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Home My WebLink About1184 ~ UNt~aut CovaH~t+rs. Bormwer and l~rnde~ covenant snd asroe u tollow:: 1. ~e~t of h~M~e~l aM I~tereN. Bo~mwe~ shaQ promptl) paY when due tbe ptincipal ot and intercst o~ the indebtednat evidenoed br tbe Note. prapayrt~ent snd late chargec a.s provided in the Note, and the principtl of and intenst af any Future Advancex securod bp thu Mortjsje. 2. !`i tor'1'uM aii lawra~ea SLbject to applical+k law .ir to a written waiver by l.emkr, Borm~ver shall pay to I.eader on the day moothly inuallments of principal and intcrcs~ an: payaMe unde~ the Note. until the Note is psid in full, a sum (herein "Funds'ry equal to ooe-tweltth of the yearl~~ tas~~ snd assasments which may atain priority ove~ this Mortsaje. and ~round rents on tbe Pt~operty. if any, ptus one-tvreltth of yearhi prcraium inusllments for hazard imunnce. , plus oae-twelfth o[ yearly ptemium installments for mortaate insurance, if any, all ss rcasonably estimated initially and trom time to time by Leader oa the basis of auasments and hills aod rcasonabk estimata thereof. ~ The Funds shall be beld in an instituticu~ the deposia or accouMs of ~rhich aro i~nured or Suaranteed by a Fcdenl ot ~ state s~ency (includina Lender if Lcnder is such an inslitution). I.ender shall apply the Fu~ds to par said taxes. assasments. inwrance premiums and =round rcnts. l.ender may na charge for sn holding snd applyins the Fundc. analyzin` said account, or verifyinsand rnmpilina uid assessments and bills, u~kss Lender pays Borrowe~ interest on the Funds and applicable law permib l.tader to malce wch a charge. Borrower aad l.ender may agree in writing at the time of exxution of this MoR~ase tbat interest or~ the Funds shall be paid to Borrower. and unkss such agreeme~t is made o~ applicabk law rsquira such interat to be paid. Lender shall not be rcquired to pay Bonower any interat or earnings on the Funds. Lender ~ shaU pve to Borr~owe.~~ witlwut cbarge, an annual accounti~g of the Funds showina crcdits and debits to the Funds and ihe , pucpose for which acu debit to dn Funds was made. Tfie Fu~ds are pledged u additional secuaty [or the sums socured ; by thi: Moctp~e. i If tbe amount ot tbe Funds held by Lender, together with the future mo~thly installments of Funds payabk prior to the due data of taxa. axsessmenu. imurance premiums and ground rcnts, shall exceed the amount required to pay uid taxa. aaa~ments, i~urance Qremiuau and ground rents u they fall diu, such excess shall be. at Borrower s option, either praapdy repaid to Borrower or ccedited to Borrower on monthly installments of Funds. 1f the amount of the Funds heW by Lender shall not be wt6cieat to psy taxa. assescments. insun~ce premiums and gr~ound rents u they fall due, Bomower s6a11 pay to l~a~der any amount necessary to make up ihe deficiency within 30 days from the date notice is mailed bp Leader to Borrower roquestina paYment thercof. Upon payment io fuU of .all sums securcd by this Mongage, I_ender shall promptly rcfund to Borrower any Funds held by Le~der. If under puagraph 18 hereof the Property ia sold or the Propeny ~s otherwise acquired by Lender. Lender shaU apply. rw Ister than immediately prior to the sak of the Propeny or its acquisition by Lender. any Funds held bv I.eader at the time of application as a credit against the sums secured by this Mortgage. 3. Alplicatio~ ot Pqee~. Unless applicable law provida otherwise, aN ~pyr~ents, receivod by Lender under the Note and pangraphs 1 and 2 hereof shall be applied by l.ender first in payme~t of~l oqnts payabk to Lender by Borrower under paragraph 2 hereof. tben to interest payable on the Note, then to the ~prit'(CI~aT of the Note. and then to interest and principal on any Future Advanoes. ~ ' ' ~ ~ ` i 4. Char=a; Ue~. Borrower shall pay all taxes, }ssessmcnts and other~ohicgrs,:fiaa ~aad wApositions attributable to the Property which may attain a priority over this Mort~a~e, and leasehold paymen~{, gr„~~q}u~d.~enpe,.