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Home My WebLink About0406 Ut+trat~ CovaHeHts. Borrorver and L.a~de~ cove,~ant and atroe ss follows: b h~e~t lri~eiMl a~i INered. Qotwvv~t ahal) prompll~ p~Y whee due tbe princlpal ot ud interat a+ the indebtednest evideaoed b~r tl~e Note. ptepayment aod late charEec ac ~ovided in the Note, and the principd ot aud interat oa any Futuro Advances ~cured by this Mortssse. 1. !~i tor Ta:M Mi i~w~eree. Subject to applical+k law ~x to s written waiver by Lende~. 8o~ro~we~ shall WY to Leader on the day moothly installments ot principal and intcrcct ~rc payaMe under the Note. until the Note is paid 'm tull, - a wm (herein "Fundt'~ eqw! to a~e-tweltth ot the yeariy ta~cc. and zssessmeots which nuy attain priority ove~ this ; Mortt.~e. and ~round reaa on cbe Pwpeny. if any, plus one-twelfth of yearty~ premium iastallmenb for hazard inwraece. ~ plus oao-tweltth of yea~ly premium installments tor mortgage insunncc, if any. all u ressonably estimated initially and trom tima to lime by Lende~ ou the basis of assessments and hills and rcasonabk atimata thereaf. 3 7Le Fur~ds shall be beld in an institution ~he deposia or accounts of ~rhich are i~uurcd or ~uatanteed by a Federal ot ; state a~ency (includina Lender if Lcoder is such ao i~stitutionl. I_ende~ shall apply Ihe Funds to psy said tua. assessments. inwranoe lxemiums and `tound rents. I.ender may not charge for u~ holding and applyins the Funds, analyzin~ said actount, or verifyint aod compili~t uid assessments and bills, unkss Lender pays Borrower i~tercst-on the Funds and applicabk law ' permits I~eoder to make such a charge. eorrower and Lender may aarce in writing at the time ot exaution of this Mo~a~e that interest on the Funds shall be paid to Borrower, and unlas such aareement is made or applicabk law requira such interat to be paid. Lerider shall not be rcquired to pay Borrower any intercst or ami~gs on the Funds. Lender shall pve to Borrower, without cha~ge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to tbe Funds was made. The Funds are pledged u additional xcurity for the sums secured by this Mortsaae. If the amount of the Funds held by Lender, together with ~he fulure monthly installments of Funds payable prior to ; tbe due dates of taxes. assasments. i~uurance premiums and ground rcnts, shall exceed the amount requircd to pay said tua. •awa~ents. inauranoe premiums and ground rents as they tall due, such excess shal! be. at Borrower's op~io~, either ; promptly repaid to B~nrrower or crodited to Borrower on monthly installments of Fuads. If the amount o[ the F~nds bdd by Lendcr shaU not be wlHciwt to pay tua, assessments, insurance premiums and gmund rents u they fall due, Horro~rer sball pay to L.eoder any amount nocessary to make up the deficiency within 30 days'from the date notice is mailed by I.ender to Borrower requestia8 WYment thercof. Upon payment in full of all sums ~cured by this Mongage, l.e~der shall promptly refund tQ Borrower any Funds held by Lender. lt under pusgraph 18 hercot the Property ia sold or the Propeny is othen~rise acquircd by Lender. Lender =6d1 apply. no later than immcdiately prior to the sale of the Property or its acquisition by Lender. aay Funi held bv I.eader at the time of application as a credit against the sums secured by this Mortgage. 3. A~piicatiow ot payme~b, Unlcss applicable law provida otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by I_enJer first in payment ot amounts payabk to Lender by Borrower under paragraph 2 hereof. t6ea to interest payabk on the Note, then to the principal of the Note. and then to interest and - priacipal on any Future Advanoes. . 4. C6arta; Lkns. Borrower shall pay all taaes, assessments and other charges, fines and impositions attributable !o t6e Propetty which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner pmvided under paragraph 2 hercof or, if not paid in such manner, by Borrower making payment. whea due. directly to the payee t}leroof. Borrower shall promptly furnish to Lender all notica of amounts due under this pan~raph. and in tt~e event i Borrower shall make payment directly, Borrower shall promptly furnish to l.ender receipts evidencing such paymenis. ~ Borrowet shall promptly dixharge any lien which has priority over this Mortgage; provided, that Borcower shall not be ~equired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by sucb lien in a manner xceptabk to Lender, or shall in good faith conteu such