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Home My WebLink About2691 . , . . , , ~ . ~ ~ . UNtroRK CovaN~xTS, Sortvw~r aqd 1,ender covenant and asroe u tollows: ~ r4~M N~ere~l M 6il~f. Borrower shall promPd) Wr when due tbe priacipal ot and int~t oe the . indebtedtKa evidenoed b~? tha Nw0. P~Wr~t aed late clwr=es a~ {xovided in the Note, and tbe princip~l ot ud intaeW oa ~ny Putwe Advao~'ecut+ed b~? this Mortsaje. ~ri [ar 'I'ipns a~i Ir~Nie. Subjcct to applicabk law .x to a written wsive~ by I.e~der. Horro~ver sha~1 pay to I.ender on the day mauhfy installments of principal and intrrcst ire payabk under the Note. until the Note is paid in full, a wm (herein "Fw~dt'~ eqwl to one-twelfth of the yea~ly ~az~~ and assasments which may sttain priority ove~ this Mort~a~e. and ~round reab oa tba Propertp. if any, plus one-twelt~h of yearl~i~ pcen~ium instdlmenu for hasard insuraece. plus on~-tweltth of ~rearly p~emium irWallments tor mottsate insu~ance, if anr. all u rcasonably estimated initially and (roaf dme to time by Leader. oa tbe buis af assesssmeets aod hills and rcasonsbk atimata thereof. The Fa~ shall be heW in an institwion the deposiu or ~ccounts of ~rhich are insured ot ~uuanteed by a Federal ot sta~e a~ency (iacludin~ l.endet if Lender is such an institution). 1_ender shall apply the Funds to pay uid taxa. atsasments. ~ inwranoa premiums and pamd reots. l.ender msy ~wt charae for sc+ holdins and sPplYins ~he F~md-~. analyzins said accoun~ ot ve~ityins_sad complinj said assasments and bilh. u~ku Leader pays Bonower intercst on the Funds and applic~bk law permib I.ender to maice wch a charae. Bonowe~ snd Ixnder may atrce in writin~ at the time ot execution of this Mortpsa tbat interat on the FLnds sl~all be paid to Borrower. and ualas such ssrament is made or applicabk law : requires such iaterat to be paid. Lender shall not be rcquired to pay Borrower any interat or earnings on the Fun~. Lende~ ~II pve W Bo~, witbout cbarae, an annual aoco~nting of the Funds showi~a crcdits and debits to the Funds and tl~e purp~ose for whicb ea~h debit to tha Funds was made. The Funds arc pledged u additional security for the sums secured ; bp this Mortia~e• . If t6e amount ot the Fund~ held by Lender. together with the future monthly inslallmenta of Funds payabk prior to t6e dne data of taua, a~asments. inwrance premiums and ground rents. shall exceed the amount rcquired to pay uid taxa. : ~meots. imunnoe premiuips and around rents as they tall due. such excess shall be, at Bonowe~ s option. either promptly repaid to Bomnwer or Crodited to Borrovver on monthly installments of Funds. If the amount of the Funds hdd bjr I.ender sha11 oot be wfficiwt to pay tues. assessmenu. insurance premiums and gmund rents ss they fall due. Horrower ahap pay to Laider any an~ount necasary to make up the deficiency within 30 days from the date notice is maikd ; by I.eader to Borrowa requestia8 payment ther+oof. . Upoo paya4eot ia fuA of all sutas securod by this Mortgage, t.ender shall promptly refund to Borrower any Fun~ beld by Lender. If ut~der para~aph 18 heneof the Property ia ~old or the Property ~s aherwise acquircd by Lender. Lender s6all appty. ~lo later than imanediately ptior to the sak of the Propeny or its acquisition by I.ender. any Funds held bv I.eoder at the time of applicatio~~ as a credit against the :ums securcd bv this Mortgage. 3. A~Ikado~ ot l~p~. Unless applicabk law provida otherwise, all payments ~eceived by Lender under the Note ane! puagrap6s 1 aad 2~hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrowor under paca`raph 2 hereof, then to interest payabk on the Nae, then to the principal of the Note. and then to interat and ptincipal on aay Future Advanoes. ; 4. C~es; Iieas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to t6e Pr~operty which may attain a priority over this Mortgage, and kasehold payments or grou~ cents. if any, in the manner Ptvvided under pangraph 2 herec+f or, if not paid in such manner. by Borrower making payment. wha~ due, direcdy to the payee theraof. Borrower shall promptly furnish to Lender all notices of amounts due under this panaraph. and ~n the avent Borrowtr shall. malce payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over tbis Mortgage: provided, that Borrower shall not be roquired to discharge any such lien so long as