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Home My WebLink About0549! ` ~ ~~ _l i~ ~ Un~r~o~w CovtN~tm, Borrower ar~d Lende~ covenant and ag~a u follows: 1. h~we~t o[ tdwclNl a~i 1Ne~at. Bormwe~ shall promptl~• pay when due ihe pri~cipal of and interest on the indebtednas evidenced by the Note. prepayment and late chargec ac provided in Ihe No~e, and the p~ncipal of aod imercs~ 0o any Futut~e Advs~ces socured by this Mongage. _. l4~ds ter Tases ~ai lown~ce. Subject to applical+le law .-r ~o a written waiver by Lender. Botrower shall pay to Lender on Ihe day mor~thly installmen~s ot principal and ~nt~rcc~ ~rc payable under the Note. until the Note is paid in tull, a sum (herci~ "Funds'q equal to one-tweltth of the yearl~ ta~c. aoJ assessments which may attain pnority over this Mortssie. and ground ronts on the Pmperty. if any. plus one•twelfth of yea~ly premium installments for hazard insurance. plus w~e•tweltth of ye~rly premium installments for mongage insurancc. if any, all as rcasnnably estimated initially and trom time to time by Lender on the basis o( asscs~mcnts and hills anci rea~anable estimates thercot. ~The Funds shall be held in an institution the depoau or accounts ol which are insurcd or guannteed by a Fedenl ot state agency (including Lender if 4ender is such an institution). 1_ender ~hall apply the Funds to pay said uxes. asseuments. insurance premiums ,nd gtound rcnts. 1 ender may no~ cha~ge tor se- holdi~g and applying ~he F~~ndc. analyzing said account. or verifyin` and compiling said assessmeo~s and bills, unless !_eoder pays Borrower ir-terat on the Funds and applicable law permitt Lender fo make such a charge. Borrower and L.ender may agroe in writing at ~he time ot execution of this Mo~tgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law rcquires such interest to be paid, Lender shall not be rcquircd ta pay Borrower any inte~at or earnings on the Funds. l.ender shal) pve to Borrower, without charge, an annual accounting of ~he Funds showing credits and debits to the Funds and the purpost for which each debit to the Funds was madc. The Funds are pledged as additional cecurity for ~hc sums secured by this Mortaage. ~ If the amount ot the Funds held by Leoder, together wilh Ihe future monthly installments of Funds payable pnor to t6e due dates of taxa, assessments. insurance prcmiums and ground re~ts, shall exceed the amount ~equired to pay sa~d taxes, asseaments, insuraoce prcmiums and ground rents as they (all due, such excess shall be, at Borrower's opt~an, either pranptly rcpaid to Hormwer or crodited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sulficieut to pay taxes, assessmeots, insurance premiums and ground rents u they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notic~ is mailed by Lender to Borrowe~ requesting paymenl thereof. Upon payment in full of dl aums securcd by this Mortgage, l_ender shall promptly refund to Borrower any Funds held by Lende~. If under paragraph 18 hercof the Property i~ sold or the Properry a othetwise acquircd by Lender, Lender shdl apply. no later than immediately prior to the sale of the Propeny or its acquisition by I~nder, any Funds held bv Leoder at the time of application u a credit against the sums secured by this Mortgage. 3. Appikatiow ot Paymeats. Unlcss applicable law provides otherwise, all payments recyived by Lender under the Note aad pangraphs 1 and 2 hereof shall be applied by I.cnder 6rst in payment ot amounts payable to Lender by Borrower uader pangraph 2 heotof, then to interest payable on ~he Note, then to the principal o( the Note, and then to interest and pnncipal on any Future Advances. 4. Cba~es; LitAS. Borrower ~hall pa~ all taae~, asxssments and olher charbes. finec and imposiuons aurbutable to the Propeny which may attain a pnority over this Mortgage, and Icasehold payments or ground rents, if any, in the rteanner provided under paragraph 2 hereot or. if not pa~d m iuch manner, by Borrower making payment. when due, directly to the payee thereof. Borrower shall promptly furmsh to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment duec~ly, Borrower shall promptly furmsh to Lender receipts evidencing such payments. Borrower shall promptly dixharge any lien which has pnonty over th~c Mortgage: provuieJ. ~hat Borrower shall not be rcqwred to discharge any such lien to long as Borrower ~h:+ll agrce in wrwng t~~ the payment of the obl~gatiun ucured by such 4en ~n a manner acceptable to Lender, or shall m g~xxi (aith conte~t ~uch lien hy, or Jefend enforcement of s~ch lien in, tegal proceedings which operate to prevent the enfurcement of thr hen or torfe~ture ot the Property or any part thercof. S. Haz~rd Insutance. tiorrower shall keep the ~mpro.cmrot~ now c~~~Nng ~~r hereafter erected on the Property insured against loss by 6re, hazards included withm thc term "extendcd coveragc", a~~ such other hazards as Lender may reyuire wd m such amouots aod for surh periods as Lender may reyuirr. pr~~vided, that LenJer shall not require that the amount o! such coverage e~ceed that amount of coverage requ~red to pay the ~ums ~ec~~red by th~c Mortaage~. 