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Home My WebLink About0788 f S s r cove~ant and s ree ai toibwr. Ut+twR~t Covari~nts. Bormrver and I.ende t : ~e~t ef M~el/~1 ~i l~lereM. 8orrower ahall promptl~ WY when due the principal ot and inte~est on the ~ indebtedna~ evidenoed b~? the Not0. Pr'~W?ymeet and late chargec s.c provided in the Nde, and the principd ot and interest oa aoy Ruturo Advanca secur~ed b~? th~s 1Nortja~e• ~ ~ 2. !ri ter 71~~ a~i i~a~ct. Subject to applicabk law •x to a written waiver by Lendar, eo~o*?K wr ; to Leudet o~ !he day ma~thly installanents of principal and iotarc~t rrc payabk u~der the Note. until the Note is paid in full. a tum (hereie "Fuad~'~ equal to on~-twelfth ot the yeaA~• taa~~ and assessments which may attain priorit~? ove~ this Mortsa~e. and ~round renb oe the Propeny. it any. plus o~e~twelith ol yeui~? premium installments fo~ huard inwrsoce. plus oae-twel[th ot ywrty premium inuallments for mortta~e insunnca, if any. dl as reasonably atimated initialty and iroin dme to time by Lender on the bua of assasments and hills and rcasonabk cstimata theeeof. ~ , The Fui~s shall be heW in an institwicm the deposia or aaounts of ~vhich are i~ured or ~uannteed by a Federal ot state sjeocy (ineludina Leeder if Lcnder is such an institutionl. 1_ender shall apply the Funds to pay uid tazes, astauneMs. iowrat~oe p~emiums and =wund rents. l.ender may not charge for u+ holdinj and aPplyin! ~he F~mdc. a~alyzi~~ said account, or verityin~ snd complin~ said assessments and bills, unkss Lender pays Bo~rowe~ interat on thr Funds and applicabk ~aM? pemtits Lender to make such a char~e. Borrowe~ aad I.ende~ may aarce in writina at ~he time of ezecution ot this MortZaaa thit interat on the Fui~ds shall be paid to Borrowe~. and uulas such a~ament is made or applicabk law requira wch intenst to be paid. Lender shall not be rcquired to pay Sorrowe~ any interest or earnings on the Funds. Lende~ slWl pve to Borrowet. witbait chuge, an annwl accounting of the Funds showina credits and debits ta the Funds a~d the purpose for which each debit to the Funds was made. The Funds ue pledgod as additional socurity tor the sums securcd by this Mort`age. If tbe amount ot tbe Fur~ held b~r i.ender, together with the fuwce monthly installme~ts of Funds payabk prior to tbe due data of taues. assasments. ir~suranoe premiums and ground rents. shall exceed ihe amount required to pay said tua. as~me~ts, ituurance premiums and gmund re~ts u they fall due, such excess shall be. at Borrower's op~ioo. either premptly'epaid to Botrower or credited to Borrower on monthly installments of Funds. If the amount ot the Fuads hdd by Leoder shall not be su~t to pay tues. aasasments, insuranoe premiums and sround rents as they fall due. Borm~ver shatl pay to L~ender any amount necessary to make up the deficie~cy within 30 days fwm the date notice is maikd . by Leader to Borrower tequestin8 P~Yment thereof. Upoa paywent in fuU of all sum~ securcd by this Mortgage, Lender shall promptly refund to Bormwer any Funds held by L.ender. If uader puagraph 18 Mereof the Property ia sold or the Propercy ~s othenuise acquircd by Lender. l.ender shaU appty, no later than ima~ed'utely prior to the sak of the Property or its acqoisition by I~ender; any Fundc held bv I.eoder at the time of application as a cralit against the :ums secursd by this Mortgage. 3. A~iicatio~ ot lqwe~ls. Unlas applicable law provides othen~vise. all payments received by Lender under the Note and puagraphs 1 and 2 hereof shall be appliod by l.ender 6rst in payment of amounts payable to Lender by Borrower - under paraaraph 2 heteof. then to iaterest payabk on the Note, then to the principal of the Note. and then to intercst and principal on any Futun Advanoes. 4. Charte~ I,iees. Borrower shali pay all taxes, assessments and other chargu. 6nes and impositions attributable to ` tbe property which may attain a priority over this Mortgage. and kzsehold payments or g~ound nnts. if any, in the manae~ provided under paragraph 2 hercof or, if not paid in such manner, by Borrower making payme~t, whw due. dirccdy to the + pa~roe thereof. Borrower shall promptly furnish to Lender aq notices of amounts due under this paragnph, and in tt~e event ; Bornower shall malce payaneat dircetly, Borrower shall promptly fumish to Lender receipts evidencing such payments. ~ Borrowa shs11 promptfy discharge any lien which has priority over this Mongage: provided, that Borrower sha11. not be roquired to discharge any such lien so long as Bor~ower shall agree in writing to the payment of the obligation secured by such lien in