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Home My WebLink About2122 • t . • ~ , t • f UKtroax OovaH~~s. 8ocr~ower aod Leader covenant and a~roe ss tollows: ~~qwNf ef hi~l ri hl~twl. 9orrowe~ shall Pt~P~~) WI? whee due tbe p~cipal ot and interat on the ~ irdebtedaea evide~aed bp tbe No~e. P~~meat and late clwrtes ax ~ovidod in the Note. and the pc+n~cipsl of aad interat i oa any Futw~e Advaaca ~ecurod b~? this Mortsa~e. ~~i tar Taz~s Mi I~~ree. Subject to applicaMc law ~x to a writtrn waive~ b~? I.endu. eomo*~~ ~i wr ! t o I, e a d~ o n t h e d a r m o ~ n t h l~? i n s u l l m e n t s o f p ri n c i p a l a n d i n t c r e s t a r c p a y a t ~ l e u n d e t t h e Note. uMil the No1a is p aid in tull. ~ s sun~ (herein "Fue~t'~ eqwl to one-twdtth ot the yeariy ~ax~~ a~xl auasment: which msy attaie priority ove~ this ~ Mottsa~s. aad =cound ra~b oa t6e Pcoperty. it aay. plus ak-twelRh d yearly pre~aium installmeots ior hazard insurance. ~ plus oaatweltth ot yearly premium iastallments tor mott~a~e inu~rance, it aay. all as rcasonably estimated initially and tnan tima to time bp Leoder oa tbe bua of assasments and hills and nssonabk atinuta thereot. The Fu~ shall be 6eld in an institu~ic+n the deposia or accounts of ~rhich arc insured or twnnteed by a Federal ot state ssency (iacludins L,ender if Lender is such an ins~itutionl. 1_ender shall apply the Funds to pay uid taxa, assasmeMS. iawranoe premiums and ~round rents. I.ender may no1 charje for u+ holdina and spplyins the F~mds. analyzinj uid aecount, ~ or verifyinj.and oompilin= said assessments and bills. unlas Leader pays Borrowe~ inteKSt on the Funds and appliqbk law perntits Lender to malce such a chu~e. Borrower aad l.ender may atroe in writin~ at the time of execution ot tha MortZa~e tbat interat on ibe Fuads ~all be paid to BoROwer. and uakas wc6 a~oement a made o~ applicabk law r+equires such inte~at to be paid. L.aadet shall not be required to pay Botrower any interat ot qraings on the Funds. Lender - s6a11 pve to Horro~we~, wit6out cl~ar~e, an annwl accountin~ of the Funds showina credits and debits to the Funds and the ~ pupae for ~?hich each debit to tbe Fuads was made. Tbe Funds ue pledged u additiaul sxurity for the sums securcd by this Mortp,e• IE the amount ot tbe Fuadt held by Lender, together with the tuture ma?thly i~stallments of Funds payabk prior to tbe due data of tues. sssasments. inauanoe premiuma and ground rents. shall exceod the amount required to pay said tua. anp~tnepts, iraurance premiums and ~round ra~ts as they fall due. such excas shall be, at Borrower's op~ion. either proo4ptly repaid ta Bac~ower or ctedited to Borrower on monthly installments of Funds. It tl~e amount ot the Fueds bdd by Leoder shaU not be sulScieat to pay tua. a~asnnents. insurana pramiums and gmund renu as they [all due. Bormwer s6atl pay to I.~a~der any ~unouat necasary to make up the deficie~cy within 30 days from the date notice is maikd by I.ender to Borrower requatinE PaYment thereof. Upon payment ia full of ap swns sxurod by this Mortgage, Lender ahall ptotnptly rafilnd to Bormwer any Fun~ t~eW bryr L.toder. lf under para~raph 18 hereof the Properiy is sold or ths Ptopeny w.gt~n~vise acquired by Lender. Lender sbaU spply. no later than i~naxdiately prior to the sak of the Property or its acqu~tion, b~r iLender, any Funds held bv I~eoder at the time of applicati~n ~ a cralit against the sums secured by this Mottg~ge:' 3. AKlk~tio~ ot la~eNs. Unkss applicable law provida otherwise, all paymeAb Neteiv~eit~ b~ Lender under the Note and pua~aphs 1 and 2 hereof shall be appliod by I.ender first in payment of amounts payaWe to Lender by Borrower under parajrraph 2 hereof. then to iaterest payabk oa the Note, then to the principal of the Note, and then to interest and priacipal on any Futun Advanoes. 4. CY~e~ Lk~e. Borrower shall pay all taxes, assessmenu and other charges, fines and impositions atlributable to tbe Properiy which may attain a priority over this Mortgage. and kssehold payments or ground rtnts, if any. in the manner Peovided under puagraph 2 heceof or, if not paid in such manner, by Borrower making payment. whq~ doe, direcdy to the payee thet+eo(. Borrower a6a11 prwnp~ly furnish to Lender sll noti«s of amouats due under this para=nph. and in the event Borrower shall roake payanent dirocUy. Borrower shall promptly furnish to Lender receipts evidencing such payments. ~ - Borrower shall promply disc6arge any lien which hu priority over this Mongage; provided. that Borrower shall not be roquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation ucured by • such lien i~ a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enforrement of such lien in. legal procetdings which operate to preveat the entorcement of the lien or forfeiture of the Property or any pari thereof. S. Haaard IwWraace. Borrower shall keep the improvements now existing or hereafter erectod on the Property insured against loss by 6rc, hazards included within the term "extended coverage", and such other hwrds as Lender may rcquire and in such amounts and for such periods as Lender may require; provided, that Lender shall ~ot requirc ihat the amount of wch covenge exceed that amount of coverage required to pay the sums securcd ~y this MortaaEe. The insurance carrier providing the insurana shall be chosen by Bonower subject to approval by Lender. 'providod, that wch approvsl shall not be unreawnably withheld_ All premiums on insurance poliCies shafl be paid in the manner I provided under paragraph 2 heroof or. if rat paid in such manner. by Borrower making payment. when due, directiy to the ~ inwrance carrier. E All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard morigage I clause in favor of and in form acceptable to Lender. Lender shall have the right to hold tFie policia and rcnewals 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 promp~ notice to the insurance c~rrier and Lender. Lertder may make proof oE loss if not made promptly by Borrower. . ~ Unless Lendor and Borrower otherwise agree in writing, insurance proceeds shall be applied to ratoration or repair of ~ the Property damaged, provided such cestora~~on or repair is economicatly feasible and the security of lhis Mortgage is not thereby impaired. 1f such restoration or repair is not economically feasible or it the security of this Mortgage would be impairod. the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess. if any. paid to Borrower. If the Propeny is abandoned by Borrower, or ii Borrower fails to respond to Lender within 30 days from the date notice is ma~led by l.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender is authorizod to collect and apply the insurance proceeds at l.ender's option either to restoration or repa~r of the Propen~ or to t6e sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to prineipal shall not extend or postpone the due date of the monthly inuallments referred to in paragraphs 1 and 2 hereof or change the amount ot suc6 installmeots. !f under paragraph 18 hereof~ the Prof,eny is acquired by Lender, all right, title and interest of Borrower ~ in and to any tnsurance policies and in and to the procceds thereof resulting from damage to the Propeny prior to thc sale or acquisition shall pass to l.ender to the eatent of the sums secured by this Mortgage immediately prior to such sale or acquisition. ~ ~ ~ 6, Treaervatfon and Maintenaace of Property; Leasehc?Ids; Condomi~iums; Planned Uojt Derebptnents. Borrower ~ shall keep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property ~ ~ and shall comply~ with the provisions of any lease if this Mortg•rge is on a leaschold. If this Mortgage is on a unit in a t condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the decla~ation s or covenants creating or governing the condominium or planned unit develupment, the by-laws and regulations of ihe condominium or planoed unit developmenl, and constituent documenis. It a conJominium or planned unit development ~ rider is executed by Borrower aod recorded tugether with this Mortgage, the covenants and agreements of such ridcr shall be incorporateJ into and shall amend and supplement the covenants and agreements of th~s Mortgage as if the rider ~ were a part hereof. , 7. Prolection of Leader's Security. If Borrower fa~k t~ perform the covenants and agreements contained - in this Mortgage, or i( any act~on or proceedmg is cummenced wh~ch materially afiects I.ender's interest in the Property, includ~ng, bul no~ 6mited to, eminent domain. inu•lvency. code en(oRement, or arrangements or proceedings invohing a bankrupt or decedent, then Ixnder at I.encler's op~ion, upon no~ice ro Borrower, ma}• make such appearances, disburse such sur~s and take such action as is nececsary to prolect I_ender's mterest, including, but not limited to, disbursement of reasonable attomey's tces and en~ry upon the Prope~ty to make rcpairs. If [.cnder reyuircJ mortgage insurance as a condrtiun ot makmg thc loan xcureJ by this Mortgagc. Bi~rrawcr shall pay thc premiums • requireJ ta mainta~n such insurance in rtiect until such time as the reyuirement for wch msurance term~nalr~ in accordanee with Borrower s anJ r1R i'~~~E ~ BQ:1K ~ ~ ~