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Home My WebLink About0721 i 1,°.~ ~ ~ ~uu ..~~1 Untt*o4t OovsrtAt~Ti. 'otrowtr and Lender covenant and agree ss tdbws: >ngtMN of hitst~sl elate ltsleee.l. Borrower shall promptly pay when dots the principal of and interest on the ittdeb/edtress evidtrroed by dra NoN. prptayarsat and late charges as provided in the Note. and the principal of and interest as my Fttetre Advances setzrrod by this Mortgage. lltrais fear 1lsmss a¦t11>taarrea Slrbject to applicable law •K to a written waiver by Lender. Borrower shag l~? I b Leader oa fete day mttathty installments of principal and intercu arc. payable under the Note. until the Note a paid in tuQ. j a sum (hen "FurtdP~ equal to orra•twdith of the yearly taz~~ and auasertettts which may attain priority over tha ~ Mortgagge, and grated reab oa tba Property. it any. plus otre~twelfth d yeartli premium ia:talltaettu for hautd inwratrce. plus orte-twdtth o[ yearly premium installments for mortgage insurance. if any. all as reasonably estimated initially and from time b lima by Leader oa the basis of assesunents and bills and reasonable estimates thereof. The Pbnd: shall be hdd in an institution the deposits or accounts of which are insured or guaranteed by a Federal otr stale agency (iachrding Larder if Lender a such an institution). 1_eerder shall apply the Funds to pay said taxes, aesaserreMs. iaprraaoe prerniratrs and ground rent:. lender may rail charge for sn holding and applying the Funds, analyzing said account. or vsritying.sad compling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law pennies Leader to make such a charge. Borrower and Lender may agree in writins at the time of execution of tha Mortgys that interest oa the Fur>d: shall be paid to Borrower, and unless such agreement is made or applicable law i requires strdt interest b be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Letrder sbap give to Borrower. witlrout charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpae for which each debit to the Funds was made. The Funds are pledged as additional security for the sums stectrred this M ~ ~ U theamount of the Funds bell by Leatder, together with the future monthly installments of Funds payable prior b the due data of lazes, ataasmarb, insurance premiums and ground rents, dull exoad the amount required to pay said taxes. assessments. instsranoe premiums and ground rents as they tall due. such excess shall be, at BorrowePs option. either promptly repaid b Borrower or txediteQ b Borrower net monthly installments of Funds. if the amount of the Funds held by Leader shall not be sufficient to pay fazes. assaasrrtatts. insurance prcmirrera and" ground rents as they fall due. Borrower shall pay b reader any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requiting.payment thereof. Upon payraeat is fuB of aq sums secured by this Mortgage, Lender dull promptly refund to Borrower any Funds hdd by Lender. If under paragraph 18 hereof the Property is sold or the Properly a otherwise acquired by lender. Lender ahdl apply. no laser these immediatdy prior to the sale of the Property or it: scquisition by Lender. any Funds held br Lttttder at the time: of sppiicatioa as a credit sgairrst the sums secured by this Mortgage. 3. A~iitatlaa s#1 I!geseals. Unless applicable law provides otherwise, all paymerNs received by Lender under the Nose and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower uoda paragraph 2 hereof. tbea b intern payable oa the Note. thesr to the principal of the Note. and then. to interest and P~ on any Future Advarroa. 4. Llarga; Lien. Borrower shall pay all taxes, assessments and other charges, tirrex and impositions attributable to the PropaRy which may attain a prarity 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 paymesrt, when due, directly b the payee thereof. Borrower dull promptly furnish co Lender all notices of amounts due under this ~ • and is the avert Borrower duA make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower drill promptly discharge any lien which hss priority over this Mortgage; provided. that Borrower shall not be required b discharge any such lien so brag as Borrower shall agree in writing to the payment of the obligation secured by such lien in a raaaaer acceptable to Lender, or shall in good faith contest such lien by, or defend enfotcernertt of such flea iq legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Bisaarti Lrwra~a Borrower dull keep the improvements now existing or hereafter erected on the Property inwced against loss by fire. hazards included within the term "extended coverage", and such other hazards as Lender may require aced in wch amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such ooversge exceed that amount of rnverage required to pay the sums secured'by this Mortgage. 1be insurance 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 pdicies shill be paid in the manner provided under paragrsph 2 hereof or, if not paid in such manner. by Borrower Waking payment. whear due, directly b the _ insurance carrier. ~ AB irrwrance pdicies sod reaewah thete:of shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the pdicii and renewals thereof. and Borrower shall promptly furnish to Lender all renewal notices and all r+eoeipts of paid premiums. in the event of loss, Borrowex shall give prompe notice to the insurance carrier and Lender. Lender 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 ratoratan or repair of f the Property damaged, provided such restont~on or repair is economically feuible and the security of this Mortgage is { not thereby impaired. It 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 ezotxs. if any. paid to Borrower. If the Properly 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 inwrance benefits. lender is autborizoa to collect and apply the insurance proceeds at Lender's onion either to ratonlion or repair of the Property or b 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 f and 2 hereof or change the amount of such iastallmeau. if under paragraph Ig hereof the Property is acquired by [.ender, all right, title and interest of Borrower ° in and to any fnstrrance pdicies and in and to the proceeds thereof resulting from damage to the Property prior b ttrc sale or aogtrisition shall puss to lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition- ~ d. Pi~aenatfoa aid Maiatcwoce of Property; Lrusebolds; Conetomisriam~ Manacd Unit DereloPwerrb. Borrower s shall keep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioratan 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 Borrowers obligations under the declaration i E or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the f ' condominium or planned unit development, and constituent documents. If a condominium or planned unit development ~ rides 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. Trotectiota d Leader's Secnrlty, If Borrower tails to perform the cvvenants and agreements contained in this Mortgage. or if any action or proceeding ~s commenced which materially affects Lender's interest in the Properly, y including, but not limited to. eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent. then Lendef at leaders option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lenders interest. including. but not limited to, disbursement of ttasonabk attorney's Pecs and entry upon the Property to make repairs. I( Lender required mortgage insurance as a condition of making the loan secured by this Mortgage. Borrower shill pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and 8~ ~ . P~ _