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Home My WebLink About0530 ~ . . . ~ ~ , Un~rcw Oova~+~rns. eo~rower aad Leade~ coveosnt and asroe ss follows: L li4~~t ~t ~eie~l a~i ~kral. Borrowar shall PromW~) Wr wAen due the principal ot and interat oo the indebtedaea evideooed bp tbe Note. ptaPaymeat snd late clwr~cs a.a ~xovidcd in the Note. and tha principal ot aod intaat aa anr Future /ldvances secured by tbis Mart~a~. !ri /K 73~ns a~/ Ir~aea ~bjoct to applicabk law ~K to a writteo waiver by Laode~. Bo~ro~rcr shaQ P~p to Ltnder oe the day mo~thlp iastdlments o[ p~incipsl and intcrcst ~rc payaMe unde~ the Note. until the Note is paid in tuU. a wa (berein "Fund~'q equal to one-twdith ot the yea~iy a~~y ancl sssasments which may attain prioriry over this Mo~a~e. and ~ramd reab on t4e Property. it any. Flus a~e-tweltth of yearly premium installmeets for hazard inwn~ce. ~ plus ono-tweltth ot yeariy pt~e~aium iastallmrnts tor mortaa~e inu~nncc, it any. all u reawnably estimated initialiy a~d trom 1 time to time by Lender oa the buis of assasments a~d 1+ills and rcasonabk estimata thereof. 3 7Ue Furds shall be held in an instituticx~ the daposia or accounts of Mrhich are insured or tuaranteed by a Fede~al ot - pste sse~cy (iacludi~` Leader if Lender is sucA an institutionl. I.ender shall apply the Fur~ds to pay said taxa. a:sasmen~s. ~ iawraooe premiums and:t~ound reots. l_ender may nd charae for sc~ holdin~ and applyins the F~mda, analyzin~ said account, or verifyin~.snd oomplin= said assessmeets and bills, unlas Le~der pays Borrower intercst on the Funds and applicabk law ~ pecmib Le~de~ to malce wch a charae. 8orrowe~ aad Lender may agree in writing at the time of execution ot this Morts;a~e tbat interat on the Funds sl~all be ~uid to Borrower. and ualas such aaroement is made or applicable law ' requira wch interest to be paid. Lender sAall na be rcquircd to psy Borrower any intuest or earnings on the Funds. Lender ` shall pve W Borrowet. rvitbout cbarse, an annwl acx~ouotina of the Funds showing credits and debits to the Funds and the p~upote for wrhich eacb debit to t6e Funds wzs made. The Funds are plodged u additional security for the sums sxurcd j bY thit MortjaR• ' It t6e amount ot tbe Fundt hdd by Lender, together with the future monthly installments of Funds payabk prior to the due data of taxe~ asseameats. inwrance premiums and ground rents, shall exceed the amount rcquircd to pay uid taxa. a~ents~ in=uranoe premiums and `round rents u they fall due, such excess shall be. at Borrower s'option, either promptly repaid to Borrower or credited to Borrower on monthly inuallments of Funds. If the amount of the Funds bdd by Lender s1aU uot be wt6cieot to pay ta~ces, a~ssments. insurance premiums and g~ound rents ss they fa~l due. Borroaer shall pay to IJende~ any amount necGSSary to make up the deficiency within 30 days from the date notice is maikd by I.eader to Homower roquestia6 paYment thereof. Upon payment in full of aU auai secured by this Mortgage, l.ender shall promptly ref~~nd to Borro.ver any Funds haW bp I,eader. If under parajtaph 18 hereof the Property ia sold or the Propeny u otherwise acquired by Lender. Ltnder shall apply, no later than imanodiately prior to the sak of the Property or its acquisition by Leoder. any Funds held bv- I.eoder at the time of application as a credit against the wms secund by this Mortgsge. 3. A~iieatia~ ot l~~e~ls. Unlas applicabk law provida otherwise, all payments received by Len~kt under the Note and puagraphs 1 and 2 hereof shall be applied by Lender first in payment ot amounts payable to Lender by Borrower under psragraph 2 heroof. t6ea to interest payabk on the Note, then to the principal of the Note. and then to intcrcst and principal on any Futurc AdvanoGS. 1. Cra~ta; I.k~s. Borrower shall pay all. taxes, assessments and other charges, fines and impositions attributable to tbe Pt~opaty which may attain a priority over this Mortgage. and kasehold payments or gcound rtnts, if any, in the manaer providod under parsaraph 2 hereof or, if not paid in wch manner, by Sorrower making payment, when due. dirocUy to the payee theroof. Borrowe~ =hall promptly furnish to Lender all notices of amouats due under this paragraph. and in the eveat Bornower shall malce payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall pmmptly discharge any lita which hu priority over this Mortgage: provided. that Borrower shall not be required to discharge any such lien so long as Borrowe~ shall agrce in writing to the payment of the obligatiun ucured by suc6lien in a manner acceptabk to Lender, or shall in good faith contes~ such lien by, or defend enforcement of such lien in, kgal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thercof. 