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Home My WebLink About0624 UNtraw CoveH~Nrs. Borrower a~d Le~der covenan~ and at~a u tollows: ta~we~t af hMciN1 a~i Iatenst. Bo~rower shall promp~ly pay when due the principal of and interat oe the ~ndeb~edna• evidenad by ehe Nae. prcpayment snd late char~eC ac ~xovided in ~he Nae, and the principsl ot and inte~eat a? any Future Ildvances aecwnd by this Mortaaje. 2. Fti~i tor Ta:N ~i Iwn~ee. Subject to spplicabk law .x ~o a written waiver by l.ende~, Borro~ver sha~1 P~y to Let~der o~ the day monthly installments of principal and int~res~ arc p~yaMe under the Note. until the Note is paid in tull. a sum (herei~ "Fw~ds") eqwl to one-twel[th of the yesri~ ta~c. anJ assessments which may attain priority over this Mwt~ase, and `round renu on the Pt+openy, it any, plus ane-tweltth of yearly prcmium installments for huard insuraoce. plus oae-twelfth of ytarly prcmium installments tor mongage insurance. if any, all u ressonably estimatcd initially and trom Nme to time by ~ender on the basis of assessmc~ts and hills and reasonabk estimata ~hereof. The Funds shall be held in an ins~itution the depos~a or •rccoums of which are insured or guannteed by a Fedenl oi state agency (including Le~der i! L.cnder is iuch an inslitutionl. I.ender ahall apply the Funds to pay said laaes. astasmen~s. insurance premiums and Eround rc~ts l.ender may not chuge to~ se~ holding and spplying the Fundc. analyzing said account, or verifyin~ and compiling uid asussments and bills, unless l.ender pays Borrower interat on the Funds and applicable law permits Lender to make such a cha~ge. Borrower and Lender may agrce in writing at the time of esecution ot this Mort~age that interat on the Funds sAall I+e paid to Borrower, aod unless such agrcement is made or applicable iaw requira such interat to be paid. Lender shall no~ be rcquircd to pay Borrowe~ any intercst or earoings on the Fueds. Lender sAa11 give to Borrower, ~~itl~out chargt, an annual accouoting of the Funds showing credits s~d debits to the Funds and the purpoae for which uch debit to the Funds wu made. The Funds are p~edged u additional security tor ~he sums secured by this Mott~age. IE the amount o[ the Funds held by L.ender, together with the (uture monthly installments of Funds payable prior to the due data of tua, assessments. insurance prcmiums and grouod rents, shall exceeti the amount rcquired to pay said taxa. assestanents, insunnce premiums and ground renu u they fall due, such excess shall be, at Borrower's option, either promptly rcpaid to Bormwer or crodit~d to Borrower on monthly installments of Funds. It the amoun~ of the Funds t?e!d by Leodcr shall not be suf6cient to pay taxa, assessments, insurance premiums and ground rents as they fall due. Bortower shall Pay to Leade~ any amount necessary to malce up the deficiency within 30 days trom the date notice is mailed by Lender to Borrower ~tquesting payment ~hereot. Upoa payment in full of all :ums Kcured by this Mortgage, l.ender shall promptly cefund to Borrower any Funds held by Lender. If under puagraph 18 hercof the Propeny is sold or the Property ~s othervvise acqwrcd by Lender, Lender s6d1 apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held bv L.ender at the time o[ application as a credit against the sums securcd by this Mortgage. 3. A~piication oE Payoeats. Unless applicable law provides otherwix, all payments receivod by Lender under the Note and pangraphs 1 and 2 hereof shall be apPlied by I_eader first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, 16en to interest payable on the Note, theo to the principal of the Note, and then to interest and principal on any Futurc Advances. ChaRes; Liens. Borrower shall pay all taxes, assessments and ~ther charges, finec and impositions attributable to the Property which may attain a pnority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereo[ or. i( not paid in such manner, by Borrower making payment, when due. Jirectly to the payee thereof. Borrower shall promptly furn~sh to Lender all notices of amounu due under this paragraph, and in the event Bormwer shall make payment directly, Borrow•er shall promptly fumish to l.ender receipts evidenc~ng such payments. Bonower shall promptly discharge any lien which has priont~ over this Mortgage; provided, that Borrower shall not be rcquired to discharge any such lien so long as Borrowe~ shall agree in writ~ng to the payment of the obligaliun ucured by such lien in a manner acceptable to Lender, or shall in good fai~h contes~ such lien by, or defend enforcement of such lien in. legal proceedings which opesate to prevent the entorcement of the lien or forfeiture ot the Property or any part