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Home My WebLink About0945 UNtEO~t Oov~strrs. Borrower ~nd Lende~ covenant and a~roe u tollowt: ~ 1. l~~we~ of hNidMl a~i 1r/~nN. Borrower ~all promPUY WY when due the priactpal of and inten~t on the indebtedneq evideaced by tbe Note~ prepaynaent and I+~te cha~as as provided in the Not0. snd tl~e principal of aad interest oa any FuRure Advanoes ~ec~ued by this Mortja~e. Z. lti~i [or '11~ans aM I~wua~ee. Stibject to applicable law or to a written waiver by Lende~, Bomowec shall pay to I.endw on the day monthly installments of priacipal an.i interest are payabk unde~ the Note, until the Note is paid in full. a swn (6erein "Funds'q equsl to one-twelfth of the yeady hzes and a~seasments which asay attain priority over this 1Kort~aga aad arouad rents on tbe Property, if wy. plus ono-twelfth of Y~Y Prea?ium iauallmenb for hazard insunnce, ~ ptus oac-twelfth of yeariy premium iastaltmanta for mort~sge inaurance. if any. all at ressonably eatimated initially aad from dmo to time by Lender on the basia of assessments and bills and reasonabk estimata thereof. ~ 7~e Funds shall be held in a~ institution the deposits o~ acoounts of which ara insured or guaraateed by a Fedenl or state agency (iacluding Leoder if Lender is such an iostitution). Lender s6a11 apply the Fuads to pay said taxes. asseasmeata. iasuranee ~emiuma and grcwad nnts. Lender majr not chuge for so holding and applyiag th~ Funds, analyzing said acoount, or verifying and compiliag said assessments and bills, unleas Lender pays Borrower intecest oa the Funda and appticabk law permits I.ender to make suci~ a charge. Borrower and Lender may agree in writing at the time of lacecution of this Mortgage that interat on the Fuads shall be paid to Borrower, and unkss such agroemeat ia mad~ or applicabk law ~ requires such intenst to be paid. Lender shall not be roquired to pay Borrower any interest or earnings oa the Ftinds. I,eader shall give to Borrower, witlwut charge, an annual acoounti~g of the Funds showing credits and debiis to the Funda and the , purpose_ for which each debit to the Fuads wac made. 'Ibe Funds are plodged as additional security for th~ sums secured by thic Mortgage. If the amounr ef the Funda held by Lender, together with the future monthly installmenta of Funds payablc prior to tbe due dates of taxes, assessments, iasuranoe pnmiums and ground rents, shall exoad the amouat required to pay said taues. asse.uments. insuranoe premiums and ground re~ts as they fall due, such excess shall be, at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shaU not be 3ut6ci~nt to pay taxes, a~ssmenta. insurance premiums and gmund rents aa they fall due. - Borrower shall pay to I.ender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requestin8 paYment thereof. Upon paytpeat in full of all swns axured by this Mortgage, l.ender shall prompdy refund to Borrower any Funda heW by L.eader. If under paragraph 18 hereof the Property is sold or the Property is othenvise acquired by Lender. Lender shall apply, no later than iannxdiately prior to the sak of the Pmperty or its acquisition by Lender, aay Funds held by Lender at the time of applicatan aa a credit against the sums secured by this Morigage. ' 3. Application ot pa~mests. Unless applicabk law provides otherwise, all payments received by Lender under the Note and paragraphs 1. and 2 hereof shall b~ applied by Lender first in payment of amounts payable to L.ender by Borrower under paragraph 2 hereof. t6en to interest payable on the Note, then to the priacipal of the Note. and then to interest and _ . principal on any Future Advances. 4• Char~e~ Lkns. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Prop~rty which may attain a priority over this Mortgage. and leasehold paymeats or gcound nats. if aay, in the manner pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. wha~ due, direcdy to the payee thereof: Borrower ahaU pmmptly fnrnish to Lender all,aotices of amounts due under this paragraph, and in the eveat Borrower shall make payment diroctly, Borrower shall promptly furnish to I.ender recxipts evideucing auch payments. Barrower shall ~pmmptly discharge any lien which has priurity over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long aa Borrower shall agree in writiag to the payment of the obligation secured by such Gea in a manner sooeptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien iq kgal procee~ings which operate to pnvent the enforcement of the lien or forfeiture of the Property or any put thereof. - S. Aazsrd I~wraoca Borrower shall koep the impmvements now exuting or hereafter erected oa the Property insured again:t loss by fire, 6azards included within the term "extended coverage". and such other hazards as I.eoder may require and in such amounts aad for such periods as Lender may roquine; provided, that Lender shall not require that the amount of such rnverage execed that amount of coverage required to pay the sums secured by this Mortgage. 