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Home My WebLink About1045 Ut+ttou~r CoveN~rrrs. Borr~owar and i,~nder covenant and atra u foilows: U~~eaf et hYe~i a~i IMereM. Borrower shall p~omptly pay when due the principai o( and interat on the indebted~ets evidenotd by tbe Note, p~epayment and late chargec ac ~xovided io lhe Note. and tha priocipal o[ and inte~est aa any Future Advanca ~ecured by this Mort~ase. • 2. FIMi ter Taz~s a~i I~we~ee. Subjat to applicabk law .x to a w~tten waiver by I.ender, eor~owe~ ~n,n wr to Leader on Ihe day monthly i~stallments ot principal and intcrcc~ ~rc payatde unde~ the Note. until the Note is paid in full. a wm (heteie "Fw~da'7 equal to ooe-tweltth of the yea~i~~ ~a~c. anJ assessme~ts which may attain priority ove~ this Mortjaje, and ~round rena on ebe Propem?. it any, plus onc-twel(~h of yearfy premium installments for hazard insurance. plus oae-twelfth oE yearly premium installmenta tor mort`sge ins~~rancc, if any, all as t~eawnably estimated initially and froan time to time by i.eeder on the basis of assesxmcnts and hills and rcasonable atimata ihercof. - 'TUe I~Lnds thall be AeW in an institution lho deposia o? accounts of w?hich ate inwred or guannteed by a Federal ot state a~ency (including l.ender if Lender is such an institutionl. I_ender shall apply the Fu~ds to pay said taza, asseuments. inw~anee premiums and Sround rents. l_ender may not charge fo~ u+ holding and spplyina the F~mdc. snalyzing said account, or verityint and complins said assessments and bills. unlas Lender pays Bormwer interat on the Funds and applicaWe law ptrmits L.ender to make such a charge. Borrower and l.ender may ajrce in writi~g at the time ot exocution ot this Mort~e that interat on the Funda shall be p~id to Barrower. and unlas such agreement is made or applicabte law requira wch interest to be paid. Leoder shall not be required to pay Borrower any interat or earnings on the Funds, l.ender shall pve to Borrower. witlaut charge, an annual accounting of the Funds showing credits and debits to ~he Funds and the purpoae for which each debit to tbe Funds wu made. The Funds are plodgod u additional security for the sums secured by tba Mortpje. lf tbe amount of the Funds held by Lender. together with the futurc monthly installments of Funds payabk prior to the due data of taxes. asseumeats. iasurance ptemiums and grourxl rents, shall exceed the amount requircd to pay said taxes. a~tneats. insurance premiums and ground rcnts u they fall due, such excess shall bt, at Borrower s option, either promptly repaid to HQrrovrer or crodited to Borrower oe monthly installments of. Funds. If the amount o[ the Funds heW by L.eoder shall not be sut6cient to pay taxa. as,xssments, insurance premiums and ground rents as they fall due, Borro~rer s6all pay to Lender any amount necessary to make up the deficiency within 30 days trom the date notice is mailed by I~eader w Borrower requesting payment thercof. Upoa paymeot in full of all~ suau tecured by this Mortgage, l.endcr shall promptly retund to Borrower any Funds ~ held by Leuder. If under paragraph 18 hereof the Propeny ia sold or the Property ~s othenvise acquircd by Lender. Lender s6a11 apply. no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held bv I.eoder at the time of application as a credit against the sums securcd by this Mongage. 3. A~pilcatio~ ot payse~tr, Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 aad 2 heroof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 heroof. tben to interest payable on the Note, then to the princiPal of the Note, and then to intercst and principd on any Future Advancxs. Cratse~ Lie~. Borrower shall pay all taxes, assestmcnts and other charges. Bnes and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents. if any, in the manner • provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee theroof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in ihe event Borrower shall make payment directly, Borrowe~ shall promp~ly fumish to Lender re~~eipts evidencing such payments. Borrower shall promptly dixharge any lien which has priority over this Mongage; provided, that Borrower shall not be required to discharge any such licn so long as Borrower shall agree in wriUng to the payment of the obligatiun securcd by _ such lien in a manner acceptable to Lender, or shall in good fai~h 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. Hazard