lien by, or defend enforcement of such lie~ ia, legal proceedings which operate to Prevent the enforcement of the lien or forfeiture of the Property or a~y part thereof. S. Hszvd Ins~rawce. Borrower'shall keep the improvements now existing or hereafter erected on the Property insurod against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may rcquire . and in such amounts and for such periods as Lender may require: provided, tha: Lender shall not requirc that the amount of - such coverage exceed that amount of coverage required to pay the sums securcd by this Monaa6a The iawrance carrier providing the insurance shall be chosen by Bonower subject to approval by Lender. providaf, . thu wch approval shatl not be unreasonably withheld. A8 premiums on insurance policia shail be paid i~ the manner pmvided under paragraph 2 hercof or, if not paid in such manner. by Borrower making payment, when due, dircctly to the ! insurwce cacrier. ; All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard morigage ~ clause in favor of and in form acceptable to I.ender. Lender shall have the right to hold the policia 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 grve prompE notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower. E ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applitd to restoration or repair of ~ the Property damaged, provided such restorat~on or repair is econom~caqy feasible and the security of this Mortgage is ~ not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would ~ be impaired, the insurance proceeds shall be applied to the sums secure~i by this Mortgage, with the excess. if any. paid ~ to Borrower. If the Ptoperty is abandoned by Borrower, or if Borrower fails to respond to Le~lder within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits. Lender is authorizod to collect and apply the insurance procteds at Lender's option either to restoration or repa~r of the Properiv orto the sums secured by this Mortgage. Unless Lender and Borrower otherv~ise agree m writing, any such application of proceeds to principal shall not extend or postpone ~he due date of the momhly installments rcferred to in paragraphs 1 and 2 hereof or change the amount of ~ such installmeots. If under paragraph t8 hereof the ProE.erty is acquired by Lender, all right, tide and intercst of Borrower in and to any A?surance policies and in and to the proceeds thereof resulung from damage to the Propeny prior to th~ sale or acquisition shall pass to Lender to the extent of the ~ums secured by this Mortgage immediately priot to such sale or ~ acquisition. 6. P(tit~VS1100 and Maiatenw~ce of PropeNy; [.tasehulds; Condominiums; Planned Usit Devebpments. Borrower shall keep the Property in good repair and shall not com~oi~ yvaste or permit impairment or detorioration of .the Propeny and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a ~ condominium oi a planned unit development, Borrower shall pertorm all of Borrower's obligations under the declaration ~ or covenants creating or governing the cond~~mmium or planned unit .development, Ihe by-laws and regulations of ihe ~ condominium or planned unit development, and constituent document~. It a condominium or planned unit developmtnt ~ rider ~s eaecuted by Borrower and recorded together with th~s Mortgage, ~he covenants and agreements of sueh rider ~ shall be incorporated mto and shall amend and supplement the co~•enants and agreements of_ this Mortgage as if the rider ~ were a part hereof. 7. Protectan of Lender's Securfty. If Borrower failt t~~ perform the covenams anJ agreements contained in this ~ Mortgage, or if any act~on ur proceedmg i~ rommence~i which materially afiects Lender's interest in the Property, ~ including, but not Gmited to, eminent domain, insolvenc~~, code enForcement, or arrangements or proceedings invoking a ~ bankrupt or decedent. then Lender at l.ender's option, upon notice to Borrower. may make such appearances, disburse such ~ sums and take such action as is necessary tu protect t_ender's mtereat, incluJing. but not lim~ted to, disbursement of ~ reuonable attorneyc fces and en~ry u~~n the Propert}~ to make repairs. 1( Lcnder reyuircd mortgage insurance as a condition of makmg thc loan xcureJ by this Mortgage. B~rrowcr shall pay the premiums requireJ to maintam such ~ insurance in eticct uMil such time as thc reyuirement for wch insurance terminate~ in accordance with Borrowers and ~ ' ~ ~ i ~ SooK 295 ~A~ " 405 ' ~::.z~ - - - ~ r - ~ ~ : - ~