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Home My WebLink About0149 . t Ut+trat~ Cbvar?~t+TS. Borco~ver aad La~der coveaant and a~ra ss tollow:: t~p~ey e~ iei~c~l a~i iNen~f. Borrowe~ shall p~omptly psy when due tbe principal o[ and inlenst oo the ' indebtednett evidepoed b~? tlfe Note, p~epaymeet snd late charges a.s p~ovided io the Nde. and the principal ot and iete~+est ao ~ny Futuro Advanca ~bcuted bp this MarttaK. 2. E~wi tK 'hsN a¦i Iwa~ce. Stibjat to applical+k law ~~r to ~ written waiver by Lende~. Borro*?er shall Wy : to l.ender on the day monthly imtallments ot principsl and intcrcu ur paysMe under the Note. until the NWe i: p~id in lull, ~ • sum (he~ein "Fuad~'~ eqwil, to one-twelfth of the yearl~• as~~ arnl assessme~ts which msy attain priority ovtr this j Mort~a~e. ~nd ~round rcab oa t6e Property. if any. plus one-twelfth of yeufy prcmium inst:llmeots for hazard insurance. i plus oae-twelfth oE yearty premium installments fo~ mott~age insurancc, if any, all u reasonably estimated initially snd troen time to time by I.etder on tbe bua of assessmen~s and hills and rcasonabk atima~a thereot. ~ 7Le Fund~ shall be beld in an insti~ution ~he deposi[a or accounts of ~rhich aro insured o~ ~uarantced by a Federal ot ttate a=ency (iocludins I,eAder if Lender is such an institution). I.ender shall apply the Funds to pay uid tua. stsaxments. ~ iawtance premiums and aound rents. t_ender'may no~ charge ior sc+ holdin= and spplyina the Funds. analyzin~ said accoun~ ; or verifyint.and oomplin~ said assessmenu and bills, unlas Lender pays Borrower interat on the Funds and app~~cable ~aw ; petmib Lender to make wch a char~e. Borrowu and Lender may a~rce in writina at the time of execution ot this ! Mort~e tbat interat on the Fuads shall be paid to Borrower. and unlas such aaroement is made or applicabk law requira wch interest to be paid, Lender shall not be required to pay Borrower any intercst or earnings on the Funds. Lender + ~lWI p~e to Borrower. without charje, a~ annual accounting of the Funds showina credits ind debits to the Funds and the purpae [or which eacb debit to t6e Funds wu made. The Funds are pledged u additional security for the sums secured ' 8 by t6is MOrt=a~e. ` If tbe amount ot tba Funds held by Lender, together with the future monthly i~stallments of Funds payabk prior to . ~ the due data of taua. asxssments. inwnr~oe premiums a~d ground rents, shall excad the amount requircd to pay said taxes. astp~n?eats, insuranoe premiwas and ground rcnts as they fall due. such excess shall • be. at Borrower s option, either t promptly npaid to Bomuvrer a credited to Borrower on monthly installments of Funds. If the amount of the Funds bdd by Leader sball not be sul6cient to pay tua. asaessments. insurance premiums and ground rents as they fall due. ` Hor[o~rer shall pty to I.a~der any amount nocessary to make up Ihe deficiency within 30 days from the date notice is mailed iry I.rnder W Bomowa t~oquatina WYment theteof. Upoa payment ia fuU of ap sums tocurod by this Morigage, l.ender shall promptly rcEund to Borrower any Funds held by Lender. If under para~raph 18 hercof the Property ia sold or the Propeny ~s otherwise acquired by Lender, l.ender s6aq appl~r, no later t6an immediately prior to the ssk of the Property or its acquisition by Lender, any Funds held bv I.eoder at the time of applicatan as a cr~edit against the :ums secured by this Mortgage. 3. A~plicatio~ ot P~p~eMs. Unlas applicabk law provides otherwix, all payments received by Lender under the Note and puagnphs 1 aad 2 hereof shall be spplied by Lender first in payment of amounta payable to Lender by Borrower . under pan~raph 2 heroof, t6en to iatercst payabk on the Note, then to the principal of the Note. and then to interest and ~ principal on any Future Advaoces. ` 4. C~e~ Lieat. Borrower shall pay all laxes, asxssments and other charges, fines and impositions attributable to tbe Proptrty which may attain a priority over this Mortgage, and leasehold payments or gmund rents, if any. in the manaer provided under paragraph 2 he~eof or, if not paid in such manner, by Borrower making paymint, when due. directly to the payee tlret+eof. Borrower ahail promptly fumish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall malce payment directly. Borrower shall promptly fumish to l.ender rcceipts evidencing such payments. Borrower shd! promptly discJ~arge any lien which has priority over this Mortgage: provided, that Borrower shall not be required to discharge any