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Home My WebLink About1140 UNtrostt~t WvBNAtdTtl. Borrower and Lertdet covenant and agree as follow:: indobtetJrtess eV~ ~lt~l tt~t1 iMensly~Bror ~ tshcl~prompUy paY when due the principal of and interest on the by gex as provided in the Note. and the principal of and interest oa any Futuna Advances securod by this Mortgage. !testis [ate Tttsaa ats>i larora¦c~e. Subject to applicable law ar to a written waiver by Lender Botrawer shall WY to Lender on the day monthly installments of principal and intcrcit ,nrc payable under the Note. until the Note is paid in lull, a sum (herein "Futdt'7 egwl to one-twelfth of the yearly" tax~~. and assessments which may attain priority over this - Mwtgage. and ground vents oa the Property. if any. plus one-twelfth of yearly premium iauallments for haurd insurance. plus one-twelfth of yearly premium inuatltnents for mortgage insurance. it any, all as reasonably estimated initially and tram time to time by Leader on the Buis of assessments and hills and reaaonabk estimates thereof. 7Ue Fiends shall be held in an institution the deposits or amounts of which ate ittsurtd or guaranteed by a Federal of state agency (including Lender if Lender is such an institution). 1_ender shall apply the Funds to pay said taxes. assessments. insutrareoe ptemiutns and ground rents. !.ender may nat charge for so holding and applying the Funds. analysinE said account, or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Leader to make such a charge. Borrower and Lender may agree in writirti at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement a made or applicable law requires 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 arc pledged as additional security for the sums secured by this Mortgage. ` If the amount of the Funds hdd by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments. insurance premiums and ground rents, shall exceed the amount required to pay said taxes. aastastoents, insurance premiums and ground rents u they fall due, such excess shall be, at Borrower's option, either praapdy repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds httid by Lender shall not be sufticieat to pay taxes. assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Leader to Borrower requesting payment thereof. Upon payment is full of ell sums secured by this Mortgage, lender shall promptly refund to Borrower any Funds held by Leader. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender. Lender :hall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Leader at the time of application as a credit against the sums secured by this Mortgage. 3. Appneation d Payarat~. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 sad 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 Advartves. 1. C6aRes; Llieas. Borrower shalt 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, it not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shalt promptly furnish to Lender all notices of amounts due under this paragraph. and in the event Borrower shall make payment directly. Borrower shall promptly fumish 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 long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defenJ enforcement of such lien in. legal proceedings which operate to prevent the enforcement of the I~en or forfeiture of the Property or any part thereof. S. Haiard luarrartee. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by Ere, hazards included within the term "e±?tendeJ 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. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. A!I 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 curler. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to lxnder. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss. $orrower shall give prompt notice to the insurance carrier and (.ender. 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 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. 1f stash 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 abandoried by Borrower. or it Borrower fails to respond to Lender within 30 days from the date notice is malted 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 tht 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 t and 2 hereof or change the amount of such installments. If under-"paragraph It3 hereof the Proferty is acywred 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 tlx: sale or acquisition shall pass to Lender to the extent of the wins secured by this Mortgage immediately prior to such sale or acquisition. 6. Presenatloa and Maintenaece of Property; Leaseholds; Condominiums; Planned Unit Ihrebpments. Borrower shall keep the Progeny in good repair and shall not commit yeaste or permit impairment or deterioration of the Property ' and shall comply with the provisions of any lease if thn Mortgage tin a leauhold. If this Mortgage is on a unit in a condominium or a planned unit development. Borrower shall Ixrform aH of Borrower's obligations under the declaration i or coveoants creating or governing the condommwm or planned unit development, the by-laws and regulations of the ~ condominium or planned unit development. and constituent documents- If a condominium or planned unit development nder is executed by Borrowerrnd rernrded together with thn Mortgage, the covenants and agreements of such rider shall be incorporated into end shall amend and supplement the covenants and agreements of this Mortgage as if the rider wtre 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 ur proceeding commenced which materialh• affects Lender's interest in the Property, including. but not IimUed to. eminent domain. ins~~f~cncs. ciKlc enforcement. or arrangements or proceedings invoh•ing a bankrupt or decedent. then !.ender at 1-ender's option, upim notice to Borrower, ma}' make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including. but not limned to, disbursement of reasonable auomey's fees and entry ulx~n the Propens• to make repaus. If Lender reyoired mortgage insurance as a cunduion of making the loan secured be this Mortgage_ Borr.=wcr sh.tN pay the premiums required to maintain such inwrance in effect until such time as the reyuirentent for wch insurance terminates in .iecordanee with Borrower's and ~ . 8G xJ~ P,SG~~„i~~ . . ~ - ~r~ra~~- - - - - -