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Home My WebLink About0464 ~ ! { ~ c . ~ Uwtto~i[ Covrxax~s. Borro~rer a~d L.ender rnvenaat a~d agree u[oibws: , ` l. ?+~ymeat of hindpsi aod Inteie~t. Aorro•+tr shall promptly par ~vhe~ d~te the principal 4E and interat o~ the indebtcdaess evideuced bY the Note. prepayrnent ar! late charga u provided in the Noce. and [he principal o[ and iata- ~ at on anr fl~nue Advanca secured br this Mort~age. ! 3 8. tLnds Eo~ Taxn and 'tawraiwe. Subject to applicablc law or to a hrritten waiver by Lender. Borrower shall pay to l.er~der on the dar mo~thly installments of principal and i~terest are payabk under the Nott. until the Note is paid in iull. a wm (derei~ "Fut~ds'~ equal to one-cweltth ot the ytariy taxa and assessinenu rvhich may atuin prioritp over thit. l~tottgage. aad ground renu or? the Propzrty. i[ a~y. plus oaatwel(th of yearly premium installme~ts tor hanrd insunna. ~ plus onatwel[th oE pearly premium installments tor mortgage i~surance. if aay. all u reasonably estimated 'enitially and [rom time to timr by I.ender on che basis of asscsvmt~u and bills and reasonable atimata cherrof. ~ E The Funds sball be hdd i~ an institution the depoaits or acmuna of which are inwted or guannteec: by a Federal or ! state agencp (induding Lender iE Lender is such an inuitution). Lender shall apply the Fu~ds to pay said tauces, assessments. ~ insunnce premiums and gmund re~ts. Lender may not charge for so holding and applyina the Funds, analyzing said aa z munt. or veriEping and oompiling said assasme~ts and bills. unlas Lendet pa~rs Borrower interat on the Funds and ap~ plinble la~r permits Lender te make wch a charge. Borwwer and Lender may a~rree i~ ~vriting at the time oE rxecution of this 11fo~tgage that interat on the Funds shall be paid to Borrorrer, and unless such agr2emrnt is made or applicable lzw requins such interest w bt paid. Lender ahal~ not be required to par Borro~rtr any interat or tarnings on the Funds. Lendet shaU give w Borro~rer. ~rithout chuge. an annual acrounting ot the Funds showing crediu and debits to che Funds and the purpose for ~rhich rach debit to the Funds ~ras made. The Funds are pledged u additional security for the sums secured j by this Mortgage. ; lf the amount o[ the Funds heZd by Lender, togrther ~vith the future monthly installments of Funds parable prior to 1 the due data of taxa, assasmenu, insunnce premiams and ground rents. shall exceed the amount required co pay said taxes, assessments, insurance premiums and ground rents u~ty fall due, such excess shall be, at Botrorver's option, tither pmmpdr repaid to Borrower ar creditcd to Bornower on monthly inscallmenu oE Funds. It the amount of the Funds held ; br Ix~der shaU not be sutficient to pay taxa. assessments, insunnce premiums and ground rents u thep fall due. Borro~ver shaU pa~r to Lenda any amount netessary. [o make up the deficie~cr ~vithin 30 daps Irom che'date notice is awiled by Lender to Borrower requating papment theteot. , Upon payment in full of all sums secured by this Mortgage. Lender shall promptly reEund to Borro~rer any Funds held by I.ender. IE under patagraph 18 hereoE the PropertJr is sold ot tl~e Ptoperty is otherwise acquired by Lender, Lcnder shall apply. no later than immediately prior co the sale of the Property or iu acquisition by I.ender. any Funds held by Lender at the time of appliation u a credit against the sums secured by this Mongage. 3. Appliation oE Paya~eats. Unlas applinbte law provides other~vise, all pa~rments rcceived by Lender under the Note and puagraphs 1 and Y hereof shall b~ applied by Lender (irst in payment of amounu payable to I.ender by Borrower under pangraph Y hatwf. then to ineerat payable on [he Noce, then to the principai oE the Note. and then to interat and priacipal on any Fumrt Advanca. G'baiEer. Liens. Borrower shall pa~ all taxa, assessments and othet charges, fines and impositions attribuuble to the Propertv rvhich may atuin a priority ovrr this 11~ortgage. and leaschold payments or ground rents, i[ any, in the man- ner pmvided under paragraph 2 hereoE or. if not pzid in wch manner. bp Borrower making parnent. when due. directly co the payee thereoE. Borrower shall promptly [urnish to Lender all notices ot amounts due under this paragnph. and in the ea~nt Borrorver shall make payment directly, BoTrower shall ptompdy furnish to Lender receipts evidencing such payments Borro~ver shall prompdy discharge any lien which hu priority o~er this 1ltortgige: pro~•ided, tha~ Borrower shall not be ra _ quired to discharge any wch lien so long as Borrower shall agree in writing to the payment of the obligation setured by such lien in a manner acceptable to I:ender. or shall in good Eaittt contat such lien by. or de[end enforcement of such lien in, la gal proceedings Mrhich oprnte to prevent the en[orcement of the lien or forfeiture oE the Property or any part thertof. 