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Home My WebLink About0809 Utmaw CoveN~t~m. Horrower and lrendet covenant and a~ra u toilows: ~~M of lei~elM1 a~i LNered. Botrowe~ ahall p~omM~Y Wy when due tba priocipal ot and i~terat oe the indebtednea evideaoed by the Note, ptep~yrt~nt and late char~ec ac p~ovided in the Note. and the principal ot and intenest oa any Futura Advances secured bp this Mo~s;e. 2. lb~is toe Taz~s a~i I~tti. ~bject to applicabk law ~x to a written waiver by Lenda. Boao~wer shall pay . to Leader on the day mo~thty iristalltnenls of priocipal and interect ~rc pa~raMe unde~ the Note. until the Note is paid in tull. a sum (herein "Fund~'~ equal to a~-twelfth of the yea~l~~ tax~~ ani! assasmeots which may attain priority over this Mort~ase. and =round rena on u,e Propeny. if any. ~lus one-twelfth ot yearly premium installments fot hazu'd insu~a~ce. plut OpC-tWC1Ith Of yC1rly Qtllllium iAStallR1e11ts (O~ 1110[t~SgE insufallCC, it any, dl u reasc?nably estimated initially and trom . 6me to time by Leader on the bssis of assasments and Mlls and rcasonabk atimata thereof. 1be Funds shall be beld in an ios~itution ~he deposia or accounts of Mhich are i~urod o~ `wrantoed by s Federal ot state ase~cy (includin~ Leoder if Lende~ is such an inuitution). 1_ender shall apply Ihe Funds to pay said taxa. asxssments. iaturance premiums aod sround rents. I_ende~ may not charge for se~ holdins aod aPplYina the Funds. analyzins stid account, or verityintind oomqlinj said assessments and bilh, unless Lender pays BonoM?er interat on the Fuods and applicabk law ' pem~its I,ender to malce wch a charge. Bonower and l.ender may aaree in writing at the time ot exceution of this Mort~a~e that interat on the Fl~nds shall be paid to Borrower. and unkss such aa~eement is made or applicabk law roquira wch intuat to be psid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender s6all ~ive to Borrower, without cbarge, an a~owl accounting of the Fun~ds showing credits and debits to the Funds and the purpose for which euh debit to the Funds wu made. The Funds ace plodged u additional security for the sums secured by this Mortpse. If tbe amount of the Funds hdd by LetKkr, together with the future monthly installments of Funds payabk prior to t6e due data of taxes. assessmeats, inw~ance Premiums and ground rcnu, shall eacoed the amount required to pay said taxa. at~uments. iaturanoe premiums aad Bround rents as they tall due. such excess shall be. at Borrower s option. either promptly repaid to Bormwer or credited to Borrower on monthly ins~allments of Funds. !f the amount ot the Fu~ds + bdd by Lender shall not be wKicieat to pay taxes. asxssments. insurance pcemiums and ground rents as they fall due. Borro~ver sball pay to Leader any amouat necessary to make up Ihe de6ciency within 30 days from the date notice is mailcd bryr I.eoder to Bonower requestinB paYment thereof. . Upoa payment in full ~f all wms secured by this Mongage, Lender shdl p~omptly refund to Borrower any Funds Ae1d by Leader. If undet pars~raph 18 hereof the PropertY so~d or the Property ~s otherwise acquired by Lender, Lender s6a11 apply. no later than imme~ately prior to the sale of the Pmperty or its acquisition by Lender, any Funds held bv I,eader at the time of application ~ a credit against the :ums secured by this Mongage. 3. A~icatio~ ot pqr~e~b. Unlas applicabk law provida otherwise, all piyments receivod by Lender under the Note aad paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payablc to Lendtr by Borrower under paraaraph 2 hereof. then to interest payable on the Note, then to the principal of the NWe, and then to interest and priacipal on any Future Advancts. 4, Cliar~es; I,kas. Borrowcr shall pay all taaes, assessme~ts and other charges. fines and impositions attributable to tbe Propecty which inay attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner na provided under paragrapt~ 2 heroof or, if not paid in such manncr, by Borrower making payment, when due, directly to the payee thecoof. Borrower shalt pranply furaish to Lender all notices of amounts du~ under this paraarsph. and in the event Borrovrer shall make payment directly, Borrower shall promptly fumish to i.ender receipts evideocing such payments. Borrower shalt p~+o[nptly discharge my lien which has priority over this Mortgage: provided. that Borrower shall not be rtquircd to discharge any such lien so bng u Borrower shall