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Home My WebLink About0825 UNt~aw CoveNeKSS. Borrower a~d I.endc~ rnveoanl a~d a=roe u foliows: 1~ ti1!'~M et hielMi a~i l~leral. Borrowu shall p~omM~) P~Y Wheo due tbe principal ot and intemst oo the ~ndebtednest evide~oed by tbe Note. prepaymeat aod I~te charaec ac ~uovided in the Note, aod the ptiocipal ot and inte~est oa any Futu~e Advsnces secured b~r this Mortsaje. i F~i tor Tata ni l~an~ee. Subject to applicabk law .?r to a written waiver by i.eodw. Borm~ver shall pay to Lender o~ thc day mwuhly installments of principal and in~crcct arc payaMe under the Note. until the Note is paid in tull. a ~um (he~ein "Fun~'~ eqwl to one-twelfth of the yeari~~ u~~~ anJ assasments which may attain prioriry ove~ this Mortsa~e~ and ~round re~ts on the Propeny. if any, plus one-twelfth of yearly premium installments [or hmrd inw~ance. plus oae-tweltth o[ yq~ly premium iestallments for mottgage ins~~rance. it any. all u r+easonaWy estimated initially and iroaA time to time by Lender on the basis of assasmc~ts and hills and rcasonabk atimata thercof. 'ibe Funds sball be held in an instituticm the deposiu or ~ccounls oF which arc insured or guarantad by a Federal ot state agency (includina Le~r i[ Lendcr is such an inslitution). 1_ender shall apply the Funds to pay uid taxes, assessments, in~unnoe ~naniurtu and ~mund rents. 1_ender may no~ charge for u+ holding snd applying the Fl~ndc. analyzina said account, or verifyin=.and compiling said ssxssments and bills, unlas Leoder pays Borrov?er intercst on the Funds and applicable l:w permib Lender to make such a charge. Borrower aad l.ender may aarce in writins at the time of execution of this Mort~e that interat oo the Funds sball be paid to Borrower. and ualas such aaroement is made or applicabk law roquira such interest to be pzid. Lender shall not be rcquired to pay Borrower any interat or arnings on the Fundt. Le~der shall aive to Bonower, witlwut charge, an annual accounting of the Funds showing crcdits and debits to the Funds and the pnrpose for which each debit to the Funds was made. The Funds are plodgod u additional security for the sums secured ; by tDis Mortpse. If the amount of tbe~ Fundt he{d by Lender, together with the future mo~thly installments of Funds payabk prior to the due data of taues. assessments, i~uurance premiums and ground re~ts, shall eacceod the amoont required to pay said taxa. ~ a:se~ments. insurance prcmiums and 6round rents as they fall due, such excess shall be. at Borrower's option, either promptly repaid to Borrowtr or crodited to Bornower on monthly installments of Fuads. If !he amount of the Funds held by Leuder st~all not be sut6cieat to pay tua. a~sesaments, insuraqqe, premiums and grq~nd ro~ts ss they fall due. , Horro~ve~ sbaU pay to Lender any amount eecasary tp make up the_defic ency within 30 days f om the date notice is maikd by Lender to Borrower requesting p~yment thereof. 4 Upoa paymeat in full of dl swas securod by this Mortgage, t_end~w~6a11 promptly rlbHd to Bornower any Funds held by Lender. If under puasraph 18 hercof the Property is sold or the Propeny ~s otherwise acquired by Lender. Lender s6all apply. no later than immediately prior to the sale of the Property or its acquisition by L.er~der. any Funds held by ~ I.eoder at the titne of application u a credit against the sums secured by lhis Mortgage. 3. A~plicatio~ ot paymeNs. Unless applicable law provides otherwise, all payments roceived by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounta payable to Lender by Borrower under puagraph 2 hercof. tl~en to interest payahk on ihe Note, then to the principal of the Note, and then to interat and' principa! on any Future Advanoes. 