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Home My WebLink About0449 / Ut+iro~w CovaN~rtt~s. BoROwer and l.et~de~ covenan~ and atree as follows: ~!~N o~ hirclNl aM l~lete~l. Bo~rowe~ shall promptl~~ pay when due the principsl of a~d interest on the i~ebtednest evidenoed by the Note. Prepsyment and late chargcc ac provided i~ the Note. aRd the principal ot and intetest .ny Future Ae~?.aca sec~mea br th~: MongaK. 3. Ih~i tor 'l1n~M tw~i Iw~ee. Subject to applicahk law ur to a written waiver b~? Leodet. Borm~vt~ shall pay to I.eoder o~ Ihe day mo~thlp i~stallments ot principal and intcrcc~ arc payahk u~der the Note. unti) the Note is paid in tull. a awn (ha~eir~ "FuadP~ equal to one-twelfth of the yesrl~ taa~~ ancl assasments which may attain priority ove~ this Mortsaje. and ~mund renta on tbe Prope~ly, if a~y, plus ooe•tweltth of yearly premium inslallments for hazatd inwrance. •plus oac~twelfth of yearly promium installments tor mongage insurancc, if any, all u rcasonably estimated initially and trom time to time by Lende~ an the basis of assessments and hills and rcasonabk estimata thereof. 'IUe Funds shall be beld in an institu~ion the depot~ts or accounts o( which are insurtd or gwranteed by a Federal ot state ase~cy (including Ltader if Lender is such an institu~ion). 1_e~der ahall apply Ihe Fu~ds to pay uid taxes, assessments. ittsuranoe premiums and ~round rcnts. l.ende~ may ~o~ charge for so holding and applyins the F~~ndc. analyzin~ said account, o~ verifyint and compilin~ uid sssessments and bills, unleu Le~der pays Borrower interest on the Funds and applicabk law pern?itt Le~der to make such a charge. Borrower and Lendtr may agrce in writing at ~he time o( execution ot this Mo~ase that ioterat on the Funds shall be paid to Borrowe~. and unless such agreement is made or applicable law requires wch interat to be paid. l.ender shall not be rcquircd to pay Borrower any interest or earnings on the Funds. Lender shall ~ive to Borrower~ without chargt, an annual accouoting of the Funds showing crcdits and debits to the Funds and the ~ purpoae for which each debit to tbe Funds wu made. The Funds arc pledged as additional saurity for the sums sccured by tQu Mortsage. ' lf the amount of tht Fuads held by Lender, together with the futurc monthly installmeots of Funds payable prior to the due data of tua. atsessme~ts. i~surance premiums and ground rcnts, shall exceed the amounE requircd to pay said taxes. asswments. insurance premiums and ground rents as they (all due, such excess shall be, at Borrower s option, eithcr promptly npaid to Borr~wer or crodited to Borrower on monthly installments o[ Funds. lf the amount a( the Funds hdd by Lender shall not be sut6cieat to pay taxa, assessments, insurance premiums and ground rents ss they fall due, Borroaer sball pay to Lender any amount necusary to make up the deficiency within 30 days trom the date notice is mailed by Leader to Borrower requestiag p~ayment ~hereof. Upon payment in full of dl sums acurcd by this Mortgage, l.ender shall promptly refund to Borrower any Funds held by I.ender. If under paragraph 18 hercof the Property i~ sold or the Propercy ~s otherwise acquircd by Lender. Lender s6a11 apply, no later than immediately prior to the sale of the Propeny or its acquisition by i.ender, any Func' held bv Leader at the time of application as a credit against the sums securcd by this Mortgage. 3. A~plicatiow oE Paymeals. Unless applicable law provides otherwise, all payments received by Lender under the . Note aqd paragraphs 1 and 2 hereof shall be applied by t_enJer first in payment of amounts payable to Lender by Borrower uoder pusgraph 2 heroof. then to interat payable on the Note, then to the principal of the Note, and then to interest and priacipal on any Future Advances. 4. Cbtrtes; Lkss, Borrower shall pay all taxes, assescments and other charges. fines and impositions attributable to tbe Property which may attain a priority over this Mortgage, and leasehold payments or ground rcnts, if any, in the manner provided under paragraph 2 hereof or, if not pa~d ~n such manner, by Borrower making payment, whu~ due, directly to the payee thereof. Bormwer shall promptly furn~sh to LenJer all notices of amounts due under this paragraph, aod in the event Borrower shall make payment direcUy, Borrower shall promptly fumish to L.endtr receipts evidenting such payments_" Borrower sha11 promptly discharge any lien which has priority over this Mortgage: provided, t6at Borrower shall not be nequired to discharge any such lien so long as Borrower shall agree in w•rit~og to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defenJ enforcement of such lien in. kgal proceedings which operate to prevent the enforcemcnt of ~hc lie~ or forfeiture of the Property or any part thereof_ S. Haiard inwra~ce. Borrower shall keep the impro.