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Home My WebLink About0177 i UtttpatH Oovsw~t+TS. 8o~t~o~rer and l.ender covenant and ajroe ~ follows: ' ti. Iq~N M h1~dM1 ae/ i~lerpl. Borrower shall p~ompdy pay when due tbe pri~cipal ot and interdt on the i indebtednea evidenoed bp tbe Not0. p~'aWymeet and late cha~ec ac provided in the Note, aod the principal ot and interat . on anr FuRwe Advanca tecu~+ed b~? this Mort~a~. j 14~i hr Y~~s a~i I~e+re~. Sbbject to applical+k law ur to ~ written waiver by Lender. Borro~ sha~l Wy ~ to Lender oo the day anontNy installtnents of principal and intcrca~ rrc payaMe under the Note, until the NWe is paid in full, • tum (barein "Fund~'~ eqwt to one-twelftb of the yea~l~~ tax~~ and assessments which may attain prioriry over this Mortsaje. aad ~o~d ra~b oa t6e Property. if any. plus a~e•twelf~h of yeuly premiutn installmeob for hatard insurance. ~ I plus onatweltth o[ yearly prcmium installments tor awrtgate insunnce, it any. ~II u reasonably estimated initially aed tran % . time to time by Lender on tbe buis of asses.tmcots and hill: and rcasonabk atimata thereof. ~ The Funds shall be held in an instituticu~ the depos~u or accounts of which arc insured or gwnntad by a Federal ot ' state asency (including Lende~ if Lcnder is such an institution). 1_ender shall apply ~he Fw~ds to pay said tua. ssseuments. _ irourance premiums and ~wurtd rents. I.ende~ may not charge fo~ se+ holding and spplyin: the Fnnd~. analyzing said account, ; ot veritpins.snd complie= said asseumenu and bilk, unkss Lender pays Borrower interest on the Funds and applical~e law permits L.ender to make wch a charse. Borrowe~ and l.ender may agrce in writing at the time of executioo of tha ~ Mort~ase tbat interat on the FWnds shall be paid to Horrower. and unless such a~reement is made or applicabk law ' requie~as w¢h interat to be paid, Lender shall not be requircd to Qay Borrower any interest or amings on the Funds. Lender s6all pve to Bomower. witbout charge, an an~ual accounting of the Funds showing credits and debits to the Funds and the purpose for ~vhich each debit to tbe Fonds wu made. The Funds arc pledged u additional socurity for ~he sums secured bY tha Morti~te• If t4e anwunt ot tl~e~ Funds held by L.ender, together with the futurc monthly installments of Funds payabk prior to t6e due data of taxa. auasments. intunnce premiums and ground rents, shall exceed the amount required to pay uid taxa. aaenmeats. iawrance premiums and `round rents as they Eall duc, such excess shall be. at Borrower s option, either pramptly npaid to Horrower or ctodited to Borrower on mo~thly instsllments of Funds. If the amount o( the Fonds held by L.ender shall not be w~cieat to pay taxa. asxssments. insurance premiums and genund rcnta u they fall due. Borrower shall pay to Lender any amount necasary to make up the defisiency within 30 days from the date notice is mailcd by I~ender W Bor[ower ~quating payment thereof. Upon paymeot in full of sll sums securad by this Mortgage, Lender shall promptly rctund to Borrower any Funds held by Lender. If under parasraph 18 heroof the Property ia sold or the Propeny ~s otherwise acquircd by Lender, Lender ~hall apply, nu later than immediately prior to the sak of the Property or its acquisition by Lender. any Funds held by. I~aoder at the time of application at a credit against the sums secured by this Mongage. 3. A~Iie~No~ ot rq~eab. U~las applicable law provida otherwise, all payments roceived by Lender under the Note and puagcaphs 1 and 2 hereof shall be applied by Lender 6rst in payment of amount: payable to l.tnder by Borrower under para,sraph 2 hereof. thea to interest payabk on the Notc, then to the principal of the Note. and then to interest and ' priacipal on any Future Advanoes. ; 1. C~a; Liews. Borrower shall pay all taxes, assessments and other charges, fi~es and impositions attributable to tbe Prope~ty which may attain a priority over this Mortgage, and leasehold payments or ground rents. if any. in the manner provided under puagraph 2 hereof or, if not paid in such manner, by Borrower making payment. wha~ due, diroctly to the , payee thereof. Bormwer shall promptly furnish to Lender all notices of amounts due under this paragraph, aod ia the event Bormwer shall make payment directly. Borrower shall promptly fumish to Lender receipts evidencing such payments. Borrower shall proanptly discharge any lien which has priority over this Mortgage: provided. that Borrower shall not be roquired to discharge any such lien so long as Borrower shall agree in writ~ng to ~he payment of ihe obligation secure~ by such lie~ in a manner acceptabk to L.ender, or shall ir. good taith contest such lien by, ar defend enforcement of such lien in. kgal