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Home My WebLink About2140 • i r • ! Unt~aa~ Covst+~tm. ~rowsr sad L~eade~ ooveoant and ss~ee ss tdbws: } f. Ill~jwht o~ hi~t~l ri I~ie~ed. 8orrowet shall Pr~Mh P~Y whtn due the principal ot and inte~+est oo the # indebtodnea evidenoed bp tbe Nota, ptapaymeot and late char~es s.c ~xovided in the Note, and tha ptincipal ot and intetest , oa aoy Futu~e Advaaces ~ecw~ed by ttus Mott~aje. ~ ll~i~ tw Tavus a~i ir~eMCe. Subject to applicabk law ~x to ~ written waiver by Lender~ Borro~ve~ shs11 P~y to Leuder on the dsy monthlp installa~ents ot principal a~d intcrcct are payaMe uoder ihe Note. until the Note is paid in tu11. 3 a waa (hersin "Fuad~"f equa! to one-twelfth of the yea~l~• taa~~ a~! assauneots which aay attain prioritp m?er this ~ Mottsa~e, aad ~round reats on tlie Pnnperty. if any. plus one-twelfth of yearly~ premiuan iastallmenb tor haurd inuuance, ~ plus ooo-twdtth ot yearly pcemium iastaflments tor mott~s=e iosursncc. if any, all ss reasonably ~stimated initially and tooaa time to tune by l.ender oa tbe basis of sssasmcots and hills and reasonabk esdmata thereof. f 'Ibe Funds shall be beld in an instituticxi ihe deposia or accounts of Mhich are inwred or auanntea! by a Federal ot state s~ency (includint L.ender if Lcnder is such.an institutionl. I.eoder shall apply tAe Funds to pay said tua. assetsments. inwraAOe premiums and ~round ~ents. I.ende~ may not charge for sn holdin~ and aPplyias the Fonds. analyzins said account, o~ verityin=and oomplin= said assessments and bilh. unlas l.ender Qays Bormwer interest on the Funds and applicabla law perntits l.ender to make such a char~e. Bonower aad l.ender may a`roe in writin~ a/ the time of exceution of this Mort~,a~e tbat interat o~ tha Fuad: sl~al! ba paic! to Borrower. and ualas such ajroement a made o~ applipbk law requira wch inte~at to be paid Lender shall not be requircd to pay Borrower any i~tercst or arni~gs on the Funds. Le~cie~ shall pve W Bornower. witl~out charse, an annwl aocounting of the Funds shov?ina credits and debits to the Funds and the ptrpoae for whicb pdi debit to tbe Funds was made. The Funds a~e pledgod u additional socurity tor the sums securod tl~a M If tLe amount of tl~e Fw~ hdd by Lender. together with the future monthly installments of Funds payabk prior to tbe due data of tua. assessma~ts. insuranoe premiums and ground rcnts. shall excecd the amount required to pay said taxa. aua~eats, iaturanoe premiuros and =round rents u they tall duo. such excess shall be. at Borrower's option. either promptly rcpaid to Bormwer or credited to Borrower on monthly installments .of Funds. If the amount of the Funds ~ hdd by Lender shaU not be s~dfiaeat to pay tsxes. a~ssmeots. insurana premiums and ground rcnts ss they fall due. ~ Borro~re~ shall pay to l.ender any amoaat necessary to make up the de6ciency within 30 days from the date notice is mailed by I.eader W Botrower requatint P~Yment theteof. Upon paya~ent in fup of all swaa secured by this Mongage, l.ender shall promptly refund to Borrower any Funds held bp Leader. If_und~r pua~raph 18 herooi the Property i~ sold qr the Propeny ~s aherwise aoquired by Lender. Lender shall apply. no later t6an immediatdy prior to the sak of the Property or ita acquisition by Lender. any Funds held bv I.eader at the time of application a~ a credit against the :ums secured by this Mortgage. 3. A~catio~ ot ta~weais. Unkss applicable law provida otherwise, all paymeMs r~eived by Lender under the Note and paragcapbs 1 and 2 hereof shall be applied by Lender fltst in payment of amounti payable'to Lende~ by Borrower uader pan;rsph 21~ereof. tbea to interest payabk on the Note, then to the principal of the Note. aad then to intercst and principd on any Futun Advanoes. 4. CYs~e~ I.kas. Borrower shall pay all taxes, asxssments and other charges, fines and impositions attributabk to the Property which may attain a priority over this Mortgage. and leasehold payments or ground rcnts, if any. in tha manner provided under puaaraph 2 hereof or, if not paid in such manner. by Borrower making payment. when due, directly to the papee tl~e~eof. Borroww shall promptly furnish to Lender all notices of amounts due under this paraarsph, and ia the event Bormwer ahall make payment directly, Borrower shall promptly fumish to l.ender rcceipts evidencing such payments. Borrower shall pwmplly dischar6e any lien which hu priority over this Mongage: provided, that Borrower shall not be rcquired to discharge any such lien so bng as Borrower shall agree in writing to the payment