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Home My WebLink About0875 Uxtraa~ CoveH~Nts. 8orrowe~ and l.eoder cove~ant anJ a~~ee as tollc~vs: 1. h~¦ieN of l~c~l ~i iNe~at. Borrower ahsll pnunptly psy whcn due the principa! ot and interest ~~n the ; indebtedr~ea evidenad by the Nwe. prcpayment and late charges as pravi~led in tAe Note, and the principal ot and intercsl ea any Future Advances secured b~r this Mottgste. 1~~Nt for Tws wi Iwr~re. ~bject to applicabk law or to a written waiver by l.ender. Bnrrower shall pay ' to Le~der oo ~he day monthl~r installmenb of prir~cipal and interest are payabk under thc Note, until thc Note ~s paid in tull, a tum (he~ein "Fundt'7 eqwl to o~e-tweltth of It~ yea~ly taxes and assessmen~s which may attain prio~ity over this Mortsaje. snd ~row~d rents oo the Pc~peny. if any, plus onc-twclt~h of yearly prcmium installments tor hazard insurance. plus oaatweltth ot yeuly premium installmeets tor mohgage in:unncc, i( any, all u rcaumably ectimated initially a~d trom time to time by l.eade~ o~ tbe basis ot usasmen~s and bills and rcasooabk estimata thereot. 7Ue Fuads ihall be held in aa institution the depoaits or accounts at which are insurcd or guaran~eeci by a Foderal or stat~ a~ency (includi~8 L.ende~ if Lendsr is such an institution). I.ender shall apply the Funds ta pay said taxes, ssseurrunts, imurance ptemiums aad ~ound rents. Lend~r may not charge for so hc+IJing and applying the Funds, analyzing said account. or verifyin` aod compilin~ said assessmenb and bills. unlas Lender pays Burrower interest on the FunJs a~d applicable law permits I.ender to make such a charge. Borrowe~ and l.e~xfer may agrct in writing at ~he time ot eaecution ot this Mortpae that interat on the Funds shall be p~id to Borrower. and unlas such agrcement is mack or applicable law requircs such interest to be paid. l.ender shall not be requircd t~ pay Bc~rrowe~ any interat or earnings on the Funds. I.ender sha116ive to Borrower, without charge, an annual accounting of the FunJs showing ereclits and debits to the Funcls and thr purpoae for which eacG de~it to the Funds was made. The Funds are plaiged as additional socurity far the sums secureci by thi: Mortp~e. lf tbe amount ot the Fund: held by Lende~, tbgether with the fu~urc monlhly installmcnts of FunJs payabk prior to the due data of ta~tss~ atsessments~ i~uurance prcmiums and ground rents, shall exceed the amouot reyuircd to pay said taxes, assasments. insurance prcmiums and g~ound rcnts u they (all due, such excess shall be, at Borrower's op~ion, either Pranptly repaid to Bormwer or credit~d to Borrower on monlhly installmcnls of Funds. If the amount a[ thc Funds held by Leoder shal) not be sufticient to pay tues, assessments, insurancc premiums and ground rents as they fall due, Bomower shall pay 1o Lender any amount necessary to malce up the deficiency within 30 days (rom the date notice is mailed by l.ender to Bomower roquestia8 paYme~t thereot. Upoa payaneat ia fuU of dl tuma _xcured by this Mongage, l.ender shall promptly rcfund to Bqrrower any Funcis held by l,toder. It uc~d~ puagraph 18 hereof the Properiy i~ sold or the Pro~leny is otherwix acquired by l.ender, I_enJer sball apply. no later than immodiately prior to the sak of the PmpeRy or its acquisition by Ixndcr, any Funds held by I.ender at the time of application as a crodit against the sums socured by this Mongage. 3• A~lieatl~ d~reNs. Unless applicable law provides otherwix, all payments received by Lender unJer the Note aad paragraphs 1 aad 2 i~ereof shall be applied by t_ender 6rst in paymeot of amounts payable to Lender by Borrower under puastaph 2 heroot. tl~en to interat payabk on the Nole, then to the principal ot the Note. and then to interat and principal on any Future Advanoes. E 4. C~e~ Lka~. Borrower shall pay all taaes, assessme~ts and other charga, fines and impositions attributable to I the Propecty which may attain a priority over this Mongage. and lessehold payments or ground rcnts. if any. i~ the manner i providod uade~ patagraph 2 hercof or, if not paid in such manner. by Borrower making payment. when due. dirxdy to the , payee thereof. Borrowu ahall promptly furnish to Lender all aoucu of amounts due under this paragraph, aad in the event Bormwer shall make payment direcdy, Borrower shall promplly turnish to Lender receipts evidencing such payments. Borro~ver shall promptly disc6uge any lien which hu priority over this Mortgage; provided, that Borrower shall not be t+equirod to diachuge any such lieo so long as Borrower shall agree in writing lo the payment o! tt~e obligation securod by ~ suc6liea in a manner axeptabk to Lender. or shall in good faith contcst such lien by. or defend entorcement o[ such lien in. ~ kgal proceedings which operate to preveat the enforcement of the