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Home My WebLink About0605 Ut+trau[ CoveN~Nts. Borrower and Lende~ covenant and s~ree u tollows: 1. t~~e~t ot hi~clMi a~ IMe~eN. 8orrower shall prompil~• pay when due the principal ot and intercst on the indtbtednas evidenced by the Note. Prepaytneat and late chargec ac provided in the No1e. and the p~ncipal of and interes~ on any Futuro Adva~ces securod by this Morttaga ~ 2. F1ni~ tor TuM ~i l~airrce. Subjat to applicabk law ~.r ~o s written waiver by Lender. Bormwer shall pay to I.ender on Ihe day monthly installmems ot principal and inicrcu arr payabk u~der the Note, until the No1e is paid in full, a tum (herein "Fun~") equal to one-twelfth of the yea~l~ usc. anJ asxssments which may attai~ priority over this Mortsaje. and `mund ren~ on tt~e Moperty, if any, plus ooe-tweltth of yea~ly prcmium installments [or huard insurance. ' plus one-tweltth of yearly prcmium installments tor mortgage insu~ancc, it any, all u reuonably estimated i~itiailY aod from ' time to time by Letxkr on the buis of asscscments and hills and reasonabk atimata thercof. The Funds shall be held in a~ institution the depos~a or accounts of which are insured or guannteed by a Federai ot state agency (including Lender if l.ender is such ao institutionl. I.ender shall apply the Funds to pay said uxes. assessments. itaurance prcmiums and ~wuod rcnts. I.ende~ may not cha~ge for sc+ holding and applying the Fnnd~. analyzing caid account. or verifyin~ and compiling said assessments and bills, unleu Lender pays Borrower interest on the F~~nds and applicable law permiu Le.zder to make such a charge. Borrower and l.ender may agree in writing at the time ot execution o[ this Mort~e tbat interest on tht Funds shall be paid to Borrower. and unless such agrcement is made or applicable law rcquira such interest to be paid. Lender shall not be rcquired to pay Bor~ower any interat or earnings on the Fuods. Lender shaU ~ive te Borrower. witl~out charge, an annual accounting of the Funds showing credits a~d debits to ~he Funds and tht purpose for which each debit to tbe Funds wu made. The Funds arc plaiged as additional security for the sums secured by this Mortpge. If the amount of the Funds held by Lender, together with the future monthly installments o[ Fu~ds paya~le prior to t6e due dates of taues, auasments, insurance prcmiums and ground rcnts, ~hall exceed the amount requircd to pay said taxes, a:se~uaents. insunnce premiums and ground rents as they fall due, such excess shall be, at Borrower s option, either promptly repaid to Bormwer or credited to Borrower on monthly ins~allments of Funds. If the amount of the Funds heW by Leoder shall not be sut6cieut to pay taxes. assessme~ts, insunnce premiums and ground rents u they fall due, Borrowe~ shall pay to L.ender any amount necessary to make up ~he deficiency within 30 days trom the date notice is mailed by Lender to Borrower requesting payment thercof. ~ Upoa payment in full of all sums secured by this Mortgage, t.ender shall promptly refund to Borrower any Funds held by [.ender. If under paragraph 18 hercof the Property is sold or the Propeny ~s otherwise acquircd by t_ender, Lender s6d1 apply, no later than immediately prior to the sak of the Pmpeny or its acquisition by [.ender, any Funds held bv [.ender at the time of application as a credit against the sums secuted by th~s Mongage. 3. Appficatiou oE Parmeats. Unless zpplicable law provicies othervvise, all payments receivcd by Lender under the Note and paragraphs 1 and 2 hertof shall be applied by l.ender first in payment of amounts payable to Lend~r by Borrower under paragraph 2 hercof. then to inte~est Qayable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advanoes. 4. C6ar~es; Lie~. Borrower shall pay all ta~es, assessments and other charges, fines and impositions attribu~able to the property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner prorided under paragraph 2 herco[ or, if not paid in such manner, by Borrower making payment, when due, dircctly to the payee thercof. Borrower shall promplly furn~sh to LenJer ~II notices of amounts due under this paragraph, aod in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly dixharge any lien which hac priority over this Mongage; provided, that Borrowe~ shall not be ~equired to discharge any such lien so long as Borrower shall agree in writing to the payment ot 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 enforcement of the I~en or forfeiture of the Property or any part thereof. S. Hazard