The URL can be used to link to this page

Home My WebLink About0941 .j .L. y . 1 ' ..'i 4~~~ : : ' UNIFO1tM COVBNAN?S. Borrower and l.tnder covenant and agrcc as follow~: , ' 1. tqnaeat ot PrMc~al ~1 latetYtt. Borrower ihall promptly pay when duc the principai ot and i~terett on tho indebt~dneu evidenud by the Note, prepayment pnd lete cha~gos ss provided in the Note, and the prIncipal of and intere~t on ~ny Future Advsnces ~ecured by this Mortga~c. 2. lh~ir Eor Trucp ~iud IMnr~ce. Subject to applisdbic law or to a written waiver by I.t~~der, Borrower nh~U pay to T.ender on thc day montMy i~stallmenis of principA! and intecest aro payable under the Note, until the Nota is pald in futl, ; a sum (hercin "Funds") equal to one-twellth of the yea~ly taxes and asseasments which may attain priority o~er thit ~ Mortsa~e, and Qcound renb on the Property, if Any. plus one-twelfth of yta~ly premium installments for hazard iasur~nce~ ~ i plus ant•tweifth of yearly ~remium instnllments tor mortgage insu~ancc, if any. ali 4s nasonably eatJm~t~d ircitiatly and from time to titna by Lander on the basis o~t asaasments and bilis and reasor.zble estimata thereof. ` The Fur.ct~ ahall be held In an institution the deposits or accounts of which are insurec2 or guaranteed by a Feder~l ar { ~ state agency tinctuding Lender if Lenc~er is auch an institution). Lender shall apply the Funds to pay said taxa~ assasments~ E insuranre premiums and ground rents. Lender may not chargc for so holding and appiying the Funds. an~lyzins uid accouni, ' ' or veri[ying and comailin~ said asstssmtnts and bills, unless Lender pays Borrower interest on Ihz Funds and applicable l~w ' permits Lende~ t~ make such a chargc. Bo~rower and Lendcr may ag~ee in writing at the time of executian ot 4hit Mortgage that iate:est on the Funds shall be paid to gorrower, and unless such agreement is m~de or ap~licable 1Rw - ~requira such interest to be paid, Lender shall not be required to pay Borrc+wer any interest or earnings on the Fundt. L.tnder ~ shall give to Borrower, without charge, an annual aceounting of the Funds showing credits and dtbits to the Fundt and the purpose f~~ which e~?efi debit to the Fu~~ds was made. The Funds are pledged as additional security fot tht sums secured j by this Mortga~e. E If the amount of the Funds held by Lender, together with the luture monthly inslallments of Funds Fayable pror to thc due dates of taxes, assessmenls, insura~ce promiums and g~ound rents, shall exceed thc amount raquired to pay aaid~ts~xe~~ . assessments, insurance premiums and ground rents as they fall due, such excess shatl tx, at Barrower's option, either promptly repaid to Borrower or credited to Bo~tower on monthly installments of Funds. If the amount of the Fund= . held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Bortower shatl pay to Lender any amaunt necessary to m~ke up the deficiency within 30 daya from the date notice is maited ; by Lender to Horrower rcquesti~sg payment thcreof. ~ ~ ~ ~ i Upon paymtnt in ful) of all tums secured by this Morigage, l.endcr shall promptly refund to Borrower any Fundt ~ held by L.ender. If under paragraph 18 hereof the Property is sold er thc Property is otherwise acquired by Lender~ Lender ~ shall apply. no later than immediatcly prior tu th~ sale of the Property or its acquisition by L:ender, any Funds held by . Lender at the time of application as a credil against the sums secured by this Mortgage. ~ 3. Appllcstion of Payments. Unless applicable law pruvides otherw~se, all payments received by Lendor under the Note and paragraphs 1 and 2 hereof shall be applicd by l.cndcr fi~st in payment of amounts payable to Lender by Borrower i under para~raph 2 hereof, then to interest payable on the Note, then to the principal of~ the Note, and then to intertft and ~ principal on any Future Adva~ces. _ . ~ 4. Cl~ar~a; Lkns. Barrow~r shall pay all taxes, assessmcnts and other charges, fines anJ impositions attributable to ~ the Property w~hich may attain a prierity over this I?!~rtgage, and leasehold payments or g:ound rents, if any~ in the manr.er ~ provided under paragraph 2 hereof br. if not paid in such manner, by Borrower making payment, when due, dirccdy ta the ; payee thereof. Borrower ahall promptty furnish to Lender a!f notices of amounts due undcr this paragraph, and ia the event ~ Borrower shall make ~ayment direcdy. Borrower shall promptly furnish to L.e~der receipts evidencing such payments. Borrower shal) promptly discharge a~y lien which has priority over this Mortgag~; provided, that Borrower shall not b.e required to discharge any such lien so tong as Borrower shall agree in writing to the paynent of the obligation secur~d by - such lien in a manner accaptablo ta Lender. or sha{{ in good f:~ith contest such lien by. or defsnd