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Home My WebLink About0327 . ~ . ~ • UNiro~ut Covaturm. Borrowtr add Lmde~ oova~ani snd atroe st tolbws: ~~f~M ~f tei~c~l aM I~l~rpA. Bor~owre~ shall promptly psy when due tbe p~incipal ot and intsrpt a~ tAe i~debt~dnea evideaad b~? tbe Nu~e. proPaymeet and late char~es as ~xavidtd in the Nole, aed the ptintipd et and intetat a~ any Fwure Advaace: ~ecurod b~r tAis Monsase. . 1~1Mi tK Taw Mi I~we~ca ~bjat to applicabk law ~x to a written waive~ bq i.ender. Botrower shall p~y to Lender on Ihe day montAlp itatalltnents of principal aod intcrcs~ arc payable unde~ the Note. until the Nae is paid in tull, a sum (herein "F~indt'~ eqwl to on~-twelttA ot the yearly ax~~ aocl assasnxnts which eruy attaie priority ove~ this MO~i+~. ~ t~~d ~b on tbe Pe~operty. if any: E?lus o~e-twelt~h of yeutp~ prenuum installments Eor hazard inwrance. P~~ ~-~dtth o[ yeariy pnmium installments tor nan~a=e insurance, if any, all as ~+easonabfy euimated initiallr ~nd trom ame to time by I.ender oa tbe bs:a of auescments and hills and reasonabk atimata thereot. 'tbe ~nds thall ba held in an iostitution the deposita or accounu of ~rhich arc insured or `uaranteed by a Federd ot shte aseecy (includin~ Lender if lender is:uch an institution). 1_ender shall apply the Funds to pay said uxes, assessment~, inwraeoe pKnuu~rq and ~round reots. t.ende~ may eot cha~ae ior sn holdin~ and applyins ~F~ Fnnds. anatyzin~ said accouM, or verifyins and complins said assessmeots and bilh. unlas l.eader pays Borrower interest on the Funds and applicabk law pecmits L,e~der to make •~ch a char~e. Bonowe~ aad Lender may asrce in writins at the tirtx of eaceution of this Mo~tZaje tbat intenxt o~ the Fuads slwll be paid to Borrowe~. aad uakss. such atreement a made or applicabk law e~equira such interest to be paid. l.ender shall not be rcquired to pay Borrower any intercst or earnings on the Funds. Le~der sha11 pve W Bomowet. without char~e, an annwl accounting of the Punds showina crediu and debits to the Funds aod the purpose~or which esch debit to the Funds was made. 71~ Funds are plodged ss addicional aceurity for the sums securod i 1f the anau~t ot the Funds hdd by Lendet. togclher with the futurs monthly inst~llment: of Funds payabk prior to tbe due data of tues. auessmeats, inwranoe premiums ar~d ground rents. shall eacoeod the amount required to pay said taxa. ~ ; as~aents, i~uranoe premiums aud ~rouad rp~ts u they tall due. such eacess shall be. at Borrower's op~ion. eilhcr i pro~aptly repaid to Hocnower or credited to Borrower on monthly installments of Funds. If the amount of the Funds 1~Nd by? La~dtr sba11 not be suf6cient to pay ta~ca, aa~essmeots. insurance prsmiums and ground rents aa they fall due. Borro~ver shall pay to I.euder any amount neoessary to make up tl~e dcficiency within 30 days fmm the date notice is maikd by I~eader W Borrower requestin8 payment thereof. Upoa payment in full of all suma secured by this Mortgage, l.ender sha11 promptly refund to Bormwer any Fun~ held by Lender. If unda puauaph 18 her~eof the Proptrty i~ sold or the Property ~s otherwise acquired by Lender. Lender :hall appfy. ~o later thaa immodiately prior to the sak of the Propeny or its aoquisition by Lender: any Funds held bv I,ender at the tinK of application ~ a credit against the sums secured by this Mortgage. 3. Al~io~ ot lq~tr. Unkss applicable law provida othervvix. all payments roceivod by Lender unde~ the ~ Note sad paragraphs 1 and 2 hereof shal! be applied by Lender first in payment ot amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payabk on the Note, then to the principal of the Note. and then to interest and principal on any Futun Advanoes, 1- (-'IuRes; I.ie~s. BorrQwer sh~ll pay all taxes,- assessments and other charges, fines and impositions attributable to : tbe rt which tna attain a riorit over this Mort a e. and leasehold a ~ ~P~ Y Y P Y 8 8 p yments or ground rents. if any, in the manaer P~~ W~s~raph 2 heroof or, if not paid in such manner, by Borrowe~ making payment. wt~en due, direcdy to the ` piyee the~of• Borrower shall pmmptly fumish to Lender all notices o[ amounts due under this paraaraph, aod in the eveat Bormwer shalt make payment directly. Borrower shall promptly tumish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which hu prionty over this Mortgage; pmvided, that Borrower shall not be rcquired to discharge any such lien so long u Borrower.shalt agree io writing to the payment of tlx obligation secured by such liea in a manner acceptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such~ lien ia, ~ kgal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Properiy or any Qart thereof. ~ s• Hasard lswra~ce. Borrower shall keep the improvements now existing or hereafter erected on the Propeny insurod g against loss by 6re, hazards included within the term "extended coverage", and such other hazards u Lender may rcquire ~ wd in such amounts and for such periods as Lende~ may require; provided, that Lendor shall not requirc that the amount of ; wch covenge eaceed that amount of coverage required ~o pay tbe sums sec?