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Home My WebLink About0799 UklPat~ CaveN~N~rs. Borrower and lxniler cuven:~ni arxl agret as follows: 1. ~a~rif ot P~clpl ~ei lsferat. Botrower shall pmmptly pay whe~ due the principal o( and interesl on the ir~debtednest evidcoced by the Note, prepayment and late charges as pn~vided ~n Ihe Natc, and the principal ot and interest o~ aay Futurc Advances stcurod by this Mortgagc. . I+1~~ tor Tues s~i [wn~ce. Subject to applicable iaw ur ta a writte~ waiver by l.ender. Borrawer shall pay to Lender on the day monthly installments of prirxipal and inlerru are payable under the Notc, until the Natc is paid in full, a:um (herein "Funcb") equal ta one-twel(th at the yea~ly taxec and assessments which may attain prioriry over ~his Mongage. and ground rents on the Pt+operty, ~r a~y, plus or~e-twelf~h af yearly premium instailmeMS tor hazard ir?surance, plus one-twelfth of yeuly premium installmeots (ar e~ongage insura~nr, i; any, a!1 as resx~nably estim•rted initially and trom time to time by l.e~der on the basis of astessments and bills and reasanable estimates thercot. 'ibe Funds shall be l~eld in an i~stitutioo the depcuits or accounts oi which are insurcd or guaraoteed by a Federal o~ state ageocY (i~cluding [.ender if l..ender is such an insti~ution). t.ende~ shail appfy the Funds ta pay said laxrs. assessments, insutane~ premiums and ground rents. I_ender may not charge for x, holding and ap~+lying ~he Fun~f~, analyr.ing saidaccount, or verifying and compiling said assessments and bills, unless Lender pay~ Borrower interest on Ihe Funds and applicable law permits l.ende~ to make such a charge. Bo~rower and Lender may agree in writirtig :4.;. :i::~ =z~_'.:e~ ~f this . Mortgage that intercst on the Funds shall he paid to 8orrawer, and unless such agreement is made or applicable law rcquires such interest to be paid, l.ender shall not tx rcquireJ ta pay Barrawer any interest or earnings an the Funds. t~ndcr sl~all give to Borrower, wilhout charge, an annual accaunting of Ihe Punds showing credits and debits to the Fundc and the putpose for which tach ekbit to the Funds waz made. The Funds are pleclged as additic?nat security for Ihe sums xrured by this Morigsge. If the amount of the Funds held by LenJer, together with ~he futurc monthly installments of Funds payable prior to the due dates of taxes~ assessments. insurance premiums and ground rents, shall cxceed the amount rcyuired to pay said taxes, ass~aments. insurance premiums and ground rents as they fall due, such excess shall be, at Barrower s option, either proaptly rtpaid lo Bormwer or credited to Borrower on monthly installments of Funds. 'If ~the amount of thc Funds held bY Leade~ shal~ not be suf6cient to pay taues, assessments, insurance premiums a~d ground re~ts as they fall due, Bormwer sball pay to L.ee~der any amount nocessary to make up the deficiency within 30 days from tho date notice is mailod by Leader to Borrower requestiog payment thereof. Upon payment in full of all :ums sccured by this Mortgage, I.ender shall promptly refund to Borrower any Funds held by Leader. lf under puagraph 18 hercot the Property i~ sold or the Property is dhervvisc acquired by I_ender. I.ende~ ~ shall apply, no later Wan im[nediately prior to the sate of the Property or its acquisition by Ix~der, any Funds held by I.ender at the time of application as a cr~edit against the sums socurcd by this Mortgage. 3. A~plicatip~ ut p~~eNs, Unless applicable law provides othervvise, all payments received by I.ender unJer the Note and paragraphc ~ and 2 hereof sha~~ be applied by I.c~der first in payment of amounts payable to Lende~ by Borrower under pacagraph 2 heroof. tben to interest payable on the Note, then to the principal of the Note, and then to interest and princ+pal on any Futur+e Advancas. Craraes: IJeas. Borrower shall pay all taxes, assessments apd other charges, Rnes and impositions attributabk to tbe Property which may attain a priority over this Mortgage, and leasehold payments or grcwnd rents,' if any. in the manner provided under paragrapl~ 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the p~yee thereof. Borrower shall promptly iurnish to Lender a!1 notices of amounts due under this paragraph. and in the eveat Borr+nwer shall make paymeat directly, Borrower shall promptly tumish to I.ender roceipts evidencing such payments. Bomower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be requirod to dixharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by suc6 liea in a manner acceptabk to Ltnder. or shall in gooc~ faith contest such lien by. or defenJ enforcement of such lien in. logal proceedings which operate to prevent the enfarcement ot the lien or forfeiture of the Property or any part thereof. S• Hszard la~raoce. Borrower shall kcep the improvements now existing or hereafter erected on the Property insurod - againtt lass by fire, hazards included within the term "eatended coverage", and such other hazstrds as, Lender may rr.quire aad in such amounis and for such periods as Lender may require; provided, that Lencier shall not roquire that the amount of such coverage eacced that amount of coverage required to pay the sums secured by this Mortgage. ~ 'Ibe iasurance carrier providing the insurance shall be chosen by Borrower subject to approva) by Lender, providod~ Wat suc6 approvat shall not be unreasonably withheld_ AN premiums on insurance policiea shall be paid in the manner providod under paragraph 2 hereof or, if not paid in such maoner. by Borrower making payment, when due. directly to the inwranoe carrier. All insurance policies and renewals thereof shall be in form acceptable to [.emler and shall include a standard mortgage clause in favor of and in form acceptahle to t.ender. l.ender shall have the right to hold the policies and renewals thereof, aod Borrower shall promptly furnish to l.ender all renewal ~tices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance carrier and l~nder. Lender may make proof of loss if not made promptly by Borrower. ~ Unless Lender and Borrower oiherwise agree in wreting, insurance proceeds sha11 be applied to restorapon or ropair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is oot thereby impaired. If such restoration or repair is not economically teasible or if iht security of this Mortgage would be impairod, the insurance procoeds sf~all be applied to the sums secured by this Mortgage, with the excess. if any, paid to Borrower. If the Properi}• is abandoncd by 8orrower, or i( Borrower fails to respond to Lender within 30 days from ihe ' date aotice is mailed by Lender to Borrower that the insurahce carrier ofters to settle a claim for insurance benefits. Lender is authorizal to collect and apQly t6e insurance procceds at I_ender's option either to restoration or repair of the Property or to t6e sums securod by this Mortgage. ' Unlas Ixnder and Borrower otherwise agree in writing, any such application of proceeds to prineipal shall not extend or po~stpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of sucb installments. lf under paragraph 18 6eroof the Property is acquired by l.eader, all right, tide and intercst of Borrower in and to any insuranee policies and in and to the proceeds thereof resulting from damage to the Property prior•to the sale or acquiaibion shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or uquisition. 6. hett:Ye~ _sd Maistenance of Propcrty; Lease6old~ Condominium~ Pfanoed Ueit Derdopments. Borrower shall koep the Property iu good repair and shall not comipit waste or permit impairment or doterioration of the Property and sha)1 comply with the ptovisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall periorm all of Borrower s obligations under the declaration or covenants creating or governing the condommium or planned unit development, the by-laws and regulations of the condominium or pianoed unit~ deveiopment, and constituent documerits'. lf a condominium or planned unit development rider is executed by Borrower and recorded togetner with this Mortgage, the covenants and agrcements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. Protectbo of Lesder's Secerity. If Bo~rower faits to perfarm ihe covenants and agrcements cantained in this Mortgage, ar if aay action or proceeding is commenced which materially afiects Lender's interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proccedings involving a bankrupt or daedent. then L.ender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take sueh action as is ~.sary to protect I.ender's interest, inctuding, but not limited to. disbursement of rea~ot~abk attorney's fea and entry upon the Property to make repairs. If I.ender requircd mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums requireci to maintain such iawranee in eftect until such time as ~he requirement for such msurance ~erminates in accordance with Borrower s and s°ooxz~1 ~i~ 7~ - ' ' ~ , ~ =r~~.• ~ -5 ~,'-`t,` . , -