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Home My WebLink About1030 UNtroR~t Covu+stm. Dortower and l.endef covenant and s~roe as tollowf: ' ~ l~q~e~t ~t t~i ay I~lere~f. Bor~uwe~ shall Momptly pay when due tln principal of and interat on the , ied~ebt~d~xst evidcnoed b~? the NMe. ptepayment and late chargec ac ~uovided in the Nae, aod the priocipal ot and interest i oa aoy Futun Advae~ces ~ecured this Mortaa~e. ~ri hr 71~ Mi i~a~e. Subjat to spplicaAk law a~ to a written waiver by Leoder. Sorro+re~ shall P=y to Lender on the day montl~ly instdlme~ts of principal and imcrcc~ arc payaMe under ihe Note. uotil the Note is paid in (ull. a wm (hertie "Fund~'~ ~qual to onatweltth o( the ~resrl~~ tax~~ anJ assessme~ts which may attain priority ove~ this Mo~. and smund rena oe cbe Pwpeny. if any, plus one-tweltth of yearly prcmium installmeots [or huard i~ura~ce, plus a~twelRh ot yearly premium installmenls for monsaae insa~ancc, if any, all u reasonably estimated initially and troan time to titae by I..ender oa tbe bssa ot assessmcols and hills and rcasonabk estimata thereof. 1be Fu~ds shall be beld in an institutic+n the depos~ta o~ accounts of ~rhich arc insurcd or ~uaranteed by a Fedeal ot staLe ajency (includin` l.e~der i[ Leedet is such an i~utitutionl. I.ender shall apply the Fu~ds to pay uid ~ua. assessma~~s. inwrance premiums and ~round rcnts. 1_ender may na cha~ae for so holdins and applyint ~he F~~ods. analyzin~ said account, or verifyins and oomplin~ said assessments ~nd bilh, unless Lender pays Borrower in~erat on the Funds and applicabk law pem~its Leade~ to make wch a charge. Borrowe~ ~ad Lender may aarce in writin6 at the lime ot exccution ot iha Mottpje tbat i~terat on tbe Fw~ds shall be paid to Borrower, and unless such aareement is made or applicabk law requires wch interat to be paid. Lende~ shall na be requircd to p'y Borrower any interest or arnings on the Funds. Lender ~IWI pve to Borrowr~r. witbout charge, an annual accountins ot the Funds showins credits and debits to the Funds and the purpoa for which eaeh debit to tl~e Funds wu made. The Funds arc plodged u additional security for the sums socured bY t1~a MortpR• If tbe amount ot tbe Fut~ hdd by I.eode~, together with the (uturc monthly installments of Funds payabk prior to t6e due dates of ta~ces. asaasmeats. inwn~ce prcmiums and ground rcnts, shall exceed the amount rcquired to pay said tazes. a~saaoeats; iasuranoe premiums and ground renb u they fafl duc, such excess shall be, at Bor~ower s op~ion, either pranptly repaid to Bormwer or ctedited to Borrower on momhly installments of Funds. If the amount ot the Fu~s h~W by Lender shall not be suf6Cieat to pay taxa. asaessments, insurance premiums and sround rents as they fall due, Borm~?ec sball pay to Lender any amount necasary to make up the deficiency within 30 days from the date notice is mailed by l.eader to Borrower roquatin8 QaYment theroof. . Upoa payment io full of all sumt secured by this Mortgage. I.ender shall promplly rctund to Borrower any Funds held bp Lender. If under pua=raph 18 hereof the Property i~ sold or the Propeny ~s othervvise acquircd by Lender, Lender ~hall apply. no later than immodiately prior to the sak of the Propeny or its acquisition by [~nder, any Funds held bv . l.eader at the time of application as a credit against the sums stcurcd by this Mortgage. 3. A~iicatio~ at tq~eMs. Unless applicabk law provides otFierwise, all payments received by Lender un~er the Note and puagraphs 1 anct 2 het~tof shall be applied by 1_ender first in payment of amounts payable to [_ender by Borrower under paraaraRh 2 hereof. then to interest payabk on the Noie, then to the principal of the Note, and then to interest and principal on any Futuce Adv~noes. - 1. Crar=a; Lk~s. Borrower shall pay all taaes, assesunents and other charges, fines and imposilions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or gmund rcnu, iE any, in the manner Pravided undcr pangtaph 2 heroof or, if not paid in such manner, by Borrower making payment. when due. dircctly to ihe psyee theteof. Bormwu shall promptly furnish to Lenckr all notices of amounts due under this paragraph, aod in the event Borrower sl~all make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any (ien which has priority over this Mongage: provided, that Borrower shall not be requirod to disc6arge any such lien so long as Borrower shall agree in w•riting to the payment of the obligatiun sccurtd by such lien in a manner acceptabk to Lender. or shall in good faith contes~ such lien by, or defend enforcement of such lien in. kgal procoedings which operate to prevent the enforcement of the I~en or forfeiture of the Property or any part thereof_ S. Hazard f~wrawce. Borrowet shall keep the improvements now• existing or hereafter crccted on ihe Property insured aaainst loss by firc, hazards included with~n the term "extended coverage". and such other huards as Lender may require aad in such amounts and for such periods as Lender may require; provided, that Lernie~ shall not require that the amount of such coverage exceod that amount of coverage required to pay ~he sums secured by this Mortaaae. 