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Home My WebLink About2175 - - - ~ t Usnrout Oovttt+at~rrs. Borrower and Leader covenant and sgrgt ss follows: L ftp,t~at st ><efbe4d tttatt itMsreM. Borrower shall promptly par when due the principal of sad interact oa the irtdebtedoese evidenced by thr Note, preltaymenrt std late charges as provided in the Nola. entd tits prirtnpal ol< sttd iatterew oa eery Fttttrre Advances sectored by tba Mortgage. ~ - Frade for 7leaee sad >daese+aaa~s, Slebjeex to applicable law or b a written waiver by Lader, Borrower shag pay b Lender oa Ilte clay nroathly installments of principal and interest arc. payable tutdor the Note. until the Note a paid in full. a cares (ha'dn "Fuads'~ etlwl b one-twelfth of the yearly taxers and assastnatd which may attain priority over this Mortgs~e. and gratrtd rents on the Property. if any. plus one-twelfth of ytsulli' pranium item foe harttrd irtstorsifoe. - ; plus oaatwei[th of yearly preraium itntallntettts te>r trtortgage itutersnex. it any. afl ss reasonably eslitrtatetd initially and tram liras b time by Lader oa the basis of assessments and hills and ressonabk estirrratea thereof.. The fltnds shall be hdd in an institution the deposia or accounts of which are insrued or guaranteed by _a Federal ut slats agatcy (inchding Leader if Fender a such an institution). larder shall apply the Furls b pelt' said taxes. assa;smeats. imursaes patniums and grarM carts. le:ttder may not charge for sa holding end applying the Fends. aewly:ing said secotsttt. or verityittj.aad compiling said assessments and bills, unless Deader pays Borrower interest oa the Funds and applicable bw pexmite Larder to mate such :charge. Borrower and Lender stay agree in writing st thr time of ea?ecution of this - - Mortgye that lateral ort the fitocis shall be paid to Borrower, sad ttaless such agreertteat is made or applicable law requires strdt iateoresi b be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Larder shall gitre b Borrower, without dtsrge, as annual aacounGng of the Funds showing credits and debits b the Funds and the 1 purpose for which eseb debit to the Funds was made. The Funds aro pledged as additional security-for the.strms secured by tWs Mortgage. - TE the amount of the Fluids held by Lender. together with the future monthly intstallnK:nts of Funds payable prior b the due dates of taxes, as:asmeab, irssuranoe pranittms and `round rents. shall exexeii the. arnamt required to pay said taxes. aseeeaseats. inserraaoe premiums and ground rents as they fall due. such excess shall be:. nt Borrower's option. either promptly repaid b -Borrower err ea+editetd to Borrower on monthly installments of Funds. If the ataount of the Fund: . 6dd by LeodsrsbaU not- be suf8ciest to pay taxes, assessrrtertts. i~+r:ance ptemieuns and ground rents ss they fall -due. Borro~trer'sbaU pay b Lender any amount necessary to mate up the deficiency within 30 days from tare dtle notice is mailed 6y Roder b Botrowex requatigg pgiawnt thereof. _ - . _ ~ ; _ • ' - - , Upon payment in fuq of all sums secured by this Mortgage. lender shall proanptty refund to Borrower any Funds held by Leader.. If under paragraph 18 hereof the Property is sold or the.Prope~iy rs~otherwise acquired by Lender, Larder shall apply. ra hoer than imntediatdy prior to the sak'o'f the frdpett~ or rtfi ae:qurstttat by Leader. any Funds-held by I Leader at the tithe of application as a credit against tbetsuat; tectored by.thir'~Mo~tsage. - . 3. A~iiatiaa erf PgsserMe. Unless applicable law:p~oyieies otlteewise, all payments received by Lenrder under the - Note and paragraphs I and 2 hereof. shall be applied by I:ender first in payment of amounts payable to Lender by Borrower trader paragraph 2 hereof. then to interest payable on the Note.:hen to the principal of the Note, and then to interest and priadpd on any Future Advances. - - - 4. Crarge::; Liens. Borrower shall pay all taxes, assessrncnts and otber charges. fines and impositions attributable to - i the Property which may attain a priority over this Mortgage, and lasehdd payments or ground rents. if any, is the manner - ~ provided tsrdex paragraph 2 hereof or, if not paid in such manner. by Borrower making payment. when due, directly to the ~ payee thereof. Borrower shall promptly furnish to Leader sU notices of amounts due under this paragrsph, sad in the event Borrower shall make payment