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Home My WebLink About0760 , • . UH~Fa~t?~ CoveN~HTS. Barrower and Lendcr cuvenant and ;,grce folluws: • 1. ta~~acst ot Priocipsl aad iaterest. Borruwcr ~haU prump~{~ pey whcn due thc p~i~cip~l a( and interest on the indebtedness evidenccd by the Notc, prepayment and latc ch:~rgc~ a. pruvided ~n ~he Na~c, and thc principai of and intercst 0o aoy Future Advanca secured by this Mortg;?ge. 2. Fba~C tor Tua aud I~rsact. Subject ~o appli~;,hlc law ur ~o a writtcn waiver by l.ender, Borrower shall pay to Lender on the day mon~hly installmc~ts of principal anJ ~nicrr.~ .irr payablc undcr the Nate; until the Note is paid in full. a:um (her~in "Funds") equal to one•twelfth nt the yearl) ta~c. enJ acces~men~c which may attain priority over th~s Mortgage, a~d gmu~d rcntt on the P~+aperty, if any, ptus onc-~wel(th of yearly prem~um installments for hnzard insurance, plus one-twelfth of yearly premium ins~altments for mnrtgagc nunrancc. ~f any, all ac rrasonably cctimated inilially and (rom time to time by l_ender on the basis of ~ssessmcn~s ~nd hills ~nd rrawnablr estima~es thereof. 71~e Funds shall be held in an instituti~•n ~he de{x~~~u or accounls ol which are insured or guaranteed by a Federal or state agency (including L.ender if Lende~ is such an institutionl. Lender ~hall apply ~he fiunds ta pay ~aid taxes, assessments, insurancx prcmiums and graund rents. 1 ender may not charge lor holding and apF+lving ~he Fundc. analyzing caid account. or verifying and compiling said assessments and bills, u~fess I.ender pa~•a Borrower interest on the Funds and applicable !aw permits Lender to make such a cha~ge. Borruwer aod [~ruier may agrce in writing at thc time uf ctecution of this Mortgage that interest an the Funds shal! he paid ta Borrower, and unless .such agreement is made ~~r applicable law rcquires such i~terest to be paid. Lender shall not he requireci to F?ay Borrower any intcrest ot earniogti on the Funds, I.ender shall give to Borrowe~, without charge, an annual accounting of Ihe Funds showing credits and debits to ~he Funds and the purpose [or which tach debit to the Funds was made. The Funds are pledged as addiuonal security for ~he sums secured by this Mortgage. lf the amount of the Funds held by Lender, together with ~he future monthly installmcnts of Funds payablc pri~r to tl~e due data of taxes, assessments, insura~ce premiums and g~ound rents, shatl exceed the amount reyuired to pay said taxes, sssatstnents, insurance premiums and ground rents as they fall due, such exce~s shall be. at Borrower's opt~on, either ~ promptly repaid to Bo[rower or credited to Borrower on monthly installmcnts of Funds. If the amount of thc Funds held by L.ender shall not be suf6cient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrawer shall pay to Lender any amount necessary• to make up the de6ciency within 30 days from the date notice is mailed by I.ende~ to Borrower rcquating payment ~hereof. Upon paymeat in full of al{ sums secured by this Mortgage, I.ender shall promptly re[und to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property i~ sold ar the Prope~ty ~s otherwisc acquired by l.ender, [.enJer s6a11 appiy. no later ihan immediately prior to the sale ot the Property or its acquisition by Lender, any Funds held by Lender at the Ume of applicauon as a credit aga~nst the sums securcd hy th~s Mongage. 3. Applieation of Paymeals. Unless applicable law proviJes otherwise, all payments received by I_ender under the Note and paragraphs 1 and 2 hereof shall be applied by I.ender 6rst in payment af amounts payable to Lcnder by Borrow•cr uader puagraph 2 hereo[, then to i~terest payable an the Note, then to the principal of the Note, and then to interest and principal on any Future Advanas. 4. Charses; L~tas. Borrower shall pay all taxes, assestments and othcr charges, fines and impositions at~ributable to the Prope~ty which may attain a priority over this Mortgage, and leasPhold payments or ground rents, if any, in the manaer provided under paragraph 2 hereof or, if not paid in such manner, 6y Horrower making payment. whpi due, diroctly to the ~yee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this para6tsph. and in the event Borrower shall make payment directly, Borrower shall promptly fumish to l.ender receipts evidencing such payments. Borrower shall ptomptly discharge any lien which has priority over this Mangage; provided, that Borrower shall not be nequired to discharge any such lien so tong as Borrower shall agree in writing to the payment of the obligation securod by such lien in a manner acceptable to Lender, 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 ~he lien or forfeiture of the Property or any part thereof. S. AazaM insurance. Botrower shall keep the improvements nov?