enforcement of such lien in, ~ ~ lcaal proceedings which operate to prevent the enforce?nent of thc lien or [orfeiturc of thc Property or any part th=reof. ~ S. Hazard Ie~sunoce. Borrower shall kr.ep the improvcme~ts now exis~ing or htrcafter erected on the Property insured , - against loss by firc. haza~ds includtd within the term "extendeJ coverage". and such other hazards as Lender rnay roquire ~ and in such amounts and for such pe~iods as Lender may require; provideJ, that Le~:ier ~hall not require that the amount of such co~erage excred that amount of coverage req~i~ed ro pay thc sums secured by ~his ~iortgage: "Ihe-insurance carrier providing the insurance shall be chosen by Borrower su~ject to approval by Lender; pruvided, ' that s~ch approval shall not be unreasonably withtield. All prcmiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paym~nt, when due, dirrctly to tht ~ insuraace c~,rier. ( ' All insurance polici-^,s and renewats thereof shall be in form acceptable to Len~er and shall include a standard mortgage clause in favor of and in form accep~ablo to Lender. Le~dcr shall have the right to hold the policies and r~newals thereof, ~ and.Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid aremiums. In the event of I~ss, - ' Borrower shall give prompt notice to the insurance carrier a~d Lender. Lender may make proof of loss if not made Promptly ~ by Borrower. ` ~ i Untess Lsn~er and Borrower othen~•ise agree in writing, insurance proceeds shall be applied to restoration or regair of - ~ the Property damaged, provided such restoration or repair is ~conomically feasible and the security of this Mortgage is : ' r~ot thereby impaired. If such restoration or repair is not eco~~omicatty feasible or i[ the security of this Mortgage would ` be impairod, the insuranc~ proceeds shall ~e appli~d to the sums s~:cured by this Mortgage, with the excess, if any, paid to Borrower. If the Properry is abandoned by Borrower. or if B~rrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender , is authorized to cellect and apFly the insurance proceeds at l.ender's option either io restoration or repair of the Pro~+erty 3 or to she s;~ms sccurcd by this Mortgag~_ ~ - _ ~ Unless Lendxr and Sorrower otherwise agree in writing, any such application o? proceeds to principal shall not extend _ . or postpcne ~he due date of the monthly installments rcfcrred to in paragraphs 1 and 2 hereof or change the amount of suc5 instaltments. If ur_~er paragraph 18 htreof the Property is acquired by ixn~er, all iight, titte and ~nterest af Rorrower ~ in and to any insur~nce poticits and in and to the pr~x:eeds thereof resulting from damage to the Pro~.+erty prior to the sale ' ot acqvisitio~ ~hall pass to L.ender to the extent of t6e sums secured ~y this ~tortgage immediatei~ prior to ~+~ch sale or ~ acquisition. 6. Pre~ervatbn And Maintenance of Prope~ty; Lcs~sehoids; Coodomtniums: fiarned L;nit Deve{opments. Borrower : - shall keep the Property in good repair and shal! not commit waste o~ permit impairment or deterioration of !he Property and shall comply with ths provisions c~f any Icase it this ~+iortgage is on a ieasehald. If this A4ortgage is on a i~nit in a ~ eondarninium c~r a planned un~t development, Borrower shall ~serform all of Borrow•er's obligations under the declaration or covenants creating or goveining the condominium ar planned unit development, the by-faws and regislations of tht cnndomini~m or pianoed unit dtvelopment. and constituent documents. If a condomi~ium or planned ~iniz developnunt rider is executed by Borrower and recorde~ together with this Mortgage, the covenants and agreements of such rider - shali ix incorporated into and shall amend and supplement the covenants and ag~eements of this Mortgage as if the rider were a rart hereof. ~ ~ 7. Protection of L.e~er's 5ecurity. If Borrower fails to perform the cover~ants anJ agreerra~~nts contained in this Mortgage, or if any action or procecding is commenced which materiatly aftects Lender's interest in the Propeny. I including, but not limited to, eminent domain; insolvency, eode enforcement, or arrangements or proceedings involving a ~ bankrupt or decedent, ~hen Lender at Lender's option, upon notice to Borrow~r. may make such appearar.ces, disburse sueh ~ sums and take such action as is ~ecsssary to ~rotec.t Lender s interest, including, but not limited to, disbursement of ; reuonable attomey's fets and eniry upon the Propeny to make repairs. .If Lender required mortgage insurance as a ` conditian of making ihe loan secured by this Mortgage, Borrow•er shall pay the premiums required to maintain such ~ insurance in etiect until such time as the requirement for such insurance terminates in accordance with Borrower's and `y 1 i.- . _ - ~ _ j g : ~ i i. t ~ i a~~`7~ ~~f - - , ; . . i ~