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Home My WebLink About0032 - Uwu~altM Oovaet~tnis. >totrower sad Lttoder covenant and agroc es tolbws: ><yasestt a[ hiaei~ei a¦i hlereM. Borrower- shall promptly pay when due the ptiacipd of and inleeeet oa the .itsdebtsdttea svidpwosd by tits NoM. pt+6paymeat sad fats charges ss pro+ided in-the Nato, and tM pt~cipd d sad ~tNtesl ee aety.Fatutre Advaaoa ssetrned by chits Mortgage.- . Z. ltesstls fats Z1apa atstl Ifetwrtrea Sebject to applicable law or to s written waiver b+~ . $oiiot~ ids ~ to Leader as the day tnoathly instaltmerw of principal and interest are. payable under the Notes utttt~ the Note is Paid in full. a sues pNraia "Ftmds'9 equal to one•lwe{fth of the ysarl~ tsx~ and ast~saaseaa which a+tY sttaia P~~ ovar this Moryage, sad grota4d read oa t4s Property, if any. pica aie-twelfth of y~earlli' pcetaiues dents ivt bautd ittsurana. phta os»-twalttf? of yearly preaaium installments for mortpda irtsuranee. if say. all u r+easot~aWy ~itnated initially and ttr>aa time to tams by I.etsdar oo ebe bases of assessments sad I+ilk sttd rsasoaabk estitrates- thereof. - 'I1se FtaAde :bap be Lead is an institution the deposits or aoootenb of which aro iuwred or guaranteed by a Federal ctr scats afltncy (iachtding 1~etder if Lender is :,tech an institution).. Lender siWl apply t64-Pt~_to pay said tax~ea, sssasameat><. ittsuranoe pranitura sad gronnd rents. Leader may not charge for so holding a~~ap ~yie~ ~ ~ ~ ~M ~ or verifpittj.aad compiling said assessment: and bilk, unless Calder pays pertttita Lender to mate such a charge. Borrower and Leader may agree is writieg at the time of execution of this Mortgage that interest oa the Funds shall be paid to Borrower.:nd unless suds ap~eattatt is msde ar applipbk law regteires each interest to bs paid, Lender shall not be ttequired to pay Borrower any interest a pruing: on tba Funds. Larder :flap g#tre to Borrower, without charge. as annual aooout?ting of the Funds showing eredits and debits to the Funds sad the purpose for whidt eat;b debit to the Fund: was made. 7Le Funds am pledged as additiaual security for the sums :scored _ - blt lltatisia•- . - - - _ _ _ . - - - lif the amount of tbti Foods held by Leader. together with the future monthly installments of Futtds payable prat the dos dates of taxes, ttsaasntents, irtsurattoe premiums and ground vents. shall exceed the amount required to pay :aid taxes. aaeeeetaeab, insuanos premit~t sad ground rears as they fall dues stash excess shall be, at Borrower's option. either pr~oaeptly repaid to Borrower ar credited to Borrower oa monthly installments of Funds. if the amount of the Funds held by I~eadershall not be stt~cieat to pay taxes. natts. iwttrana preeniutns sad gttwad rafts m they fall dues, Borrower :ball pay bo Lender say amount necessary to make up the de&iency within 30 days from the date notice is msikd by Leader to Borrower requesting payment thereof. . Upon payment is full of cep sums secured by this Mortgage. Leader :ball promptly refund to Borrower any Funds held by Leader. If urwler paragraph 18 hereof the Property is sold a the Property n otherwise soquired by Lender. Lender s6dl apply, stn later than immediately prior to the sale of the Property or is aoqui:itian by Lender. say Funds held by Lender st the time of application as a credit against the sums secured by this Mortgage. 3. APpflicatlaa of lrtysaes~ls. Unless applicable law provides otherwise, all payrtsents received by Lender under the Note sad paragraphs_ 1. and.Z hereotshall be_ applied _by_t~r Hrst in payment of amounts p~Ysbk to under by Borrower _ under paragraph 2 hereof. they to interest payable on the Note, then to the pri~ipal of tht Note, sad then to sntere:< priatdpal on any Future Advaaoa. d. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, flrtes and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payment: or ground clots, if any, is the manner provided under paragraph Z hereof or, if not paid in such manner. by Borrower making payment. whoa due. directly to the - payee thaeof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower chap make payment directly. Borrower shall promptly fumish to Lender recapts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation resoled by such lies in a manner acceptable to Lender. or shall in good faith contest such lien by, or defend eaforoanent of such Ikn i0. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hssard Iawraatx. Borrower shall keep the improvements now existing or hereafter erected oa the Property imured against loss by fire. hazards included within the term "extended coversge", and wch other hazards as Lender may require sad in such amounts and for such periods as Lender may require; Provided, that I~nder :bah not require that the amount of such coverage exceed that amount of coverage required to pay the wms secured by this Mortgaga• 'Ibe insurance carrier providing the insurance :hail be chosen by Borrower subject to approval by Lender. provided. that such approval shall not be unreasonably withheld. All premiums on insurance pdicie: shsdl be paid in the manner provided under paragraph 2 hereof or. if rat paid in such manner, by Borrower making payment, when due, dtr+ectiy to the { imuraoce Car[Ier. All insurance policies and renewals thereof shall be in form aceeptabk to Lender and shall include a standard mortgage clause in favor of and ir. form aceeptabk to Lender. Lender shall have the right to hold the policies and reeewak thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Leader. lender may make proof of lass it not made promptly by Borrower. - - ' Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoratan 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 the Mortgage would be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage. with the excess, if any. P~ 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 often to settle a claim for insurance benefits, Lender is authorized to -collect and apply the insurance procxeds at Lenderi option either to restoration or repair of the Property or to the 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 installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. if under paragraph I8 hereof the Property is aequirod by Lender, all right, tick and interest of Borrower is and to say htsurance policies and in and to the procxeds thereof revelling from damage to the Property prior to the sale or acquaitioa shall pass to Lender to the extent of the sutra scented by this Mortgage immediately prior to such sale or u~qukition. f. If'r+aenatbs and Maintettanee of Property; Latseholdtti Coniooris>ins~ Iplawaed Unit Deveiop¦seatr. Borrower shall keep the Property is good repair and shall not commit yvaste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a kasehold_ 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 covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the cortdorrtinium or planned unit development. and constituent documen[s. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and wpplernent the covenants and agreements of this Mortgage as if the rider were a part hereof. 7. Protection of Leader's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement. or arrangements or proceedings involving a bankruq or decedent. then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and tske such action as is necessary to protect Lender s- interest. including, but not limited to. disbursente[~t of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums rcgttired to maintain such iruurance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers and • BooK 316 PEE 32 -