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Home My WebLink About0978 • _ ~ . . . _ ~ : . _ _ .~...r UrnFwut Covr,~+~trts. Botrower and Leuder coveaaat a~d a6ret as folb~n: 1, Pa~nent d htadpal and Iatereu. Borrower sha11 proiuptlr pa7 when due the prindpai oE and iatereu on the i~debtedaea evideaced br the Note. pnpayment and late charges as provided in the Note. and the princlpal o[ and iata- at on aay Fut~re Advanca ~ecured by thi~ Morcgage. ~ Y, ~1wds tor 'Taxn aod Iwuraaoe. Subjett to appliable la~? or to a~rtitten waiver by I.ender. Borm~rer shall pay co l.ender o~ the day monthly insallmena of principal and interc~t ur rabk under che Note, until the Note is paid in ! tull, a sum (herei~ "Funds'~ equal to onrnvellch ot the Yeatly taxa and~~na which may actain priority over thit 1?torcgage. and grour?d renu on the Propertp. if any. plus on~twelfth of yeuly premium inuallmena for huard insunna. : plus one-twelfth ot yearly premium i~staUmena tor beortgage insuraace. if anr. all u reawnably atimated initiallr and irom i time to time by L.c~der on che busis ot asses~mena and bills and reasonable atimata chereof. The I~Lnds shaU be held in an institution the deposits or aooounts o[ whith are insured or guannteed by a Federal or ' state ageacp (induding l.ender iE Lender is such an in:titation~ L.ender shaU apply the Fu~ds to par uid qxa. asx~ments. inwrance prcmiwas and ground rents. Le~der may not chatae for w holding and applring the Funds. analrzing said ac , count. or veri[yipg and oompiling said assessments aad bill:. unless Lendtr pays Borrower interat on the Fur~ and ap~ f plinble larv permits Leader eo make such a char~e. .Borrower and I.ender may agree in writing at the time o[ execution of ~ this 1ltongage tlut intetat on the Funds shall be pa~d to Bonower. and unless such agreement is made or applinble la~+ requires wch interat to be paid. I.ender shall noc be required to pay Borrorrer aay interat or earnings on the Funds Lender shall give to Bormwer. without charge. an annual aooounting of the Funds showing crediu and debita to the Funds and the purpose [or which each debit to che Funds wu made. The Funds are pledged as additiorul secvrity tor the sums secured by this Mottgage. IE the amouat oE the Funds held by I.enda. together with the future monthlr installments oE Funds pa~rable prior to the due data o[ wces. assessme~ts, insurance premiuau and ground rents. shall excced che amount required to pay iaid taxa. assessments, insunnce premiums and ground rents at they fall due. such access shall be. at Borrorner's option. eithu ptompd~ tepaid to Bortower or credited to Borrower on monthl~ insullments o[ Funds. II the amount of the Funds held by Lender shaU not be sulfiaent to pay taxes, assessments, insurance premiums and ground rtnts u they fall due. Borro~ra shall pay to Lenda any amount necessary to mate up the deCidencp ~vithin 30 days from the date notice is mailed by Lender to Borrower requating payment thereoE. Upon pa~mnrnt in fnll of all aums stcured by this Mongage. I.ender shall prompdy refund to Borroxer any Funds held by I.ender. IE under patagraph 18 htrrnt the Propertr is wld or the Property is otherwise acquired by Lender. I.ender shall apply, no later than immediately prior to tht sale of the Property or its acquisition by L.ender. any Funds heW br Lender at the time oE application as a credit against the sums secured by this Mortgage. 3. Applintion oE Fareenu. Unlas applicable law provida otherwise. all payments received by Lender undet the ' Note and paragraptu I and Y hereof shall be applied by Lender firu in payment oE amounts payable to Lender by Borrorver ~ under pingraph Y heseof. then co interest payable on the Note. then to the principal of the Note. and chen to interest and principal on any Fuhue Advanca. 4, (~atge~ Z,i~ns, gorro„rer shaii pay all taxes, asseasments and other charges, fines and impositions atttibutable to the Property which may atuin a priority ovet this Mongage. and leas~hold payments or ground rents, if any. in the man- ner provided undtr pangraph Y hereof or. it not paid in wth manntr. by Bomower making payment, when due, direcdY to che paree thereof. Borrower shall prompdy turnish to Lender all notices of amounu due under this paragraph, and in the evEnt Borrower shall make payment directlr, Borrower shall protnpdy [urnish to Lender receipts evidenting wch payatents. Borrower shall prompdy discharge any lien which hu priorit~ o~er this A~ongage: pmvided, that Borroxer shall not be re- quired to dischargt wy such lien so bng as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good taith contest such lien by. or defend en(orcement of such lien in, la gal proaeedings ~rhich opente to prevent the enforcement of the lien or fodeiture oT the Property or any part thereoE. 