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Home My WebLink About0954 " acquisition. ~ ~ 6. Presenation aad 1lainicnarsce of Propcrt~; I.easeholds: Condominiums; Planned l'nit De~elopments. Borrower shall keep the Property in good repair and shall not commit waste ~~r Permit impairment or deterioration of the Property . and shall comply ~~ith th~ p:ovisions of an}~ (ease +f thi~ :11ort~a~:e i~ ..n ci leasehoid. If lhi; Mortga~e is on a unit in a con~luminium or a p(anned unit cic~elopment, Burrutier ,hal! pcrfc~rm all of Barrower's c~bligatfons under !he declarat+on or covenanis creating or gu~~ernin~; the rondorninium or E~)annrd unit de~~el~~pment, the bti~-la~cs and regulatione of the conclominiun~ or planned unit devele~pment. and ~enstituent ~cxumenl~. If a cunduminium or planned unit de~~elopment rider is executed b~~ Borrower and recorded t~,gether tiith thi, !~te~rtgagc, the co~enants and agreements of sueh rider ~ shall be incorporatcd inco ail~i sh~ll amend anil su~plernent the co:~nants ancl agreentents of thi~ i~tortgage as if the riJer ~ :~~re a part hereof. 7. Protection of Lenders S~~eurit}~. If B~~rre,~ter fail. to ~erf~~rm the covenants an~1 agreements contained in this ~lortgage, or if any action ~~r proceeding ic ~~~mm~ncc~i ~.~h~ch materiali~~ af~c~ts Lender's interest in the Pn,pert~~. including. but n~~t lim~ted to, emincnt domain, in~~~i~cn.~. code en(~~r~ement. or arr:~ngements or prc~ceedings invol~i~g a F, bankrupt or de~edent, then ~cneier at Lencler's o[~fiori, u~m ne~tire t~~ B~rrc,wer, ma~ make such appearances, dishurse such sums and take such a~tion a~ is neces~ar} to protect Lerder', intcrest, inclu~3inc. but not limited to, disbursement of s=; reasonahle attome}~'s fce~ and cntry upon the Propert~ t~~ makc repairs. If Lender reyuired mortgage insurance as ,i ~ondition of making the I~~an secure~l b~ this M~rtgag~. B~~rr~n~cr sha11 pay thc premiums req~iired to maint:~in such r- insurance irT etTect until surh time as the reyuirement for ,uch insurance rerminates in accordance a•ith Borrow•er's and ~ r~ an~;~ 44~ r~r~f -~yt:~ k~ ~ d - r ` ~ ~ ~y-J. Urvitox~~ Co~e!.~!vrs. Borruwer and LenJer coven,~nt ~nd cigree a~ foUows: 1. Payment of PeincIpa! and lnteresl. H~vr.~Her shall prc~m~tl~ pay when due the principal uf and interest ~in the indebtedness c~•idencc~i by thc Nut~, prepaym~nt and I~te chargc, a. pruvi~ed in the Notc, and the principal of and interes~ on any Future Advances sec~red by this Mortgagr. 2. Funds for Taxes ai:d lnsurance. Subject to applieable law or to a~~retten w~aiver hy !-e~~er_ Horrow•~r shall pay to l,ender on ~he day monthly installments of prinripal and intcre;t are pa~~able under thc Note, unlil the Note is paid in full, a sum (herein "Funds"? equ~t ta unc-twelfth of the ye~rly ta~e. anJ asses;ments which may attain priority over this Mortgage, anJ ground rents on the Pm~rty, if anp, plus one-tH•clft~ of yearty premium instaHmcnts for hazard insurance, plus one-tµelfth of }•earl}• premium insiallments fur n~ortgage insurancr, if any, all as rcasonably estini~t~d initiaU~• an~1 from dme to time h~~ l.ender on the basi~ of assessments an~ hills anJ r~atiunablr estimates thereof. ' The Fundti shall be hcld in an instit?~tiun the de{wsits or a~counts ~~f which are insured or guaran!eed by a Federal or state agency (incfuding Lrnder if I.en~er is such an institutioni. i.en~icr shall appl} th~ Funds to pat~ said tax~s, assessn~ents, inwrance premiums and ground mnts. 1_ender ma~• nc~t charge for ~o holding .ind applying the Fund~, anal)'zing said account, or verifying and compiling sai~! asse„ments and bills, unless Lender pays I3orrowcr interest on the Funds and applicable law permits I_ender to make such a~ charge. Borrower and I.ender may agree in wriUng at the lime of execution of this .