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Home My WebLink About0959 S, , ' , . . UH~ruRM Cov~H~nrs. Borrower anJ LenJ~? cuvenant anJ agrcc (olluw~s: 1, Payment ot Princlpal Aad lateresl. Nurrower shall prump~ly pay ~hcn duc thc principal oi and intcrest on thc indebt~dncss evidenc~d by !hc Not~, prcpaymrnt anJ latc charg~+ a~ p~uvided ~n the Notc, and the pri~cipal u[ and ~nteretit on any Futurc Advancrs sccurcd by this Mortgage. 2. Funds tor Tsxes and Iasurance. Subject to appli~ahlr law or to a written waivcr by l.cndcr, Aurrowcr shall pay to 1_en~kr on tFx Jay momhly installments ot principal and intcr~.t arc payable und~r the Note, until thc N~~te iti paid. in full. a sum (herein "FunJs") equal to one-tv?elfth of ~he yearly taxe~ and asses~mcntc which may attain pri~~rity ovcr this Morigagc, an.l ground rents on the Property, if any, plu~ onr-twclfth ~~f y~arly premium installments inr ha~ard insur•rnce. plus one-lwcl(th of yearly premium insta!lmei~ts tor mortgage insuranc~, ~t any, all as reaso~ahly e.timated init~ally and frum timc ta ~imc bp Le~der an thc ba~is of a~scssmrnt~ and hill~ and rea~unable cstimates thereof. 'I~c Fund~ shall hc hcld in' an institution Ihc Jc{x~sit. .~r :~ccuunl~ ~~f which arc insurcd or guarantced h} a Fcdcral or statc agenry (including Lendcr if t.cndc~ i. such an institution). 1 rndcr shall apply thc Funds to pa~• said ta?ces, asccssmcnts, ensurance premiums anJ ground rents. Lender may not rharge for ~v holJing and applying the Funds, analyzing said account, ur ve~ify~ng and compiling said asses~n~e~ts and bills, unless I.ender pa~. Uo~rower interes( un the Funds and applicahle (aw prrmits t.cndcr to makc such a chargc. Iiurr~~wrr and [.rnd~r may agrrc in writing at thr timc of cxecution ot this ~tc~rfg~ge that i~tere~t on the FunJs shall he paid tu Burruwrr, and unlc,s such agrecment is made or applicahle law rcyuites such intenst to he paid, i_ender ~hall nut tx rcyuired to pay Rurmwrr any intcrest ~~r carnind~ on the i'unds. I.cnJer ~hall givc to Borrower, without chargc, an annual accuuntinb uf thc Fun~, ,h~~v?•ing creJns ~nd dchits to thc Funds and thc put~~e fur which ~ach Jehit to th~ F~tmd~ N':1\ madr. The f=und~ are plydgrd as additiunal se~:urity fot Ihe sums secured by this Mortgage. If the amount o( the Funds held by I_en~lcr, tugcthcr Hi~h th~ future momhly installments of Funds p:?y:+ble prior tc• the Jue dates ot taxes, as~essment~, insu~ance pr~miums and ground rent~, shall exceed the amount reyuired to pa}• said !axes, assessments, insurance premium~ and ground rents ~s thr}~ f:~ll due, si~ch excess shal! be, a! Borrower's ~ption, either prompdy repaid to Borrower or credited to B~~rrc~wer on mcinthly in~tallments of FunJs. If the amount of the i'unds held by Lender ~hall not be sulficient to pay taxes, assessmcnts, insurancr premium~ and gmund rents as thcy fall duc, Borrower shall pay to LenJer any amount neceasary tu make up the deficirnc~• within 30 da~s from the date notice ic mailed by Lepder to Borrowcr rcqucsting pay~mcnt thercu[. Upon payment in full of all sums sccund by this Mor~gag~, I.cndcr ~hall promptly rcfund to Rorm~cr any Funds held by Lender. I[ under paragraph 1R hercof thc Prupert~~ i~ ~old or the Pru~xrtp is otherw~i~e acquired by I.cndcr, I.endcr shall apply, no later than immediatrl~ prior to the ~ale of thr P~upehy or. i1s acquisition by LcnJcr, any 1=euzds held h}' LenJer at the time o( apptication as a credit against the sum. secured by ~his Mortgage. 3. Application of Paymeats. Unlcsi applicablc law pmri.les othc~wisc. all payments rccci~•cd by l.cnder undcr thc - Nate and paragrapht 1 and 2 hcrcof shall M: applicd hy I.cnJrr fir,t in pa~~ment o( amounts payable t~ Lrnder by Bormwer under paragraph 2 hereof, then to interest payable on thr Nwe, thrn t~~ thc principal of the Note, anJ then to interest ar~d principaf on any Futurc Advanccs. 4. Cltarges; Liens. Borroucr ~h.ell pay all taxc~, a+~cs~mcnts .~nd ather charb~s. fine~ anJ im~xitions attributahle tu the Properi}• which may attain a prioriry over this I~tortbagc, and IeasehoW paymenis or ground rents, if an~•. in ihe manner provided under paragraph 2 hereot or, if not paid in such manner, by Bnrrower making payment, when due. directly to the payee ther~eof. Borrowcr shall promptly furnish to Lendcr all noticcs of amounts duc ander this paragraph, and in the event Borruaer shall make payment direcdy, Aorrower shall promptly fumish tu l~nder receipts e~•idcncing such payments. Borrower shall prompUy discharge any licn which has priority uver this Mortgage; provided, that Borrower shall not be rcquired to disc:harge an}• such lien so long as Burruwer shall agrec in Nriting to the pa}~mcnt of the uhligati~~n cecured h~• such lien in a manner acceptable to I.ender, or shall in gcxui faith ronte+~ such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevcnt the enforcement of thr hen or forfeiture of the Property or any part thereof. 