5, guard Inwranoe. Borrower sluli keep the improvements now exiuing or heraEter erected on the Property ur sured against loss br fire, hazards includtd within the term "extended mvenge". and such other hanrds u Lender may re- - quire and in such amounts and for such periods as Lender may require: provided, that Lender shall not require that the amount of su~ covenge acceed that amount oE co~erage required to pay the suau securcd by this Mortgage. The insunnoe carrier providing the insunnce shall be chosen by Borrower subject to approval bY Lenda: pmvided. th+t s~trh rr+~l shall nnt 1~e nnreasonablv withheld. All prtmiums on insunnce policies shall be paid in the manner ptovided under paragnph Y htrtof or, iE not paid in suth manner. by Borrower making payment, rvhen due, directly co ' the insurance carrier. i All insunnce policia and renewals thereof shall be in form atceptable to Lender and shall indudt a sundard mort- I gage clause in favor of and in form acteptable to Lender. Lender shall have the right to hold the policies and renewals thtreof, and Borro~rer shaU ptomptly furnish to I.ender all renewal notices and all receipu of paid premiums. In the event ~ of loss. Borrowet shall give prompt notice to the insunnce carrier and Lender. Lender may make proof of loss iE not made prompdy by Borrower. ~ Unless Lender and Borrower othetwise agrte in wricing, insurance proceeds shall b~ applied to ratoration or repair oE the propttty damaged. provided wch restoration or repair is economically feasible and the security of this Mortgage is not chereby impaired. IE wch ratontion or repair is not economically Eeasible or if the security of this Mortgage w+ould be im- pairtd, the insunnce proceeds shall be applied w the sums secured by this Mongage. with the extess, it any, paid to Bor- r+oreer. If tht Property is abandoned by Bortower. or if Bortovrer fails to respond to L.ender within 30 days [rom the date notice is mailed by Lendet to Botrower that the insunnce catrier oEftn to setde a daim for inwnnce benefits, Lender is authorized to collect and apply the insunnce praeeds at I.ender'a option either to ratontion or repair oE the Property or co che sums secured by this Mortgage. Unlas Lender and Borro~?er otherwise agtee in ~rriting, any such application of proceeds to principal shall not actend or postpone the due date of the monthly insullments referred ta in pangnphs 1 and 2 hereof or changt the amount of such installments. IE under paragraph 18 heteof the Propercy is acquired by Lender, all right, tide and in[erest of Borrower in and to anr insunnce policies and in and to the proceeds thtreof multing trom damage to ehe Propeny prior to the sale or acyuisition shall pass to Lendet to the extent of che sums secured by this biortgage immediately prior to such sale or acquisition. 6. Praenation and Maintenance of Properq: I.tasehold~ CondominiumK Planned Unit Devdoptaenta. Borro~rer stiall keep the Property in good repair and shall not cotnmit wute or permit impairment or deterioration of the Property and shall comply with the provisions o[ any fease i[ this Mortgage is on a leaxhold. If this ~iortgage is on a uait in a rnndominium ot a planned unit development, Bonower shall perform all oE Borrower s obliqations under the declantion or oovenants atating or governing the condominium or planned unit development. the by-laws and regulations oE the oondo- minium or planned unit development, and constituent documents. If a condominium or plznned unit development rider is ~ execnted br Borrower and recorded togecher with this Mortgage, the covenants and agr~ements of such rider shall be in- corponted into and shall amend and supplement the mvenants and agreements of this 1lfortgage as i[ the rider were a parc E hereof. • 7, protection oE Lender's Sa.vriq. If Borrower fails to perform the covenants and agreemenes contained in this Mortgage, or if any action or proceeding is oommenced ~rhich materially aflecu I.ender s interest in the Property, induding. but not limited to, eminent domain. inaolrency, code enEorcement, or urangements or praceedings involving a bankrupt or decedent. then Lender at Lender': option. upon nodoe to Borrowa, may make such appearanca. disburse such sums and take wch action u is necessary to protect Lendet's interes~, including, but not limited to, disburxment oE rtasonable attorne~s [ees and entrr npon che Propertr to make repain. I[ Lender nquired morcgage insurance u a conditan oE making the loan secured b~r this Mortg~ge. Borroerer s6a11 pay the premiums reqnired to maincain such insunnae in ef- fece nntil such time as the requirement for wch inwrance terminates in accordance wieh Borrower's and I.endtr's ~vritten . ~ F f t~,V~t PACE 91 V