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Home My WebLink About0365 . ' ~ . Untraw Oovaw~t+ts. Borrower and L~ender rnveoant and a=roe u toliowt: 1 hp~e~l ot hrclNl a~ l~le~1. 8orrowe~ shall p~omP~~f WY when due tbe priecipal ot and interat on the indebtedneu evide~ctd b~r tbe Note, prepayment snd late cha~gec a.c ptovided in the Note. ~nd tNe princip~! o[ aad inte~est an any F~uro Advances securod bp this Mortjasc. _ 2. 1tiNs /or'11iu~« a~ Iwn~c~. Subject to applicahk taw ar to a written waivet by Lende~. Bar~ ~all pay to I.ender on the day mwuhly installments o( principal and ~nte~cct ur payat~k unde~ the Nde. uecil che Nae is paid io tull. i wp~ (hereie "Fund~'ti eqwl to one-tweltth of thc yearl~~ tax~~ ~ni! assesuncots which may attain priotiry ov~r this 1Nortsa~e. and tmund reats on the Pr~penr. it aoy. ~+lus a~c-twelfth of yearty premium iastailments for hazard inwrance. plus w~e-twel[th of yearly prcmium inuallments tor mongage insu~ancc, if any. all u reasonably atimated initialty a~d trom 6me to time by Lender oo the buis ot assessments and hills and rcaso~abk estima~a thereot. 7Le Funds sball be beld in an institwicm the depos~u or accounts of rvhich are insurod or auaranteed by a Fedenl or state ajeocy (includins Londer if [.endsr is such an institution). I_ender shall apply ~he Funds to.pay uid tua. sssasn?e~ts~ inwranoe premiums and Sround rcnts. i_eoder may na charge for sc~ holdina and aPplyins the Fnnds. analyzi~= said account, • or verifyin~_and compilins said sssessments and bills, unless l.ender pays Borrower interat on the Funds and appliubk law permits I.eader to make such a charge. Borrower and Lender may aarce in writina at the time of ezecution of this Mortpse tbat intercst on the Funds shall be paid to Borrower, and ualas such asramen! is made or applicabk law r+equi~+es such i~terat to be paid. Lender shall not be required to pay Borrower any intercst or arnings on the Fundt. l.e~der alull pve to Borro~rver. witlaut charge, an annual accountins of the Funds showing crcdits and dtbits to the Funds and the purpose IoF which each debit to the Funds wu made. The-Funds arc pledgod u additional security for the sums socured by this Mortp~e. ' if the amount ot the Funds held by Lender, together with ~he future monthly instaltments of Funds payabk prior to tbe due data of taxa. asussments, i~urance premiums and ground rcnts, shall excad the amount required to pay said taxa. aae~ments; insurance prcmiums and gmund rc~ts as they fall due, such excess shall be. at Borrower s option. ~ either promptly tepaid to Ho~rower or ctedited to Borrower on monthly installments of Funds. ~ If the amount of the Funds hdd by I.~oder shall ~wt be sulfic.ient to pay taxes, sssesxmonts, imurance premiums and ground ronts ss they fall due, Borroner shaU pay to l.ender any amount necessary to make, up the de6ciency within 30 days from the date notice is maikd by Leader to Borrower requesting piyment thercof. Upon paymeot in full of all sutns xcured by this Mortgage, l.ender shall promptly rcfund to Bormwer any Funds held by L.eader. If under puagraph 18 hereof the Property i~ sold or the Propeny ~s otherwise acquircd by Lender, Lender s6a11 apply, no later than immediately prior to the sak of the Propeny or its acquisition by Ltnde~. any Fund . held bv I.Qader at the time of application u a credit against the sums secured by this Mortgage. 3. A~pllcatio~ ot pa~eafs. Unless applicable law provides othenvise, all payments received by Lender under the Note aad paragnphs 1 and 2 hereof shall be applicd by Lender first i~ payment o[ amounts payable to Lender by Borrower under paragraph 2 hercof. iben to interest payable on the Note, then to the principa) of the Note. s~d then to interest and principal on any Future Advances. . - ~ 1. Ch~r~es; I.ieas. Borrower shall pay all taxes, assessments and other charges, fir~es and impositions attributable to tbe Property which may attain a priority over this Mortgage, and leasehold payments or ground rents: if any. in the manaer pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paymeot. wha~ due, directly to the payee thereof. Bortower shall promptly furnish to Lender all notices of amouats due under this para,~nph, and in the event ~ Borrower shall make payment derectly, Borrower shall promptly fumish to Lender reaipts evidencing suc6 paymcnts. . Borrower shall pmmptly