Insurance. Borrower shall keep the ~mprovemems now existing or hercafter erecled on the Property insured agair.st loss by 6re, hazards included with~n the term "extendeJ coverage", and such other hazards as Lender may require and in such amounts and for such pcriods as Lender may reyuire: provided, that Lender snall not require that the amount of such coverage exceed that amount of coverage required to pay ~he sums secured ~by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unrcasonably withheld. All premiumc on insurance policies shatl be paid in the manner provided uoder parag~aph 2 hereof or, if not pai~ in such manner, by Borrower making payment, when due, directly to the insurance carrier. ~ ~ All insurance Fwiic~es and renewals therrof shall be in form accep~able 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 policies and renewals thereof, { and Borrower shall promptly furn~sh to Lender all renewal not~ces and all receipts of paid premiums. In the event of loss. = Borrower shall g~ve prompt notice ro the insurance carner and Lender. Lertder may make proof of loss if not made prompUy ; by Borrower. F l.?nless Lcndcr and Borrower otherv?~~e agree in wnting, inwrance procecds shall be applied to restoration or repair of ~ the Property damaged, provided such restoration or repau is economically feasible and the security of this Mortgage ~s ~ not thereby impa~red. If such restoraUon or repair is not economically feasibl~ or i( the security of this Mortgage would , be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid ~ to Borrower. If the Property~ is abandoned hy Borrower. or if Bormwer fails to res~nd to 1_ender within 30 days trom the ~ date notice ~s mailed by L.ender to Borrower ~hat the insurance carrier ofiers ro setNe a claim for insurance benefits, Lender is authonzed tu collect and apply the insurance proceeds at Lcnder's option eithcr to resloration or repa!r of the Propert}• ~ or to the sums secured b}• this Mortgage. ~ Unless l.ender and Borrower otherv~ix agree in v?nting, sm such :~pplication i~f prcxeeds to pnncipal shall not extend or postpone the due date of the monthl}~ installmcnl~ referred to in paragraph~ 1 and 2 hereof or change the amount of ~ ~ such installments lf under paragraph 18 hereof the Propert~ is acyuired hy Lender, ali nght, title and interest oF Rorrower ~ in aod to any tnsur~nce policies •rnd in and ~o the pro~:eeds thereot result~ng from Jamage to the Property prior to th~ sale ~ or acquisition shall pass to Lender to thc e~tent ot the ~um~ securcd b} th~s Atortgage immediately prior to ~uch sale or ~ acquisition. ~ 6. Presenation aod ~taintenance of Properl~: Leasehulds; Condominiums; Planned Unit Ue~elopments. Borrowcr shall keep the Property in good repair and shall not comro~~ ~astc or permit impairment or deterioration of the Property ~ and shall compl~ with the provis~ons of any leaze if tha Mor~gage ~ti un leasch~rld. If this Mortgage is on a unit in a . condominwm or a planned unit development, Borrower shall per(orm all of Borrower's obhgaUons under the declaration - or covenants creatmg or guvermng the condom~mum or planned ~m~t develupment, the by-laws and regulationc of the ~ conJominium or planned unit development, and constiwem d~ ument~. I( a condominium or planned ~m~t development ~ nJer ~s executed by Borrower and recorded together H~~h th~~ Mortgage. ~he covenants and agreements ~f such rider - shall be ~ncorEwrateJ ~nto and shall amend anJ supplrment the co~enants anJ agreements o( this Mortgage as it the ri~er ~ Kerc a part hereof. • = 7. Protection of I.ende~s Security. If B~~rra~er fa~h t~~ ~xrf~~rm the covenantc an~f agreements contained in this Mongage. :~r i( an~• act~on ~~r prcxeed~ng i, ~ummrnce~i wh~ch mat~riall} atTrctc Len~ler'c mteretil in the Pr~per~~•. mcluding. bnt n~H hm~led to, em~nent domain, in~~~l~enc~. cudc rnf~~r~emrnt. ~+r arrangrmrnts or pr~xeedings im•ok~ng a ~ bankrupi or decedent. then LenJer at I.enJer'~ ~~ptian, u{~m n~~uce ti~ Borruwer. ma~ m:ike wch appearance~, dishune such sums and take such actiun a~ a nece~~ar~ t~~ pru~ect I.ender'c ~nterest. ~ncluelmg. but not limued to, ditibursement of ~ reasonable anornc~'~ fre. and entry u{H~n Ihc Pre~pcnp Ia makc repa~r.. I( Lender reynircJ m~~rtgage in~urance as a tr cond~Uun making thr loan ~ecure.l b~• thi~ M~~rtgaFr. B~~rr~~ucr sh:~ll ~ay ~hr premiumt rcq~nreJ to maintain such inwrance tn rfiec~ unhl ~uch Ume as the reyuucmeni (~~t .uch imu~ancc Irrmm:?tc~ ~n :~c:ordance with Bnrmwer'. and I 'S 3 ~ gOC!c JU4 ~A~E VO5 ~ : ~ - - -