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Home My WebLink About2265 ~ • ~ . i ! F ! ~ . ~ ~ ~ _ ~ ~ i , UNtroa~t Oovat+ems. lort+o~ret aad l.ende~ ooveasnt and s~roe at toUows: ' L!y~¦t M teM~i ri 1¦len~f. 8orrower shall p~omW~) WY when dua tbe principal ot and interett on the ~ indebtednat svidenoed b~? tbe Note, preps~t aed late cha~ a.s ~xovided in the Nete. and tM priecipsl ot and interest f on aor Puturo Advsnoes ~ecurod b~? tha Matsaje. ~ !ri t~ '/'~s ~i L~we~¦ce. Subjat to applical+k law ~.r to a written wsiver !ry [.ender. Borro~~ s~ Wy i W I.e~der on IAe dsy ma~nthlp instdlments of ptincipal and intcrcst a(c payaMe under the Note. until the Note is paid in tull. i • wm (betein "FuadPti equal to one-twdEth of the yearly tax~~ aml auasmeets which may attaia prio~ty oeer this ~ Mottsye. and ~camd ~+eub ou the Pe~operty. it any, plus a~e-tweltth of yesrlr~ prenuum in:tallmeou ior haurd inwrance. ; plus oaatweltth ot yearly premium installments for mortpje inu~rance. if any. all as t~easa~abfy ~stimated i~itially and trom c time W time by l.eader oa tbe basis of usasmeo~s aad hills and rcasonabk atimata thereof. 'I1~t Ptinds thall be lield in an institution the deposia or accounts of ~rhich aro iiaured or guara~teed by a Fedenl ot ~ ttate ajeocy (iocludint Lsnder if Lcnder is such an institutionl. 1_ender shall apply the Funds to pay said taxa. sssestma~t~. ~ insunooa premiums and ~round rents. t.ender may not cAarae fo~ u+ holdins and applyin= the Fnnds. analyzin~ said account, ~ ot va~ityins.aod oomplia~ said assessmenn and bilh. unlas Lender pays Bormwe~ interest o~ the Funds and applicabk law . ~ pem~ils l~ender to make wch a charje. Borrowe~ and l.ender may a~ree~ in wriNn~ at the time of execution ot this Maf,~e tbat interat on the Pwads shall be paid to Borrower. and uakst suc6 aar~ernent a made or spplicabk law ~ rrquires such iaterest to be paid. L.ender shall not be requited to pay Borrower aoy ~nterost or earnings on the Funds. L~ender ~hal1 pve to Borrower. without cha~~e, an :nnwl aocountin~ of the Fun~ slawine crcdits and debits to the Funds and the purpose for rvhich ac6 debit to tbe Funds wu made. The Funds ue plod8ed u additional security for the sums secured bp this Nlurt~a~e• If tLe amount ot tl~e Fundi bdd by I~ender. toge~her with the futurc monthly installments ot Funds payabk prior to tbe due data of tues. assasments. ~ewtance Premiums and ground rents, shall exceed the amount required to pay uid taues. ~ a~ments. inw~anoe pramiwns and aeound renb u ihey (all due. such eacess shall be. at Borrower's optio~. either promptly rcpaid to Hornovrer or crodited to Borrower on monthly installment: ot Funds. If the amount ot the Fu~ l~eld by I,eod~r sba11 aot be w~cieat to pay tues. asaasments. insurance premiums and ground ronts as they fall due. Horro~rer s6a11 pay to I.eoder ar~y amount necessary to make up the de6ciency within 30 days from the date notice is mailcd by I.eader W Horrower requatina paYment thereof. - Upoo paya~ent ia full of all sums ~cwed by this Mortgage. Lender ~all promptly refund to Borrower any Fur~ds hdd by [~ender. If unda panjrap6 18 hereof the Property ia sold or the Propeny ~s otherwise acquired by Le~der. Lender =haU appty~ no later than immediately prior to the sak of the Property or its acquisition by L.ender. any Funds held bv I.ender at the time of applicatioa as a credit against the sums secured by. tAis Mortgage. 3. A~licatiow ot ~pr~e~b. Unless applicable law provides otherwise, all payme~ts rcceived by Lender unde~ the TVote and parsgraphs 1 and 2 heroof sha11 be applied by Lender first in payment of amounts payable to Lender by Borrower wider paragraph 2 hereof. then to intercst payabk on the Note, then to the principal of the Note. and then to intercst and principal on any Future Advanca. 1, (,'~er. I3eas. Borrower shall pay all taxes, assessments and ather charges, fines and impositions attributable to ~ # tbe property which roay attain a priority over this Mortgage. and leasehold payments or ground rents. if any, in the manaer i providod under para6raph 2 hereaf or, if not paid in such manner, by Borrower making payment. wheo due. dir+ectly.to the ~ pay~ee thn+eof. Borrower s6all promptly furnish to Lender all notices of amounts due under this paraaraph. iOd lD tI1E twE11l ± Borrower shall malce payment diroctly. Borrower shall promptly furnish to Lender receipts evideocing such payments. Borrower shall pranptly discharge any lien which has priority over this Mortgage: prnvided, that Bonower shaU not be trquirod to discharge any such lien so long as Borrower shall agree in writing to the payment ot tbe obligatiun secured by F suc6lien in a manner xceptabk to Lender. or shall in good faith contes~ such lien by. or defend enforcement oi such lia~ ia. