo~ Bwen~?ar ~U rwt be obU~~t~d w malct tuch paymenta of Fund~ to L.snd~r to the ~itent tbat Boerower m~l~es such p~Ymtnb to th~ hold~r of a pdor mort;a~e or detd oi w~t if ~uch hold~r i~ an ~utitutiorallen~kr• It Bore+oMer p~y~ Fund~ ta Lend~r, th~ fltnd~ ~h~ll bs h~Id ~ an in~titution the depo~ita or account~ oi ~rhich w ~nsund or ~uu~nteed by ~ F~do~d or ~t~te aseocy (tacludlt~ L~nder J Lendsr U such ~n in~titution). I.~ad~t ~h~tl ~pply th~ t~nd~ to p~,y ~aid tu~~. u~es~aients. In~unnct prtnniums aad ~round renta. I.~nd~~ m~,y not chu~~ tor so ~ holdln~ and applyin` the Fund~. andystn~ uId account or v~rityin~ ~nd compilin~ s~id aase~~m~nta and bill~. unle~a Lender p~y:8orroaer intere~t on the flinds and applicabte law permtb Lender to make ~uch a chu~e. Borrowtr ~nd I.ender may e~ree ir? ~vritin~ ~t thf timt ot e:ecution oi t6i~ Mor~~`~ tl?~t iat~rest oA the Funds ~lull bt paid ta Borroa~r. and unl~u ~ucb a~reement ia mad~ or applicabl~ laM nqut»~ auch int~n~t to be paid, Iwader ~hall ~not be required to pay Borre~vtr ~ny iAtertst or ~arninia on t!~ F~nda. Leader ~haU ~iv~ W Borro~r~ ~vithout c6ar~~. aa annual accou~tin= of the Funds ~how+in~ credit~ and debtts to th! F~nd~ ~nd tl» purpos: for ~v}~ich ~aeh d~btt w th~ ~nd~ ~?u made. The Funds ~re pledged a~ addidonal s~curity tor the ~unu secursd by thia Mott~~~e. U the ~mount oithe ~nd~ beld by I.~Ader. to~eth~r ~vitb the fubua monthly Inat~llm~nb of Ftind~ p~yabl~ prior to tlie due dates of te~es, ~~te~sment~, insurance premlum~ and ~mund »nts. shall s:c~ed th~ amount required to pay •aid t~es, aeseastaents, iniurance premiuma ~nd ~round nnts u thty fall due. ~ue6 ~ce~s ihall be, ~t Bo~rower's opt3on. either prompdy repaid to BorroNer or ctedit~d to Borrownr on monthly irutallments ot Fund~ 1f th~ ~anount ot the Fund: beld by Le~der ~hall not b~ ~ufticient to pay t~~s. ~asauanents. in~urance premiumt u~d ~mund »nta u they fall due, BorroMer ~haU p~y to Lwnder ~ny amount n~ce~~uy to make up the deficieacy tn oae or mon p~yment~ as ` Lender mey require. Upo~ payment in fuU oi all suma secured by thi~ Mort~~`e, Lend~r ihall prompdy re[und w BorroMer az?y F~nd~ held by Lender. If under paraenph 17 hereof the Property is sold or the Property is othenNise acquind by I.tnder. Lender ehall apply, no l~ter th~n immedi~tely prior to the tale oi the Praprtty or its acqui~tdon by Lender~ aay Ptinda ~ held by Lender at the time of ~pplication ~s ~ credit against the ~ums e~cured by thi~ Mort`~~e. 9. AppUcation of Payments. Unle~s appli¢~ble laM pro~idas othenvise. aU paymeats rec~ived by Lender under tha Note and puagraphs 1~nd 2 hereof ~hall be applied by Iwnder fint in payment oi amount~ p~yabie to I.ander by Bo~ower under puagraph 2 hereof, t6sn to interest payable on the Note~ and then to the principal oI the Note. 4. Prtor Mort=a~es iwd Deeds otTruqt; Char~a~ Liens. Bornower ~haU p~rtorm all oiBorro~rer's obU~ations under any mortge~s~ deed of tru~t or other seciuity a~reeasent aith e licn which has priority over thi~ Mort~s`~, includin~ Borrower a covenant~ to make p~ymenta Mhen due. Borrower ihaU psy or c~use to be paid aIl tuea. assessments and other char~e~, fines and impotitioru attrlbutable to the Property which m~y att~in a priority over this Mort;a~e ind leasehold payment~ or ~round rent~. if any. 6. Hazard Lnsurance. Botroaer shall keep the improvements now eusting ot hereafter erected on i~he Pmperty insured a~ainst los~ by fire. huud~ iacluded ~rithin the tetm "e=tendtd covera~e", and such othe~ hasud~ u Lender ~ msy require and ia ~uch a~ount~ aad Ior ~uch periods u Lendtr m~y cequin. 'I'he inaurence c~rrier providin~ the iniurance aball be cho~n by Borrow~r subject to appraval by Lender~ provided, that such approval ahall not be unreasonably ~rithheld. All insurance poUcie~ and renc~vals thereot shall be in a form I aFCeptable to I.ender and shall include a ~tand~rd mortga~e clause in invor of and in a form aeceptable to Lender. I.en- der shall have the ri~ht to hold the policiea and renewals thereof, eubject to the terms of any mortgege, deed o! wst or other security a~reement with a liea ~vhlch hu priority over thia NYort;aQa. ~ In the event oilo~~. Borrower ehall ~ive pronnpt notice to the insutar~ce curier and Lender. Lender may m~lce proof oi b~s it not made proiapdy by BorroMer. i U the Property is abandoned by Borrower, or it Borm~er fails to re:pond to Leader w?ithin 30 day~ hom the dat~ notice ia mailed by Lender to BorroMer that the insurence carrier otf~n to e~ttle a claim for iasussnc~ bensfita. I.ender is authorised to collect ~nd ~pply the ia~ur~nce pc+oceed: ~t Lender ~ option sither to re~tontion or rspair ot t6e Property or to ths ~ums ~ecured by this Mort~a`e. 8. Preservatloe and Maintenance ot Property; LeueDoldR Condomintum~ Piaaned Uait Develo~ ment~. Borro~v~r ~hall keep the Property in ~ood repair and shall not commit w?ute or p~rmit impairment or deterioration oI the Propsrty and ~hall comply with the provi~tons oi wy leue itthis Mort;a=~ is on a leuehold if thi~ Mort~a~e u on a unit in ~ condominium or a planned unit developement~ BorroMer shall perform all of Borroper's ~ obli~at~oni under tZ~e decla»tion or covenanta crs~tin~ or ~overnin` the condominium or planned unit development, i the by-I*w~ and re~ul~aona of tlis coadominium or planiud uait development, and con~dtueat documeats. ' 7. Protectioe olLender's Beeurlty. If Bonrnv~r tail~ to periorm th~ coveaants and ~eeanenta contaiA~d in this Mortga`e, or if any action or proceedini i~ commeaced ~hich ~m~ter~ally aitecb I.ender's iat,~n~t in the Property, then I.ender~ at Lender'a option, upon notice to Borro~var, may ffiake :uch ~ppearancrs, disburse ~uch ~um~, ir~cludia~ reaaonable attorneys' feea, ~nd takc ~uch action as is necetsary to protect L.ender's interett If I.ender rtquired mortgege inaurance as a condition ot meking the loan stcured by thia Mortgage, Borro~rer attall p~y the premiums required to maintain such insurance in eftect until such time the requirement for auch in'urance urmin~tea in accordsnce with Borrower s and Lender': written ~greement or ~pplic~ble taw. . My sn~ounts disbursed by Lender purau4nt to thi~ pare~rreph ~vith inten~t thereon, at the Note reta, shall become additionel indebtednesa oi Borroaer aecured by this Mortgege. Unleta Borrower and Lender a~ree to othet terms of p~y ment, euch amounta ahall be payable upon notice !ro~ Lender w Bor~wer cequettint payment thereof. ~ Nothing contained in thie pan`taph 7 shall require Lender to ineur any e:pense or take ~ny action henunder. 8. Inspection. Lender may make or esuse to be a~ede rea~n~ble entries upon and inspections of ths Property, provided that Lender ahall ~ive Boreower notice prior to any such inapection ~p~cifying reuonable cauu thenfor relsted to I.ender ~ intsrat in the Property 9. Condeennation. The proceed~ of any sward or claim Ior d~me~ea, direct or consequcntial. in connection ~vith ~ ~ any condemnetian or other takinQ oi the Pmperty. or part thereot, or for conveyaace in lieu of condemnadon, are y. hereby aasi~ned ~nd ahall be pdd to Lender, aubject to the ter~n~ of any mortgs~e, deed oi trust or other ~ecurity egre~ment aith s lien ahich has priority over thit Mortgsge. , ~ . , , ~ 600K V~O PAGE V~ Pege Tao of Four i. - . _ - - _ ~