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Home My WebLink About2370. . . • ~. . 1: ~ UMI~ORI~/ COVlNAN7's. Borio~var and lrende- onveoant and a~ree u tollows: 1,. t~rweM ot hi~e~i a~i I~le~t. Botmwe~ shall p-omptl~• pay when due tbe principal ot and interest on the it~debtednest evidenoed by the NotR pnp~~nt and late charges ac provided in the Note, and the principsi of and interest oa my Future Advances secured by this Mo~a~e. 2. 1-ri tor TauM a~i Iw~a~ce. Subject to applical+k law ~~r to a w~tten waive~ by I.ende~. Borro+ve~ shall paY to Lender o~ ~he day mo~thly iostallments ot principal and intercc~ ~re ~yshk u~det the Note. until the Note is paid in tull, a sum (hereie "Funds'7 eqwl to one-twelfth of ~he yea~l~~ u~-~~. anJ assasments which msy attain priority over this Mo~tja~e, u,d ~round ~a on cbe Propeny. if any. F+lus one-~welf~h of yearly premium installments Eor huard insurance. plus oae-twel[th oE yearly prcmium iastallments tor mongage insunncc, it any, all u roasonably estimated initislly aed trom time to time by Lender on tbe basis of assecsmcnts and hills and rcawnable atimata thereof. The Funds shall be held in an inslitution ~he depocita or acccwnts of which are insured or guaronteed by a Federal ot tlate agency (includina Lende~ if Lender is such an institu~ion). I.ender shall apply the Funds to pay said taxa. asxssments. insuranoe Qremiums and g~ound rents. l.ender may nat cha~ge 1or so holding and applying the Fundc. analyzing taid account. o~ verifyinj and compling uid asseuments and bills, u~less Lende~ pays Bonower interat on the Funds and applicable law permits I.er~der to make such a charge. Barrower and Lender may agrce in writing ai ~he time of execution of this Mortgaae that interest on the Fu~ds shall be paid to Borrower. and unlas such agrcement is made or applicable law requires such interat to be paid. l.ender shall not be rcquircd to pay Bortower a~y interat or earnings on the Funds. Lende~ sAall pve to Borrower~ without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose tor which each debit to the Funds wu made. The Funds arc pledged u additional security for the sums secured by this Monpae. I! tl~e an!~:::~t ot the Funds held by Lender, together with the future monthly ins~allments of Funds payabk prior to tbe due data of tua; uxssments. insurance prcmiums and ground rcnts, shall exceed ~he amount required to pay said taxa. au~Ms, insurance prcmiums and ground rcnts u they (atl due, such excess shall be. at Borrower s option, either pranptly repaid to Borrower or credited to Borrower on monthly installments of Funds. lf the amount ot the Funds held by Leoder shall twt be suflicieat to psy taxes, assessments, insurance premiums and ground rents u ~hey fall due, Borm~re~ shall pay to Lender any amount nocessary to make up the deficiency within 30 days trom the date notice is mailed by L~eader to Borrower requesting payment thereof. Upon payment in full of dl swas saured by this Mortgage, l_ender shall promptly retund to Borrower any Funds heW by I.ender. If under puagraph 18 hercof the Propeny ia sold o~ ~he Property ~s otherwise acquircd by Lender, Lender sbdl apply. ra later than immediately prior to th~ sale of the Propeny or its acquisition by Lendcr, any Funds held bv I.eader at the time of application as a credit against the sums securcd by this Mortgage. 3. Appiicat~ of Psymewls. Unlcss applicable law provides wherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by 1_ender 6rst in payment of amounts payable to Lender by Borrow•er undtr paraaraph 2 hereof, tben to interest payable on the Nott, then to the principal of the Note, and then to interest and principal on any Future Advanoes. 1. C6artes; Lieat. Botrowe~ shall pay all taxes. asscszmcnts and othcr charges. fines and impositions at~ribwable to tbe Prope~ty which may attain a priority over this Mor~gage, and leasehold payments or ground rents, if any, in the maaner provided under paragraph 2 hereo[ or. if not paid in such manner, by Borrower making payment, wheo due, dircctly to the payee thereof. Bornower shall promptly furn~sh to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to l.ender receipts evidencing such payments. Bbrrower shall ptomptly discharge any lien which has pr~onty over th~c Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in vvntmg to ~he payment o( the obligaliun secured by such lien in a manner acceptable to Lender, or shall m good faith contet~ such lien by, or Jefend enforcement of such lien in, kgal proceedings which operate to prcvent the enforcement of the lien or forfenure o[ the Property or any part thereof- S. Huard I~rawce. Borrower shall keep the ~mprovememi na.