The URL can be used to link to this page

Home My WebLink About0919 ~ ~ - ~F ~ U[YIFORM COVek~tvrs. Borrowcr ~?nd l.enclcr covcna~t and agrec as loliows: ' l. Paymtnt of fMRC~ai aed Intetrat. Borrou•er shall prnmptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and lato charges as provided in the Note, and the principal of and interest on any Futurc Advances secured by this Martgaga . t. F~ads for'T~ucer ~Ad Iaqe~. Subject to applicable law or to a written waiver by [.ender, Borrawer shaU pay . to I.cndcr on the day monthly instsliments of principai and interest are payAble undcr thc Notc, anti! the Note is ~aid in full. a a~utt (herein "Funda") equa) to ona•lwelfth of the yearly taxcs and assessments which may attaia prlority ov~r Ihis Mortg~gc, and ground renta on tha Property. if any, plus one-twcif~h of yeatly prcmium installments foc hazatd insurance, , plus one-twclfth of yearly ptcmium installments for mortgAge i~surancc, if any, ali as reasonably estimated iniiialiy anci [rofn time to timc by Lenckr on the basis of ussessments and biits and reasonable estimates thertof. i The FunJs shall be held in an institution the ~depasits or accaunta of which are insured or Ruaranteed by a Federal or . ~ , state agency (including Lender if Lender is such an institutian). Lender shall apply the Funds to pay said taxes, assessmtnts. insurance premiums and groun8 rznts. Lendor may n~t charge for so holding and applying tho Funds, analyzing said account, or veriFying and compiling said assasments and bi1(s, untess Lendcr pays Borrower interest on tne Funds xnd applicablc law permits Lende~ to ma~Ce such a ct~a~gc. Bor~ower and I.ender may agree in writing at Ihe timc of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless suth agreament is made or applicabie law rcquir~ such interest to be paid, Lencier shal! not bc requireci to pay Borrower any interest or earnings on the Funds. I.ender shall givc ta Borrower, without charge, an annual accouRting of the ~unds showing crcdits and dtbits to the Fun~a ar!d thc , purgou for which each debit to the Funds was ntade. The Funda are pledged as additiona! sxutity for the sums stcured ' by this Moriga~e. . . . ` • lf the Amount oF the Funds held by Lender, tobether with thc future monthly installments of Funcis payablc prior to ~ ~ ~ the due dates of taxes~ assessments~ insuranse premiums and ground rents, shall exceed the arttuunt required to p~y ~aid taxes, ~ ~ aaseaaments, insurance premiums and ground rents as they fall due. such excess shall !x, at Borrower's option, ei~her ~ ; promptly repaid to Bormwer or credited to Borrower on monthly installrr~ents of Funds. If the amount of the Funds ; held by Lender shall not be suffici~nt to pay taxes, assessments, insurance premiums ar.d ground rents as they (afl due, ,I Batrowtr shall pay to L.ender any amount naeuary to.make up the deficiency H~ithin 30 days f~om the date n~tice is mailed by I.ender to Borrower request~ug payment thenof. . Upa~ payment in full of all soms aecured by this Mortgage; l.ender shall prampily refond to Borrower any Funda held by under. If under paragraph 18 hercof the Property is sold or the Prope:ty is otherwise acquired by i.ender, I.ender _ - shall appiy~ no later than imtncdiately prior to ti~ sale of the Proparty or ita acquisition by Lender. any Funds h~ld by - Lender at the time of applicauon as a credit against the sums securcd by this Martgage. ; 3• Applk~ of Pay~e~fs. Untess applicabie law pr~vides ot~erwise, all paymenis receivtd by Lender under the ~ Note and paragtaphs. l and 2 hereof shal! be applied by L~nder first in payment of amounts payable tu Lender by IIorrower , under paragraph 2 hereof, t6en to interest payable on the Note, then to the principal of the Note, and t~en to interest and ; principal on any Future Advances. - i . 4. Cbu~es; Lksa. Borrower shall pay all taxes, assessments and other cha~ges, fines and impositions attribut~bk to ~ j the Preperty which ms~y attaie a priority over this Mortgage, and ltasehold payments or ground rents, if any, in ihe manner j provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, whtn due. diroctly to the : paya thereof. $oriower shalt promptly funush to Lender all,notices o[ amnunts due under this paragraph~ and in thc event Bormv?er shall make payment directly, Sorrower ~ shaU promptly_ furnish to L.ender receipts evidencing such payments. ~ Borrower s6a1t prbmptly discharge any tien which has priority over this Mvrtgage; provided, that Borrower shall not be required t~ dischargt any such lien-so long as Borrower shall agree in writing to the paymcnt of the obligation securod hy such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lian in, ltgsl proceedings which operate to ~+reveat the enforcement of tlse lien or f~rfeiture of th~ Property or any part therwf. s• Hazsrd I~wcawce. Bon~wer