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Home My WebLink About0993 • i ~ i ~ ~ , . UHiFat~t Cav~rv~Nrs. Born;wer ~ncl Len~ler coven..~nt .nd agrce as folMws: ~ I. rayment ol Pri~cl~a1 a~ Ltenst. Bormwer shall promptly ~ay when due tbe principal of and interest on the indebtednes: evidenced by the Note, prapryment ~nd fate chargp as provickd iR the Note, and the principal of and i~te~est on aay Future Advances secured by thi=. Mortg~e. 2. Fr~eis tor Ta=a a~i te~rqce. Subjtet to applicabk Iav~r or ~o a written waiver by Lender. 8orrowec shaU Fay to I.ender oo the clay moath~y installments af principal an~ interest arc payabfe undtr ~he Note. until the Note is paid i~ tull. s sum (herein "Fuads'~ equa! to one-twelfth of the yeariy taxes ancl assessme~ta which may attain priority over this Mortgage, and ground rents on the Pruperty. if any. Qlus one-tw~i[th of ytuly prem~~ut? instalimtnts for huard iosurance, pius one-twe(fth of yesriy pnmiurn inuallments for mortgage i~surance, if any, all as resson~bty estimated initially and frnm rime to time by Lender on tbe basis of assessments snd bilis and rtasonabk sstimatea thereof. The Funds shaft he held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or ~ state agency (including Lendzr if Lender is such an institution). Lender shall apply th~s ~~nds to pay said taxes. asxasments, insutance premiums and ground rents. Lender may not charg~e for so holding and appiyi.:3 the Funds. analyziag aaid account~ or verifying and compiling said ass~ssments ana oiqs. ttnless Lender pays Borrower iaterest on tbe Funds a~d appiicabk law permiu I.ender to ~nake such a charge. B:,:;~.~:.r aud Lender may agree in writing at the tinx of execution of this Mortgage that iaterest on the Funds shall be paid to Borrower. and unEess such agreemtnt is made or applicable law req~ires sucti interest to.he paid. Lender s.hall not be rcquired to pay Borrower any interat or exrai~gs on tbe Fu~s. I.ender shall give to Borrower, without charge, an an~ual aocounting of the Fun:is showing credits and d~bits to the Fu~ds and the purpuae for which eaeh debit to tl~e Fuads was made. The Funds arc pledgzcl as additional secutity far the aums sxured by this Mortgage. ; If the an~ount of t6e Funds h~ld by Ltader, toge~her with ~ha future manthty instalimenb of Funds payable prior to ~ the due dates of ±axes. assessmenu, iasurance pnm;ums and Eround rents~ shall exceed tbe amount required to pay aaid taxes. assessanenu, inaurance premiums and grourxi renu as they iali due. such exctss sha11 be, at ~orrower's option. either ~ prompdy repaid to Borro:ver or credited to Borrower on monthly installments of Fuads. If the amount of the Funda ? h~W by I.cnder shall not be su~cieat to pay taxes, a~rnents, insuaance premiums an~i ground rents aa they fall due, s Bonower shall }.a.y to I.ender any amount ~ry to make up t6e deficiency withio 30 days from the date notice is maikd ~ by Lender to Borrower requesting payment thereof. , Upoa paytnent in full of dl soms aocw+ed by this Mortgage, Lender shall promptly refund to Borrower any Fun~ held by I,ender. If under par~graph 18 h~reof the Froperty is sold or the Property is otherwise acquired by Lender. I.ender shall apply, no later than ima~ediately prior to the sak of the Property or its acquisition by Leeckr, aay Funds held by I.ender at the tiax of application as a credit against the aums socured by this Mortgage. 3. Appiicatio~w of pyp~nsds. Unless applicabte law provides otherwise, all paymeats receivod by Lender under the Note and paragraphs 1 and ~ hercof shal! be applied by Lender first in payment of unounis payabk to L.ender by $ortower under paragraph 2 heroof. then to iaterest payable on the Note, then to the principal of the Note; aad thon to interai and principai on any Future Advances. 4• Cl~e~ I3eos. Borrower shall pay all taxes, assessmenta and other charges, fines aod impositions attribotabk to the Property which may attain a priority over this Mortgage. aad Masehold paymeats or gmuad rents, if any~ in the maaner pruvided under paragraph 2 hereof or, if not paid in such manner, by Borrower maki~g payment, when due. dirxtly to tb~ payee thereaf. Borrower shall promptly furaish to l.ender all,riotices of amounts due unckr this paragraph, nn~ in the event Borrower shall make payment direcdy, Borrower shall promptly fumi~h to I.en~r raxipts evidencing such payments. Borrav!