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Home My WebLink About2609UH~~aw Coven~Nn. Borrower and Lende- covenant and a~ree as follows: l. T~weot o~ hi~c~l a~i We~at. Bormwer shall promp~l~• pay wheo due the principal ot and intercst on the inde~tednat evidencxd by the Note. ptepayment and late chargec ac provided in the Note, and 1he principal of •nd intercst ee any Futute Advances secured by this Mortgate. t i4~ tor Tao[a aN I~nrs~ct. Subjat to applicabk law ar to a written waivsr by Lender, Bormwe~ shal~ Pay to Lender o~ the day monthly installments of principal and ~ntcrcct arr payahle under the Note. until the Note is paid in (ull, a sum (herci~ "Fund~") equal to one-~welt~h of the yearl~ ~a~c. anJ ~ssessments which may attain priori~y ove~ this Mo~a~e. and Sround rents on t!n Pmperty, if any. F-lus one-twclUh of yearly premium installments fo~ hazard insurance, ~ plus oae-twelfth of yearly premium inslallmen~s (or mongage insurancc, it any, all as reuonably estimated initially and irom time to time by Lender on the basis of assescmcnts and hills a~d ~eawnable estimates thercof. 71~t Funds shall be held in an institution ~he depos~u or accounts of which are imured o~ guaranteed by a Fedenl or state agency (including Lender if Lcnder is such an institutionl. I.e~der ahall apply the Funds to pay said ~axes. asseuments. insurance pnmiums and ground rcnts I.ender may no~ charge tor so holding and apE+lying the Fiindc. analyzing caid account. or verifyin` at~d compiling said assessments and bills, unleu l.ender pays Borrower interat on the Funds and applicable law petmits Lender to make such a charge. 8orrower and Lender may agrce in writing at the ~ime o( ezecmioo ot this Mottgage that interat on the Funds shall be paid to Borrower, and unlas such agreement is made or applicable law requira such i~terat to be paid. Leoder shall no~ be rcquired to pay Borrower any interat or earnings on the Funds. l_endrr shall give to Borrower, without charge, an annuat accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds wu made. The Funds are pledged as additional cecu~ity fo~ ~he sums secured by this Mortgage. If the amou~t o[ the Fundt held by Lender, together with the future monthly inslallments of Funds ~ayable prior to the due data of taxa, uxssments, insurance prcmiums and ground rents, shall exceed the amount required to pay said taaes. suestme~ts, insurance premiums and ground rents as ~hey fall due, such, excess shal! be, at Borrower's opt~on, enher pranpily rcpaid to Borrower or credited to Borrower on monthly installments of Funds. It the amount of the Funds ltield by Lender shall not be sulficient to pay taxa, assessments, insurance premiums and ground rents as ~hey fall due, Borr~~rer shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date no~isc is n,a~led by Lender to Borrower requating payment ~hereot. Upon payment in full of all sums Kcured by this .Mortgage, I.ender shall promptly re(und to Borrower any Funds held by Lender. If under paragraph 18 hercof the Property i~ sold or the Property ~s wherwise acquircd by l.ender, Lender s6all apply, no later than immediately prior to the sale of the Property or its acquisition by I_ender, any Funds held bv I.ender at the time of applicatioa u a credit against the sums secured by this Mangage. 3. A~plicatios oE P~ments. Unless applicable law provides otherwise, all payments received by l.cnder under the Note and paragnphs 1 and 2 hereot shall be appl~ed by I.ender first in payment o( amounts payable to I_cnder 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 pnncipal on any Future Advances. 4. Cha~es; Lkns. Borrower thall pay all taxet, atscscmrnts ~nd ~~tber charges. fines and ~mpo~itions aUnbutable to tAe Property which may attain a priority over this Mortgage, and leasehold payments or grouna rents, if any, in the manntr provided under paragraph 2 hereof or, if not paid in such manner, by Borrow•er making payment, when due, dircctly to~the~ payee thereof. Borrower shall promptly furmsh to Lender all notices of amounts duc under this paragraph, and in the e~ent Borrower shall make payment direcdy, Borrower shall promp~ly (urn~sh to Lender receipts evidencmg such payments. Borrower shall promptly discharge any lien which has pnonty or•er ~hic Mc-rtgage; prov~ded, that Borrower shall not be rcqwred to discharge any such lien so long as BorroKCS shall agree in v-nUng to the payment of the obligation secured by such litn in a manner accepiable to Lender, or shall in g«~d faith contett such lien by, or Jefend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or [orfe~wre of the Property or any part thereof. S. N~zud Ir~surance. Borrower shall keep the ~mprovement~ n~w existing or hereafter