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Home My WebLink About0965 ' . i 1~ ~ 1. ~ l 3~i UtttroRnt CoveH~t+~rs. Borrower and La~de~ covenam and s~roe as follows: 1. t~e~t ot hi¦ciM1 a~i 1Ne~es1. Botrower ~?all promp~ip paY when due tt?e prieclpal ot and iatarat oe the ~ indebtednest evideaoed by the Note~ prcpayment aod late char~ ax provided in the Note. and the principal ot and ioterat on aoy Future Advu~ces'socwed by thi: Mcxtaaja Fr~ tor Ta:~s ~i I~we~~e. Subject ~o applicabk law ~x to a written waiver by I.ende~. Borrow~e~ shail pay to Leoder on ~he day moothly instdlme~ts ot pri~cipal and inte~t ~rc payat+k unde~ the Note. until the Note is pdd in [ull. a ~um (herrin "Funds'q equal to one-twelflh at the yea~ly ta~?~~ and auessrneets which may att~i~ prioriq? over this Mwt~~ase. ~d goound re~~ oe the Pt+operty. if any. plus one-tweltth of yearly prcmium .installmenb tor hazard insurance. • plus onatweltth of yeuly premium installmen~s tor mortsa`e inuiranc~. if any. ~11 u rea~onably estimatod initi~lly and frap time to time by Lender on the b~is of assessments and hills and rcasonabk euimates lhereof. Tbe Funds ahall be beld in ~an institution the deposia or ~ccouots of which arc insured ot ~uannteed by a Fedenl ot state a~ency (including Lender if l.ender is such an institutionl. I.ender shall apply the Punds to pay uid laxes. ssxstmeats. insurance premiums and gnwnd ~+ents. l.ender may not charee for u+ holdins ~nd applyins the Funds. ~nalyzins uid accoun~ or verifyin= and compilin` said asseumenta and bills. unlas Leadw pa Bortower interat on the Funds and applicabk law permits Lender to make such a charge. Borrower aad Lender ma~agroe in writina at the time of exceution o[ this - Mortgaae that interat on the Funds shall be' paid to Borrowe~. and ualas such asreert~t ia made or applicsbk law - requira such interest to be paid, Lender shall not be rcquired to pay Borrower any interat ot earnings on the Funds. Lender sball ~ive to Borr~ower. witbout charge, an annual accountina of the Funds showin` credits and debits to the Funds a~d the purpose for which euh debit to the Funds was made. The Funds arc pledged u additional socurity for the sums securcd by thia Mortgaae. If the amount of the Fuud: held by L,ender. together with the future monthly installmeats of Funds payabk prior to t6e due data of ta~ces. sssaaments, i~uranoe premiums and ground rents. ;hall eacocod the amount raquired to pay ~aid taues. sss~meats, insuraeoe pnmiums and ground rents as they fall due. such excess shall_ be. at Borrower s option. either ~ pranptly repaid to Bornuwer or credited to Bornower on monthly iauallments of Fuads. If tl~e amount of the Fun~ hdd by Leoder shaU aot be sut6cawt to pay ta~ces. anessments. iasura~oe peemiums and gcound rents~ as they fall due. Borro~wer shsll pay to L.eader any amount neceasary to make up the de6ciency within 30 days fmm the date notice is mailed by Lender W Borrower nquating payment thereof. ~ Upcw payinent in full of all sums ~curod by this Mongage, Le~der aball promptly refuad to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property i~ sold or the Propeny ~ otherwise acquiKd by Lender. Lender shall apply. no later than immodiately prior to the ssk of the Propecty or its soquiaition by Lender. any Funds held br I.ender at tf~ time of application u a credit against tt~ suau securod by this Mortgage. 3. Applicatlm oE Pq~eua. Unless applicabk law provida otherwise. all payments reoeivod by Lender u~der the . Note and paragraphs 1 and 2 hercof shall be appliod by Lrnder brst in payment of amounts payabk to Lender by BorrQwer - under paragraph 2 hereof. Wen to intercst payable on the Notc, thon to the principal of the Note, aad thea to interest and principd on any Future Advanves. 4. C~args~ I~es. Borrower shsll pay sf! taxes, sst~tssmtats a~ oilt~r chargts, tiats and impt~tic~~ s::r€lr.:~s~ to the Property which may attain a priority over this Mortgage, and leasehold payments or gtound rents. if any. ia the mauner pmvided under paragraph 2 hereof or, if ~ot paid in such manner. by Borrower making payine~t. whm due. diroctty W the payee theroof. Borrower ahall promptly furnish to Lender aU notioes of amounts due uader this pangraph. aod in t6a event Borrower shall make payment direcUy. Bornower shall promptly fumish to L.ender roceipts evidenciag such payments. Borrovvu shall promptly disc6arge any lien which has priority over this Mortaaae; provided. that Borrow~r ahali not be requirod to discharge any such lien so bng ~ Borrower shall agrec in writing to the paymeM of tbe obliaation sceurod by such lien in a manner acceptabk to Lender, or shall in good faith contest such lien by. or defead enforcement of such liea iq kgal proceedings which operate to pnvent the enforcement of the