of the obligation secured by suc6 lita in a manner acceptabk to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in. kgal proceodings which operate to pteveat the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard law~awce. Borrower sba0 koep the improvements now existing or hereafter erected on the Proptrty insutod against lass by fit+e, hazards included within the term "eztended coverage", and such other huards u L.ender may require i aad in such amounts and for such periods as Lender may rcyuire; provided, that Lender shalt not rr.quire that the amount of ! wch coverage exceed that amount of coverage required to pay the sums securcd by this Mon6aae. ( 'tl~e insurance carrier providing the insurance shall be chosen by Borrower subjeet to approval by Lender, providod. that wch apQroval shall not be unreasonably withheld. All premiums on insurance polieies sha11 bc paid in the manner i provided uoder paragraph 2 heroof or, if not paid in such manner, by Borrower making payment. when due. directly to the E inwrance carrier. ~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage j 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 promptly furnish to Leoder all renewal notices and all receipts of paid premiums. In the event of loss. ' Borrower shall give prompt notice to the insurance carrier and Lender. Lernier may make proof of loss if not made promptly by Borrower. ~ Unless I.ender and Borrawer otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged. provided such restoration or repair is economically feasible and the socurity of this Mortgage is not thereby impaircd. If such restoration or repair is not economically fcasible or if the security of this Mortgage would be impaired, the insurance procceds shall be applied to the sums secureJ by this Mortgage, with the excess. if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrawer fails to respond to Lender within 30 days from the date aotice is maded by l.ender to Sorrower that the insurance carrier oBers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance procceds at Lender's option either to restoration or repaer of the Propenv or to t6e sums securod by this Morigage. Unless Lender and Borrower otherwise agree in writing, any such application of procceds to principal shall not extend or poatpone the due date of the monthly inuallmcnts referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph IS hercof the Property is acyuired by Lender, all right, title and interest of Borrower in aad to any tnsurance policies and in and to the proceeds thereof resulung from damage to the Property prior to th~ sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. ; 6. Preservatbo and :ltainteaance of Property; Ltasetwlds; Condominiums; Planned Uait Derebpments. Borrower shall keep the Property in good repair and shafl not comro~~ Waste or permit impairment or deterioration of the Property ~ and shall comply~ with ~he provisions of any lease if this Mortgage rs on a leaschold. If this Mortgage is on a unit in a ' 's ~ condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the declaration ~ ~ or covenants creatiag or governing the condominium or planned iinit develvpment, the by-laws and regulations of the g ~ condominium or planned unit developmen~. and constituem documems. I( a condominium or planned unit development ~ rider is executed by Borrower and recorded together w~th this Mortgage, the covenants and agreements of such rider ~ shall be incorporated ~nto and shall amend and supplement the covenants and agreements of this Mortgage as if the rider ~ were a part hereof. 7. Protectioo of LtodePs Securfty. I( Borrower failc to perform the covenants anJ agreements contained in this Mortgage, or if any action ur proceeding is commenced which materially afiects I.ender's interest in the Property, includ~ng, but not Gm~ted to, eminent domain. in~l~•enry, code enforcemen~. or arraogements or proceedings invohing a bankrupt-or decedeM. then 1_ender at (_ender's option, upon no~ice to Borrower, ma)~ make such appearances, disburse sueh sums and take such action ac is nece~sary to protect Lender's interesl, incluJing. but not lim~ted to, disbursement of reasonablc auomey's fces and en~ry upon thc Propcr~y~ lo makc rcpairs. It Lcnder reyuircd mortgage inturance as a • condi~ion o( makmg thc loan ~ecured by this MorlR:~ge. B~rruwrr shall pay thc premiums required to maintain such . insurance in etfect until such time as the reyuirement far .uch ms~rance ~erminatrs ~n :+ccordance with Borrower's and 312 2~.~8 ~ t„~~x• _ . ~ - - . _._._.~._r___~ ~