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Home My WebLink About0413 UN~rqut Cpve~~~s, gocrwrer and Lcade~ covens~t and s~roe u tollows: 1~ l~pn~eat a/ hi~el~t a~i 1~Ms~1. 8otrowe~ shall promptl) paY when due the principal of and interat on the indebtednas evidenoed by the Note. ptcpayment and late chargec~ac provided in the Note, and the principal of and i~terest cn my Future Advantes sccured by tAis Mortaste. t - Eiwi ter'11~t~s a~ tawe~ee. Subjat to applicabk law ar to a vrritten waiver by I-e~der. Borro~?eT lh~ll WY to Lee~der on the day monthly iestaliments ot principa! and intcresl arc payabk unde~ the Note, until the Note is paid in (ull. a amn (herein "Funds'ry equal to one-twelt~h of the yeari~~ taa~• and assessoxnts which may attain prioritp over this Mortsase. and ~round rena on ~be Propeny, if any, plus o~e-~weltth of yearly premium instdlments for huard insurance. plus w~-twelfth oE yearly premium installments tar mottgage insurancc. if any, all u reasonably estimated initially and from time to time by Leader on the buis of ass~ssmcnts and hills and reasonabk estimata thercof. The Funds shall be heW in an institution the depacia o~ accoun~s of which are insured or gwnnteed by a Federal ot state ajeacy (includin6 Lender if.Lender is such an institution). I.endcr shall apply the Funds to pay said taxa. asxssments. iasuranoe pnmiums and aound rcots. 1_ender may not charge for u+ holding and applying the Fnndc. analyzing said account, or verifyins and compili~j said sssessments and bills, unless I.ender pays Borrower interest on the Funds and applicaWe law pem~its Lender to malce such a charge. Borrower and Lender may agrce in writina at the timc of exceution ot this Mo~ase that interest on the Ftinds shall be paid to Borrower, and unlas such agrcement is made or applicable law requira such interest to be paid. Lender shall no~ be requited to pay Borrower any interat or earnings on the Funds. Lender s6aU ~ive to Borrower. without charge, an annwl accounting of the Funds showing credi~s and debits to the Funds and the - purpose for which eacb debit to the Funds was made. The Funds arc pledged as additional security tor ~he sums secured by this Mo~tpae. If the amount o[ the Fut~ held by Lender, together with the future rnonthly installme~ts of Funds payabk prior to the due data of tua. asxssments. insurance prcmiums and ground rents, shall exceed the amount stquired to pay said taxes. au~ments. insurance premiums and ground rents u they (all due, such excess shall be, at Borrower's option, either pro~nptly repaid to Borrower or crcditod to Bormwer on monthly installments of Funds. If the amount of the Funds deld hy I,eoder shall not be sutGcient to piy taxes, ajsessmeots, insurance premiums and ground renis u they fall due. Borro~wer shall pay to Lender any amount nocessary to make up the deficiency within 30 days from the date notice is mailed by Lende~ to Bonower ~oquesti~8 paYment thereof. Upcin papment in full of dl :ums secured by this Mongage, l.ender shall promptly retund to Borrower any Funds held by Leader. If under pangraph 18 hereof the Property i~ sold or the Property is otherwise acquired by Lender, Lender s6d1 apply. no later than immediatelY prior to the sale of the Propecty or its acquisition by l.ender, any Funds held bv Lender at the time of application as a credit against the sums secured by this Mortgage_ 3, Appiicatio~ ut p~ae~ts. Unless applicable law provides otherwix, all payments received by Lender under the Note and paragnphs 1 and 2 hercof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 heroof. t6en to interest payable on the Nwe, then to the principal of the Note, and then to interest and principal on any Futun Advanoe.s. 1, Crsr~es; Lieds. Borrower shall pay all taxes, asscssments and o~her charges. fioes and impositions attributable to tbe Property which may attain a priority over this Mortgage, and leacehold payments or ground rents. if any, in the manner provided under paragraph 2 hereof or, i[ not paid in such manner, by Borrower mak~ng payment, when due. directly to the payee tl~et+eof. Borrower shall promptly fumish to Lender all notices o[ amounts due under this paragrsph. aod in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Bonower shall promptly discharge any lien which has prionty over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligatiun 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 prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hszud Iawnwce. Borrower shall keep the improvements nav?