lien or forfeiture ot the Property or any part thereof. S. Hazard In~raan. Borrower shall koep the improvements now existing or hereafter erocted oa the Property insured agaiost loss by fir~, hazards included within the term "extended coverage", and wc6 other haueds as I.ender may require ~ and in such amounts and for such periods as Lender may roquire; provided. that Leoder shall not ~+cquire that ttie amount of sucb rnverage eaceed that amount of coveragt roquirod to pay the sums secured ~y this Mortaaae. - The inaurance carrier providing tbe insuranoe shall be chosen by Bortower wbjoet to ap~oval by Let~er, provided, tbat wch approval shall not be unreasonably withbeld. All premiums on iasurance policia sl~all be paid in the maaner provided under paragraph 2 hereof o:. if not paid in such manner, by Borrower making payment, w6en due. directly to the imurance carrier. t Aq insurance policies and renewals thereof shall be in form acceptabk to Lender and~shaU include a standard mortgage ~ clause in favor of aod in form acceptabk to Lender. Lender shall have the right to hold tbe policia and naewals thereof. ! and Borrower shall rom tl furnish to Lender all nnewal notias and all roae' of i P p Y ~pts paid pcemiums. In the event of loss. ~ I Borrower shall give prompt notice to the insuranve carrier and Lender. Lender may make proof of laes if not made promptly ~ by Borrower. ! Unless Lender and Borrower otherwise agroe in writing. insuiana proceeds shall be applied to ratoration or repair of ~ the Property damaged. provicled such restoration or rcpair is a:onomicaUy feaaibk and the security of this Mortgage is ~ not ~hereby impaired. If such restoration or repair is not economically feasibk or if the seeurity of this Mortgage would ~ be impaired, the insurance procoeds shall be applied to the sums securcd by this Mottgage, with the eacoess. if any, paid. to Horrower. If the Property is abandonod by Borrower, or if Borrower fails to respond to Leoder within 30 days from the date notice is mailed by Lender to Borrower that the inwranoe carrier offers to settk a claim for inwrance beoefits. Lender is authorizod to colkct and appiy t6e insurance proooeds at Lender's option either to restoration or repair of the Property or to the sums securai by this Mortgage. Untess iender and Borrower othetw~se agret m wnting. any such application of _proceeds to principal shall not extend or postpone the due date of the monthly installments -eferred to in puagnphs I and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acquiral by Leoder~ all right. titk aad interest of Borrower in and to aay insurance policies and in and to the prr,cceds theroof resulting from damage to t6e Property prior t~ ilH: sak or acqaisition shall pus to Lender to tlx exteat of the sua~s socured by this Mortgage immediately prior to such sak or acquisition. f. P~esenatioa aod Maiatenance of Pro?~erty; I.e~e6old~ Condominiua~s; Plaiud U~it De~ebprceb. Borrower ~ ~ shall kee the Pro rt in ood re au and -:,all not comipit wute or pairmeat or deterioration of the Property # P Pe Y B P~ perruit im # and shall comply with the provisions of ~ny lesse it this Mongage is on a leasehold. I€, this Mortgage is on a unit in a condominium or a planned unit dc••~iopmeat. Borrower shall perfo~m all of Bomower's obiigations under the declaration ~ or covenants creating or gove~:~iog ttie condominium or planned unit development, the bylaws and regulations of the condominium or planned :nit development. and constituent documems. I( a condominium or plannod unit development ~ rider is executod ti; "esorrower and reoorded together with this Mortgage, the covenants and agreemeots of such rider ~ shall be incorporatod into and shall amend and supplemeat tho covenants and agroemenis of this Mortgage as if the rider were a part hereof. ' 7. Protectio~ of Leoder's Secwft~. If Borrovrer fails to perform the covenants and agreanents_ contained in this ~ Mortgage, or if any action or proceeding is commenced which materially alfects Lender•s interest in the Propeny. ~ including, but not limited to, eminent domain, insolvency, code enforcement. or urangements or pmceedings invdving a bankrupt or docedent, then l.eoder at Lender's option, upon notice to Borrower, may make snch appearancea. disburse such ~ sum: and tafce such actioa u is neceswy to protect Lender s interest, including, but uot limited to, disbursema~t of reawnabk attotieyy',s fees a~ entry upon t6e Property to make repairs. If Lepder requircd mortgage insuracKx u a condition oE mAluna ttie~ toan secured by this Mortgage. Borrower :h~ll pay the pretniums requirod to maintain such iaauauve in effect until such time as the rcquinment for, such insurance terminates in accocdance witb Borrovver's and . ~ i . - ~~~39~ PA~E 965 ! - ~