'Ibe insurance cartier providing the insurance shall be chosen by Borrower aubject w approval by Lender, provided, that such approval shall not be uareasonably withheld. All premiums on insuranoe policiea shall be paid in the manaer provided under paragraph 2 hereof or, if not paid ia such manner, by Borrower making paymeat. w6en due, directly to the ~ insurance carrier. ~ All insurance policies and tenewals thereof shall be in form acceptable to Lender and shaq include a standard mortgage i clause in ~avor oj aad in form acceptable to I.ender. Lender shall have the right to hold t6e policies and renewals thereof, i and Bonower shall prompUy furniah to Leader all renewal notices and all receipts of paid pnmiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make pmof of loas if not made promptly ~ by Borrower. ~ Unlesc Lender and Borrower otherwise agree in writing, insurance procceds ahalt be applied to restoration or repair of the Property damaged. pmvide~ such restoration or repair is economically feasible and t6e security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the soc~uity of this Mottgage would be impaired, the insurance proc~ls shall be applied to the suma secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to I.ender within 30 days from the ~ date notice is mailed by Lender to Borrower that the iasuranoe carrier offers to settle a claim for insurance b~nefits, I.ender is aut6oriud to collect and apply the inaurance prooeeds at I.ender's option either W restoration or repair of t6e Properiy or to the sums secured by this Mortgage. Unles3 I.endec and Borrower otherwise agree in writing, any such application of proc.eods to principal shall not~extead or poatpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under puagraph l8 hereof the Property is acquired by Lender, all right, titk and intereat of Borrower in and to any insuranve policia and in. and to the procoods thereof resulting from damage to the Property prior to the sak or acquisi6on shall paas to Lendu to tbe extent of the sums secured by this Mortgage immod'uttely prior to such sak or acquiaition. 6. Preservatlon aod Maiateoance of Propedy; Lease6otd~ CondomWnmr Pfanned Uait Devdopments. Borrower shall keep the Property in good repair and ahatl not commit waste or pernnit impairmeot or deterioration of the Property and shall comply with the provisiona of any lea~e if t6is Mongage is on a leasehold. If this Mortgage is on a unit in a ~ condominium or a planned unit developmeat, Borrower shall perform all of Borrower's obligations under the doclaration , or covenants creating or governing the condomiaium or p{anned unit development, the by-Iawa and regulations of the ~ condominium or planned unit development, and constituent docutnents. If a condominium or planned unit development ; rider is executed by Borrower and c~ecorded together with this Mortgage, the covenants and agrcements of such rider shall be incorpotated into and shaU araend and supplement the covenanta and agreements of this Mottgage as if the rider were a part hereof. 9. PcetecHHo~ of Le¦der's Sec~rity. If Borrower fails to perform the covenants and agrcements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender'a interest in the Property, including, but not limited to, etnineni domain, insolvency, codo enforcement, or arrangements or -proccedinga involving~ a banlcrupt or deoedent, then Lender at Lender'a option~ upon notice to Borrower, may make such appearancea. disbune auch sums and taice such acilon as is necessa~y to protect Lende~s interest, including, but not limited to, diabursement of rea:onable attomey's feas and entry upon tbe Property to make repain. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums rcquired to maintain such instuance in effect unW such time as the requirement for such insurance terminates in aocacdance with Borrowe~s and ~ ~ ~ 420 ~4 t~ _ - - ~ _ _