thercof. S. Hazard Insurance. Borrower shall kcep the improvcments now existing or hereafter erected on the Propeny insurod against loss by tire, hazards included within the term "eztended coverage", and such other haiards as I_ender may require and in such amounts and tor such periods as Lender may require: provided, that LenJer shall not requirc that the amount o[ such coverage exceed that amount of coverage requircd to pay the sums secured ~by this Monsage. . _ 'Il~e insurance carrier providing the insurance shall be chosen by Bonower subject to approvai by Lender, pravided. that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in tt~ manner provided under paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment, when due, dircctly to the • t iosunnce carrier_ All insurance policies and renewals thereof shall be in form acceptsble to Lender and shall include a standard mortgage i clause in favor nf and in form acceptable to Lender. Lender shall have the right to hofd the policies and renewals thereof. i and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid Qremiums. in the event of loss. ` Borrower shall grve prompt notice ro the msurance carrier and Lender. Lender may make proof of loss if not made promptly ; by Borrower. ' Unless Lender and Borrower otherw~~e agree in writing, insurance proceeds shall be applied to rcstoration or repair of ~ the Property damaged, proviJed such restoration or repair is economically feasible and the seeurity of this Mortgage is ~ not thereby impa~red. If such restor:+t~on or repair is nut economically teasible or if the security of this Mortgage would s be impaired. the insurance proceeds shall be applied to the sums secureJ by this Mortgage, with the excess, if any, paid € to Borrower. If the Propert~• is abandoned hy Borrower, or if Borrowet fails to respond to Lender within 30 days from the ~ date Rotice is ma~led b}• l.ender to Bor~Dwer that ~he insurance carrier ofiers to seule a claim for insurance btnefits, Lender ~ is authorized to collect and apply the ~nsurance procteds at Lender's option either to reswration or repaer of the Propem~ ~ or to the sums secured by this Mortgage. ~ Unless Lender and Borrower otherr~i~e agree m wnting, any such applica~ion ~~f proceeds to pnne~pal shall not extend ~ or postpone the due date of the monthl~~ inslallment~ re(crred to in paragraph. I and Z hereof or change the amount of ~ such installments- If under paragraph IS hereo( the Property i5 acywred by Lender, ali nght, tiNe and inrerest of Borrower in and to any kisurance policies and in and to ~he pra:eeds thereot resuUing trom damage to the Property prior to th.: sale ~ or acquisiUOn shall pass to Lender to the extent of the sums ucured by this Mortgage immediately prior to wch sale or ~ acquisition. 6. Presenation and ~taintenan~e of Properly; I.easeholds; Condominiums; Planned Unit Deve{opments. Borrower shall keep the Property in good repair and shall not comroit y?'aste or permrt ~mpairment or deterioraUOn of the Property - and shall comply with the provisions of any lease ~t thu Mongagc ~ti on a leasch~~ld. It this Mortgage is on a unit in a ~ condominium or a planned unit development, Borrower chall pertorm all vf Borrower's obligations under the declaration or covenants creaUng or governing the condom~nium or planned unit devel~~pment, the by-laws and regulations of the condominium or planned unit developmen~, and constituent document~. If a condominium or planned unit development ~ nder is executed by Borrower and rec~rded tagether wi~h thic Mortgage, the covenants and agreements of such rider ~ = shall be ~ncorporateJ into and shall amend anJ ~upplcment ihc co~enants anJ agreements of thit Mortgage as ~f the rider " were a part hereof. ' 7. Protection ot I,enders Security. !f B~~rta..er f:ulc u~ perf~~rm the covenann and agreements contained in this Mortgage, or if any aclwn ur prcxeeding «~mmrncrit which materially ~fTrct~ Lender'~ intere~t in the Propeny. ~`'i includmg. but n~~~ I~mi~ed to, em~nent doma~n. im~~l~rn~~~, ci~~ cnfor~ement. ~?r arrangemen~c ur pr.xeedings invoh~ng a bankrupt or decedeni, thcn Lender al I ender'~ ophon, uExm notice ta Borruwer, mac make wch ap~rarances, J~sburse such ~ sums and take such acliun e~ ~s nece~~ar~ tu pm~ect Lender's interest. incluJing. but not limi[ed to, d~sbursement o( ~ reasonable attorney'~ Iccc and cntry u~m thr Propcri} to makc rcpain. If Lcndcr reyuircJ mortgage inwrance as a ~ condition of mak~ng th~ loan ticcureJ b~ this M~~r~gagr. B~~rruwcr shall pay thr prcmiums reqwreJ to maintain such insurance in et(ect unul wch time a+ thc reyuirement f~~r wch ~nsurancr tcrminatr~ in .~c~ordanee with Bormwer's anJ ~ ~ ° R 304 624 BOOK PAGE ~ _ _ _ - _ ~ _