shs111 koep the improvements no ~v existing or hereafter erected on the Prop,.rty insured - against lvss by fire, hazstds included wiihin the term "extended coverage". and such other hazards as Lender may requi;e ~ and in such amounts and for such periods as Lender may requite; provided, that Lender shall not rcquire that the amount of ~ such coverage exceed that s?mount of coverage required to pay the sums secured by tnis Mortgage. ~ 1be i~urance carrier providing the insuranco shall be chosen by Bonower subject to approval by Lender; pravided, ~ ~ th$t such approva; shalt not be unreasonably .withheld. Alt premiums on insurancc policies shall be paid in the manner i pravic~d uader paragcaph 2 hereof or~ iE not ~aid in such manner, by Borrower making payment, whtn due, ciircctl~ to the insurance carrier. ~ ~ . - All insurari~.e poli~ies and renewals thereof shall be in form acceptable to L.ender and shall include a standard mortgage ~ clause in favor of and in torm accep*.able to l.ender. Lender ch~;! have the right to hold the goticies and renewals thertof, and iiarrower shalt promptly furniah to Lencier all renewal notic:s and alt receipts of paid premiums. 1n the event of loss, ~ Bonower shal) give prompt notice to ihe insurance carrier and Lender. Lender may make proc~f af los~ if not made prompdy , by Borrower. ~ Uatesc Lende~ and Borrower otherv,rise agree in writing, insurance proceads st~al! be appljed to restoration or repair of the Property damaged, provided such restoration or repair is econamicaify feasible and the sl:curity of this Mortgage is ~ _ nat thcreb~ impaired. If such resEoration or repair is not ecc~n~:nical~y feasibJe oi if ihe security of this ~ioctgage would be impaired, the insuranca procer~ds shall be applied to the sums secured by. this Mortgage, with the excess, if any, paid ~ to Eorrower. If the Property is aban~~ned by Borrower, or if Borrower fails to respond to Lender within 30 days from •.he date notic~ is maileci oy I.eader to Borrower that the insurance carrier Qfiers to settle a ctaim for insurance benefits, I.eader ~ is aut6orized to colleet and apply the insurance proceeds at Lender's option either to restoration or repstir of the Property ; ur w ihe swns secured by this Mortgage. . ; ; Uniess Lender and Borrower otherwise agree in writing, any such application of proceeds to princi~+al shall not extend ~ , ~ or postpone the d~u date of the monthly instailments referred to in paragraphs i and 2~:ereof -or change the amount of ~ such installmsnts. If under paragraph t8 htraof the Property is acqu+rtd by L.ender, a!1 right, titk ar,d intenst of Bonower ~ in and to any insurance paticiea and in and to the procee3s thereof resulting from damage to the Property prior to the sak t or acyuisition shall pass to Len~r to the estent of the su~ secured by th;s Merigags irremrdiately prar to su~h sak or ~ acquisition. _ - 6. -YraervatWn ~d Maintenaare o[ Property; f~.ea~e~wlds; Condomintua~s; Planned Ueit Developun~eets. Borrower - skatl keeQ the Property in good repair and shall not commit waste or permit impairment or dsterioraiion of the Propsxty ~ and shall cornply with the provisions of any ltase if this Mortgage is on a leaseho:d. If this Morigage is on a unit in a : condominium or a planned unit developmsnt, Borrower shall perform all of Bonower's oSligations under the declaration t- or cove~snis creating or governing the condominium or planned unit development, the by-laws and rzgutaUons of the ~ condomiaium" or planned unit develapment, and constituEnt documents. 7f a con~iominium or planned unit ckrelopment . rider is -exacufed by Acnower and recorded together with this Mortgage, the covenants and agrcements of such rider ~ sha!! be incorporatcd into and shall amend and supplemcnt the covenants and agreements of this Mortgage. as if the rickr ~ [ wero a gart henof. 7. Protxctioo of I,esder's.Secnrity. If Borrower fai!s to perform the covenants and agreerneots contained in this Mortgage, or if a~y action or proceeding is cammenced which materaatly . af~ects Lertder s interest in the - Property, t ~ inctuding, but not timited to, emineM domain, insolvency, co~E enforcement, or arrangements or proceedings involving a ~ bankrupt or decedent, then L.~nder a~ L.ender's option, upoo notice to Borrosver, may make such appearances. disburse such ~ sums ar_d take t~eh, actio~ as is .neressary to protect L.ender s interest, including, but not limited to, disburaement of r~e:sonable atEorney's fas~stnd entry upon the Property to make repairs. If L.ender required mortgage insurance as a condition of making the foan secured by this ?Qortgage, Bu:?ower shall pay the premiurns rtquind to maintain such iasurxnce iri effect urtti! such time ~s the requirement fcr such insurance terminates in a~co[dance w9th Bormwer's and . - ~ . ~ . ~ . ~ 8~ 3~~2 9i9 - - - ,