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Home My WebLink About0573 ~ UrttFO~u?t Coveta~t~s. Borrowe~ u~d Lender rnvenant and agra as follows: 1. lyrmeat ot pdac~l s~i Iateca~t. Borrowe~ shall promptly psy when due the principa! of and interest on the indebtednas evideaced by the Note, prep~tyment aud late chsrgcs as proyid~d in the Note. snd the principal of and intercst on any Future Advances sec~ued ay this Mortgage. 3. P'u~ds ior Tua aoi Iaan~ca Subject to applicabk law or to a written waiver by Lende~. Borrower shap pay to I.ender on the day monthly instaliments of principal and interat are payable unde~ the Note. until the Note is paid in full. ( a sum (herein "Fuads'q equal to one-twelfth of the yeady tsuces and asussments which may attain priority over this Mortgage. and ground nnts on the PropeKy, if aay, plus onc-twelfth of yesrly premium installments far hazard insurana. plus onatwelfth of yeuly promium iastalimenta for mortgage in:urance. if any, all as reasonably estimated iaitialty aad from - ~ time to time by Leader oa the basis of sssessmcnts and bilh and reasonable cstimates theroof. The Punds sha11 be held id an institution the deposib or accounts of which are insured or guaranteod by a Federal or ~ state agency {including Leader if Le~der is such an institution). Le~der shali apply 16e Funds to pay said taxa~ assessments. ; insurance premiwns and ground rents. Lender may not charge for so holding and applyi~g ihe Funds, analyziag said acoount, ` or verifying and compli~g said assessments and bilts, unless Lender pays Borrower interest on the F~nds and applicable law ~ permits l.aader to make such a charge. Bonower and I.ender may agree in writing at the time of execution of this Mongage that interest on the Funds shall be paid to Borrower, and unless such agnxment is made or applicable law requires such interest to be paid~ Lender shall not be required to pay Borcower any interat or earnings on the Funds. Lender ` shaU give to Borrower, without charge, an a~nual accounting of the Funds showing credits and debits to the Funds aad the ' purpose for which each debit to the Funds was made. The Funds are piodged as additional security for the sums secured tiy this Mortgage. ' . : - If the amount of tht Fuadt held by l.ender. together with the future monthiy installments of Funds payable priot to ~ the due dates of taxes. asseumeats. insurance premiums and ground nnts. shall exceed the amount roquircd to pay said taxes. } assessments, insurance premiums and. gmu~d rents as they fail due, such excess shall be, at Borrower's option. either ~ i promptly npaid to $or~nwer or crodited to Bor~+ower on monthly installments of Funds. If the amount of the Funds ~ < held by Leader shall not be su~cieat to pay taxes, assessments, insurance premiums and gr~nund rents as Ihey fall due. Borrower shalt pay to Lender any amount necessary to make up tbe deficiency within 30 days from the date notice is maited by Lender to Borrower reyuesting payment thereof. Upon paymeat i~ full of all sums secured by this Mortgage, l.ender shall _promptly refund to Borrower any Fu~ds held by Lender. If under paragraph 18 heceof the Property is sold or the Propeny is othenvise acquired by Lender, Lender shail apply, no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. AppUcartioa of Paymeats. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragtaphs 1 aad 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 he[eof. ti~en to iaterest payable on the Note, lhen to the principal of the Note. and then to interest and = principal on any Future Advances. , ; 4. C~wrge~ Lk~. Borrower shall pay all taxes, assessments and other charges, fic~es and impositions attributable to the Property which tnay attain a priority over this Mortgage, and leasehotd payments or ground rents, if any. ia the manner ~ provided under paragraph 2 hereof ot, if not paid in such manner, by _Borrower making payment. when due, direcUy to the ; payce t6ereof. Borrower s6a1! prompdy furnish to I.ender aq notices of amounts due under this paragraph, and in the event ~ Bornower shall make paymeat dirocUy, Borrower shall promptly furnish to l.ender receipts evidencing suc6 payments. ~ Botrower shall promptly discharge any liea which has priority over this Mortgage; provided, that Borrower shall not be requirod to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by ~ such liea in a manner acceptabte to L.eader, or shall in good faith contest soch lien by, or defend enforcement of such lien in. ; legal proceodings which operate to prevent the enforcement of the lien or fodeiture of the Property or any part theceof. ~ S. Aazard lasurance. Borrower shall keep the improvements now existing or hereafter et~ccted on the Propeny insured _ ~ against loss by Sre, hazards ine[uded within the term "extended coverage". and such other hazards as I.ender may require ~ aad in auch amounts and for such riods as Lender ma r uire; rovided, that Lender shall not ~ pe y eq p require that the amount of such coverage exc~ed that amount of coverage required to pay the sums secured by this Mortgage. ~ 'Ibe insurance carrier providing the insurance shall be chosen by Borrower subject to apQrovai by Leoder, provided, ' Wat such appr+oval shall not be unreazonably withhe~d. All premiums on insurance policies shall be paid in_the manner ~ provided under paragrapb 2 hereof or, if not paid in such manner, by Boirower making payment, when due, direcdy to the ' ~ insurance carrier. AU insurance policies and renewals thereof shall be in form acceptable to L.ender and shall include a standard mortgage clause in favor of and in form acceptable to I.eadtr. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall prompUy furnish to Lender all renewal notices and all receipts of paid pcemiums. In the event of loss, ; Borrower shall give prompt notice to the insurance carrier and l.ender. Lender may mal:e proof of loss if not made prampily by Bonower. ' Unless Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically 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 ihis Mortgage would ~ be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. lf the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ date notice is mailed by Lender to Borrower that the insurance carrier offets to settle a claim for insurance benefits, Lender is authoriud to collect and apply the insurance proceeds at Lender's option either to restoration or repair of ihe Property or to the sums secured by t6is Mortgage. ~ Ualess I.ender aod Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of suc6 installments. If under paragraph l8 hereof the Property is acquired by Leader, alt right, tide and interest of Borrower in aad to any iasurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale f or acquisidon shall pass to Lender to t6e eatent of the sumc secured by this Mortgage immediately prior to such sale or " F acquisition. ~ 6. Preservatioo and Mainteoance of Property; Leaseholds; Coadominiuo~ Plaaned Unit Devebpments. Borrower i shall keep the Property in good repair and shali not commit waste or permit impairment or deterioration of the Property ` and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mongage is on a unit in a ! condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the declaration ~ or covenants creating or governing the condominium or Qlanned unit development, the by-laws and regulations of the f condominium or ptanned unif development, and constituent doc~ments. If a condominium or planned unit development rider is executed 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 patt hereof. ' : 7. Protection of Leader's Secnrity. If Borrower fails to perform the covtnants and agreements contained in this . Mortgage, or if any action or procteding is commenced which materially aftects Lender's interest in the Property, including. but not lim+ted to, eminent domain, insolvency, code enforcement. or arrangements or proceedings involving a ~ banlcrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make tuch appearances, disbarse such sums and take such actioa as is necessary to protect Lender's interest, including, but not limited to, disbursement of [ reasonable attomey's fee's and er~try upon the Property to make repairs. If Lender required mortgage insurance as a ~ condition'of makiag the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and ~ ~ . . . C+~?~'i ~~~/V ~t ¢ab.a _ ' _ . ' ' _ . - F -E SI` 6Y~a~ _ 8 ~ ' S