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Home My WebLink About0887 • j• f U~u UovaH~t~rrs. Bortowu and L.ende~ wveoant aod atra u tollows: l. ~w~N ~f ~~ie~1 ri We~asf. Borrower shall promM~Y MY when due lhe p~incipal ot and interat on the wdebtednw evideaoed bp the Nde, prepsymeat and Iste charges u proviikd ~o the Note, and the principal ot aad intercsl aa any Puture Advanca ~ecured by tha Motts~e. 1!~i hr'1~M ~ l~ca S1~bject to applicabb law or to a written waive~ by l.ende~. Borrower shall pay W I.cnder oa the day moathty iastallments oI principal and interest are payabk unde~ the Note. untii the Note is paid in tull, • wm (ber+ei~ "Funds'~ equa! to oae-twelhh of Ihe yearly tues and asxssrtxnts which may attain priority over this Mortp~e, aad ~round ~b on tbe Property. it any. plus ono-twel(th ot yeuiy premium ins~allm~nb for hazar?1 insurance, P~~ ~-~dtth of yeuly premium iastallnxnu (or mort~aae i~sunnoe, it any. all u rca~onably estimated initially and imm tuee to t~me by i.ender on tbe b~is ot a~asmeots and bii~ and reasonsbk atima~a thereof. 'i~e Ptud~ ~bsli be bdd ia aa institutioe the deposib o~ accouna af wrhich are imur~ed or gwraoteed by a Foderal or state a~ency (iacludins L~eoder if Leode~ is wch a~ iuttitution). I.eoder 9hall spply the Funds to pay said tua. auessmeats. ~osuranae p~'emjwns and p~ound reats. l.eoder may not charee (or so holding aod sPplYins the F~mds. analyzi~~ uid accoun~ ot verityiai aod oompilir~ said a~sasrnents and bills. unlas l.ender pays Borrower interest on the Funds and applicable law pernab La~der to make wch a chu~e. Borrower and Lender may agroe in writin~ at the time ot exocution of this Morts,~e that iataat on the Ftind: ahall be ~id to Borrowe~. and ualess such aareement is made or applicabk law ; requitbs such iaterat W be paid. l.endet shall not be required ta pay Borrowe~ any intetat or earnings on the Funda. I.ender ~hal1 pve to Bomower. witbout clurge. an an~ual aocounting of the Funds showing crodits and debits to the Funds and the purpose [or wbich qch d~bit to the Funds was made. The Funds are pledgod as additional ~curity for the sums :ocured - b~? t6is Mort~,~~e. If tbe aa~ount of tbe Fw~ds held by Lender. to~ethtr with the tuture monlhly installments of Funds payabk prior to ~be due dates of tua, aneam~ots, irounnce premiums and ground rents. shall eacoeed the amount roquired to pay said tues, as~men~s. imuranoe ~+remiums and smund rents as they lall due. such excess shsll be. at Borrower's op~ion. either promptly repaid to Bormwer or creditod to Borrower on monthly installments of Funds. !t tt~e amount of the Funds heW 6T L~ader sball not be wBcient to pay tua, a~eesscnents. i~uuranoe premiums and smund rents u they fall due. Bormwe~ sha11 Wy to L.eader any amount neoesaary to make up t6e deticiency w~ithin 30 dari trom the date notice is mailod by Leoder to 8orrower requatint P~Y~nt theroof. UPon WYtnea in [d1 ot all sums ~ecurod by this Mortgaae. t.eader ahaU promptlY refund to Borrower any Funds heW by I.eader. It uoda pirqnph 18 hereof the Propeny is sold or the Property is otherwise acquired by Lender. l.e~der ' shdl apply. ca later t6an immediately prior to the sak of the Property or i~s aoquisition by t.ender. any Funds held by i.eader at the time of applicatioa a~ a credit ~ainat the sums sxu~r~ed by this Mortaaae. 3- A!liie~fo~ at rapr~e~ls. Unless appticable law provida otherwise, all payments roaived by Lende~ under the Mote and puaacaphs 1 aad 2 bereof ahaU be appliod by Lender 6rst in payment ot amounts payabk to I.eodcr by Borrower uoder p~raQaph 2 beroof. thea to interest payabk on the Nde. lhen to the principal of the Nae, and thea to interest and Pn~PV on a~y Future Advanoea. 4- (-1~Re~ Iie~. BorroN?er shall pay all taxes. ass~nts and other charge.s, lines and impositions atlributabk to t6e Pr~opetty which may attsio a priority m~er this MortBage, ud kasehold payments or around reots, if aay. ip the maoner ~ W~o+?idod ~mder paryraph 2 beroof or. if not paid in such maaner. by Horrower makina payment, wheo due, ditectly to tbe WI~'a Borr~?~r ~hap prompUy furnish to l.eader all notioe~s ot amounts due under this paragraph, and in ihe ~veat Bon~ow~er fball oake paymeat direcUy. Borrower shall promptly furnish to Lender roxipts evidencina :uch paymeots. Borro'*rer shall prwnptly discharee aay lieo which hss priority over this Mortgage; provided. that Borrower shall not be ' nequired to d~schar~e any wd~ lien so bng as Bormwer shall agra in writing to the payment of the obliaatiou sxured by i w~h Ika in a manner sooeptsbk to I.ender, or shall in good faith contest such lien by. or defend rnfoncea~t of such liai ia, kpl proc~ediags which opuste to prevent the entor+cement of the lien or [orfeiture of the Property or aay part thereof. 