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Home My WebLink About0601 UNU?o~tw CuveNeNrs. Borrower and Letuier cove~ant and agroe as follows: 1. ~eN ot hi~clpl a~i INeceM. Borrowe~ shall p~omptly pay when due the principal of and interest on the ind~btedne~ evidenoed by thc Note, prepayareat and late charges as provided in the Note. and the principal of and interest - oa any Future Advaooes socured by tbis Mortgsge. ~ 1 Ftiui [or'ltiaes a~i l~nra¦ca Stibjoct to applicabk law or to a written waiver by Lender. Borrowe~ shaQ pay ~ to Lender on Ihe day monthly installrae~ta of principal and interest arc payabk under thc Note. untit the Note is paid i~ full. ~ a tum (herein "Funds'~ equa! to one-twelfth of the yeady taxes and ass~.unents which may attain priority over this Mortsa~e, aad around rena oa tlx Pmperty. if aay. plus oao-twelfth of yearly premium installments for husrd insurance. ~ plus ono-twelfth of yearly premium itutallanents for mottgage insurancc. if any, all as reasonably estimated initially and from ~ time to titae by l.ender oa the basis of assessments and bills and reasonabk estimates thereof. 7be Funda shall be heW ia an institution the depoaits or accounts of which are insurod or guarantood by a Federal or sta0e saency (including L.ender if l.ender is such an iastitution). Lender shall apply the Funds to pay said taues. asse~meats. ~ iu3uranoe premiums aad ground reats. l.ender may not charge for so holding and applying the Funds, analyzing said account, or verifyiag aad oompilina said assessments and bills, un1GU l.eader pays Borrower interest on the Funds and applicable law ~ pemub I.ender to make such a charge. Borrower aad I.ender may agree in writing at the time of execution o[ this ~ Mort6ages t6at interat on the Fuads sball be paid to Bonower, and ualess such agroement is made or applicabk law 3 requiras such iaterat to be paid, Lender shatl not be roquirod to pay Borrower any interest or eamings on the Funds. Lender e s6all ~ive to Borrower, without c6arge. an annwl aooounting of the Funds showing crodits and debits to tlie Funds and the ~ p~upose for which each debit to the Fuadi was made. 7Le Fu~ds an pledgod as additional socurity for the sums setured ~ by thia Mortgaae. _ ~ If the atnout~t of We Funds held by l.endcr, together with the future monthly installments of Funds payabk prior to the due dates of taxes, a~essments, iawrance premiums and ground rents. shall racceed the amount required to pay said taxes. ~ aaeameats, i~ucance premiums and ground rents as they fall due, such excess shall be, at BoROwer s optian, either ~ proa~ptly repaid to Bormwer or crcdited to Bornower on moathly installments of Fuads. If the amount of thc Funds 6eW by Leoder shaU no1 be su~ciwt to pay taxes, a~sessments. insurance premiums and ground rents as they fall due, , Borro~rcr shsll pay to I.ender any smount nece~ary to make up t6e deficiency within 30 days from the date notice is mailed by I.eader w Bomower roq~eating p~ymeat theroof. , Upon payment in full of all uuns socured by ihis Mortgage, I.eoder shall pranptly refund to Borrower any Funds held by I.eoder. If uader paragrapt? 18 hereof the Pmpe~ty is sold or the Property is otherwix acquired by l.ender. Lender ahall apply. no later thao immodiately prior to t6e sale of the Property or its acquisition by I.ender, any Funds held by I.ender at the time of application as a crodit sgaiast the sums securod by this Morigage. 3. A~licatio~ ot P~b. Unless applicabk law provides otherwise, all payments roc~ivod by i.ander under the Note and paragtaphs I and 2 heroof st~all be applied by l.ender first in payment of amounts payaWe to Lender by Borrower under paraaraph 2 he~of, tben to interest payabk on the Note. theo to the principal of the Note, aod theo to interost and princiql on any Future Advances. ~ 4. CY~e~ Lie~s. Bomower shall pay all taxes, as~srnents and other chargcs. fines and impoaitions attributabk to t6e Propetty which may attain a priority over this MortBsge, and lessehold paymeats or gmund rents, if any, in t6e manner pmvided undcr paragraph 2 heroof or, if not paid in such manner, by Borrower making payment, wha~ due, diroctly to the pay~ee tbeioof. Borrawer shaU promptly furnish to Lender all aotices of amounts due under this paragrapb, and in the event Borrower shall make paymeot direcdy. Borrower shall promptly furnish to I.ender receipts evidencing such paymeats. ~ Bomowa shall prompUy discharge any liea which has priority over this Mortgage: provided. that Borrower shall oot be ~quirod to dix6arge any such lien so long as Borrower shall agree in writing to the paymenl of the obligation