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Home My WebLink About0800 UN~M COVer~~nts. Borr~o~ snd [.endet covenanl and a~ree ss tollowt: 1~. ZqweN ot hi~1N1 ri l~MeteM. Borrowu shall MomP~~) WY when due tbe priekiWl o( sad iMet~est on the indebtednas evideacsd b~? the Note, ptepayment and late char`ec a.c provided in the Note. and tl~a au~ciPd ot aad in~era~ on any Future Advances secured by this Mortjase. t!~i tor Taans Mi U~wr~ce. Subject to applicabk law ~u to a written waiver b~? i.ender. eoR~o*~* ~+~u wr to Lender on the day monthly installments of principal aod in~crcst arc payat~le unde~ the Note. uMil the Note is paid in tull. a ~um (I~erain "Fund~'~ eqwl to onc-tweltth of the yea~f~- tax~y ancl auasmenu which may attsin prioritp over this Mo~e. and ~r~ound c~ents on tbe Propeny. if aoy. F?lus onc-twelfth ot ~rearl~i pnnuum iastalln~rnts for hazard inwrance. plus one-twdith of yearly premium ias~allments for mott~age inu~rancc, if any, all ss ressonabn? atimated initially and from time to time by Le~der on the basis of asses.~ments and hills and rcuonabk atimata thereof. ~ The FLndt shall be held in an institu~ic~n the deposia or ~ccounts of ~rhich are insurod or Narsnteed by a Fedcnl ot state ajet~cY (includina Le~der if Lcode~ is such an iostitutionl. l.ender shall apply tbe Fwds to p~y said ~ua. assasme~ts. , iawranoe p~emiums and `mund re~ts. 1_ende~ may not charge for sc+ holdina and applyio= the Fnndc. analyzins said accou~t or verifyinj and oomqlin~ said assessmenu and bills. u~kss Leader pays Borrower interat on the Funds and applicabk law permits Leoder to mak~ such a charge. Bot~ower and l~ender may~ a=ree in writin6 at ~he time ot esecution of this Mortsa~e tbat iotercst on the Funds shall be paid to Borwwer, and unlas wch atroer?xnt is made a aPP~icabk law ; requira such interat to be paid. Lender shall ~ot be required to pay Borrower any interat or eamings on the Funds. Lender sball pve to Bormwer, witbout cbarge, ae an~wl accounting of the Funds showint crcdits and debits to the Funds and the purpose for which each debit to the Funds was made. The Fuods arc pledgod u additional security tor the sums secured ~ by t6i: Mort~ase. 4 If the amount ot the Fut~ds held by Lender, together with the future monthly installme~ts of Funds payabk prior to ~ tbe due data of taxa. assasmeats. i~unnce premiums and g~ound rents, shall eacceed the artwunt required to pay uid tua. 1 ass~tmeats. i~urance prcmiums and geound rents as they tall due. such eacess sha11 be. at Borrower s option. either P~'~P~Y rcP~ to Borrower or credited to Borrower on monthly installments of Fuads. If the amouot of the Fands bdd by I,ender shaU not be sut6ciwt to pay tua, a~unts. insurana premiums and sround rents ss they fall due. . Borro~ver shaU pay to i.ender any amount ~ecessary to make up the de8ciency within 30 days from tl~e date notice is maikd , by I.eader to Borrower roquestin8 P~Yment thereof. i Upoa paymeat in fuA of dl wms secured by this Mongage, l.ender sl~all promptly refuad to Borrower a~y Funds held by I,euder. If undet paragraph 18 hertof the Property ia sold or the PropertY n othenroise ac9uired by Lender. Lender ahall apply, no later than immtdiately prior to the sale of the Propeny or its acqs~isition by l.e~der. any Funds held bv Leader at the time of application u a cnedit against the sums socured by th~s Mortgage. 3. A~licatio~ ot Pq~tr. Unless applicable law provida wherwise. all paymenu rocei~rod by Lender under the ~Note and paragraphs 1 and 2 hereof shall be spplied by l.ender first in payment of amounts payable to Lender by Borrower under pusgraph 2 heceof. then to interest payabk on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. C6u=es; Lieos. Borrower shall pay all taxes. assessments and other charges, fines and impositions attribuufile to _ the Property which may attain a priority over this Mongage, and leasehold payments or gmund rents, if any. in the manaer provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment. wha~ due, direcUy to the psyee thereof: Borrower shall promptly fumish to Lender all notices ot amounts due under this parasraph, and in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments- Botrower shall promptly dischargo any lien which has priority over this Mortgage: providod, that Borrowtr shall not be rcquired to discharge any such lien so bng as Borrower shall agree io writing to the paytnent of tbe' obligation secured by . such lien in a manner acceptable to Lend~r, or shall in gaod faith contes~ such lien by, or defend enforcement of such lirn ia, lega! proceedings which operate to preveat the enforcement of the lien or forfeiture of the Property or any part thereof- S. Hazud las~rawce. Borrower shall keep the improvements now existing or hCreafter erected on tix PropertY ~nsurod against loss b.y fire, hazards included within the term "extended coverage", and such other hwrds u l.ender may require and in such amoun~s and for such periods as Lender may require; provided, that Lender shall not roquire that the amount of such coverage exceed that amount of eoverage required to pay the sums secured by this MortEase. 