1• C6a~a; Liens. Borrowe~ shall pay all_taxes, assessments and other charges, fines and impositions auributable to~ ~ the Property whicti may attain a priority over this Mortgage, and leasehold payments ot ground rents, if any. in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when duo, directly to the psyee thereof. Borrower shall promptly furnish to l.ender all notices of amounts due under this paragraph~ and in the eveot Bormwer shall malce paymcnt diratly, Borrower shall promptly furnish to l.ender receipts evidencing such paymcnts. Borrower shall promptly discharge any lien which hu priority over this Mortgage: provided, that 8orrower shall not be requircd to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in. legal proceedings which operate to prevent the entorcement of the I~en or forfeiture of the Property or any part thereof. S. Hazard Insurawce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured _ against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may rcquire ; and in such amounts and for such periods as ~ender may require; provided, that Lender shall not requirc that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this MortEaga " ~ "[l~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, t6at such approval shall not be unreasonably withheld. All premiums on insuranct policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, dircctly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage dause in favor of and in form acceptable to l.ender. Lender shall have the right to hold the policia and renewals thereof, ~ and Borrower shall prompUy furoish to Lender all renewal ~otices 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 loss if not made promptly by Borrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of G the Property Jamaged, provided such restorat~on or repair is economicaUy feasible and the security of this Mortgage is ! C 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 Mongage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to I.ender within 30 days from the ~ date notice is mailed by l.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance btnefits, l.ender ~ is. authorized to collect and apply the insurance procceds at Lender's optiun either to restoration or repair of the Propertv } or to the sums aecured by this Mortgage.. ~ Unless Lender and Borruwer otherwise agree in writing, any such application of proceeds to principal shall not extend E or postpone the due datc of the monthly instal(ments rcferred to in paragraphc 1 and 2 hereof or change the amount o[ ' such installmeuts. lf under paragraph 18 hereof the Property is acyuired 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 th~ sale ~ or acquisition shall pass ta Lender to thc extent of the sums secured by this htortgage immediately prior to such sale or } acquisition. ; 6. Preserv~tion and tilaintenance of Property; l.easehulds; Condominiums; Planned Uait Devebpments. Korrower a shall iceep the Property in good repair and shall not comrpit yvaste.or permit impairment or deterioration of the Property _ ~ and shall compl~• with the provisions of any lease if th~s Mongage ic on a leaschuld. If this Mortgage is on a unit in a condominium or a Planned unit de~•elopment, Borrower shall perform all of Borrower's obligations under the declarati~,n ; or covenants creating or govern~ng the condominium or planned unit development, the by-laws and regulations of the ~ condominium or planned unit development, and constituent documents. If a condominium or planned unit cievelopment ° rider ~s eaecuted by Borrower and recorded together wi~h this Mortgage, the covenants and agreements of such rider shall be incorporated into and shalt amend anJ supplcment the c~~enants and agreements of this Mortgage as if the riJer were a part hereof. ~ ; 7. Protection of Lende~'s Securify. If Borrower failc to per(orm the covenants anJ agreements contained in this r ; Mortgage, or if any action ur proceeding i~ commenced whi~h matenally afiects I.ender's interest in the Property. i includ~ng. but n~~~ lim~ted ta emincnt domain, insolvency, code rn{orcement, or arrangements or proceedings invoh•ing a ~ bankrupt or Jecedent. then 1_ender at Lender's option, up~m notice ~a Borrower, ma~ make such appearances, disburse such ~ sums and take such action as ~s necessar~• tu pro~ect l.ender's mteresl, includ~ng, but not limited to, disbursement of ~ reasonable attorney's fcec and en~ry upon ~he Proper~~- to make rcpairs. I( I.cnder reyuircd mortgage insurance as a ~ cond~hon of makmg thc loan secured by this Mongage. Bc.rrower shall pay the preniums requireJ to maintain such ~ insurance in rtiect until such time as the reyairemen~ for tiuc ? msuranec term~nates in aecordanee with Borrower's and ~ F,,;: t e ~R Vv~ ~l:~~F V~~ i ~ ~ ~ PS ~_.`i.~ 3 ' ~ ~ ..~„ae # , Se*. ~.f ~ ~n;~^ s.~? ~:R~~ , ~'e.~~~ t ,,...;C , c