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Home My WebLink About2277 • . < , ' \ ; . , t UN~'O~M QOYeNAK'f~. BOfrO'M~f !Ad LEIIdC~ COVOMOI ~11d is~CC ii EO~~OIMf: ~~qrwNt M~trt~l a~i hilus~l. 8orrowe~ shall promWl) WY when due the pripciPal ot and interat oo the _;ndeetedne~t ~vidtnoed b~? tbe Note. prepayn~ent and late chancs ax ~xovided in the Note. ~ed the ptincip~l ot and intetest oa mr Futwe Advanas ~ecurad by this Mo~at4. tK 'i~ ~i i~wn~ca Subject to ~pplicaMc law .x to a writ~en waivet b~? [.tnder• Bort~o~e~ sb~i~ P~y to Laader on the day monthfy installmeets oE principal and intcrcst arr paysbk undet the Note. until the Note is paid in tuii. a wm (Mroin "Fundt") eqwl to o~twelflh of the yea~ly tax~~ anJ aasessmeots which easy sttain prio~h? ove~ this Mortia~e. and Sround reets o~ the PeopehY• if aoy. plus oortweltth of pa~tl? Praa~um inuallmenq for hazard inwrance. plus ooe-tweltth ot yearly premium installments tor mott~a~e insurancc, it any. all as reasonably estimated initially snd trom time W time bp ~eader oa tbe baiis of auessmeots aad hills and rcasonabk estimata thereof. ~ '[1fe Fnndc slall be heW in an institutic?n the deposia or accounb of ~rhich ue insured or ~uaranteed by a Fedenl ot qata sjency (includins l.endet if Lender is such an i~titutionl. I.ender shall apply the_Funds to pay uid taxes. aue~ments. inwranoe premiums and Srouod rents. l.ende~ may not char~e fo~ sn holdins ind applyins the Fuods. analyzint said account, or writyth~.sed oompilinj said assessments and bills. unlas Lrnder pays Borrowe~ intercst on the Funds and applicabk law pernti~t L~ender to make :uch a char~e. Borrowe~ aad Leoder may atrse in writin~ at the time of exceution ot tha Mortpje tbat intarat oe the Fuads shall be paid to Botrower. and unkss wch a~eement is made or applicabk law requiret wd~ interat to be paid, Lender shall not be rcquited to pay Borrower any interat or arnings on the Funds. Lender s6~11 pve to Borrower~ ~vitl~out char`e.. an annual aocountint of the Funds shoM+in~ crcdits and debits to the Funds and the purpae for which each debit to t6e Funds was made. The Funds are p~ed~ed u additional security for the sums securod by this Mottia~e• . If tbe anaunt ot the Fwids heW by Lender. to~ether witA the futura monthly installmen~s ot Funds payabk prior to tbe due data of axa. assacmeots. inwrance Premiums and around rents. shall exoeod the amount roquired to pay said tua. ~p~a~epa, inwrance prcmiums and ~round rents u they tall due. such excess shall be. at Borrower's option, either pwmptly repald to Borrower or ctedited to Borrower on monthly installments of Fuads. If the amount of the Fu~ beld b~ Leodtr shall oot be w~t to pay taxes. saessments. insurance ptemiums and around rcrits st lhey (all due. Bone~we~ sl~sll pay to I.ender any amouet necessary to make up the de6ciency within 30 days from the date notlce is maikd bp l.eader W Borrower requestiaE PaYment thereof. Upoa paymeat in fuU of all sums iecured by this Mortaage, Lender ahsll promptly refund to Borrower any Fun~ held bp I.ander. If under pua,aaph 18 heroot the Property is sold or the Property u otherwise acquieed by Lender. Lender a6d1 apply. no latu tban im~aediately prior to the sak of the Property or its aoquisition by Lender. any Funds held bv l.eoder at the time of applicatiun u a credit agaiast the sums secured by this Mortgage. 3, /?~IicatMM a[ ta~r~eMs. Unless applicable law provides otherwise, all payments roceived by Lender under the Note aod parasrap6s 1 and 2 hereof shall be applied by Lender first in payment of amounu payable to Lender by Borrower under para`rsph 2 hereof. t6~n to iaterest payable oa the Note. then to the principal of the Note. and then to interest and principal on any Future Advancxs. CYa~e~ Lk~. Borrower shall pay aU taxes, assessments and other charges. fines and impositions attributable to tbe prppecty which may attai~ a priority over this Mortgage, and leasehold parments or ground rents. if anY. in the manue~ provid~d under parasraph 2 hercof or, if not paid in such manner, by Borrower making payment, when due. diroctly to the payee thercof, Borrower shall promptly furnish to Lender all notices of amounts due under this pan~raph. and in the event Borrovrer shal) make payment directly. Borrower shall promptly fumish to Lender rcceipts evidencing such paymenu. Borwwer shdt promptly discharge any lien which hu priority over this Mortgage: provided. that Borrower shall not be ~+cquircd to discharge any such lien so long as Borrowe~ shall agrec in writing to the payment of the obligation securcd by