lowra~ce. Borrower shall keep the improvements now existing or hereafter erected on the Property insurod against loss by firc, hazuds included within the term "extended coverage", and such other hatards as Lender may require aad in such amounts a~d for such periods as Lender may require; provided, that LenJer shall not require that the amount of ~ such coverage exceed that amount of coverage requircd to pay the sums ucured by this Mortgage. - The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by LenAer; provided, t6at such approval shall not be unrcatonably withheld. All premiums on insurance policies shal) be paid in the manner ' providod uader paragraph 2 hercof or, if not pai~ in such manner, by Borrower making payment, when due, directly to the ~ ~ insurance carrier. i All insurance policies and renewals therrof shall be in form acceptabM to Lencier and shall include a standard mortgage ~ claose in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies 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 carrier and lxnder. Lender may make proof of loss if not made promptly ; by Borrower. ~ ~ Unless Lender and Borrowy otherwise agree in w~iting, insurance proceeds shal! be applied to restoration or repair oi 4 the Propeny damaged, provided such restoration or repa~r is economically feasible and the security of this Mortgage is ~ not thereby impaired. If such restoration or repair is not economically (easible or if ~he 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 i( Borrower fails to respond to Lender within 30 days from the date notice ~s mailed by Lender to Borrower that the insurance carrier ofiera ~o se~~le a claim for insurance benefits, Lender is aut6orized to collect and apply the insurance proceeds at Lender's option either to restora~ion or repa~r of the Propem~ or to t6e sums secured by this Mortgage. Unless Lender and Borruwer otherwise agree in writing, any such application of pra:eeds to principal shall not extend or postpone the due date of the mon~hly installments refcrred to in paragraphc I and 2 hereo! or change the amount o( ~ such installmen~s. If under paragraph 18 hereof the Property is acqwred h} L.ender, aU right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resul~~ng from damage to the Propeny prior to thc sale or acquisiGon shalt pass to Lender to the extent of the ~ums ~ecured by th~s l~fortgage immediately prior to such sale or ~ acquisition. - ~ 6. Preserration and Maintenance of PropertY; Leaseholds; Cundominiums; Planned Unit Developments. Borrowcr ; shall keep the Property in good repair and shall not comroit K'aste or perm~t impairment or deterioration of th~ Property and shall compl~• with thc provisions of any lease if th~s Mortgage ~ti on a tcaschuld. !f this Mortgage is on a~mit in a ~ condominium or a planned unit Jevelopment, Borrower tihall perform all of Borrower's obligations under the declaration ; or covenants crealing or govermng ~he condominium or planned unit development, the by-laws and regulations of the e condominium or planned unit development, and constiwent dcxumemti. 1( a condominium or planned ~mit development ~ rider is executed by Butrower and recorded a~gether w~th thi~ Mortgage, the covenants and agreements ot such rider shall be incorporated into and shall amend and wpplcment the co~enants anJ agreements of this Mortgage as i( the riJer ` were a part hereof. s ~ 7. Proteclion of I.eodePs Securfty. If Horro~er fa~lti h. ~r(e~rm the covenants an~i agreements contained in this ~ ~ Mortgage, or if any activn ur proreeJing is cummence~l which materiall} afiects Lender's interect in the Property. mcluding, bul nut limued tu, em~nent domain, inW~l~~ency, cr.de rnfurcemcot. „r arrangements or pn~ceedings involving a ~ bankrup~ or decedenL ~hen l.ender at f.enJer'~ option, up~m nc~~ice io Horrowcr, may make Such appearances, dishurse such ~ sums and take such :+ctiun ati is necetsar}~ tu pre~tect Lender's interesL mclu~ling. but not lim~ted to, disbursement of ~ reasonable auorney'~ (ceti and eniry upon thc Propcny~ t~ make rcpairs. I( Lcndcr reyuired mortgage inaurance as a cundition o( rnakmg thc loan ~ecurcJ by~ Ih~t M~~rt~agc. F3~~rmwcr sh:~ll ~a~~ thr prcmium5 rcquireJ to maintain such ~ insurance in ef(ect until such t~me ati the reyiiircmem tor ~uch in~urance, terminatrti in :iccordancc w~~h Bormv?er'; and ~ x ~ ~ ~-~'CK 312 F~~;E 1043 S'QY'.m.. . . . _ _ . , ~