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Home My WebLink About2597t ~ ; # UNlrO~M COVBNANTS. Borrowet and L,ender coveaant and atree ss f6itorti3: l. h7~e~t of hl~ciNl a~1 IMera~t. Bo~rowe~ shall promptly pay whe~ due the priacipal ot and intercst on ihe ~ndebtednas evidencsd by the Note. Prcpayment and late chargec ac provided in the Note, and the ptincipal ot ~nd interest oe any Futuro Advar~ca secured by this Mo~a~e. 2. Rti~i tor Tua ani I~uun~ce. Subject to applicable law ur to a written waiver by Lender. Borrower shall pay to Lender on the day monlhly installments ot principal and i~tcrcc~ arr ~wysble undu ~he Nots. until the Note is paid in tull, a sum (hercin "Fu~ds'~ eqwl to one-tweltth of the yearl~ tasc. and assessmeots which may attain priority ove~ this Morttaje. and ground rents on the P~+operty. if any. plus one-twelfth of yea~ly premium installments [or huard insurance, plus o~e-tweltth of yearly premium installments tor mortgage insunncc, if any, all u reuonably estimated initially a~d irom time to time by Lender on the basis ot assa~mcnts a~d hills and reawnable atimates thercof. The Funds shall be held io an insti~u~ion the depocits or accounts of which arc insured or guarantced by a Federal ot state agency (irtcluding Lertder i[ [.cnder is such an institutio~). I.ender ahall apply the Funds t~ pay said ~axes, asseuments. insurance premiums and g~ound rents 1 eoder may not charge Io~ so holding a~d applying the Fundc. analyzing said account. or verifying and compiling said assessments a~d hills, unlcss I_ender pays Borrower interat on the Funds and applicable law permits l.ender to make such a charge. Borrowe~ and Lendu m:y agrct in writing at the time of execution of this Mortgaae that interest on tht Funds shall be paid to Borrower, and unless such agreement is made or applicable law rcquires such interat to be paid, Lender shall no~ be rcquired to pay Borrower a~y interat or earnings on the Fands. Lendrr shall aive to Borrower, without charge, an annual accounl~ng of the Funds showing credils and debits to the Funds and the purpose for which eaeh debit to the Funds wa~ made. The Funds are pledged u additional security for the sums securtd by this Mortgage. If the amount ot the Funds held by Lender, together w~th the future monthly installments of Funds payable prior to the due dates of taxes, asseuments, insurance premiums and ground rcnts, shall exceed the amount requircd to pay sa~d taxa, assaaments, insuraoce premiums and ground rents as they fall due, such excess shatl be. at l3orrower s opt~on, either pranptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds ~heW by Lender shall not be suflicieat to pay taxa,, assessments, insurance premiums and ground rents u they fall due, Borrower shall pay to Lender any amount neressary to make up ~he de6cieocy within 30 days trom the date nolice is mailed by l.eoder to Borrower requesting payment thereof. ~~ Upon payment ~n full of dl :urtu secured by this Mortgage, l.ender shall promptly retund to Borrower any Funds heW by Lender. I[ under paragraph 18 hercof the Pr~perty i~ sold or ~he Prop~rty ~s otherwix acquired by I.ender, Lender s6a11 apply. no later than ~mmediately prior to the sale of the Propeny or its acquisition by Lender, any Funds held bv L.ender at the time o( application as a crcdit against the sums securcd by this Mortgage. 3. Applicatioe of Paymcats. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs I and 2 hereof shall be applied by 1_ender first in payment of amounts payable to l.ender by Borrower under patagraph 2 heroof, then to interest payable on ihc Note, then to the principal ot the Note, and then to interest and principal on any Future Advances. 1. Char~es; Liens. Borrower thall pay aU ~axec, aclescments and other charges. fines and impositions attnbu~able to the Property which may attain a priority over th~s Mortgage, and leasehold payments or grouna rtots, if any, in the manner prov~ded under paragraph 2 hereof or, i( not paid en such manner, by Borrower making payment, when due, directly to the payet theteof_ Borrower shall promptly furn~sh to Lender all notices of amounts due under this paragnph, and in the event Borrowcr shall make payment d~rectly. Borrower shall promptly turt-ish to l.ender receip~s evidencing such payments. Borrowet shall promptly discharge any lien which has pnonty over th~c Mortgage: provickd. Ihat Borrower shall not be rcqwred to d~scharge any wch lien so long as Borrower shall agree m NnUng to the payment of the obligation secured by such I~en ~n a manner acceptable to Lender, or ahall ~n good faith contect ~uch lien by, or Jefend enforcement of such lien in, iegal proceedmgs which operate to prevent the enforcement ~( the I~en or [orfe~wre of the Propeny or any part thereof. S. Hazard