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Home My WebLink About0494 ~ - ~ - - ~ . ~ ' . ~ 1 Ut+nw~~t Covan~nrs. Dorr~oM~ and I~ende~ cove~snt and ~sroe as follows: ~ ~p,¦~~N ~f h~e~l aM 6Nrwf. 6ormwet :hail promp~l) paY when due tt~e principal o[ a~nd inte~est oo the ! indcbtednew evidenoed bp the NWe, prop~ymeat and late clwr~cC u~ovided in the Nwe, and tl~a principai ot and intetest l oa my Futuro AdvancYS ~ecu~ed A~? this Mon ja~e. ~ ~ i?ri tK 7'~ aai I~wosa~e. Slrbject to applicabk law ~x ~o ~ written waivet by Lende~. eo~o~ ~+•i~ wy ; to Leadet on the day monthly instalime~ts ot pnncipal aod intcrcct arc payaMe under the Note. until the Note is paid in tuli. ( a s+m (Mrejn "~undt'~ eqwl to oro-twelfth of the ~rsa~l~• ax~Y aMl auessme~ts which may attain priorit~r over this j Mortsase. aad ~ra~nd ra~ts oa tbe PropettY~ it any, plus one-twelfth of yearl~i' premium installments for hazard insurance. ! plus oo~tarelfth ot yearly premium inst~llments (or mottsaje ins~~nncc. if any. dl ss ~+easa~ably estimated initially and trom ~ dma to time by Leader on tbe basa of asses.sments and hills and rcasooabk estimates thereof. 7Le Runds shatl be hald in an ins~itwian the deQosit~ or accounts of ~vhich arc insured or ~usnnteed by a F~deral ot ~ stite aseoc~? (i~cludins L,eader if Lender a'such an institution). 1_ender shall apply Ihe Funds to pay said tua. assasmeMs. iawranoe ptemiums aad Qound rents. l.ender may not chsrae for s~+ holdina snd applyinj the F~mds. analyzing said account, ~ or verityint.aod comqlin~ said assessments and bills, unlas Lender pays Hortower interost on the Funds and applicabk law permits L~eiwier to make such a char~e. Borrower aad Lender may a~rce in writin; at the time ot exceution ot this ~ Morisa~e that iaterat on the FLnds shalf be paid to Borrower. and unlas sucd aaroement is made or applicabk law - , requira u~ch iaterest to be paid. Le~der shall not be required to pay Borrower any interest or earnings on the Funds. Lender ~ s6a11 pve to Horw~wer. without chu=e, an annwl aocountinj of the Funds showiog crcdits a~d debits to the Funds and the parpos~ for ~rhich eac6 dabit to the Funds was made. The Fu~ds are plodged u additional security for the sums securcd ; by tha Moctp~e. ~ If t1~e amou~t ot tbe Fundt beW by Lender. toaether with the future monthly installments of Funds payabk prior to the due date~ of taxa. assasments. ~owrana ptrmiums and g~ound ronts. shall excud the amount rcquired to pay said tua. ass~mepts. iniuraace p~emiums and `round reets as they (all dae. wch eacas shall be. at Borrower s option. either promptly repaid to Horrower or creditai to Borrower on monthly installment: of Funds: If the amount of the Funds I~dd bgr Lender shaU not be w~iCient to pay taxes. s~ssmeots. in.wrance premiums and ground renta .as they tall due. Horro~rer s6a11 pay to I.ende~ any amount necessary to make up the deficieney within.30 days from the date notice is mailed by I.tader W Borrower roquestia8 payment thereof. Upon paymeat 'ia fuU of dl wms sxured by this Mongage, I.ender shall promptly rofund to Borrower any Fundi held by I.ender. If uader para=raph 18 hereof the Prope~ty ia sold or the Propeny ~s otherwise acquired by Lender. Lender sba11 apply. no later Wan immediately prior to the sak of the Property or it: acquisition by Lender. any Funds held bv I.eoder at the time of application as a credit against the sums secured by this Mortgage. 3. A~lieatio~ of tp~aeds. Unlas applicabk law provida othetwise, all payments roceivcd by Lender under the Note and paragapbs 1 and 2 hereof shall be applied by Lender 6rst in payment of amounts payabk to Lender by Borrower uader paragraph 2 hereof. then to interest payabk on the Note, then to the principal of the Note. and then to interest and priucipal on any Future Advances. 1, C~es; Lkas, Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the propetty which may attain s priority over this Mortgage, and katehold payments or ground rents, if any. in the manaer provided under puagraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due. dirxtly to the payee tbereof. Bomower shall promptly furnish to Lender all notices of amouats due u~der this paragraph. and in tbe event Borrower shall malce payment directly, Borrower shall promptly fumish to L.ender receipts evideacing such paymenu. Botrower.shall pranptly discharge any lien which has priority over this Mongage: provided. that Borrower shall not be required to discharge any such lie~ so long az Borrower shall agrce in