• existing o~ hereafter erected on the Property insared against foss by 6re, ha7ards included within the term "extendeJ coverage", and such other harards as Lender may reyuire wd in such amounts and for such periods as Lender may requirc; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. 'Il~e insurance carrier providing the insurance shall be chosen by Bonower subject to apQraval by Lender, providtd, t6at such approvat shatt not be unreasonably withheld. AI! premiums on insurance policies shall be paid in the manner providai under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. All insurance policies and renewals t6ereof shall be in form acceptable to Lender and shal) include a standard mortgage clause in favor of and in form acceptable to l.ender. Lender shall have the right to hold the policies and renewals 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 notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptiy by Borrower. Ualess Ltnder and $orrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage ic not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance prceeeds shall be appiied to the sums secureJ b~~ this Mortgage, with the excess, if any, paid to 8orrower. If !he Ptoperty is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier o(iers to settle a claim for insurance benefits, Lender is authoriud to collect and apply the insurance proceeds at Lender's option either to restoration or repalr of the Propetn- or to the sums secured by this Morigage. Unless Lender and Borrower otherwise agree in writing, any such application of pr~x:eeds to principal shall not extend or postpone the due date of the monthly installments referred tc~ in paragraphc 1 and 2 hereof or ehange the amount of such installmeats. If under paragraph 18 hereof the Property is acquireci by l.ender, all right, title and interest of E3orrow~er in and to any insurance policies ared iR and to the proceeds thereof resufung from damage to the Property prior to th~ sale or acquisiqon shall pass to Leader to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisitian. . 6. Pr'~aenaEion and Maintenance of Propert}•; Leasehulds; Condominiums; Planned Unit Devttopments. Borrowcr shall keep the Property in good repair and shall not comrpet waste or permit impairment or deterioration of the Property a~ shall comply with tbe provisions of any leace if this Mortgage i~ on a leasehold. If this Mortgage is on a unit in a condominium or a Qlanned unit development, Borrower shall per(orm all of Borrower's obligations under the declarativn or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planced unit development, and consti~uent documenis_ If a condomioium or planned unit development ' rider is executed by Bonower and recotded together with ~his Mortgage, the covenants and agreemenis of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the ridcr were a part tiereof. 7. Protection of Leoder's Secur~ty. If f3orrower fails to perform the covenants and agreements contained in this Mortgage, ot if any action or proceeding is commenced which materially afiects I_ender's interest in the Propeny, including, but not limited to, eminent domain. insolvency, code enforcement, or arrangements or proceedings invol~•ing a bankrupt or decedent, then Lender at t_ender's option, upon notice to Borrower, may make such appearances, disburse such sutns and take such aCiiOn us is necessary tv protect Lenders interesi, inrltid:ng, but not limited to, disbursement of 1 reasonabk attorney's fees and entry upon the Proper~y to make rcpairs. If I_cnder requircd mortgage insuran:e as a condition of making the loan secured by this Mortgage, Borrvwer shall pay the premiurns requireJ to maintain such et~fwaace in effett until such time as ~he reyuirement for such insurance terminates in accordance with Borrower's anJ 8 ~k R 29~ FaGE 76~ ~ Y~, - - - - ~ ~ ~ ~ ~ ~ ~ _ aa ~ ~t~ ~ ~r~ ~ - ~'"f ~ ~x~°--~~+~ "-~~~~~~~"3 Kr+.~ i1 ~ ^~~^~r,iy~~ i , _ . . ~ 4'~"~c.'+E+`~~.~