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Home My WebLink About0980 ~ ' _ _ . . _ _ _ . _ _ L ~ - ~ ~ . • ~t Ut~trot~t Oovat~~ra. Borrowa aod L~ode~ oovenant and ap+ee as fdlaMt: • 1. ~~e~t ~t tei~e~l aM Wan~f. Borc~owe` ~tall P~PUY WU~ w1~ea due tba p~dpal ot and Intecat oa d~e iadebtednea evidee~oed by tUe Note, prep~yment snd la~e char~ a p~vided ia tl~e Note. aad tba prlt~c3pa1 ot a~d ia~ . ca ~ny Ptitura Advaocas secuced ~r tb~ Mort~a~a. . Ft~i i~ 71~us aM I~c~. $ubject to applicabb la~r or to a~vrkteu w~aiMx bp Lender. Boero~wer sball pay tp Lender oa the day montAhr imtdlmeab o[ priadpal aad iate.rest aro paYabie unde~ ths No~e. undl tbe Note is paid ~ fuU. a w~a (berein ••Fuadt,•) eqwl to oae-twdith of the yaaRiy taxes and assam~a~a which may attain piioritp owr tbit M~i~d0. and tround reab on t6e Pt+operty. if aay. pltu voe-twelfth of y~uly pcen~ium iwnpmeab tor hazu+d iaauaace. plut ooo-tvaelfth of yearly premium inualln~u foc mortsa~ inwnnoe. if aap. ali as tea~otaWy? pthaated inhially aad trom - time to time by I.ender on the b~sa of assessmeab ud bilb and n~onabb astimates tl~ereof. -'Ibe F~ shall be l~dd in aa institution tl~e deposits or aooouAb of rvhi~l~ are i~aured or Naraaeeed by a Federal cr - atate asency (includin~ Lender if L~ender is wch sn inrtitutioa). l.endar shall appty tl~e PUadt to pay taid ta:e:. ~t~. i~urance premiums and around rcats. Lendar may twt cha~ge for so holdins and aPP~I?~af tbe Funds. snalY~pi or verifyin~ and oompilias aaid astasmenb and~bilh, ualas Leader pays Botroaer i~teras on tlre Punds and appticabk law pernuts Leoder to make such a chu~e. B~rrowar aad Lender may agree in writins at the time of a~cecution of thit Mon~age _ that interat on the Fuads aba11 be paid to Bonower. and unless wch ap~eaneat a made or applicable Isw _ requires auch interat to be paid. Lender sl~all not be roquired to pay Bormwer any iaterest or arnin~,s on the Flmds. L.ender shall tive to Borrower, without cbaree. an annual aooounting of the Funds showing crodib and debib tQ the fl~a~ and tbe ~ purpose for which each debit to the Funds was made. 'i'he Funds are pledged as additional security for the sums sxured by this Mortp~e. If the amount of the Fund: beld by Lendw. together with the future moathly installmeab of Fuada payabk priot W the due data of taxes, assessments~ i~urance premiums and ground rents, ahall exeeed the amount required to p~y said taxa. ass~ments, i~urance praniums and grour~d rrnts u they fall due. such excess shap be. at Borrowe~'s option. eitha pranpdy rcpaid to Borrower or credited to Borrower on monthly iastallments of Funds. If the amonat of the Fund~ held by Lender shall aot be wflicieat to pay taua, aaxs.unents. iASUrance premiwra and ge+nund rents as they fall due. Borrower shall pay to I.ender any amount nxeasary to make up the deRciency withia 30 days from the date notioe a mailed by Lender to Borrower i+oquestiag payme~t thereof. Upoo paymeat ip fuli of all sums ~cured by ths Mortgage, Lender shall promptly refund to Borrower any Funds held by i.ender. If under puagraph 18 he~eof the Property is sold or the Property i: othecwise acquired by I.ender, Lender shall apply, no later thap immediately prior to the sale of the Property or its acquisition by Leader, aay Fuads held by I.~nder at the time of applicatioa aa a credit against the sums secured by this Mortgage. 3. Applicatba ot l~meNs. Unless applicable law pmvida otherwise. aq payments received by Lender under the Note and paragraphs 1 and 2 hereof ahall be applied by I.ender first in payment of amounts payabk to Lender by Borrower under para~rsph 2 hereof, then to iatercst payabk on the Note, then to the principal of the Note. aad then to interest and principal on any Future Advances. 1• C~es; I3eas. Borrower shall pay all taxes. assessments and other charges, tines aad impositions attributabk to the Propecty which may attain a priorlty over this Mortgage, and leasehold payanents or gmund nnts, if aay, io tUe man~ pmvid~ under paragraph 2 hereof or, if ~wt paid in such manner. by Borrower making payment, w6w due. _direcdy to tbe payee theroof. Borrower sball promptly furnish to Lender all notices of amounts due under this paragrap6. and in the ~veat ~ Borrower shall make payment directly. Borrower shaq promptly fumish to I.ender rcoeipts evideacing such paymenta. Borrower shall pmmptly discharge any lien which has priority over this Mortgage; pmvided, that Borrower shaq not be requirod to dischuge any such licn so long as Borrower shall agroe in writing to t6e paymeat of the obligatan saured by suc6 lien in a maaner acfieptabk to Leader, or shall in good faith contest such lien by. or defend enforeanent of such liea iq . legal proceodin~s which