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Home My WebLink About0113 i f ~ r ~ ~ h . ~ UNIPOAA/ COVSNAN'1'S, $O[(pWC~ 811a ]„CII(JCC COVC118t1t Altd fl$~CC SS IO~IOWS: ~ ~ 1. l~meat ot P~lncipal aod Iatered. Borrower shall pro~nptly pay when due the p~incipal of and interest on the indebtedMSa evidenoed by the Note. prepayment snd late charges as p~ovided in the Note, and the principal of and intecest on aay Future Advances socured by this Mortgage. , Z. Fmnds tor Tua aoi Lwrasce. Subject to applicabk law or to a written waive~ by Lender. Borrowe.r shall pay t0 Le~der on the d~y monthly installments of principal and interest are payabk under the Note. until the Note is paid in full. s awn (herein `•Fu~ds") equal to one-twelfth of the yearly taxes and assessments which may attai~ priority over this Mortgage. and ground ~ents on the Property, if any. plus oao-twelfth of yearly premium installments for hazard insurance. plus ot~e-twelfth of yearly premium installments fo~ mortgsge insurance. if any, all as nasonably estimated initially and from timc to time by L.ender oa the basis of ass~ssments and bills and reasonable estimates thereof. Tl~e Fuads shail be held in aa institution the depoaits or accounts of which are insured or gvaranteed by a Federal or ( state agency (including Lender if Lender is such an iaatitutio~). l.ender s6af1 apply 1he ~ads to pay said taxes. assessments. ~ iasurance premiums and ground rents. Lender may not chuge for so holding and applying the Funds. analyzing aaid account, or venfying aad compiling said assasments and bilis. unless Lender pays Borrower interat on the Funds aad applicable law perrnits Lender to make such a charge. Bonower aad Lender may agree in writing at the time of eacecution of this Mortgage that interat ~on the Funds shall be paid to Borrower. and ualess such. agrcement is made or applicable law rcquires such interest to be paid. l.ender shalt not be.rcquired ta pay Borrower any intecest or earnings on the Fu~ds. Lender shaQ give to Aorrower~ witlwut charge. an aanual accounting of the Funds showing crodits and debits to the Funds aad the purposa for which each debit. to the Funds was made. The Funds are pledgcd as additional sacuriry for the sums secured by this Mongage. If the amount of the Fuads held by Lender. together with the future monthly installments of Funds payabk prior to the due dates of taxes. asussments, insurance premiums and ground rents, shall exceed the amount roquir~d to pay said taxes. assess~nents, iasurance prcmiums and gr+ound rents as they fall due, such eacess shall be. at Borrower s option, either pranptly repaid to Bor~+ower or credited to Borrower on monthly installments of Fuads. If the amount of the Funds held by Lender shall aot be suf8cient to pay taxes, assessments, insurance premiums and ground rents as they fall due, ~ Borrower shall pay to Lender a~y amount oecessary to make up the deficiency within 30 days from the date notice is mailed by Leade~ to Borrower requestiag payment thereof. Upon payment in full of all sums aecured by this Mortgage, Lender shall promptly cefund to Borrower any Funda held by Lendtr. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender sball apply. no later than immediately prior to the sak of the Property or its acquisition by I.ender. any Funds held by I.ender at the time of application aa a credit against the sums secured by this Mortgage. 3. Applkation ot pqrm~afs. Unless. applicable law provides othenvise, all payments received by Lender under th~ Note and paragraphs 1 and 2 hercof shall be applied by ~ender first in payment oi amounts payable to Lender by Borrower . under paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. I• Charge~ Lkns. Borrower. shall pay all taxes, assessments and other charges, fines and impositions attributable to t t6e Propecty which may attain a prioriry over this Mongage, and leasehold payments or ground rents, if any. in the manner ( pmvided under paragr~ph 2 hereof or, if not paid in such manner, by Borrower making paytnent. when due, diroctly to the payee tlie~+eof. Borrower shall prwnptty furnish to Lender all notices of amounts due under this paragraph, and in the event ~ Borrower shall make paymeat directly, Borrower shaU promptly furnish to l.ender receipts evidencing such payments. Borrower shall promptly discharge any _lien which has priority over ifiis 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 IieA in a manner acweptable to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in, + legal procecdings which operate to prevent the enforcement of the lien or forfeiture of the Pmperty or 'any part thereof. ~ S. Hazard Inaaraoce. Borrower shall keeQ the improvements now existing or hereafter erected on the Property insured against lass by 6re. hazards includtd within the term "extended coverage", and such other hazards as Lender may require ~ and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of ; such rnverage excced 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 approyal by Lender, provided, _ t6at such approval shall not be unreawnably withheld. All premiums on insurance policies shall be paid in the manner ~ provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paymeot, when due. directty to the i iasurance carrier. . - Al) insurance policies and tenewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptabk to Lender. Lender shall have the right to hold the policies and renewals thereof. ~ and Bormwer shall promptly furniah to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss. ' Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly i by Borrower. ~ ; Un{e~ Lender and Borrower otherwise agree in writing. insurance procceds shall be applied to restoradon or repair of { ~ the Property damaged~ provided such restoration or repair is economically feasible and the security of this Mortgage is ~ E 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 the sums secured by this Mortgage, with the excess, if any, paid ` a to Borrower. If the Properiy is abandoned by Borrower, or i[ Borrower fails to respon~ to Lender within 30 days from the : date notice is mailed by I.ender to Borrower that the insurance carrier offets to settle a claim for insurance benefits, L.ender , ~ is aut6orized to copect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property . ~ or to the sums secured by this Mortgage. ~ Unless I.ender and Bonower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ ' ~ or postpone ihe due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount ~f € ~ such installments. If ?~ndtr paragraph l8 hereof the Property is acquired by L.ender, all right, tide and interest of Borrower ~ ~ in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale ~ or acquisition shall pass to Leader to the extent of the sums secured by this Mortgage immediately prior to such sak or o acquisition. ` 6. Preservation and Maintenance of Property; -Lea9cholds; Condominiums; Planned Uait Developments. Borrower ~ s shall keep the Property in good repair and shall not commit waste or permit impairment or ~teriaration of the Property ~ ~ and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a ; 4 condominium or a planned unit developmeat, Borrower shall perform all of Borrower s obligations under the declaration ~ ' or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of ihe t condominium or planned unit development. and constituent dacuments. 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 F shall be incotporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider : were a part hereof. ~ . ~ 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this ~ = Mortgage, or if any action or proceeding is commenced which materiaiiy affects Lender's ~nterest in the Property, ^ including, but not limited to, eminent domain. insolvency, code enforcement, or arrangements or proceed'mgs involving a ~ banlcrupt or decedent, then Lender at L.ender's option, upon notice to Borcower, may make such appearances, disburse such ~ sums and take auch action as is necessary, to protect [.ender's interest, including, but not limited to, disbursement of reasonable attomey's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a ; condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintaio such " ~ insurance in effect until such time as the tequirement for such insurance terminates in accordance with Borrower s and ~ ~ k ~ ~ ~ Bo~x302 ~~E 113 . ~ ~ ~ - ~ ~ _ ~ ~~~"-~L.~4+ -~i' h - : _ "L^fi.`.'k~-:'.:r* 'Y Y ~,eX: K! i; ~ . . f -~A~e'x-2a~:. ? ~~~W ~I _ ~'"M~..'~ .a~ "Yw _ e,~ w J~ - J . . _