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Home My WebLink About0612 • . i ~ - ' l UN~raw CoveN~Hrs. Bomower and Lender covens~t and s~rce u follows: 1. ~t of hi~elMl a~i 1Mered. 8orrowe~ shall promptl~• pay when due the principai of and intercst on the i~debtcdnat evidenced by ihe Note. propayment and tate charge~ ac ~xmidcd in the Note, and the pri~cipal of and interat on any Futuro Advsnces secured by this Monaase. 2. FM~i tor T~s~s s~i I~wn~ee. Subject to applicabk law to a writ~en waiver by Lende~. Botfower shall pay to Lende~ oo the day monthly iestallments of principal and ~n~c~cc~ rrr payaMe undu tFK Note, until the Note is paid in full. a sum (hereie "Funds") eqwl to one-tweltth o( ~he yearly ~as~. anJ sssasme~ts which may attsin pno~ty over this Morija~e, and Srou~d rents on the Propeny. i( sny, plus one-tweltth of yearly prcmium installments tor hazard insurance, plus one-twelfth of yesrly premium installments tor mongage insurancc, if any, all as rcuonably atimated initially and irom dme to time by Leoder on the basis ot assessmcnls and hills and reasonaDk estimata thenot. 71~e Funds shall be held in an institution the depo~iu or accounts of which are insured o~ guannteed by a Fedenl ot state a~ency (including Lender if Lcnder is such an institution). I.ender shall apply the Funds to pay said uza. assessmenu. insuranoe premiums and ground rcnts. l.ender may no~ charge for sc+ holding and applyin~ ~he Fund~. analyzing said account. or verifyin~ and compling said asxssments and bills, unless Le~der pays Borrower inlercst on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agrce in writing at ~he time ot execution ot this Mort~age that interat on the Funds shall be paid to Borrower. and unleu such agreement is made or applicable law rcquira such interat to be paid~ Lender shall ncu be rcquircd to pay Borrower any interest or earnings o~ the Funds. Lender shatl give to Borrower, without charge, an annual accounting of the Funds showi~g crcdits and debits to the Funds and the purpoae for which each debit to the Funds wu made. The Funds are plodged u additional security tor ~he sums xcurcd by this Mortp=e. If tAe amount o[ the Fuads held by Lender, together with the future monthly installments of Funds payable prior to the due data of tua. asseuments. i~uurance premiums and ground rcnts, shall exceed the amount requircd to pay said taxa, assesstnents. insunnce premiums and ground rents as ~hey fall due, such excess shall be, at Borrower's option, either prauptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the funds h~W by Leoder shdl not be suRicieat to pay tua. assessments, insurance premiums and ground rents u they fall due, Borrower shall pay to L.ender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by L~eader to Bonower rcquesting payment thereof. Upon paymeat in full of all :ums ucured by this Morigage, l.ender shall promptly refund to Borrower any Funds heW by [.ender. If under paragraph 18 herco! the Property i~ sold or the Property ~s otherwise acquircd by I_ender, Lender shdl appty, no later than immediately prior to the sale ot the Property or its acquisition by Lender, any Funds held bv Leader at the time of application as a credit against the sums secured by this Mortgage. 3. Arpticatlo~ of Payaewts. Unless applicable law provides otherwise. all payments received by Lender under the Note and paragnphs 1 and 2 hereof shall be applied by l_ender first in payment ot amounts payable to Lender by Borrower under puagraph 2 hereof, then to interest payable on the Note, then to the princiPal of the Note, and then to interest and pri~uipal on any Futun Advancas. 1. C6ar~es; Liees. Borrower shall pay all taxes, assesxments and other charges, fines and impositions attributable to the Property which m~y attain a priority over th~s Mortgage, and leaiehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thec+eof. Borrower shall promptly furn~sh to Lender all notices of amounts due under this paragraph, aad in the event Borrc~wer shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has pr~ority over this Mongage; provided, that Borrower shall not be rcquired to discharge any such lien so long as Borrower shall agree in writing to Ihe payment of the obliga~ion sacurcd .by such lien in a manner acceptable to Lender, or shall in goc~d faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate tb prevent the enforcement of the lien or forferture of the Property or any part thereof. S. Hazard Insurance. Borrower shall keep the improvementc now existing or herea(ter erected on the Property insured against loss by fire, hazards included withm the term "rxtended coverage". and such other hazards as I_ender may requ~re wd in such amounts and for such periods as Lender may reyuire: provideJ, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay ihe sums secured ~by this Mortgage. ! 