~red by this Mortaaae. The i~uranoe carrier providing the insurance shall be choxn by Borrower subject to approval by Lender, pwvided. tbat such approva! shall not be unrcasonably withheW_ All premiums on insurance policies shail bt paid in the maoner " ' provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paymeot. when due, dit+ectty to the ;i i~rance carrier. All insurance policia and renewals thereof shall be in form acceptable to Lemier and shall include a standard mortgage ; ! dauu in favor of and in form acceptable to Lender. Lender shall have the nght to hold the poticies and rcnewals thereof, ' and Borrower shall promptly furnish to Lender all renewal notices and all rcceipts of paid prcmiums. In the event of loss, Borrower shall give prompi notice to the insurance carrier and Lender. Lender may make proof of loas if not made promptly i by Borrower. ; ~ Unless Lende~ and Sorrower otherw~se agree in writing, insurance procceds shall be applied to restoration or repair of ~ j the Propeny damaged, provicied such restontion 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 insunnce proceeds shall b~ applied to the sums secured by this Mortgage, with the excxss. if any, paid ' to Borrower. If the Properry is abandoned by Borrower, or iF Borrrnver fails to rapond to Lendet within 30 days irom ihe ~ ~ date aotice is maded by Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, l.ender : is aut6orized to collect and apply the insurance proeceds at Lender's option either to restoration or repalr of the Property ~ or to t6e sums secured by this Mortgage. ~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or postpone the duc date of the monthly installments referred to in paragraphs i and 2 hereof or change the amoum of ~ ~ suc6 installmeuts. If under paragraph 18 hereof the Prof,erty is acquired by l.ender, all right~ title and interat of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to thc sale ~ or acquisition shall pau to l.ender to the extent ot the sums secured by this Mortgage immediately prior to such sak or - ~ acquisition. ~ 6. Yresenation and Maintenance of Propcrty; Leasehulds; Condominiums; Planned Unit Derebpments. Borrower ~ shall keep the Property in good repair and shall not comroit yvaste or permit impairment or deterioration of the Property ~ ~od shall compl~~ with the ptovisions ot any lease i[ this Mortgage is on a leasehold. 1! this Morigage is on a unit in a r € condominium or a planned unit development, Borrower shall per(orm all of Borrower's obligations under the declarativn or coveoants creaung or governing the condominium or planned unit develupment, the by-)aws and rcgulations of the condominium or planced unit development, and constituent document~. If a condominium or planned unit development rider is executed by Borrower and recorded together w~th ~his Mortgage, the covenants and agreements of such rider shall be irocorporated into and shall amend and supplement the co.enants anJ agreements of this Mortgage as if the rider were a part hereof. 7. Prolection ot [,eade~'s Securify. If Bprrower fa~ls to periorm the covenants and agreements contained in this ~ ; Mortgage, or it any act~on or proceed~ng is cummenced w•hich materially aHects Lender's interest in the Property, s includmg. but n~~t limited to, em~nent domain. insolvency: code en(orcement, or arr•rngements or proceedings involving a ; bankrupt or decedrnt. then Lender at I.ender'~ oplion, upon notice to Borrower, may make such appearances, disburse such ~ sums and take such utiun ac ~s necezsary to prolect Lender's interesl, including, biu not limrted to. disbursement of ; reasonable attomey's fees and en~ry upon ~hc Propeny to make rcpairs. If Lcndcr requircd mortgage insurance as a 'r cond~Uon o( makmg thc loan cecureJ by this Mortgagc. B~rrowcr shall pay thc preiniums requireJ to mainta~n such ~ insurance in ctfcc~ until such timc as ~hc rcyuircmcnt for .uch insurancc tcrminatc~ in arccordancc with $arrowcr's and i . - B~~K 302 ~~~~E 327 . ~ ~ ~ ~ ; - _ _ . ~-~f n : _ ~ °s'~~'~'k ~ - _ .a~~~~ y