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Home My WebLink About0877 'i ~ Ut+tt~oRN Goveri~r~r~. Botrower and L.ende~ oovenant and agroe u foliows: l. lywe~t et te1~eIM1 aM l~fa~aA. 6wrower ahall p~anM~Y WY Whe~ due tde principal ot and interat on the indobtednas avidenced by the Note. prepaymeat aacl late charges as ~xovided i~ the Noto. and Ihe principai ot and intec~st ~ aa aay Futun Adva~x~ :ecured bp thi~ Morc~a~e. ~ Ih~i toe Ta~us aM l~ea Subject to applicabk law ar to a written waivcr by Lender, 8orwwe~ shaU paY to Lender on the day moathly imtallme~ts ot principal and interest aro payabk unde~ the Note, until the Note is paid in full. • wtn (hecain "t~ndt'~ eqwl to o~eo-twelfth of the yearly taxes a~d assessmeots which may attdn priority ovor this 1Kortja~, and ~mund renb oa tbe Propeny. if aay. plus one-tw~elfth of yeuly premium installmenb for hazard insurance. P1~ ~~f~ ~ Y~1Y P~~~ ~~n~s for matgaae inu~rance. if any, all as re~onably estimatod initially and trom time to qme by I.eader oa tbe basis of assessments a~ bilh and reasonabk estimatea thereof. ~ The P~nda ~hall ba beld in an institution the depo~iu or accounts of which are insuerd or guanntoed by a Fedenl o~ sta~e asa~cy (iacl~ding I~eader if Le~der is such an iostitution). Lcnckr shall apply the Flinda to p~y said taxes, assessments. iasuranoe preaauna aad g~amd reats. Lender may not charge for sa holding and aPplying the Funds, analyzing said accoun~ ' oc verifyius and campitins said assessments and bills. unkss Leader pays Borrower interat on the Funds and applicabk law pe~rnits Irender to make sw:h a cbuae. Borrowe~ and Lec~der may agroe in writing at the time ot exxution of this Morts,s~ tbat iaterest on the F~ads s6a11 be p~aid to Horrower, and unless such agreement is made or applicabk law requiras wch interest to be pa~id, Lender shall nM be required to Qay BoROwer any inter~est or earaings on the Funds. Lender :6a11 pve to Horrower. without charge, an annual accountins of tbe Funds showing credits and debits to the Funds and the purposeMfor which q~eh debit ta t11p Funds was made. The Funds are plodgod as additional security for the sums secured ` 1f the antount of the Funds hdd by Lenckr. together with the future monthly installments of Funds payabk prior to the due dates of hXa. sssasmeata. in~uranoe premiums and ground rents, ahall excocd tbe amount required to pay said taxes. . as~swm~a~s. insurance pramiums aad ground nats as tl~ey fall due. such cxcess shall be, at Borrower's aptian, either ' promptly repaid to Horrower or credited to Borrower oa monthiy installments of Fw~ds. If tbe amount ot the Funds hdd by I.eader shall not be su~t to psy tues, as~ssaia~ts. i~ura~e pacniwns and gawnd rents as they fall due, Borro~?ec s6aU pay to Leader aay amount neassary to make up the deficieacy vvithin 30 days from the date notice is mailed 6y I.eude~ to Bomowec recl~o6 WY~nt thereof. _ Upoa paym~nt in full of ap wma secured by this Mortgage, Lender shall promptly refund to Borrower any Funds - 6dd by? I.endex. If unda paragraph 18 hereof the Property is sold or the Property is othe~wise acquired by I.ender. I.ender ~6all apply, no later thaa immediately prior to the sak of the Property or its aoquisition by Le~der, any Funds held by L~ender at the time of applicatioa as a credit sgainat the sums securod by this Mortasge. 3. Appiicatio~ ot l~pa~eab. Unkss applicabk law pmvida otherwise. all payments receivod by I.ender under the . Note and paragraphs 1 and 2 hereof shall be apptiod by Leader 6rst in payment of unounts payabk to Lender by Borrower under paragraph 2 heroof. thea W interest payabk on the Note, then to the principal of the Note, and thea to interat and pria;ipal on aay Futurc Advanas. : ~t. C~ IJe~s. Borrower shall piy all taxes, u~essmeab and other charges. tines and impositions attributabk to the Propeity which may attain a~ioritY over this Mortgage, aod kasehotd payments or grnund rents, if any; ia t6e manner pravided uoder para~raph 2 bereof or, if not paid in such man~er, by Borrower making payment, when due, die+ecUy to the psy~ee thereof. Borrowa aLaU PmmWly furnish to Leoder aU aotioes of amoun~ due unckr this paragraph, and in the eveat Boauwer sball malce payment direcUy, Borrower shaU pranptly furniah to Lender reoeipts evidenciag such paymeou. Bor~+ow~er shaU piamptfy di:cbar~e snq liea which ha~ priority over this Mortgage; prorided. that Bornower shaU not be - required W di'ct~r~e aay wch lien so lo~g ss Borrower shall agrce in writing to tue payment of the obligation securod by . sucL lien in a manner sooeptabk to I.eadsr. or shall in good faith contest such lien by. or defend enforcernent of such lien in, kgal proceedings which operate w prevent