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Home My WebLink About0270 • i ~~~w ' UntEqw Cov~at+erns. Borrow~ and I.ender covenant and atra ss tollows: L tq~eM ot lrl~e~l aM t~krat. Borrower shall prompU~ paY whe~ due the principal of and inter+est on the indebcedness evidenoed by ~be Naa prepareaen~ aod lace charge~ ac ~uovided in ~he Nae. a~ the principal ot and interest ~ on any Futute Advanca secut+ed by this Mo~s~e. ' ~Wi tsr 'I1~M ai Iwe~ce. Subjoct to spplicabk law .x to a written waiver by Lende~. Bo~ro*re~ shall W7 : to Le~der on the day moothly installmems of principal and intcrc~t an paysMe under the Note. until the Note is paid io tull, i s wm (herein ••Fuads'~ eqwl to. one-twelfth of the yea~l~~ ~asc. a~cl assessments which may attai~ ptiority ove~ this ~ Mottja~. and ~r~ound reaa on ~he Pmpeny. it aoy. Flus a~e-twelfth of yearly premium installments for hazatd insurance, - ptus oartwelith ot yearly premium inuallments tor mortgage insurancc, if any. all u reasonably atimated initislly and from time to time by Lende~ on tbe bssis of assessmcnts and hills and reasonabk atimata thereof. + The Funds shall be held in an institutic+n thc deposia or accounts of ~rhich arc insured or ~uannteed by a Fedenl ot ' ttate ajency (includina Lender if Lender is such an institution). I.ender shall apply the Funds to pay said tua. assasments. inwranoe ~emiums and ~ound rents. l.ender may nal charge for sc~ holdina and spplying the Fu~d.s. analy=in~ said account, or verifyin~ and compiling said assessments and bilh, unless Lender pays Borrower interat on the Funds and applicabk law : ptcmits Lender to make such a charge. 8orrower and Lender may :gree in writint at ~he time o[ execution of this ' Mo~ase that i~terat on the Fu~ds shall be paid to Bo~ower. and unkss such aareement a made or sQplicabk law requira such interat to be paid. Lender shall not be rsquircd to p~y Borrower any intercst or earnings on. the Funds. Lende~ shaU pve to Borrower, without charge, an annual accounting of the Funds showina credi(s:~nd debits to the Funds and the _ purpose for which each debit to the Funds wu made. The Funds arc pledged u addition~l security for the sums secured by tl~a Mortpae. If tha amount of the Funds hetd by Lender, together with the future monthly installments of Funds payabk prior to the due dates of taxes. asseumenq. i~nurance premiums a~d ground rcnts, shall exceed ihe amounCrequired to pay said taues. assaan~nts. iasu~ance prtmiums and ground .re~ts u they fall due, such excess shall be, at Borrower's op~ion, either ~ pranptly repaid to Borrower or credited to Borrower on monthly ins~allments of Funds. lf the amount of the Funds !xW by L.ender shall not be sut6cieat to psy tues, assescments, insurance premiums ar~d gmund rcnts as they fall due, Bormaer sball pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is maikd ` by Lender to Borrower requating payment thereof. ` Upon payment in full of all sums s~curcd by this Mortgage, t_ender shafl promptly refund to Borrower any Funds - . held by Leuder. If under puaaraph 18 hercof the Property ia sold or the Propeny ~s otherwise acquit~ed by Lender. Lender s6all apply. no later than immediately prior to the sale. of the Propeny or its acquisition by Lender. any Fun~' held bv I.ender at the tim~ of application as a crcdit against the sums secured by this Mortgage. ~ ' 3. A~plicatiow of P~pe~ts. Unless applicable law provides othenvise, all payments received by L.ender under the Note aad paragnphs 1 and 2 hercof shall be applied by I.ender first in payment of amounts payable to Lender by Borrower under par~g~aph 2 heroof. then to iaterat payabk on the Note, .then to the principal of the Note, and then to intereat a~d priacipal on any Future Advances. 4. Craqes; Lie~. Borrower shall pay all tazes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents. if any, in the manner p~+ovided under paragraph 2 hereof or, if not paid in such manner, by $orrower making payment, whm due. directly to the ~ payee thereof. Bormwer shali promptly furnish to Lender all notices of amounts due under this paragraph, aod ia the event Borrower shall make payment _directly. Borrower shall promptly fumish to l.ender receipts evidencing such payments. - Borrower saall promptly discharge any lien which hu priority over this Mortgage; provided, that Borrower shall not be reyuired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation socured by suc6lien in a manner acceptable to Lender, or shall in good faith contes~ such lien by, or defend enforcemeot of such lien in, kgal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part