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Home My WebLink About0763 . _ ~ ~Rr . ~ . ~ UH[FO~~ Covet~~n'is, Borrower and Lende~ covenant and ag~ee as foUows: 1. la~weat ot hioclpl ~d Lhrat. Borrower shall p~omptly pay when due the principat of a~d int~rest on the indebtednas evidcaccd by the Note. prepayment and late charges as proviclcd in thc Note, and the principal of rnd interest on any Futun Advances secured by this Mortgagc. ~ S. Ftiad~ tor'l~ca ~ai lawra~ce. Subject to applir.abie law or to a written waiver by l.ender. Borrower shall pay ~ ~ to Lendcr on the day moathly installments of pri~cipal a~d intcrest are payable undcr the Note. until the Notc is paid irt fu!!, s sum (herein "Fuuds") equal to one-tweifth of thc yearly tazes and assessments which may attain priority over this Morigage. and ground rents on the Pt~nperty. if any, plus onc•twelfth of yearly premium instailments for hazard insura~e. ' plus onc-twelfth of yea~ly premium iastallments for mottgage insura~ce, if any, all as reaSOnably estimated initially and trom time to titne by Leader aa the basis of assessments and bilfs and rcasonable estimates thereof. 't~e Funds shall be held in an institutiort ihe deposits or accounts of which are insured or guaranteed by a Faleral or state agency (including I.eader if Lender is such an instiwtion), l_ende~ shall apply the Funds to pay said taxes. assessments. itLturanoe premiums aad ground rents_ L-ender may not charge for sc~ holding and a~plying the Fondc, analyzing said aceount, or vErifying and compiling said assessments and bilts, unkss Ler~der pays Borrowe~ interest on the Funds and applicablc law permiis Lender !o make such '~i charge. Borrowe~ and l.ender may ag~ee in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agrecment is made or applicable law requires such interest to be paid. Lender shall not be rcquired to pay Borrower any interest or earnings on tt~e Funds. Lender ! s6alt give to Borrower. without cbarge, an annual accounting of the Funcis showing credits and debits to the Funds and the pwpoae for which eac6 debit to the Funds was madc. The Funds are pledged as additional security for the sums secured by t6is Mortgage. If the amount of the Funds held by [.ender, together with the future monthly installments of Funds payable prior to ~ the due dates of taxes, assessments. iruurance premiums and ground rents, shall exceed the amou~t required to pay said taxes, assata~nents, insurance premiums and ground rcnts as they fall due, such excess shall be, at Borrower's option, either j prompdy repaid to Borrower or credited to Borrower on monthly instapments of Fu~ds. If the amount of the Funds held by Lender shatl not be s~H'icient to pay taxes. assessments, insurance prer~tiums ar.d ground rents as they fall due. Bonower sbal! pay to L.ender any amount nocessary to make up the deficiency within 30 days irom the date notice is mailed by Lender to Borrower requesting payment thereof. ~ Upon payment in full of all aums secured by this Mortgage, l.ender shall promptiy refund to Borrower any Funds heW by L.ender. If under paragraph 18 t~eroof the Property i~ sold or the Propeny is otherwise acquired by Lcnder, Lender ~ sba11 apply. no later than immodiate{y ptior to the sale of the Propehy or i~s acquisition by Ixnder, any Fu~ds held by { Lender at the time of application az a credit against the sums secured by this Mortgage. - ~ 3. Applicatbn of P~meats. Unless applicable law provides otherwise, all payments received by Cender under the ! Note aad paragraphs 1 and 2 hereof sha11 be applied by 1_en~er first in payment of amounts payable to Lenckr by Borrower under paragraph 2 hereof, then to interest payable on thc Note, then to the principal of the Note, and then to interest and priacipal on any Future A~vances. • 4. Charges; Lie~. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to ~ t6e Pr+operty which may atlain a priority over this Mortgage, and leasehold payments or gc~und rents, if any, in the manner ~ provided under paragraph 2 hereof or. if not paid in such manner. by Borrower making pa}rment. when due. diroctly to the , payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph; and in ihe event Bormwer shall roake payment directly. Borrower shall promptly fumish to l.ender receipts evidencing such paymenis. Borrower shap promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be requiral to discharge any such lien so lo~g as Borrower shall agree in writing to the payment of the obligation secured by such liea io a manntr acceptable to Lender, or shall in good faith contest such lien by, or defend enfo~+cement af such lien in. lagat proceedings which operate to prevenf the enforcement of the tien or forfeiture of the Property or any part thereof_ ~ S• Hanrd Iewrsnee. Borrower shatl keep the improvemer~ts now existing or hereafter erested on the Property insured against loss by Ste. ha~ards included within the term "extended coverage", and si~ch other hazards as I.ender may require ~ and in such amounts and for such periods as Lender may require; provided. that Lender shall not require that the amount of such coverage eaceed that amount of coverage required to pay the sums secured by this Mortgage. 