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Home My WebLink About0101 . . ~ ~ ~ ~ ' ~ • , UNtfoaw CovEr+.~rns. Bcnowu s~d l.ei~der coveoanr and asra as tnllows: 1. hp~wewt ot l~e1N1 a~i INere~f. Borrower shail P~omW~r Wy wlwee due the pri~cipat ot and ir?te~est on the indeMednas.evideaad by the Note. prepayaaent aad latt cl~a~cs as provEded in the Nota aed tAe pri~ecipsl of and intefest on aay Fwu~ Advance: sxured by this Moresa~. . Z. FrM~ ~er 7Lan~ sM Iw~~ce. Sueject to applicabk law or to a wtittea waiyer by E.eoder. 8o~rowe~ shail WY to Len~ on the day monthly installanents of principal and intsrcst are payaWe unde~ the Note. unti! the Note is paid ie (ull. a:um (hereio "Fund~'7 eqwl to one-twelfth ot the y~ea~ly tazes aod assasments which n~ay attsin priorit~r ove~ this Morisase. and `round re~ts on the Property. if a~y. plus one-tv~rclfth ot yeuly Premium instaliments (or hazard insun~ce. plus oae-twelfth ot yeuly premium iastallments [or rnonp~e insunnce. iE aoy. all as r+e.asonably estimated initially a~d ttom time to t~me by Lender on tbe buis of assessma~t: and bills and re~sonabk estimata tl~ereof. 71ie Funds shall be hsld i~ an institution the deposits or accounts of which are insured o~ guan~tad by a Federal or ' state ageocy (iocludina Lender if Lender is such an institu~ion)• l.ender shall apply thc Funds to Pay said tua. asxssments. iasuranoe premiums aed ~ound rcnts. Lender may not char~e fo~ so holdina snd applyina the Funds, analyzina said account. ~ or verityinE and compli~g uid assessments artd bills. unlas Lendtr pays Bonower interest o~ tbe Funds and a{+plicable iaw permits Leoder to make such u charge. Borrowe~ and l,ender may agree in writing at the time of execution of this Mortaaje that ioterat on the Fut~ds shali be paid to Bormwer. and ualas such aareement a made or spplicable law • rcquircs wch ieterat to be paid. Lender shall not be requind to pay Borrower any interest or earaings on che Funds. I.ender • shatl 6ive to Borrower, without charge. an annual accountiog of the Funds showins cnedits a~d debits to the Funds ar~d the purpose tor which eaeh debit to the Fuads wai made. Tbe Funds are plodged ss additional xcurity for the sums secured by this Mortsaje. If the amount of the Funds held by Lender, together with the lut~:-s monthly installments of Fu~ds payabk prior to the due data of tues, assessments. insurance pnmiums ar.~i ground rYnts. shall excood the amount rcquircd to pay said taxis. assasmeats, insunnce prcmiums ind ground rents u they fall due. such eaceu shall be, at Borrower s option, either promptly repaid to Borrower or credited to Bormwer on monthly installments of Funds. lf the amou~t of the Funds held by Lender shall not be sufficieat to pay uxa, assasments, i~surance premiums and ground rcots as they fall due, Borrower shall pay to Lender any arriou~t necessary to make up the deficiency within 30 days from the date notice is mailed by Lende~ to Horrower requating payment thereof. = ` u~ wyme~c i~ full of all sums secuted by this Mor~gage. I.ender shall promptly refund to Bormwer any Funds ` held by Lender. If under paragraph 18 hercof the Praperty is sold or the Property is wherwise acquircd by Lencler, Lender sball apply, no later than immediately prior to the sak of the Propeny or its acquisition by Lender, any Funds held by [.eader at the time ot aFplication as a credit against the sums secured by th~s Mortgage. 3. A~licalioa of Ps,rwe~ls. U~less applicable law provieies otherwise, all payments received by Lender u~der the Note and paragnphs 1 aad 2 hereof shall be applied by I.ender first in payment of amounts payable to Lender by Borrower' j under paragraph 2 henof, then to interest payable on the Note, then to the prirecipal of the Note. and then to interat and ~ principal on any Future Advances. _ ; 1. Cha~es; Liens. Borrower shall pay ali taies. assessments and other charges. finr and impositions attributabfe to ' tt~e Property which may attain a priority over this Mortgage, a~:d leasehold payments or ground rents, if any, in the manaer provided under paragraph 2 hercof or, if norpaid in such manner, by Borrower making payment. when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all netices o[ amounts due under this pangnph, and in tMe event Bor~wYr shall make payment directly. lbrrower shall prumptly furnish to Lxnder rcceipts evi ;encing such payments. Borrower shall promplly discharge any lien which hu priority over this Mortgage; provided, that @orrower shall not be rcquired to discharge any such iien so lang as Borrower ~:iall agree in writing to the payment of the obiigation xcurcd by such lien in a manner acceptabk tQ Lender. or shall in good faith contest wch lien by. or defend enforeement of such lien in. ' kgal proceedings which operate to prevent the en[urcement ot the 6en or