operate to preveat the enforcement of the lien or forfeiture of the Property or any put t6ereof. S. Hassrd Isseranca Bocrower shall keep the improvements now existing or hereafter erected on the Property inwrod agai~t loss by Sre. hazards included wit6in the term "extended coverage". and such otl~er hazatds as Lender may require and in such amounts and for such periods as Lender may require; providod. that Lender shall not require that the amount of 'I such coverage oxceed that ataount of coverage required to pay the sums secured by this Mortgage. The iraunnce carrier providing the iasurance shall be chosen by Borrower subjeet to approval by Lender, provided, _ ' that such approva) shall not be unreasonably withheld. AH premiums on insurance policies shall be piid in the manner ~ provided under paragraph 2 hereof or, if not paid in such manner. by Borrowa making payment, when doe, diratly to tbe ; inwrance carrier. ~ All inwranoe policies and renewals thereof shall be in form acceptabk to Lender and shal) include a standard mortgage clause in favor of and in form acoeptable ta I.ender. Lender shall have the right to hold t6e policia and renewals thereof, ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums. In tt~e eveet of loss. ~ Borrowu shall give prornpt notice to the insurance carrier and L.ender. Lender may make proof of loss if not made promptly ~ by Borrower. Unleas Lender and Borrower otherwise agrec in writing. insuran~x procceds shall be applied to raWration or repair of j the Property damaged, pmvided such ratoration or npair is economically feasibk and the security of this Mortgage is ~ not thereby impaired. If such restoration or r~epair is not economically feasible or if the aecurity of- this Mortaage would be impaircd, the insurance procxds shall be applied to the sums secured by this Mortgage, with the excesa, if aay. paid ~ to Borrower. If the Property is abandoned by Borrower, or if Bonower fails ta respo~d to Lender within 30 days from the ~ date notice is mailod by Lender to Borrower that the insurance canier offers to settle a claim for insurance beaefits, Lender is authorized to collect and apply the insurance prooeeds at Lender-'s o~ioa eitl~er W restontion or repair of the Property ~ or to t6e sums securod by this Mortgage. ~ Unless I.ender and Bonower otherwise agrce in writing. any such application of procoods to principal shall aot eatead ~ or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of ~ suc6 installments. tf under paragraph 18 hereof the Property is acquirod by l,ender. all right, titk and interest of Borrower in and to any insurance policies aad in and to the proceeds thereof resultiag from damage to t6e Property prior to the sak ~ or acquisidon shall pass to Lender to tl~e extent of the sums securod by this MortgaQe immediately prior to such sak or acquiaitan. ~ 6. heservatbe aod Maiatenance of Property; Leasclald~ Condom[nfes~ Planaed U~it Devdope~e~ts. Bornower ~ shall keep the Property in good repair and shall not commit waste or permit impaira4eot or deterioration of the Property ~ and shall comp(y with the provisions of any kase if this Mortgage is on a lcasehold. lf this Mortgage is on a unit in a ~ condominium or a planned unit developmeat, Borrower shall perform all of Borrower': obligatioas under the ~claration ~ or covenants creating or governiag the condominium or planned unit development, the by-laws and regulations of the ~ condaminium or planned unit development. and constituent documents. If a condominium or planned uoit development ~ rider is exceuted by Borrower and recorded together with this Mortgage. the covenants and agreements of such rider ` shall be inoorporated into and shall amend and supplement the covenants and agrcements of this Mortgage u if the rider ~ were a patt hereof. 7. lrotatlo~ of Lender's Secority. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage. or if any action or proceeding is comaxnced which materially aHects Lender's interest ia the Property. ` including, but not limited to, eminent domain, insolvency, code enforcement. or arrang~ments or pmceedings involvina a bankrupt or decedent, then I.ender at Lender's option, upan notia to Borrower. may malce such appearanoa. d~bur~e wch sums and take such action u is naxssary to protect Lender's interest~ including. but aot limitod W, disbutsea~ent of ~ reasonable attomey's fas and entry upon the Property to make rcpairs. If Lender required mort~a~e irauranoa as a ~ coadition of makiag the loan secured by this Mortgage, Borrower shall pay the prciaiud~s roquic~ed W raaintain wch ~ insuraooe in eHcct until such time ai the requiremeat for such insurance termiaata in acoondtnoe wit6 Horro~rer's aod ' f t gp01 PA(~ e~lJ G + ~ ¢ a~