'Ibe inwraave carrier providing the insurance shall be chosen by Borrower subject to apQroval by Lender, providod, thst such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the mancer ~ p~rov ~u~eparagraph 2 hereof or, if not paid in such manner, by Borrower malci~sg payment, when due, directly to the ~ All iosurance policies and renewals thereof shal! be in form acceptable to [.ender and shall include a standard mortgage ~ clause i~ favor of and in~ form acceptable to l.ender. L.ender shall have the right to hold the policies and renewals thereof, ~ ~ and Bormwer shall promptly furniah to Leoder all tenewal notices and all reoeipts of paid premiums. In the event of loss. _ Borrower shall give prompt noti~e to the insurance carrier and Lender. Lender may make proof of la6s if not made promptly t by Borrower. Unlesa Lender and Borrower otherwise agree in writing, insurance proceeds ahall be appliod to restoration or repair of the Properiy damaged, provided such restoration or repair is economicalty feasible and tt~e security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would t bc impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid . ; to Borrower. If the.Property is abandoned by Borrower. or if .Borrowet fails to respond to Lender within 30 days from the i date notice is mailed by l.eader to Borrower that the insurance carrier otfers to settle a ciaim for insurance bene6ts, I.eodtr ~ is aut6oriztd to coikct and apply the insurance prooeods at Lender's option either lo restoration or repait of the Propeny or w ihe wms secured by this blortgage. Udess Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shali nW extend ' or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change ihe amou~t of such instailments. ~ If uackr paragraph 18 bereof tl~e Property is acquired by I.ender, all right, title and interest of Borrower in and to any insurance policies aad in and to the proceeds thereof resulting from damage to the Property prior to the sale or aoquisition shall pass to Lender to t6e eatent of the sums secured by this Mortgage immediately prior to such sale or uquiaition. f. P~eservafioo asd Mainteoance of Property; I.easebol~ Condomiaiaaafi Planiaed Uiit De~dopmcnb. Borrower s6a1! kcep the Property ia good repair and shall not com~it waste or" permit impairment or detarioration of the Property - and shall comply with the provisioos of any kase if this Mongage is on a leasehold. If this Mortgage is on a unit in a ooadominium or a planned unit developtnent, Borrower shall perform all of Bomower's obligations under the docla~ation or coveuants creating or goveming the condominium or planned unit development, the by-laws and regulations of ~e ~ condominium or planned unit development, and constituent documents. If a condominium or planned unit development ~ rider is executed by Borrower and recorded together with this Mortgage, the covenants and agrcements of such rider shall be inoorporated into and shall amend and supptement the coveoants and agreements of this Mortgage as if tht rider wero a part heroof. 7. l~o~ d Leada's Secv~~. If Borrovrer fails to perform the covenants and agreements contained in ihis Mortga,ge, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, inclading, but not limited to. eminent domain, insolvency, code enforcement, or arrangements or proccedings involving a ~„a ~ a~~, c.~rs oa~o,,, upon notioe to Borrower, may make such appearances, d'uburx such wms and take such action as is noce.wwry to protect Lender's interest, including, but not limited to, disbursement of ~ rqsonabk attomey's foes and entry upon the Property to make repairs. If l.ender required. mortgage insurancx as a - cond'Kion of making tbe loan sxural by this Mortgage, Borrower :hall pay the premiums required to maintain such insurance in e6xt unti( such time as the requirement for such irtsurance terminates in accordance witb Borrower s and =j . ~ ' $ODif~ ~ - i . ~