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Home My WebLink About2777 ~ T . } . • ~ f Ut+tro~it CovaN~~+TS. Bott~ower and L.eode~ coveaant and a~roe ai follows: ~ ~ r~a.~.r .t n~+M.~ eor~ ~.o ~o~a~~ wr wn~~ e„e ~r and inttreq on Ihe indebtednat avidenoed b~? tbe Nota. pcepsyment and late char~es a.s ~ovided in the Nate, and the princip~l ot and interat ~ oa ~oy Futute Advanas securod b~r thK Mortsaie. ~ t~i tw 'hsa~ Mi I~wr~ce. Subject to applic~bk law ~u to a written waiver bp l.ender. eoRO~ ~+.n wr to I.eqder on the day monthly installments of principal and imcrest ~rr payaMe under the Note. until ihe Note is psid in full. a amn (heneln "Fund~'~ eqwl to one-tweltth of the ~?earl~• tsx~~ anJ assaxnents which may attain priority over this i Mat~a~e, and ~rouad reaes on ibe Pwpeny. it anr. plus onc-twel(th of yeuly premium i~atallmeots tor hazard insurance. ; plus ooe-tweltth ot yea~ly prsmium installntenls for mortsa~e insuraocc. if a~r. all u teasonably estitnated ioitially and tman ~ time W time by I.eader on tbe baais ot asse:smcn~s and hills and rcasonabk atimates thereof. 'ILe Fundt ~hall be held in a~ instituti~n the depos~u or accounts of ~rhich aro insured or ~uaranteed by a Federal ot sta~a s~eocy (inchdin~ L~eader if Lcnder is auch an iostitutionl. 1_eoder shall apply Ihe Funds io pay said tua. asses~smenls. ~ inwcu~oe pt~emiums and ~ound rents. l.ender may not charge tor so hotdina and applyinj the Fnndt. analyzin~ said account. ~ or verifyins snd oomplins said assessments and bilh, unlas Lender pays Horro~we~ interest on the Funds and applicable law permib I.ender to make such s char~e. Borrower and t~ender may aara in writin` at the time ot eaaution of this f Mortpse tbat interat on the Funds shall be paid to Bormwer.. and unlas wch aaroement is made o~ applicabk law ' requiees such intera~ to be paid, Lender shall not be required to pay Sorrower any intercst or earnings on the Funds. Lender ~ shall pve W Borrower. without c6ar~e, an a~oual accounting ot the Funds :howina credits and debits to the Funds and the purpwa [or which e~ch debit to the Funds was made. The Funds are plodaed u additiooal security tor ~he sums secured by this Mortp~e. I! t6e amount ot tbe Funds held by Lender. togelher with the future monthly installments of Funds payabk prior to tlie due data o[ tues. atsestmeats. i~urance premiums and ground rcats, shall exceed the amount required to pay said taxes. s~wnents. i~unnce promiums and =round rents as they fall due. such escess shall be. at Borrower's op~ion. ei~her promptly repaid to Borrower or crodited to Borrower on momhly installments of Funds. If the amount of the Funds hdd bp Leoder shall not b~ wfficieat to pty t~ces, assessments, insurance premiums and ~round renta u they fall due, Botmae~ sball pay to Lender any amount necessary to make up 1he deflciency within 30 days trom the date notice is mailed by Leuder to Borrower requestia8 WYmem thereof. . Upon p~yraeat ia full of dl wms ~ecund by this Mongage, I_ender shall promptly refund to Borrower any Funds held hy Lender. I[ undet puajtaph 18 hereot tF~e Propeny ia sold or the Property ~s othervvise acquired by Lender, l.ender s6a11 apply, no later than immodiately prior to ihe sale of the P~operty or its acquisition by I.ender. any Funds held bv i~oder st the time ot application u a credit against the :ums securcd by this Mortgage. ~ 3. A~Uediw~ ot ls~~b. Unless applicable !aw provida otherwise, all payments receivod by Lender under the Note aad pangaphs 1 abd 2 hereof shall be applied by Lender first in payment of amounts payable to Lende~ by Borrower under paraataph 2 hercof. ihet~ to interest paya6le on ihe Note, then to the principal of the Note, and then to interest and principal on any Future Advances. CYs~a; Lkes. Borrowe~ shall pay all ~axes, assessments and other charges, fines and impositions attributable to tbe Ptuperty which may attain a priority over this Mor~gage, and Icasehold payments or ground rents, if any, in the manner - ptvvided under paraaraph 2 hereoi or, if not paid in such manner, by Borrower making payment, when due, directly to the . payee the[eof. Ho~rower shall promptly furnish to Lender all notices ot amounts due under this para~rsph, and in the event Borrower shall make paymen~ directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mongage; provided, that Bortower shall not be required to discha~ge any such lien so long as Borrower shall agree in writing to ~he payment ot the obligation secured by such lien in a manner acceptable ~o