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Home My WebLink About0926 1 : i: UnrwR~t O~vsr+~Nrs. Borrowa and La~de~ coveaant and ajroe u folbw:: 1. tiyrw~at ~t ttit~i a~ 1~Iwes1. Borrower shall prarspti~~ pay when due the principsl ot and interat on the is~dcbtedness evidtuoed by the Note, prepaytnetu and lats char~cC as ~ovided in the Note, a~ tt~e principal at and interat an aoy Future Advsno~es setured by this Mortj~e. t Pri ter Ta~w a~i l~ca Subject to appticahk law o~ to a writtan waiver by Lende~. BoR'oM?er ~hall P~Y to Londer on the day monthly ir~iallntents of principal and intcrest are payabk under the Note. until the Note is pald in full, a smaa (M~in "Fund~'7 equal to one-twelfth ot the yearl~• tax~~ and assaunents whic~h ~aay attain prioritp ovsr this Mortsa~e, and ~round rena on cbe Propeny. if any. plus ooe-twelfch of yearly premi~m iestallmenu tor hatard inwrance. plus one-twel[th ot yarly premium installments for mort~a~e insunncc. ~r,~~~y. sll u reasonably estimatcd initially and frem time W time by Lender on t6e buis ot assexsmrnts and hills and reasonsbk estimatrs thercof. The Funds shall be beld in an institution the deposia or ~ccounts of rvhich arc insund or auannteed by a Fodenl ot stata a~tncy (includin` Lend~ if Lender is auch an institution). I~nder shall app1Y the Fw~ds to psy uid tua, assasments. iawraac~e prtmiums and =mund rcnts. l.ender may na charQe for u+ holdin` snd applyin~ the Fiind.s. analyzin~ said account, or verifyint and compilin= said assessments and bilh, unleu Lender Qays Borrower intercu on the Funds and applicabk law petmit~ Lender to make such a char~e. Bonower aad Lender may asroe in writing at the time ot exxution ot this Morf~aje tl~at interas on the Funds shall be paid to Borrower. and uakss sucb a~reement a mads or applicable law requires snd~ iaterat to be paid. Lender shall nat be rcquired to pay Borrawer any intersst or earnings on the Fu~. Lender shaU pv~e W Borro~ver, without char~e, an :nnwl accounti~g of the Funds showing credits and debiu to the Funds and the purpok for w~hich eseh debit to tbe Funds was ma~. 'i'h~ Funds arc pledged u additio~at socurity for ~he sums secured . by t~s Moctp~e. If t6e amount o[ tbe' Funds bdd by Lender, toaetlur with the tuturc monthly iostallmenta of Funds payabk prior to tbe due data oY taxa, auasmeats, imunnoe prcmiums and ground rents, shall excscd the amount rcquircd to pay said taxa. assapnents, i~unaca Qremiums snd gt~ound re~u as they fall due, such excess shsll be, at Borrower s option, either premptly sepaid to Borrower or credited to Bormwer on monthly installments of Funds. If the amount of the Funds bdd by I,ead~r s6a11 not be w~ciebt to p~y taxes. as~essmenb. insunnce premiums and ~round rents as they fall due. Horroaer shap pay to Leuder any amount neoessary to make up the deficiency within 30 days irom the date notice is mailcd by I.eader W Bomowe~t rcquestin8 WYment theroof. Upon payment in full of dl sums tecured by this Mongage. Lender shall promptly refund to Borrower any Fun~ beld by Ltnder. If under puafraph 18 t~rwf the PropeRy ia so{d or the Propeny ~s otherwise acquircd by L.ender, Lender shall apply. n~ Ister than immodiatety prior to the sak of the Property or it: acquisition by Lender. any Funds held bv L.ender u the iime of application ~ a credit against the sums socurod by this Mortg:ge. 3. A~iieatlo~ ot l~p~. Unless applicable lavr providea otherwise, all payments received by Lenckr under the Note and paragraphs 1 and 2 hercoF shall be applied by Lender fint in payment of amounts payable to Lender by Borrower under para~raph 2 hereof. tben to iaterest payable on the Note, then to the principal of the Nolt, and then to interest and priacipal on any Future Advances. 4. C~er, I.kns. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the PropoRy which may attain a priority over this Mortgagt, and leasehold payments ar ground rents, if any, iR the manner pt+ovided under paragtaph 2 hereof or, if not paid ir such manner, by Borrower making payment, when due, diroctly to the payee thertof. Borrower ahall promptly furt~ish to Lenck~ all notices of amounts due under this paratnph, and ia the event Borrower shall make payment directly, Borrower shall promptly fumish to Lender receipts evidencing such paymenu. