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Home My WebLink About1258s ~ Ut+t~w Covet+~Hts. Borrowtr and L.eoder covenanl and s~roe as tollows: 1. hp~N of hi~c~l a~i lalere~l. Borrowe~ shall p~omp~ly paY whcn due the priocipal ot aod intercst oe the ~ndeWednea evidenocd by ~be Nae. prcpayment and late chareec ac ~ovided in Ihe Note. and the principd ot and interest oa any FWum Advances setured by this Mott=ase. _. ihMd~ (er Taa~w a~i Iw~ce. Subject to applical+k law ~.r ~o a written waiver by Le~de~, Botro~rc~ sha~~ paY to Lender on ~he day manthly i~stallments o( principal anJ intcrcst ~rr payshk under the Note. until ~he Note is paid in tull, a ~um (hereie "Fw~dt'~ eqwl to a~e-tweltth ot ~he pea~l~~ tax~~ an~! assasments which may attain priority over this Motis~e. and ~round reots on the P~vperty, it any. plus one•twelfth of yearly premium installments fo~ hazard insunnce. plus oae-twel[th of yearly prcmium installmems tor mongsge insu~sncc, if any, all u reuonably estimatcd initially ~nd trom time to time by Let~der o~ the buis ot assessmcnts and hills and reasonable eslimata thereot. The FWnds shall be held i~ ao ins~itwioo the depoc~t~ or accounts of wrhich are insured or guan~teed by a Fcderal ot state a~ency (includina L.ender if Lcnder is such an institution). 1_eoder shall apply the Funds to pay uid taxa. asseumenls. i~uranca p~emiums and around rcots. I.ender may na charge Ior so hold~ng and applying the F~indc. aoalyzing said account, or verityins and complin` said assessments and bills, unless Lender pays Bonower intercst on the Funds and applicable law pecmits Lender to make such a charge. Borrower tnd Lender may agrce in writiog at the time of execution ot this Mort~ase that interat on the Funds shall !~e paid to Bor~owe~, and unless such agrcement is made o~ applicable law requira such interat to be paid. Lender shall not be rcquired to pay Borrower any interat or earni~gs on the Funds. Lender sball pve to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpoae for which eaeh debit to tbe Funds wu made. The Funds arc plcdged u additional secu~ity tor ~he sums secured by this Mortpje. lf fhe amount ot the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due data of taxa. as.xssments. inaurance prcmiums and ground rcnts, shall exceed the amount requircd to pay said taxa. assa~ments, i~uura~ce prcmiums and ground rents as they fall due, such ezcess shall be, at Borrower s optian, either promptly repaid to Borrower or credited to Borrower on monthly insullmen~s of Funds. If the amount of the Funds beld by Lender shall not be sutficient to pay tues. assessments, insurance premiums and ground rents as ~hey (all due, Borio~rer shall pay to Lender any amount necessary to make up the deficiency withio 30 days trom ~he date notice is mailed by L~eader W Borrower requesting payment thereof. Upoa payment in full of all sums ~curcd by this Mor~gage, I.eoder shall prat~ptly refund to Borrower any Funds heW by Lender. lf under paragraph 18 hercot the Propeny ia sold or the Property ~s dhen~vise acquired by Lender, Lender shall apply. ra later than immediately prior to the sale of the Property or its acquis~tion by [.ender, any Funds held by I.eader at the time of application as a credit against the sums secured by this Mortgage. 3. A~pikatio~ ot Paymeats. Unless applicable law provides otherwise, all payments received by [_cnder under the Note at~d pangnphs 1 and 2 hereof shall be applied by 1_cnder first in payment o( amounts payable to Lender by Borrower under pataanph 2 heqeof. then to interest payable on the No~e, then to the principal ot ~he Nae, and then to intcrest and principal on any Future Advances. ~. C~a; Liens. Borrower shall pay all t:~aes, a~scssments and ather chargez, fines and impositions auributable to tbe Property which may attain a priority over this Mortgage, and lezsehold payments or ground rcnts, if any, io the manner provided unde~ paragraph 2 hereof or, it not paid ~n such manner, by Barrower making payment, whet~ dut, dircctly to the payee thereof. Borrower shall promp~ly turn~sh to Lender all nouces of amounts due under this paragraph, and in the erent Borrower shall make payment directly. Borrowe~ shall promp~ly (um~sh to Lender receipts evidencing such payments. Horrower shall promptly dixharge any lien which hu pr~onty over th~s Mortgage; provided, that Bo~rower shaU not be required to dixharge any such lien so long as Borrowcr shall agree in w~n~~ng t~ the payment o( the obligatiun xcured by such lien in a manner accep~able to Lender, or shall io gocxl faith contes~ such lien hy, or defend enforcement of such lien in, legal' proceedmgs which operate to prevent the enfurcement of the lien or torfeiture of the Propeny or any part thereof. S. Hazard Insnnwn. Borrower shall keep the improvements now existing or hereatter erected on the Property insured against toss by firc, hazuds included withm ~he term "eitended c~~verage", and such other hazardc as l_ender may reyuire aad m such amounts and for such periods ac t_ender may require; pmvideJ, that LenJer shall not require that the amount of such coverage exceed that amount of coverage requ~red ta pay the cums ucurcd ~by ~his Mortaaae. 