- existing or hereafcer erected on the Property insured agtinst loss by fire, hazards included withm the term "extended coverage", and such o~her hazards as l.ender may reyuire and in such amounts and (or such periods as [_ender may require: provided, that LenJer shall not rcquire that the amount of wch coverage e=ceed that amount of coverage reqwred to pay the sums securcd ~by this Mortaage. 'il~e insurance carrier providing the insurance shall be chosen by Borrower subject to apQroval by Lender, provided, that such approval shall not be unrcasonably withheld. All prem~umc on insurance polic~es shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower mak~ng payment, when due, directly to ihe insurance curier. 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 uceptable to Lender. Lender shall have the right to hold ~he policies and renevvals thereof, and Borrower shall promptly furnish to Lender all renewal not~ces and all receipts of paid premium~. In the event of loss, Borrower shall give prompt notice to the insur~nce carner and l.ender. i_ertder map make proof of loss if not made promptly by Borrower. Ualess Lender and Borrower otherv~•~~e agree in wnting, inwrance proceeds shall be applied to rtstoration or repair of the Properry damaged, prov~Jed such restorahon or repa~r ~s economically feasihle and the security of this Mortgage is not thereby impaircd. If such restorahon or repair is nut cconomicaUy teasible or if the security of this Morigage would be impaired. the insurance proceeds shall be applied to the sums secureJ by this Mortgage, with the excess. if anp. Paid to Horrower. If the Property is abandoncd by Borrower, or it Borrower fails to respond to Lender within 30 days irom the date notice is mailed by l,ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits. Lender is authorized to collect and apply ~he insurance proceeJs at I.ender'ti option either to restorauon or repaer of the Propenv or to the sums aecured by this ~lortgage. Unless Lender and Borrower othen+~ise agree in wn~~ng, any such application uf prcx:eeds to principal shall not extend or postpone the due date of the momhly installmcntc rcferred to in paragraphs I and 2 hereof or change the amount of suc6 installmepts. If under paragrapb 18 hereof the Property is acywrecl hy LenJer, ali ngh~, tide and interest of Borrower in and to any lnsurance polic~es and in and to the proceeds the~eof result~ng from damage to the Propeny prior to th~ sale or acquisition shall pass to Lender to the extent of the ~umi ~ecured by this tifortgage immediately prior to such sale or acquisition. 6. Presenation aod ~taintenance of Propert~: Leaseholds; (:ondominiums; Planned Uuit Developments. Borrow~cr shall Iccep the Property in goc~d repair and shall not comroit y~aste or permit impairment or deteriotation of the Properiy and shall compl~ with the provis~ons of any lease it th~s Mortgage i+ on a leasch~dd. If this Mortgage is on a«nit in s condomimum or a planned unit development, Bo~rower shall perfo~m all of Borrower's obligaUOns tnder the declarat~un or covenants creaUng or governmg the condommium or planned unrt development. the by-laws and regulations of the condominium or planned unit development. and conssituent d~umentti If a conJominium or planned umt development nder ~s executcd by Borrower and recordeJ t~~gether w~th ~h~~ Mortgage, the covenants and agreements ot such rider shall be ~ncorporated inlo and shall amend and supplement the co.enants anJ agreements of thic Mortgage as i( ~he rider were a part tereof. 7. Protation of I.enders Securfty. If H~rn-wer f:~~l~ t~~ ~xrf~~rm ~he covenants and agreements contained ~n this Mor~gage, or i( any action ur proceeding ~~ rummrnred ..hich matrrially afTrrtc I.ender's mterest in the Properh•. ~ncludmg. but no~ lim~~ed to. em~nent domam. ~n~~~lvenc~. c~K1r enf~~rcement. ~~r ~rrangemcmc or pn~ceedingc ~nvohing a bankrupt or decedent. then l.ender at I.enJer'+ opt~on, upon notice to Bormw•rr, ma~ make such appearances, dnburse wch sums and take sucb ac~iun a~ ~s nece~tiar} w prolecl I.ender's imerest, mclu~hng. birt not limited to. disbursement of rcasonable auomey'~ fee~ and emry u~~n the Propeny ~c, makc repairti. I( Lrnder reyuireJ mortaage incurance ac a condiliun of makmg thc loan ~ccureJ b~~ th~ti 11~:rtgagc. B~~rn~HCr sh_:II pay thr prcmwms rcquireJ to mein~am such insurance in rtTec~ un~il such t~mc :l5 l~ll' reyu~rem~M (or >ueh ~muran;e tcrmmatrs ~n accordance WIIF1 BOffI~K'Cf ~ and s f . _ ~=. _ _ d~~ K ~~5 P~6E ~.c~i1~9 -._ :~