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Home My WebLink About0613 _ . Unt~aw Covan~Nn. Borrower sad l.et~de~ covenant and asroe u follows: ~ 1 h~we~t N lti~e~l a~i I~Ie~eM. 8orrowsr shall promptl) paY when due tbe principsl ot and inte~est on the indebtednw evidet~oed by tbe Note, p~epayment and late chargec sc provided in the Note. ~nd tha ptincipsl ot snd iotetesl oa aoy Futuro Advaaces secured by this Mortta~e. l~wi ter T~M ri l~w~a~a~e. Subjat to applicabk law to a written waive~ by LEoder. 8orrow~r shal~ Wy to Lender o~ the dsr monthly installmeots ot principal and in~~res1 an payable unde~ the Note. until the NWe is pald in tull. a=uen (herejn "Fuad~'~ eqtul to one-tweltth ot Ihe yea~l~~ taz~~ and assess+nents which may attain prioriq? ove~ this Mort=aje. and ~oound rena on tbe Pooperty. if any, plus oee-twelfth of yeariy~ promium instaHmenb !or hazard insurance. ' plu: oae-tweltth ot yearly pnmium i~stallments tor mort~ate insurancc, it any._all as rcasonably estimated initially and tm~n time W tink by l.ende~ on the buis ot assasmcnts and hi113 and rcasonabk atimata thereof. The Fun~ shall be deld ie ao iosti~u~ion ~he deposia or accounu of ~rhich arc irtsured or ~uaranteed by a Federsl ot sute a~ency (includi~g Ler~der if Lender is such an institutionl. I.ender shall apply the Funds to pay said uxa. aste~smeMs. iasurat~oe Exemiums and ~ound rents. l.ender msy not charae tor sn holdins and applyins the Fundx. analyzins aaid account, or verifyin~ snd complinj said sssessments ~nd bills, unlas Lender pays Borrower interest on the Fu~ds and applicabk law permits Lender to make :uch a char~e. Borrower and L.ender may agree, in writina at ~he time of execution of this Mortsaje tbat interat oo the Funds shall be paid to Borrower. and unkss such aareement a made o~ applicabk IaN? . requires such interat to be paid. Lender shall not be rcquired to pay Borrowe~ any interat or qrnings on the Funds. Leadet s6at1 pve W Borrower~•without clurge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which eac6 debit to t6e Funds was made. The Fu~ds are plodgod u addi~ional saurity [or ~he surtu socured by tha Mon=aje. If tbe amou~t o[ the Fuadt held by t.ender, together with the futurc monthly installments of Funds payabk prior to the due data of tues. uuumeab. inwnnce prcmiums and ground rcnts, shalt exceed the amount r+equired to pay said tua. asxstmeats. iruurance premiums and ground rents u they fall due, such excess shall be. at Borrowe~'s option, either pranpQy ropaid to~ Borrower ot ctedited to Borrower on monthly insullmen~s oE Funds. lf the amount of the Funds hdd by Lender shaU not be wf6Cient to pay ~axes. asxssments, iraurance pnmiums and ground renu as they fall due, Bortave~ sbaU pay to I.ender any amount necessary to make up ~he deficiency within 30 days from the date rwtice is mailed by Leader to Sorrower requating paYment theroof. - Upoo payment in full of all suma sxured by this Mongage, Lender sha!! promptly refund to Borrower any Funds held by Leoder. If undec puagnph 18 hereof the Property ia sold or the Propeny ~s othervvise acquired by Lender. Lender sball apply. no later Wan im~aediately prior to the sale of the Propeny or i~s acquisition by I.ender, any Funds held bv Lender at the time of application as a credit against the sums securcd by this Mortgage. 3. Ap~catio~ ot Pip~ae~Is. Unless applicable law provides othervvise, all payments received by Lender under the Note aa~ patagraphs 1 and 2 hereof shall be applied by Lender first in payment of amounls payable to Lende~ by Borrower under puagraph 2 hereof, tLen to interest payabk on the Note, then to the principal of the Note. and then to i~terat a~d principal on any Future Advances. - 1. C~es; Iieas, Borrower shall pay all taxes, assessments and o~her charges. fines and impositions attributable to t6e Property which may attain a priority over this Mortgage. and lezsehold payments or ground rtnts, if any. in the manner p~+ovided under puagraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due. directly to the payae ther~of. Borrower ahall promptly furn~sh to Lender all notices of amounts due under this paragraph. and in the event Borrower shall make payment dircctly, Borrower shall prompUy fumish to [.ender receipts evideucing'auch payments. . Bortawer shall prompily discharge any lien which hu priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in ~writing to the payment of the obligation secured by suc6lien in a manner acceptable to Lender, or shall in good faith contes~ such lien by, or defend e~forcement of such lien ia, legal proceedings which operate to preveat the enfurcement o( the lien or forfeiture