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Home My WebLink About2789 ! UK~w GbvaN~Hrs. 8ort~owtt and Lander wvenant and s~roe as tollows: L ti0'~ el hLe~l aN I~Nn+M. Bon+ower shali PromW~) Wy when due the principsl ot and interest.on the ` indebtedna~ evideaoed b~? tbe Note. pcepayment and laee clwr~es ~c ~xovidod in the Note. and the pri~cipal ot and interat ~ oa mr Futuro Advaaca ~ecw~ed bp this Mortjs~. ' l~~i hr T~ow a~i I~wera~e. Subject to applicabk law ~x to a written wsiver b~? Lende~. Boao~ret shall pay to Laader on the dsy moethly installmeots of principal snd ioieres~ arc payaMe unde~ the Note. until the Note is paid in tull. a wm (hetein "Fund~") oqual to a~tweltth ot the yea~l~• tax~~ a~l auaunents which nu?y attain prioritp ove~ this 1Nortja~e. and s~ound reats on tbe Prnperty. it any, plus one-twelfth of yearly~ pnmium installmenb for hazard insunnce. plus one-twel[th of yearlr premium installments (or mo~tta~e im~~nocc. it any. all u rcasonaWy estimsted initially and trom ' time to ttme b~r i.eader oe tbe buis of asses.sments and hilh and rcsso~abk estimata thereof. 7be Fands shall be held in an institution the deposia or accounts of ~ihich arc insured or ~uarante~d by a Federal ot state s~ency (iacludinj L,code~ it Lender is such an institutionl. I.endt~ shall spply ~he Funds to pay uid taxa. ss~aimen~s. ' inwranoe premiums and Qouod rcnts. t_ender may not char=e for u+ holdin~ and applyins the Fnnds. analyzins uid accoun~ i or verifyinj.and oompilins said assessments and bills. unlas Lender pays Bortower interat on the Fu~s and applicable !aw ' permit~ Lende~ to make wch a charje. Bonower and Lender msy asrce in writin~ at the time of exocution o[ this : Mortpje tbat interat on the Fuads shall be paid to Borrower, and uakss such aareement a made or applicabk law ~ ~+equires wch intercst to be paid. Lende~ shall na! be requircd to pay Borrower aoy interat or earnings on the Funds. l.ender t. shaU pve to Borrovve~. witbout charte, an annwl aooountins of the Funds showina crcdits and debiu to the Funds and the pupae for which eaeh debit to tbe Funds wu made. The Funds arc pledged u additional sccurity tor the sums secured by this ~Morti+ye• - If tbe amount of tba Fuadt held by Lender, together with the future monthly i~stallments oE Funds payabk prior to t6e due data of taxa. assasmeats. inwrance premiums and grouod rents, shall exceod the amount required to pay aaid tues. aste~oents, inwranoe preaniums and fround rents as Ihey fall due. such excess shall, be. at Borrower's op~ion. either proovptly repaid to Bormwer or credited to Borrower on monthly installments of Funds. lf the amount of the Fuods hdd by I.eod~r shall not be wt6ciwt to pay taxes. a~es,une~ts. insurance peemiums and ground re~ts ss they fall due. Borrow?er t6aQ pay to I~ender any amount necessary to make.up tl~e dcficiency withi~ 30 days from the date notice is mailed by I.wder to~Bornower requestin6 P~Yment thereof. - Upon paymeot in fuD of all swns :ocured by this Mortgage, Lender stull promptly refund to Borrower any Funds held bp Leoder. If uoder pan~aph IS hereof the PropeAy is soW or the Propeny ~s otherwise acquired tiy Lender. [.ender ? :6aU spply. no later t6an immediately ptior to the sak of the Property or its acquisition by Lender. any Fund~ held bv ? I.eoder at the tune of application ~ a credit against the sums secured by this Mortgage. 3. A~licatio~ ot ~aprse~ls. Unless applicable law provida otherwix, all payments received by Ler~der under the Note aad paragraphs 1 and 2 hereof shall be applied by Lenckr 6rst in payment of amounts payable to Lender by Borrower undet parajraph 2 hereof. t6eu to interest payabk oa the Note, then to the principal of the Note. and then to interest and priappal on any Future Advanas. (,'~e~ Lieas. Borrower shall Pay all taxes, asxssments and other charges. fines and impositions attributabk to t6e Property which niay attain a priority over this Mortgage. and leasehold payments or ground nnts. if any. in the manner provided under puaarapl~ 2 hereof or, if not paid in such manner, by Borrowe~ making payment. when due. diroctly to the payoe theroof. Borrower ahall promptly furnish to Lender all notices of amounts due under this para~nph. and ia the eveat Borrovrer shall roake paytnent dircctly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall Qromp~ly discharge any lien which has priority over this Mortgage: provided. that Borrower shall not be rcquired to discharae any such lien so