7be iasurance carrier providing the inwrance shall be chosen by Bonower subject to approval by Lender, provided. that such app~oval shall not be unreasonably withheld. All premiums on insurance policies. s1~a1~ be Paid ~n the manner i provided under paragraph 2 hercof or. if not paid in such manner, by Borrowa malcing payment. wfien due, dit+ectly to the i iosurwce carrier. ~ I AU insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policios and renewals thereof, ~ and Borrower shal{ promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss. ~ Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of bss if not made promptly by Borrower. - ~ Untess Lender and Borrower otherw~se agree in writing, insurance proceeds shall ~be appliod to ratoration or rcpair of the Property damaged, provided such testoration or repair is economically feasible and the socurity of this Mortgage is not Ihereby impaircd. lf such restoration or repair is not rconomically (easible or if the secuiity of this Mortgage would be impaired. the insurance proceeds shall be appli~d to the sums secured by this Mortgage, with the excess. if any, paid to Borrower. If the Property is abandoned by Borrower, or if BorroweT fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that ~he insurance carrier ofiers to setUe a claim for i~uura[~ce benefits, Lender is aut5oriud to collect and apply the insurance proceeds at Lender's option either to restoration or repa~r of ihe Property or to the sums secured by this Mortgage. Unltss Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or postpone the due date of the monthly installments rcferred to in paragraphs t and 2 htreof or change the amount of such inst~llments. It under paragraph 18 hereof the Property is acquired by Lender, all right. titk and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulung from damage to t6e Property prior to th.: sale or acquisition shall pass to l.e~der lo the extent of the sums secured by this 1~lortgage immediately prior to such sak or acquisition. 6. Prestnation wd Maintenance of PropeAy; Leasehulds; Condomiaiums; Planned Uwit Devdopmeats. Borrower shall keep the Property in good repair and shall not comro~t y?•aste or permit impairment or dererioration of the• Property artd shall compl~ with the provisions of any lease if this Mortg:~ge ic on a leasehold. I( this Mortgage is on a anit in a _ condominium or a planned unit development. Borrower shalf perform all ot Borrower s obl~gations under the declaration . or cavenants creaUng or go~erning the condominium or planned unit development, the by-laws and regulations of the ~ condominium or planned unit development, and constituent documems. !f a condominium or planned unit ekvelopment ~ rider is ezecuted by Borrower and recorded together with this Mongage, the covenants and agreements of such rider ~ shall be incorporated ~nto and shall amend and supplcment the covenants and agreements of lhis Mortgage as if the rider ~ were a part hereof. Proteclioo of Ltoder's Securfty. 1( Borrower fad~ tn pcrform the covenants and agreements contained in this ~ ~ Mortgage, or if any action or proceeding is cummenceJ v?•hich materiaUy afiec~s 1_ender's interes~ in the Property. ~ includmg, but n~~t lim~ted to. eminent domain. inu?Ivency, codc enforcement, or arrangements or proceedings involcing a ~ bankrup~ or decedent. then Lender at l.ender's option, upon notice to Borrow•er, ma~ make such appearances, dishurse such - sums and take such action as is necessary to protect Lender's mterest, induding. but not limited to. d~sbursement of reasonablc attomey~ s(ces and emry upon the Property to make repa~r~. I( Lcnder requircJ mortgage insurance as a i condit~on of makmg the loan ~ecureJ by ~h~s Mortgage. Borruwrr shall pay the premiums reqaired to maintain such _ insurance in rfTect until tuch time as Ihe reyairement for ~uch msurance termmrte~ in :~ecordance with Borrower's and _ g~G~ 302 ? ~ - ~00 ~ ° - v _ ~ ~ _