of the Property or any part thereof. S. Hazard I~n~ce. Borrower shall keep the impro~ements now existing or hereafter erected on the Propeny insurod against loss by fire, hazards included within the term "extended coverage", and such other hazards u Lender may rcquire and in such amounts and for such periods as Lender may require; provided, that Lender shall not requirc that the amount of wch coverage exceed that amount of coxerage required to pay the sums securcd by this Mortaage. The insurance carrier providing the insurance shall be chosen by Bonower subject to approval by Lender. provided. that wch approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided untkr paragraph 2 hereof or, if not paid in such manner, by Borrower making paymeot. when due, direttly to the insurance carrier. All insurance policies and rcnewals thereof shall be in form acceptable to Lender and shall include a standard mortgage f clause in favor of and in form acceptable to Lender. I.ender sball have the right to hold the policia and renewals thercof. and Borrower shall promptly furaish to Lender all renewat noticts and atl receipts of paid prcmiums. In the event of loss. ` Borrower shall give prompi notice to ttie insurance carrier and Lender. Lender may make proof of loss if not made promptly ; 'by Borrower. ~ Unlest Lender and Borrower otherw~se agree in writing, insurance proceeds shall be applied to rcstoration or repair of the Property damaged, provicied such restorat~on or repair is economicatly feasible and the security of this Mortgage is not thereby impaircd. If such restoration or repair is not economically fcasible or if the security of this Mortgage would be impaired. the insurance proceeds shall be applied to the sums secureJ by this Mortgagt, with the excess. if any. paid to Borrower. If the Property is abandoned by Borrower, or it Borrower fails to respond to Lender within 30 days from the date notice is mailed by L.ender to Borrower tha~ ~he insurance carrier offers to settle a. claim for insurance benefits, Lender is aut6orized tu collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Propertv or to the sums xcured by this Mortgage. ~ Unlas 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 referred to in paragraph~ t and 2 hereof or change the amount of such installmeats. If under paragraph 18 hereof the Property is acyuired hy Lender, all right, title and interest of Borrower in and to any.it~surance polisies and in and to the proceeds thereof resulting from damage to lhe Property prior to th~ sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sak or acquisition. - 6. Praervatioo and htaintenaan of Property; Leasehulds; Condominiums; Plsnned Udt Devebpments. Borrower shall kcep the Property in good repair and shall not comrvit yvaste or permit impairment or deterioration of the~Property ~ and sh~ll compl~• with the ptovisions of any lease if ~his Mortgage ~s on a leaschold. It this Mortgage is on a unit in a i ~ condominium or a planned unit development, Borrower shall perform all o( Borrower's obligations under the declaration or covenants creating or governing the condomin~um or planned unit development, the by-laws and regulations af the ~ condominium or planned unit developmen~. and constituent documen~~. I( a conJominium or planned unit ckvelopment ~ rider is executed by Borrower and recorded together w~th thi~ Mortgage, the covenants and agreements of ~such rider ~ shall be incorporated mto and shall amend and supplement the covenants and agreements of this Mortgage as if the rider ~ were a part hereof. ; ~ ~ T. Prolection of I.eoder's SecurSty. 1f Rorrower fail~ a. pertarm the covenants and agreements contained in this ~ Morlgage, or if any actiun ur proceeding ic comnxnce~l wh~ch materially afTects I_ender's interest in the Properry, : includmg, but n~~t limited to, eminent domain. inu?Ivency, r~~de en[orcement, or arrangemrms or proceedings invol~ing a ~ ~ bankrup~ or decedent, then I.ender at I.ender's option, u{xin notice to Borrowe~, ma~ make such appearances, disburse such ~ ~ sumf and lake such actiun a~ is neceti+ary tu protcct Lcndcr's ~ntcrest, incluJing. but not limited to, disbursement of reasonable auomey's tces and en~ry uExm thc Propcr~y to makc repaus. 1( I_rnJer reyuircd mortgage insurance as a ' condiUon of mak~ng the loan tecureJ b}• ~hi~ Mongage. B~~rn~wrr sh:~n ~ay the premiums requireJ to maintain such ~ ~nsurance in effect until such time as ~he n:yuirrmem (or ,uch insurance ~erm~nate~ in :~ceordanee with Borrower's and i - ~ • ' . UR ~ - . . : 90or 3U3 ~~r,c 612 ~ , sr~" ~ ,~,s ~ _ _ - - - y , s~~~. _ ..v~"."s.'"` ~ `y,r... ~ - ~.~z~=:r.~'~~.. - ~