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Home My WebLink About0788 • • F I • 1 Uttmou~ OoveneN'ta. Horm~rer aad Leade~ covtaaM and aaroe as foUow:! • l• w~~~ ~~I Pr~M~Y WY w~n due tik pri~cipai of and interat oo the iudebtednas evidenoed b~? tt~e Note, pee.Qa~rute4t and late charga u providod in the Note. and the ptincipal of and intercst oa any Futuro Adv~nces sxuted by tlus Mo~aae. 2. !~i t~ 7i~ a¦~ L~¦nroa Sbbject to applicabk law or to s written waiver by l.coder. Borrower shall pay ~ I~~ oa ~he daY moa~hl~? inslallments of principal and iotercst are payablc unckr the Note. until thc Note is paid in tull, = w~ (he~'ap "Fua~t'h eqwl to one-twelfth ot the yea~ly taxes and assescments which may attain priority over this 1Kort~ate. and am~nd rent~ on the Propeny. if any. plus onc-twelftA of yearty premium installmcnts for hazard insura~ce, plus onatwelfth of yearly premium iastallmen~s for mortgage insurance, if any, all as rcasonably ~timated initially snd from time to time by i.ender on the basis o[ assessments and bills and reawnabk estimates thereof. 'I'he Funds shall be heW in an institution the deposits or accounts oi which are insured o~ guarantcal by a Faieral or s~te ~gt~cy f~~luding Lender if Lender is such an institution). Leader shall apply the Funds to pay said taxes, :ssessments, iusnrance prraniums and ground rents. Lender may iwt charge for sa holding and applying the Funds, analyzing said account, ~~~~p8 ~ romp~~Qa said atsessments and bills, unless Lender pays Borrower interest o~ the Funds and applicaWe taw permita Leade~ to make suck a cfiarge. Borrower and [.ender may agree in writing at the time of execution of ihis Mortgage that interest on ihe ~Lnds shall be paid to Borrower, and unless such agreement is ~made or applicabk law requires such interat to ba paid. L.ender shall not bc roquired to pay Barrower any interest or earnings on the Funds. i.ender s6a11 give to Borrower. witbout charge, an annual aocounting of the Funcis showing credits and debits to the Funds and the purpoae for which tach debit to tht Funds was made. The Funds arc pledgrd as additional securiiy for the sums secured by this Mortgage. If th~ attwunt of the Funds held by I.ender. together with th~ future monthly installmcnts of Funcifi payable priot to the due dates of ta~[es, assessmtats, insurancc Qremiums and ground rents, shall exceed the amount required to pay said taaes. asse~ne~~s. insuranoe prenuums and ground r~nts as ihey fal! due. such _ excess shaA be. a1 Borrower s optio~, either promptly repaid to Borrower or crodited to Bormwer on monthly installments of Funds. If the amount of thc Funds held bY Leuder shall not be sut6Cieat to pay taxes. asses,sments. ituurance premiums and ground rents as they fall due, Bomawe~ s6at1 pay to I.ender any amount necessary to make up the de6ciency within 30 days from the date notice is mailed ~ by I.wder to Borrower rcquesting p~Yment thereof. Upon payment ia fuA of all swna secural by this Mortgage, l.ender shall promptly refund to Borrower any Funds held by Lender. If uader paragraph 18 hereof the Property is sold or the Property is otherwise acquiced by Lender, Lender shall apply, no later tt~an immediately prior to the sale of the Pmperty or its acquisition by Lender. any Funds held by Lender at thc time of application as a credit against the sums securod by this Mortgage. 3. A~plicatios ot P~rae~ts. Unless applicabk law pcovides otherwise, all payments received by l.onder under the Note and pzragraphs 1 and 2 hereof shall be applied 6y Lender firs1 in payment of amounts payable to Lender by Borrower under puagraph 2 hetzof. then to interest payabk on the Note, then to the principaf oE the Note. and the~ to intercst and principal on any Futur+a Advanoes, ~ 4. CWrEs~ Lieas. Borrower shall pay afl taxes. assessments and other charge,c, fines and impositions attributable to the Property which ~nay attain a priority over this Mottgage, and leasehold payments or ground rents, if any, in the. manner Pno~?ided uadt~ parsgraph 2 hereof or, if not paid ia such manner, by Borrower making pryment, whea due. direcUy to the pzyee thenof. Borrower sha!! pramptly furnish to Lender all notioes of amounts due uader this paragraph, and in the eveat Borrower s6all maice payment direcUy. Borrower ahall promptly furnish to l.ender toceipts evideoci~g. such payments. Borrower shsll promptly dischuge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shal! agree in writing to the payment of the obligation secure~ by such liea in a manner aeceptabk to Lender, or shall in good faith contest such lien by. or defend enforcement of such lien in, kgal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Ha:ard tssoraace. Borrower shall keep the improvements now eaisting or hereafter erected on the Property iawred agai~t loas by 8re, hazuds included within the term "extended coverage". and such ather hazar+ds as Lender may require aad in such amounts and for such periods as Lender may require; provided. that Lender shall not require that the amount ot such coverage exceed that amount of coverage required to pay the sums secured by this Mongage. 