lien or fodeitun of the Property or any part thereof. j S. Nazard lasrraeca Borrower shall kap the improvements now existing or hereafter erected on the Property insured ~ agaia~t loss by firc. hazards includod within the term '=extended coverage", and such other haurds u Lender may require ; wd in wch amounts and for such periods u Lender may require; provided, that Lender shall not tequirc that ~he amount of ! such rnverage excad that unount of coverage required to pay the sums securcd by this Mortgage. f 7be insuranoe carrier providing tbe insurance shall be chosen by Borrower subject to approval by Lender. provided, _ t6at wch appr+nval shall aot be unrezsonably withheW. Al) premiums on insurance policies shall be paid in the manner pmvidod under puagraph 2 hereof or, if aot paid in such manner, by Borrower making payma~t, when due. directly to the ''i inwnace curier. All insunnce policies and renewals thereof shall be in form acceptable to Lender and shall include a standard morigage ctause in favor of and in form acceptable to Lender. l.ender shall have the right to hold the policies and renewals thercof, and Borrovrer shall promptly furauh to Lender all renewal notices and all rcceipis of paid premiums. in the event of loss. . Borrowu shalt give prompt ootice to the insurance carrier and Lender. Lender may make proof ot loss if not made promptly b Borrower. Y j Unle~ Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or rcpair of ~ the Property damaged. provided such restoration or repair is economically feasible and the security of this Mortgage is f not tbereby impaircd. l( such rcstoration or repair is not economically (easible or i[ the security of this Mortgagt would i ~ be impaired. the insuranoe procoeds shall be applied to the swns secured by this Mortgage, with the ea~cess, if any. paid ~ to Borrower. If the Propeny is abancionod by Borrower, ar i( Borrower fails to respond to Lender wiUun 30 days from the f date notice is mailod by Lender to Borrower that the i~uurance carrier ofters to se~de a claim for insurance benefits. Lender ~ ~ is authoriud to collect and apply the insurance procttds at l.ender's option eit6er to restoration or repair of the Property or W th~e sums socurod by this Mortgage. i Unless L.ender and Borrower otherwise agra in writing, any such application of proceeds to principal shall not eatend or po~tpone the due date of the monthly installments referred to in par~graphs 1 and 2 hereo[ or change the amount of { wch iaslallments. I[ under paragraph 18 bereof tbe Property is acyuired by l.ender. all right. tide and interest of Borrower ' in aod to any insurance policies arid in and to the proce«is theroof resulting from damagt to lhe Pmperty prior to the sale ; or acquiiition shall pus to Lender to the extent oE the sums securod by this Mortgage immediately prior to such sak or ~ acqui~ition. ~ ' f. he,~erratbo aod Maistcoaece of PropcAy; Leaschdds; Condomiaiums; Planned Uait Dere{opments. Borrower I s6all hoep the Property in good repair and shall not com~pit waste or permit impairment or deterioration of the Property aad shall comply with the provisioas of any lease if this Mortgage is on a leuehold. If this Mortgage is on a unit in a condomiaium or a planaod unit development. Borrower shall perform all of Borrowera obligations under the declaration or coveoants creating or governing the condominium or planned unit devetopment. the by-Iaws and regulations of the condominium or planned unit development. and constituent documents. If a condominium or planned unit cfevelopment rider is eacecuted by Borrower and recorded together with ~his Mortgage, the covenants and agrcements of such rider s6all be ineorporsted iato and sball amend and supplement the covenants and agreements of this Mortgage u it the rickr were a put her~eof. 7. ~cfio~ ot Le~der's Sa~rify. If Borrower tails to perform the covenants anci agreements contained in this ~ Mortpge. or it any action or proceeding is commenceJ which materially atiects Lender's interest in the Property. includin=. but not limited to, eminent domain, insolvency, code enforcemem, ur arrangements or proccedings involving a b~aluupt ot decodent, lhen l.endet at l,endePs option. upon notice to Borrower, may make such appearances, disburse such ~ sums and take tuch sctioo as is oocessary to Qrotoct l.ender's interest, including, but not limited to, disbursement of rawnsbk attomey's feea and entry upon the Property to make repairs_ I( t.cnder required mortgage insurance u a - coaditioo of makiaa the loan socural by this Mortgage. Borrower shall pay the premiums requircd to maintain such iosursnoe in eQect until such time as the rcquirement fo~ such msurance Ierminates in accordance with Borrmver s and 60014~.~J ( i'~IGE . ~ ~:~~f r:.-:;•- „ . ~,rte~ ``„~.~s~~ ; - ~