proceedings which operate to prcvent the enforcement o( the lien or forfeiture of the Property or any part thereof. S. Hsrard t~ra~ce. Borrower shall ktep the improvements now existing or hereafter erected on the Property insured i against loss by firc, hazuds included within the terrn "extended coverage", anJ such othcr hszards u Lender may require wd in wch amounts and for such periods as Lender may require; provided, that Ixnder shall e~ot require that the amount of ~ such coverage exceed that amount of coverage required to pay the sums secured by ~his.Mortgaaa 'ILa iasuranoe carrier providing the insurance shall be chosen by Borcower subject to approval by Lender. providod, ' that wch approval shall not be unrcasonably withheld. All premiums on insurance policies shail be paid in the manner ` rovided under ar ra 2 hereof or, if not a~d in such manner, b Borrower makin a ment, when due, direcd to the ~ P P aB Ph p~ Y 8 P Y Y ~ insurance carrier. - j All insurance policies and renewals thereof shall be in form accePiable to Lender and shall include a standard mortgage i clause in favor of and form uceptable to Lender. Lender shall have the right to hold tAe policia and renewals thereof, ! and Borrower shall promptly furnish t~ Lender all renewal notices and all receipts of paid premiums. In the event of loss. 4 Borrower shall give prompi notice to the insurance carrier and Lender. Lertder may make proat o[ loss if not made prompdy ~ by Borrower. € Ualess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of i the Property damaged. provided such restoration or repair is economically feasible and the security of this Mortgage is ~ not Ihereby impaired. If such restoration or repair is not economically feasible or if ihe security of this Mortgage would ~ be impaired, the insurance proceeds shal! be applied to the sums secureJ by this Mortgage, with the eacess, if any. paid ~ to Borrower. If the Property is abandoned t~y Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ date notice is mailed by Leoder to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender ~ is authoriud to collect and apply the insurance proceeds at Lender's option either to restoration or repaer of the Propertv ~ or to the sums secured by this Mortgage. ~ Ualess [.ender and Borrower otherwise agree in writing, any such dpplication of proceeds to principal shall not extend ~ or postpone the due date of the monthly enstallments referred to in paragraphs 1 and 2 hereofi or change the amount of ~ wcb installmeots. If under paragraph 18 hereof the ProE,erty is acquired by Lender, aH right, tide and interest of Borrower i in and to any tnsurance policies and in and to the proceeds thereof resulung from damage to the Property prior to th~ sale ~ or acquisition shall pass to I,ender to the extent ot the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. Preservatioa and Maintenance of ProperiY; Leasehulds; Condominiums; Plan~ed Unit Devebpmtnts. Borrowcr ~ shall keep the Property in good repair and shall not comro~~ Waste or perm~t impairment or deterioration of the Property and shall comply with the provisions of any Itase if th~s Mortgage is on a leasehold. It this Mortgage is on a unit in a r condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration ~ or coveoants creating or governing the condominium or pianned unit develvnment, the by-laws and regulations of the condominium or planned unit development, and constituent documen~s. !f a condominium or planned unit development ~ rider is executed by Borrower and recorded together with thiti Mortgage, the covenants and agrcements of such riJer - - shall be ~ncorporated into and shall amend and supplement the covenan~s and agreements of th~s Mortgage as if the rider _ wert a part hereof. 7. Protectioa of Lender's Secu~ity. If Borroµer fails to perform the covenants and agreements contained in this 5 Mortgage, or if any action ur proceeding ic commenced which materially afiects 1_ender's interest in the Property, ~ induding, but not limited to, em~nent domain, ins~lvency, code enforcement, or arrangements or proceedings ~nvol?•ing a ' ~ bankrupt or decedent, ~hen Lender at I.ender s option, upon notice to Borrower, ma}• make such appearances, dishurse such j sums and take such artion as is necessar}• w Qrotect Lender's m~erest, including. but not lim~ted to, disbursement of " ~ reasonable altomey's lees and entry upon thc Propcr~p ro makc rcpairs. It Lendcr reyuircJ mortgage insurance as a ~ condnion o( mak~ng the loan secureJ by~ this Mongage. Bormwer shall pay the premiums cequireJ to maintain such + ~ insurance in eBect until siich time as ~he reyuiremem for wch msurance terminale~ in accordance with Borrower's and I ~ ~ . ~ r ~`~~k~:310 ,,s::~ ~.7? r ~ . ~