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Home My WebLink About1325 r • t t • 1c,. ~ Utrttrortnr Oovu+xrns. Borrower and I.ertder covenant and agree as follows: 1~ DgeseN eft leincfNl tttsi ItrNs+esl. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidertoed by efts Note, prepayment and late charges ac provided in the Note, and the principal of std interest en soy Futtrro Advances secured by this Mortgage. llttnit? Ear Teases a¦i Irtwrance. Slrbject to applicable law •x to a written waiver by Lender, 8orrosver shall pay to Leader on the day rrtoathly installments of principal and interest arc.' ayabk under the Note. until the Note is paid in full. • sum (herein "Fttttds'q equal to nets-twelfth of the yeari~• taz~~ and assessments which may attain priority over this Mortgage, and gtourd rents oa the Property, if any. plus one-twelfth of Yearly premium installments for heard insurance. plus one-twelfth o[ yearly premium installments for mortgage insurance if any, all ss reasonably estimated initially and from tiara to bate by Lender oa the bass of assessments and hills and reasonable estimates thereof. 'ILe Funds shall be betel in an institution the deposits or accounts of which arc insured or guaranteed by a Federal or state agency (including Leader if Leader is such an institution). Lender shall apply the Funds to pay aid taxes. assessments. iasurartce premiums and ground rents. lender may not charge for so holding and applying the Fttnds, analysing said account. or verifying.attd compiling said assessments and bills, 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 tl?e time of execution of this Mortgage that interest on the Fonds shall be paid to Borrower, and unless such agreement is made or applicable law requira such interest to be paid. Lender shall not be required to pay Borrower any interest 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 was made. The Funds are pledged as additional security for the sums secured by this Mortgage. Tf the amount of the Funds held by Leader. together with the future monthly installments of Funds payable prior to the due dates of taxes. asse::rrteats, insurance premiums and ground rents, shall exceed the amount required to pay said taxes. assaaments, insurance premiums and ground rents as they fall due, such excess shall be. at Borrowers option. either promptly repaid to Borrower or credited to Borrows on monthly. installments of Funds. If the amount of the Funds held by Leatkr shall act be suf6cieat to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Leader any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Deader to Borrower requesting payment thereof. Upon payaxnt is full of all sutra secured by this Mortgage, Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender shall apply. no later than itamtdiately prior to the sale of the Property or its acquisition by Lender, any Funds held by Leader at the time of application a: a credit against the sums secured by this Mortgage. 3. A~Iicatioa eE Pgoeab. Unless applicable law provides otherwise, all payments received by Lender under the Note sad paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable~to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. 4. Charges; ijetrs. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which tray 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, when due. directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, sad 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 has priority over this Mortgage; provided. that Borrower shall not be required to discharge any such lien so brag as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptabk~to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien iq legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard Iawrarree. 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 Lender 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. 'I]re insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be uareaconably withheld. All premiums on insurance policies shall be paid in the manner ',i provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the ~ inwrance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage j clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, j 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 Lender. Lender may make proof of loss if not made promptly j by Borrower. € ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of 4 ~ 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 s 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 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acquired 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 acgtsition. 6. Presenation and Maintenance of Property; Lsaseholds; Condominiums; Planned Uuit Developments. Borrower , ~ shall kcep the Property in good repair and shall not commit yeasts or permit impairment or deterioration of the Property ~ and shall comply with the provisions of any lease if this Mortgage is on a leasehold. 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 ` condominium or planned unit development. and constituent document. If a condominium or planned unit development rider is executed by Borrower and recorded together wish this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the wvenants and agreements of this Mortgage as if the rider were a part hereof. 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 ~s commenced which materially affects Lender's interest in the Property, f including, but not limited to, eminent domain, insolvency, code enforcement, or arran ements or j g proceedings involving a ~ ~ bankrupt or decedent, then 1_ender at Lender's option, upon notice to Borrower, may make such appearances, disburse such l ffi sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of S 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 required to maintain such insurance in effect unlit such time as the requirement for such insurance terminates in accordance with Borrowers and z • 80~~ ~ P _ - P