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Home My WebLink About0819 . ~ fIf 1 . r~j.S UNIPORId COVttNANTe, Borrower std Leader covenant and agree as Idlow:: 1~ I<rpsrrs~t M hfi.elN1 tress hds~se/. Borrower shall promptly psy when due the principal of strd interest on the - iadebtodaas svideuood by the Note, prepayttreat and late charges u provided in the Note. aril the principal of and interest f oa .ay Futw+e Advt~ setxrtted by this Mortgtge. . Z. llltoi tletr Tav<es tttstl Ittwearee. Subject to applicable law ~x to a written waiver by Letrder. Bon+ower shall pay to Deader oa the day monthly installments of principal and interest arc payable under the Note. until the Note is paid in toll. a sow (herein "Ftrnds'y aqusl to ottatweltth of the yearly tas~~ strd assessments which may attain priority over this Mortgage. and ground teats oa the Property, it any. plus one-twelhh of yesrtli~ premium iasWhnents for hazard itrsursrree. plus otre-twelfth of yearly premium installments for mortgage inutratrcc. it any. all as tessonably estimated initially and tr+oan tints to tiros by Larder oa the basis of assessmxnts and hilk and reasonable estimates tht:roof. 'Ilse Funds shall be held in an institutiarr the deposits or accounts of which are itrsnred or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall spply the Funds to pay said rues, assessrrreats. iastrtaooe premiums std ground roots, t_ettder may not charge for so holding sod applying the Fonds, analyzing said account. or verifying~ad compiling:sid assessments and bills, unless Letrder pays Borrower intetrst on the Funds and applicable Isw ptxmits Larder to make such a charge. Borrower aril Lender may agree in writing at the time of execution of this Morlpge that interest on the Funds shalt be paid to Borrower. and urrkss such agreement is mach or applicable Isw requires such interest to be paid, Lender shall not be requited to pay Borrower any interest or sarnings on the Funds. Lender shW give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Furtds and the f purpose for which eadr debit to the Futtds was made. 'Ilse Funds arc pledged u additional security for the sums secured by th& Mortgage. - t If the amount of the Funds held by Lender. together with the future monthly installments of Funds payable pray to the due dates of taxes. assessments, insurance promiums and ground tents, shall extend the amount required to pay said taxes. j assesaaeats, iasuratroe premiums and ground rents ss they tall due. such excess shall be._ at Botmvver s optan. either - ~ promptly repaid to Borrower or audited to Botmwer on monthly installnterrt: of Fossils. If the amount of the Funds 1 beW by Leader shall not be suWcieat to pay taxes. assessments, insurance premiums and ground rents ss they fall due. j Borroaer shall pay to Fender any amount necessary to make up the deficiency within 30 days from the date notice is mailed ~ bI? Letsder to Borrower requesting payment thereof. ~Jpat payment in full of all autos tKCUt+ed by this Mortgage. Lender shall promptly rcfurrd to Borrower any Funds heW by Ltxrder. If under paragraph 181reroof the Properly is sold or the Properly is otherwise acquired by Lender. Lender f shall apply, no Ister than immediately prior to the sale of the Properly or its acquisition by Lender. any Futrds held by j Leader st the bate of application u a credit agsitnt the swans srxurod by this Morlgsge. j( 3. A~iicatiatt eft rtgaretMs. Unless appliabk law provides otherwise, all payments received: by Lender under the Note and paragaphs 1 and 2 hereof shall be applied by Lender first in payment of amounu 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. ' Ctatges; Liens. 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, when due. directly to the payee thereof. Borrower s6a11 promptly furnish to Lender all notices of amounts dot under this paragraph, and in the event Borrower shall make payment diratly, Borrower shelf promptly furnish to Lsrtder receipts evidencing such payments. Borrower shall promptly discharge any lien which hu priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long u Borrower shall agree in writing to the payment of ibe obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Properly or any part thereof. S. Hazard Ittwrat~. Borrower shall keep the improvements now existing or hereafter erected on the Property insurod against loss by fie, hazards included within the term "extended coverage", and such other hazards u Lender may require f and in such amounts and for such periods u Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay six sums ~.:u~~ : ~w .'.:~,a~... 'ibe inwrarrce carrier providing the insurance shall be chosen by Borrower subject to spproval by Lender, provided, that such approval shall tort be unreasonably withheld. All premiums on insurance policies shill be paid in the manner f provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment. when duo, directly to the insurance curler. - All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard morlgage clause in favor of and in form acceptable to Lender. Lender shall havt the right to hold the policies and renewals thereof. i and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. in the event of loss. Borrower shalt give prompt notice to the insurance carrier and Lender. Leader may make proof of loss if cwt made promptly by Borro+vsr. • (laless 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 feuible and the security of this Mortgage is not thereby impaired. If such restoration or repair is oat economically feasible or if the sceurity of this Mortgage would be impaired, the insurance proceeds shall Ix applied to the sutras secured by this Mortgage, with the excess, if any. paid ' to Borrower. if the Propeny.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 autos secut-ed 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 t and 2 hereof or change the amount of 1 such installments. If under paragraph 18 heroof the Property is acquired by Lender, all right. title and interest of Borrower in and to any kssurance policies and in and to the proceeds thereof resulting from damage to the Properly 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. Ptssaervatioa and hlaiatenance of Properly; Leaseholds; Cottdomitriutas; Plsatred Utslt t0evebpareats. Borrower shall keep the Properly in good repair and shall not comtpit yvaste or permit impairment or deterioration of the Property acrd shall comply with the provisions of any tease 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 develo~,rnent, and conuituent documents. 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 supplement the covenants and agreements of this Mortgage u if the rider ~ were a part F.ereof. j 7. Protection of Lender's Security. 1( Barrawer fads to perform the covenants and agreements contaitxd in this Mortgage, or if any action or proceeding is commenced which materially affects Lenders interest in the Property, } including, but oat limited to, eminent domain. insc.lvency, code enforcement, or arrangements or proceedings involving a bankrup or decedent, then i:ender at Lender's option, upan notice to Borrower, may make such aplleararryes, disburse such i sums and take such action as is necessary to pratect Lenders interest, including. but not' litttited• td. disbursement of reasonable attorney's fees and eptry upan the Properly to make repairs. If Lender required mortgage insurance as a condstion of making the loan secured by this Morlgage. Bartcwer shall pay the premiums requited to maintain such . insurance in effect until such time as the requirement far such insurance termtnales in accordance with Borrower's and • X37 PEE 8i8 - - -