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Home My WebLink About0388 UN~FatM Covet+~Nrs. Borrower and Lende~ cuvenan~ and aRrre as follows: l. h~rwe~t of Pri~cip~l aod latenst. Borrawer shall promptly pay N•hen due tha principal of and intetest on the indebtednas evidenced by the Note, p~epayment and late charge. a~ p~uvided in the Note, and the principa) of aod interest ai any Future Advances secured by this Mor~gage. 2. Fr~ds tor Tues asi l~nra~ce. Subject to applicahle taw ~~r to a M~ritten waiver by l.ender. Borrower shall pay to I.ende~ on the day monthly installments ot prirx;ipal a~d intcrc~~ arc payahle u~der ~he Note, until ihe Note is paid in tull. ~ a tum (herein "Funds") equa) to one-twelfth of the yearl~ ta~c. a~J assessments which may attain pnority ove~ this Mortgsge. and 6~ound nna on ihe Pruperty, if any, plus cu~c-~welt~h of yearly premium installmcnts for hazard insurance, ; plus one•twelfth of yearly prcmium i~stallmen~s for mortgage insura~cc. i( any, all as reasanably estimated initially and from } tirne to time by Lender o~ the basis ot assessn~cnls and hills ancf rea~onable estimates thereot. 'Il~e Funds shall be held in an insUtution the de{xxiu or accaunls a1 which are insurcd or guaranteed by a Federal or state agency (includina Le~der if Lender is such an institution). 1_ender ahall apply ~he Funds to pay ~aid taxes, asuuments, insurat~ee ptemiums and g~ound rents. l ende~ may not charge for so holding and applying the Fiindc. analyzing ~aid account. or verifying and compiling said assessments anJ bills, unless 1_ender pays Borrower interest on the Funds and applicable law permits Le~der to makt auch a charge. Borrower and Lender may agree in writing at the time of executic~n of this Mortgage that i~terest on the Funds shall be paid to ~orrower, and unless such agreement is made ar applicable law requires such interest to be paid. Lender shall nat be rcquired ta pay Borrower any interest or earnings on the Funds. L.ende~ shall give to Borcowe~, witfwut eharge, an annual accounting af ~he Funds showing credits and debits to the Funds and the purpose [or which qch debit to the Funds was made. The Funds are pledged as additional security for ~he sums securcd by this Mottgage. If the amount of the~ Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes. asussments, insurance premiums and grc?und rents, shall exceed the amount required to pay said taaces, a~seatments, insurance premiums aad ground rents as they fall due, such excess shall be, at Borrower s option, e~~her prompdy repaid to Borrower or crodited to Borrower on monthly installmen~s of Funds. lf the amonnt of ~hc Funds held by Lender shall not be sutl'icieat to pay taxes, assessments, in$urancc premiums and ground rents as they (all due. Bormwer shall pay to Lender any amount necessary to make up the deficiency within 30 days (rom the date notice is mailed by L.eoder to Horrower requestiag payment thereof. Upon payment ia full of all sums secured by ~his Mortgage, l.ender shall promptly refund to Borrow•er any Funds held by Leader. If under paragraph 18 hereo[ the Property i~ sold or the Property is othen~+iu acquired by Lender, Lender . s6a11 apply. no later than immediately prior to the sale of the Property or its acquisition by I.ender, any F~nds held by ~ I.eader at the time of application as a credit against the s~ms secured by this hlortgage. ~ 3. Application ot Paymeots. Unless applicable law provides otherwise, all payments received by I_ender under the ' Note aad puagraphs 1 and 2 hereof shall be applied by 1_ender first in payment af amounts payable to Lender by Borrower under pangraph 2 hereof. then to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. A. Crar6es; Liesc. Borwwer shall pay all tsxes, assessments and other charges, fines and impositions attributable to the property which may attain a priority over this Mortgage. and leasehold payments +~r ground rents. if any, in the manaer provided under paragraph 2 hereof or, if not paid in such manner, by Borrower malcing payment. when due. diroctly to the payee tl~ereof. Borrower shall promptly furnish to Lender all notices of amounts due under this para~aph, aad ia ihe event Borrower shatl malce payment directly. Borrower shaU promptly furnish to-Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which haz priority over this ldortgage~ provided. that Sorrower shall not be ~ raquirod to discharge any such lien so bng as Borrower shalt agree in writing to the payment of ihe obligaliun secuted by suc6 liea in a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in, ; legal proccedings which operate to prevent the enforcement of the. lien or fodeiture of the Property or any part thereof. S. Huard towrace. Boirower shall keep the improvements now existing or hereafter erected on the Property insured ; against loss by firc, hazards included within the term "extended coverage", and such other hazacds as Lender may require and in such_amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage eaceed that amount of coverage required to pay the sums secured by this Mortaage. 