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Home My WebLink About0292 _ ~ . ~ Un[ron~t OoveH~t~s. Hornower and Lender coveaa~t ar~d ag~a as follows: l. ta~eN of hi~clMl aod latee~ed. Bortower ahall promptly psy wt~en due the principal of and interest on the indebtedna~ evideaced by tbe Note, prepaya~ent aad late charges as p~ovidod in the Note. and the principal of and interest oa any Futuro Advances secured by this Mortaase. 2. Fti¦i for 1'~zss a~i lawra~ea Stibject to applicabk Isw or to a written waiver by l.ender, Bormwer shall pay to Leader o~ the day monthly installments ot principal and intercst aro paysbk u~dtr the Note. until the Note is paid in full. a sum (Ne~+ein "Funds'~ equal to oao-twelfth of the ywdy taxes and assessments which may attain priority over this Mortsa=e, and ground reab on the Pe~nperty. if aay. pius oaatvreitth of yearly premium installmcnts for huard insurance. ~ plus oao-twelfth of yearly preinium iastalla~ents for mortgage insuraacc, if aay, all as eeasonably estima?ed initially and from Wae to time by Le.nder oa We buis of as~ssments and bilh and reasonabk es~imates thereof. ~ 'ILe F1~nda stiall be 6eW in aa inatitution the depoaits or accounts of which are insurod or guarantoed by a Federal or state aaency (iacluding L.~oda if Lender is such an iastitution). l~~der shall apply the Funds to pay said taxes. sssessmenta. imuranoe premiutns aad gound rcnts. Lendtr may not charge for so holding and apE+lying the Funds, analycing said acoount. or vetifying and compiliag said assessments and biqs. unless Leader pays Borrower interest on the Funds and applicable law permits L.e~der to malce such a charae. Borrower and Leader may agree in writing at the time of execution of this Mortasge that iaterest on the ~ods shall be p~id to Borrower, and unless such agrcement is made or applicabk law roquires such iate.nst to be psid, l.ender shall not be required to pay Borrower any interost or eamings on the Funds. i.ender s6a11 give to Bormwer. witlwut chuge. an a~nual aocounting of the Funds showing crodits and debits to the Fw~ds and the ~ purpoae for which each debit to t6e Funds was made. The Funds aro pledgod as additional socurity for the sums socured ~ by this Mott~sge. If the amount of the Funda heW by I.ender. together with the future monthly installments of Funds payable prior to s t6e due dates of taaes, assessments, insurance premiums and ground rents, shall exceed the amount requircd to pay said tanes, ! ass~o~eats, inauranee premiums and ground rents as they fall due. such excess shall be, at Borrower's option, either promptly npaid to Bormvrer or crodited to Borrower oa monthly installments of Funds. If tt~e amount of the Funds heW by Lender shall not be sufScieat to pay tases, as~ssmenta. iasurance pramiums and gr+ound rents as they fall due. Borro~wer s6all pay to I~eoder aay amount nacessary to make up the deficiency within 30 days from the date notice is mailed by I~ender to Borr~owcr iequesting payment thereof. Upoa payment in full of al! sums socured by this Mortgage, l.ender st~all promptly refund to Borrower any Funds held by Lender. If under paragrap6 18 hereof the Property i~ sold or the Property is othenvise acquired by l.ender, L.ender ° sball apply, no later than ima~ediately prior ta the sale of the Property or its acquisition by I.ender, any Funds held by ` L.eader at the time of applicadon as a credit against the sums secured by this Mortgage. 3. A~licatba ot Unless applicabk law. provides otherwise. all payments rcceivcd by Lender under the ~ Note and paragraphs 1 and 2 hereof shall be applied by L.ender 6rst in payment of amaunts payable to Lender by Borrower - under pangraph 2 hereof. then to iaterest payable on the Note. then to the grincipal of the Note. and then to interest and principd oa any Future Advanoes. 4. C~e~ Liess. Bomower shall pay all ta~ces, a~ssessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments w gruund rents. if any. in the manner pmvided uoder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, whw due, directly to the p~?yee thereof. Bomower shall pranptly furnish to L.ender ap notices of amounts due under this paragrapb, and in the event ` Bormwer s6all malce paymeat direcUy. Borrower shaU prompUy furnish to I.ender raxipts evideacing such paymeats. ~ Botr~o~wer shall prumptly disc6arge any liea which has priority over this Mortgage; provided. that Borrower sha11 nat be y t+equirod to diacharge any such lien so long aa Borrower shall agree in writiag to the payment of the obligation socured by ; suc6liea in a maaner aooeptabk to l.ender. or shall in good faith contest