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Home My WebLink About1024 . ~ . • ~ ~ . . i UNQOW OOYdNANTi. Hormwer and L.ender coveaant and a~roe ss toUow:: ry,,..N or r~.~+~.~ so~ro~r ~n~n ~«n~i~ wr whe~ due tbe priocipal ot and intercst on the ; ~e~deb~ednea evidenoed b~r ebe Naa pKWY~~ a~ tace charga a.c ~ovided in ~he Nae. and tl~e princiwl of and interat ao mr FWuro Advanca securod b~? this Mort~sje. ~ ' t!'a¦i tK'I~~s a~i I~wrrce. ~bject to applicabk law a~ to a written waiver by Le~de~. Borro~re~ shall P~Y t to l.eader on the day moethly insullments of principal and in~c~c~l arc payaMe under the Note. until the Note is paid in tull, ~ t wm (I~ercin "Fund~'~ eqwl to ot~o-twelfth of the yea~ly taxL~ arnl assessments which may anain priority over this MaRp~e. and ~round reab oa tbe Prope~tY. if any, plus o~e-twelfth of yearty prcmium instsllmenls for huard inwrance. plus oao-tweltth of yearly premium insullments tor mort~ase insannce, it any. all u reasonably estimated initially and tro~n tima to time br I.ender oo tbe basis ot assessmcnts and hills and rcasonabk atimata thereof. ~ The Fl~nds thall be held in an iostitution ~he deposia or accounts of which are i~sured or ~wantced by a Federal ot ~ state sseacy (includina L.endet if Lcoder is such an institutionl. 1_ende~ shall apply the Funds to pay said taxa. assessments. inwranoe premiums aod ~wuod rents. l.ender may no1 charge for so holdi~a snd applyi~t the Fund.~. analyzins uid accoun~ ; or ve~ifyinsaad complin~ said assessmenfs and bills, unlas Lender pays Borrower intercst on the Funds and applicabk law ~ pernues Lender to make such a charge. Horrower aad Lender may aarce in writina at the time of exceution of this ~ Mort~ase that interat on the Fuads slull be paid to Borrower. and ualas such aarcement is made or applicable law ; ~+equira such interat to be paid. l.e~der shall not be requircd to pay Borrower any interat or arnings oo the Funds. Lender j shap pve W Borrower. witbout char~e, an annwl accountina of the Funds showing crcdiu and debits to thc Funds and the ~ pnrpae for which each debit to the Funds was madc. The Funds are pledged u additional ucurity for the sums securod ~ E'Y this Mortta~e• ~ It the amount ot the Fw~ds heW by L,ender, together wi~h the (uture monthly installments of Funds payabk prior to 3 the due data of taxa. assessmeats. insurarice premiums and ground rents, shall excced the amount required to pay uid taxes. ~ as~a~ments, i~uuranoe premiums and around rents as they fall due. such excess shall be. at Bonower's option, either promptly rcpaid to Hormwer or crodited to Borrower on monthly installments of Funds. If the amou~t of the Funds bdd by LeodK shall not be wt6cieat to p~y taxes. aaassmenta, insurance premiums and ground reots aa they fall due, Borro~rer shall pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailcd by I,eude~ to Borrower cequating payment thereof. Upon paymeat ia full ot all sutna socwed by this Mortgage, Lender shall promptly-refund to Borrower any Funds held by Leader. lt under panaraph 18 hereof the Propeny ia sold or the Propeny u otherwise acquired by Lendtr, Lender ~ ~ball apply. no later than ianmediately prior to the sale of the Property or its acquisition by I.ender. any Funds held bv t I.eoder at the time of application ~ a crodit against the sums secured by this Mongage. ~ 3. A~lieatlo~ oE Pa~t~ls. Unless applicable law provides otherwise. all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower i under parsaraph 2 hec+tof. t6en to interost payable on the Note, then to the principal of the Note. and then to interest and j principal on any Futun Advanoes. Cvr~es; IJeas. Borrower shall pay all taxes, assessments and othcr charges, fincs and impositions attribwable to tt~e Property which ~nay attain a priority over this Mortgage, and leasehold payments or ground rents. if any. in the manaer provided under paragraph 2 hereof or, i[ ~ot paid in such manner, by Borrower making payment, when due. direcUy to the Payee theceof. Borrower shall promptly furn~sh to Lender all noticcs of amounts due under this paragraph. and ia the eveat Borrower sha1) make payment directly,- Borrower shall promptly fumish to L.