~lortgage th:~t interest on the Funds shaN tx: paid tv Borrower, and iinless such agreeinent is made or applicable law requires such interest to he paid, l.cndcr shall not be reyuire~i to pay Borruwer an} intcrest or carnings on the Funds. Lender ~hall give to L~orrow•er, ~~ithout charge, an annual accuimting of the F:~n~is shoµing rredits and debits to the Funds and the purpose for whirh each debit to the Funds wa~ made. The Fun~i~ are pledge~i as additional securit~~ for the sums secured by thi~ ~lortgage. If the amount of the Funds he:ld b}• I.enJer, toget:~er ~~ith thc future monthly installments of Fun~is pa~•able prior to the due dates uf taxes, assessments, insurance pren?iums an~ grounJ rent,, shall e~ceed the amount rey~iired to pa~• said taxes, assessments, insurance premiums and ground rents as th~}' tall due, wch excess sha11 be, at S~rro«•er's aption, either prompd}' replid to Borrower or credited to Bnrrower on monthl~ ;n~taUments of F~,ad,. If the amount of the Funds held by Lender shall not be sufi'icient to pay taxes, assessments, in,urance prenuums and groimd rents as thc}• fall due. Borrower shall pay to Lender any amount necess~n tu make up the deficiency w•ithin 30 da~s from the date notice is mailed by Lender to $orrower requesUng payment thereof. Upon payment in full of all sums secured b~ this Mortga~;c. Lcnder shall promptly' refund to Borrow~er any Funds held by I_ender. If under paragraph 1R hereof th~ Propert~ ~s s~~ld or the Propert~ is othen,•ise acquind bp Lender, Lender ~hall apply, no later than immediatel}• prior to the ,ale of thc Property or its acquisition bp I.ender, an}' Punds held by~ Lender at the time of application as a crcdit against the sun~ti secure~f b}~ th~s ~9ortgage. 3. Application of Payments. Unless applicable law~ prv~i~3es othrr~vise, all payments re~ci~ed b~~ Lender un~ier the Note and paragraphs 1 and 2 hereuf shall be applied by I.ender first in payment of amounts pa~~able l0 1_en~fer b~~ Borrower under paragraph 2 hereof, then to interest payablc on the ti~~te, th~n tu the principal of the Note, and then to in~erest a~d principal on any Future Advances. 4. Charges; Lsens. BorroNer shall pa}~ al~ taxeti, a.se~sments and olher charges, fines an~l impositions attributable to the Propertp w•hich may attain a priority rn•er this ;liortgage, and leasehold payments or ground rents, if an~•, in the manner provided under paragraph 2 hereof or, if not paid in such manner, b~~ $orroHCr making payment, when due, direcdy to the payee thercof. Borrower shall promptly furnish to [_ender ail notices of amounts due under this paragraph, and in the event Borrower shall make payment directl~, Be~rrower ~hall promptly furnish t~ Lender receipts evidencing such payments. Borrow~er shall promptly discharge an~~ lien ~+hich has prionty over this Murtgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in ~riting to the pa}'ment of the obligation secured by suc6 lien in a manner acceptable to Lender, or shatl in good faith conteu such lien by, or defend enforcement of such lien in, legal proceeding~ which operate to prevent the enfi~rcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrower shall kecp the impmvements n~~~~ c~isting or hereafter erccted on the Property insured against loss b}• fire, hazards incl~ided within the term "~~t~nde~i co~~crage", and such other hazards as Lender may require and in such amounts an~1 for such periods as Lender may~ reyuire; provide.i, that ~ender chatt nut require that the amoi~nt of such coti•erage exceed that amount of co~erage reyuired ti~ pa} the ~ums secured hy this Mortgage.