'Ibe inwrance curier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, t~at such approval shall not be unreasonably withheld. All premiums on insurance policies shail be paid in the manner ! provided under paragnph 2 hereof or, if not paid in such manner, by Bc?rrower making payment, when due, directly to the ~ insurance catrier. ( AU insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standatd mortgage ; clause in favor of and in form acceptabk to Lender. l.ender shall have the right to hold the policia and renewals thercof, ; and Bonower shall promptly furnish to Lender all renewal ~otices and all receipts of paid prcmiums. In the event of loss. ~ Borrower shall,give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. ~ Unless Lender and Borrower otherw~se agree in writ~ng, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged. provided such rcstoration or repair is economically feasible and the security of this Mortgage is ~ rat thereby impaircd. If such restoration or repair is not economically feasible or if tht security of this Mortgage would ~ be impaired, the insurance proceuls shall be applied to the sums secured by this Mortgage, with the excess, if any, paid ~ to Borrower. If the Property is abaodoned hy Borrower, or if Borrower fails ~o respond ta l,ender within 30 days trom the ~ date notice is mailed by L.ender to Borrower that ~he insurance carrier ofiers to sesUe a claim for insurance benefits, l.ender ~ is authorizod to collect and apply the imurance proceeds at Lcnder's option eithcr to restoration or repa!r of lhe Propertv ~ or to the sums secured by this Morigage. ~ [lnless I.ender and Borrower otherwise agree in wsiting, any such applica!ion ~~t proceedc t~ pnncipal shall not eatend ~ or postpone the due date of the monthly installments re[erred to in paragraph~ 1 and 2 hereof or change ~he amount of wc6 installmeuts. If under paragraph 18 herrnt the ProE,erty is acquired by l.ender, ali nght, title and interest of Borrower - in and to any Auurance policies and in and to the proceeds thereof r~uh~ng from damage to the Property prior to thc sale or acquisition shall pass to Lender tu the extent of the sums secured by this Mortgage immediately prior to such sale or ~cquisition. ~ f, h~taerratioe aod Maiatenaace of Property; Leaschulds; ('ondominiums; Pfanned Unit Devebpments. Borrower shall koep the Property in good repair and shall not comroit yvaste or permit impairment or deteriuration of the Property _ and shal) comply with the provisions of any lease th~s Mortgage is on a leaschold. It this Mortgage is on a unit in a ~ condominium or a planned unit development, Borrower ~hall per(orm all of Borrower's obligations under the declaration ~ or coveoants creating ot governing the condommium or planned unit development, the by-laws and rcgulationx of the ~ condominium or planoed unit development. :+nd cons~ituem d~kumems. If a conJominium or planned unit development € riekr is eaecuted by Borrower and recorded ~ogether Nith ~h~c M~~rtgage, the covenants and agreements ot sucfi rider shall be incorporated into and shall amend and supplcment the co~enants and agrcements of this Mongage as if the riJer were a part hereof. ; 7. PrMectioo o( I.ende~s Securfty. It Norrov?~er (a~lc .t~~ perf~~rm the covenants anJ agreements cantained in this ~ Mor~gage, or if any acdon or proceeding ~c cummenced which rr,aterially afTectc 1_ender's interest in the Property, includmg, but not limited to. em~nent domain. incalvency, c~x1e en(~~rcemcnt. ~•r arr:~ngementc or proceedi~gs invoh•ing a ~ bankrupt or decedent. ~hen I.ender at I.enJer'~ optwn, u~m nutice to Borrow•er. ma~ m:~ke such appearances, disburse such ~ , sums and ~ake such acliun as is nece~sary- tu pro~ec~ l.ender's m~erest, including. but not IimiteJ to, d~sbursement ot ~ reasonable attomey's fees and en~ry upon the Proper~y tc~ make rcpair~. It Lcnder rcyuireJ mortgage insurance as a ~ condrtion ot makmg ~he loan ~ecureJ by ~his M~~rtgage. B~~rr~~wrr sh:~ll pay the premiinm requireJ [o mainta~n such ~ ;s . insurance in riTcct unlil such timc as thc rcyuircmcm (ar .uch i~~uranrr trrmin:ttr~ m accordancc w•hh Bi,rrrwcr's and ; : ~2/1 1029 ` 4 ~ ~I,r,.VJ~ . . ' ~ ~ ~ j