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Home My WebLink About0071 . ' ~ I~NIFORII Covuv~xn. Borro~re~ .nd Le~de~ rnve~ant and agree u tolbws: • 1. laYmeot ot hinclpal and Iaterat. Bocrower shall promptlr pay when due the principal oE and inte~est o~ the ; indebtedness evide~ced by the Note, prcpayment and late charga u provided in the Nott. and the principal o[ and intes- ! at o~ any Fucure Advanca secured by thu Mortgage. ~ ~ Y. ~Lnda tor 'Tasa and Iwuraace. Subject to applicable law or to a written waiver bY Lender, Borrower shall pay to Lender on the dap aanthly installmencs of principal and interat are parable under the Note, until the Note is paid i~ ~ (ull, a sum (herein "Funds'~ equal to one-twel(th oI ehe yearlr axes and assessmenu which may attain priority over this ~ Mortgage, and ground rents on the Property, i( any, plus onatwelt~h ot Yearly premium installments (or hazard in:ura~ce. i pius onatwel(th oE ycariy premium insullmenv [or mortgage insunnce, i! any, all as reasonablr estimated initially and irom ? time to time by Le~der o~ the buis ot auessmenu and bills and reasonable atimates theteof. i The Funds shaU be held in an in~titution the deposits or accouna ot which an insured or guaranceed by a Fedenl or swte agencp (induding Lender iE l.endcr is wch an institution). I.ender shall apply the Funds to pay said uxa, asseuments. ~ inwrance premiwas and ground rents. Lender tnar not chuge [or so hoWing and applying the Funds, analyzinq said ac- 1 count, or veri[ying and compiling said asscssmenu and bills, unless Lender pays Borrower interest on the Funds and ap~ ; plic~ble law permits Lende~ to make such a charge. Borrower and Lender mar agrce in writing at the time o[ execution ot i thic ~lortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or~ appliuble la~r requires wch interest to be paid, Lender shall not be required to pay Borrorrer any ioterest or earninqs on the Funds. Lender shall givt to Botrower, without charge. an annual atcounting o( the Funds showing credits and debits to the Funds and the purpose [or ~rhich each debit to the Funds wu made. The Fuods are pltdged u additional xcurity Eor the sutns xcured by this Mortgaga ' lt the amount oE the Funds held by Lender, toqether ~rith che futurc monthly installments o( Funds payable prior to F the due data oE taxes, asscssments, insunnce premiums and ~ound renu. shall exceed the amount required to pay uid taxes, asseuments, insunnce premiums aod gtound renu u they fall due, such excess shall be, at Borrower s option, either promptly rrpaid to Bonower or credited to Borrower on inonchly insallments ot Fundc It the amount ot the Funds held by Lender shall not be sufficient to pay taxcs. ~assessments, insunnct prcmiums and ground rents as theY [all due. Borro~rer shall pay to Lender anr amou~t necesury to make up the deticienty within 30 days [rom the date notice is mailed by Lender ~ to Botrowtr rrquesting payment thercoE. Upon papment in full ot all sums secured by this Mortqai{e, Lender stu11 promptly re[und to Borrower any Funds held by Lender. IE under pangraph 18 herrof the Properq is wld or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediatelr prior to the sale of the Property or its acquisition br L.ender, any Funds held br Lender at the time o[ application as a credit against the sums secured by this ~fortgage. 3. Appliation oE Pa7ments. Unless applicabie law provida otherwise, all payments rtceived by Lender under the ; Note and puagnphs 1 and 2 hereoE shall be applied by Lender tint in payment of amounu payable to Lender by Botrower under pangnph Y herto[, then to interest payable on the Note, then to tht principal o( the Note, and then to interest and principal on any Future Advanca. 4. Charge~ Liena Borrower shall pay aU t~xes, ass~ssments and other charges, fines and impositions attributable to the Property wrhith may attain a priority o~•er this ~fortgage. and leasehold pa~~menu or ground rents, if any, in the tnan- ner provided under puagnph 2 hereoE or, if not paid in such manner, b~ Borrower making payment, when due, direcdy to che payee thereof. Borrower shall promptly turnish to Lender all notices o[ amounts due under chis paragraph, and in the evfat Borrower shall make payment directlp, Borrower shall promptly furnish to l.ender receipts e~idencinR such payments. Borrorrer sh~ll promptly discharqe any lien which has priority o~•er this ~fortgaqe: provided, that Borrower shall not be re- quired to discturyse any such lie~ so lonq as Bonower shall agree in writing to the pa~ment of the obligation secured by such lien in a manner acceptable co Lender, or shall in qood [aith contest such lien by, or detend entorcement o( such lien in, le- - Ral proceedinRs rvhich opente to prevent the en(orcement oE the lien or torfeiture of the Propetty or any patt thereoE. 