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mongage; provided, that Bonower shall not be required to discharge any such lien so bng as Borrower shall agrce in writing to the payment of the obligation securcd by such lien in a manner acceptabk to Lender, or shall in good faith contest such lien by, or defenJ enforcement of such lien in. kgal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Huard I~wrawce. Borrower shall keep the improvements novv existing or hereafter erected on the Property insured against loss by 6rc, haurds included within the term "extended coverage", and such other huards as Lender may r~quire ' and in wch amounts and for such periods as Lender may require; provided, that Lender shall not requirc that the amount of ; such coverage exceed that amount of coverage required to pay the sums securcd by this Mortaaae. The imurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided. i that such aQproval shall not be unreasonably withheld. All premiums on insurance .policies shatl be paid in the manner ~ ` provided uoder paragraph 2 hereof or, if not pai~ in such manner. by Borcower making payment, when due, direcdy to the inwrance carrier. ° l All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ; ~ clause in favot of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, ~ and Borrower shall promptly [urnish to Lender all renewal notices and all receip~s of paid prcmiums. In the event of loss. ~ Borrower shall give prompt notice ~o the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrovrer. ~ ' Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or r~pair of s the Property damaged, provided such restorat~on or repair is economically feasible and Ihe security of this Mortgage is ~ not t!lertby irnpa~red_ seich res~oration or rcpair is nnt economically feasih~e nr if the security of this Mortgage would ~ be impaired, the insurance proceeds 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 aotice is mailed by L.endtr to Borrower that ~he insurance carrier otiera to settle a claim for insuranct benefits, Lender ~ is authoriud to cotlect and apply the insurarsce ~roceeds at 1_en~ler's option either to restoration or repa~r of the Property ~ or to the sums secured by this Mortgage_ Unless Lender aod Borrower othervrise agree m a•nting, any such application of proceeds to principal shal) not extend ~ or postpone the due date of tht monthly installments referred to in paragraphs I and 2 hereof or change the amount of ~ sucb installments. If under paragtaph 18 hereof the ProFerry ~s acquired by L.~nder, ali nght, t~de and interest of Borrower in and to any Auurance policia and in and to the proceeds thereof resulting from damage to the Property prior to th~ sale ~ or acquisition shall pass to Lender to the extent of the sums securcd by this Mortgage immediately prior to such sale or ' acquisition ~ a 6, Pf~Kry~~pp apd MiIO~tIla11C! O~ PfOpt~y; Leasehulds; Co~ominiums; Planued Uait Devebpments. Botrower ~ shall keep the Property in good reQair and shall not comr0it yvaste or permit impairment or deterioration of the Property ~ aod shall comply with the provis~ons of any leax ~f this Mortgage u on a leasehofd. If this Mortgage is on a unit in a " coadominium or a planned unit deveiopment. Borrower shall pcrform all of Borrower's obligations under the declaration ~ or coveoants creadng or governing the condominium or planned unit development, the by-laws and rcgulationc of the ? condominium or planned unit developmen~, and constituent Jocumentc. If a condominium or planned unit development ~ rider ~s eaecuted by Borrower and recordeJ together wnh this Mortgage, the covenants and agreemeNs of such tider k shall be incorporated into and shall amend and supplcmcnt thc covenants anJ agreements of this Mungage as if the ri~er ~ were a part hereof. ± ~ 7. Protection of Leoder's Securfty. If Borrower faila t~ perform the covenants and agreements contained in ihis ~ Mortgage, or if any acUOn or proceedmg i~ commenced which materially afTects I.enJer's interest in the Property, - ~ including..bul not bmited to, eminent domain. inu.lvency, code enforcement, c?r arrangements or proceedings ~nvoh•ing a - ~ bankrupt or decedent. ~hen l.ender at I.ender's c?Ption, upon notice ~o Borruwer, ma} make such appearances, disburse such ' ~ sums and take such action as ~s nece~sary tu protect Lender's mterest, mcluding. but not limited to, d~sbursement o( ; reasonable auorney's teec and emry u~x~n the Propert~• lo make repair~. If Lcnder rryuircd mortgage in~urance as a ~ conciihon of makmg the loan secured by this M~~rlgage. B~~rt~~wcr shall pay the premiums requireJ to maintaid such • ~ insunnce in rfTect unt~l such time as the reyuiremenl for wrh inwrance termmatr. ~n accordancc w~1h B~rrower's and ` ~ . ~1~ 1fl23 ~ . ~