agree in writing to the payment of the obligation securod by such lien i~ a manner xceptable 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. Hasard Iassnwce. Borrower shall keep the ~mprovements now existing or hereafter erected on the Property ~nsurod againat,loss by firc, hazards included within the term "eztcnded coverage", and such other hazards as Lender may require and in snch amounts and for such periods as Lender may require: provided, that Lender shall not rcquire that the amount of 'i such coverage exceed that amount of coverage required to pay the sums securcd by this Mortaage. The insurancx carrier providing tho insurance shall be chosen by Borrower subject to apQroval by Lender, provided, j that such approval shall not be unnasonably withheld. All premiumc on insurance policies shail be paid in the manner ~ providod under paragraph 2 t~rcof or. if not pai~ in such manner, by Borrower making payment, when due, directly to the ~ insurance carrier. # All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of and in form acaptable to l.ender. L.ender shall have the right to hold the policies and renewals thereof, ~ and Borrower shall promptly furnish to Lender all :enewal notices and all receipts of paid pnmiums. in the event of loss. Borrower shall give prompl 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 iepair of the Property damaged, provided such restorat~on or repair is economically feasible and the security of this Mortgage is ~ «ot thereby impaired. If such restoration or repair is not rconomically feasible or if the ucurity 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 Propeny is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ date ewtice is mailed by Lender to Borrower that the insurance carrier offers to setNe a claim for insurance benefits, Lender ~ is autho~ized to collect and apply the insurance proceeds at Lender's option either to restoralion or repa~r of the Prupertv ~ or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree m wnting, any such application of proceeds to principa) shall not extend ~ or postpone the due date of the monthly installments rcferred to in paragraphs I and 2 hereof or change the amount of ~ such installments. If under paragraph 18 hereof the Property is acqu~reci by l.ender, all right, tide and interest of Borrower Q in and to any ~nsurance policies and in and to the proceeds thereot resulung from damage to the 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 sale or ~ acquisition. " 6. Pnsenatioa aod htainten~nn of Property; Leasehulds; Condominiums; Planned Unit Derelopments. Borrower shall keep the Property in good repair and shall not com~vit ~aste or perm~t impairment or deterioration of the Property and shall compl)~ with the provisions of any lease if th~s Mortgage on a leaschold. !f this Mortgage is on a unit in a - condorttinium or a planned unit development, Borrower shall perform all of Borrower's obligations under !he declaration ; or coveoants creating or governing the condominium or planned unit devel~~pment, the by-laws and regulations of the condominium or planoed unit development, and constituent Jocuments. I( a condominium or planned unit development . ~ rider is ezecuted by Borrower and recorded together with thi~ Mortgage, the covenants and agreements of such rider ~ shall be incorporated into and shall amend and supplement thc ~o~enants and agreements o( tha Mor~gpge as if the riJer were a art hereof. ` ~ 'f. PProfection of I.eade~s Secu~fty. 1f Borr~~wer fail~ to Exr(c?rm the covenantc anJ agreements contained in this ~ w Mortgage, or if any acsion or proceedmg ic c~~mmrnce.l v?hi~h materially afiects l.ender's interest in the Property, - ~ including. but not I~mrted to. emment domain, incohency, code cnforcemenl. or arranRements or proceedings invoh•ing a ~ bankrupt or decedent, then 1_ender at Lender's op~ion, uEx~n notice to Borrower, m;~~ make such appearances, disburse such ~ sums and take such action ac ~s nece~sary tu praect Lender's interest, including. but not limited to, d~sbursement of ~ reuonable attorney's (ces and entry u~x~n thc Proper~~~ t~? makc rcpa~ra. If Lcntler reyuircJ martgage in~urance as a ~ condit~on of making the loan ucureJ by ~his Murtgage. B~~rrowcr shall pa~• the premiums requireJ to maintain such ~ insurance in rfiect until ~uch time as the reyuiremem for .uch msurance termmatc~ m aecordance w~lh Borrower's anJ - ~ ~ 306 808 ~ - ~ s_ . :