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ; S. Haaard Iwwrawce. Borrower shall ketp the improvements now existing or hereafter erecled on the PropertY insurod ~ againtt loss by fire, hazards included within tt?~ term "extended coverage", and such other hazards as Lender may require ~ and ia such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of ; such rnverage exceed that amount of coverage required to pay ~he sums securcd by this Mort6aae. ~ j 'Ibe iawnnce carrier providing the insurance shall be chosen by Borrower subject to approval 6y Lender. provided, I tbat such appmval shall not be uanasonably withheld. All premiums on i~surance policies shs11 be paid in the manner p provided under paragraph 2 6ereof or. if not paid in such manner, by Borrower making payment, when due. directly to the insurance catrier. : ~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ; ° cla~ue in favor of and in form uceptable 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 prcmiums. in the event of loss. : Boaower shall give prompt notice to the insurance carrier and Lender. Lerrder may make proof ot laas 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, provided such restoration or repair is economically (easible and the security of this Mongage is not ~hereby impaired_ If such rcstoration or repair is not economically fcasible 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. If the Property is abandoned by Borrower, or it Borrower fails to respond to Lender within 30 days from the ~ date notice is mailed by I.ender to Borrower that the insurance carrier offen to settle a claim for insurance benefits. L,ender i is authoriud to collect and apply t6e insurance proceeds at Lcnder's option either to restoration or repa~r of the Propertv : ~ or to 16e sums secured by this Morigage. Unless l.ender and Borrower othtrwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly inuallments referred to in paragraphs 1 and 2 hereof or changt the amount of wc6 installmeots. If undec pa[agraph 18 hereof the Prof.erty is acquired by Lender, all right, title and interest of Borrower in and to any tnsurance policies and in and to the proceeds thereot resulting from damage to the Property prior tp thc sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immedia?ely prior to such sale or _ acqtusition. i 6, h~eservatioo and Maintenance of PropeMy; Leasehulds: Condominiums; Planned Unit Devebpments. Borrower ~ ~ shaU keep the Property in good repair and shall not comrvit Waste or permit impairment or deterioration of the Property ~ and shall comply with the provisions of any tease if this Mortgage is on a leaschold. If this Mortgage is on a unit in a ; ~ coudominium or a planned unit development, Borrower shall pcrform all of Borrower s obligat~ons under the declaratiun ; or covenants creatiog or governing the condommium or planned unit develupment, the by-laws and regulations of the ~ condominium or pla~ned unit development, and constituent documents. It a condominium or planned unit development rider is executed by Borrower and recorded together whh this Mongage, the covenants and agrcements of such riJer shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. 7. Protection of Lende~'s Secu~ity. If Borrov?er failc to perform the covenams and agreements contained in this = Mortgage, or if any action or proceeding is commence~l which materially aftrcts l_ender's interest in the Properly, ~ including. but not limited ~o, em~nent domain. incolvency, code enforrement, or arrangements or proceedings involving a bankrupt or decedtnt. then l.ender at l.ender's option, upc~n notice Io Borrower, ma}• make such appearances, Jisburse such ~ sums and ~ake such action as is necessary• w pro~ect I cnder's interest, including, but not limited to, disbursement of ~ reuonable aqomey's ices and en~ry upcm thc Propcrtp to makc rcpairs. If Lcndcr rcquircd mortgage inturance as a cond~tron o( making thc loan secured by this M~?rtgaRe. Borrower shall pay the premiums required to maintain such ~ insurance in etiect until such ume as the reyuiremen~ for .uch ~nsurance terminate~ in accordance wilh Borrower's and ~ a . p t t ; ~ ~ BQOKJ~2 PdGE2~s~ ~ - ~i . _ . ...-"""-~.r.a'~-~.-s~ac-..~%~~-.v.~. ~