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Home My WebLink About0207 W+trat~ Oovat+~n». Bort~oMrtr and Lender oovenant and ~sree ~s folbws: ~ 1~4~~t ~f hit~i aM dN~eM. 8otrowe~ shall {+romW~) PaY when due tba priacipal o[ aad lntsn~t on tM ~debtedne~t evidenoed by the Note. prepayaxnt aod late cl?ar~cc a.~ ptovidod in the Note, and the prir+cipd o~ ~nd intstsH oa aay Futuro Advances ~ecured b~r ~this Motttsse. E~i tK 71~ Mi l~~ee. S1~bjat to applicabk law ar to s written waive~ b~r Le~de~. 8oe+o~wt tbdl P~y to I.ender o~ the dsy mo~thly imtdlments of principal aod intcrc~l atc payabk undet the Note. uatil the NoN w p~W in tull. a tuan (Mrein "Fuad~'~ eqwl to one-twelfth of the yea~ly tax~~ ami sssas~nents which may att~in pdoritp owr thit Mortsa~e. and ~round renb on t6e P[~opehy. if aey. plus one-tweltth of yearly~ premium iastdlmaob tot harard inw~aact. plus oattwelfth oE yearly premiwn iastallments for mo~tsqe insurance, it ~ny. dl u reasonably estimated iehially ~nd trom t~me to time by I.eader oa tbe basis of assasments and Mlls and reaso~sbk estimata thereot. The flmds shall be held in ao institution the depcuia or ~ccou~ts of whirh ue inwttid or ~wnnteed by ~ ltidetal ot •tate ~eney (includins Lender it Lender is such an institution). 1_ender shall apply the Fwds to pay uid uxa, a~ments. iasuranoe premiums and Qound reats. l.ende~ may not cha~~e for sc+ holdiry a~x1 applyinj the Fnnds, analyzins stid acoount or verifyinj.snd complins said assasments and bills. unlas Lender p~n Borrowe~ interat on the Fu~ds and applicabN law pem~ies L+ender to maka such a charje. Bormwer aad Lender may a~ree in writi~ at the time of aeecution ot tha Mort~aje that interat on tha ~nds shall be paid to Borrower. a~d ualess such asroement is made or applicabk law requira wch interat to be paid, Lender shall not Ae required to pay Borrower any interost or eamings on the Fuod~. Leoder thaU pve to Borrwve~. witbout char=e, an aonual accountin` of tbe Funds showin~ credits and debits to the Funds and the parpae for ~rhich ac~ debit to t6e Funds was made. T6e Fun~ are pled~ed u additional security tor the sumt securcd by tba Mortp~e. IE tlra atnount ot tbe Fundt 6eld by Lender. together with the future monthly installments oE Fuods payabk prio~ to t6e due data of tues. auasments. iaauranoe premiums and around rents. shall exoeed the amount required to pay said taxa. aaa~menb. i~unnoe praniuau and ~round rena as ~hey fall due. such excess shall be. at ~ Horrower's option. eitl~er . proa~ptly repaid to Horr~wer or ctedited to Borrower on monthly insallments of Funds. If the amouat of the Fuads hdd by I.eod~r sfiall not be ~t to p~y tues, a~ne~is, insuranoe premiums and Sround rents a they fall due. • Borro~wer s6dl pay to I~e~der any amount necasary to make up the deficiency wiUtin 30 days from the date notice is maikd by Leoder t~ Hotrower iMuat~nt p~Yment theceof. . Upon paymeat in full of aU sunn secured by this Mongage. Lender s6a11 promptly refund to Borrower any Fundt btld by I.ender. If under para~rap6 18 hereof the Property is sold or the Property a otherwise acquired br Lender. Lender ~hall appty. no lata t6an immediately prior to the sak of the Prope~ty or its aoquiaition by Lender, anr Funds held bv Irender at the time of applicatiou as a credit ajsinat the sums securcd by this Mort~sge. 3. A~licatia~ ot lqre~U. Unlas applicable law provida otherwise. all payments received by Lende~ undet the Note and puagraphs 1 and 2 t~ereof shall be applied by Lender B~st in payment of amounts payabk to Lender by Bomower under parasraph 2 hereof. t6m to interest payabk on the Note, then to the principal of the Note. and then to ietercst and priacipal on any Future Advanas. 1. Ctrte~ Lie~s. Borrower shall pay all taxes, asxssmeots and other charges, fines and impositions attributabk to. tbe Prope~ty which may attain a prioriry over this Mongage, and kasehold paymena or graund rents. if any, in the manner pro~vidod under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment. whea due. direcdy to the payee t6ereof. Borrower a~all promptly furnish to Lender all notices of amounts due under this puajraph. and in the eveat Bormvrer shall make payment diroctly. Borrower shall promptly fumish to Lender receipts evickncia` such payments. ~ Borrowa shall promptly discharge any lien which hu prionty over this Mortgage: provided. that Borrower shdl not be required to diacharae any such lien so long as Borrower shall agrce in writi~g to the payment of the obligation secured by such lien in a manner acceptabk to Lender, or shall in good faith contest such lien by. or defe~d snforcertunt of such lien in. le~al