• existing or hereafter erected on the Property insured against loss by 6rc, hazards included withm the term "extended cove~age", and such other hazards as I_ender 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 cov~rage exceed that amount of coverage req~ired to pay the sums secured by ihis Mort6age. i 'Il~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided. p t6at wch approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner f provided uoder paragraph 2 hercof or, if not paid in such manner, by Borrower making payment, when due, directty to ihe ~ insurance carrier. ; All insurance policies ar.d renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ etause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policia 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 g~ve prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower. ~ Unless Lender and Borrower otherwise agree in wnling, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such restorauon or repair is economically feasible and the security of this Mortgage is ~ not ~hereby impaired. I[ such restoration or repair is not economically feasible or if the security of this Mortgage would be imptired. the insurance procceds 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 within 30 days from the ~ date notice is mailed bx Lender to Borrower that the inwrance carrier offers to setde a claim for insurance benefits, Lender is authoriud to collect and apply the insurance proceeds at Lender's option either to ~estoration or repa!r of the Propem• ~ or to the sums sccured by this Mortgage. Unfess Lender and Borrower otherwise agree m wnting, any such application of proceeds to principal shall not extend ` or postpone the due date of the monthly installments referred to in paragraph~ 1 and 2 hereof or change the amount of ~ such installments. If under paragraph I8 hereof the Property is acyuired by l.ender, all right, title and interest of Borrower in and to any tnsurance policia and in and to the proceeds thereof result~ng frum damage to the Property prior to th~ 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, pre~ervation and htaintenance of Property; Leaseholds; Condominiums; Plsnned Unit Devebpmenls. Borrowcr shall keep the Property in good repair and shall not comro~~ Kaste or permit impairment or deterioration of the Property and shal) com~ly with the provisions of any lease ~t this Nortgage ~c on a leaschold. If this Mortgage is on a unit in a coadominium or a planned unit devclopment. Borrower shall ~rform all of Borrower's obligations under the declaration - or covenants creating or governmg the condaminium or planned unit developmenl, the by-laws and regulations of the - condominium or planned unit development. -rnd constituen~ Jocumentc. It a condominium or planned unit development rider is executed by Borrower and recorded ~oge~her w~th th?s Mortgage. ~he covenants and agreements of siich rider ~ shall be incorponted mto and shall amend and supplement the co~enants and agreements of this ~lortgage as if the riJer were a part hereof. ' r~ Proteclion of Leader's SecurSfy. 1f Borroaer (a~lti a• per(orm the covenams anJ agreements rontained in this Mortgage, or if any action ur proceeding i~ cummenced wh~ch materially afTrcts I.ender's interest in the Property. ~ including. but not limited to. eminent doma~n. in«~I~encc, c~x1e en(arcement, or ~rrangrme~ts or proceedings invol~ing a bankrupt or decedent, then l.ender at I.ender's option, upon not~ce to Borrower, ma~ make such appearances, d~sburse such sums and take such action as is necessary tu pmtect 1_ender's interest, ~ncluding. but not limited to. Jisbursement of reasonable attorney's fees and emry upon the Properl}• lo makc repairt. It I.ender required mortgage inwrance ac a ~ cond~tion of making the loan SecureJ b~ this M~?rtgage. B~,rmHrr shall pay thc premiwns required ta maintain such ~ insuranee in e(kct unul sueh time •rs the reyuiremem for wch insurance tcrm~natr~ in :~ecordanee with BorroH•er's and Gr= ~ . . :~~~a~ 310 413 ~ - 'i ~ a~-