forfeiture of the P~operty or any part ~hereof. S. Hazard [a~rasce. Sortower shall koep the improvements ~ow eaisting or hereafter erccted o~ the Property iasurod against loss by fir~e. haurds included within the term "extended coverage and such otMr haurds as Le~er may require ~ ' , and in such amounts and fot such periods u Lender may require; providai, that Lendt~ shall rwt require that the amount of ~ such coverage exceed that amount of cove:age rcquired to pay the sums securcd by this Mongage_ _ ~ j The iasurance carrier providing tbe insurance shaU be chosen by Borrower subjoct to approval by Lender. providod. ! that such approval shall not be unreuonably withheld. All prcmioms on insurance poiicies shall be paid in the manner 'I Provided under puagnph 2 hereof or, if not paid in such manner. br Bonower makina payment. when due, directly to the . insuraoCt Cattiet. - All insurance policies and renewals thereof shall be in form xaptable to Lender antd shall include a standard mortgage ~ clause in favor of and in form ueeptable to Lender. Lender shall have ihe right to hold the policies and rcnewals thereof. and Borruwer shall promptly furaish to Leader all renewal notices and aIl receipts of paid premiums. In the event of loss. ~ Borrower shall give prompt notice to Ihe insurance carrier and Lender. Leoder may make proof of loss if not made promplly ! by Borrower. ~ I Unlas Lende~ and Borrower otherwise agr« in writing, insurance procceds shall be appliod to restoration or repair of ~ the Property d~maged. providtd such restoration or repair is economically feasibk and the security of this Iuiortgage is ~ nat thereby impaired. lf such restoration or repair is not economically fusible or if the security of this Mortgage wauld ' be impair+ed, the insunnce proi:eeds shall be applied to the sums secured by this Mortgage, with the ea~cess, if any. paid to Borrower. lf the Froperty is abandoned by Borrower. or if Borro~+ver tails to rapond to Lender within 30 days from the date notice is mailod by Leader to Bor~ower that the insurance carricr oHers to settk a claim for iresurance benefits. Lender is authoriud to col!ect and apply the insurance procoeds at Lender's oqion either to ratoration or repair of the Property or to the wms s2curod by this Mortga~e. - ~ Unless Lender and Botrower otherwise agree in writing, any such application of procer~s to principal shall not extend or postpone the due date of the monthly inuallmcnts referrcd to in paragraphs 1 and 2 hereof or change the amount of : such installments. I[ under puagrapb 18 hereof the Property is acquircd by Len~r, all right. titk and interest of Bonowu . ' in and to any insurance policia and in and to the procseds thercuf resultiog from damage to t6e Property prior to the sak i , or scquisition shali pus to Lender to the extent of the w.~ socure~ by this Mort=age immediately prior to such sak or ? acquisition. ~ f. Trtservalia~ a~i Mai~tews~ce of Prope~ty: I.~ol~s; Cooaomiai~e~ Mwa~d ~J~ Devdopw~ests. Borrower stall ketp the Propecty in good repair ~nd shall not commit wastc or permit impairment or dtterioration of the Property f ~nd shail comply with the ptovisions of any lesse ~f this Mortgage is on a teasehold. If this Mortgage is on a unit in a ~ eombtninium or a planned unit developmsnt, BotrovrM shall perform all of Bormwer s ob!igations under the declaration or covenants creating or governing the condominium or planned uni[ development. tlu by-lsws and re~•:ations of the - condaninium or planued unit developrt~ent. aad constineent docwnents. IE a condominium or planned unit dcvelopment ~ rider is exauted by Botrowu and recorded together with this Mortgage. the covenants and agreements of such rider ~ s6a11 be incorporated into and shall amead and supplement the covenants ~nd a~reements of this Mortgage u if the rider i were a part heroof. ~ : 7, rrotcctios uf I,e~ier's Seco~iryr. It Borrower fails to perform the covenants as~d agraanents contained in this Mortgage. or if any action or proceeding is commenced which materially aHects Lender's interest in the Property, • _ including, but not limited 10. w-~intnt da~ain, insolvency, ca~ie enforcement, or ar:angements or Proceedings involving a ~ bankrupt or decedent, !hen Lender at Lcnder's opion, upon notice to Borrower, may make such appearanca, disburse such ` surns and taka such action u is noces.wy to protect Lender s interat. inciuding. but rat limited to. disbursement of ~ teasonabk attamcy's fees and estitry upQn the Propehy to make rcpairs. IE Lendcr required mortgsge insurance u a ~ condition of makina tt+e ban'.s~cuted by this Mongage; Borrower shall pay the premiums rcquired to maintain such inwrtoce in effoct until such time as the rcquirement Eor wch insurance terminata in accordanoe wit6 Borrovrer s and ~ , • 8~'lK ~I ~r~ I~YC ~O~ ~ . ~