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Home My WebLink About0246 Unt~~oR~ Covp.n~t+n. Horrower sad L,e~der covenan~ and atree as follows: L hl~~eN ot lti~elN1 a~i We~ed. Borrowe~ shal) promp~l~• pay when due the principal of and interat on the indebted~ess evideAOed bp the Not0. pnW~~t and late chargea ac provided in ihe Note. snd the principal of and ieterest on aay Futuro Advsoces t~cur+ed b~? this Motttase. P`i tw T~s~t Mi l~ee. Subject to spplicatik law ..r to a writtee waive~ by Lender. eor~?er ~n wy = to Lender on Ihe day moothly insbllmenis of principal and ~n~crcct are ~wyahk undet the Note, uotil the Note is paid in [ull. , a wm (berein "Fuads'~ oqual to oK-tweltth af ~he yea~l~~ taa~~ and assessments which may attain priority over this Mo~ase. and ~round ronu on the Pwperty. it any. plus one-twelfth ot yearly premium installme~t: fot haurd insurance. plus ooo-tweltth ot yea~ly premium inuallments for mongage insunncc, if any, all u reasonably estimated initially aod trom ` ~ 6me to time by Leuder oa the buis ot asxs~mcnts and hills and rcasonable atimata thereof. ~ '!be Funds shall be held in an institution the deposiu or •rccounts af which are insured or Suaranteed by a Fedenl o1r ? state sjeocy (iticludi~a Lendet if I.cnder is such an institution). I_ender shall apply the Fuods to pay said taxss. aues~ments. inwraooe premiums and ~ound rents. I.ender may not cha~ge for so holding and aPplYios the F~mds. aoalyzin` uid accoun~ or veriEyin~ and complint uid usessments and bills, unkss Lendsr pays Bonower interat o~ the Funds and applicabk law permits Lender to make :uch a charge. Borrowe~ and Lender may agrce in writina at the time of execution of this Mo~aR tl~at interat on the F~nds s6a11 be paid to Borrower, and unless such agreement is made or applicabk law requires such interest to be paid. Lender shall. not be rcquired to pay Borrower any interest or tarnings on the Funds. Lender sball pve to Borrower. witbout charge, an annual accou~ting of the Funds showing credits and debits to the Funds and the purpose (or which qch debit to tbe Funds wu made. The Funds arc pledged as additional security tor the sums sccured bY thia Mottjs~e• If the amount of tbe Funds held by Lender, together with the futuro monthly installments of Funds payabk prior to t6e due data ot tues. asses:meats. i~nunnce premiums and g~ound rcnts, shall exceed the amount rcquircd to pay said taxes. ' aae~meats. iawranoe premiums and Eround rents u they fall due, such excess shall be. at Bonower s option, eithe~ ~ promptly repaid to .Botmwer or credited to Borrnwe~ on momhly installments ot Funds. lf the amount of the Funds ? 6dd bq i.eoder shall uot be ~t to pay taxa, asscssments, insurance prcmiums~ and gtnund rents u they fall dub, ` Bort~o~?er sbal! pay to Leader any amalnt nocessary to make up,the deficiency within 30 days from the date notice is mailed by l.eader to Bormwer requestin8 paYment thereof. . ~ Upoa paymeat in fuU of dl sums xcurcd by this Mortgage, l.ender shall promptly rctund to Borrower any Funds held by L.ender. If under pusgrap6 18 hereof the Property i~ sold or the Property ~s othenvise acquired by Lender. Lende~ sh~l1 apply, no later than immodiately prior to the sale of the Properiy or i~s acquisition by Lender, any Func' held bv I.ender at the time of application u a credit against the sums secured by this Mortgage. 3. A~plkatiw~ d taydeMs. Unless applicable law provides otherwise, all payments received by Lender under the Note znd paragraphs 1 and 21~ereof shall be appl~ed by t.ender 6rst in payment ot amounts payable to ~ender by Borrower { under patagraph 2 heceof. t6en to intercst payable on the Note, then to the principal of the Note, and then to intercst and pcincipal on any Fuwre Advanoas. ~ ~ - 1. Cha~te~ Ueas. Borrower shall pay all taxes, assessments and other charges, fines and impositions auributable to ~ tbe Property which msy atuin a priority over this Mo~tgage, and leasehold payments or gmund rtnts.'if any, in the manner ~ provided under pusgraph 2 hercof or, if not pa~d in such manner, by Borrower making payment, wt~yn due. diroctly to the payee the~+eof. Borrower shall promptly [urn~sh to Lender all notices of amounts due under this paragraph. and in the event Borrower shall malce payment directly, Borrower shall prompdy tumish to Lender receipts evideucing such paymenu. Borrower shall promptly discharge any lien which hu prionty over this Mongage: provided, that Borrow~er shall not be requirod to discharge any such lien so long as Borrower shall agree in writing to the payment of~ obligaticro secured by wch lien in a manner acceptabk to Lender, or shall in g«~d (aith contesi such lien by, or defenJ enforcement of such lien in, _ kgal proceedings which operate to prevent the enforcement o( the I~en or torte~ture of the Property or any part thereof. - S. Hazsrd l~wia~ce. Borrower shall keep the improvements nov?