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Home My WebLink About1178 ~ Untro~~t CovaN~rm. Bomower and t.ende~ covenant a~d ajroe u follows: ~u~••~ ot r~+~.~ ..i ~.k.~a. eor~ ~n.u ~om~rf wr M?n~~ a~ ~ne ~r and inte~t on the indebte~u evidenoed by the Note. prepaynxat and late char~ec a.c Movided in the Note, a~d the principal ot aad intecal o~ aoy Futute Advances sxw+ed b~r this Mortja~. l1~i tor T~~s Mi Iwta~ee. Subject to applicahk law ar to a writtee waiver by Lende~, soRO~?a ~u wr to I.ender on the day moMhly installmeots of principal and iot~rcsl arc payaMe unde~ the Note. until the Note is paid in tull. a unn (henjn "Funds'~ equal to a~e-twelfth of the yea~l~• eaz~~ anJ assasments which may attain pRority over this Morcp~e. and ~round rena on ct~e Pnnpeny. if any, plus one-twelfth of yearly~ premium iostallmeob for hatard insunnce. plus oaatweltth ot yea~ly pnn~ium installmeet: tor mortaa~e insunncc, it any. a0 u rcawnably estimated initially and troaa tima to time by Lender oa tbe bua of asse:sme~ts and biqs and reasonsbk atimata thereof. • TAe fli~s shall be beld in an institutic~ the depocia or •rccounts of ~rhich arc i~surcd or ~uamntoed Dy a Fedenl ot ttate a~ency (includina Le~de~ i[ Lender is such ao inuitution). I.ender shsll apply the Funds to pay said tua. asxssments. iowranoe premiums and ~nd rcnts_ l.ende~ may not cha~ge for sn holdins and spplyina the F~mds. analyzing said account, or verifyins.snd comqlinj said asseumeots and bilh, unless Lender pays Borrowe~ interat oe the Funds and applicabk law permits I.eader to make wch a charge. Borrower aad l.ender may agroe in writina at the ~ime of exautioo ot this Mort~e tbat interat on the Fuads al~all be paid to Borrower. and unlas such sgroement is made or applicabk law roquira such interest to b~ paid. Lender shall not be required to pay Borrower any interost or earni~gs on the Funds. Le~de~ shall pve to Borrower. without charae, an annwl acoounting of tbe Funds showina credits a~d debits to the Funds a~d the purpoae for which eac6 debit to ibe Funds was made. The Funds arc pledgod u additional security Eor the sums secured b'Y tha Mort~aR• If the amouet ot tl~e Funds held by Lender, together with the future monthly installments of Funds payabk prar to tbe due data of tua. auasmeats. inwranoe premiums a~d ground rcnts, shall excood the amount roquired to pay said tua. a:swments, i~uranoe premiuttu and gcound re~u as they fall due. such excess shall be. at Borrower s op~ion, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held bry? Leader shall aot be wf6Cieat to pay taua. assesunents, insurance premiums and ground rcnts as they fall due, Borro~rer shall pay to l.eader any amount ~ecessary to make up the deficiency within 30 days from the date notice is mailed by I.eader W Borrower requatinB.P~Yment thereof. - Upon payment in full of all sums ~cured by this Mongage, l.ender shdl promptly refund to Bormwer any Funds held bp Lender. If under pua`raph 18 heroof the Property i~ sold or the Propeny ~s otherwise acquircd by Lender. I.ender s6aU apply, no later than immodiately prior to the sak of the Property or it: acquisition by Le~der, any Funds held bv Gender at the time oE application as a credit against the :ums secured by this Mortgage. 3. A~io~ ot p~eNs. Unless applicabk law provida otherwise, atl payments received by Lender unde~ the Note and puagraphs 1 and 2 l~ereof shall be appliod by l.ender 6rst in payment of amounts payable to Lender by Borrower under paraaraph 2 heroof. tbea to iaterest payabk on tht Note, then to the principal of the Note. and then to inte~est and principd on any Future Advaaces. - 1. (.'iiaRa; L3eos. Borrower shall pay all~laxes.' asassments and other charges, firos and impositions attributable to the Property which may attain a priority over this Mongaae. and leasehold payments or gmund rents. if any, in the manner pravided under paragraph 2 hereof or, if not paid, i~ wah manner. by Borrower making payment, when due. direcdy ta the payee theroof. Borrower shall promptly fumish to Lender all notices of amouats due under this paragnph, aod in the eveat Bormwer shall make payment diroctly, Borrower shall promptly fumish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be requircd to discharge any such lien so long u Borrower shall agree in writing to the payment of the obligation securcd by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, kgal proceedings which operate to preveot the enforcement of the lien or forfeiture of the Property or any part thereof. S• Hazard lawrawce. Borrower shall koep the improvementc now• existing or hereafter erected on the Property insurod against loss by 6re, hazards included within the term "eatended coverage", and such other hazards as L.