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Home My WebLink About0306 Un~raw CoveN~n7s. Borrowe~ and Lender covenant and a~~a u follows: 1 l~,~weM o/ tri~d~i a~ iNeresl. Bo~rowcr shall p~omptl~• pay when due tht principal of and interest on the indebtednas evide~csd by the Note. prcpaymeat and latt chargea aa provided in the Nde. and the principal ot and interes~ oa aoy Futuro Advu~ces stcwed by tAis Mortaa~e. 2. t?~s tK Tazw ~i l~arwce. Subject to sppticahl4 ' ~ to Lender on the day montAly installments ot principal and in~crca are payable under the Note. until tAe Note is paid in tull. a ~um (he~ein "Fu~dt"~ equal to ooe-twelfth ot the yea~t~ ta~?c. snd assasmen~s whi~h may attain priority over this Mort~ase. and ~round renb on the Prope~ty. if any, plus onc-twel(th of yearly premium installments [o~ hazard insurance, plus one-twelfth of yqrly premium installments (or mortgage insu~ancc, it any, all u rcuonably estimated initially and trom time to time by Le~der on the basis ot asses~mcnts and hills and rcasonable atimata thercof. The Funds shall be held in an institution the depoxits or •rccouots of which are insured or guarantced by a Federal ot state ajet~cy (including Lende~ if Lcnder is such an imtitution). 1_ender aAall apply the Funds to pay sa~d taxes. assessments. insur~nca Premiums and `rouod rents. l.ende~ may not charge tor s<+ holding and applyin~ ~he Fundc. analyzins said account. or verityin~ s~d compilina said assessments and hills, unless Lender pays Borrowet intercst on the Fu~ds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at ~he time ot ezecution ot this Mort~a~e that interat on the Funds shall be paid to Borrower. and unless such agrcement is made or applicable law rcquica such interat to be paid. Leoder shall not be rcquircd to pay Borrower any interat ar earnings on the Fu~ds. Lcnder sl~all pve to Borrower, without chuge, a~ annual accounting ot the Funds showing credits and debits to ~he Funds and the purpose for which uch debit to the Funds was made. The Funds are pledged u addi~ional xcurity tor the sums secured by this Mortpae. ~ lf tbe amount of the Fuads held by Leoder, together with the futurc mo~thly installments ot Funds payable prior to the due dates ot laxa, asxssmenu, irourance premiums and ground rcots, shall exceed the amount required to pay said taxes. ssse~nents. insurance premiums and ground rcnts as they fall due, such excess shall be, a! Borrower s option, cither promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by L.endar shall not be sut5cieot to pay ~axes, asxssments, insunnce premiums and ground rents as they tall due, Ho~rower shall Qay to L.ender any amount nocessary to make up the deficiency within 30 days from the date notice is mailed by Lender W Borrower requasting payment thereof. , Upoa paymeat in full of all swns secured by this Mortgage, l_ender shall promptly refund to Borrower any Funds held by Lender. If under puagtaQh 18 hercof the Property ia sold or the Propeny ~s othenvise acquired by Lende~, Lender slull apply. no later than immediately prior to the sale of the Property •or its acquisition by Lender, any Fund . held bv L.ender at the time o[ application as a crcdit against the sums ucured by this Mortgage. 3. Applicatim ot Paye~ents. Unless_,applicable law providu otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by I_ender fitst in payment ot amounts payable to Lender by Borrower under paragraph 2 hereof, t6e~ to interest payabl~ on the Note, then to the principal o( the Note, and then to interest and principal on any Future Advances. 1. C6uses; Lkdt. Bonower shall pay all taxes, assessme~ts and other charges, fines~and impositions attributable to the Property which may attain a priorily over this Mortgage, and leuehold payments or ground rcnts, if any, in the mant~er provided u~der paragraph 2 hereof or, ~f not paid in such manner, by Borrower making payment, when due, diroctly to ihe psyee the~eof. Borrower shall promptly furn~sh to Lender all notices of amounts due under this paragraph, and in the event Borrower shal) make payment diratly, Borrower shall promptly fumish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mongage: provided. thai Borrower shall not be rcquired to discharge any such lien so long as Borrower shall agrce in writing to the payment o( the obligation stcured by such lien in a manner acceptable to Lendrr, or shall in good faith contest such lien by, or defenJ enforcement of such lien io, legal proceedings wF~ich operate to prevent the enforcement