'Ibe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. t6st~such approval shall.not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or. if not paid in such manner. by Borrower making payment, when due, directly to the inwnnce carrier. All uuurance policies and renewals thereof shall be in form acceptable to i.encler and shall include a standard mortgage , clause in favor of and in fortn acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, n and Borrower shall promptly futnish to Lender all renewal notices and all receipts of paid premiums. in the event of loss. Borrower shall give ptompt notice to the insurance carrier and Lender. Lender may make proc~f of loss if not made promptly ~ by Bomower. j ~ Unless Lender aztd Borrower olherwise agree in writing, insurance proceeds shall be applied to restoration or repair of I the Property damaged, proviciecl such restoration or repair is economically feasible and the security of this Mongage is ~ not thereby impaired. It such restoration or repair is not economically feasibfe or if the security of ihis Mortgage would E be impaired, the insurance proceeds shall be applied to the sums secured by this MoRgage, with the excess, if a~y> paid ~ to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to lxnder within 30 days from the ~ date notice is mailod by I.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits. Lender E is authorized to collect and apply the insurance proceeds at l.ender's option either to restoration or repaer of the Propert~ ' or to the sums securod by this Mortgage. y Unlus I.ender and Borrower otherwise ag~ee in writing, any such application of proceeds to principal shall not extend ; or poatpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of ~ suc6 installmepts. If under paragraph 18 hereof the Property is acquired by l.ender, all right, title and interat ot Borrower ° in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to thc saie ~ ~ or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or ; i . acquisition. ~ 6. Praervadon aod Mainteaance of Property; Leaseholds: Condominiums; Planned Unit Devdopments. Borrowcr ~ shall keep the Property in good repair and s6a11 not comrpit waste or ~permit impairment or deterioration of the Property f and shall comply w~th the provisions of any lease if this Mortgage is on a leasehold. this Mortgage is on a onit in a ; cot~dominium or a planned unit development, Borrower shall pcrform all of Bortower s obligations under the declaration or oovenu?ts creating or governing the condominium or planned unit development, the by-laws and regulations of the ' condominium or pla~oed unit development, and constituent documents. If a condominium or planned unit development { rider is executed by Borrower and recorded together with Ihis Mortgage, the covenants and agreements of such rider s6a11 be incorporated into and sball amend and supplement the covenants and agreements of this Mortgage as if the rider ~ were a part hereof. ~ 7. protect~ of Leoder's Secudty. If Borrower fails to perform the covenants and agreements contained in this . F Mottgage, or if any acUon or proceeding is commenceJ which materially affects Lender's interect in the Property, ~ including. but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings invoh•ing a ° ~ baakrupt or docedent. tben l.ender at Leader's option~ upon notice to Borrower, may make such appearances. disburse such r wms and tske such action u is cecessary to protect Ixnder s interest, including, but not limited to, disbursemeqt of < ~ reasonabk attorney's fees and entry upon the Propcity to make repairs. lf Lender requircd mortgage insurance as a ~ ~ condition of making the loan secured by this Mortgage. Borrowcr shall pay thc premiums requircd to maintain such ~ insw~nc.e in eHect until such time as the requirement for such insurance tcrminates in accordance with Borrower s and ~ ; • ~ ~ " ~ ~ ~ 8001! ~.+~1J P.1~ ~ } • . T• 2 n~ _ _ ~ ~ _ _ ~ " - tc::` .f~3