the. enfoc+ament of the lien or forfeiture ~of the Property or any put thereof. S. Hasar~ 1ia~ra~ee. Borrowa s6ai1 koep the improvements now eacisting or hereafter erectod on the Property imurod ~gaiott loa by 8re, 6azards included within tbe term "extended ooverage,•. and wch other hazs~ds as Lender znay roquire and ia wch amouats and for such periods as Lender may require; prmided, that Lender shall not requirt that tbe smount of wch oovera~e exoeed that amount of covenge raquirod to pay the sums secured by this Mortgage. '!be inwrance c~uYier pmvtding tbe iawranoe shali be chosar by Borrower :ubject to approval by Leoder, provided. that wch.appmval s6a11 not be unreasonably aith6eld. AU premiums Qn iRauranoe policies shall be psi~ in the mwner provided under paragraph 2 henof or, if not paid in such manner. by Borrowa making paymeot, Rhen due, directly to the ina~rance curia. . . . ~ M inaurance policies aad reoewals ttxroof a6all be in form acoeptable to Lender and shall include a standard mortgage ° claose in favor of aad in form aaxptabk [o Lender. Lender s6all have the right to hold tbe policies and reaewals thereof, ~ and Borrower shall promptly furnish to Lender all renewa! notioes and alt reoeipts of paid premiums. In the eveot of loss, . Bomuwer shall Sive prompt aotice to the insuranoe carrier and I.ender. Lender may make proof of loss if not made promptly by Borm~wer. Unku Lender and Borrower otherwise agree in writing, insuranoe proceeds shall be applicd to ratoration or cepair of ~~~Y Providod such restontioo or repair is ecorwmically fe~sibk and tbe security of this Mortgage is nM t6ereby impaired. If sucb restoration or repair a not economically feasibk or if the security of this Mortgage would - be impaired. t6e inauranoe proceeds shall be applied to the sums secured by this Mortgage, with the eacasa, if any, Paid ' W Borrower. If the Property ia abandonsd by Borrowu, or if Borrower fails to respond to L.ender within 30 days from the date notiee is mailed by Lender to Borrowa that the iasurance curier offers to setQe a claim for insunnc~ benefits, Lender is suthoriud to cafled and apply ibe i~rance prooeods at l.ender's option eithcr [o restoration or rep~ir of the Property or w the su~ securod by this Mort~e. Ualess Lender aod Borrower otherwise agroe in writing, any suc"h application of procads to principal shall not extend or patpone the due date of the monthly installmeats referred to in paragraphs I and 2 hereof or chac~ge the amouat of such i~tattments. If uadu paragrapL !8 hec+eof the PropErty is acquired by Lender, all rig6t. titk and intereat of Borrower in and w any insuranoe policia and in and to tLe prooxds tberoof raulting fmm damage to the Property prior to the sak or soquisition shall poss W t,ender to the extent of ibe suma secured by t6is Mortgage immediatety prior to such sak or ao4uaitio~n• . f. ~aer~stio~ ai Mai~te~a~ee oi rro~e+lR Lea~erol~ Coadomi~ia~ Plaued U~ De~do~weab, Borrower shall keep t6e Property in aood repair aod shall not com~pit waate or permit impairment or deteriontion of the Property aad sbap camply with the provisions of any kase if this Mortgage is on a leasehold if this Mortgage ~ on a unit in a condomiaiuad or a planaed unit devdopment, Borrower shall _ perform all of Bornowet's obligation: under the_ deciaration or c~oveaaab crcatins or governing the condominium or planaod unit development, the by-laws and regulations of the ooodomiaium or planned uuit dev~elopment, and vo~titue~t documents. If a condominiwn or planned unit devcbpment rida is executod bryr Borrowa and recorded together with this Mortgage~ the covenaats and agreemeots of such rider shatl be incorporated into aad a6a11 amead and wppleiaent the ooveaaats and agreements of this Mortgage as if the rider w~ere s put bec~eot. . 7. te~afeelia¦ of I~ea~er'a Secrril~. lf Borrower fails to perform the oovenants and agreemenb contained in this ~ortsa~e, or jf a~r actioa or ptoceeding is commeaoed which materiailr aHcets Lender's interest in the Property. includin~. but not limited to, emineM domain. inaolvency, code enforrtment, or arrangements or proceed'mgs involving a b~o,l~cupt or deoedent, then La~der at Ltnder's option, upon notice to Borrower. may make such appearanca, disburse such wm~ and take suc6 setlon as ii neoawy W protoct Lende~s interest, including,_ but aot limited to, disbu~t of na~onabk ittomey's fea and entry upon the Property to make repairs. lf Lender roquired mortgaae iasuranoe a~ a ooadition of msilcina tbe bao ~ecured by t6is Mortgage. Borrower shall pay the prcmiums requirod W maintain wch iaruranoe in e~eei unW wch tima u the requirement for such insurance terminates in accocdina with Borrower's and `i i - dC~K ~7~ PACE 8~ - -Y--- - -