5. Hanrd In~uranoe. Borrower shall keep the improvements now existing or herea[ter erected on the Propertp in- sured against loss by fite, huards intluded wichin the term "extendcd coverage". and such other hazards as Lender may re- quire and in wch amounts and [or such periods as I.cnder may rcquire: pm~rided, that Lender shall not require that the amount of mch rnverage excecd that amounc of coverage required to pa) the sums secured by this Atortqaqe. The insurance prrier providing the insunnce shall be chosen by Borrower subject to approval b) I.ender: provided. that wch approval shall not be unreasonably ~.ithheld. All premiums on insunnce policia shall be paid in the manner ! pro~•ided under pangnph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. direcdy to ' the insunnce curiet. ` AU insur~nce policies and rene~vals thereof shall be in torm acceptable to Lender and shall include a standard mort- ~ qage ciause in [a~or of and in [orm acceptable to Lendct. Lender shall ha~•e the riqht to hold the policies and renewals thereof, and Borrower shaU promptly furnish to Lender all renewal notices and ~Il receipcs of paid premiums. In the event ~ of loss. Borrower shall gice prompt notice to the insurance carrier and I.ender. Lender may make proot o[ loss if not made prompdy by Borro~rer. ' Unless Lender and Borrower otherwise aRree in Mriting, insurance proceeds shall be applied to restoration or repair of the Property dam~gcd, provided such restoration or repair is aonomically feasible and the securicy o[ chis_ ~iortqage is not thcreby impaired. IE such raturation or repair is not economically Eeasible or i[ the securit~ of this ~tortgage would be im- paired, the insurance proceeds shal! be applied co the sums secured by this :~tortqap,e, with che excess, i[ any. paid to Bor- roxer. If the Property is abandoned by Borrowcr, or iE Borrower fails to respond to L.ender within 30 davs from the date notice is mailed bv Lender to Borrower that the insunnce rarrier of(en to settle a claim [or inwrance benefiu, Lender is authorized to collect and apply the insurance proceeds at Lender's option eicher to restoration or repair of the Property or to the sums secured br this ;?tort~aqe. Unless Lender and Borrower otherwise agree in writing, any such application of procceds to principal shall not extend or postpone the due date o( the monthly installments referred t~~ in paraRraphs 1 and 2 hereot or change the amount of such instillments. I[ under paragraph IS hereof the Property is acquired by Lender, al! right, title and incerest of Borrower in _ and to any insurance policies and in and to the procceds thereof resultinq fmm damage to the Property prior to the sale or ~ acyuisition shall pus to Lender to the extent of che sums securtd br this A~ortgage immediatdy prior ro such sale or acquisition. ' ~ 6. Prcsnsation and 1lfaintenance of Propert}~; Lea~eholds; Condominiumx Planned Unit Devdopments. Borrower sl~all ktep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property ~ and shall comply with tht provisions of any lease if this ~tortqage is on a leasehold. If this ~tortgaRe is on a unit in a condominium or a planned unit de~•elopment. Bonower shall perform all of Borrower's obliqations under the declaration ~ or co~enants creatinq or governinq the condominium or planned unit development, the by-laws and regulations of the condo- 4 minium or planned unit de~elopment, and constituent documenu. I[ a condominium or planned unit development rider is executed by Borrower and recorded toqether with this titortgage, the covenants and agreements o( snch rider shall be in- ~ corporated into and shall amend and supplement ihe covenants and agreements o( this ~fortg~qe as if the rider were a part , ~ hercof. ~ 7. Yrotection of Lender's Security. lf Borrower fails to perform the covenants and aqrecments contained in this _ 4iortgage, or if any action or proceeding is commenced which m~tetially a(fects Lender s interest in the Property, including, but not limited to, eminent dortuin, insoh•ency, code entorcement, or art~ngements or proctedinqs ineol~inq a banktupt or decedent, then Lender at Lenders option, upon notice to Borrower, may make such appearances, disburse such sums - ~nd t~ke such action as is naessary• to protect Lenders interesr, includinq, but not limited to, disburxment o[ reasonable attorney's (ees and entry upon the Propenp to make repain. 1t I.ender required mortgage insurance as a condition oE making the loan secured by this liortgage. Borrower shall pay the premiums required to maintain wch insunnce in ef- : tecc until such time u the requirement for wch insunna terminates in accordance with Borrower's and Lender's written ~ . :"'1 ~ ~c~ ~ . . ~ ~~.a~. . ~ _ _ ~ _ ~ ,9 . ~ . - - ~ w.,.~~