theroof. . S. Hazard lownwce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by firc, hazards included within the term "extencied 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 requirc that the amount of wch coverage exceed that amount of coverage requir~d to pay the sums secured by this Mortaaae. "I~x iosurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. providod, that wch approval shall not be unreuonably withheld. All premiums on insurance policie~ sh~il be paid im the manner i provided under paragraph 2 hercof or, if not paid in such manner, by Borrower making payment, when due. dircctly to the ; insunoce carrier. ! All insurance policies and renewals thereof shall be in form acceplable to Leneier and shall include a standard mortgage ; clause in favor of and in form acceptable to Lender. Lender shall have the njght to hold the policia and rctnwals thereof, • ~ and Borrower shall promptly furnish to Lender aH renewal notices and all receipts of paid premiums. In the event of loss. ~ f Bonower shall g~ve prompi notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly i by Bor~ower. ~ ~ Unless Lender and Borrower otherwise agree in wnting, insurance proceeds shall be applied to restoration or repair of the Ptopetty damaged, provided such rcstontion or repair is economically (easible and the security of this Mortgage is not ~hereby impaired. It such rcstoration or repa~r is not economically feasible or if the security of this Mortgage would ~ be impaired, the insurance proceeds shall be applied to thc sums secured by this Mortgage, with the excess. if any. paid to Borrower. If the Property is abandoned by Borrower. or if Borrower fails to respond to Lender within 30 days trom the date notice is mailed by l.ender to Borrower that the insurance carrier offen to settle a claim for insurance benefits. l.ender is authorizod to collect and apply the insurance prooceds at l.ender's option either to restoralion or repa~r of the Propert~ or to t6e sums securcd by this Mortgage. Unlus Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not eztend or postpone the due date of the monthl}• installments referred to in paragraph~ I and.2 hereof or change the amount of suc6 installmeots: If under paragraph I$ hereof the Pro~,erty is acywred by l.ender, all right. tide and interest of Borrower in and to any A~surance.policies and in and to the proceeds thereof resulung from damage to the Property prior to th~ sak or acqaisition shall pass to Lender to the extent of the sums secured by this Mortgage immtdiately prior to such sale or acquisition. ~ 6. Prrservatioo aod Afaintenance of Proptrty; Leasehulds; Condominiu~ns; Planned Unit Developmen~s. Borrowcr ~ shall keep the Property in good repair and shall not comroit ri•aste or permit impairment or deterioration of the Property ~ and shall comply with the provisioos of a~y leau if this Mortgage is on a leaschold. U this Mortgage is on a unit in a " condominium or a pEanned unit development, Borrower shall perform all of Borrowtr's obligations under the declaration ~ ~ ~ or covenants creating or governing ~he condom~nium or planned unit development, the by-laws and rcgulations of the ~ condominium or planned unit development, and constituent documems. I( a condominium or planned unit development ~ rider is executed by Borrower and recorded together w~th ~hic Mongage, the covenants and agreements of such rider ~ shall be ~ncorporated mto and shalf amend and supplement the cuvenants and agreements of this Mortgage as if the riJer ~ wett a part hcreof. , ~ 7. Protection ot LendeTs Securfty. If Borrower (a~l~ to perform the covenams and agrcements contained in this Mortgage, or if any action or proceed~ng is commenced wbich materially aBec~s LenJer's interest in the Property. ~ including, but not limrted to, em~nent domain. inu.h~enc~, ccxfe enforcement, or arrangements or proceedings invol~ing a ' ~ bankrupt or decedem, then I.ender a~ Lender i option, upon nodce to Borrower, may make such appearances, dishurse such ~ sums and take such action as ~s necetsary tu protect Lender's interest. including. but not limrted to, disbursement of reuonable attorney's (ees and emry up~~n the Propcr~y to make repairs. lf l.cnder reyuired mortgage insurance as a ~ cond~tion of malcing ~hc loan xcureJ by this Mortg~gc. B~~rrowcr shall pay thc premiums requireJ ro maintain such ~ insurance in efiect until such time as the reyuirement for tiuch insurance term~nates ~n aecordanee with Borrower s and ~ 295 ' 2~ : ~ ; _ - - - - - - ~ ~s- ; ~ Y~ . ~ ~ I .r~~'",, ~a^ x~, , `'~`~y3`~'~'~"~,~a^~ " ~ ''F~~ .,-`~^~'~-,'w. _ ~