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Home My WebLink About1018 . • Uwt~qw OovaN~rrTS, Botrower and Let~de~ covenant and asroe u fotlow:: f. lrq~aw~t of tei¦e1N1 tN hl~f. Borrowet shall Pr~P~~) WY when due tba prit~cipal ot ar~d ieter«t on the indebtedne~t evideaoed ~r tbe Not0. p~M~pt and late clwrtec ax ~?rovided in the Note, and the principal ot and inte~est ea any Future Advsaca secured by tRw Mortja~e. . !wi tK ~~M I~~t. Stibjat to applicabk law .x to a written waiver by Leoder. Borro~ver shap pa7 to Lender on ~he dsy monthlp iratallaeienls of p~incipal aod intercu arc payaMe under the Nate. until the Note is paid in tull. a sum (herein •'Fundt'~ eqwl to onatwelfth of the yearl~• tax~~. anJ assessmen~s which may attain priorit~? ove~ this Mort~a~e., and =round rents on t1~ pi+operty, it any. ~lus onrtweltth of yearly~ pre~nium installmentt for hazard inwra~ce. plus oae-twelfth of yearlY premium iastallmtnts tor mo~t~age iou~rance. ~r .~r. aQ u reasonably estimated initially and troea time to time br I.~~der on tbe bssis of auestmcnts and hills and reasonabk estimata thereot. Tbe Funds shall be held in an iostitu~ic+n the deposits or accounts of wAich are insured or auannteed by a Fedenl ot ~ate asency (i~cludina Lender if I.ender is such an institutionl. I.eoder xhall apply Ihe Fur~ds to pay uid tua. assa:rt~e~ts. iusuranoe premiums and ~ound re~ts. 1_ender may not charge for u+ hoWina and spplyina the F~md.c. analyzin~ uid account, or verityinisad compli~~ said assessments and bilh, unkss Ler~der pays Horrower io~ercst on the Funds and applicabk law permia Ler~de~ eo make such a charje. Borrower a~d l.ender may agroe in writina at the time of execution of this Mort~aae that interat on the Fuods shall be paid to Borrower. and unlas auch aareement is made or appliable law roquira such i~terat to be p~aid, Lender shall not be rcquired to pay Borrower any interat or earnings on the Funds. Lender ~1W1 pve to Botrower, witbout charae, an annual accountiog of the Funds showina ctedits and debits to the Funds aod the pnrpote for which eacA debit to the Funds was made. The Fuods are pledaod u additional security tor the sums secured by this Mortss:e• . . If the amount o[ the Fund~ held by Lender. together with the future monthly installments of Funds payabk prior to ~:::W ,:;~W. :~:~~~.~is, insuranu prPmiums and ground nnts. shall exceed t!x amount requieed to pvy said taxa, ~,~2 ~ _ _ _:.~,.r ~A~ I~U~'a1k~r p('~.~1~mf ~ g~~1li~Y ~C~1lS il ui~.j iiii ~iii~.. 3ii~.ii G.iiGS3 i::~ii 'v~.~ ::s:litvnsi~s ii.s?v - pramptly repaid to Borrovver or crodited to Borrower on monthly installments of Funds. If the amount of the Funds 6eid by Leoder shall not be wt6cieat to pay tua. a~essments, insunnce premiums and ground rents as they fall due. Hon+o~?e~ shall Qay to l~der any amount necasary to make up t1~e deficiency within 30 days trom ihe date notice is mailed by I.ender w Horrower ~equatinB PiYment thercof. Upon payment ia full of all sums socured by this Mortgage, l_ender shall promptly refuad to Borrower any Funds I~eld by Lender. If under para6raph 18 heroof the Property ia sold or the Propcny ~s othenvise ~cquired by Lendet. Lender ~hall apply. no later than immedistely prior to the ssle of the Property or its acquisition by Lender. any Funds held bv L.eader at the time of application as a crcdit against the sums secured by this Mortgage. 3. A~pBcatfo~ ot lqoeNs. Unlus applicabte law provides otherwise, all payments received by Lender under the Note aad paragraphs I and 2 hereof shall be applied by Lender first in paymenf of amounts payable to Lender by Borrower under puag~aph 2 he~f. t6en to intcrest payable on the Note, then to the principal of the Note. and then to interest and priacipal on any Future Advanoes. 1. Chtr~a; Lkas. Borrower shall pay all taxes, assessments and other chargts, fines and impositions attributable to the Property which roay attain a priority over this Mongage. and leasehold payments or gmund rents, if any. in the manaer pc~ovided under parsgraph 2 hereof or, if ~ot paid in such manner, by Borrower making payment. when due, diroctly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this pangrsph. and in the event Borrovrer shall make payment dircctly, Borrower shall promptly tumish to l.ender receipts evideacing such payments. Botrower shall promptly dischargt any lien which has priority over this Mortgage; provided, that 8orrower shall not be requircd to dixharge any sucfi lien so long az Borrower shall agree in writing to the payment of the obligation xcurod by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defeod