The URL can be used to link to this page

Home My WebLink About0969 UN(FORM COVEhntiTS Borrcwer and Lender tovenant and agree as foHows 1. Payment of PNncfpal and Interest. Borrower shall promptiy pay when due the princ and ~ncerest ~n- debtedness evidenced by the Note and late charges as provided in the Note. 2. Fundi for Taxes and Insutance. Subject ta applicable law or a written waiver t+y Lender. P--ower shall pay to Lender on the day monthly payments of principal and interest are payable under the Note, until thE ;e ~s pa~d in full, a sum (herein "Funds") equal to one•twelhh of the yearly taxes and assessments (including condor-: .um and planned unit development assessments. if any) which may attain prioriry over thi~ Mortgage and ground rer.:s on the Property, if any, plus one-twelhh of yearly premium instaliments for hazard insurance, plus one-twelfth ot yearly prem~um in- stallments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable est~mates thereof . Borrower shall not be obligated to make such payments of Funds to Lender to the extent that Borrower makes such payments to the holder of a pnor mongage or deed of trust is such holder is an institutional lender. If Borrower pays Funds to Lender, the Funds shall be held in an institutlon th¢ deposits or accounts of which are in- sured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shaU apply che Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender may not charge for so hoiding and applying the Funds, analyrng said aceount or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicabie law permits Lender to make such a charge. Bonower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Lender shal) not be r¢quired to pay Borrower ; any interest or earnings on the Funds. Lender shall give to Borrower, without charg¢, an annual accounting of the Funds showmg credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are ' pledged as additional secunty for the sums secured by this Mortgage. If the amount of the Funds held by Lender. together with the future monthly instatlments of Funds payable pri4r to the due dates of taxes, assessments. insurance premiums and ground rents, shalt 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- t;on, either promptly repaid to Borrower or credited to Borrower on monthiy instaliments of Funds. If the amount of the Funds held by Lender shall not be sufficien! to pay taxes. assessments, insurance premiums and ground rents as they 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 fuli of all sums secured by this Mortgage. Lender shall promptly re4und to Borrower any Funds held by Lender. ~ under paragraph 17 hereof the Property is sold or the Prop¢rty is otherwise acqu~red by LendQr, Lender shaU ~pply. no later than immediateiy prior to the sale of the Property or its acquisition by Lender, any Funds held oy Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Apptication of Payments. Unless applicable I~w provides otherwise, all payments received by Lender unde- the Note and paragraphs 1 and 2 hereof shali be applied by Lender first in payment of amounts payable to Lender by So~iu~„r? ui~u~r ~iaia~ea~ i 2~i~re~i. ii~en i~ ir~teresi payabie on the iVaie, and t~ien to the principai o: ihe i~iote. 4. Prior Mortgages and Deeds of Trust; Charges; i.iens. Borrowef shail perfc.~r~~ 4~~ Borrower's obligations under any mortgage. deed of trust or other security agreement with a lien which has priority over this Mortgage, in- ~ cluding Borrower's covenants to make payments when due. Borrower shall pay or tause to be pa~d all taxes, assessments and other charges. fines and impositions attTibutable ro the Property which may attain a priority over this Mostgage and leasehold payments or ground rents. if any. 5. Hasard insurance. Borrower shall keep the improvements now existing or hereaher erected on the Property ' insured against loss by fire, hazards induding 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 insuTance shall be chosen by Borrower subject to approval by Lender, provided, , that such approval shall not be unreasonably withheld. All insurance policies and renewals th¢reof shall be in a form ac- l ceptable to Lender and shall include a standard mortgage dause in favor of and in a form acceptable to Lender. Lender ' shall have the right to hold the policies and renewals thereol, 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 ' notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender is ~ authorized to collect and apply the insurance proceeds at Lender's option eith¢r to restoration or repair of the Property or ~ ro the sums secured by this Mortgage. ~ ' 6. Preservation snd Maintenance of Property; Leasehoids; Condoteiniums: Planntd Unit ? ~ DevelopmenU. Bonower shall keep the Property in good repair and shaU n~t commit waste or permit impairment or ; ~ detenoration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. !f this ; ' Mort3age is on a unit in a condomir.ium or a planned unit development, Borrower shall perform all of Bonower's obliga- ~ tions under the declaration or covenants creahng or goveming the condominium or planned unit development, the by- ? E !aws and regulations of the co^domin~um or planned unit development, and constituent documents. ' ~ 7. ProtecHon of Lender's SecuNty. lf Borrower fa~ls to perform the covenants and agreements contained in this ` Mongage. or if any action or proceeding is commenced which materially affects C.ender's interest in the Property, thr~ t Lender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including ~ reasonable attorneys~ fees. and take such action as is necessary to protect Lender's interest. [f Lender required mortgage ~nsurance as a condition of making the loan secured by this Mortgage. BorTOwer shall pay the premiums required to mainta~n such insurance in effect until 5uch time as the requitement for such insurance terminates in accor~ance with Borrower's and Lender's written agreement or app{kable law. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate. shall become additional indebtedness of Borrower secured by this Mortgage. Unless BoROwer and Lender agree to other terms of pay- ment. such amounts shall be payable upon notice from Lender to Bonower requesting payment thQreof. Nothing con- tai~ed ~n this paragraph 7 shall require Lender to incur any expense or take any action hereunder. ; 8. lnspeetion. Lender may make or cause to be made reasonable entries upon and inspections of the Property, providing that Lender shall give Borrower noti:e prior to any such inspection specifying reasonable cause therefore related to Lender's ~nterest in the Property. 9. Condemnation. The proceeds of any award or claim for damages, direct or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby assi~ned and shall be paid to Lender, sub~ect to the terms of any mortgage, deed of trust or other security agree- ment with a lien which has priority over this Mortgage. ~ • Pac Two of Four ~ r ~~~K 675 9fi9 - ~~~_~w a 3