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Home My WebLink About0926 " • , . ~K ' : . I UNIRORL/ COVFNAN?'S. $OfCOWC~ ~f1d Ltt14C~ COVCh~Qt ifid i`MC ti 1`oiMws: ~ 1. layme~t ot l~iariNi ~i isten~t. Borrower shall p~omptlY ~aY when due ihe principal of and interest o~ the E +ndeotednas evidenced by thc Nae, pr~psymc,~t aad late char~es u provided in ttx Note, and the p~ncipsl of and inte~+est ! on aay Future Advances secured by this Mortja`e. ~ 2. Fods Ior Tues aAi I~wr~ce. Slabject to applicabk law or to a written waiver by Lender, Borro~ver shaU pay to Lertder c+n the day munthty inuailments af principai and intercst are payabk under the Note. t~ntil th~ Note is psid in tull, ~ a:um (herein "Funds") equal to one-twelhh of the yeady taxes and assessments whkh may att~ia priority over this Mortga~e, and Eround rents on the Ptvperty, if any, plus one-twdtth of yearly premium installmenb for hazard insnr:noe, plus one-t~reiFih of yearly prcmium inct~llments for morigage insurance, if any, all as reasonably estimated initiaNy and from time to time by Len~er on the basis o[ as~rnents and bilis and reasonabk estirtutes therEOf. ~ , 'i~e Funds shali be he)d iR an institution the depoaib or accounts of which are insurtd or gwrsnteed by a Fedenl or f state agency (including Lend~~ if Ltnder is auch an iastilution). Lender shaU apply the Funds to pay said tax~s. asstasma~ts. insuranoe premiums and ground rents. Lende~ may not charge For so holding and apptying the Funds, auslyziag said acrount, . or verifying and compiting said assessments and bills. unlas Ltnder pays Borrower interest on the Funds and applicablt 1aw permits Lender to malce such a-charge. Borrower and Lender may agrce -in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower. and unleu such agroement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrawer any int~rest ~r earnings on the Funds. I.enckr , shslt give to BorrowGr, without chargr., ar. annual accounting of the Funds showing credits and debits to the Funds And the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by thia Mortgage. If tbe amounl of the Fuads held by Lender, tog~ther with the future monthly installmenis of Fun~s payable prior to thc due dates of taxes. assessments, ituurance prrmiu~ns and ~rounu nnts. shall excced thc amount required to pay uid taxes. ssseurnents, insuranct prcmiums and ground rents as they fall due. such excess sl~all be. st Borrower s option, either , promptly repaid to Bormwer or credited to Borrowe~ on monthly installments of Funds. 1f the amount of the Funds held by L.ender shall not bE suf~cient to pay taxa, asaessments. insurance priemiums and ground fents as they fall due, Borrower sl~all pay to Lender any amount neces~sary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower rcquestiag payment thereof. Ugon payanent in full of dl :ums aecured by this Mortgage, 1_ender shall promptly rcfund to Borrower any Funds held by L.ender. If under patagraph 18 htreof the Property is sold or the Pro~erty is otherwist acquirtd by Lender. Lender shall apply. no later than immediately prior to the salt of the Property oe its acquisition by Lender. any Funds held by ~ Lendec at the time of application as a credit against the aums secured by thls Mortgage. 3. AppiicatioA d Psyae~ts. Unless applicable iaw provida otherw:sc, all payments received by Lender under the Note and paragraphs 1 and 2 hercof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, tben to iaterest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. , • J. C~es; Liees. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributabk to tha Property which may attain a prioriry over this Mortgage, and leasehold payments or grnund r~ents, if any. in th~ manner pravided under puagraph 2 hereof or. if not paid in such manner, by Borrower making psytnent, when doe, directly to the payee thereof. Borrower s6a11 pt~~mptly furaish to Ltnder all notices of amounts due under this paragraph. and in ihe eveut Borrower shall malce payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Bc~rrower shall proonptly discharge any lien which has priority over this Mortgage; provided, that Borrower shal! not be _ rcquired W discharge any such lie~ so long as Borrower shall sgree in writing to the payment of the obligation secs~red by such lien in a manner acceptabk to Lender, or shall in good faith cont~st su~:h lien by. or defend cnforcement of such litn in, legal proceodings which operate to prcvent the enforcement of the lien or fodeiture of the Property or any part thereof. S• Hazard Ias~raerr. BorrowGr shall kvep the improvements naw existing or hereafter erected on the Property insurcd against loss by 5re, hazards included witt~in the term "extended coverage", and such other hazArds as Lender map rcquirc ; and in such amocnts and for such periods as Lender may require; provided, that Lender shail not require that the amount of such coverage ezceed that amount of coverage~required to pay the sums securcd by this Mortgage. 