'il~e insuranct carrier providing the insuranre shall be chosen by Borrawer subject to approval by Lender._ providod, that wch approva) shall not be unrcuanably withheld. All prem~um~ on insurance policies shall be paid in the manner provided uoder paragraph 2 hereof or, ~f not paid in such manner, by Borrower makmg payment, when due, dircehl~i to the insurance curier. Al) insurance Fwliciet and rencwals thereof shall hc in form acceptable to Lendcr and shall include a standard mortgage clause in favor of and in form acceptable to l.ender_ l.ender shall have the right to ho1J the policies and renewal5 thereof. and Borrower shall promptly furn~sh to Lender all renewal notices and all receip~s of paid prcmiums. ln the event of loss, Borrower shall give prompt notice ~o the insurance carner and LenJer. Lender may make proc~t ot loss if not made prompUy by Borrower. , Unless Lender and Borrouer otherv-~~k agree in wntmg, insuranct praceeds shall be applied ~o restoration or repair of the Property damaged, prov~ded such re~toratwn or repair ~s economically feasible and the securiry of th~s Mortgage is not thereby impaired. If such restorat~on or repa~r is ni~t economically (easible or i( the secunty of this Morigage would be impa~red, the insurance proceeds shall be applied to the sums secureJ by this Mortgage. w~~h the excess, if any, paid to Borrower. If the Properly is abandoned by Borruwer. or il Borrower fa~h ~o respond to Lender within 30 days from the Jate notice is mailecl by Lender to Borrower that the ~n~urance carrier otiers ~o settle a claim for insurance benefits, I.ender is aut6c~rized to collect anJ apply the in~urance proceeJ~ •rt t.ender's option e~thcr to restoration or repa~r of ihe Pmpert~• or to the sums secureci by this Mortgage. ~ Unless I_ender and Borrower otherw~u agree in wr~tmg, an~~ such applicanon u! pnx:eeds to pnne~pal shall not e~ctend or postpone the due date of the mon~hly installments rcferred to in paragraph~ 1 and 2 hereof or change Ihe amount ot sucb installmeots. If under paragraph 18 hereot the Property ~~ acywred by L~:ndcr, ali nght, tiUe and inlerat of Borrower in and to any thwrance policies and in and to thc procceds thereof result~ng from damage to the Proper~y prior to thc saie or acquisiUOn shall pass to Lender to the ~xtent of the ~ums iecured by ~h~i Mortgage immediately prior to sueh sale or acquisition. ~ ~ 6. Presen•ation aud :lfainten~nce of Prope~ty: t.easehulds: ('ondominiums: Planned Unit Developmenls. Borro~•cr shatl keep the Property in goud repair and shall not comrpi~ y~aste or permit ~mpa~rment or deterioration o( the Properry and shall comply~ with the provisions of an~~ lease ~( th~, Mortgage n un a Ieasehold. If this Irlortgage is on a unit in a candomenwm or a planned uni~ development. Borrower ,hall Fxrturm all o( Borrower's obhgahons under the declaratwn or coveoanls creat~ng or guvermng the cundomimum or planned umt develupmem, the by-laws and regulations of the condominium or planned unit developmen~. ~nd constituent d~-cument~. I( a cundominium or planned unit Jevelopment rider ~s executed by Borrow•er and rerorded ~~~gether w~th ~h~~ M<~rtgage, the covenants and agreemeMs of such rider shall be ~ncorporateJ ~nto and shall amend anJ wpplcment the cu~enam~ aad -rgreements of this Mortgage as ~f thr rider were a part hereof. ~ 7. Prolection of I.ender's Securfty. It Bi~rr~~HCr fa~h ~~~ Fxriorm the covenan~~ and agreements comained in this Mor~gage, or if any action ur proreedmg ~~ cummcnced Khich ma~erially~ :~firctc Lender'ti interetit in Ihe Pmpert~•, includ~ng, but nut hm~~ed to, eminenl doma~n. ~nW.lvenc~, code rn(~~rcemcm. ~ir arrangemcnt~ or pruceedings involcing a bankrup~ or deceJem, then LenJer at I.ender'~ option, up~m notice ~o Borrower, ma~ make ~uch appearances, disburse~ suCh sums and take such ac~ion ac is necessary~ tu protect t.ender's interest, incluJing, but not limited to, disbursement of re~sonable a~~omey's tece and en~ry u~x~n the Propcrt}• t~~ make rcpa~rc. 1( I.cnder rcyuircd mortgage inwrance as a condit~on ot making the loan SecureJ by this Mortgage. Burrcwer sh.~l1 pay thc premiums reqwreJ to maintatn such ire,urance in efiect until such time as ~he reyuiremenl for wch msuran;e Iermmales in accordance with Borrower'~ and 67~~ 348 PaCE1258 . ~ ~~ . - - ~ ~~~~.~-~~ ~.._.. . ~. = -_ ~:~~~~~