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Home My WebLink About0539 UNi~~ Covetrntr~'s. Borrower aai Leader cavenant and agroe u follows: o~_~ L~~ fu ~ u.lrn ~~Y t Rf~M~ l. r~~il Y[ ~~1pN ~ Wpw. uu+~uwci 5ua~~ .~,aaaj.Zy Y..'fi ~3L' ~...._.+~+~l~ Af afld H11E[Ei~ OII 1~1E utdebtedaas evidenoed by tba I~lote. Prepayment and late charges as provided in the NWe. and the principal of and intereat on ~n~ Future Advances secur~ed by Ihis Mortsa,~e. lrit tor'11aN Ni t~ca Subject to applicabk law or to a written waiver by i.e~?de~. Bo~rower shall pay to Lender on the day moathty iastalliqenb of priacipal and interest are payabb under the Note. untii tho Note is paid in full. a ~uat (he~ein "Fund~'q equal to oaa-tweUth nf the yea~ly laxes and assesun~nts which msy attain priority aver this Mor~e. and iround nnb on the Propetty. if aay. plus onatwelfth of yearly prcmium inatallmeots for hazard i~urance. M~ ~~1~ at Yoarly p~emiuat i~stallma~ts for mortgage inauranc~e. if any, all u reawnably estimated initialty and fran time to time by Lender on We buis of asseumeata and bilts and rsasonabk estimates thereof. ~ 7Le Punds s6a11 be 6eW ia an institution the deposiis or accounts of ~?hich ~r~e insuted or guaranteed by a Fedenil or atate a~ncy (iacluclina Lender if I,ender is such an i~titution). Lender shali apply the Funds to pay said taua, sssessmenta. iasuraooa p'eminms and p~w~nd reats. I.q~der may not charge fo~ so holding and aPplYing the Funds. analyzirtg said acxount~ or verityins aod oompilina aaid saaessmenb and bilis. uakss Lende~ pays Bonowe~ inten~st on tbe Funds and applicabk law permib Lender to make such a charge. Bormwer aad Leade~ may agree in writing ~t ~he time of execution of this Mortp~ tbat interat pn the punds s1y1~ be paid to Borrower, and unless s~uh agra~nent is made or applicabla law requira such iaterat to be paid~ I.ender s(~all not be requirai to pay Borrower any intec~est ot earnings on the Fuads. I.ender s6a11 ~iv~e to Borrower. witlwut charge, an annual aocounting of the Funds showiag credits and debits to the Funds and the purp~ose for which d~ch debit to the Funds. waa made. The fiu~ds are pkdgod as additional securiry for the sums securcd bY this Mortp~• If tbe attaunt of the Fuad~ hdd by Lender. togtther with the future moathly installmenta of Funds payabk prior to tLe due dates of tues. auasments, insurance premiums and ground rents, shall eacceod the amount required to pay said tues. ~ sis~meats. idsuranoe Prwniums and ground rents as they fall due. such excess sha11 be. at Borrower's option. either proo0ptly re~id to Borrower or crodited to Borrower oa monthly installments of Fuads. If the amouat of the Funda bdd b~? I.eoder s6dt 'not be wHicient to pay taxes. ~ts, iasurance poemiums and grtwnd rents as they fall due, Bo~r+o~?*er s6ap pay W I~eader aay acnount neoesaary to make up tbe deficiency within 30 days fwm the dau notice is maikd by I~eader W Botrower re9uatinE WY~at thereof. v[~ WY~ iu full of all wms secured by this Mortgage. Leade~ ahall PromM1Y ~+efund to Borrower any Funds held by I.eadec. If under paraarapli 18 hereof the Pmperty is soJd or the Property is otherwise acquired by [.ender. Lcnder :6all appiy, no later t6an immediitely prior tn tl~e sak of the Property or its acquisition by Lender. aay Funds held by I~eder at the time of a~dication as a credit agaimt the :ums sxured by this Mortgage. ~ AlNk~~ et lq~aeVs. Un[ess applicabk law provides otherwise. aU paymeats reoeiv~od by Lender uader Ehe Nobe and parasrapds I and 2 6errof sl~all be appliod by Lender $ist in payment of amounts payable to Lender by Borrower under psra,=raph 2 hereof. thea w iate~est payabk on the Note, then to the priacipal of thc Note, and then to interest aad principd on any Future Advanoa, C~e~ Le~s. Bor[~ower shall piy all taxes. assessments and otber charges, ftnes and impo6itions attributabk to t6e Prope~ty which a~ay att~in a priaiity ov~er this Mortgage, aad k~tehold payments or grnund rents, if any. in the manner pruvided under pua~raph 2 heroof or, if not paid in such manner; 6y Bormwer makiag payment, whea due, directly to the PiY'~ theneof. Borrower ahall promptly furnish to Lender all uotioes of amounts due uneier this pangraph, and in tbe ~vent Aorruwer sball make payment direcdy, Borrower shall prompUy furqish to Lender rooeipts tvidencing such }?aymeats. Borrow~a st~all pr~a~ptly disct~arg~e any lien which hss priority over thia Mortgqge; pmvided, that Bon+ow~ shall not be ~ ~+cQtiired to discharge any wch lien so bng aa Borrower shall agne in writiag to the paymeot of the oblisuion secured by ~ wch liw in a man~r aooeptabk to I.ender. or shall in good faith rnnteu such lien by. or defend enforeanent of such lia~ in. kgal pm~eedings which operate w prevent the enfo~+eement of the lien. or forfeiture af t6e Property or any put tlxreof. 