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Home My WebLink About2001 ~ 4 ~ UNt~qt~ CpvaNaNn. go~mwsr snd~Lende- covenam snd as~a u toliows: ~ I~yweN ot hi~e~l ri INere~f. Borrowe~ shall promp~l~ paY when due the principal ot and intereit on 11-e ~edebtedi~ evidenoed by the Note. Prepaymeot and late chartes ac ~xovided in the Note, and the principal ot ~nd intcresl aa ~ny Futute Advances securod by this Mortsa~e. 2. l+~~i tK Taz~s a~i Iwn~ee. Subject to spplicabk law a~ to a writtee waiver by I.ende~. Bo~*oM-er shall pay to Le~ on the dsy mo~Ihly installments ot principal anct intcrect rrc payat-k under the Note, until the Note is paid in tu~l• a:uen (M~ein "Fund~'7 eqwl to one-twel(th ot the yea~l~ ta~-~-. aml ~ssasmeots which may sttain priority ove~ ~his Mori~aje. and ~round re~u on ibe Prope~ty. if any, ~+lus one•tweltth of yearly premium installments ior hazard iewrance. plus oe~atwel[th of yea~ly promium irtstallments (or mort~s~e insunncc, it any, sll as rcuonably estimated initially and t~+an time to time by Lender on the buis of asxs~mcnts and hills and reasonable estimata thercof. 'Ibe Funds shall be held in ao imtitution ~he depaat~ or ~ccounts oF ~rhich aro insured or ~uarante~d by a Fedenl ot state ajency (includinE Lender it Lcnde~ is such an inslitutiool. I.e~der shall aPp1Y the Funds to pay said taxes. sssestments. insuranoe ~emiumt and ~wund rcnts. I.ender may nM charge lor u+ holding and applyins ~he Fundc. analyzin` said account. or verityins snd comptina ~id asxssmen~s and bills, unless Lender pays Borrowe~ intercst on the Funds and applicable law permits I.ender to make :uch a chtrge. Borrower and Lende~ may agrce in w~ting at the ~ime of executioo oi this Mortjase tbat interat on the Funds sball be paid to Borrower, and unlas such agreement is made or applicable law requira wch intercst to be paid. Lender shall not be required to pay Borrower any imerat or earn~ngs on the Funds. Lender shall pve to Borrower. without charge, an annual accouoting of the Funds showin6 credits and debits to the Funds and the purpose for which each debit to tbe Funds wu made. The Funds arc plodgcd u additional secu~ity for ~hc sums secured by this Mottp~e. ~ If tbe amount ot the Funds held by Lender, togelher with ~he future monthly inuallments of Funds payabk prior to t6e due data of tues. asseuments, imutance premiums and ground rcnts, shall exceed ~he amount requircd to pay said taxa. aaeaanents, iiuurance prcmiums and ground rents as lhey (all due, such excess shall be. at Borrower s opuo~, either promptly repaid to Borrower or crodi~ed to Borrower on monthly installments of Funds. If the amount ot the Funds heid bp Lender shal! rwt be sut6cient to pay tua. asxssments~ insurance premiums and ground renu u they (all due, Borm~-er sball pay to Lender ar~y amount necasary to make up 1he deficiency within 30 days from the date nolice is mailed by I,tader to Borrower requating payment thercof. Upoa paya~ent ia [ull of all swns securcd by this Morigage, I.eAdet 'sha~l ptbii~ilpil~~re(qod to Borrower any Func4 held by L,ender. It under pussraph 18 hercof the Propeny i~ sold or ~he Property ~s~Wherw~x ~~quircd by Lender, Lender ahall apply. no late~ ihan immediately prior to the sale o[ the Property or its acquis~t~on by Lender, any Funds held bv I.eoder st the time of application as a credit against the sums sccured by this Mortgage. ~ 3. A~piicatio~ ot P~meetr. Unless applicable law provida otherwise. all payments receivod by Lender under the Note aad paragnphs 1 and 2 hereof shall be applied by 1_ender 6r3t in payment of amount: payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and ~hen to interest and principal on any Future Advancu. 4. CbaRet; Lkas. Borrower shall pay all taxec. asscssments and othcr charges. 6nes and impositions atlributable to tbe Property which may attain a pnority over this Mortgage, and leasehold payments or ground rcnts, i[ any. in the manner provided under paragraph 2 hereof or, it not paid in such manner, by Borrower making payment, wha~ due. directly to the payee theoeof. Bormwer shall promptly furnish to Lender all notices of amounts due under this paraaraph. and in the event Borrower shall malce payment d~rectly. Borrower shall promptly furnish to Lender receipts evidencing sucti payments. Borrower shall promptly discharge any lien which has priority over ~his Mortgage: provided, that Borrower shalt not be rcquircd to dixharge any such lien so long as Borrower shall agree in w•ri~ing t~ the payment of the obligation. secuted by such lien in a manner accep~able to l.ender, or shall m gaxl faith contes~ such lien by, or Jefend e~(orcement of such lien in. Iegal proctedings which operate to prcvent the en(urcement oI thc I~en ar forfature a( the Propeny or any part thereof. S. Hazard inwnnce. Horrower shall keep the ~mprovcment+.now existing or hercafter erected on the Property insurai against loss by 6rc, hazards included with~n the term "eztended coverage", and such other hazards .u Lender may require wd in such amounts and [or such periods as Lender may require; provideJ, that Lender shall not requite that_the amount ot such covonge excted ihat amount of coverage required to pay the soms secured ~by th~s Mor~Ea6e. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by- Lender. provided. that wch approval shall not be unreuonably withheld. Atl premiumc on insurance polic~es shatl be paid in the manner provided under paragraph 2 hercof or, ~f not pa~d in such manner, by Borrower makmg payment, when due, directly to ihe iasurance catrier. ~ All insurance polic~ec anJ renewals therno( shall be in form •rcceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable ~o Lender_ l_ender shall have the right to hold ~he policies and rcnewals thereof. and Borrower shall promptly turnish to Lender all renewal nouces and all receipts of paid prcmiums. In the event of loss, Bortower shall grve prompt notice to the ~nsurance carner and t_ender. I.ender ma) make proc~f ot_Ioss if not made promptly by Borrower. Unless Lender and Borrower othenv~u: agree in wnting, insurance proceeds shall be applied to restoration or repair qf the Property damaged, proveded such re+torat~an or repair is economically feasible and the security of lhts Mortgage it not Ihereby impaircd. I( such restoration or repair is nat econom~cally feasihle or if the security of this Mohgage woold be impaired. the insurance prceceds shall be aPplied to the cums secured by this Mortgage, with .the excess. i[ any, paid to Borrower. If the Property is abandoned by Borrower, or it Borrower tails to respond to Lender within 30 days trum the date notice is mailed by Lender to Borrower that the insurance carrier ofters to se~~le a claim for insurance benefits. Lender is aut6oriud to collect and apply the insurance proceeds at Lender's option either to ~estoralion or repaer of the Propertv or to t6e sums securai by this Mortgag~. Unless Lender and Borrowe~ otherv~ice agree in wn~ing, any such applica~ion of pmceeds to pnnc~pal shall not extend or postpone the due date of the monthly instailmcntt rcferred t~ in paragraphc I anJ 2 hereo( or change the amount of sucb installmeuts. !f under paragraph IS hereof the Prof,erty ~~ ac:~wreJ by l.ender, ali nght, title and in~erat of Borrower in aad to any Insurance policies and in and to the proceecls thereot resultmg from damage to the Propeny prior to thc sale or acquisition shall pass to Lender to the extent of the ~ums secured hy this Aiortgage immediately prior to such sale or acquisition. - 6. •hrserratbn aod Mainfen~nce of Propetty: I.easeholds; Condominiums; Planned Unit Developments. Borrowcr shall keep the Propcrty in good repair and shall r.ot comrpi~ y-aste or pe~m~t impa~rment or deterioration ot the Property and shall comply with the provisions of any lease i( thn Mortgage n on a Irasehuld. 1( this Mortgage is on a unit in a condomin~um or a planned umt dcvelopment, Borrower +hall per(orm all of Borrower s obligations under the declarat~on or coveoants creaUag or guvernmg the condommium or planned unit develupment, the by-laws and regulationc of the condominium or Qlanned unit develo~,mcnt. :+nd constilucm dixumcn~ti. I( a conJominium or planned aml Jcvelopment nder is executed by Borrower and recorded ~c~gether with thn Mnngage, ~he covenanls and agreements of such rider shall be incorporated into and shall amend and wppicment the cu~enants and agreements ot this Mottgage as ~f the nJer were a part t~ereof. 7. Proteclion ot I.ender's Securfty. If Bi.rr~~HCr fa~l, t~~ ~rt~~rm the covenanls anJ agreements contained in this Mortgage, or if any act~on ui proceed~ng i~ cummrr.ced whirh m:~teriall~ afTec~s I_ender's interest in the Properry. ~ncludmg, but no1 limittd lo, em~ncnt doma~n. nnulvcncy_ ceKlc cnforccmcnL ~-r arrangcmcnls or procccdin~s involcing a bankrupt or decedent, then I.ender a1 I ender'~ optwn, upon nouce to Borrower may m•rke such appearances, disburse such sums and take such •actiun ac ~s necestiary tu pr~tect Lender's imeresl, incluJ~nK. but not limited to, disbunement of reasonable auomey's fees and en~ry upon the Prepcr~y to makc rcpa~rc. It I.cnder rey~iired Atortgage inSUranc.- as a condiUon of makmg the loan SecureJ by th~~ Mortgage. Borr.:wcr sh.~fl pey the premiwns required to mainta:n such insurance in efiect until auch Ume as ~he reyuirement for ,uch ~nsuran;e terminate, ~n :~ecordanee w~1h Borrower's and ~ ~ ~- ~ - -.~. -~ ~~ ~ ~ . .4y - F.~J~34~ Par,E1~5 - ~-_ ~ .~:~