'I'he insurance carrier providing the insurance shall be chosen by Borrower subject to approval by I.ender, provided. that such approval shall not be unreasonably withheld. Ali premiums on insuranc~e policies shall be paid in the manner ~ pmvided under paragraph 2 heroof or, if not paid in such manner, by Borrower making payment, when due, directly to the - inwrance cartier. . - All insurance policies aad renewals thereof shall be in form xcceptabk to Lender and shall include a standard mortgage clause in favor of ac~d in form acceptable to I.ender. Lender shall have the right to hold the policia and renewals thereof, and Bortower shall promptly furaish to Leoder all renewal notices and all raxipta of paid premiums. In the event of loss, Bornower shall give prompt notice to the"iruura~ce carrier and Lender. Lender may make proof of loss if not made promptly by eo~?~~. Unless Lender and Borrower otherwise agree in writing, insurance procceds shal! be applied to restoration or repair of ' lhe Pmperty damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is . not theteby impaired. If such restoration or repair is not economically feasible or if the socurity of this Mortgage would be impaired. We insurance proceuis s6a11 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 Bormwer fails to respond to Lende~ within 30 days from the ciate notice is maiied by Lender to Borrower that the insurance carrier offers to settle a claim for insuraace benefits, Lender is authorized to collect and apply the insurance prooeeds at Lender's option either to restoration or repair of the Property or W t6e sums secw~ed by this Morigage. Unless l.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend - or poatpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of suc6 installments. If under paragraph 18 bereof the Property is acquired by Leader. all right, tide and interest of Borrower in and to any insurance policies and in and to the proceeds ihereof resnlting from damage to the Property prior io the sale or acquisition shaU pass to I.ender to the extent of the sums secure~ by this Mortgage immediately prior to such sale or :~cquisition. 6. Yreaervatb¢ and Maiutenance of Propedy; Leisc6olds; Condominiurn~ Planaed Unit Devdopments. Borrower shall koep the Propetty in good repair and shail not comrpit waste or pertnit impairment pr deteriocation of the Property and ahal! comply with the provisions of any lease if this Mortgage is on a leasehold. If this Morigage is on a unit in a condooninium or a planced unit development, Borrower shall perform all of Borrower s obligations under the declaration or coveoants creating or goveming the condominium ot planned unit devebpment, ihe by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned onit developmeni rider is exocutod by Bortower and rocorded together with this Mortgage. ihe covenants and agreements of such rider sha11 be incorporated into and shall amend and supplement the covenants and agreements of ihis Mortgage as.if the rider were a part txroof. 7. Protecfb~ oE Leoder's Secoritp. tf Borrower fails to per(orm the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially afTects Lender's interest in the Property, including, but not limited to, etninent dotnain, insotvency, code enforcement, or arrangements or ptoceedings involving a bankrupt or deadent, then L.epder at l.ender's option, upon notice to Borrower. may make such appearances, disburse such sums and take tuch action as u necessary to protest Lender's interest, inciuding, but not limited to, disbursement of reasonabk attoraey's facs and entry upoa the Property to make repain. If Lender required mortgage insurance as a c.ondition of maicing the ioan secured by this Mortgage, Borrowcr ahall pay the premiums required to maintain such . i~urance in eHxt until such time as the requirement for such insurance terminates in accordance with Borrower s and eaox~87 ~ 7~ . ~w~:- - - ~ . ,r~_ .r_.,.. ~ ~ ~ h..~:~~ ~