7~e insurance carrier providing the insuran~e shall be choun by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonahly withheld. All premium~ on insurance polic~es shall be paid in the manner provided under paragraph 2 hereof or, if not pai•i in such manner, by B~~rrouer mak~ng payment, when due, clircclly to the insurance carrier. All insurance Ewlicieti and renewals therrof shall be in (orm accep~able to Lender and shall include a ttandard mongage clause in favor of and in form acceptable tu (_ender. I.ender chall have the right to hold the policies and renewals thereof, and Borrow•er shall prompdy furmsh to Lender all renrw•rl nuuces and all receipts of paid premium~. In the event of loss, Borrower shall g~ve prompt nouce to the ~nsur.~nce c:+tner and I.enJer. I.enJer may make pnx~t o( loss if not made promplly by Borrower. Unless Lender and Borrower othen+wu: agrce ~n wnting, inwrance proceeds shall be applied to restoration or repair of the Property damaged, prov~ded such resterahon or repair a economically feaciAle and ~he ucurity of this Mortgage ~s not thereby impa~red. I( su~h restaration or repair is ~ut ~cunomicall}' (eacible or ~f the secunty of thit Mortgage v-,ould be impaired, the insurance proceeds shall be applied to the sums secure~ by thn Mortgage, wdh the excess, if aop, paid to Borrower. If the Properly is abandoned hy Norrower. ur il Fiorr~wer fail~ to res~~nd to Lender within 30 days from Ihe date notice ~s maded by l.ender to Borrow•cr that ~he imurance carrier ofien to uttle a cl•rim for insuranee benefits, I_ender is aut6orized t~~ collect and apply Ihe inwrance proceeJs at I.ender'~ upt~.~n e~ther to reitorauon or repaer of the Pmpenv or to the sumc sccured by this Mortgagc Unless Lrnder and Burruwer otherv~i,e ~gree m wnting. any such dpplica~ion ~~f prex:eeds to pnncipal shall not extend or postpone the due date of th~ monthl~~ inuallmcnlc rcfcrrcd l~~ in paragraph~ I and 2 hereof or change the amount of such installmenb_ I( under paragraph Ib hereot the Property is acyuired h~ l.enJcr, ali nght, h~le and interest of Borr~~wer in and to any inwrance policies ~nd in and t~~ thr pr~erdt thereof resulung frum Jamage lo the Propeny prior to thc sale or acqwsition shall pass to Lende{ tu the eatent of the ,um> >ecured b~ thit hlortgagc immediately prior ~o such sale or acquisition. 6. Presenation and ~taintenance of Propert~: I.eacehulds; ('ondominiums; Planned Unit Ikvelopments. Borroucr shall keep thc Propcrty in goud repair and shall not comroi~ Katitc e~r permit ~mpa~rmem or deteriorat~on of the Proper~y and shall comply with the provis~una of any lease if Ih~~ ~1~~rtgabr i. un ~ Irauh~+ld. I( this Mortgage is on a nmt in a condomimum or a planned unit de~•clopmen~, Rorroaer ~hall ~xrf~~rm all of Borrower's obligations under the declaraUon er covenanls creahng or governing ~he rnnd~.m~nium or planned unit develupment, the hy-lawc and regulations o( the condomin~um or planned unit devel~~~ment. and constituent Jucument.. 1( a cundommium or planned uni~ devrlopment nJer is etecu~ed by Borrower and recorded t~~gether w~th th~~ A1~rtgagc. Ihe covenants and agreements ot such ridrr . shall be incorporated ~nto and shall amcnd and ~upplrmcnt thc cu~cnanh anJ agreements o( thic Mortgage as if the ndcr vvere a part Fereof. 7. Proteefion ot I.ender's Security. If B~rr~~wer tn~l. ~~~ Exrt~~rm the rnvenantc and agreements canta~ned in thic Mortgagr, or i( any aclion ~~r proceeJ~ng i~ ~ummrnced uhi..n matcrialh efTect~ I ender'c intere~t in the Pruperly~. including. but n~~t hm~~cd ~u, rmincnt dom:un. ~n.~~hcn;~. «K1c cnf~~r~cmrnt ~~r :ur.mFrmrnlc i~r pr.kcedings invoi~ing a b~nkrupt or JeceJeni. then Lender at 1 enJer'~ ophon, u~~n n~~hce ~a fic~rrower. ma~ make s~rh appearance~. dnhurtie wch sums anJ take such acUun a~ is nece..ary tu pre~trct Lender'~ mterect, incliiJ~n~. bu! n~~t limned to, di~bursement of reasonahle atlomey~'~ (ee~ and. emry u~~~n the Pn~pern t~~ make rep,ur~. If Lrndrr reyuirrJ m~~rtgage incuranee ac a condiUon ut makmg thc loan ~ccure~l h~ Ihn ~t~~~~gecc. B~~rrr.~~r sh ill pa~• thr premiuim reyu~reJ tc- mainta~n such ituurance in rttu~ until wch umc ati Ihc rcyuircmc~il f~,r wch ~n,uran;r tcrminatr. ~n :~c~ordancc w~th Borrrwcr'. anJ ~ ~~~x34fi ~a~E 547 .~, ~~ _ = ..~_ .3