sceured by such liea in a manner aooeptabk to l.ender, or shall in good faith contest such lien by, or defeod enforoea?ent of such lien iq kgal proooodings which operate to preveat the enforcement of the lien or fodeiture of the Property or' any put thereof. S. Hasard I~ra~ee. Botrower shall kcep the improvements now existing or hereafter erected oa the Property iawrod : agaimt loss by Sre, 6azards includod within the term "extended coverage", and such other haurds u l.ender may require = and in such amounts and for such periods u I.ender may require; provided. that Lender shall not roquire that the amouat of i wct~ ooverage exoeed that amount of coverage required to pay the sums secured by this Mortgage. ~ , 'Ibe iawranoe carrier providing the iawranoe shall be chosen by Borrower subject to approval by Lender, provided, that wch approval shall not be unreaconably withhdd. All premiums on insurance policiea shall be paid in the manner ~ providod under paragraph 2 6ereof ur. if not paid in such manner, by Borrowar making paymeat, w6en due, dirxtly to the * iaturanx curier. i A!1 insurance pdicies and renewals thereof shal! be in form acceptable to Lender and shall include a standard mortgage ~ ~ clause in favor of and in form acoeptabk to L.eoder. I.ender shall have the right to hold the policies and renewals thereof, ~ ` aad Borrower shall prompUy furnis6 to Lender 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 proof of lass if not made promptly ~ ~ by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds ahall be appliod to restotation or repair of the Propetty dunaged, providod such restoration or repair is economicaUy feasible and the security of this Mortgage is not thereby impairod. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impairod, the insurance proceeds shall be applied to the sums 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 insurance carrier offers to settle a claim for insurance beaefits, Lender is authorized to colloct and apply the insurance prooeeds at Lender's option either to restoration or repair of the Property or to the swns secured by Wis Mort~age. ~ Unless Lender and Bonower otherwise agree in writing, any such application of proceeds to principai shall not eatend ; or postpooe the due date of ihe monthly installments referred to in parrgraphs 1 and 2 hereof or change the amount of ~ suc6 iostallments. If under puagraph 18 hereof the Property is acquired by Lender, all right, titie and interest of Borrower ~ a in and to any insurance policies and in aad to the proceeds thereof resulting from damage to the Property prior to tt~e sale ~ or acquisition shall pass to Lender to tt~e extent of the sums securod by this Mortgage immediately prior to such sale or ~ 6, Prssenation and Maiateoaecs of Property; I.e~e6olds; Condomiaiom~ PLneed Unit De~ebpmeots. Borrower ~ s6alt keep the Property in good repair and shall not comnpit waste or permit impairment or deterioration of the Property wd shall cotnply with the provisions of any leate if this Mortgage is on a leasehold. If this Mortgage is on a unit in a ~ condominium or a planaed unit development, Borrower shal! perform all of Borrower's obligationa under the declaration - ~ or coveoants creating or governing t6e condomiaium or planned unit development. the by-laws and regulations of the ~ condotninium or planned unit development, and constituent documents. If a condominium or planned unit development ~ ~ rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreemeats of such rider shall be incorporated into and shall amead and supplement the covenants and agreements of this Mortgage as if the rider ~ ~ wer~e a part heroof. ~ 7, prohct~o~ at Lea~er"s Secorit~. If Borrower fails to perform the covenants and agreementt contained in this ~ Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in ihe Property, - ~ including, but not Gmited to, uninent domain, insolvency, code enforcement, or arrangements or proceodings imolving a ' ~ bankrupt or deccdent, t6en I,ender at l.ender's option, upon notice to Borrower, may make such appearances, disburse such = ; :ums and take such action as is nocGSSary to protect Lender s interest. including, but not limited to. disbursement of 1 ~ rea:ooabk attomey's foes and entry upon the Property to make repairs. If l.ender required mortgage insurance as a g ~ coodition of makiag the loan secured by this Mortgage, Borrower shall pay the premiums requiral to maintain such § ~ inwraacx in eHect until such time as the requirement for such insurance terminates in accordance with Bornower's and f ~ ~ 0 R ~ tn ~ BGOK ~~x~ pncE s~Q ~ ~ ~ ~,..r. _ . . . ~ . ~