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Home My WebLink About0754 r I 1 ' . • y UntFO1tM Covetv~Nts. Borrower and LenJer cuvenan~ and •rKree a~ foU.~ws_ . 1. t~ya~eot ot P~iacip~l ard lolerest. KOffUW'Cf shAU ~~fUql(11I) ~Jy MF1C11 due thc principal o( and interest an tAc i~debtedoess evidenced by the Note. ptcpayment and latc ch:~r~;r. ~ravided ~n ~he Notc, and the principal of and ~ntercs~ on aay Future Advanccs securcd by thic Mor~gage. Z. FMade [or Tues ar~d lasur~nce. Subject to applic~hle lav? ar to a w~itten M~arver by l.ender, Borrawer shaN pay lu Lende~ on Ihe day monthly installment~ of principal anJ u~irr~.i .~rr ~ryable unde~ thr Natc, until the Notc is paid in full. a sum (herein "FunJs'y equal to ano-~welfth n( the yrarh ~a~c. ~nd aeuscmcnts which may attain priurity over this Mortgage, and grou~d re~ts on the P~operty, if any, plus onc-twrl(ih ot yearly premium installments tor hazard insurance. plys one-twelfth of yearly premium inslallmentt tor mortgage nuuranrc. any, all 3t reasc~nably estimated initialh and from time to time by Lender on lhc basis o( ~~ses~mcMS ~nJ hilb and rrawn:~ble atima~es thereof. 'il~e Fu~ds shall bt held in an institutian the depo~u. ~~r accr~unts ot which are insured or guaranteM hy a Federal or state agency (includiog Lender if Lcnder is ~uch :in ins~itution). Lender ~hall apply Ihe Fu~ds to pay said taxes, assessments. insurance premiums a~d grou~d rentz 1 ender may n~t charge tor holding and apptying the Fiindc. analyzin~ ~aid acc.~unt. or veritying and campiling said assessments and bills, unlesc l.ender pa~~ Borrowet interest on the fiunds aad applicable law perntits Lender to make such a charge. Bc~rrower and l.ender may agree m wnting at the time af executiun oi this Mortgage t6at interest on the Funds shatl he paid to Borrower, and unless such agreement ~s made or applicable law requi[es such interest to be paid. Le~dcr shall not he reyuired to pay Borrower any interest or carnin~ on the Fu~ds. Lender shal) give to Borrower, witi~out charge, an annual accounting of the Funds ~howing credits anJ debit~ to ~he Funds and the purpoae for which raeh debit to the Fu~ds was madc. The l=unds are pl~~iged ac addition~l security for ~hr sum~ seeu~ed by this Mortgage. lf the amount of the Funds held by Lender, together v?~ith thc futurc monthiy inst~ltments of Funds payable prior to the due data of taxts. assessments. insurance premiums and ground rent~, shall exceed the amount reyuired to pay said taxes, assessmonts~ insurance premiums and ground rents ac they fall due, such exress ~hall' be, at Borrower's option, either pranptly rcpaid to Borrower or credited to Borrower o~ momhly installmen~s `of Fundc. If the amount of thc Funds held by Lepde~ shall not be suRicient to pay taxes, assessments, insurancc premiums and groand rents as they fall due. Borrowtr shatl pay to Lendtr any amount nertssary 1d make up the deficiency within 30 da}•s from ~he date natice is mailed by Lender to Borrower requestiag paymcnt thereof. Upon payment in full of all sums secured by this Mortgrge, l.cnder shall promplly refund to Borrower any Funds held by L.ender. If under paragraph 18 hereof the Property i, sold or the Propcr~y is otherwisc acqu~red by I_ender, Lender shdl apply. rw later than immediatcly prior to the sale of thc Property or its acquisrtion by Ixndcr, any Funds held by L.ender at the time of application as a credit against the sums secured by this hlortgage. 3. Applicatiou of Paymeots. Unless appficable law provides otherw•ise, all payments recei~ed by Lender under the Note and paragraphs 1 and 2 hereof shall be apptied by t.cndcr first in payment of amo~mis payahle to Lender by Borrower und~r pazagtaph 2 hereof, then lo iaterest pa~•able on the Note, then to the principal of the Note, and thcn to interest and principal on any Future Advances. 4. CLarges; Liens. Borrower shall pay all taxe~, acse:ssments and othcr charges. fines and impositions attributabk to the Property whicA may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner providcd under paragraQh 2 hereof or, if not pa;d in such manner, by Borrower making payment, when due, directly to the paya thereof. Borrower shall promptly furnish to l.ender all notices of amounts due under this paragraph. and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing suth payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shail not be required to discharge any such lien so long as Borrower shall ag~ee in writing to the payment of the obligatiun secured by such lien in a man~er acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operatc to provent the enforcemcnt of thc lien or forfeiturc of the Propcrty or any part thenof. S. Hszud Insurawce. Borrower shall keep the improvements now• existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "cxtended coverage". anJ such other hazards as Lender may reyuire and in such amounts and for such periods as Lender may requirc; prov~ed, that Lender shall not reyuire that the amount of such coverage exceed that amount of coverage required to pay the tums secured by this Morlgage. 