5. Naard Inwnnoe. Borrower stull keep the impmvements now acis[ing or heraEta erccted on the Property in- sured agunu loss by iite. huards induded within the term "extended cu~~erage", and wch other hanrds as Lender mar re- quire and in such amounts and for such periods u Ltnder may require: provid,d, that Lender shall not require that the amount oE wch oovaage acceod that amount oE covenge requircd to oay the sums secured br this ~tortgaga ' The insunnce carrier providing the insunnce shall be chosen by Borrower subject to approval by Lender: provided. that such approval shall not be unreasonably v?ithheld. All premiums on inwnnce policia shall be paid in the manner , provided un~3er paragnph Y hereoE or. if not p~id in such manner, by Borrower making paprnent, when due, directly to the insunnc~ urti~. All insunnce poliaes and nnewals thereof shall be in Eorm acceptable to Lender and shall include a standard mort- gage clause in [avor oE and in form acceptable to Lender. Lender shall 1~ave the right to hold the policies and -renewals t~;~reof, and Botrower shall prompdy [urnish to L.ender all renewal notices and all receipts of paid premiums. In the event ~ of loss, Borrowtr shall give pmmpt notice [o the inwnnce carrier and Lender. Lender may make proof of loss iE not made pmmpdy by Borrower. t Unless Lender and Borrower othetwise agree in writing, insunnce proceeds shall be applied to restoration or repair of tt~e Property damaged, proyided such n~storation or repait is economially [easible and ehe security oE thu ~tortgage is not rhercby impaired. If such ratontion or repair is not eoonomically Eeasible or if the security of this ~tortgage would be im- paired, the insunnce praeeds shall be applied to the sums secured by this 1lfortgage, with the excess, i[ any. paid to Bor- rower. If the Ptoperty u abandoned by Borrower, or iE Bonorcer fails to respond to Lender within 30 days from the date notice is mailed by Lender to Bormwer that the insunnce nrrier offers to setde a daim for ensurance beneEits, I.ender is authoriud to collect and apply the insuraoce praeeds a~ Lender's option either to restoration or repair of the Propetty or w the sums secvred by chis Mortgage. Unltss Lender and Borrower otherwise agtee in ~ariting, any such application of proceeds to principal shall not actend or postpone the due date oE the monthly installments reEerred to in paragraphs 1 and 2 hereof or change the amount oE such instailments. If under pangraph 18 hereof the Property is acquired by Lender, all right, title and interat of Borrorrer in and to any insurance policia and in and to the praeeds thereo[ raulting from damage to the Propertq prior to the saFe or acquisition shall pass to Lender to the extent of the sums secvred by this 1?tortgage immediately prior to such sale ar acquisition. 6. Presenation and Maintenanae o[ Propett~; I.eauholdx Condominium~ Planned Unit Devdopments. ~orroner ~ slull keep the Propeny in geod repair and stull not commit waste or permit impairmcnt or deterioration oE the Property and shall comply with the pmv~sions ot anv lease iE thu Mortgage u on a lPasehold. If tiiis Mortgage is on a unit in a ~ mndominium or a planned unit deselopment. Borrower shall perform ail of Borrower's obligations unda the declantion or oo--ezants ueating or g~overning the condominium or planned unit development. the by-laws and regulations of the condo- ~ min~~a or planned unit derelopment, and mnuituent docvments. 1f a condominium or planned unit development rider is extcuted by Bomorver and retorded together yith this Mortgage, the covenants and agreements of such rider shall be in- he~of eed inco and shall amend and wpplemenc the covenanu and agreements of this Atongage as i[ the rider were a ptrt 7. Protection oE Lendel's Sec~ait;~. IE Borno~rer fails to perform the covenants and agreements oontained in thu s Mortgage, or if any action or proceeding is oommenced v?hich materially af(ects Lender s intercst in the Property, induding. hut not limited to, eminent domain, insol~encr, code en[orcement, or arrangements or proceedings invoiving a banlwpt or dtoedent, then Lender at Lender's option, upon notict w Borrovirer, may make wch appeannces, disburse such sums and take wch actio~ as is necessary to protect Lender's interest. ~,luding, but not limited to; disbursement oE re~sonable ~ - attorney's fees and entry upon the Propertr to make repain. It Lenda reqaired mortgage insurance u a conditan of ~ making the lwn secvred by this l1longage, Borrower shali pay the premiums reqnirtd to maintain wch insunnce in ef- ~ . iece unW such time u the requirement for wch insurance ttrminaca in accordance with Borrower's and Lende~s arrieten ( . BQ~~ ~77 PAGE ~ ~