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Home My WebLink About0503 ' ' i UN~o~ut COV[NAN73. $ortower and ixnder covenant and agree u folb~n: - ( i• 1'apmeat o[ hiadpal and Iateral. Bormwer ahall ptomptly pay when due the principal of and interest an the ` indebtednas tvidenced by the Note, pcepayment and I:te chargts as providtd in the Note. aod the principal of and inter- ` est on any Future Advanca secured by this Mort~aage. i i Y. fi~ads for T~ucp and Insurance, Subject to app;iable law o~ to a w~itten wai~•tr by I.ender, Borroxer shall pay ~ co I.ender on the day monthly inscallmena of principal and interest arc payable under the Note, uncil tt~e Note is paid i~ [ull, a sum (hcrein "Funds'~ equal ta onatweltth ot the peuty taxes and asxssmenu whith may attain priority ovrr this ~ Morcgage. aad gres::~;d rerjti ;,s: tt~~ Fr~r~.t~. it sng. plus ~nc-tsr3ith af y~rarlg prmiu:n inst~ilmen~s t•~ h~rard insunnce. plus onat~reUth ot ytarly ptemium iustallmcnts tor mortgage insurancc, i[ any, all as reasonably estianated initially and irom ' i time to tupe by Lender on the buis o[ assessments and bills and reasonable estimaca thcrec?t. ~ The Funds shai! be held in art institution the deposiq ot accounu ot which are inwred or guara~tecd by a Fedenl or s~tr 3gcacy (3r~cletding Lendet et Ltncler is such an institu~ion). l,ender shall apply the Funds to pay said taxes, asseuments. ~ insutance premiums and ground tents. Lender mar not c6uge for so holding aad applyi~g the Funds, analyzing said at- count, or veritying and tompiling said asxssme~ts and bills, unless Lrnder pays Borrowex interest on thc Funds and ap- - p[inble law pern~its Lender to make such a charge, Borrower and Lender may agree in writing at the time of execution of ; this Mortgage that interat on the Funds shall be paid to $orrower, and unlesa wch agrctment is made or applicable la~v :eyuires suth interat to be paid. I.ender shall not be required to pay Bonower any interest or tarnings on the Funds. Lendec . shall give to Borrow+er. ~rithout chargc, an a~nual actounting o[ the Funds showing credits and debits to the Funds and the purpcue ior which each debit to the Funds was made. 'The Funds are pledged u additional secvrity for the sums secured by this Mortgage. lf the amou~t oE the Funds held by I.ende~, together with the future monthly installments oE Funds payable prior to the due data oE hxes, assa.unents. insurance pnauums and ground rents. shaq exceed ehe amount required to pay said taxa, assessments. insurance premiums aod ground rents as they iall due. such txctss shall be, at Borrowei s opcion. either promptiy repaid co Borrower or uedited to Borrowtr on tnonthly i~stallmencs ot Funds. If the amount of the Funds held by I.ender shail not be su[[icieat to pay ta~ces. asxssments, insutance ptemiums and grounU rrncs u tney iaii uuc. DUtiVMCI - shall par to I.ender any amount necessary to make up the deficiency ~rithin 30 d2rs ftom the date notice is mailed br Lenda ' to Borrower requating paymtnt thereof. ~ Upon payment in full of all sums secuted br this 1liortgage, Lender shall promptly refund to Borrower any Funds held br Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwix acquired by I.ender, Lender ~ shall appty. no iater than ia~mediately prior to "the sale oE the Property or its atquisition br l.ender, any Funds held by t Lender at the time of application as a aedit against the sums secured by this Mottgage. ! 3. Application of Parmenu. Unless applicable law provides otherwise. all pa?~nenu received by Lender under [he Note and paragnp6s 1 and Y hercof shall be applicd by Lender tint in payment ot amounts payable to Lender by Borrower under paragraph Y hrreof, then co interest payable on che Note, then to che principal oi che Note, a~d chen [o interest and ; principal on any Future Advanca. . ~ t 4• Charg~e~ Lien~. Botrowet shall par all taxa, assessmFnts and other charges, fines and impositions attributable to J t}?e Property ~rhich may attain a priority over ttiis Mortgage, and leasehold paymenu ot ground renu, i[ any, in tht man• ` ner provided undtr paragnph 2 hereoE or, iE not paid in such manner, by BorroMer making payment, when due, directly to the payee_thereoi. Borrower shall pmmptly furnish to Lender all notices ot amounts due under this paragrapb, and in tht event Borrower shal! make payment direcdy, Borrowtr shall prompdy turnish co Lender receipu evidencing such payments. Borrower shaU promptly dixharge anY lien which has priority o~•er t~is 1?tortgage; provided, that Borrower shall not be re- . quired to discharge anr such lien so long as $onower shall agtee in writing to the payment of the obligation secured br such lien in a manner acceptable to Lender, o~t shall in good iaith contest such iien by. or defend entorcement ot such lien in, k- ga! proceedings which operace to prevene che enEorcement