erected on the Property insi~red against loss by fire, hazards included withm ~he term "cxtendeJ cor•~rage", and such other hazards as l.ender may reyuire ~d in sueh amounu and for such periods ac Lender may reyuire; provideJ, that I.enJer shall not requ~re that the amoun~ of such coverage exceed that amount of coverage reqwred to pay the sums secored ~by ~h~s Mortgage. The insurance carner providing the inwrance shall be chosen by Borrower subject ta approval by Lender, provided, that such approval shall not be unreasonahly withheld. Al) premiums on•insurance polic~es sha11 be paid in the manner provided under paragraph 2 hereof or, ~f not paid in such manner, b}~ Borrower mak~ng payment, when due, directly to the insuraoce carrier_ Alf insurance Ewlicies and rencwals thereof shall be in form acceptable to Lender and shall inclu~e a slandard mortgage clause m favor of and in form aeceptable to Lender. Le~der shall have the ~ight to hold ~he policies and renewal~ thereof, and Borrower shall prompdy furnish to Lender all renewai nouces and all reccipts ot paid premiumc. In the event of lots. Borrnwer Shall grve prompt notrcc to the insurance carner and LenJer. Lender n~ay~ make pr~:at of loss ~f not made promptl~~ by Borrower. Unless Lender and Borrowcr othrn+~x agrce in wnting, jnwrance proceccis st-wU bc applied to restoration or repair of the Property~ damaged, prov~ded such re~torat~on or repa~r ~s econbmically feasible and the' 3ecurity of this Mortgage ~~ not ~hereby impa~red. lf such restorat~on or repa~r ~s nut cconomrcally feasiblc or if the stcunry of this Mortgage wi~uld be ~mpa~red. the insurance proceeds shall be applied to the sums secureJ by this Mortgage. ~rth the excess, if an}•, paid to Borrower If the Propert~ iti ahandoncd hy Borrower. or it $orrowcr fail~ to res~nd to I_ender within 30 days from the date notice ic madeJ by Lender to Burrower that ~he insurance carner ofTers to seule a claim for insurance benefits, Lender is authonted to collect and apply the ~murance proceeJs at Lend~r's uption either to rptora~ion or repa~r of the Propen~ or to the sums sccured by ihis Mortgage Unlesc LenJer and Burrower othen.i~e egree m wntmg, any cuch application of prckeeds to pnnapal shall nut etitend or poslpone the due date of the monti;lti• instalimentc rcferred a~ in paragraph. I and 2 hertof or change the amount ~~f such installments. If unJer paragraph IS hereof the Propert} ~s acyu~red h~ (xnder, ali nght, tiNe ar~d in~erest of Hormwer in and to any insurance polrcies and in and tii th~ proceedti thereof resulting from damage to the Property prior to thc ~ale or aeqwsition shali pass to Lender tu the e~tent of the ,ums secured by~ th~s Dlortgage immediately prwr to such sale or acquisition. 6. Presen~ation aod ylaiotenance of Properl~: Leasehulds; Condominiums; Ptanned Unit Developmenls. N~rroHCr shall keep the Property in good repair and shall not comro~~ raste or perm~t impairment or deterioration of the Property and shall comply~ with the provisions of any lease ~f thu Mor~gege ~~ on a Icaschuld. I( this 111ortgage is on a nn~t in a condomimum ur a planned unit de~rlupmcnt, Burrov-er .hall perform all v( Borrower's obligations under the declarah~m or covenants creating or govern~ng ~the condommium or planned un~t deve!upment, the by-laws and regulation~ c.f the conJominium or planned unit Jevelc~,,meai. and constituenl d~xument~. I( a condominium or planned im~t Jevel~pment nder is executed by Borrower and rerordrJ a~gether M~th thi~ N~rtgage, the coven~nts and agreements of tiiich n~ier shal! be ~ncorporated into and shall amend and ~upplrment the co~enants and agreements ot this Mortgage as if the n~1er were a part hereof_ 7. Prote~tion of Lenders Security. If He.rmNCr f:ul~ ~,~ ~xrf~~rm the covenantc an~t agreements cuntamed ~n th~c Mortgage, ur if any art~on ~~r prcxcedmg i~ cummrnce~f whicn ma~rnall} afircls Lender'1 imerest in the Pmperi~. mcluding. but n~~t lim~ted to. eminen~ Jomam. ~m~~hen~~. ~ix1c enfi~rcem~nL ar arr~n~trmenK or pr~keedings im~~l~ing a bankrupt or decrdem. ~hen Le+~der at I.ender'~ ~~phon, u~xm ni~tice to Borrow~er, ma~ m.~ke wch .~ppearances, dishur,e ~uch sums and takr s~ch acuun a~ is nece~.ary t~~ pn~tecr I.ender'~ interest. ~ncluilmg, bul ni.t IimrteJ to, d~~be~rsement ~~f reawnahle auo~ey'~ (ce~ and eniry up~,n thc Pn,pcrt~ t~i m.~l~e rc~a~r~. I( I.cnder reyuircJ mortgage in~ur.~n~e a. a cunJ~lum ~~( makmg thc lo:~n ucureJ h~• ~h~~ ~lurtg,~c~. H~~nr.wrr sh ~II ~~y thc premiumc rcywreJ t~ maint~~n wih imurance ~n rtiecl ~unti! wch Ume ~~ the rey~urcment f~~r ,uch in;wan;r ~erminatr~ ~n ,ir~ordanee with B~~rr.~~rr'. .~n~ ` ~ ~ ~,~~~~Y 349 F~~E26~3 ~ z K S 4 ~ . . -. ..- .. _ .. . ~ .: ~ - , _ ..~ ~ ~ _~