suc6 lien in a manner acceptabk to Lender. or shall in good faith contest such lien by, or defend enforcement of such lieo in. kgal proceodings which operate to prevent tho enforcement of the lien or forfeiture of the Property or any part thercof. S, Hazard I~wrawce. Borrower sha8 kap the improvements nov? existing or hereafter erated on the Property insured aaain:t loas by fice. hazards included within the term "extended coverage", and such other hazards as Lender may rcquire wd in such amounls and for such periods as Lender may requirc; provided. that Lender shall not requirc that the amount of such covenge exceed th,t amount of coverage required to pay the sums securcd by this Mortaaae. 'Ibe ituurance carrier providing tbe insurance shall be choxn by Borrower subject to approval by Le~der, provided. ~ tbat such approval shall not be unteuonably withheW. All premiums on insurance policies sha11 be paid in the manner , providod uoder paragtaph 2 hereof or, if not paid in such man~r, by Borrower making payment, when due. directly to the ~ inwrance curier. Alt insutance policies aad renewals thereof shall be in form acceptable to Lender and shaU include a standard mortgage ~ clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policia and renewals thercof. and Borrower shall promptly furni:h to Leader all renewal notices and all raeipts of paid premiums. In the event of loss. ~ Borrower shall give prompt ~tice to the insurance carrier and l.ender. Lender may make proof of loss if not made promptly by Borrower. ' Unlest Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restorat~on or repair is economically feasible and the security of this Mortgage is not thereby impaircd. 1f such restoraticm 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 securul by this Mortgage, with the eacess. if any. paid to Borrower_ lf the Propetty is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by L.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender is aut6orized to collect and apply the insurance procoeds at Lcnder's option either to restoration or repair of the Propett~ or to the sums securod by this Mongage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not eztend or pcxtpone the due date of the monthly installments referred to in paragrapht 1 and 2 hereof or change the amount o[ such installmeots. If under paragraph 18 hereof the Property is acquired by C.ender, all right. title and interest of Borrower in and to any tnsurance policies and in and to the proceeds thereof resulting from damage to the Property prior to th~ sale or acquisition shall pus to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or . ~ acquisition. ~ 6, Treserratbo nod Maietenaace of PropeAy; l.easehulds; Condominiums; Plaoned Uajt Devebpments. Borrowcr shall keep the Property in good repair and shall not com~pit Waste or permit impairment or deteriotation of the Property and shall comply with the provisions of any lease it th~s Mortgage is on a leasehold. If this Mortgage is on a unit in a coadominium or a planned unit development, Borrower shall per(orm all of Borrower s obligations under the declaration or covenants creating or governing the condominium or planned unit development, ~he by-laws and rcgulations of the condominium or planned unit development, and constituent Jocuments. !f a condominium or planned unit Jevelopment ; rider is executed by Borrower and rccorded together w~th thiti Mortgage, the covenants and agrcemenls ot such rider ~ shall be incorporated ~nto and shall amend and supplcment the covenants anJ agreements of th~s Mongage as if the rider ~ were a part hereoL ~ 7. Protection of Leader's Securfty. If Barrower fails u• perform the covenants anJ agreements contained in this Mortgage, or it any action nr proceedmg is commence.l which materiall~•. afiects LenJer's int~rest in the Prapeny. ~ includ~ng, but not limded to, eminent domain. inu~h~ency, cocle enforcement. or arrangements or proceedings invoh~ng a ~ bwkrupt or decedent. then l~nder at I.ender ~ option, upon notice to Borrowrr, may make such appearances, disburse such ~ sums and take such action as is necessary tu pn~tect Lender's mterest, incluJing..bu~ not lim~ted to, disbursement of ~ reasonable auorney's fees and emry upon the Propcrty to makc rcpairs. If Lcnder reynircd mortgage inwrance as a conddion o( making thc loan cecured by ~hu bic?rtgage. Bi?rmw~r shall pey the premiums requireJ 1o maintain such insurance in ctiect until ~uch timc as ihc reyui~cmcn~ f~x wch msurancc tcrminatc~ in accordancc w~th Borruwcr's anJ ~ ; . . . . . z~ 312 ~~~E 2275