of the lien or forfeiture of the Property or any pan thercof. S. Hazard Inwrawce. Borrower shall keep the ~mprovements now• existing o~ hereafter erected on the Property insurod against loss by firc, hazards included with~n the term "extended coverxge", and such other hatards as Lender may require and in such amounts and (or such periods as Lender may require: provided, that Lender shall not require that the amount o[ ' such coverage exceed tha~ amount of coverage required to pay the sums secured ~by this Mort6a6e. j 'ILe insurance carrier providing the insurance shall be chosen by Borrower subjtct to approval by Lender, provided: ~ that such approval shall ~ot be unreuonabty withheld. All premiums on insurance policies shatl be paid in the manner provided under paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment, when due, directly to the ~ inwrance curier. Ail insurance policies anJ renew•als thereof shall be in form acceptable to Lender and shall include a standard mortgage t clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. and Borrower shail promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall g~ve prompt notice to the ~nsurance carrier and Lender. Lertder may make proof of loas if not made promptly ~ by Borrower. ~ ~ Unless Lender and Borrower otherw~se agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Pjoperty damaged, provided such restorat~on 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 this Mortgage would ~ be impaired, the insurance proceeds shall be applied to tfie sums secureJ by this Mortgage, with the eacess. if any, paid ~ to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ; date notice ~s ma~led by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, L.ender ~ is authoriud to collect and apply tbe inwrance proceeds at Lender's option either to restoration or repair of the Propen~• ~ or to the sums securai by this Mortgage. ~ Unless Lender and Borrower otherv~ise agree m v?nting. any such apptication of proceeds to principal shall not extend or pos?pone the due date of the monthly ins~allmcnts referred to in paragraph~ I and 2 hereo( or change the amount ot ~ such installments. If under ara ra h 18 hereof the Pro rt is ac uired b LenJer, all ri ht, title and interest of Borrower ~ P B P F~ Y 9 Y B ~ in aod to any tnsurance policies and in and to the proceeeis thereof result~ng from damage to the Property prior to thc sale • ~ or acquisition shall pass to I.ender to the extent of the sums s~cured by th~s Mortgage immediately prior to such sale or ° acquisition. ;z 6. Preservation and :~taintenance of Property; Lersehulds; Condominiums; Planned Uait Developmcnts. Borrower ~ shall iceep the Property in good repair and ~hall, not comrDit yyaste or permit impairment or deterioration of the Property ;5 ~ and shall comply~ with the provisions of any leax if this Mortgage ~ti un a leaschuld. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower chall per(orm all of Borrower's obligations under the declaration or covenants creating or govermng the condommium or planned unit develapment, the by-laws and regulations of •he condominium or planned unit development, and constituem documentc. I( a condominium or planned unit development nder u eaecuted by Borrower and recorded t~.gether w~th ~hn Mongage. the covenants and agreements of such rider shall be incorporated into and shall amend and su~plcment the co.enants and agreements of th~s Mortgage as if the riJer were a part hereof. ~ 7. Proteclion of I,ender's Securfty. I( Rnrmwer fail. t~~ ~rfc~rm the covenan~s and agreements contained in this ~ Mortgage, or if any .actiun ur pro~eedmg i< cummrnced whirh matrrially afir~ts Lender's interest in the Property, includ~ng, but n~.t hm~~ed to. eminent doma~n. ~n.~~henc~. c~xie enfur~emem. ~~r arrangememc or pr~eedings invol~~~ng a bankrupt or decedent, then l.ender a~ Lendcr's ~pnon, upun nc~tice to Rorrower. m~~ make wch appearances, disburse such ~ sums and take such aciicm a. is nece~tary tu protect I.enJer's mterest, inclu~i~ng. but not limi~ed to, d~sbursement of ~`z reasonable auomey'c fce~ and emry u~~n thr Proprr~y to male repa~r~. lf 1_ender reyi~ired mortgage inwrance as a~,~ condiUun of making the loan ~ecureJ by thi~ 1~lartgagr, B~~rroNCr shall pay the prem~ums reqinreJ to mainta?n such insurance in eHect um~l ~uch time :?s ~hc reyu~remenl (~r ~uch insuranrr Ierminate. ~n .~ccordance with Burruwer'~ anJ ; BQlk,lc 2~~ PAGf JQ~ ~ - . _ _ k :t ; ~ ~ G'-,- i°~- i. 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