Barrower shall agree in writing to the payment of the obligation securcd by ' suc6lien in a manner acceptabk to Lender, or shall in good faith contest such lien by, or Jefend enforcement of such lien in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Propeny or any part thereof. S. Ha:ard I~nra~ce. Borrower shall kcep the improvements now existing or hereafter erected on the Propeny insurod agai~ut loss by firc, hazards included within the term "extended coverage'', and such other haurds as Lender may requirc and in wch amounts and for such periods as Lender may require: provided~ that Lendcr shall not requirc that the amount of such coverage exceed that amount of coverage required to pay the sums secured~by this Monaa6e. I 'il~e insurance carrier providing ttx insutance.shall be chosen by Bonower subject to approval by Lendsr, providtd, that such approval shall not be unreawnably withheld. All premiums on insurance policies sha11 be paid in the manner II provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, dirxtly to the inwraace carrier. All insurance policies and renewals therrof shall be in form accep~able to Lender and shall include a standard mortgage clause in favor of and in form acceptable to l.ender_ l.e~der shall have the right to hold the policia and renewals thereof, aad Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. in the event of loss. ; Borrower shall give prompi notice to the insurance carrier and Lender. Lender may make proof of loas if not madt promptly ~ by Borrower. ~ Unless Lender and Borrower 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 security of ihis Mortgage is not thereby im~aired. lf such restoration 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 Propeny is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier ofters to se~tle a claim for insurance benefits, Lender is aut6orized to collect and apply t6e insurance procceds at Lender's option either to restoration or repalr of the Property or to t6e sums securod 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 referred to in paragraphti 1 and 2 hereof or change the amount o( suc6 installments. If under paragraph 18 hereof the Pro~,erty is acquired by Lender, all right, title-and interest of Borrower ~ in and to any Auurance 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 sunu secured by this Mortgage immediately prior to such sale or acquisition. ~ 6, rreservatbo aud Maiotenance of Property; Leasehulds; Condominiums; Planaed Udt Developmeais. Borrower ~ shall keep the Property in good tepair and shall not comro~~ ri'aste or permit impairment or deterioration of the Property ~ and shall comply with the provisions of any lease if th~s Mortgage ~s on a leaschold. If this Mortgage is on a unit in a ~ condominium or a planned unit development, Borrower shall pcrtorm all of Borrower s obligations under the declaration or covenants creating or governing 1he condominium or planned unit development, ~he by-laws and regulations of the ~ condominium or planoed unit development, and constituent Jocumeni~. Ii a conJominium or planned unit cievelopment rider is executed by Borrower and recorded logether w~~h ih~c Mortgage, the covenants and agreements of such rider ~ sha11 be incorporated into and shall amend and supplcment the co~enants anJ agreements of this Mortgage as if the rider ~ were a part hereof. ~ ~ 7. Protectiou of Leode~'s Security. 1( Borrower (a~l~ t~. per(orm the covenanls and agreements contained in ihis + ~ Mortgage, or if any action or proceeding is commence~l w•hich materially afTects l.ender's interest in the Property. ' including. but not limited to. eminent domain. in~lvenr~, cude en(orcement, ur arr•rngements or pruceedings invol~~ing a ~ bankrup~ or decedent, then lxnder at t_enJer's option, upon notice ~o Borrower. ma~ make such appearances, Jisburse such ~ sums and take such action as is nececsary w pmtec~ Lender's interest. inclu~iing. but not limi~ed to, disbursement o( reasonable attorney's (ees and en~ry upe~n ~he Property to makc repa~rs. If I.cnder reyuireJ mortgage insurance as a ~ condition o( making thc loan sccured by th~s Murtgagc. B~~rruHCr sh.ill p~y ~hc premiums rcqu~reJ to maintain such . insurance in rtTect umil such time as ihe reyuirement (or tuch inwrance term~n•rte~ in :~ccordance wi~h Borr~~wer's anJ ; . . ~ auoK312 PaCF2,~'7