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Home My WebLink About0162 UntroR~ Cov~~rrrs. Hon+ower snd l~ender cova~snt snd a~roe u folbws: ~ rq~weM d M~e~l aN IMenM. Borrowe~ shall {uomW~) WY when due tbe principal ot and interosi oo the indebtednett evideooed by tbe Note. prapsyme~t and late clwrgec a.c provided in ~he Nwe. and the principal ot and interest on any FWure Advaaces socured b~r this Mort~a~e. !ri tK T~us ri Irw~. Subject to applicabk law ~x to a written waiver by Lender. Bo~rawe~ shall MY to Lee~der on the day monthly inuallments of principal and intcres~ arc payabie unde~ the Note. until the Note is paid in tull. a tum (herein. "Fuadt'7 eqwl to one-twdith ot the yesAy ta~?~~ aml assessrt~ents which enay attain priority ove~ this Moifsa~e. and ~round reets on tl~e Propcny. if any, plus one-tweltth of yea~ty premium in~allments [or hazud inwrance. plus ooe-tweltth of pearly premium installmen~: for mwt`aae inuirancc. if any, all u reasonably estimated initially aed iroqn dma to time by Lender on tbe bua of asxscmcots and hills and roasonabk atimates thereof. 'il~e flinds shall be beld in an ins~itwion the deposia or accounts of ~vhich arc insured or euaranteed by s Fedenl ot stata ajency (including Lende~ if l.ender is such an institwion). 1_ender shall apply the Funds to pay said taxa. assasments. inturanee pcemiums and ~wuod rents. l.ender may not charge for so holding snd spplying the F~mdc. analyzing said account, or verifpiat_and complin` said assasments and bills. unkss Lender pays Botrower interext on the Funds and applicable law parmits Lender to make such a charge. Borrower aad I.ender may agroe in writing at the time o[ exaution ot this Mortp~e tbst interat on the Funds shall be Qaid to Borrower. and ualas sucb aarcement is made or applicabk law ~ requiras such interat to be Qaid. Lender shall not be rcquired to pay Borrower any intercst or earnings on the Funds. l.ender ~ shaU pve W Horrower. without charae, an annual accounting of the Funds showin` credits and debits to the Funds and the putpose for which aeh debit to the Fut~ds was made. The Funds are plodged as additional security for the sums securcd by this Mort,p~e. If tlie amount of ttie~ Fut~ held by Ltnder, together wiih the futu~e mo~thly installments~of Funds payabk prior to t6e due dates of laxes. aasasmeats. iraurance premiums and ground rents, shall exceed thc amou~t requircd to pay said taxa. asx~ments. insuraace premiums and ground rents as they tall due, such excess shal! be, at Bonower's option. either promptly rcpaid to Borrower or crodited to Borrower on monthly installments of Funds. 1t the amount o[ thc Funds beW by Lendet shaU aot be sut5cieot to pay taues. assessments, insurance premiums and ground reots ss they fall due, Borrower s6atl pay to I.ender any amount necessary to make up tbe deficiency within 30 days from the date notice is mailed by Leader to Borrower t+equesting payment thereof. Upoa payment in fuU of all swns ~cured by this Mortgage, I.ender shall promptly refund to Bormwer any Funds held by L.eader. If under paragraph 18 hereof the Property i~ sold or the Propeny ~s othenvise scquired by Lender, Lender :hall apply, no (ater than immed'eately prior to the sak of the Propeny or its acquisition by I.ender. any Funds held bv I.eoder at the time of application as a credit against the sums secured by this Mortgage. 3. A~pBcatfo~ o[ hqr~eds. Unless appticable law provida otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be appiied by Lender fint in payment of amounta payabk to Lender by Borrower uader paragraph 2 hereof. tbea to iaterest payabk on the Note, then to the priocipal of the Nott. and then to interest and principal on any Future Advanoes. 4. C6u~a; Lie~s. Borrower shall pay al! taxes, asscssments and other charges, 6nes and impositions attributable to tbe Property which may attain a priority aver this Mortgage, and leasehold payments or ground rents, if any. in the manner provided under paragraph 2 hercof or, if not paid in such manner, by Bor:ouer making payment, when due. directly to the payee thetoof. Borrower shall pmmptly furnish to Lender all notices of amounts due under this p~ragnph. and in the event Borrower sliall make payment directly. Borrower shall promptly fumish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be rcquircd to discharge any such lien so tong as Borrower shall agree in writing to the payment of the obligation secured by sucb lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to preveat the enforcement of the