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Home My WebLink About0197 UN~FO~e~?t (:oveN.rrrs. Borrowar a~?d Lendu covenant and agree as follows: - l. Pay~neM ot Pdaclpal aaa Iat~rest. Bo~rowe~ shall pcomptly pay when due the p~incipal ot and ieterest oo the iadebtrdness evidanced by the Note. p~epayment aad late charges as provided in the Note, and the principsl of and inter+est on any Future Advances secured by this Mo~tgage. Z. Fuads tor't1a:a snd l~aura~ce. Subject to applicable Iaw o~ to a wtitten waive~ by Lende~. Borrowet shall pay to I.eader on.the day monthly installments of principal and inte~est Are payabk unde~ the Note, until the Note is paid in [uU. a aum (herein "Funds") equal to one-twelfth of the yea~ly taxes and assess~nents which may attain priority over this bloregage. and gcound cents on the Propecty. if any. plus om-twetfth of yearly prcmium installmenta for hazard insurance, plus one-twelEth of yearly premium inatallmeats fo~ mortgages iosurance. if a~y, all as reuonably estimated i~itially and from time to tin~e by i.ender oa the basis of assessmeots and biils and reasonable estimata theceof. - The Funds shall be held in an institutioo the deposits or accounts of which aro insured or guaraateed by a Federal or state agency (including I.ender if Lende~ is such aa iastitutio~). l.ender stiall appty the Funds to pay said taxes. assasmenb. iasuranco pnmiums and geouod rcnts. Le~der may not cha~ge [or so holding and applying the Funds. analyxiag ~id acoount, or verifyting aad compiling said auasme~ts and bills. ualess Lender pays Borrower interat on the P~ads aad applicaWa law petmits Lende~ to make such a charge. ' Barmwe~ and Lxnder may agrce in writing at tl~e time of eacecutio~ of this Mortgage that interat on the Funds shalt be paid to Borrower. and unleu _such agament .is made or applicabk !aw requires such inte~est to bo paid, Lender shall not be roquired to pay Borrower any interat or wrnings on the Funds. Lende~ shall give to Borrowe~. without charge. an annual acoouniing of the Funds showing crodib aad debits to the Funds aad the purpose foc which each debit to the Funds wat made. The Funds are plodged as additional security for the sums saured ~ by this riottgage. ~ If the amount of the Fuads held by Lender, togcther with the futu~e monthly installments of Funds payable prior to the due dates of ta~ces. asseumeats. insu[ance premiums and grouad rents. afiaU exoeed tbe amouat required to pay uid taxa. assassmt~ts. iasurance premiunu and ground rents u tbey [all due. such cxcess shall be. at Borrower's option, eithec - promptly repaid to Borrower o~ credited, to Borrower on monthly -installments of Fuads. If the amount of the Funds held by Leader shaU not be su~cieat to pay taxa. e~essments. insurance premiums and grouad renb as thay fall due. Bon+ower shall pay to I.ender any amount aecessary to make up tbe deficiency withia 30 days fmm tha date notice ia mailed by Lender W Borrower requesting payment theroo~. - ~ Upon payment in full of all :uaas secured by this Mortgage. Leader shslt promptly refund to Borrower aay FuAds held by I,eader. If under paragrap6 18 l~ercof the Propecty is sold or the Pmperty is otherwise uqui[ed by I.eodar. Lender shall apply. ra latar than immediately prior to the sale of the Propetty or its aoquisitioe by I.ender, any Fuads hdd by Lender at the time oE applicatioa as a credit agaiast the ~Wns secured by this Mortgage. 3. Applicatisw ot P~. Unless applicabk law provides otherwise, all paymena reaived by I.ende~ under ehe . Note and paragraphs 1 s~and 2 6eroof shaU be appGal by l.enckr 6~st in payment of-anw~ab payabk to Leadar by Bomowar under pacagraph 2 hec~eof. tben to interest payabk oa the Note, then to the principal of the Note, aad thea to inte~st and principal on any Futura Advanoes. - 4. Chaqe~ Lkas. Borrower shatl pay aU taxes. asseasmenb and other charges, ftnes aad impositioas attributabk to tbe Propetty which may auain a priority ovu tE~is Mortgage. aad k~sehold payments or ground reab, if any, in the manner pmvided under psragraph 2 hereof or, if not paid in such manner~ by Borrowe~ makiag payment, when due. directly w tbe PaYee theceof. Borrowec ahatl pranptly furnish to Lender aU aotices o[ amoonts due under this Para~rapb, and in tha eveat Borfower shall make payment direcdy. Borrower shall promptly fu~uish to I.ender reoeipts evideacing snch payments.. Borrower shaU prwaptly dischuge any lien wtiich has priority over this Mortgage: pmvided, that BoRnwer shaU pot be roquired to dischacge aay such lien so long as Bomower shall ag~+ee in writiag to the payment of the obligation~secured by such liea in a maaner acoeptable to Lr.nder. or shaU in good faiW contest wch lien by. or defead enforament of such liea iq kgal proceedings