discharge any lien which has priority ~ver this Morigage; provided, that Bort~ower shall not be required to discharge any 3uch lien so long as Borrower shall agree in writing to tlie payment of the obligation secured by suc6 lien in a manner acceptabk ta Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, kgal proceedings which operate to prevent the enforcement of the lien or fodeiture of the Property or any part thercof. S. Har~rd iusnn~ece. Borrower shall kcep the improvements now existing or hereafter erect~d on the Property insured againu loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may rcquire and in such amounu and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage reqwred to pay ~he sums securcd by this Monaa~e_ 'Ibe iruurance carrier providing the inwrance shall be chosen by Borrower subject to approval by Lender, providod. tbat such approval shall not be unrcasonably withheld. All premiums on insurance policia sha11 be paid in the manner provided under paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment. when due, dircctly to the ; insurance carrier. i All insurance policies and renewals thereof shall be in form acceptable to Lender and shaq include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policia and renewals thereof, ~ and Borrower shall promptly furnish to Lender all renewal notices and all receip~s 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 promptly • y by Borrower. - f ' Ualess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ; the Property damaged, proviJed such restoration or repair is economicafly feasible and the. security of ihis Mortgage is not Ihtreby impaired. lf such restoration or repair is not economically feasible or if the security of this Mortgage would ~ be impaired, the insurance proceeds ahall be applied to the sums secured by this Mortgage, with the excess. if any. paid to Borrower. If the Propeny is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date aotice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, l.ender is authoriud to collect and apply the insurance procceds at Lender's option either to restoration or repa~r of the Propert~ or to t6e sums securod by this Mortgage. Unless Lender and Borrower otherv?~ise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installmenls referred to in paragraph~ ! and 2 hereof or change the amount of sucb installmeots. I[ under paragraph 18 hereof the ProF,erty is acquired by l.ender, all right, title and interest of Borrower in aad to any h?surance policies and in and to the proceeds thereof resulung from damage to the Property prior to th~ sale ~ ot acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. ~ 6. Pr+eaervation and Maintenance of Property; Leaseholds; Condominiu~as; Planoed Unit Devebpments. Borrower ~ shall keep the Property in good repair and shall not comrpit y~aste or permit impairment ot deterioration of the Propeny and shall compl~• with ~the provisions of any lease if this Mortgage is on a leasehold. It this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all af Borrower's obligations 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 constituent Jocument~_ I( a condominium or planned unit development ~ rider is ezecuted by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider € shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider % were a pan hereof. ~ 7. Protection of Leoder's Security. If Borrower fads to perform the covenants anJ agreements contained in this ~ Mortgage, or if any action or proceeding ~s commenced which materially aficcts [_ender's interest in the Property, • including, bot not Gm~ted to, eminent domain. ins~lvency~, code enforcement, or arrangements or proceedings invoh•ing a bankrupt or decedem. then I.ender at Lender's option, upon notice to Borrower, ma~• make such appearances, disburse such sums and take such action as is necessary~ ta prolect Lender's interest, including. bW not lim~ted to, disbursement of ~ _ reuonable auomey's tees and entry upon the Propeny lo make rcpain. 1f Lender reyuircd mortgage insurance as a ~ condition of making thc loan SccureJ by this Mortgagc. Borrowcr shall pay thc premiwns requirat to maintain such ~ iruurance in eftect until such time as the reyuirement for wch insurance terminates ~n accordance with Borrower's and ~ f . ~ ~ooK ~ ' 364 ~ ~ ~ - - _ _ _ _ . ~ _ ~ ~ z:. ~ . ~ ~4 ~ > ~ _ ~ : -