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Home My WebLink About0398 UNt~x Oovat+~~+rs, go~rower snd Lec~de~ covenant and atrce u follow:: I~p~weN y hYe~l a~i Wn~eN. 8orrower shall prompd) paY when due the principai of aod interat on the ;ndebtednes~ evideaocd bp tbe Nota, prcpayment and late charge~ ac provided in the Note, and the principal of and interal oa aay Futw~e Advances secured b~? this Mortsaje. 2. p~wit hr 7'aaas a~i I~weMCe. Subject to applicabk law o~ to-a written waive~ by 1.ende~~ Bortawer s~?~II paY to Lender on the day monthly installments of principal and intcrcct ~rc payaMe under the Note. until the Note is paid in tull. a sum (baein "Fuad~'~ equal to o~twelfth of the yea~l~ uzc~ a~J assasments which may attain prioriry over this Mwtjase. aad ~oound ra~ts ou t6e Ptopeny. if any. plus one-tweltth of yea~ly prcmium insullments for hssu'd insurance. plus ooe-tvvelfth of yearh? ptemium installmeols tot mort~age insurancc, if any, all as reasonably estimated i~itially and trom time to time b~r Lender oa tl~e basis of auasmcnts and hills and rcasonabk atimata thereot• The Funds ~all be beld in an institution the depasita or ~ccounts of which tre imured or guaraoteed bY a Federal ot state asency (includin~ irender if Lender is such an institutionl. l.ender shall apply the Funds to p~y sa~d taxa. assessments, inwrsooe prern,u•ns and p~nd rents. I_ender may na charge ior, u+ holding and applyi~g the F~mdc. analyzing said account. or verityint.aad oomplinj said assessments and bills, unless Lender pays Bonower interest on the Funds and applicable law permib I~ender to malce wch a charge. Borrower and Lender may agrce in writing at the time ot exexution ot this Mortjsje tbat intercst on the Fuads slull be paid to Borrower. a~ unlas such agretment is made or applicable law requira wch intuat to be paid. Lender shall nd be required to Qay Borrower a~y interat or earnings on the Fu~ds. Lende~ shall pve to Bomo+ver. witbout charae, an annual accounting of tl~e Funds showing crcdits and debits to th~ Funds and the putpose for ~vhich acb debit to t6e Funds wu made. The Funds are plodged u additional security tor the sums secured by this Mort~a~e. If tbe arqou~t u[ tbe Funds heW by Lender, together with the future monthly installments of Funds payable prior to the due data of taxes. auessments. ~nsuranoe premiums and ground rcnts, shall excced the amount required to pay said tua. ~Qts~ iasurance prpniums and ground rcnts as they fall due, such excess shall be, at Bonower's option, either prnmptly repaid to Horrower or credited to Borrower on monthly installments of Funds• I[ the amount o( the Funds ~ b~r Le~kr shal~ not be sulficieat to pay ~axa. assessments, insurar~ce premiums and ground rents as they fall due. Borro~ret slwll pay to I.ender any amount nocessary to make up the deficiency withi~ 30 days from the date notice is mailed by Leader to Bortower iequatiaB PaYment thereof. Zjpc~n payment ~n full of dl sums secured by ihis Mortgage, I_ender sh~all promptly rcfund to Borrower any. Funds held bp Lender. It uader pua`raph 18 hercof the Propeny ia sold or the Property ~s othenvise acquircd by ~ender, Lender ad sLaU spp~y, no later Wan immediately prior to the sale of the Property or its acquisition by Lender. any Funds held bv I.ender at the time of applicatan as a credit agsinst the sums secared by this Mortgage. 3~ A~ie~tio~ af la~. Unless applicable law provida otherwise, all payments received by Lender under the Note and puagraplu 1 and 2 hereot shal~ be applied by Lender first in payment of amounts payable to Lender by Borrower uader paragraph 2 hercof. tben to interest payable on the Note, then to the principal of the Note, and then to intercst and priacipal on aay Future Advances. C~ Ijeas. Borrower shall pay all taxes, assessmen4s and other charges, fines and impositions attributable to tbe property which may attain a priority over this Mortgage, and ieasehold payments or ground rcnts, if any, in the manaer p~ridod under puagraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the paya the~eof, gorrowa shal! promptly furnish to Lender all notices of amounu due under this paragraph. and in the event Borrower shal! make payment directly. Borrower shall promptly turnish to ~Lender receipts evidencing such payments. Borrower sha11 ptomptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be requirod to discharge any such lien so long as Borrower shall ag~ee in wri~ing to the payment of the obligatiun