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Home My WebLink About2685 ' . - . - - . • f , . . . . • U~tro~ Oovat+~Nts. Horrower and Lende~ oovenan~ and i~~roe as tollows: ~ 1~N d hYtiMi a~i I~MaM. Bort~owe~ shall Pr~Pi~) WY when due tbe ptincipal ot and interat oo the iadebtednw svideooed bp tbe Note, prepaya~eat and late clwreec u ~uovided in the Note. •od the principsl ol and intenst oa my Futw+e Advances'ecurod b~? tha Mortsaje. ~ 2. E~i tK Ta~as s~i Iaw~n~ee. Subject to spplicahk law ix to a written waive~ by Lendet. Borrowre~ sha11 P~Y to Lender on the d~y moathly instdlments of principal and intcrca~ .~ro pay~ble under the Note. until the Nwe is paid io tull. a sum (Nerein "Fuad~'~ ~qual to one-tweitth ot the yeari~- tax~~ anJ assasments which may attain prioritp ove~ this Mottsa~e. and ~round reab oe the Pt~oputy. if any. E+lus oae-twelfth of yeatf~i~ premium installme~ts tor hazard inwran~. plus ooatvreltth of yes~ly pranium it~stallmenls to~ morttage ins~~rance, if sny. sll as reasonably atimated initially an.i trom time W ti~t~a by Leoder on tbe buis of asses.smeots and hills and rcasonabk atimata thercot. 71~e fl~nds shall be beld in a~ institutic~n the deposia or accounts of which arc inwred o~ ~uanoteed by a Federal ot qa~e ajeecy (includint I.ende~ jf Lender is such an_ i~alitution). I.ende~ shall apply the Fands to pay said taxa. stseuments. iawranca Pemiunq and ~ou~d renb. l.er~der may na charge for Yc+ holding and aPplYinj the F~mds. analyzin~ said account, or verifyiot_aod oomqlin= said assessments and bills. unlas ~e~der pays Borrower intercst on the Funds a~d applicabk law permib Lender to make such a charge. Borrowe~ and Lender may agrce in w~ting at the time ot exceutioo ot this Mort~a~e tbat interat on the Fuads shall be paid to Borrowe~. and unless such aareement is made or applicable law requires wd~ interat to be paid. Lender shall not be required to pay Bonower any interat or arnings on the Funds. Lender shaU Sive W Bormwer~ without cbarge, an annwl accounting of tlx Funds showina credits and debits to the Funds and the purpae for which each debit to t6e Funds wu made. The Funds are plodg~d u additional socurity for the sums secured by thi: Mort~a~e. If t6e anaunt ot tbe Fundc 6eld by Lender. togelher with the future monthly instaUments of Funds payabk prior to tbe dua data of tua. assasmeats. ir~urance premiums and ground rents, shall exceed the amount required to pay said taxa. as~meats, insuranoe premiums and `round rents u they fall due, such eacess shall be. at Borrower's option, either ; proa~ptly repaid to Borrower or creditod to Borrower on monthly installments of Funds. If the amount ot the Funds . heW by Ireoder shaU not be wlGciwt to p~y tua. auessments. insurance premiums and ground renta u they fall due, Hocro~rer sbaU pay to l~ender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by I.eader w Borrowa requatia8 WYment thereot. Upon p~yd~tut ia full of all stuna socurcd by this Mwtgage, . Lender ahall promptly refund to Borrower a~y Funds haW by I.ender. If under parajraph 18 hercof the Propeny is sold or the Property ~s otherwise acquircd by Lender, Lender shaU apply. no later than immediately prior to the sak of the Property or its acquisition by Lender, any Funds held bv L,ender at the time of application as a credit against the sums secured by this Mortgage. 3. A~licatio~ oE la~eds. Unless applicable law provides otlxrwise, all payments received by Lender under the ; Note and paragraphs I and 2 hereof shall be applied by Lenckr 6rst in payment of amounts payable to Lender by Borrower under panaraph 2 hereof. then to interat payabk on the Note, then to the principal of the Note. and then to interest and i priocipal on any Future Advaooes. ; 4. C~e~ Lieas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner pwvided tmde~ pusaraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the papee thereo[. Borrower shall promptly furnish to Lender all notic~s of amounts due under this paragraph. and in the eveat Bornovrer shall make payment directly, Borrower shall promptty fumish to L.ender receipts evideacing such payments. ~ Borrower shall promptly discharge any lien which has prionty over this Mortgage; provided. that Borrower shall not be : rcquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligatiun secured by such lien in a manner acceptablc to Lender. or shall in good taith contest such lien by, or defend e~forcement of