~er shall pmmp;tly discharge any lier~ winich has prinrity over this Mcmgage; provided. that Borrower shall not be requirod to discharge aay sach lien so long as Borrower ahal! agrce in writing to tbe payment of the obligation secured by such lien in a manner acceQtable to Lender, or shaU in good faith contest such lien by, or defend enforcement of aucE~ lien in, legal procecdings which operate to prevent the enforccnent of the iien or forfeiture of the Property or any part thtreof. S• Hanrd Insoraare. Boaower s6aii keep the improvements now existing or hereafter erected on ihe Property iosured against loss by Srs. hazards included withia the term "extended coverage", and such other hazards as I.eoder may require and in such aznounis and for such periods ac Lender may require; provided. that Ltnder sha'.I not require that the amount of such coverage excxed that amount of coverage req~;ired to pay the sums stcured by this Mongage. "Ibe insuranoe carrier providing tbe insurance shaA be chos~n by Bort~wtr sabject to approval by Lender, provided, that auch approval stsall not be unreawnably withheld, AII premiums on inaura~cx policies shaU be paia in the mannu provickd ue3er pazagraph 2 hereof or, if s~ot paid ia such manner, by Borrower maicing paymeat, whea due, dirxtly to t6e insurancc curier. All insurance policies and reaewals thereof shall be in form acctptabk to i,ender and shall include a sta~dard mortgage clause in favor of and in form acceptabk to Leader. I.en~r shall have the right to hold the policies and renewals thercof, and Borrower shall prampdy furnish to Lender all renewal notices aod at! raxipta of paid pnmiums. In the avent of loss, Borrower shall give prompt notice to the icuurance carrier and Lender. Lender may make pmof of loss if not made promptly ~ by Borrower. Unksa Lender and Borrower otherwise agree in writing, insuraace proceeds shal! bo applied to restoration or npair of the Property damaged, provided such resto;eti4n or repair is eco~omically feasible and the sa:urit~~ of ihis Mortgage is ~ aot thereby impaired. If such restoration or repair ia not economically feasible or if the security of this I.~iorigage w~uld be impaired, the insoraace procoeds sha!! be applie~d to the sums secured by this Mortgage, with the excess. if any, paid ~ to Borrower. If the Property u abandoned hy Borrower, or if Borrower fails to respond to Lender within 3Q days from the date notice is mailed by Lender to Borrower that the iast,rance carrier offers ta settle a claim for insurance beoe6ts, Lt~der is auWorizod to collect and apply the insurance proccuis at Lender's option either to restoration or repair of ihe Property or io the swns sxured by this Morigagt. ~ Ur,less I.ender and Borrowtr otherwise agree in w.riting, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referrad to in ~aragraphs 1 and Z hereof or chaage the amount of suc6 i~tallments. If under paragraph 18 bereof tLe Property is acquired by Lender, all tight, tiik and intereat of $orrower ie aad to aay insurance policira and in and to the proceeds thereof resultin$ from damage to the Property prior to the sak or acquisition shall pass to Lender to the extent of the suim socurai by this Mortgag~e immediately prior to such sak or acquisitiQn. 6. Pn~re.~vatioa ~d Mabtewioce of Property; L,ta~ebold~ Coadaninlam,~ Phaaed U~Y De.dal~xats. Borrower shal! keep the Property in good repsir and shsll not commit wute or pcrmit impairment or deterio-a6on of the Property , and s6a11 comply with tbe provisiona af any lease if t6is Mo~tgage is oa a lease6old. If this M~rtgage is on a unit in a cond~minium or a planned unit dsvelopmeat, Bonower shall petform all of Borrower's ~bligationa under t~e declaration or covenants creating or govcrning the coadominium ar planned unit devs~opment, the by-laws aad regulations of the onndominium or planned unit development, and c~nstit~nt oocuments. If a cobdominium or planned unit development rider is exeeuted by &orrowu and r~orded together with this Mortgage, the covenarts and agrcements of such ricier shall be incorporated into and shali ameod and supplerr.ent the coveaants and agreunents of t6is Mortgage as if the rider we:ro a part hereof. 7, Pwtectaa of Lesder's Sec~rity. I~ Borrower faels to perform the covenants and agreements contained in this Morigage, or if any action or prooeeding is commenced which materislly afiects Lender's interest in the Property, including, but not limited to, emineni domain, insolvency, code enforcement, . r arrangemeats ot proceedings involving a bankrupt or decedent, then Leoder at L.ender's option. upon notice to Borrower, rnay make such appearances, disburse se~ch sums and talce :ueh action az is nocessary to protect Leoder s interest, including, but not ]imit~d to, disburaemeat of reasonabk attorney's fees and eotry upon the Property to make repairs. If Lender requir~d mortgage insurance as a condition of making th~ loan xcured by this Mortgage, Ba; ower ahall pay the premiums required to tuasntai~ auch inswanc= in effxt until ~uch time as the reyuireroent for sush insurapce terruinates in acxQndanoe witt~ Borrower's and . ~ r . . ~ - ~ ~ ~ ~ ~ ~ 405 P~E 9~?~