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Home My WebLink About0798 UH[[~atAt CoveNAr~'s. Bornower and l.eade~ covenant and agrot as foilows: l. ~e~t ot hl~ciMl a~d Iste~est. Bortower shall promptly pay when due thc principal of and iotercst on thc indebtednas evidenced by tbe Note, prepayment and late charges as provided in the Note, and ~he principai of and intercst a~ my Future Advances sccurt~~Dy this Mongage. ~ 2. I4ad~ tor Tazes awi Iawniee. Subject to applicabk law or to a written waiver by [.ender, Borrower shali pay to Lender on the day monthly i~.stallments of principai and inte~est are payable under the Note. until the Note is paid in fuil, a twn (henin "Funds'~ equal to one-twelfih of the yea~ly taxcs a~d assessments which may attain priority over this Mortga~e, and gmu~d rents on the Pcoperty, if any. plus one-twcl[th of yea~ly premium installments for ha7ard insuranco, : plus ono-twelfth of yearly premium installmeots for mortgage insurance, if any, all as reasonably estimated initially and lrom ` time to time by l.ender oa the basis of assessments and bills and reason3bk estimates thereof. : 'Ibe Futtds shal! be held in an i~stitution the deposits or accounts ot which a~e insurcd or guaranteed by a Federal or ; state agency (including Lender if I.e~der is such an institution). l.ender shall apply the Funds to pay said taxcs. assessments. ; iasuranoo premiums and grouted rcnts_ Lender may not charge for so holding and applying the Funds, analyzing said account, or verifying aod compiling said assessments and bills. unless Lender pays Bortower interest on the Funds and applicable law pennits L.eade~ to make wch a charge. Borrowe~ aad l.ender may agree in writing at the time of execution o[ this Mottgsge Wat interat on the Fwx1s shall be paid to Borrower. and unless such agreement is made or applicable law ~ rcquires such interest to be pzid, Lcnder shal) not bc required to pay Borrower any interest or earnings on the Funds. Lendcr shall give to Borrower, without charge. an annual accounting of the Fu~ds showi~g credits and debits to the Funds and the ; purpoae for which each debit to the Funds was made. The Funds are pledged as additional socuriry for the sums secured by this Mortgage. _ If the atnount of We Fuads 6eld by l.ender. together with thc future monthly installments of Funds payable prior to the due dates of ta~ces, assessmeats, 6nturance premiums and ground rents, shall exceed the amount reyuired to pay said taxes, asse~nents. iasuraaoe premiums and grou~d nnts az Ihey fall due, such e~ccess shall be, at Borrower's option, either s promptly repaid to Borrower or crecfitod to Barrower on monthly installments of Funds. If the amount of thc Funds held by L.ender shall not be sullicient to pay taxes, assessments, insurancc premiums and ground rents as they fall due, Borrower shall pay to L.eader any amount nocessary to make up the de6ciency within 30 days [rom the date notice is mailed by I.ender to Borrower requesting payment thereof. i Upon paymeat in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any Funds ; heW by I.ender. If untkr paragraph 18 hereof the Propetty i~ sold or ~he Property is otherwise acquired by Lender, I_ender ' shall apply. no Iater than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by I.eader at the time of application as s credit against the sums secured by this Mortgage. ` 3. Applicatioo ot Psymeats. Unless applicable law provicies otherwise, all payments received by Lender u~Jer the Nota and paragcaphs 1 and 2 hereof shall be applied by I_ender 6rst in payment of amounls payable to Lender by Borrower under paragraph 2 hereof, thea to interest payable on the Note, then to thc principal of the Note, and then to i~terest and principal on any Futurc Advanoes. 4. C6ar6e~ Ltas. Borrower shall pay all taaes, assessments and other charges, fines and impositions attributable to - t6e Pmperty which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manaer pr~vided under paragtiph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dirocdy to the payee t6eteof. Borrower shall prompUy furnish to I.ender all aotioes of amouats due under this paragraph, and in the event Botrower s6a11 rnake payment directly, Borrower shall promptly furnish to I.ender receipts evidencing such payments. Borrower shall promQtly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be requirod to discharge any such lien so {ong as Borrower shall ag~ee in writing to the payment of the obligation secured by such Gen in a manner acceptable to l.ender, or shall in good faith contest such lien by, or defend enforcement of such lien iq ; kgal ptoceediogs which operate to prevent ~he enforcement of the lien or forfeiture of the Property or any part'thereof. ; S. Hasard In~rance. Borrower shall keep the improvements now existing or hereafter erected on the Property iosured ; agaiatt loss by Sre, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of ~ such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. : The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, Qrovide~, _ ~ ' that such approval s6a11 not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner ~ providod under paragraQh 2 hereof or. if not paid in such manner, by Borrowu making payment, when due, directly to the ~ i insurance carrier. ~ All insurance policies and renewals thereof shall be in form acceptab{e to [.ender and shall include a standard mortgage : ' clause in favor of and in form acceptable to l.eader. Lender shall have the right to hold the policies and renewals thereof. ; ~ and Borrower shall prompUy furnish to Lender all renewal notices and all receipts of paid premioms. In the event of loss, ` ~ Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower. ; ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Properiy damaged, provicled such cestoration or repair is economically feasible and the security of this Mortgage is ~ ~ not thereby irnpaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would ~ be impaired, 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 Lender witl~in 30 days from the ' ~ date notice is mailed by Lender to Bonower that the insurance carrier offers to settle a claim for insurance benefits, Lender `s ~ is authorizod to collect and apply the insurance proceeds at Lender's option eit6er to restoration or repair of the Property ` or to the sums securod by t6is Mortgage. ; ~ Unless I.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend = or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of ~ such installments. If under paragraph 18 hereof the Property is acyuired by I.ender, all right, tiUe and interest of Borrower ~ ~ in and to any iasuraoce policies and in and to the proceeds thereof resultiag from damage to the Property prior to the sale or acquisition shall pass to i.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. : 6. P~+e~ervation and l?iaintenance of Property; Lease6olds; Condominiums; Planoed Uoit Derdopments. Borrower ~ shal! keep the Property in good repair and shall not com~pit waste or permit impairment or deterioration of the Property ~ - and shall comply with the provisioas of any _lease if this Mor[gage is on a leasehold. If this Mortgage is on a unit in a = ~ condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the declaration j or coveoants creating or governing the condominium or planned unit development, the by-Iaws and regulations of the = ~ condominium or ptanned unit development. and constituent documems. If a condominium or planned unit development t rider is executed by Borrower and recorded together with this Mortgage. the covenants and agtceroents of such rider ~ sbaU be incorporated into and shall amend and supplement the covenants and agreements of ihis Mortgage as if the rider wen a part hereof. ; ~ 9.' tra~tloo of Leoder's Security. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage. or if any action or proceeding is cummenced which materially afTects Lender's interest in the Property, including, but not limited to. eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ baukrupt or decedent, Ihen Lender at l.ender's option, upon notice to Borrower, may make such appearar~ces, disburse such wms and take sueh actioa as is necessary to protect l.enders interest, including, but not limited to. disbursement of : reasOnable attomey's foes and entry upon the Property to make repairs. It Lcnder required mortgage insurance as a • condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such ~ inwrance in etfect until such titne as the requirement for such insurance terminates in accordance with Bormwer s and ~ ~ ~rc~ ~ ~ ~ f1 ~~CJ r,lCE 7J? ~ ~ - ~ ~ ..~~~~~w_. _ ~ . ~ . _ . . . ,th~-~-:~~