Insurance. Horrower shall keep the ~mproveme~t~ now exisung or hereafter erecled on the Properry insured against loss h~ fire, hazard~ included wilhm the term "cxtendeJ coverage", and such other hatards as Lender may reyuire and m such amounts and tur surh pcriods as Lender may reyuire: provided, that I_ender shall not require that the amount ot ~tl~:j'1 l'UYC(:fljr c.i~~tCll l~i.fi aiiiUUili ~ij tUYCid~~ ~i:"a~il~~Ci~ ~U ~~a) +:i liiiiYl Sa;Cii+~c"~ ,c~iy i~i~ ~SBi2a3~z- 'IT~ msurance carner providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such appro~al shall not be unreasonably withheld. All premium~ on insurance polic~es shatl be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrow~er making payment, when due, directly to the ~nsurance carr~er._ All insuranre ~.I~:ie, rnJ reneKals thercof shall be in form ~cceptable to Lenekr and shall include a standard mortgage clause m favor i~f and ~n form acceptable to Lender. Lender shall have the right to hoW the policies and renewalc thereof, and Borrower ~h.~lt proropth• furmsh to l.ender aU renewal not~ces anJ all receipts of paid prcmiumt. In the event of Ioss. Borr.~wer sh.,ll X~~e prvmpt nutice to ihe ~nsurance carner and 1_ender. 1_ertder may make proo( of loss if not made promptly by Borrower. Unless l_en~Jer an~ Borr~•wer othcrN~u agree in wnUng, insurance proceeJs shall be applied to restoration or repair of the Property damaged, provided wch re~torat~on or ~epair is economicaUy feasible and the ucurity of th~s Mortgage ~~ not thereby impa~red. If such restoratii~n or repair is nut ~conomically feasible ur if the secunty of Ihis Mortgage would be impaired, the insurance proceeJs shall be applied to the sums secureJ by this Mortgage, with the excess, if an}', paid to Borrowcr It the Propert} n ~banJuned hy Borrower, or it Borrower fails to respond to 1_ende~ within 30 days irom the date not~ce ~. ma~IrJ by Lender to Borrower ~hat the insurance carrier oQers to ~ettle a claim for insurance henefits, I_ender i~ aut6onzed tu collcct and aPpl~• the insuranre proceeJi at Lcndcr'i option either to restorauon or repaer of lhe Pr~pert~~ or to the sums se.ureJ h}• this ~lortgage. Unlesc 1.rnJer erd Horn~wer utherv-ne agree in wnting, any such application of proceeds to princ~pal shall not extend F^ ~,-- i3T ~Si ~~c iiic iiiiC c~:iQC :lt i~C ~~..^•~~~ iS:;i::~~iilCii:S iL`~C:fCi3 !L: !it (33f3jtl3~.~l: ~ 3:1t1 2 heseof or change the 3(IlOUt1S Of such installment~. If under paragraph 18 hereof the Pr~perty u acywred b~ l.enJer, ali nght, tiUe and interest of Borrower ., in and to an} Insur~n.e policies and in and to thc proceeds thereof resuiung trom damage to !he Propeny prior to th.: ~ale or acquis~Uun Shall pass to Lcnder to thc eatent of the sums secured by th~s Mortgage immediately prior to such sale or acqwsition. • • 6. Presen~alion aad ~ltintenance of Properly; I.easeholds; ('ondominiums; Planned Unit Devebpments. Borrowcr shall iceep the Ptuperty in gcwd repair and shall not comrpit y~aste or permit impairment or deteriotation of the Property . and shall compl} 'with the provis~ons of any lease i( thu Mortgagc ~~ on a Icaschold. If this Mortgage is on a unu in a condominium or a planned un~t de~ciopmrnt, Borrower tih•rll per(orm all of Borrower's obhgalions under the declaratwn or coven•rntt crraung ~-r guvermng Ihe cond.~min~um or planned ~mit developmeni, the by-laws and regulation~ of the condumin~um ~r planned unu Je~ele~~,ment. .,nd constituent Jikumen~~. I( a conJominium or planned un~t develc-pment nder is e+e~uted b}• BorruNer and rece~r~leJ tugether v-~~th thn Mongage, the covenants and agreemCnts of such nder shall be incorporated ~m~~ and shal{ emend ~nd supplcment thc co~cnam~ anJ agrcements ot thiS Mor~gage as if the n.ier Nere a part F.ereof. 7. Protectiun ot I.enders Securfly. II H~rn~Her f:ul. n+ perl~.rm the covenants anJ agretments contained in tni~ Murigagr. ~~r ~f any rct:~tin ~~r pnxecding ~< <ummrn~c~t wh~~n m~teriall} .~fTrct~ LenJer'~ interc~t in th~ Pre~perty. including. but m~t lim~ied tv. rminent d~~main. im~l~encc. cude cnt~~rcemcnt. ~~r arrangemrntc or ps~.ceedings ~nvol~ing a ~:inkrupt u- dc.c:}~nt. thcn I.rnJer ~~ I ender'~ c~pt~on, upun n~~tice tu Borrow•er, mr~ meke such appearances. d~tihur~e such ' sums nnd talr such .+~tnm a. ~s ncccti~ary a~ pn~tcct I.cndcr'c ~mrrest. mclu~hng. but ni~t lim~tcd to. ~~sburscmcnt uf rcawr.~hlr :~~t~~mc~'~ t~~. enJ rmry u(wa: thc Pri~pcrt~ t~- ma{~c rcp.un If LrnJrr rcyitircd murtgage io~urancc ati a wnJitum uf rnak~n~i ~hc luan ~cuire~l b} ~h~ti 11~~rtg.~gr. H„rn:..cr sh dl pa)~ Ihr prcmiuim rcqu~reJ lm m~iuta~n w~h insurancr in rt(e~l unul tiu~h t~mc rti ~hc rryu~rcmcnl for ~uch in.~uan;c tcrmmatr. ~n accordancc v-~th Borrrwcr'. ~nd :~~'~ 3~~ P~~~E 259~ ~ ~ ~. ~ ~. .. - - . _ . :_ - - .~_ ~~:.