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Home My WebLink About0653 7 . UNQ~OR!! COV$NAN». Borrower and Lender covenant and agree u fellows: 1. ilrPttseot of hlot:lwl arts Lsfacnat. Borrower shat! promptly pay when due the principal of and interest on the indebednas evideotxd by the Note, pt~epayment and late charges u provided in the Note, and the principal of atxl interest on any Future Advances second by this Mortgage. ltiois fer Ta:ea tired Irsrattee. Subject to applicabk law ~x to a written waiver by Lender. Botmsver shat) pay to Lender on the day trtontNy installtents o[ principal and interest arc. payable under the Note. until the Note is paid in full, a sum (herein "Funds' equal to one-twelfth of the yearly tax~~ and assessments which may attain priority over this Mortgage, and (round tents on the Property. it any. plus one-twelfth of yearh?~ premium installments for hazard insurance. plus ot?o-twelfth of yearly premium installments for mortgage ir?surattct, if any, ap u t+asonably estimated initially and tram time to tit»e by Lender oa fire basis of assessmenu and hills and .reasonable estimates thereof. 1Le Funds shall be held in an institution the deposiu or accounts of which arc insured or guaranteed by a Federal otr state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay uid taxes. assessrrtenb. inwrarrce praniums and ground rents. Lender may not charge for so holding and applying the Funds. analyzing said account, or verifying..srsd compiling said assessments and bilk, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of tha Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law r+egtrites such interest to be paid. Lender shall not be required to pay Borrower any intercat or earnings on the Funds. Lender shall give to Borrower. without charge, an annual accounting of the Funds showing credits and debits to the Funds and the ' purpose for which each debit to the Funds wu made. The Funds arc pledged u additional security for the wms secured by this Mortgage:, If the amount o[ the Funds held by Lender, together with the future monthly installments of Funds payable prior to f the due dates of taxes. assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes. ass~rnents, irt:urance prcmittms and ground rents u they fall due, such excess shall be, at Borrower's option, either ! promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds heW by Lender shall not be sul6cieat to pay taxes. assessments, insurance premiums and ground rents as they fall due, Bortroaer shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed } by Lender to Borrower requesting payment thereof. ZJpoa payment in full of all strtns secured by this Mortgage, Lender shall promptly refund to Borrower any Funds - held by Lender. If under paragraph I8 her+oof the Property is sold or the Property is otherwise acquired by Lender. Lender i shall apply, no later than imrnediateiy prior to the sale of the Property or its acquisition by Lender. any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application d Rty>eersts. Unless applicable law provides otherwise, all payments roceived by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lendtr first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to jnterest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. 4. Charges; Lkas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage. and leasehold payments or ground rents, if any. in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, whey due. directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. and in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which hu priority over this Mortgage; provided, that $orrower shall not be required to discharge any such lien so tong as Borrower shall agree in writing to the payment of the obligation secured by such liter in a.manner acceptable to Lender, or shall in good faith contest_wch lien by, or defend enforcement of such lien in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Iluard Iesnrawce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lendtr 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 Mortgage. 71re irsurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the. manner - provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shalt include a standard mortgage 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 tb 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 Lender. Leader may make proof of loss if not made promptly by Borrower. - ' Unless Lender 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 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 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 mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender is authorized to collect and apply the insurance proceeds 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 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 I and 2 hereof or change the amount of ' such installments. If under paragraph 18 hereof the Pro ferry is acyuired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and. to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Property in 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 leasehold. 1f this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration x , or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development. and constituent documents. It a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider i shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as it the rider were a part hereof. i 7. Protection of Lender'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. inulvenc}', code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at lender's option, upon notice to Borrower, map make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including. but not limited to, disbursement 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. Born:wer shall pay the premiums required to maintain such iraurance in effect until such time as the reyuiremem for such insurance terminates in accordance with Borrower's and BOOK PAGE : _ t ' ~ - OR ~E-Fcc~rd cc~c~ PacE - - f