directly. Borrower shag promptly furnish to Lender receipts 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 beg as Borrower shall agree in writing to the payment of the obligation secured by such liar in a mannrex sooeptabk to Lender, or shall in good faith contest such lien by. or defend atforcanent of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or say part thereof. - S. )Fiasard fawraaea Borrower shall keep the improvemenu now existing or hereafter erected on the Property iasurod against ~ba by fire. fiazatds included .within the term "extended coverage". and such other hazards as Lender may require and in such amoetnts and for such periods as Lender may require; provided, that Lender shall not require that tht amount of such coveage excced that amount of coverage required to pay the sums sxuted Eby this Mortgage. The iase:rance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided. that setch approval shall not be unreasonably withheld. All premiums on inwrance policies shall be paid in the ttsaaner provided under paragraph 2 hereof or. if not paid in setch.maoeter. by Borrowei making payment. when-due. directly to the tasurartCe Carder. t All insuraece-policies and renewals thereof shall be in form aKeptabk to Lender and shall include a standard mortgage I~' clause in favor of and in form acceptable to lender. Lender shall have the right to hold the policies and renewals thereof, = and Borrower shall promptly furnish to Leader all renewal notices and all receipts of paid premiums. In the event of bss. ~ Borrrnver shall give prompt notice to the insurance carrier and Lender. Lender may make proof of bas if not made promptly by Borrower. i - Oaks: Lender and Borrower otherwise agree in writing, inwrance procceds shall be applied to restoration or repair of the Property damaged. provided sxh ratorition or repair is economically feasible and the security of this Mortgage is i not thereby impait~ed. 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. of if Borrower fails to respond to Lender i.-ithin 30 days from the j date notice is mailed by Lender to Borrower that the itrsetrance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the irtwrance proooeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. - Unless Lender and Borrower otherwise: agrce in writing. any such application of proceeds to principal shall not extend a 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 18 bereof the Property is acquired by Lender, all right, title std interest of Borrower in and to any Insurance policies and in and to the proceeds thereof rewlting from damage ' ~ the Property prior to ttn: sale ex acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. ~ i d. Prssenatioa an3 Maioteaaece of Property; i.o'trsebolds~ Cottdomietium~ Ptaaued Unit Derebptaeats. Borrower ~ shalt keep the Property itt good repair and shall not comrpit yvaste or permit impairment or deterionlion of the Property ~ sad shall cctrtply with the provisions of say kale if this Mortgage is on a leasehold. If this Mortgage is on a unit in- a s condominium or a planned unit devebpment, Borrower shall perform all of Borrower's obligations e:~:rder the declaration or covenants creating or governing the condominium or planned unit devebpment, the by-Lws and regulations _ of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development s 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 supplement the covenants and agreements of this Mortgage as if the. rider were a part hereof. - 7. Protectlo~ Leader's Security. If Borrower fails to perform the covenants and -agrcetttents contained in this Mortgage, or if . - action or -proceeding is commenced which materially affects Lender's interest in the Property, - incletding. but IK;. nmited to, eminent domain, insolvency. code enforcement, or arrangements or procealings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, distwrse such sums and take such action as is necessary. to protect Lenders interest. including. but -not limited to. disbursement of reasonable attorney's. foes and entry upon the Property to make rspairs. If Lender-required mortgage insurance as a _ condition of making the loan secured ` by this Mortgage. Borrower shall pay -the premiums required to maintain such inwrance in effect until, such. time a_s,ihe requirem.nt for such insurance terminates in accordance with Borrower's and j f e - - 800 PAG~~~ ~