such lien in. ; legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the PropeRy or any part. thereof. S. Huard lnw~awee. Bocrower shall kcep the improvements now existing or hereafter erected on the Property insured s against loss by firc, hazuds included within the tenn "extendeJ coverage", and such other hazards as Lender may require and in such unounts and for such periods as Lender may require; provided, that Lencler shall not require that the amount of : such rnvenge exceed that amount of coverage required to pay the sums secured by this Mortaaga ' 'Itie inxuranoe carrier providing the irisurance shall be chosen by Borrower subject to approval by LenAer, provided, t6at wch approval shall not be unnasonably withheld. All premiums on insurance policia sha11 be paid in the manner provided under paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment. when due, directty to the i inwrwce carrier. ~ All insurance policies and renewals therrof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptablt to Lender. Lender shall have the right to hold the policies and renewals thereof. ~ and Borrower shall promptly furnuh to Leader all renewal notices and atl receipts of paid prcmiums. In the event of loss, Borrower shall give prompi notice to the insurance carrier and Lender. Lender may make proof of loss if not made prompdy ~ i - by Borrowcr; ` ' Unteu Lender and Bortower otherwise agree in writing, insurance proceeds shal) be applied to restoration or repair of the Propeny Jamaged, provickd such restoration or repair is economically-feasible and the security of this Mortgage is not thereby impaired. I( such restoration or repair is not economically fcasible or i[ the security of this Mortgage would be impaircd, 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 if Borrower [ails to respond to Lender within 30 days from the date notice is maded by Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits. l.ender ~ is authoriud to collect and apply the insurance procceds at Lender's option either to restoration or repa~r of the Propertv or to t6e sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or postpone the due date of the monthly installments rc(erred to in paragraphs 1 and 2 hereof or change the amount of sucb installmeots. If under paragraph 18 hereof the Property is acyuired by L.ender, all right, title and interest of Borrower in and to any i?isurance policia and in and to the proceeds thereof resulting from damage to the Propeny prior to thc 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. Pr~eservation and 1laintenance of Property; Leasehulds; Condominiums; Planned UWt Derebpments. Borrower shall keep the Property in good repair and shall not comroit yvaste or permit impairment or deterioration of the Property ~ and shall compl} with the provisions ot any lease if this Mortgage is on a leaschold. !f this Mortgage is on a unit in a ~ condominium or a planned unit- development, Borrower shall perform all o( Borrower's obligations under the declaration ~ or coveoants creating or governing the condominium or planned unit development, the by-laws and regulations of ihe ~ condominium or planoed unit development, and constituent documents. !f a condominium or planned unit development . ~ rider is eaecuted by Borrower and recorded together whh th~s Mortgage, the covenants and agreements of such rider $ shall be ~ncorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider ~ were a part hereof. ' ~ 7. ProtecGoa of i.eadtr's Securfty. If B~rrower failc tn per(orm the covenants and agreements contained in this { ~ Mor~gage, or if any action ur proceeding cummrnced wh~ch matcrially aficcts I.ender's interest in the Property, f ~ including, but ncit limrted to. emment domain. in~lvency, coJe enforcement. or arrangemems or proceedings invol~ing a ; ~ bankrupt or decedem. then l.ender at l.endtr's option, up~~n notice to Borrower. may make such appearances, disburse such ~ sums and take sueh action ac is neeescary tu protect Lender's mterest, incliiding. but not lim~ted to, disbursement of ~ reasonablc attorney'c (ees and en~ry upim ~he Proper~y to makc repairs. If I.rnder reyuired mortgage insurance as a ~ condit~on ot mak~ng the loan ~ecureJ bp Ih~s Mortgage. Barmwrr sh:+ll pay the premiums requireJ to mainta~n such ~ insurance in etiect until tuch time as t1x: rcyuirement for .uch ~nsurance Ierm~natr~ in :~c,ordanee with Borrower s and ` ~ ' . UR ~ ~ . 8~~3~2 ~~~Ez681 ,