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Home My WebLink About0136 - ' i ~ , v UN[FO~t CoveN~rrrs. Borrow.,r and Len~ler covenaot and agrc~ as faUuws: V 1• ~neN of ldodpl a~d inferaf. Born~wer shall promp~ly pay whcn due the principal of and interest on the ~ndebtednas evidenced by thc Note. prepaymcnt and late charge~ as proviJed in thc Notc, and the principal of and intcrest on any Futuro Advanccs socurod by this Mortgagc. • 2. Frads tor Ta=a ~od IasYra~ce, Subject to applicable law or to a written waiver by I.ender. Barrower shall pay to l,ende~ on ~he day monthly installments of principal and in~crest arc payable unde~ the Note, until the Nute is paid in full, a:um (herci~ "Funda'~ equal to one-twelfth bf thc yea~iy taxes and ascessmc~ts which may attain priority ovcr this Motigage. and gmund rents on the Property. if any, plus one-twelf~h of yearly premium installments for hazard insurancc, plus onatwelfth of ysarly premium i~stallme~ts for mortgage insurance, if any, all as reasonably estimated initially and trom time to time by I~ndcr on thc basis of assessments and hills and reasanable estimates thereof. 71~e Ftinds shall be held in an institution Ihe depoaits or accaunts of which are insureci or guaranteed by a Federai or state age~cy (including Ltnder if Lender is such an institution)a I.ender shail apply the Funds to pay said taxes, assessments, iruupace pnmiums and ground rents. ~ender may not charge for sc~ holding and applying the Funds, analyzing said accaunt, Qr verifying and compiling said assessments and bills, unless Lendet pays Borrower inter~.ct on the Funcis and applicable law ~ permits Lende~ to make such a charge. Borrower and I.enJer may agree in writing at thc time of cxecution of this ~iQrs~a~ that interesl_on_ 1l~e-Funds_sball-b~paid-~a-8os~oure~-anci-unlesa-suci~--agreemen~--is-wzac~c~r--applicabk-law - - - - rcquires such interat to be paid. l.ender shall not be required ta pay Borrower any interest or earninits on the Funds. Lender shall give to Borrower, without cha~ge, an annual ~ccounting of ~he Funds showing credits and debits to the Funds and the putpoae for which each debit to the Funds was made. The Funds are pledgecl as additional security for the sums secured by this Mortgage. If the amount of the Funds held by l.ende~, togetlie~ witfi the future monthly installmcnts of Funds payablc prior ta 1he doe dates of taxes~ assessments, i~uurance premiums and ground rents, shall excec~c! the amount required to pay said taxes, assessments, insuranee premiums and ground rents az they fall~ due, such excess shall be, at Borrower s option, either promptly repaid to Borrower or credited to Borrower on monthly installmcnts of Funds. ~ If the amount af thc Funds held by Lender shall not be wtHciu~t to pay taxes. a~sessments, insurancc pr~mioms anJ ground rents as they fall due, Borrower sball psy to Lender any amount nocessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment ~hereof. Upoa paymeat in full of all sums ~secured by this Mortgage, I.ender shall promptly refund to Borrow•er a~y Funds held by L.ender. If under paragraph 18 hereof the Propcriy is sald or the Property is otherwise acquired by l.ender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by ~ Lender at the time of applicadon as a credit against the sums secured by this Mortgagc. ; 3. AppBcation of Payments. Unless applicable law pro~ides otherwise, all payments received by I_ender under the Note and paragraphs 1 and 2 heceof shall be applied by 1_ender first in payment oi amounts payable to l_ender by Borrow~er under paragraph 2 hereof. then to interest payablc on ihe Note, then to the principal of the Note, and then to interest and principal. on any Future Advances. # 1• C6u~ex Lie~. Borrower shal! pay all Iaxes, assessments and othcr charges, fines and impositions attributable to ; the Property which may attain a priority over this Mongage, and leasehold payments or ground ronts, if any, in the manner , r piuvided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Bortower shall prompUy furnish to Lender all notices of amounts due under this paragraph, and in the event Borrnwer shall make payment directly, Borrower shaU promptly fumish to l.ender receipts evidencing such payments. Botrower shalt promptly discharge any lien which has priority over this Mortgage; provickd, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by . suc6 tien in a manner acceptable to [.ender, or shall in good