~f any. in the manaer provided under pusgtaph 2 hereof or, if not paid i~ 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 the event Borrower shall make payment dircctly, Borrower shall promptly fumish to Lender receipts evidencing such payments. Borrower shall prompUy discharge any lien which hu priority aver this Mongage; providcd, that Borrowe~ shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by suc6lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, ~ Iegal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazsrd I~urawce. Borrower shall kcep the improvements now existing or hereafter erected on the Property insured against loss by firc, hazards inctuded within the term "extended coverage", and such other huards u Lender may require and in such amounts and for such periods as Lender may require; provided, that I.ender shall not require that the amount of . wch coverage excced that amount of coverage required to pay ~he sums secured by this MortaaEe. '[be insurance carrier provid'eng tt~e insurance shall be chosen by Bonower subject to approval by Lender, provided, t6at such approval shall not bc unrcasonably withheld. All premiums on insurance policia shall be paid in the manner provided under paragraph 2 hereof or. if not pai~ in such manner. by Borrower making payment. when due, directly to the i~urwce carrier. ; All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thercof, ~ and Borrower shall promptly furaish to Lender all renewal notices and all receipts of paid premiums. !n the event of loss. ! Borrower shall grve prompt notice to the insurance carrier and Lender. Lender may make proof of "loss if not made promptly ~ by Borrower. ~ Ualess Lender and Borrower otherwise agree in writing, insurance procceds shall be applied to restoration or repair of the Property damaged, provicied such restorat~on or repair is economically fe~sible and the security of this Mortgage is ~ not thtreby impa~red. It such restoration or repair is not economically feasible or 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. lf the Property is abandoned by Borrower, or if Borrower fails to respond ta Lender within 30 days from the ; date notice is maded by Lender to Borrower that the insurance carrier ofTers to settle a claim for insurance benefits, l.ender is authorized to coll~ct and apply the insurance proceeds at Lender's option either to restoration or repaer of the Propertv ' or to t6e sums sccured by this Mongage_ Unless Lender and Borrower otherwise agree ~n wriling, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments rcferred to in paragraph~ 1 and 2 hereof or change the amount of such installmeats. If under paragraQh I S hercof the Pro f,erty is acywred by l.ender, all right, title and interat of Borrower ~ in and to any R?surance policies and in and to the proceeds thereof resulung from damage to the Property prior to th~ sale k or acquisition shall pass to l.ender to the extent of the sums secured by this _Mortgage immediately prior to such sale or ~ acquisition. ~ 6. Pr+esenation and hlaiotenaace of Property; Leasehulds; Condominiums; Planned Uait Devebpments. Borrower shall kap the Property in good repair and shall not comro~~ K'aste or perm~t impairment or doterioration of the Property ; and shal! comply with the prov~s~ons of ~y lease ~f th~s Mortgage is on a teaschold. lf this Mortgage is on a unit in a ~ condominium or a planned unit development. Borrower shall pcrform all of Borrower's obl~gations under the declaration ~ or coveoants creating or governmg ~he condominium or planned unit develupment, the by-laws and regulations of the ~ condominium or planned unit development, and constituem Jucument~. If a con~lominium or planned unit Jevelopment ~ rider ~s executed by Borrower and recorded toge~her whh th~~ Mongage, the covenants and agreements of such rider - shall be incorporated ~nto and shall amend and supplrment the co.enants and agreements of this Mortgage as if the ri~er £ were a part hereof. ° 7. Proteclion of Lender's Security. If B~rrower (aik ~a perform the covenants anJ agreements contained in this i ~ Mortgage, or if any action ur proceeding ~c c~~mmenceJ ~hich ma~erially afiects 1_ender's intercst in the Proper~y, ~ includmg, birt not limited to, em~nent domam. inu.lvency, cucie rnfarcement, or arrangrments or pr~xeedings invol~~ing a ~ bankrupt or de.edent. ~hen I_ender at I.enJer's option, u{„~n notice to Borrc~wer, ma~ make such appearances, dishurse such ~ sums and take such action as ~s nececsary tu pratect l.ender's mterest, including. but not lim~ted to, disbursement of ~ ~ rcasonable auorney's fcec and entry upcm the Propcrt}• to makc rcpair~. If Lcnder rcynircd mortgage insurance as a ! ~ condrtion uf makmg the loan SecureJ b}• thi~ Murtgace. B~,rruwer sh:~n ~~y thc premiums required to maintain such ~ insurance in rttecl until tiuch time as the reyuirement (ot wch msutance termmatrs in accordance µ~ith Bormwers and ~ . ~ a~'~K312 ~~~E1182 -''=a~ ~ - - - ~ K ~ ~ _ , . . ~ x~ . _