'S• Hmr+~ t~aRa~ca Borrower absll keep the improvements now existing or hereafte~ eroctod on the Property insured ~ a~~t loss bY 8R. huuds included within the term "catended coverage", and such otl~er hazards as L.e~der may roquire and in wch anwunts and for wch periods u Lender may require; Providod. that Leoder s6a11 not roquire that tbe amouat ot wch ooveraae esceed tbat amount of rnvenge roquirod to pay the sums securod by this Mortgage. ' '~e imw~anx ~ur~er Providing tbe irauranoe sball be chosen by Borrower :ubject to approva) by I.ender. provided, ; tbu such appr~nval s6a11 aot be unreasonably withheld. . All premiums on iawnnce policia s6a11 be paid in the maaner i providod under panigraph 2 6ereof or, if uot paid in such manner, by Borrower makin8 paymeat, wbm due, directly to the i i~utanCC Curier. . i Alt inwrance policies and renewals thereot ahall be in form xceptabk to Lender and shall include a standard mortgage I clause in favor of and in form accxptabk to l.ender. Lender shall have the right to hold the policies and rcnewals thereof. f aad Borrovrer shall promptly furnish to i.eoder all renewal ootices and all roceipts of paid premiums. In the eveot of loss, ~ Bomower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of bss if not made promptly ! by Borrower. ~ Uokss Lender and Borrower otl~erwix agree in writing, insurance proceeds shall be applied to ratoradon or repair of s the Property damagal~ providod such rcstontion or rcpair is economically feasible and the security of ihis Mortgagc is f not thereby impaircd. If such restoration or repair is not economicaUy feasible or if the sxuriry of this Mortgage would be impaired, tl~e insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess. if any. paid g to Borrower. I[ the Property is abandonai by Borrower, or if Borrower fails to respond to Ltnder within 30 days from the € date ~tioe is mailod by l.ender to Borrower that the insurance carrier offers to settle a claim for insurance beaefits. Lender E is autborized to colkct and apply the insurance procoeds at Lender's option either w ratoration or rep~ir of ihe Property ~ or a tbe wms secured by this Mortgage. ~ Udas Lender and Bonower otherwix agree in writing, any such application of procoeds to principal shall not extend ~ or postpone the due date of the monthly iastallments referrcd to in par~graphs 1 and 2 heroof or change the amount of suc6 installments. If under puagnpl~ 18 heroof tbe Property is acyuired by i.eoder. all right. titk and interat of Borrower ~ in aad to any inwrance policies and in and to the procoeds thereof resulting from damage to tbe Propeny prior to the sale E or acquisidon shall pass to Leoder to the extent of the surru securod by this Mortgage immediately prior to such sak or ~ acq~~isition. i. heserralio~ a~d Mainteoaece ot Property; Leasc6old~ Condominiunwti Plaoned U~i! pe~dopments, Borrower ; ~hall keep the Property in good repair and s6aI1 not comcpi~ waste or permit impairment or deterioration of the Property j and afWl cortfply with the ptovisioos of any kase if this Mortgage is on a leasehold. If this Mottgage is on a unit in a condominium oF a planned unit dev~lopment. Borrower shall perform all of BorrowePs obligaUons under the declaration or oove4ants creatin= or goretning the condommium or pla~ned unit development, the by-laws and regulations of the emdomiaium or planned ueit development, and constituent documents. If a condominium or planned unit development ~ rider is eacecutod by Borrowu and rccorded together with this Mortgage, the coveoants and agreements of such rider s6aU be incorponted into and shall amend and suppicment the covenants and agroements of this Mortgage as it the rider wero a put beroof. 7. rrotectio~ of [.eader: Seawtky. If Borrovrer fails to perform the covenants and agreements contained in this Mort~ase, or if aay xtion or proceeding is commenced which materially afiects Lenckr's interest in the Property. • includins, buf not limited to, eminent domain, insolvency, code enforcement, or arrangements or ptoceedings involving a baotrupt or docodeet, then Lender at Leoder's option, upon notice to Borrower, may maice such appeannces, disburse such sums aad talce such action u u nocessary to protcet I.ender s interest, including, but not limited to, disbursement of - rea~ooabk attotner's tea and en~ry upon the Property to make repairs. If Lender requircd mortgage insurance as a ooodition of makia` tbe ban secured by this Mortgage. Borrower shall pay the premiums required to maintain ~uch i~uranoe in eHect until such titae u the requirement tor such insurance terminates in accor+danca with Borrower s and ; a~$x ~6~ ~?~t E~5 . ~ - _ ~ _ t . -