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower sh~ll not be rcquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligatiun securcd by such liea in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to preveat the enfurcement of the lien or forfeiture of the Property or any part thereof. S. H~sud ln~ora~ce. Botrowcr shall koep the improvements now existing or hereafter erected on tht Property insured against loss by firc, hazards included within the term "extended coverage", and such other hazards as i.ender may rcquire ~ and in such amouats and for such periods as Lender may requirc; provided, that Lender shall not nequirc that the amount of such coverage exceed that amount of coverage required to pay the sums securcd by this Mort6ase. j 'Ibe insuranoe carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, that tuch approval shall not be unreasonably withheld. All premiums on insurance policies sha11 be paid in the manner ~ provided under paragraph 2 hereof or, if not paid in such manner, by Borrow•er making payment. whtn due, dit+ectly to the ~ insurance carritr. All insurance policies and renewals thereof ahall be in form accep~able to Lender and shall include a standard mortgage clause in favor of and in fotm acceptable to Lender. Lender shall have the right to hold the policia and rentwals thercof. ! ~ and Borrower shall promptly furnish to Lcnder all renewal notices and afl receipts of paid prcmiums. In the event of loss, j Borrower shall give prompt notice to the insurance carrier and Lender. Lertder may make proof of loss if not made prompdy ; ~ by Borrower. ; ; ~ Unleu Lender and Borrower otherwise agree in writing, insurance procceds shall be aRplied to restoration or repair of , ' the Property damaged, provided such rcstorahon or repair is economically feasible and the security of this Mortgage is ! ~ not thereby impaired. If such rcstoration or repair is not economicafly feasible or if the security of this Mortgage would be impaired, the insurance procecds shall !x applied to the sums secured. by this Mortgage, with the excess, if any, paid ~ to Borrowcr. lf the Properry is abandoned by Borrower, or it 8orrower fails to respond to Lender within 30 days from the ' ~ date notice is maited by I.ender to Borrower that the insurance carrier ofiers ro settle a claim for insurance beoe&ts, Lender ~ is authorized to collect and apply the insurance proceeds at Lender's option e~th~r to restoration or repa~r of the Propem• or to the sums sccured by this Mortgage. ~ Unlas Ltnder and Borrower otherwise agree in writing, any such application of procetds to principal shalt not extend ~ or postpone the due date of the monthty installments referred to in paragraphs I and 2 hereof or changa the amount of ; sucb installmeots. If under paragraph l8 herrof the Prof,erty is acquired by C.ender, all right, title and interest of Borrower in aod to any Insurance policia and in and to the proceeds thereof r~sulting from damage to the Propeny prior to th~ sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or o acqvisition. I r 6. Prsservation and Maintenance of PropeAy; Lessehulds; Condominiums; Ptanatd Unit Devtbpments. Borrower ~ shall keep the Property in good repair and shall not comrvit yvaste or permit impairment or deterioration of the Propetty ~ and shall comPly with the provisions of any leate if this Mortgage is on a leasehold. lf this Mortgage is on a unit in a ~ ~ condominium or a planned unit development. Bprrower shall perform all of Borrower's obligations undtr the declaration ~ or covenants creating or govern~ng the condominium or planned unit develupment, the by-laws and regulations of the t condominium or planned unit develo~ment, and constituent doc:uments. If a condominium or planned unit development rider is executed by Borrower and recorded together wi~h this Mortgage, the covenants and agreements of such rider shall be incorporated into and shal! amend and supplement the covenants and agreements of this Mortgage as if the rieler were a part hereof. 7. Protectioo of Ltude~'s Securfty. if Borrawer fa~ls tn perform the covenants anJ agreements contained in this ! Mortgage, or if any acUOn or proceeding ~s cummenced which materially afiects Lender's interest in the Properry. ~ including, but not lim~ted to, eminent domain. incolvency, code enforcement. or arrangements or proceedings invol~~ing a ~ bwkrupt or decedent, then Lender at Leoder's option, upon not~ce to Borrower, ma~ make such appearances, dishurse such ~ sums ~nd take such action as is necessary to prolect Lender's interest. including, but not limited to, disbursement of reasonable attomey's fees and emry upon the Property to make repairs. 1f Lender required mortgage insurance as a ? cond~tian o( making the loan secured by this hiortgage. Borrr.wer sh.~ll pay the premiums required to maaiitain such insurance in efTect until such time as Ihe requiremen; for ~uch imuran;e term~nates in ac~ordance with Borrowcr's and y . E •s ~ ~ ' eo~x 37~ ~acE ~5 ~ f ' ~