77x msurance carrier providing the insurance shall be chosen by Botrower subject to approval by Lender, provided, i that such approval shall not be unreasonably withheld. Atl premiums on insurance policia sha11 be paid in the manner ~ provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the i insurance carrier. ~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mongage ~ 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 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 carner and Lender. Lertder may make proof of loss if not made promptly ~ by Borrower. ~ Unless Lencier and Borrower othervv~~e agree in wnting, insurance proceeds shall be applied to restoration or repair of s ttx Property Jamaged, provided such re~toration or repair is economically feasible and the securiry of this Mortgage is t r~ot ~hereby impeired. If stnh restora~ion or repair is nat cconomically feasible or it the security of this Mortgage would ~ be impa~reJ, the msurance proceeJs shall be applied to the sums secured by this Martgage, with the excess, if any, paid ~ to Borrower. If the Property is abandoned by Borrower, or it Borrower fails ta respond to Lender within 30 days from the ~ date not~ce ~s mailed by l.ender to Borrower tha~ the ~nsurance carrier ofiers to se~tle a claim for insurance benefits, Le~der ~ is authonzed tu collect and apply the inlurance proceeds at Lender's opUOn eiiher to restoration or rePa~r of the Propen~~ ~ or to the sums sccured hy this Mortgage. Unless I_ender and Borruwer otherv~i~e agree in v?nting, any such applic~tiun of pr~:eeds to principal shall not extend ~ or postpone the due date of the monthly~ installmentc refcrred u. in paragraph~ I anJ 2 hereof or change the amoiint of ~ such installmen~s. I( under paragraph 18 hereof the Property~ is acyuired b~ Lender, ali nght, title and interest of Borrower in and ~o any k?surance policies and in and to thc proceeds thereot resulung from damage to the Property prior to thc sale or acquisition shall pass to Lender to the extent of the sums accureJ b} this l~fortgagc immediately pnor to wch sale or ~ acquisition. ~ ~ 6. Preservation ~nd ~itinten~nce of Propert~; Leuehulds; Condominiums; Planned Unit De~~elopments. Borrov?•cr ~ shall keep the Property in good repair and shatl no~ comroit yvaste or permit impairment or deterioration of the Property and shall compl~ with the provisions of any lease i( thi~ tilurtgage i. un a leaschuld. If this Mortgage is on a unit in a condomimum or a planned unit development, Borrower shall prrturm all of Borrower's obligat~ons under the declaratiun : - or covenants creatmg or govermng the caidom~nium or planned unit development, the b~~-laws and regulations of the ' a condomin~um or planned unit development, and constituent dekumem~. If e conJominium or planned unit development ~ nder is execu~ed by Borrouer and rerorded t~~gether Nuh thi~ ~tortgage, the covenants and agreements of such rider shall be incorporated into and shall amend :+nd cupplrment ~he co~enanh and agreements of this Mortgage as if the ri~ler a Nere a part hereof_ 7. Proteclion ot Lender's Securfty. ~ If B~,rru~er fa~l, ~xrf~~rm the covenamc anJ agreements arntained in thit ~ Mortgage, or if any actwn ur prckeeJing i~ c~~mrnince~l whi~h matrriall} .~flrrtt Len~ler'1 interest in the Pmpert}•. ~ incluc~ing. but n~~t Gmrted to. em~nent domain. in~~•lvcnr}, cixie rnt~~rcemcat. ~~r arr:~nKrmcm~ ur pruceedings invohing a ~ ~ bankrupt or dec~dent. then 1 ender at I.endcr'~ opuon, u~m n~•t~ce t~~ Borruw~er. ma~ make wch appearances, diihurse such ~ sums anJ take such actiun as is neceti~ar~ iu pr~~iect Lrnder's mterest. mcl~i~f~ng. but not limited tu, disbursement ~?f ~ ;_t reasonahle att~rney'ti tec~ and ~ntry u~x~n the Pmperl}• to m.ike rrpair~. If t.cnder rcyuirrd morlgage in~urance as a ~ cundiUon mak~ng thc I~ian .ccureJ b~ thu :11~~r~gagr. B~~rn~wcr sfi:~ll pay~ 1hc prcmiums rcyuirc~ lo mainta~n iuch e~ ~nsurancr ~n ct(rct um~l ~uch timc ati ~hc rcyu~rrmcnt (ur ~~ich mtiuranrr l~rmin:~tr~ in ac~ordancc w•~th BormK~cr'. and ~ _ ~ gGcK c~~4 ~a~~E ~1.z ~ - - - - _ - . e ~