securcd by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, kgal proceedings which operate to prevent the entorcement of thc I~en or todeiture of the Property or any part thercof. S, Hssard I~ce. Borrower shall keep the improvements novv existing or hereafter erected on the Property insurod ' against loss by firc, hazards included within the term "extended coverage", and such other hazards as Lender may require ! and in such amounts and for such periods as Lender may require: provided, that Lender shall not require that the amount of ; such rnverage exceed that amount of coverage required to pay the sums secured by this Mortgage. ~ The i~urance carrier providing the insurance shall be chosen by Bor~ower subject to approval by Lender, provided. j that such approval shall not be uareuonably withheld_ All premiums on insurance policies shall be paid in the manner j providod under paragraph 2 hercof or, if not paid in such manner, by Borrower making payment, when due, direcUy to the. ~ iawrance curier. ~ All insurance policies aod renewals therro( shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policiu and renewals thereof. ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, ~ Borrower shall give prompt notice to the insurance carner and l.ender_ Lertder may make proof of loss if not made promptly by Borrowcr. Ualess Lender and Borrower othervvise agree m writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such restorat~on or repair is econamically feasible and the security of this Mortgage is ~ not thereby impairtd. It such restoration or repair is not economically feasible or i[ the security of this btortgage would be impaired, the insurance 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 ma~led by I.tnder to Borrower that the insurance carrier ofiers to settte a claim for insurance bene6ts, Lender ~ is authorized to collect and appty the i~surance proceeds at LenJer's option either to restoration or repa!r of the Propertv ~ or to t6e wms sscured by this Mortgage. ~ Untess Lender and Borrower otherwise agree m wnting, any such application of proceeds to principa) shall not extend or posipone the due date of the monthly mstallmems referred to in paragraphti 1 anJ 2 hereof or change the amount of ~ suc6 installmepts• It under paragraph 18 hereof the Property is acquireJ by Lender, all right. title and interest of Borrower ~ in and to any tnsurance policia and in and to the proceecis thereof resulung from damage to the 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 vr - acquisition. 6, lreserration and Mainteaance of Properly; Leasehulds; Condominiums; Planned Unit Devebpments. Borrowcr ~ shall keep the Property in good repair and shall not com~pit y~~aste or permit impairment or deterioration of the Properry - and shall compl}' with the ptovisions of any lease if th~~ Mortgage ~s on a leasehoid. If this Mortgage is on a unit in a ~ condominium or a plan~ed unit development, Borrower ~hall perform all of Borrower's obligauons under the declaration or covenants creating or governing the condnminium or planned unit devefopment, the by-laws and regulations of the ; condominium or planoed unit development, and constiwent documents. It a conJominium or planned unit development " rider is executed by Borrower and recorded together v?~~h thi~ Mortgage, the covenants and agreements of such rider ~ shall be incorporated ~nto aod shal! amend and supplement the co~~enants and agreements of th~s Mortgage as if the rider ~ ~ were a part hertof. ~ ~ PrMection of Leode~s Securfty. If Borrower (ails te. perform the covenants anJ agreements contained in this ~ Mor~gage, or if any act~on or proceed~ng commenced wh~ch materially :+fiects 1_ender's ~nterest in the Property. ~ ~ including, but not limited to, emment domain, in.~~lvency, cude en(~~rcemenl. ~~r arrangements or proceedings invoh•ing a ~ . ~ bankrupt or d~cedent. thcn Lender at I.enJer's option, upon nolice to Borrower, ma) make such appearances, disburse such sums and take such action as is neces~ary tu prrnect Lender's interest. ~ncluJing. but not limrted to, disbursement of ~ reasonable attomey's (ces and emry upon thc Propcri~• to makc rcpairs. If l.cndcr requircd mortgage insurance as a ~ cond~t~on of makmg the loan ~ecureJ by~ tbis A1urlgag~. B~rruwc~ shall pay the premiu~ns required to maintain such ~nsurance in efiect until such time as thc reyuirement for wch insurance Ierminatr. in :iccordan~e with Borrower's and ~ ~ g~~~r 3~~ ~a,,~ ~~8 ~ , ~