5. Hazard lnsurance. Borrower shall kecp the ~mprovementt naw existing on c~rcafter crcc~cd on the Properry insured against loss hy fire, hazards included with~n the terni "cxtendeJ caverage", and such other hazards as I.ender may reyuire and in such amounts anJ for such periods as Lender may rcyuirc; provided, that !_ender shaN not reyuire that tbe amount of such coverage exceed that amount uf coverage required ta pay th~ sums secured by this Mortgage. ~ The insurance carrier proveding the insurance shall be chosen by Borrawer subjcet to approval by Lender, provided, that such approval shall not be unreasonahly withheld. Ali premiums on insurance policies shall be paid in the manner provided under paragraph 2 i~ereof or, if not paid in such manner, by 8orrouer making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptablr to l.ender and shall include a stanJard mortgage clause in favor of and in form acceptahle to Ixnder. I_ender tihall have ~he right to hold ~he policies and renewals thereof, and Borrower shatl promptly furnish to 1_ender aH renewal notices and afl receipts ot paid premiumt. In the e~ent o[ 1oss, Borrower shall give prompt notice Io the insur~nce carrier and I.ender. I.enJcr may make proof of loss if not made promptly by Borrower. Clnless Lender and Borrower otherwise agree in w~iting, insurance pr~ceds shall be applied to restoration or repair of the Propeny damaged, provided such restoration or repair is eronomirally feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economiralh~ (easible or if the securily of this Mortgage would be impaired, the insurance proceeds shall be applied ta the sums secured by this Mortgage. v?•ith the excess, if any, paid to Borrower. If the Property is abandoned b~• Borrower, or if Borrower fail~ a. respond to I_ender within 30 days from the Jate notice is mailed by Lender to Borrower that the ensurance rarrier oAen ~o settle a claim for insurance benefets, l.ender is authorized to collect and apply the insurance proceeds at I.cnJer's option either to restoracion or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower othervvise agree in wnting, any such application of proceeds to prencipal sball not extend or postpone the due Jate of the monthly installments rcferred t~~ in paragraphti I and 2 hereof or change the amount o( such installments. If under paragraph 18 hereof the Propert} i. acywrcd b} Lender, all right, title and interest of Borrow~cr in and to any insurance policies and in and to the pmceeds thereof resulting from damage to the Property priar to the sale or acyuisition shall pass to Lender to the extent of the sums secured by this ~tortgage immediately prior to such sale or acquisition. 6. Presen-ylion and titaintenance of Property; I,easeholds; ('ondominiums; Planned Unit DevelopmeMs. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortg~ge i~ un a Icaschald. !f thic Mortgage is on a unit in a ~ condominium or a planned unit development, Borroher shal! pertorm all o( Borrower's obGgations under the declaration or covenants creating or governing the condominium or planned unit devel~pment, the by-laws and regulation~ of the condominium or planned unit development, and constituent documems. If a condominium or planned unit development rider is executed by Borrower and recorded rogether w~ith this Mortgage, the covenants and agreements F~f such rider shalt be incorporated +nto and shall amend and supplement the covenants and agreements of this Mortgage as if the rider werc a part hereof. Protection oi Lender's Security. tf Borrawer fails to per(orm the covenants and agreements contained in this - Mortgage, or if any action or proceeding is commenced which materialty affects Lender's inierest in the Aroperty. inc(uding, but not limited to, eminent domain, insol~~enry, cvde enforcement, or arrangements or proceedings im~ol.~ing a bankrupt or decedent, then Lender at 1_ender's option, upon notice to Borrower, ma}' make such appearances, disburse such sums and take such action as is necessar}~ to protect I.ender's interes~, including, but not limited to, disbursemeot of reasonable attorney's fces and cntry u~n the Property to makc rcpairs. If i,ender requircd mortgage insurancc as a condition of making thc loan secuted by this Mortgagc. Borrourr shall pay thc premiums required to maintain such insuranee in effect until such time as the reyuirement for tiuch msurance terminates in aecordance with Borrower s and T ~ L3 S~ BOU~( JJO PAGf ~9 - - , ~ ~ ;~~F~ ~ _