such lien so long u Borrower shall agree in writing to the payment of the obligation secured 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 [orfeiture of the Property or any part thercof. S. Aar~rd Iawra~ce. Borrower shall keep the improvements now existing or hereafter erected on the Propeny insured against loss by 5rc, hazuds included within the term "extended taverage", and such other hazards u Lender may rcquire and in such amounts and for such periods as Lender may require; provided, that Lender shall not rcquirc that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgaae. ~ The insurancx carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, providcd, tbat wch approval shall not be unreasonably withheld. All premiums on insurance policies sha11 be paid in the manner i providod under paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment, when due, directly to tha insurance curier. ; All insurance policies and renewals thereof shall be in form acceptable to i.ender and shall include a siandard mongage C clause in favor of a~d in form acceptablt to Lender. Lender shall have the right to hold the policies and renewals thereof, f and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss. ~ Borrower shali give prompE notice to the insurance canier and Lender. Lender may make proof of loss if not made promptly € by Borrower. ; ' Ualess Lender and Borrower othervvise agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such rcstoration or repair is economically feasible and the security of this Mortgage is ~ not Ihereby impaircd. If stich restoration or repair is not economically feasible or if the security of this Mortgage would ~ be impaired, the insuraace proceeds shall be applied to the sums secured by this Mortgage, .with the eacess, if any. paid ` to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ date notice is mailed by L.ender to Borrower that the insurance carrier ofTers to seule a claim for insurance benefits, Ler,der ~ is authorized to ~ollect and apply the insurance proceeds at Lcnder's option either to restorat+on or repa~r of the Propertv ~ or to the sums secured by this Mortgage. ~ Unltss Lender and Borrower otherwise agree ~n writing, any such applica~ion of proceeds to principa) shall not extend ~ or poatpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount ot ~ suc6 installmeots. If under paragraph 18 hereof the Prof,erty is acquired by Lender, all right, title and interest of Borrower in and to any ihsurance policees and in and to the prxeeds thereof resulting from damage to tho Property prior to thc 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, heservatioo and Maintenance of Properiy; I.easehulds; Condomiaiums; Planned Unit Devebpmenls. Borrowcr shall keep the Property in good tepair and shall not comroit yvaste or permit impairment or deterioration of the Propeny and shall comply with the provisions of any lease it th~s Mortgage is on a leasehuld. If this Mortgage is on a unit in a ~ condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration = or covenants creatiog or governing the condommium or planned unit' development, the by-laws and regulations of the condominium or planned unit development, and constituent da:uments. It a condominium or planned unit Jevelopment risier is executed by Borrower and recorded together with this Mortgage. Ihe covenants and agreements o[ sueh rider shall be incorporated ~nto and shaU amend anJ supplement the covenants and agreements of this Mortgage as if the riJer _ were a part hereof. 2 ~ 7. Protection of Lender's Securfty. If Borrower fa~ls t~~ perform the covenams and agreements contained in this ~ Mortgage, or if any aclion or proceed~ng ~s commenced wh~ch materially aflects Lender's interest in the Property, ~ includmg. but not limited to, eminent domain. ins~lvency, code enforcement. or arrangements or proceedings invol~•ing a ~ bankrupt or decedent, then I~nder at Lender's op~ion, up~m notice to Borrower, ma}~ make such appearances, ciisburse such sums and take such action as is nececsary tu protect Lender s interest, incluJing. but not limrted to, disbursement of ~ reasonable auomey's (ces and emry up~m the Proper~y to make rcpairs. If Lender reyuircd mortgage insurance as a condilion of making thc loan ucured b}• this Mortgagc. B~.rroNrr sh:~ll pay Ihc premiums requireJ to maintain such r ~ insurance in efiect until such time as thc reyuiremem for tiuch insurance termmates ~n accordanee with Bormwer's and ? . ~ ~ . ~~k<:310 ~49 ~ ~ ,