a inanner acceptable to Lender. or shall in good (aith contest such lien by, or defend enforcement of such lien ia. Iegal procadings which operate to prevent the enforcement of the lien or forfeiture of the Propetty or any part theroof. S. H~z~rd lesyra~ce. Borrower shall iccep the improvements now ezisting or hereafter erected on the Property insured againat loss by 6re, hazards included within the term "extended coverage", and such othe~ hazards as Lender may require and in such amounts and for such periods u Lender may require; provided, that Lender shall not require that the amount of such rnverage exceed that amount of coverage required to pay ~he sums secured ~by this Mortaa6e. ~ ' 'Ibe insurance carrie~ providing the insurance shall be_ chosen by Borrower subject to approval by Lender, provided, Wat such approval shall not be unreasonably withheld. All prcmiums on insurance policia shail be paid in the manner provided under paragraph 2 hercof or, if not pai~ in such manner, by Borrower making payment. when due. directly to the ~ insurance carrier. - I All insurance policies and renewals thereof shall be in form acceptable to L.ender and shall include a standard mortgage i clause in favor of and in form uceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums_ In the evSnt of loss, ~ Borrower shall give prompE notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower. ~ Unlaa Lender and Borrower otherwise agree in writing, insurance proceeds shalt be applied to restoration or repair of ~ the Property damaged, provided such restorahon or repair is economicaUy feasible and the socurity of this Mortgage is ~ not thereby impaired. If such restoration or repair is not economically [easible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums securcd by this Mortgage, with the excess, if any. paid to Borrower. If the Property is abandoned by F3orrower, or if Borrower fails to respond to L.ender within 30 days from the date notice is mailed by l.ender to Borrower that [he insurance carrier ofTers to settle a claim for insurance bene6ts, Lender is authorizod to collect and apply the insurance proeoeds at Lender's option either to restoration or repair of the Property or to t6e sums securod by this Mortgage. - Unlas Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or poatpone_the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of suc6 installmeats. If under paragraph 18 hereof the ProE,erty is acquired by l.ender, all right, title and intercst of Borrower in and to any ihsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to th~ sale or acquisiUon shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. 6, preservaNoo and Maintenance of Property; I.easehulds; Condominiums; Planned Unit Derdopmeats. Borrower ° shall koep the Property in good repair and shall not comrvit Waste or permit impairment or deterioration of the Property ;1, ~ and shall comply with the provisions ot any lease if this Mortgage is on a leaschold. If this Mortgage is on a~mit in a - condominium or a planned unit development, Borrower shall perform all of Borrower's obligations undet the declaration ; ~ or coveoants creating or governing the condommium or planned unit development, the by-laws and regulations of the ~ condominium or planoed unit development, and constituent Jocumenis. I( a condominium or planned unit development 3 ~ rider is executed by Borrower and recorded together with lhit Mortgage, . the covenants and agreements of such rider a = shall be incorporated into and shall amend anJ supplement the covenants and agreements of this Mortgage as if the rider ' # were a part hereof. ± ~ 7. Prolection of Lender's Securfty. If BorroNer fa~ls to perfoim the covenants and agreements contained in this ~ Mongage, or if any action or proceeding ~s cummcnced which maierially afiects I.e~der's interest in the Property, ~ induding, but not limited to, eminent domain. ~n~lvency, code enforcement. or arrangements or proceedings invohing a bankrupt or decedent, then Lender at Lender's option, upon nouce to Borrower, ma~~ make such appearances, disbune such sums and take sueh action as is nece~sary tu protect 1_ender'c mterest, incluJing. but not limrted to, disbursement of reuonable attomey's (ees and entry upon the Proper~y to mal~e repairs. If 1_cnder reyuircd mortgage insurance as a ~ cond~tion of mak~ng the loan secured by ~h~s Mongage. Borrower shall pay the premiums required to maintain such ~ insurance in etiect un1i1 such time as ~he reyuiremem for such insurance termmates in accordance with Borrower s and ~ ~ D~~,~, :rr ~ U RK 302 ~E 788 - - z~ _ . . . , _ ~ ~