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Home My WebLink About2709 ~ . - ~ - ; . ' ;,.',•,j i i UxrnoR~t OovaN~Nn. Borrower and Leade~ covenant snd asroe u follows: • } 1 ~qM~t l~i~ai ri 6Mt~/. Botrower thal) p~ompil) WY when due tbe principal of and inte~t on the irdebt~dnea avideaoed bp tbe Note, pr~eQay~a~t and late clwr~ec s.~ ~ovided in the Nate. aed the priecipsl oE aad ietet+at aa any Futuro Advsnas ~ecurod b~r this Mart=a~. ~ 2. 14¦i tor Taz~s a~i I~e~ee. Subject to spplicabk law ar to a vmitten wsiver by Lender. BorroMrer shall pay ~ to I~der o~ tAe day monthl~? installmeots of priocipsl ar~d intcrcu ~rc payaMe under the Note. until the Note is paid in tull, 4 a sum (t~srein "Fuad~'7 equal to o~twdtth of the yea~l~• tax~~ anJ su~ssme~ts which m~y attain priorit~r over this ' Mortsa~e. and Sround rarts on the Prnperty. it any. E+lus ooatwelGh of yeuly~ premium installmentt tor huard i~wnnce. ~ plus oaNtwel(th of yearly prcmium insiallments for motttaae inu~rancc. if any. all u reasonably estimated i~itially and trom time to time by Leeder on tbe bua of auasments and hills and rcaso~abk estimata thereof. 'IUe Funds:hall be bdd in an institutic+n the deposia or aceounts o( ~rhich arc inwred or ~uaranteed by a Federsl ot t stata a~ency (includina Lender if Leoder is such an institution). I.ender shall apply the Ftinds to pay said tua. assessme~ts. ~ i~uuranoe premiurtes and ~muod rents. l_ender may na charae for sn hoWin= and applyint the F~mds. analyzina said account, j or verityins and compilins said assessments and bills. unlas Le~der pays Borrower interat on the Funds and applicabk law ' pernub Lender to make such a charge. Borrower aad Lender may a~rce ie writin~ at the time of execution ot this ~ Mort~a~e t6at interat on the Fuads slall be paid to Borrovrer. a~d ualas such agreement is made or applicabk law requira such interat to be paid. Ltnder shall not be rcquired to pay Borrower any interat or earnings on the Fut~ds. l.ender = sbaU pv~ to Horrower~ witl~out clurge, an aonual accounting of the Funds showing credits and debiu to the Funds and the purpae for which each deDit to tbe Funds was made. Tbe Funds arc plodgod u additional security for the sums secured ~ bY this Mottsaje• If tbe amount ot tbe Funds held by Lende~, together with the future manthly installments of Funds payabk prior to the due data of taxa. auasments. i~ttrance premiums and ground rcnts. shall eaceed the amount tequired to pay said tua. a:saaneats, i~uurance premiums and ground rents u they fall due. such excess shall be. at Bonower s op~ion, either prompUy repaid to ~ormwer or creditod to Borrower on monthly installments of Funds. If the amount of the Furids Ixld by Lender shaU not be wl6cieat to pay taua, assessments, iraurance premiums snd gmund rcnts ss they fall due. Borr~?e~ shall pay to Leoder a~y amount necesury to make up the deficiency within 30 days trom the date notice is maikd by I.eader to Borrower roquestiag payment thereof. Upon paymeat ia fuQ of dl sums secured by this Mortgage, l.ender shall promptly refund to Borrower any Fun~ l~eW by Leoder. It uader pusarspb 18 hercof the Property is sold or the Propeny ~s otherwise scquircd by Lender. Lender shall apply, no later than immediately prior to the sak of the Property or its acquisition by Lendcr, any Funds held bv I.ender at ihe time of applicatan as a ctcdit agai~st the sums secured by this Morlgage. 3. A~iicatio~ ot t~p~eNs. Unlas applicable law provides otherwise, all payments received by Lender under the Note and paragnphs 1 aad 2 hereoi shall be applied by I.ender first in payment of amounts payable to Leoder by Borrower uader puagraph 2 l~ereof. t6en to interest payable on the Note, then to the principal of the Note, and then to inte~est and priacipal on any Future Advances. 