~ements now exisiing or hereafter erected oa the Propeng insured against loss by fire, hazards included with~n the term "ex~ended coverage", and such other hazards as l~nder may require and in such amounts and for such periods as t.ender may require; provided, that LenJer shall not require that the amount of sueh coverage exceed that amount of coverage requircd to pay ~he sums secured ~by this MortEage. The iasurance farrier 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 policia shall be paid in the manner ' provided uadtr paragraph 2 hereof or, ~E not paid in such manner, by Barrower making payment, when due, dircctly to the insurance carrier. ; All insurance policies and renew•afs thereof shall be in form acceptable to Lender and shall include a standatd mortgage j clause in favor of and in form uceptable to Lender. Lender shall have !he right to hold the policia and renewals ihereof, ` and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss, Borrower shall girve prompE notice to the insurance carner and Lender. Lertder may make proof of loss if not made promptly ~ by Borrower_ ~ Unless Lender and Borrower othe~+ix agree in writing, insurance proceecis shall be applied to restoration or repair of the Property damaged, provided such re~toration or repa~r is economically (easible artd the security of this Mortgage is not Ihere~y impaired. If such rcstoration or repair is not economic~lly feasible or it the security of this Mortgage would ~ be impaired, the insurance proceeds shall be :spplied to thc sums secured by this Mortgage, with the•excess. if any, paid ~ to Borrower. If the Property is abandoned by f3orrower, or it Borrower (ails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that ihe insurance ca~rier ofTers to settle a claim for insurance benefits, Lender is auE6orized to collect and apply the insurance proceeds at LenJer's option either to restortion or repa~r of the Propen~ or to the sums secured by this Mortgage. Unless.Lender and Borrower otherwi~e agree in writing, any~ such application o( proceeds to pnncipal shall not extend ~ or postpone the due date of the monthly~ installments rcferred to in paragrapht I and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acywred by lxnJer, all right, title and interest oE Borrower in and to any tnsurance policies and in a~d to the proceeds thereof resulting from damage to the Property prior to thc sale or acquisition shall pass to Lender to the extent of the Sums aecored by this~ Mortgage immediately prior to such sale or ~ acquisition. ~ 6. treservatbn aod Maintenance of Propert~: Leaseholds; Condominiums; Planned Unit Devebpments. Barrow•cr shall keep the Property in good repair and shall not comroit y~~aste or permit impairment or deterioration of the Property ~ ~ ' ~ and sh~ll compl}' with the provisions of any lease if th~s Murtgage it on a leaschold. If this Mortgage is on a unit in a ~ ~ condominium or a planned unit develc~pment, Borrower shall perform all of Borrower's obligations under the declaration 4 or covenants creating or governmg the condom~nium or planned unit development, the by-laws and regulations of the ; condominium or planaed unit development, and constituent documemc. I( a condominium or planned unit development ; ~ rider ~s executed by Borrower and recorded tagethe~ wnh ~h~~ Mortgage, the covenants and agreemeots of such rider ~ shall be incorporated into and shall amend and.supplement the co~enants and agreements of th~s Mortgage as if the rider ~ were a part hereof_ . ~ 'f. Profection of I.ender's Secarfty. lf B~~rra~er f:,~l` t~• ~xsf~~rm the cove~ants and agreements contained in this ~ Mortgage, or if any action ur proceeding ~t cummenceJ W hirh maleriall}' atTrcts I.enJer's interest in the Properry, ' ~ ~ including, but n~.t limited to, eminent domain. ins~.{~ency. ~~~de rn:~~r~em~nt, c~r arrangements or proceedings invoh•ing a = ~ bankrupt or decedent, then I.ender at Lender'~ option, uFxm notice to Borrower. ma~ make such appearances, disburse such ` sums and take such action ac is nececsar~ tu pmtect Lender's interest, inchiding. but not limited to, disbursement of ; reasonable attorney's fces and emry upon the Property to make.repa~rs. If .l.ender reyoircd mortgage insurance as a E cond~~~on o( mak~ng the loan cecureJ by ~hu ~t~~rtgage. BnrmNCr shall pay the premiums requireJ to maintain such " •iruunnce in effect until such time as the reyuirement for ,uch msur•rnec term~nates in accordance w•ith Bormwer's and ~ ~ ~ ~o4K 295 PA~ " 446 ~ . ~ ~ _ - - - _ n ~ - - - ~ ~ ~ 1F - w K:....a ".~.~~:i