of the lien or lorfeieure ot. the Propeny or any pan thereof. b. Harzrd Insunnce. Borrower shall keep chr impmvements now existing or hereaEcer erected on. the Property in- ' r sured against loss by fur, hazards induded within the term "extended covenge", and such other hazards u Lender aur re- quire and in such amounts and for such periods as I.ender may require; provided, that Lender shall not require that the amount of.such coverage exceed ehac amount ot mverage reyuired to pay the sums securM by this ltortgage. The iresurance carrier pmr~ding the insunnce shall be choxn by Borrower subject to approval by. Lender: pmvided, that such approva! st~all not be unrtasonably withheld. All premiums on insunnce policies shall be paid in [he mannu provided under pangtaph Y hereoE or. if not paid in such manner, by Bortower making payment, when due, direcdr to [he insuranct pttier. ~ All insurance policies and rentwalt thaeot shall be in form accepuble to Lender and shall include a standard mott- gage clause in br•or of and in form acceptable to Lender. I.ender shalt have ehe right eo hold the policies and renewals thereot, and BotrowTer shall promptly furnish to Lender all reaewal notices and all receipts of paid premiums. In the event oi loss. Borrowa shail give prompt notice to the insurance cartier and I.endtr. Ixnder may make proof o( loss iE not made prompdy by Borrovra. Unless Lender and Borrower otherwise agree in writing. insurance praeeds shall be applied co restoration or repair of the Property damaged, provided such restoration or repair is emnomiczily feasible and the 3ecurity of this Afortgage is not thereby impaired. If such restoration or npair is not economicaUy feasible or if the seturity oE this ~iortgage would be im- paired, the insurance proceeds shall be applied to tfie sums secured by this 1?tortgage, with the excess, iE any, paid to Bor- ~ mMer. If the Property is abandoned by Borrower. or if BorroMer [ails to respond to L.ender within 30 days from the date ~ notice is mailM by I.ender to Borrower that the insuranct carrier offers to setde a daim for insunnce benefits, Lendtr is ~ authotiied to rnllect and apply the insurance proceeds at Lender's option either to restoration or repair oE the Ptoperty or i to the sums secvred by this Mortgage. , - • Unless Lender and Bonawer othtrwise agree in v?riting, any wch applitation of proceeds eo principal shall not extend or poscpone the due date of the monthly instatlmenu reEtrred tc~ in paragraphs 1 ant~ 2 hereof or cliange [he amount of such installments. If under paragraph 18 hereof the Propettr is acquired by Lender, all right, tide and interest o[ Borrower in and to any insurance policies and in and to the proceeds thereof resultinq Erom damage to the Property prior to the sale or acyuisition shall pass to Lender to ihe txtent of the sums setured by this Mortgage immediately prior to sttch sale or acquisition. + 6. tieserration and Maintenance of properq: Lea~ebold~; Condaninin~r Planncd Unit Devdopmenu. Borrower ~ sti~ll keep the Ptoperty in good repair and shall not cammit waste or permit imp~irment or deterioration of the Property ~ and shall comply with the provisions of any lpse if this Mortgage is on a leasehold. lt this Atortgage is on a unit in a condominium or a planned unit development, Borrower shail per(orm al1 of Borrower's obiigations under the declantion or covenants cttaeing or governing the condominiem or planned unit development, the by-laws and regulations of the mndo- minium or planned unit de~elopment. and mnscicuent documentc Ii a condominium or planned unic development rider is executed by Borrowa and recotded together ~rith thia Mortgage, the• covenants and agreements oE such ridet shall be in- corponted ineo and shall amend and supplement the covenants•and agreemenu o( this rfortgage as if ehe rider were a part hereof. 7• h~ntectioa oE Lender's Securiq. If Borro~vtr fails to perforao Ehe covenanu and agreements contained in this Mortgage, or it any attion or proceeding is commenced w+hich materially a[tetts Lender's interest in the Propeny. induding, but not limited to, eminent domain, insolvency, code en[orcement, or arrangemenes or proceedings involving a bantrupt ~ or decedent, then L.ender at Lender's option, npon notioe w Borrower, mar make wch appearances, disburx such sums ~ and rake stich action as is nectssary to protect Lender's interest, including, but not limited to, disbursement o[ reasonable attorne~s fees and entry upon the Property to make repairs.- If I.ender required mortgage insurance as a mndition oE ~ making tht loan secured by this Mottgagr, Bonowa shau p,y cne premiuros required co maintain such inwnnce in ef- ~ fece until wch time as the requirement tor such insurante terminates in accordance with Borrowtr's and Lendet's written ~ ~ : • ~ GR ~ . ~o~~ 2~8 ,~~~r 5C~. , . _ _ _ _ _ _ _ _ _ _ ~