'tl~e insurane~ carrier providing the insurance shall be chosen by Bonower subject to approval by Lender, provided, t6at such approval sha11 not be unreasonably withheld. All premiums on insurance policies shall be paid in the manntr provided under paragraph 2 hereof or, if ~ot paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. Al! insurance policies and reneKals thereof shall be in form acceptable to I_ender and shall include a staodard mongage clause in favor of and in form acceptable to l.ender. l.ender shall have the right to hold the policies and renew•als thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt nouce to the insurance carrieran~+ t.ender_ Lender may make prcx~f of !oss if noi made promptly by Borrower. Unless Ixnder and $orrower otherwise agree in ~•rit~ng, insurance proceeds shall be applied to restoration or repair of the Propeny damaged, provieled such restoration or repair is economically feasib(e and the security of this Mortgage is not thereby impaired. I[ such restoration or repair is not r~onomicaJly feasible or if the securiry of this Mortgage would be impaired, the ensurance proceeds shal! be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrowe~. If the Property is abandoned hy Bormwer, or if Borrower fails to respond to Lender within 3p days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to s=ttie a claim for insurance benefits, Lender is aut6orizeef to collect and apply the insurance Qroceeds at I.eneier s option either to restoration or repair of the Propett~~ or to t6e sums secured by this Mortgage. Unless Lender and Borrower otherwisc agrec ~n writing. any such appfiration ~~f prcx:eeds to pnncipal shall not extcnd or postpone the due date of the monthly installmcnts reFerred to in paragraph~ 1 anJ 2 hereof or change the amount of such instalfineuts. If under paragraph t8 hereof the Property is acyuireei by Lender, all right, title and interest of Borrow•cr in and to any insurance policies and in and to the proc:eeds thereof resulting from damage to the Property prior to thc ~ale or acquisition shall pass to I.ender to the extent of the sums secureci by this Mortgage immediately prior to such sale or acquisition. 6. Preservatioa aod ~laintenanre of Praperty; l.casehulds; Condominiums; Planmd Unit Developments. Borrow•cr shall kcep the Property in good repair and shall not com~it waste or permit impairment or deterioration of the Property and 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 Qlanned unit development, Borrower shall perform all of Borrower's obligations under the declaratiun or covenants creating or governing the condomrnium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent Jcxumentt. It a condominium or planned unit Jevelopment rider is executed by Bonower and recorded together w~th thi~ Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplcment the covenants and agreements of this Mortgage as if the riJer were a part hereof. 7. Protectioa of Lender's Secarlty. If Borrower fails to pcrform the covenants and agreements contained in this Mortgage, or if any. action or proceeding is commenced w•hich materially afiec~s Lender's interest in the Property. induding, but not limited to, eminent domain, inx?Ivency, code en(orcemcnt, or arrangements or proceedings invol~•ing a baakrupt or decedent, then Lender at Lender's option, upon notice t~ Borrower, ma}• make such appearances, disburse such sums and take auch action as is necessary to protect I.ender's interest. including, but not limited to, disbursement of reasonable attorney's (oes and entry upon the Property to makc rcpairs. If l.cnder requircd mortgage insurance as a condition of making the loan secured by this Mortgage. B~rrowcr shall pay the premiums required to maintain such iniurance in efTect uMit such time as the neyuirement for wrh msurance lerminates ~n accordanee with Borrower s and eo~?K 292 YAcf 754 ~ : - - - _ ; ~ ~ ~ ~ ~ _ ~ ~-~,Y 5,i~''~,;~'t~ -e„as-~`,- ~:~-~..<~'v~ _ ~ r~ ~ ,cs ~ ~ ~v ..~,'~`~-~s~~ - . . .d:~.r ':r~s'~ ~r~t~~