'ILe imu~anex carrier providing tbe insurance shall br chosen by Borrower subje~t to approvat by Lender, provided. Wat such appmvat s6at1 not be unreasonsbiy withheld. All premiums on insurance policies shall be paid in the manaer provided under Faragraph 2 hereof or, if not paid in such manner, by Borrowu msking payment. when due, directty to the insurance carrier. . . All insurance policies and renewals ihereof shall be in form acceptable to Lender and shall inciude a standard rnortgage • clause in favor of at~d in fortn acceQtable to I.eader. Lender shall have the tight to hotd the policies and renewals thereof, aad Borrower shal! promptly furnish to I,euder all renewai notices and all rec;eipt~ of paid premiums In the event of loss. Borrower shall give prompt notice to the insurance earrier and Lender. C.ender may make proof of loss if not made promptty by Borrower. Uniess [.ender and Borrower otherwise agrce in writing, insurance proceeds thall be applied to restoration or repair ~f the Properiy damaged, provicled such restoration or repair i: e~onomically feasible and the sexurity of this Mortgage is not therehy impaired. lf such restoration or repair is not ecor.~mically feasible or if the secur;ty of this Mortgage would , be impaired, the insurance proceeds shall be applied to t6e sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Ptoperty is abandoned by Borrawer, or if Borrower tails to respond to Lender within 30 days from thc date notice is mailed by I.ender to Borrower that the insurance carrier offers to settle a ciaim for insurance benefits, Lender is authorizod to collxt and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. Unlrss Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ` or poaipone the due date of the monthly instailments referred to in paragraphs t and 2 hereof or change the amount of suc~ installments. If under paragraph 18 txroof the Praperty is acquired by Lender, all right. titk and interest of BorrowEr irs and to any insurance policies and in and to the procceds thGreof resuitind frocr. damage to the Proper:y prior to thc sale or acquisiticn shall pass to Lender to tha extent of the sums secur~d by this Mortgage immediately priQr te such sak or acquisition. 6. Ptrstrvaticn s~d Ma4ntenaace of Property; Leaselw4ds; Condomiaiems; ~.anned Uait Devdopmeels. Borrower shalt keep the Property in goad repair and sha11 not commit waste or permit impairment or deterioration of the Property ~ and s6all comply with the provisions of any !sase if this Mortgage is ~n a leasehold. If this Mortgage is on a urit in a cottdominiu~ta or a planned unit develepment, Borrower shall, perform all of Borrower's obligations under the deslaration or covenants creating or governing the condominium or plaaned unit developmEnt, the by-laws and regulations of the condominium or planned unit development, and :onstituent cbcuments. If a condominium or planned unit development tider is executed 'cy BorraSVer and recorded together with this Mortgage, the cover.ants and agreements of such rider shall be incorpe~rated into and s~al! amend ancS supplemont the covenants and agreements of this Mortgage as if the rider were a part herevf. 7. Protectiqa of Leoder's Seeeril~. If Borrower fails to perform the covenants and agreements contained in thi~ Mortgage, or if aay ac!ion or procetQieg is commenced which materially affects Lender's inlerest in the ~'roperty, inciuding, but not lim:ted to, eminen: domain, insolvency; c~de enforcement, or arrangements or procee~Jings involving a bankrupt or decedent, then L.ender at Lendet's option, upon notice ro B~rrower, rnay make such appearances, disburse such suau and take :uch action as is esuessary to protcct l.ender's interest, including, but n~t limited te, disbunement af reasonable attomey's fees and entry upon the Property to make repairs. If I.ender required mortgage insurancz as a condition of making the loan seceved by this '1~iongage, Borrower shall pay the premiums requited to mainta~n such inswance in eHect until such time as the requiremont fo~ such insurance termi~ates in aecordtnce with Borrower's and , . _ a~ ~ t~ ~ . _,..~-_a._..._ - - ~ - ; • - _ _ - - _