I~en or [orfeiture of the Property or aoy part thereof. S. Hazard Iaauawce. Borrower shall keep the improvements now existing or hereafter erected on the Property insurod against loss by fir+e, hazards included within the term "eztended coverage", and such other hazards as Lender may rcquirc and in such amounts and for such periods as Lender may require: provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortaage. ~ I 'Il~e insurance carri~r providing 1he insurance shall be chosen by Borrower subject to apQroval by Lender. provided. ~ that such approval shall not be unreasonably withheld. All premiums on insurance policies sha11 be paid in the manner j providod under paragraph 2 hereof 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 accepiable to Lender and shaU include a standard mortgage ' i clause in favor of and in [orm acceptable to l.ender. L.ender shall have the right to hold the policia and renewals thereof, . E and Borrower shall prompUy furaish to Leader all renewal notices and aU receipts of paid premiums. in the event of loss, ' Borrower shall give promp~ notice to the insurance carrier and Lender. Lertder may make proof of loss if not made promptly ' by Borrower. ~ ~ ' Ualess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of . ~ the Property damaged, provicied such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. If such restoration or repair is not economically feasible or if the socurity of this Mortgage would ~ be impaired, the insurance procceds shall be applied to the sums secured by this Mortgage, with the excess, if any. paid ~ to Borrower. lf the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ date notice is ma~led by Lender to Borrower that ~he insurance carrier offers to seule a claim for insurance benefits, Lender 3 is authorized to collect and apply the insurance procceds at Lender's option either to restoration or repaRr of the Propertti - ~ or to t6e sums secured by this Mortgage. ~ Unless Lender and Borrower otherv~ise agree in writing, any such application of proceeds to principal shall not extend ffi or postpone the due date of the monthly eistal{ments rcferred to in puagraphc I anJ 2 hereof or change the amount of ~ suc6 installmeots. It under ra ra h 18 hereof the Pro rt is ac uired b LenJer, all ri t title and interest of Bon-awer x Pa B P fR Y 9 Y 8h . ~ in and to a~y insurance policies and in and to the proceeds thereof resul~mg from damage to the Property prior to th~ sale ~ or acquisiuon shall pass to l.ender to the extent of the sums securecl by this Mortgage immediately prior to such sale or ~ • ~ acquisition. 6. Preserratioo and Naintenaace of Property; Leasehulds; Condominiums; Planoed Uuit Derdopmenls. Borrower shall keep the Property in good repair and shall not comroit yvaste or permit impairment or deterioration of the Property y and shal) comply with the provisions of any Itase it this Mortgage is on a leaschold. If this Mortgage is on a unit in a coadominium or a planned un~t development, Borrower shall per(orm all of Borrower s obligations under the declaration or covenarAs creating or governing the condominium or planned unit development, the by-laws and regulations of the conJominium or planned unit development, and constituent documentc. If a c~ndominium or planned unit Jevelopment - rider is executed by Borrower and recorded ioge~he~ with ~hic Mortgage, the covenants and agreements of such rider ~ shall be incorporaled into and shall amend anJ supplcment the covenants and agreements of this Mortgage as if the riJer j were a part hercof. ~ 7. Protection of Leoder's Securify. If B~~rro~er fa~lc ti~ ~rform the covenams and agreements contained in this ' Mortgage, or if any action or proceeding ~s r.~mmence~l Nhich materially afiects Lender's interest in Ihe Property, ? includmg, but not limited to. eminent domain. inc~lvency~, ct~de enf~~rcement, or arrangements or proceedings involving a ~ bankrupt or decedent, then l.ender at I.ender's opuon, upon notice to Borrower, m;~y make such appearances, Jisburse such ' ~ sums and ~ake such action as is necescary tu protect Lender's mterest. incluJing. but not limrted to, disbursement of - reasonable auomey's fccs and entry upon the Propcrty to make repairs. It I.rndcr requircd mortgage insurance as a ~ condrtion of making thc loan SecureJ b}' this ~tongag~, Bi~rmwcr shall pay thc premiwm requireJ to maintam such ~ insurance in eBect until tiuch time as the reyuirement for tiuch ~nsurance Ierminates in accordanee WIfFI BOffOWCC 5 and ~ ~(I~R ~sO ~~2 ~ k, ~ ~