• existing or hereafter erected on the Property insurod ~ against loss by firc. ha~ards induded withm the term "exteoded coverage", and such other hazards as Lender may require ~ wd in wch amounts and for such periods as Lender may reyuire; provided, that Lender shall not requirc that the amount of 5 wch coverage exceed that amount of coverage required to pay the sums secured by this Mortaage. ; The insurance carrier providing the insurance shall be chosen by Bonower subject to approval by Lender, provided, - that wch approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner ' pmvided under paragraph 2 hereof or, if not pai~ in such manner, by Borrower making paymet~t. when due, dircctly to the > ~ insurance carrier. - ~ All insurance policies and renewals thereof shall be in form acceptable to Lend4r and shall include a standard mortgagC j clause in favor of and in form acceptable to Lender. I_ender shall have the right to hold the policia and renewals thereof, _ l and Borrower shall promptly furnish to Lender all renewal not~ces and all receipts of paid premiums. In the event of loss, Borrowe~ shall give promp~ notice to the insurance carrier and Lender. Lender may make proof of I~ if not made promptly j by Borrower. ~ Uoless Lender and Botrower otherw~se agree ~in writing, inwrance proceeds shall be applied to rcstoration or repair of ~ the Propeny damaged, provided such restorat~on or, repair is economically feasible and the security of this Mortgage is ? not thereby impaired_ It such restoration or repair is not cconomically 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 anp. paid - to Borrower. If the Ptoperty is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notic~ is mailed by Lender to Borrower that the insurance carrier oHers to settle a claim for insurance benefits, I.ender - is authorized to collect and apply the insurance proceeds at I_ender's option either to restora~ion or repair of the Propertv 5 or to the wms secured by this Mortgage. ~ Unlus Lender and Borrower otherv~ise agree in writing, any such application of proceeds to pnncipal shall not extend ~ or pcntpone Ihe due date of the monthly installments referred to in paragraph~ 1 and 2 hereof or change the amount of sucb installments. It under paragraph 18 hereof the Property is acyuued by l.ender, all right, title and interest of Borrower ~ in and to any ihsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to thc sale ' or acquisition shall ~ss to Lender to the extent of the sums secured by this Mortgage immtdiately prior to such sale or 5 ~ acquisition. ~ f. Prtservadoa aod Naintenance of PropeAy: Leasehulds; Condominiums; Planned Ueit Developments. Borrowcr = shall keep the Property in good repair and shall not comro~~ K•aste or permit impairment or deterioration of the Property ' ~ and shall comply with the provisions of any lease it this Mortgage is on a leaschold. !f this Mortgage ~s on a unit in a * condominium~ or a planned unit development, Borrower shall perform all of Borrower s obhgations under the declaration ~ or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ; ~ condominium or planned unit development, and constiwent Jocumen~s. If a condominium or planned unit developmeat rider is executed by Borrower and rccorded together w~th this Mortgage, the covenants and agrcements of such ridcr ' ~ sha11 be incorporattd into and shall amend and supplement ihe co~enants and agreements of this Mortgage as if the rider # were a part hereof. F ~ .'f. PrMectioo of Lender's Securfty. If Borrouer fa~t~ t~• perform the covenants and agreements contained in ihis ~ Mortgage, or if any action or proceed~ng ~c cummence~i which materiall}• af~ects I.ender's interest in the Properry, ~ including, but not Gmited to. em~nent domain. inu~lvency, rode enforcemem, or arrangement5 or proceedings invoh•ing a ~ ~ bankrupt or decedent. then Ixnder at l.ender'~ option, u~m notice to Borrower, may makc such appearances, dishurse such ~ sums and take such action as is neeessary tu pro~ect I.ender's interest. including_ but not limited to, disbursement of ~ rtasanable attomey's fecs and entry upon thc Propcr~~~ ta ma~;e repair~. lf Lender required mortgage insurance as a cond~tion of making the loan secureJ by th~s 111ortgage. Barrowrr shall pay the premiwns requireJ to maintain such ~ ~ ~nsurance in eBect until such time as the reyu~rcmem for :ueh ~nsurance terminates in accordance with Borrower's and 9 ~ A6E : ~ • $i)0!( ~ F'AGE j ~ ' ~ - - - - - ~ ~g.. 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