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Home My WebLink About2697 ~ . UH[~w Oovar+~rm. Hotrower aad t.Mde~ oove~ant aod atroe ss tollow:: 1. ~wM M lti~elM1 a~i I~I~ewA. Horrower shall promW~) WY when due tbe priecipal ot and inte~at oo the indebtedne~t evidenoed b~? tbe Note. propaymeot snd late clwnes u~xo~?ided io the Noro. sod the principsl ot and ioterat oa ~nr Fwuro Advanca ~ecurod b~? thi: Mort~s~. . 2. ~1ri tor T~ Mi l~ea~ce. Sbbject to applicaDk law ~x to a written waivet by Leoder. Borrower shsll pay to Leeder on the day monthlp installments ot principal and in~erou ~n~ payaMe unde~ the Nae. until the Note is paid in full, a a~nn ~rein "Fuad~'ry equal to oaatwelfth oi the yea~l~• u~?~~ and assasments which may attain priority ove~ this Morisa~e. and ~round ra~ts on the fh+npe~ty. if any. plus one-twel(th of yearf~? premium iastdlmeets for hazard i~uu~ance. plw oae-tw~eltth of yearlY premium bstallments for mortta~e inuiranoe, it any, all as reasonably atimated initialty and troaa time W time by Letder on tbe basis ot asses~ments and hills and reuonabk atimata thereof. 7Le Fundt thall be !xW in an institu~ic~n the depos~a or accounts of ~rhich arc insurtd or ~uarantad by a Federal ot tta~e asency (includint Lender if l.cnde~ is such an iratitution). 1_en~kr shall spply the Funds to pay uid uxa. auessmems. irouranoe premiums and ~mund rents. I.ends~ may nol charae io~ se+ hoWin= ~nd applyint ~he F~mds. analyzin~ said actount, or varifyins.snd compilin~ said assessmenu and bi{Is. unlas Lender pays Borrower interost on the Funds and applicabk law petmits I~ender to maka ~ch a char~e. Borrower and Lender may aarce in writin~ at the time ot exxution ot this -Mortsaje tbat interest on the Fuads shall be pzid to Borrower. and unless such a~roeme~t is made or applicabk law requiret wch interat to be paid. l.ender shall not be rcquirod to p~y Borrower any interat or earnings on the Fur~ds. Lender ~hall pve to Borrower. witl~out charje, an annwl acoounting of the Fuods showina crcdits and debits to the Funds and the purpae for which each debit to tb~ Funds was made. The Funds are pled~ed u additional security for the sums socured by tbis lblattp~e• If the amount ot t6e Funds 6eld by Lender. together with the future monthly installments of Funds payabk prior to t6e due data oE ta~ca. assatmeots. insurance premiums and ground re~ts, shall exceod the amount required to pay uid tua. assaanents. insurance premiwns and ~round re~ts u they fall due. such excess shall be, at Borrower's option. either promptly repaid to Bormwer oc credited to Borrower on monthly iiutallmenta o[ Funds. If the amount of the Fu~ds bdd by Lendsr shall not be wt6cieat to pay tues, aasessments. insurance premiums and grouod rcots ss they fall due. Bomuw?er sball pay to I,.ender any amount neoessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrowec requesting payment thereof. Upon paya~ent in full of dl sums Kcured~by this Mongage, l.ender shall promptly rcfu~d to Borrower any Funds held by Lender. If unda pan~taph 18 hereof the Properiy is sold or the Propeny a otherwise acquired by Lender. Le~der :hdl apply. no later than immediately prior to the sak of the Propeny or its acquisition by [.ender. any Funds held bv I.eoder at the time of application si a credit against the :ums sccured by this Mongage. 3. A~pMcatiae ot tq~reNs. URless applicable law provida otherwise, all payments received by Lender under the Note and paragnphs 1 and 2 heteof shall be applied by Lender first in paymtnt of amounts payable to Lende~ by Borrower under puaaraph 2 hereof. thea to iaterest payabk on the Not~, then to the principal ot the Note. and then to interest and priacipal on any Future Adva~wes. 1. Crsrter, i.kas. Botrower shall pay all taxes, a~sessments and othcr charges, fines and impositions attributable to tbe Propeny which may attain a priority over this Mortgage, and kasehold payments or gmu~ rents, if any, in the manner provided under pua6rs~ph 2 hercof or, i[ not paid in such manner, by Borrower making payment. when due, diroctly to the psyee thaoof. Borrower ahall promptly furnish to Lender all notices of amouats due under this para~sph. aod ia the event 8ormwer shall make payment directly. Borrowe~ shall promptly furnish to Lender receipts evide~ing such payments. _ Borrower shall pma~ptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be rcquirod to discharge any such lien so long as Borrower shall agree io writing to the payment of the obligation securcd by such lien in a manner acceptable to Lender. or shall in good faith contest such lien by, or defenJ enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thercof. S. Amrd /ewra~ce. Borrower shall keep tht improvements now existing or hereafter erected on the Property insured again:t loss by fire, hazards included within the term "extended coverage", and such other hazards u l.ende~ may requirc aad in such amounts and for such periods as Lender may require; provided, that LenJer shall not requirc that ~he amount of such coverage exceed that amount of coverage required to pay the sums securcd by this Mortaaga 'Il~e iasurance carrier ptoviding the insurance shall be chosen by Borrower subject to approval by Lender. provided, that wch approval shall not be unreasonably withheld. All premiums w~ insurance policies sha11 be paid in the manner ' provided under paragraph 2 hereof or. if not paid in such maaner, by Borrower making paymeat. when due, dircctly to the ~ insurance curier. f All~insurance policies and renewals thereof shall be in form accep~able 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 policia and cenewals thereof. € and BorrowYr shall Qromptly furnish to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss. ~ Borrower shall grve prompt naice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower. ~ ' Ualest Lenckr and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property Jamaged, proviJed such restorahon or repair is economically feasibie and the security of this Mortgage is e not Ihereby impaired. If such restoration or rcpair is not economically fcasibte or i( the security of this Mortgage would - be impaired, the~ insurance proceeds shall be appli~d to the sums secured by this Mortgage, with th~ excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or it Borrower fails lo respond to Lender within 30 days from the date notice is ma~leci by l.ender to Borrower that the insurance carrier ofiers to setUe a claim for insurance benefits. Lender - is aut6orized to collect and apply the insurance proceeds at Lender's option either to restoration or repa~r of the Propem• or to tbe sums secured by this Mortgage. Unlus Lender and Borrower otherwise agree in v?°riting, any such appliration of proceeds to principal shall not extend or postponc the due date of the monthly installmcnts refcrred to in paragraphc 1 and 2 hereof or change the amount o( such installmeots. If under paragraph IS hereof the ProE.erty is acyuireci by Lender, all right, tiUe and interest of Borrower - in and to any Auurance policies and in and to thc proceeds thereof resul~ing (rom damage to the Property prior to !hc sale or acquisition shall pass to Lender to the eatent ot the sums secureJ by this Mortgage immediately prior to such sale or acquiaition. 6. Presen~allon snd Maintenance of Property; Leasehulds; Condominiums; Planaed Udt Derelopmcnts. Borrowcr ~ shall keop the Property in good repair and shall not comroit yvaste or permit impairment or deterioration of the Property ~ and sh~l comply~ with the provisions o[ any lease ~f ~h~s Murtgage i~ on a leaschold. If this Mortgage is on a unit in a ~ condominium or a planned unit develupmenl, Borrower shall per(orm all of Borrower's obligations under the declaration ~ or covenants creadng or governing the condommium or planned unit develvpment, the by-laws and regulations of the ~ condominium or planned unit development. and constituem document~. It a cundominium or planned unit development rider is eaecuted by Botrower and recorded t~.gether w~th ~h~s Mortgage, the covenants and agreements of such rider ~ shall be incorporated mto and shall amend and supplement the co~enants and agreements of th~s Mortgage as if the riJer were a part hereof. ~ 7. Protectiou of Leade~'s Securfty. If B~rr~.v?er f:,~lc to perform the covenants and agreements cantained in this t Mortgage, or if any acUOn ur proceed~ng is commcoced K~h~ch materially aBects Lender's interest in the Property, ~ includ~ng. but not lim~ted ro, em~nent domain. in~c.lvency, ax1e en(orcemem, or arrangements or pmceedings invol~•ing a ~ bankrupt or deceJent, then Lender at I.ender'a option, upcm notice to Borrower, ma? m•rke such appearances, d~sburse such - sums and take such ac~ion ati is necessary tu prutect Lender's interest. includ~ng. but not limhed to, d~sbursement of `reasonablc auomey'c fecs and emry up~m the Propcr~~• to make repairs. If 1_cnder reyuircd mortgage incurance as a - condit~on ot makmg thc loan ~ecureJ b}• thu 111ur~gage. B~~rn?wcr shall pay thc premiwns requireJ to maintain such insurance in rticct until such timc as tlx: rcyuircmcnt fc~r wrh imurancc Icrminatcs in accordancc with Borrowcr': and - ~ @ • 3 ; ~ • 800K PA6f ZU9.~ i _ .:.k€