such lien by, or defend enfoicement of such lieo in, ~ kgat pmceedings which operate to pnvent the enfonxment of the lien or fodeiture of the Property or aay part ihereof. f S. H~zard I~~a~ee. Bocrower shall keep the improvements now existing or hereafter erecied on the Property iasured ? againit loss by 5re. 6azards included within the term "extended coverage". and such other hazards as I.ender may require and in suc6 amounts and for such periods as Lender may roquire; providod, that Lender s6a11 not require that the amount of suc6 rnverage exoeed that amount of coverage required to pay the sums secured by this Mortgage. ; 'Ibe insurance carrier providing the iawrance s6a11 be cho6en by Bomower subjoct to approval by L.ender. pmvided, # that auch approva! s6a11 not be unreasonably withl~eld. All premiums on insurance policiea shall be paid in the manner provided under paragraph 2 hereof or, if ~t paid in such manner, by Borrower making payment, when due, dinctly to t6e ~ iosurance c~rrier. ' All iawrance policies and reoewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of and 'an form acceptable to Lender. Lender shall have the rig6t to hold the policies and renewals thereof, t and Borrower shall pmmpdy furaiah to Lender all renewal notices and all receipts of paid premiums. In the eveat of loss, E Borrower shall give prompt notice to the ir~turance carrier and Lender. Lender may make proof of Ioss if not made promptly by Bormwer. ~ ~ Unlesa Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or repair of i ~ the Property damaged, providod such restoration or repair is economically feasible and the security of this Mortgage is i not thereby impaired. If such restoration or repair is not economically feasible or if the socurity of this Mortgage would be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage, with the ra~cess, if any, paid to 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 L.ender to Borrower that the insurance carrier offers to setUe a claim for insurance benefits, Lender is authorized to collect and apply the iosurance praxeds at Lender's option either to restoration or repair of the Property or a the sw?u securod by this Mortgage. ~ Unless L.ender and Bonower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or postpooe t6e due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of ; wch installments. If uoder paragraph 18 hereof the Property is acquired by Leader, all right. tide and interest of Borrower ~ in and to any iasuraoce policies and ia and to the proceeds Wereof resulting from damage to the Property prior W the sale - or acquisition shall pass to I.ender to the extent of t4e sums secured by this Mortgage immediately prior to such sale or ac9uisition• - f. ~Preatrvatba s~d Maioteaance of Property; Lease6oldc; Condomiaiuua~ Plaaned Uoit De~dopments. Borrower ; s6a11 keep the Property in good repair and s6all not comroit waste or permit impairment or deterioration of the Property ~ ~ and shall comply with the pmvisions of any kase if this Mortgage is on a leasehold. If this Mortgage is on a unit in a r ~ condominium or a planne~ unit development. Borrower shall perform all of Borrower a obligations under the declaration ~ or oovenants creating or goveroing t6e condominium or planned unit development, the by-laws and t+egulations of the - c,ondominium or planned unit development, a~d constituent documents. If a condominium or plannod unit development - rider is exacutod by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider :hall be incorporated into and shall amend and supplemeot ihe covenants and agreements of this Mortgage u if the rider - ~ were a part hereof. ' 7. !'rot~ctio~ d Lesder's Secwity. lf Borrower fails to perform the rnvenants and agreements contained in this { Mortgage, or if aay ution or proceeding is wmmenced which materially affects Lender's interest in the Property, i including. but not limited to, eminent domain, insolvency, code enforcement, or acrangements or proceedings involving a banlcrupt or daxdent, tben L.eoder at Lender's option, upon notice to Borrower, may make such appearances. disburse such :ums and tak~ st~ch action as is nooessary to protect Lender s interest, iAclbding. but not limited to. disbursement of reawnabk attomey's fea and enu7? upon the Property to make repai~-s. If Lender required mortgage insurance az a _ condition of making the loan socure~ by this Mortgage, Borrower shall pay the premiums required to maintain such inwraox in eHect until such time u the requirement for such insurance terminates in accordance with Borrower s and " . ~ ~ ~ °~ao~ c?..~7' ~ f , - s.~. Y~