Lender, or shall in good faith contes~ such lien by, or defend enfonement of such lien in, legal proceedings which operate to prevent the enforcement of the I~en or forfeiture of the Property or any Part thereof. S. A~zard lusn~aace. Borrower shall keep the improvements now eaisting or hereafter erected on the Property imured ; against loss by 6rc, hazards included withm the term "extended coverage", and such other hazards as Lender may require ` and in such amounts and for such periods as Lender may require; provided, that Lender shall not requirc that 1he amount of such coveroge exceed that amount of coverage required to pay ~he sums secured by this Mort6a6e. , 'R~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that wch approval shall not be unreasonably withheld. Alt premiums on insurance policies shall be paid in the manner pmvided uoder paragraph 2 hereof or. if not paid in such manner. by Borrower making payment, when due, dircctly to the i insurance curier. ~ All insurance policies anJ renewals thereo( shall be in form acceptable to Lender and shall include a standard mortgaga clauu in favor ~f and in form acceptable to Lender. Lende~ shall have the right to hold tt~e policies and renewals thereoi, ; ~ ~ aad Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss. ~ Borrower shall g~ve prompt notice to the insurance carrier and IxnJer. Lender may make proof of loss if not made promptly ~ by Borrower. Uoless Lender and Borrower otherw~se 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 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 secureJ by this Mortgage, with the eacess, if any, paid to Borrower. If the Property is abandoned by Borrower, or it Borrower fails to respond to Lender within 30 days from the date notice ~s mailed by Lender to Borrower that the insurance carrier oHers to set~le a claim for insurance benefits, Lender is aut6oriud to collect and apply the insurance procceds at Lender's option either to restoration or repair of the Propertr or to the sums secured by this Mortgage. Unless Lender and Borrower othervrise agree m writiog, any such application o( proceeds to principal shall not extend or'postpone the due date of the monthly installments referred to in puagraph~ 1 and 2 hereof or change the amount o( wc6 installments. If under Paragraph 18 hereof the Property is acyuired by Lender, ali nght, trtle and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting frum damage to the Propeny prior to th~ sale or acquisition shall pass to l.ender to the extent of the ~ums secured by this Mortgage immediately prior to such sale nr acquisitan. 6. r~'i~ln'SI~011 70d ~'Ia101l117pCt of Property; Leasehulds; Londominiums; Plsnned Unit Devebpmeats. Borrowcr ' shall keep the Property in good repair and shall not comroit yvaste or permit impairment or deterioration of the Property ~ and shall c~mpl}- with ~he provisions of any lease th~. Mongage iti un a leaschold. 1f this Mortgage is on a~mi1 ~n a ~ condominium or e planned unrt development, Borrower shall perform all of Borrower's obligations under the declarati~+n ~ or covenants creaUng or governmg the condommium or planned unrt develupment, the by-laws and regulationc of the - condominium or planned unit development. :md constitucnt document~. If a condominium or planned unit Jevelopmenl ~ ntier ~s executed by Borruwer and recorJed ~ogether Nhh th~~ Mortgage, the covenan~s and agreements ~~f such rc:lcr ~ shall be ~ncorporated into and shall emend and supplement the co~enants and agreements of th~s Mortgage as the nJer ~ were a part hereof. 7. Protection ot I.ender's Securfty. If Bnrrower f.+~l~ Exrform ~he covenantt.and agreements contained in Ihis ~ Morigage, ur i( any action ur proceeding n cummrnceJ which mal~riall} ~fiects I.ender's mterest in the Proper~y. ~nduding. bu~ n~~t limited ~o, eminent dumain, imi~l~•ency, a~c1e cntur.ement. ~~r arrangements ~,r pr~xeedings invoh-ing a bankrupt or deceden~. then I.ender at LenJer'~ opti~~n, uExm natice t~~ Borruwer, ma~ make such appearances, drohurse such sums and take such acti~?n ati is nece~~ar~• ~o protecl Lender'c mtrrest, mclutiing. but not IimiteJ to. Jnbursement of reasonable auorney'? trrs and entry u~~n ~hc Properl~~ to make repair~. If Lcnd~r reyuired mortgage inturance as a cunJihun u( rnaking Ihc loan ~ccureJ by thi~ lllurt~;.igr. B~~rr~~wcr shall pay thr prcmiwn~ requireJ lo maintain zuch ~nsurance in cl(e~t unUl wch ume at ~hc r~yinrrmcni f~~r wch in~urrnr~ trrmin~lc~ m ac~ordance w~th Bc?rroHCr', and ~ . . ~ . 312 PN~ 2773 ~