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Home My WebLink About0004 , f t ~ .r• •~~t . • '1 v U~n~ItM Oovtn~rns. BoaroMer s~d l.ender covenant and a=roe u tdbwt: aM I~laat. Borrowe~ shaN iN~M~f p~Y when due tbe prie~cipal ot sud intetest on tfie by oN. prep+~naeM snd Iste cha~ a.a ~+rovided ie the Nota, snd tha pra~cipN ot and intenst oa anr Future Advaacw ~ecund b~t this Mottja=e. 1~~ ts~ ~s Mi 1¦w~ca SLbject to applicabk law ~x to a written waive~ by Lender. Sono+vet ~ i?ay to Leader on ~he day monthlp installments ot priecipal and intcrcct +rc payaMe under the Nae. until the Note a paid io tuli. ~ • swn (Mrein "Fundt'~ eqwl to oue-tweltth ot the yearfy tax~~ ani! auessments which may attain priority over this Morti~e• and ~round ronb on the Prdperty. i[ any. plus anatwel(th at yeart~i~ premiwn instaliments ior hazatd insurar~ce. ; pl~ caatweltth ot yeariy premium installmeots to~ nwrttaje insurance. ~r.~r. all u neawnably atimated irtitially and tran . ~ dme to tlr?~s bp l.eader oa the b~sa of asse~ur~rnt: and hi!{s aad rcasor~sbk atimata thereof. ~ 7bs Fun~4 shall be beW in an insti~wic~n the depoaiu or accounu of ~rhich are insured or ~uannteed b~r a Federal ot • i sta~e sseocy (includinj Lender if Lende~ is such an ins~itutionl. I.e~de~ sAall apply thc Funds to pay said taxes. at~ments. insuranoa p~n~wra at~d ~ound ~nts. i.ender may nw char4e for ~ holdia~ and aPplYinj the Fnnds. analyzinj said account, = or vertfyins~d oomplias said assessments and bills. unlas Leode~ pays Borrowe~ intetat on the Funds and a p p licabk law ° permits I.ender to make wch a charge. Borrower aad l,ender may atree in writint at ~he time oi execution of tAis ~ Mortp~e that intere:t oa the Fuadt shalt be Q~id to Bonower. and unkss such a~rocmeet is m:de or spplipbk law roquire~ such iisltnst to be ~tl. ~~,:.~r s~ai !r rtGss6std sa g~y ~s*~tt any i~~~nts~t or areinQS on the Funds. Leadtr sdll pve W Borro~?er~ without char`e, ao annual accountins of the Funds showina crcdits and debits to the Funds at~d the pucpoae for which ead~ debit to tbe Funds was made. The Fun~ arc plodaod as additional saurity Eor the surtu serurcd bp this A'lortp~e• It tbe amou~t ot tbe Futd~ held by Lender, together with the futurc monthly installments of Funds payabk prior to tbe due dates ot taaa, a:sasmeots, i~suranc~ premiums and gKwnd rcots. shall exoad the amount required to pay uid taxa, as~e~ts. insursnoe premiums and around reots u they fall due. such sacess shall be.. at Borrower's option. either ! prowptly tepaid to Hotrower or credited to Borrower on monthly insallments oE Funds. If the amount af the Funds ; hdd by Lead~r shdl not be wf6cient to pay tues. wessments. insuraaoe premiwns and 6ronnd renb ss they fall due. ~ Bor~er ~al~ p~r w I.ender anY amount neassary to make up the deficiency within 30 days from tfie date notice is mailed ~ bp l~eoder W Horrowe.r nquating WYment thereof. Upoo paymeot in full oE dl swns sceurod by this Mongage, Lender shall promptly refuad to Borrowe~ a~y Fun~ ! held by I~euder. If uader puasraph 18 hereof the Property u wld or the Propeny is othecwise scquircd by Lender. Lender - s6~U app1Y. no later t6an imatediately prior to the s~le of the Property or in acquisition by Lender. any Funds held by I.aider at the tin~e of applicstion as a c~edit against the sums secured by this Mongage. - 3. A~llicatio~ at ~ewls. Unltss applicabk law provida otherwise, all paymcnts received by Lender under the Note and puasraphs 1 and 2 hereof ahall be applied by Lender C~st in payment of amounts payabk to Lender by Borrower ' undec paragraph 2 her~eof. t6ea to iaterest payabk on the Note. then to the principa! of the Note. ~nd then to inte~t and = principal on an~ Future Advanues. ~ ' ~ z CraRe~ I~e~s. Borcower shall pay all taxes, assa3me~ts and othcr charges, fines and impositions attributabk to tbe Property which may attain a priority ovcr this Mortgage. a~d leuehold paymenta or grcwnd rtnts. if any. in the manaer pr~vided under parajraph 2 heneof or, if not paid in such manncr, by-Borrower making payment, whea due, directly to the ps~ee tbereaf. Borrower ~hall promptly furnish to Lender all notices of amounts due under this pantraph, and in the eveat Borrower shall make payment direcQy. Borrower shall prompUy turnish to I.ender receipts evidencin~ wch payments. ` Botrower shall pmmptly d'acharge any litn which hu prio~ity over this Mortgage; pr~ovided, tAat 8ormwer shall twt be ~ rcquined to diachargt any such lien so bng as Borrower shall agrte in writing to the payment of the obligation soaired by ° sucb litn i~ a manner