writing to the payment of the obligatiun secuad by suc6liea in a manner acceptabk to Lender. or shall in good faith contes~ such lien by. or defend enforcement of such lien ia, kgal proceedings which operate to preveat the enforcement of the lien or forfeiture of the Property or any part thereof. • S. Hazsrd Iow~rawce. Borrower shall koep tht improvements now existing or hereafter erected on the Property insurod against loss by fire, hazards included wit6in the term "extended coverage", and such other huards as l.ender may rcquire and in wch amounts and for such periods as Lender may requirc; provided, that Lender shall not requirc that the amount of wch coverage exceed that amount of coverage required to pay the sums securcd ~by this Mortaage. 'Il~e insurance carrier providing the insurance shall be chosen by Bormwer subject to approval by Lender, pm~idsd. ~ tbat wch approval shall not be unressonably withheW. All premiums on insutance policies sha11 be paid in the manner ~ providod under paragraph 2 hereof or. if not paid in such manner. by Borrower mak+ng payment, when due. direcdy to the ~ insurance carrier. ~ j 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 uceptable to Lender. Lender shall have the right to hold the policia and renewals thereof, ~ and Borrower shall proropUy furaish to [.eoder all renewal notices and all receipts of paid prrmiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lertder may make proof of loss if not made prompUy E by Borrower. " Unle~ Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to ratoration or repair of ! ~ •the Property damaged. provided such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaircd. If such restoration or repair is not economically [easible or if the security of this Mortgage would _ be impaired, the insurancx proceeds shall be applied to the sums securad by Ihis Mongage, with the eacas. if any. paid to Borrower. If the Propeny es abandoned by Borrower, or if Borrower fails ro respond to l.ender within 30 days from the ; date notice is mailed by l.ender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, L.ender ~ is aut6oriud to collect and apply the insurance praxeds at Lcnder's option either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such applica~ion of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of wc6 installmeuts. It under paragraph 18 hereof the Pro~,erty is acquired by L.ender, all right, tide and interest of Borrower ~ ~ in and to any tnsurance policia and in and to the proceeds theroof resulting from damage to the Property prior to thc sale ~ or acqoisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6, lreservation and Maiatenance of Property; Leasehulds; Condominiums; Pl,nned Ualt Devebpments. Borrower shall keep the Property in good repair and shall not com~vit yvaste or permit impairment or deterioration of the Property = ~ and shall comply with the provisioas of any lease if this Mortgage is on a leaschold. If this Mortgage is on a unit in a } condominium or a planned unit development, Borrower shatl perform all of Borrower s obligations under the declaration ~ ~ or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~ ~ condominium or planoed unit developmenl, and constiWent Jocumems. I( a condominium or planned unit development ; ~ rider is executed by Borrower and recorded together v?ith th~s Mortgage, the covenants and agreements of such rider ~ shall be incorporated ~nro and shall amend and supplement the covenants and agreements of this Mortgage as if the riJer } ~ were a p~rt hereof. 7. PrMection of Leoder's Securfty. If BorroKer faih ~o perform the covenants and agreements contained in this Mortgage, or if any action or proceedmg is c~~mmenced vrhich materiatly afTrcts 1_ender's interest in the Property, ~ including, but not limited to. em~nent domain, ins~lvency, c~x1e enforcement, or arrangements or proceedings invoh•ing a - bankrupt or decedent. ~hen Lender at LenJer's option, upc~n nohce to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protecl 1_ender's mterest, including. but not limrted to, disbursement of :I ~ reuonablc auomey's (ees and en~ry upon thc Properiy to make repairs. If I.cndcr required mortgage insurance as a cond~don o( making the loan secured by lhis Mort~tage. &~rruwcr sh~ll pay the premiums required to maintam such insurance in eftect un~il such time as ~he reyuirement for ~uch msurance terminates in :~ccordanre with Borrower's and ~ ~ = ~ ` go~x 3U7` ~A~E 494 a - - - r«ir....- Y...' _ . . . ~ Y' .r~~4'S"~S~F. ~