1. C~st~er I3tat. Borrower shal) pay all taaes, assessmenu and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rtnts. if any. in the manaer provided under puagtaph 2 hereof or, if not. paid in such manner, by Borrower making payment, when due, diroctly to ihe ~ payee lheeeof. Borrower shall prompUy furnish to Lender all notices of amounts due under this paragnph, and in the event ` Borrower shall make payment directly, Borrower shall promptly furnish to L.ender receipts evidencing such payments. Borrowe[ shall pranptly discharge any lien which has priority over this aVlongage; provided, that Borrower shall not be roquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligatiun securcd by such lien in a mannet acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forEeiture of the Property or any pan thereof_ ~ S. Haz~rd lewra~ce. Borrower shall keep the improvements now existing or hereafter erccted on the Property insurod against loss by firc, hazards included within the term "extendeJ coverage", and such other hazards as Lender may require ~ and in wch amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortaage. ~ 'Ibe insurance carrier providing the i~surance shall be chosen by Borrower subject to approval by Lender. providod, that wch approval shall not be unreasonably withheld. All prcmiums on insurance policies shatl be paid in the manner ~ provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment. when due, dircctly to the ~ insunace carrier. , ( All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ctause in favor of and in form acceptable to l.ender. Lender shall have the right to hold the policia and renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lettder may make proof of loss if not made promptly ; + by Borrower_ ~ Unless Lenckr 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 feasibte and the security of this Mortgage is not thereby impaired. If such restoration 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 secured by this Mortgage, with the excess. if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is maded by Lender to Borrower that the insurance carrier ofien ~o settle a claim for insurance benefits, Lender is authoriud to collect and apply the insurance proceeds •rt Lender's option either to restoration or repaer of the Propertv or to t6e sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application ot proceeds to principal shall not extend or postpone the due date of the monthly installments referred ta in paragraph~ 1 and 2 hereof or change the amount of such installmeats. It under paragraph 18 hereof the Prof.erty is acquired by [.ender, all right. title and interest of Borrower in and to any tnsurance policies and in and to the p~oceeds thereof resulung from damage to the Property prior to thc sale or acquisition shall pass to Lertder to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. " 6. Preservatjon aod Maintenaace of Property; Lersehulds; Condominiums; Planned Unit Devebpments. Borrowcr F shall kcep the Property in good repair and shall not comnoit K~aste or permit impairment or deterioration of the Property ~ and shall comply with the provisions of any lease ~f th~s Mortgage ~s on a leaschold. If this Mortgage is on a unit in a ~ condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or coveoants creating or governing the condom~nium or planned onit develupment, the by-laws and regulations of the ~ condominium or planned unit development, and constituent Jocuments. If a condominium or planned unit Jevelopment ~ rider. is executed by Borrower and recorded ~oge~her with thi~ Mortgage, the covenants and agreements ot such riJer shall be incorporated into and shall amend and supplcment the covenants and agreements of th~s Mortgage as if the riJer ~ were a part hereof. 7. Protection of Lende~'s Securffy. If Rorre~wer ta~lti t~ pcrform the covenanls and agreements contained in this Mortgage, or if any action ur proceeding is commenceJ wh~ch materially afiects I.ender's interest in the Propert~•, including. but not 6mited to, emment domain. inc~lvency, a~de en(orcemen~, vr arrangements or proceedings involving a bankrupt or decedent. thcn l.enJer at l.ender'. option, u{xm notice to Borrower, ma~ make such appearances, dishurse such sums and lake such action a~ is necetcar~~ tu pn?tect I_ender's ~nterest, including, b~t not limrted to, disbursement ot reasonable attorney's (ees and entry u~xm ~he Properiy to make repairs. If 1_cnder reyuireJ mortgage' inwrance as a condrtion ot making thc Ioan ticcureJ b} thi~ M~~rtgagc. B~~rruwrr shall pay ~hc prcmiums requireJ to maintain such . insurance in rtfect unlil such timc as tFn: rcyuirement for ,uch insurance terminatr~ in :~ecordanee w~hh Bormwer's •rnd , ~ . . ; auoK3~.2 ~GcE2~5 _ ~