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 wch coverage exceed thac amount of coverage required to pay the sums seaired by this Mortaa6e. 'Ibe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, t6at such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided uoder paragraph 2 hereof or. if not paid in such manner, by Borrower making payment. when due. dir~ectly to the insunnce carrier. ; All insurance policies and rtnewals thereof shall be in form accep~able to Lender and shall include a standard mortgage i clause in favor of and in form acceptable to Lender. . Lender shall have the right to hold the policies and renewals thereof. ~ and Borrower shall prompUy furnish to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss. ! Borrower shall give promp~ notice to ~he insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower_ ~ Unless Lender and Borrower otherw~se agree in writing, insurance proceeds shall be applied to restoration or rcpair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impa~red. I( such restoration or repair is not economically feasible or if ~he security of this Mortgage would ~ be impaired, the insurance procceds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. lf the Propeny is abandoned by Borrower, or it Borrower fails to respond to l.ender within 30 days trom the date notice is maded by Lender to Borrower that the insurance carrier ofiers to settle a slaim for insurance benefiu. Lender is aut6orized to collect and apply the insurance proceeds at Lender's option either to restoration or repa~r of the Propertv or to the sums secured by this Mortgage. Unless I_ender and Borrower otherwise agree in writing, any such epplication of proceeds to principal shall not extend or postpone ~he due date of the month{y ir~slallments referred to in paragraph~ I and 2 hereof or change the amount o( suc6 installmeots. If under paragraph 18 hereof the ProE,erty is acyu~red by l.ender, all right, title and interest of Borrower in and to any tnsurance policies aod in and to the proceeds thereof resul~mg from damage to the Property prior to thc sale or acquisition shall pass to Lender to the extent of thc aums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservation and 1~taintenance ot PtopertY; Leasehulds; Condominiums; Pbnned Udt Developments. Borrowcr shall keep the Property in good repair and shall not comroit ~vaste or permit impairment or deterioration of the Propeny ~ and shall comply with the provisions of any lease if this Mortgage is on a leasrhold. !f this Mortgage is on a anit in a ' condominium or a planned unit developme~nl, Borrower shall per(orm all of Borrower's obligations under the declarat~on ~ or covenants creatmg or governing the condominium or planned unit development, the by-laws and regulations of the ~ condominium or planned unit development, and constitucnt Joe:umem~. I( a condominium or planned umt development ~ rider ~s executed by Borrower and recorded together ~ith th~ti Mortgage, the covenants and agreements of such rider ; shall be incorporated ~nto and shall amend and supplement the co~enants anJ •rgreements of this Mortgage as i( the riJer - ` were a part hereof. ~ 7. Protection of Lende~'s Security. If B~rrower fait. tc~ pert~.rm the covenant~ and agreements contained in this ~ ~ Mortgage, or if any action ur proreeJmg ~c c.?mmenced wh~rh materially afircts LenJer's interest in the .Properry, ; ~ includmg, but ni~t limrted to, eminent domain, inu~lvency. axle enf~,rcement. ~,r arrangements or proceedings invol~•ing a ~ bankrup~ or decedem, then I.ender at Lender'~ option, up~m notice to Borrower, ma~ make such appearances, disburse such ' sums and take such ac~iun as ~s nececsary tu protec~ I.ender's interest, incluJmg. but not limrted to, d~sbursement of ~ reasonable at~orney's (ce~ and entry upon the Propcr~}~ to makc rcpauc. If Lcnder reyuircd mortgage insurance as a condition o( making the loan ~ecureJ b} th~s Mor~gage. B~~rruw~r shall pay the premiwns reqinreJ lo maintain such ~ insurance in ettect uMil wch time as ~he reyuiremen~ for tiu~h imurancc terminate~ in arcordance w~ith Borrower s and , , , i' ~ `312 117fi ~ • ~r~ ~ PacE ~ ~ ~ ~ , ~ ~ - ~ ~ ~ u ,