w6ic6 oper~te to prevent the enforoement of the lien or fodeiture of t6e Property or any put tharoof. S. Aasud Iesera~ Borrower shall keep the impruvements now eaistina or hereafter erocted an the Property iosured against loss by Sce. 6sizards iacluded within the term "eactaaded coverage", and wch other huanb ss Lender may requ'ue aad in such amounts and for such pe~ds as l.ender may roquir~e; provided, thzt Leader s6aU not require that the amouat of such covenge eaceoed that amount of coverage requircd to pay the wms secured by this Mortgage. ~ Tbe iawranoe curier proyidiag the iauuanoe shall be clasen by Borrower subjxt to appmval by I.ender. provided, thst such appmval sball not tie unrwsonabty withheld ~ All premiwns on insuranoe policies shall be paid in the manaa provided under paragraph 2 t~ereoE or, if not paid ia such manner. bY Borrower makin8 PsY~~. a?~ ~~~lY ~ the insurance carrie.r. ~ ' . All insuranoe policies aad renewals thenof shall be in fora~ acoeptabk to Lender and shall indude a standatd moctaage clause in favor of u~d in form avaptabk to Lender. Ltader shaU hava t6e right to hold tLe policies and renewals the~eof, and Borr~wer shall pranpUy fun~ish to Leader aU nnewal notice.s and all iecxipb oE paid praaiums. In the event of losa„ ~ Borrowu shall give prompt notice to the i~uranoe carrie~ and L.ender. I.ender may roalce pmof of loss if not made promptly by Borrower. Unless La?der and Borro~wer otherwise agree in writiag. iasuranoe proceeds shaU be applied to ratoration or npair of the Property da~agod, provided such raWration :or repair is oconomically feasibk and the security of this Mortga~ge is not thereby impaircd. If such ratoration or repair is not ceorwmically feasible or if the sxutity of this Mortgage would be impaired, the insurana procoais shall be appliod to the suins secured by this Mortgage, with the excess. if any, paid to Borrower. If tLe Property is abandoned by Bomawer, or if Borrower fails to rapor~d to I.eader within 30 days from the date notice is mailed by Lender to Boreower that the iosuranoe carrier oHen to settk a claim for inwranc~e bea~6ts, Lrnder is aut~wriz,ed w collect aad appiy the insurana prooeeds at Lender's option either W nstoration or repair of the Propetty or to the sums secuced by this Mortga~e. Untess Lender and Borrower Wherwise agree in writiag, any such application of proceeds to principal shall not extend or_postpoae the due date of the iaonthly installmeats`referrod to in parigraphs 1 and 2 hereof or change the amount"of such instaltments. lf und~r paragraph l8 hereof the Property is acquired by L~ender, ap rig6t, title and iaterat of Bonowa in and to any insurance policies and in and to the proceeds thereof reautting from damage w the Propecty prior to the sale - or acquisition shall pass to Leoder to the exteat of the wms secured by this Mortga$e immediatdy prior W sucb sak or acquisition. 6. Praervatbs aei MaieteAaoce of Propedy; Leaseholdr, Condoa~iniua~; Planaed Ueit Derdopments. Borrower shall keep the Property in good npait and s6aU not commit waste or perRnit impaumeat or deterioratioa of the Property aad shall comp(y with the pmvisioas of any lease if this Mortgage is on.a leasehold. If this Mortgage is on a unit in a condominium or a planaed unit development, Borrowa shall perform all of Bornowe~s oWigatioas undu the dxlaration or oovenants creating or governiwg the condomeaium or plaaned unit devebpment, the by-laws and regulations of tfie condomiaium or planned unit devdopment, and coastitueat documents. If a condominium or planned unit devdopment rider is executed by Borrower and reco~+dod together with this Mortgage, the coveaaats and agreements of such rider • sball be incorporated into and shall ameod and supplement tbe coveosnts and agreements of this Mortgaga as if the rider were a part hereof. 7. Protectiow of Lenda's Secariq. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if apy action or proaeding is cmnmenced which materially aHects l.ender's interat ia the 1'mperty. including. but not limited to, eminent domain, insolvency, oode enforcement, or arrangemenb or proceedings involving a bankrupt or deccdeat. thea I~eoder at I.eodec's option, upon notive to Borrower. may make such appearanoes. disburse such sums and take such sctioa u is ueoessary to protect Lende~s interest. including. but aot limited W, disburument of reasonable attorney's fas and entry upon tha Property to make nQairs. If Le~er required mortgage insurance as a--- - condition of making t6e loan secured by this Mortgage, Borrower shall pay tbe preaniums required to maintain such insurance in ef~xt unW such time as the requiremeot for such insurance terminates in acxocdappe yyith Borrowe~s and BO~iG62 P~E ~ _ . _ _ ~-..~,.~.e-.. _ ~ . . - - _ . _ -