faith contest such lien by, or defend enforcement of such lien in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of-the Property or any part thereof. S. Hs~rd Insnrance. Bortower shall keep the improvements now existing or hereafter e~ected on the Property insured against loss by fire, hazards included within the term "extended coverage and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not requirp that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. . - 'ILe insurance carrier providing the insurance shalf be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies stiall be paid in the manner - provided under paragraph 2 hereof or, if not paid in such manner, by Bor~ower malcing payment, when due, direcdy to the uuurance carrier. All insurance policies and renewals thereof shall be in form accepteble to Lender and shall inc~ude a standard mortgage clause in favor of and in~form acceptable to Lender. l.ender shall have the right to hold the policies and renewals thereof, ; aad Borrower shall prompQy furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice tb the insurance carrier and Lender_ Lender may make proof of loss if not made prompdy , by Borrower. - ; Unless Lender and Borrower othenvise agree in writing, insurance proceeds shall be applied to restoration or repair of ; the Propeny damaged, provided such restoration or repair is economically feasibte and the security of this Mortgage is i not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would - ; be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to $orrower. If the Property is abandoned by Borrower, or if Borrrnver fails to respond to Lender within 30 days from the ' date notice is mailed by Lender to Borrower that the insurance carrier offers to setUe •a claim for insurance bene6ts, Lender is aut6oriud to col:ect and apply the insurance proceeds ~t Lender's option either to ~ restoration or repair of the Propet[y E or to the sums secured by this Mortgage. e Unless Lende~ and Borrower otherwise agrec in writing, any such application of proceeds to principal shall not ~xtend ! or postpone the due date_of the monthly instaUments rcferred to in paragraphs 1 and ~ hereof or change the amount of ~ suc6 installments. I[ under paragraph 18 hereof the Property is acyuireJ by I.ender, all right, title and interest of Borrower _ ~ in aad to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to ttie sale or acquisition shall pass to l,ender to the extent of the sums secured by this Mortgage immediately prior to such sale or ° acquisition. - _ ~ 6. Pieservntion and Maintenance of Property; I.ease6olds; Condominiums; 1'lanned Unit Developments. Borrower ~ sball Iceep the Property in good repair and shall not comnpit waste or permit impairment or deterioration of the Property : aod shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development. Sorrower shal! perform all of Borrower s obligations under the declaration ~ or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ` candominium or planoed unit developmenf. and constituent documents. It a condominium or planned unit development ~ rider is exauted by Boirower and recorded together with this Mortgage, the covenanis and agreements of such rider = shall be incorporated into and shall amend and supplement the coveoants and agreements of-this Mortgage az if the rider E were a part hereof. - 7. Protectloe of Lende~'s Secarity. If Borrower fails lo perform the covenants and agreements contained in this x Mortgage, or if wy action or proceeding is commenceJ which materially afiects ~Lender's interest in the Property. iasluding, but not limitod to. eminent domain, insolvency, code enforcement, or arrangements or proceedings involvinv, a ~ ~ ' banlcrupt or decedent, then l.ender at [.ender's option, upon notice ~o Borrower, may make such appearances, disburse a~ch ~ Q wms and talce such xtion as is necessary to protect [.ender s interest. including, but not limited to. disbursement of ~ ~ reaso~sbk attomey's feu and entry upon the Property to make rcpairs. If L.ender required mortgage insurance as a - ' condition of roaking the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such ° ~ imurance in effect until such time as the requirement for such insurarice terminates in accordance with Borrower s and ? d L s ~ , ~ . ~ s~~K 289 ~~E 136 . ; ~ ~ ~ r - _ - - ; ~~"Zn'~. 3•X ' L ~ ~ i . , .'Y-'~'-~~ . ~ :'.~~~r'~r~^-~~.~'~~r` ~~~"„p ~ ~ a~ - ~ ~t`` ~ .~",r~~~ ~%~z,~ -~~c ~ - ~ ~ _