3 S. Haznd L~aaee. Botrow~er sha11 keep the impr~vements aow existing or hemafter erocted on tt~e Property iatured ~ agaiatt loas bY b~rds included within the term "extended coverage•., and such other haza~+ds as Lender may require and in such amounts and for such periods as Lender may roquire; provided. that I.ender shall not roquire that t6e amount of ~ sucfi ooversge eaeeed that amount of coversge required to pay the sums socuned by this Mortgage, i 1be iraunnx cartier providing tbe iawrance shall be chosen by BormWrer subject w approval by Lender, provided, a t6at such approval sball not be unreasonably vinth6eW. All premiums on inauranoe policia shall be paid in the manner ~ Pro~?ided under patagrap6 2 heteof or, if not paid in such manner, by Borrower makin8 P~Y~~. a?~ ~~1y to the ~ imuranoe carria.. . M mwranoe pulicies and tenewals iheroof shap be in form acoeptable to Lender and shall include a standard mortgage clause in favor of and in form gcceptabk to_ Lender. Lender sl~aU have the right to hold the poiicies and renewal's thereof, and Borrnwer shall promptly furni=h to Lender-aU renewal notiaes and all raxipts of paid premiums. In the eveat of toss, ; Homower shall give prompt notice to the i~urance carrier and I.~ndor. Lender may malce proof of loss if not made ~xomptly ' by Bomawer. ~ Llnkst Leader and Borrower othe[wise agree ie writiag, insurance proceeds shall be applied to restoration or repair of ~ t1~e Property dunaged, provided such ratoration or repair is ooonomically feasible and the secwity of this Mortgage is ~ not thereby impair~ed. If such c+estoration or repair ia not economically feasibk w if t6e security of this Mortgage would ~ be impairai, tbe i~urance praxais sbail be applied to the sums secured by this MortBage, with the exoe~, if aoy, Paid t to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to I~der within 30 days from tbe ~ date norice is mailed by I.ender to Borrower that the insurance carrier oifers to settle a claim for inwranoe beoefits~ I~nder t a autLorized w uolkd and apply the insuraooe prooxda at I,ender's option either w nstoration or rep~ir of tbe Property ~ or w the wms securod by this MortB,age• ~ ' Unlas I.ender and Bonower otherwise agroe in writing, any such application of proc~eodt to principal shalt not eactead ~ or patpone t6e due date of the monthly instaiiments rcferred to in paragraphs I and 2 hereof or change the amount of we6 icestallments. lf uoder paragraph 18 heroof t6e Property is xcquired by I~ender, all rig6t, titk and interat of Bonower i in and to any iosuranoe poticies and in and to the prooeeds thereof resulting from damage W the propetty prior to t6e sak ~ or aoquisition shall pass to Leoder w the exteot of t6e sums securod by this Mortgage immediately prior to wct~ sak or ~ f. it~aenatlo~ a~i Mai~teoa~ee of Propa~ti, LeaaeboWr Coodomiaiua~ PLa~ed U~it De?doNeab. Bormwer ~ s6alf kap tbe Property in good repair snd shall not c~om~it waste or permit impairment or deterioration of t6e Property ~ aod s6aU oanply wiW the provisiods of any kase if t6is Mortgage is- on a kase6old. lf t6is Mortgage is on a unit in a ~ condaminium or a planned uait development, Borrower shall per[orm att of Borrower's obligatioos under the declaration or oovwaats creating or governing the c~domiaium or planned unit development, the by-laws and regulatioos of ihe ~ condominium or planned unit davelopment, and constituent docwnents. If a condominium or planned unit development ~ rida is eucutod by Bomowa aad roootded together with this Mortgage, the coveoants and agroements of sucl~ rider s6a11 be incorporatod into aud shall amend and supplement tbe covenanta aad agreanents oE this Mortgage as if t6e rider ~ w~ere a p~t her~e~of. 7. lrot~cflo~ ot Lqie~s ~ecuil~. If Borrowet fails to perform the oovenants and agreert~entt contained in. this Mort~e. ot if aoy action or prooeoding is commenced which materially affccts Lender's interest iu the Property, indudins. but not limited to. emiuent domain, insaivency, code enforcement, or arrangements or proceodings involring. a b~oictupt or deoodeat, then Leader at I.eader's option, opon notice to Borrower, rt~ay malce wch appqranas, disburse such wo~ and taka web sciion as u neoes.wy co praect Lender's interest, includiog. but not limitod to, disbu~sement of c~ea~onable atWra~y's fea and entry upon tbe Property to make repairs. If I.ender roquircd morigage inauranoe ~ a cooditan of matin= the ban secured by this Moctgage. Borrower shatl pay the prcmiwos required W maintain such iosuraaoe in eBect until such time as ttie roquir~ement for snch i~surance terminates in uxordanoe with Borrowe~s and , ~ ~ - aooK 273 PA~E 536 - ~ - - . - ..;.~y~,_.,,,o