3. Hazard lawnwce. Borrower shall keep the improvements now existing or hereafter erec~ed on the Property insured agai~t loss by 6re, hazatds included within the term "extended coverage", and such other huards as Lender may rcquire and i~ such amounts and for such periods u Lender may require; provided, that Lender shall not roquire that the amount of wch rnverage exceed that amount of coverage required to pay the sums secured ~by this Monsage. , The inwrance carrier providing tt~e insurance shall bo chosen by Bonower subject to approval by I.enAer. provided, tbat wch approval shall not be unrcuonably withheld_ AI! premiums on insurance policies sha11 be paid in the manner ' providod under paragraph 2 hereof or. if not paid in such manner. by Borrower making paymcnt, when due, directly to the i insurance carrier. ~ All insurance policies and rcnewals thertof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of and in form acceptabk to Lender. Lende~ shall have the right to hold the policies and renewals thercof, E and Borrower shall promptly furnish to Leoder all renewal notices and all rcceipts of paid premiums. In the ~event of loss. ~ Borrower shall give p~ompt notice to the insurance carrier and Lender. Lender may make proof of {oss if not made promptly ; = by Borrowtr_ ~ ~ Unless Lender aad Borrower otherwise agree in writing, insurance proceeds shall be applied to restoratan or repair. of ~ the Ptoperty damaged, provicied such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaircd. If such restoration or repair is not.economicaily feasible or if the sscurity 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 by Borrower, or if Borrower fails to respond to Lender withi~ 30 days from the ~ date aotice is ma~led by Lender to Borrower that the insurance carrier ofiers to seule a claim for insurance benefits, Lender is authorized to colkct and apply the insurance proceeds at l_ender's option either to restoration or repaer of the Property ~ or to the sums securod by this Morigage. ~ Unless I.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or postpone the due date of the monthly installmems referred to in p~ragraphc 1 and 2 hereof or change the amount of sucb installmeats. If under paragraph 18 hereof the Propeny is acyuired by Lender, all right. title and interest of Borrower ~ in and-to any ihsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to thc sale or acquisition shall pass to Lender to the eatent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. 6. TreservaKon aad Maiuteoance of Property; Leasehulds; Condominiums; Plsnned Unit Devebpmeats. Borrower ~ shall ketp the Property in good repair and s6a11 not comro~t yvaste or permit impairment or deterioration of the Property _ - and shall comply with the provisioas of any kase it this Mortgage ic on a leaschold. I( this Mortgage is on a unit in a ~ ~ condominium or a planned unit development. Borrower shall perform all of Borrower s obligations undor the declaration ~ or covenants creating or governing the condommium or planned unit develupment, the by-laws and regulations of the ~ condominium or planned unit development, and constituent documents. I( a condominium or planned unit clevelopment a rider is executed by Borrower and rccorded together w~th th~c Mortgage, the covenants and agreements of such rider ~ shall be incorporated into and shall amend anJ supplement the covenants and agreements of this Mortgage as if the tider ~ were a part hereof. ~ ~ 7. Protectios of Leade~'s Security. If Borrower (adc t~• perf~~rm the covenants and agreements contained in this ; Mortgage, or if any action or proceeding ic commenced which materially aBects LenJer's interest in the Property, s ~ including, but not limi~ed ta, eminent domain, insolvency. code enforcement, or arrangements or proceedings involv~ng a ~ bankrupt or decedent. the~ I.ender at l.ender i option, upan notice to Borrower, ma~• make such appearances, disburse such ~ ~ sums and Iake such action as is necessary to pro~ect Lendcr's mterest, including. but not limited to, disbursement of ~ ~ reasonable at~omey's fees and entry upon the Property to makc rcpairs. If I.cndcr reyuircd mortgage insurance as a ~ ~ condition of makmg ~he loan ~ecureJ by ~his Mungage. Bormwer shall pay the premiums requireJ to maintain such : insunnce in eBect until such time as the reyuirement for wch insurance terminates ro accord~nce with Borrower s and ` ~ ~ . - so~x 3U7' P~~ 5 : ~ ~ ~ _ . _ _ -