long as Borrower shall agree in writing to the payment ot the obligation securcd by suc6 lien in a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien ia. legal proceedings which operate to pnvent the enforceme~t of the lien or for[eiture of the Property or aoy pan thereof. S. Harard Isw~ce. Borrower shall koep the improvements now eaisting or hereafter erected on the Property insurod against loss by 6~e, hazards included within the term "extended coverage", and such other haurds u Lender may require aad in such amounts and for such periods as Lender may requirc; provided, that Lender shall not roquire that the amount of such coverage excesd that amount of coverage required to pay the sums secured ~y this Mortaa6e. 'fhe insurance carrier providing the insurance shall be chosen by Borrower subject to approva) by Lender. provided, j tbat wch appmva! shall not be unreasonably withheld_ All premiums on insurance policia sha11 be paid in the manner providod uoder paragraph 2 hercof or, if not paid in such manner, by Borrower making payment. when due. dircctly to the = ; iawrance curier. • I All insurance policies and renewals thereof shall be in (orm acceptable to Lender and shall include a standard mortgage i clause in favor of and in form uceptable to Lender. Lender shall have the right to hold the policia and renewals thereof, - ! and Borrower shall promptly furaish to Leader all renewal notices and all receipla of paid prcmiums. In the event of loss. = ' Bortower shall give prompE notice to the insurance catrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower. Unlesc Lender ~nd Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property eiamaged, provided such restorat~on or -repair is economically feuible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasibte or it the xcurity of this Mortgage would be impairod, the insurauce proceeds shall be applied to the sums secured by this Mongage, wi~h the eacess. 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 mailed by Lender to Borrower that the insurance carrier ofiers to settle a claim for insu~ance benefits, Lender is aut6orizod to collect and apply the insurance proceeds 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 installmcnts rcferred to in paragraphs 1 and 2 hereof or change the amount of suc6 installmeats. If under paragraph 18 hereof the Property is acquired by Lender, all righs, title and interat of Borrower in aod to any It~surance policies and in and ro the proceeds thereof resulting from damage to the Property prior to th.: sale or acquisition shall pus to l.ender to the extent of the aums secured by this Mortgage immediately prior to such sale or acquisition. ~ . ~ 6. lntervstioo aod Maintenaace of Property; Leasehulds; Condominiums; Planned Unit Derebpments. Borrowcr shall kap the Property in gc~od repair and shall not. comroit yvaste or permit impairment or deterioration of the Property and shal! comply with the provisions of any lease if this Mortgage ~s on a leaschold. !f 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 creatiog or governmg the condom~nium or planned unit development. ~he by-laws and regulations of the ~ condominium or planned unit development, and constituent documents. I( a condominium or planned unit development g rider is executed by Borrower and recorded ~ogether w~th this Mortgage, the covenants and agreements of such nder ~ shall be incorporated into and shall amend and supplement the covenants and agreements of ~his Mottgage as if the riJer ~ were a part hereof. ~ 7. Proteclion ot I,ende~'s Securitr. If Borrower fa~h tc~ perform the covenams anJ agreements contained in this f Mortgage, or if any ac~ion ~~r proceedmg ~s commenced which materially atiects Lender's interest in the Property, ~ including, but not Gm~ted to, eminent domain. incolvenry, code en(orrement, or arrangements or proceedings involv~~g a baokrupt or decedent, then I.ender al I.ender's option, u{x~n natice to Borrower, may make such appeaiances, dishurse such sums and I~ke such ~ction as is necessary tu protect I.ender's mterest, including, but not limued to, disbursement of reasonable auomey's tcec and entry upon the Propcrty ~o make repairc. 1( Lendcr reyuircd mortgage insurance as a condilion of making thc loan ucureJ by this Mortgagc. Borrowcr shall pay thc prcmiums requireJ to maintain such insurance in effect unlil such time as ~he rcyuirement tor wch ~nsurance termma~es in .~ccordanee whh Borrower's and ~ ~ ~ ~ $~K312 ~~~~2785 : ~