acceptabk to Lender, or shall in good faith contes~ such lien by. or defend entorcement of such lien in, kaal proceedings which operate to prcveat the enforceme~t of ~he 6en or fodeiture of the Property or aoy part theroaf. - S. Harara Ias~~Y. Borrowcr shall keep the improvements now existins or hereafttr ercrted on the Property insurod aaainst lou by firc, hazards included with~n the term "ex~ended coverage", and such other hazards as Lender may rcquire aod in such amounts and for such periods as Lender may requirc; provided, that [.ender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums securcd by ~his Mortaa6e. ~ 'il~e inwraace carritr pmviding the insurance shall be chosen by Borrower subject to approval by I.ender. providcd, ° tbat wch appmval s,ba11 not be unreasonabty withheld. All premiums on insurance policies shW be paid in the manner pmvided under paragnph 2 hereof or. if not paid in such manner, by Borrower making payment. when due. diroctly to the iasttrance catrier. - 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 fotm uceQtable to L.ender. Lender shall have the right to hold the policia and rcncwals theceof. and Borrower shatl promptly furnish to Leoder all renewal notices and al) receipts of paid premiums. In the event of loss. Borrower shatl give prompi notice to the insurance carrier and l.ender. Lender may make proof of bss if not made promptly = by Borrower. • ' Uale~ Lender and Borrower otherwise agree in writing. insurance procceds shall be applied to restoration or repair of ~ ' the Property damaged, provided such restorat~on or repair is economicaliy feasible and the security of this Mortgage is nat theteby imQaired. If sucF~ restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, thc insurance procecds shall be applied ~to the sums secured by this Mortgage, with the excat, if any, paid ~ to $orrower. If the Property is abandoncd by Borrower, or it Borrower fails to respond to Lender within 30 days from the date notice is mailed by L.e~der to Borrower that the insurance carrier offets to setde a claim for insurance bene5ts. Lender is aut6orizod to co!!xt and apply ibe insurance procetds at Lender's option tither to restoration or rep~ir of the Propotxy or to the sums securod by this Mortgage. ~ ~ Unless Lender and Borrower otherwise agree in writing, any such applica~ion 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 < sucb instaUmeots. If under paragraph 18 hercof the Pro~,erty is acquired by L,ender, all right, titk and intettst of Borrower in and to ~ny Auurance policies and in and to the proceeds thereof raulting from damage to the Pmperty prior to tfx: sale or acquisition shalf pass to Lender ta the extent of the sums secured by this Mortgage immediatdy Qrior to such sak or ; acquiaition. , . ) f. h~eservation sod Maioteaaace of Property; I,caseiwlds; Condominiums; Pla~ned Ueit DevdoPments. Borrower shall keep thc Property in good repair and shall not comro~t yvazte or permit impairment or deterioration of the Proporty ~ snd shall compty~ with the provisions of any (eate it this Mortgage is on a leasehoid. !f this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration ~ or coveoants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~ condominium or planned unit development, aod constituent Jocuments. If a condominium or planned ~~nit development nder is executed by Borrower and rccorded together with this Mortgage, the covenanis and agrcements o( such rider shal! be incor,porated into and shall amend and supplement the covenants and agreements of this Mortgage u if the riJer werc a part hereof. 7. Protection of I.eade~s Secu~fty. If Borrower fa~h ~o perform the covenants and agreements contained in this ' Mortgage, or if any action ur proceeding is rummencrd. which materially afiects Lender's interest io the Property, including, but not Gm+ted to. eminent domain. insolvency, code rnforcement, or arrangements or proceedings involving a bankrup or decedent. ~hen Ixnder at I.eoJer's option, upon notice to Borrower, ma~• make such appearances, disburse such sums and'take such action as ~s necessary tu protect Lender's interest. incluJing. but not limited to, disbursement of reuonabte auorney's fees and entry upon the Propcrty to make repairs. !f Lcnder requircd mortgage insurance as a ` cortditio~ of making. the loan cecureJ by this Mortgage. Borrower shall pay the premiums required to maintain such ` insurance in efiect until such time as the reyuiremtm for ~uch msurance termmates ~n accordance with Borrowee's and ~ . qF - ~ . 2~9 4 ~ Ss~Jx ~ACE ; .._w . . _ . - - _ _r~:;