enforcement of such lien in. kgal proceedings ~irhich operate to prevent the enforcement o( ~he lien or forfeiture of the Property or any part thereof. ' S. Ha:srd lawnwce. Borrower shall koep the improvements now existing or hereafter erected on the Property insured agairut loss by 6rc, hazards included within the term "eztendeJ coverage", and such other hazards u Lender may require 'i wd in such amounts and tor such periods u Lender may requirc: provided, that Lender shall not requirc that the amount of I wch coverage exceed that amount of coverage required to pay the sums securcd by this Monaage. T6e insuranct carrier providing the inwrance shall be chosen by Borrower subject to apQroval by Lender, provided, that wch approval shali not be unreasonably withheld. All premiums on insurance policia sha1) be paid in the manner ~ provided under paragraph 2 hereof or, if not pai~ in such manner. by Borrower making payment, when due, dir+ectly to the insurance curier. ~ All insurance policia and renewals thereof shall be in form acceptable to Lender and shall include a standard mortaage ! clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policia and renewals thercof. ~ and Borrower shall promptly furaish to Lender all renewal notices and all rcceipts of paid premiums. in the even/ of loss. f Borrower shall g~ve prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prompUy I by Borrower_ ~ ~ Unlat Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, proviJed such restoration or repair is economically feasible and the security of this Mortgage is nat thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would ~ be impairttl, the insuranct procetcls shai! be applied to the sums secured by this Mortgage. with the ezcess, if any, paid ~ to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Ixnder within 3U days from the ~ date notice ~s maded by Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender ~ is authorized to collect and apply the insurance proceeds at I.ender's option either to resturation or repair of tht Propertt a or to the sums secured by this Mortgage. ~ Unless I_ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of ttu monthly installments referred to in paragraphc I anJ 2 hereof or change the amouM of sucb installmeots. If under paragraQh 18 hereof the Property is acyuired by [.ender, all right. tiNe and interest of Borrower ~ in aod to any Ihsurance policia and in and to the proceeds thereof resu4ing from damage to the Property prior to th~ sale ~ or acquisition shall pass to Lender to the eztent ot the sums secureci by this Mortgage immediately prior to such sale or acquisition. ~ 6. Prexrvation and lfaintenance of Properly; Leasehulds; Condominiums; Planned Uait Devebpments. Borrower ~ sha{I keep the Property in good repair and shall not comroit yvaste or permit impairment or deterioration oE the Property ~ and shall comply with the pro~isions ~f any lease it this Mor~gage ~c on a leasehold. If this Mortgage is on a unit in a z condominium or a plaoned unit development, Borrower shall perform all of Borrower's obligations under the declaration ~ or coveaants creating or governing ~he condominium or planned ~init develupment, the by-iaws and regulations of the ~ condominium or planned unit development, and constiwent documentc. I( a conJominium or planned unit cievelopment ~ rickr ~s executed by Borrower and recorded together Nvth thi~ Mortgage, the coven-rnts and agreements of sucfi rider ~ shall be incorporated into and shall amend and supplcment the co~enants and agreements of this Mortgage as if the riJer = were a part hereof. - ~ 7. Protectioa of Leader's Security. If Borrov?er faik te. pcr(orm the covenanls and agreements contained in this Mortgage, or if any actiex~ ur proceeding commcnee~l which materiaUy afiects I.enJer's interest in the Pro r~ ~ Pe Y• includmg, but m?t Gmrted to. em~nent domain. inu.l~•ene~, c~xfe enfurccment, or arrangements or proceedings invoh~ing a bankrupt or deceden~. the~ l.ender at I.ender'~ option, upan notice to Borrower. may make such appearances, dishurse such sums and ~ake such actiun ac ~s necessary• tu protect Lender's mterest, induding. but not lim~red to, disbursement of ~ reasonable auorney's (ecs and emry upon thc Propc~~y ~o makc rcpairc. If Lcndcr reyuircd mongage insurance as a cond~tion o( making the loan cecureJ by Ih~s Monga¢r. B~~rrowrr shall pay the premiums requireJ to maintam such ~ insurance in rfiect until ~uch time as the reyuiremen~ for wch msurance terminate. in acc~rdance wfth Borrower's and ~ ~ ~ a + ~yl.,~ Y~, 1 X ~ /'V~ ~ ` k ~11 ~ 101? ~ y