proceodings which operate to preveot the enforcenxnt of the lie~ or forfeiturc of the Property dt any put thereof. ~ S. Hmri I~auace. Borrower shall koeP the improvements now existing or hereafter erecttd oo the Property iawrod agair~t loss by 6re, hazards included within the term "eatended coverage", and such other hautds as Lender may require aad in wch amounts and for such periods as Lender may roquirc; provided. that Lender shdl not require that the amount of wch rnverage exceod that amount of coverage rcquired to pay the sums secured ~y this Mon6aae. The i~uranoe carrier providing the insurance shall be chosen by Borrower subject to apQmval by LenQer. provided. tDat wch approvd shall not be uar~easonably withheld. All prcmiums on insurance policia shdl be piid in tl~e wanner provided under puagraph 2 heroof or, if not paid in such manner, by Borrower making payment, wben due. directly to the inwrance curier. I'I AU insurance policia and renewals thereof shall be in form acaptabk to Lender and shall include a sundard moctgage ~ clause in favor of and in fortn acceptable to Lender. I.ender shall have the right to hold the policia and~renewals thercof, ~ and Borrower shall prompdy furni:h to Lender all renewal notices and all reoeipts of paid prtmiums. in the eveat of loss. Borrower shall give prompi notice to the insurance carrier and Lender. Lender may make proof of bss if notinade promptly by Borrower. _ ~ Unlas Lender and Borrower otherwise agree in writing, instirance procceds thall be applied to ratoration or repair of the Properiy damaged. provided such ratoration or repair is economically feasible and the security ~ of this Mort~sge is not t6ereby impaired. If such restoration or rcpair is not economically feasible or if the sxurity of this Mortaage would be impaircd, the insuranoe procoeds shall be applied to the sums secured by this Mortgage, with the ea~oas. if any. paid to Horrower_ If the Propeny is abandoned by Borrower, or if Borrower fails to respond to Leoder within 30 days from the date notice is mailed by I.ender to Borrower that the insurance carrier offers to settle a claim for inwrancx benefits. Lender is autLorized to collect and apply t6e insurance proooeds at Lender's option zither to ratoration or rcpair of the Property or to the sums secured by chis Mortgage. Ualess Lender and Borrower otherwise agree in writing, any such application of procceds to principal shall not extend or postpone the due date of the monthly installmcnts referrcd to in paragraphs 1 and 2 heroof or change the amount of sucb i~uutallmeots. If under paragraph 18 6ereof the Property is acquired by Lender. all right. title and interat of Borrower . in and to any Ruurance policies and in and to the proceeds theroof resulting from damage to the Property prior to th~: sale or aoquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sak or uquisition. - f. T~eservatba and Maiotenance of Property; Leaseholds; Condominiums; Planoed U~it De~dopments. Borrower shall kxp the Property in good repair and shall not com~oit yuaste or permit impairment or deterioration of the Property aod 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 or a planned unit development, Borrower shall perform all of Borrower s obligation: under the declaration or covenants creating or governing the condomiriium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent Jocuments. 1f a condominium or planned unit development rider is executed by Borrower and recorded ~ogether with ~his Mortgage, the covenants and agreementa of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mort~4gt as if the rider were a part hereof. ' 7. Protection of Lende~'s Secudty. If Borrow~er (ails to perform the covenants and agreemenU conteined in this Mortgage, or if any action or proceeding is commenceJ which materiolly affects Lender i interest in the Property, including, but not lim~ted to, eminent domain. insolvency, code enForcement, or arrangements or proceedings involving a bankrupt or decedent. ~hen Lender at Lender's option, upon notice to Borrower, may make such appearances, diaburse auch sums and take such ac~iun as is necessary to protect 1_ender's interest, incluJing. but not lim~ted to. disburument of reasonable at~orney's (ees and emry upon the Proper~y to make repairs. 1f Lcnder reqoircd mortgage insurance u a condition of mak~ng thc loan secureJ by this Mongagc. Borrowcr shall pay thc premiums requircJ to maintain such insurance in efiect untii such time as ~he reyuirement for such ~nsurance term~nales in accordance with Borrower's and 5?:+,K u ` ~ `~~1 ~r~E 2U7 ~ ! ~ ~ - - - - - - , ~ _ ~ ~ ~ ~ ~ _ _ ~ ,.~.r _ . ~