The URL can be used to link to this page

Home My WebLink About1667 UrviFORM CovEN~wts Borrower and Lender covenant and agree as foliows: 1. Psyment of Princlpal and Int~rest. Borrower shall promptly pay when due the principal and interest in- debtedness evidenced by th¢ Note and late charges as provfd¢d in the Note. 2. Fund~ fot Tucea ~nd ttuuraace. Subject to applicable law or a written waiver by Lender, Borrower shall pay to L.ender on the day monthly payments of principal and interest are payable under the Note, until the Note is paid in full, a sum (her¢in "Funds") equal to one-twelfth of the yearly taxes and assessments (including condominium and planned unit development assessments, if any) which may attain priority ov¢r this Mortgage and ground r¢nts on the Property, if any, plus one•twelfth of yearly ,pr¢mium installments for hazard insurance, plus one-twelfth of yearly premium in- stallments for mortgage insuronce, if any, all as r¢asonably estimated initially and from time to time by Lender on the basis of assessments and bilis and reasonable estimates th¢reof. Borrower shall not b¢ obligated to make such payments of Funds to Lender to th¢ extent that Borrower makes such paym¢nts to the holder of a prior mortgage or deed of trust is such holder is an instltutional lender. If Borrower pays Funds to Lender, the Funds shall be held in an institutlon the deposits or accounts of which are in- sured or guaranteed by a Federal or state agency (including l.ender if 1.~¢nder is such an institution). L¢nder shaU apply the Funds to pay said taxes, ass¢ssments, insurance premiums and ground r¢nts. Lender may not charge for so holding and applying the Funds, analyzing said account or verifying an~ compiling said assessments and bills, unless L¢nder pays Borrower interest on the Funds and applicable law permits Lender to mak¢ such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall b¢ paid to BoTrower, and unless such agreement is made or applicable law requires such interest to be paid, Lender shap not be requir¢d to pay Borrower any interest or earnings on the Funds. Lender shaU give to Borrower, without charge, an annual accounting of the Funds showing credits and d¢bits to the Funds and the purpos¢ for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgaye. If the amount of the Funds held by [.ender, together with the future monthly instaliments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's op- tion. either promptly repeid to Borrower or credited to Borrower on monthly installments of Funds. !f the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insuronce premiums and ground rents as th¢y fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender may require. Upon payment in full of all sums secured by this Mortgage. Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 17 hereof the Prop¢rty is sold or the Property is otherwise acquired by Lender, Lender shali apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a aedit against the sums secured by this Mortgage. 3. Applicatton ot Payments. Unless applicable law provides otherwise, ali payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payabte on the Note, and then to the principal of the Note. 4. Prior Mortgages and Deeds of Trust; Chuges; Utn~. Borrower shall perForm all of Borrower's obligations under any mortgage, deed of trust or other securiry agreement with a lien which has priority over this Mortgage, in- cluding Borrower's covenants to make payments when due. Borrower shall pay or cause to be paid al! taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage and leasehold payments or ground rents, if ar.y. 5. Hasard Ituurance. Bonower shall keep the improvements now existing or hereaher erected on the Property insured against loss hy fire. hazards including within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may require. ; The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, ~ that such approval shali not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form ac- f ceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Lender j shali have the right to hold the policies and renewals thereof, subject to the terms of any mortgage, deed of trust or other ~ security agreement with a lien which has priority~over this Mortgage. ~ In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. if the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date E notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance bene4its, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or ~ to the sums secured by this Mortgage. & 6. Preservation and Maintenance of Property; Leasehotds; Condominiums; P~anned Unit ~ Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or ~ deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this ~ Mortgage is on a unit in a condomir.ium or a planned unit development, Bonower shall perform al) of Borrower's obliga- ~ tions under the declaration or covenants creating or governing the condominium or planned unit development, the by- ~ laws and regulations of the condominium or planned unit development, and constituent documents. ~ 7. Protection of Lender's Secutity. lf Borrower fails to perform the covenants and agreements contained in this Mortgage. or if any action or proceedin~ is commenced which materially affects Lender's interest in the Property, then ~ Lender, at Lender's option, upon notice to Borrower, may make such appearances, dishurse such sums, induding ~ reasonabie attorneys' fees. and take such action as is necessary to protect Lender's interest. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to mamtain such insurance in efFect until such time as the requirement for such insurance terminates in accordance with . Borrower's and Lender's written'agreement or applicable law. Any amounts disbursed by Lender pursuant to tFiis-paragraph 7, with interest thereon, at the Note rate, shall become additional indebtedRe55'istB~Srrbt,v~r secured by this Nfortgage. Unless Borrower and Lender agree to other terms of pay- ment, such amounts.shal~bepayable upon notice fror~ Lender to Borrower requesting payment thereof. Nothing con- g tained in this paragraPb.7•-chau Fequire Lender to incur any expense or tnke any action hereunder. ~ 8. Inspectlon..LQ.ndr~.c.may make or cause to be made reasonable entries upon and inspections of the Property, ~ providing that L2nder shall give Borrower notice prior to any such inspection specifying reasonable cause therefore ~ reiated to Lender's interest in the Praperty. g. Condemnation. The proceeds of any award or claim for damages. direct or consequential, in connQCtion with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust or other security agree- ment with a lien which has priority over this Mortgage. Page Two of Four ~ BCG!( PAGE~~~~ ~ ~ ~r-:~ k~-.~ ~ . - ~ ~s , ~ ,