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Home My WebLink About0851 i . t UN~ROatrt CoveN~tvTS. Borrower and 4eode~ covenant and ag~a u foli~wr. ; 1. Pay~aed of P~tclpal aad latenst. 8orrowcr shall promptly pay when due the principal of and interest on the ` indebtednest evidenced by the Note, prepaymenl and late ciiarges as provided in the Nota. and the principal of and interat o~ +u~y Future Advances secured by this Mortgage. ~ ` 2, Ftiads br Tua aua lswr~ace. Subjcct to applicable law or to a written waiver by Lender, Borrower shall pay ~ ; to Lender oa the d~y monthly instaliments of pri~cipal and interest are payable unde~ the Note, until the Note is paid in full. , - a:um (herein "Fuad;") ~qual to onatwelfth o[ thr yea~ly taxes xnd assasmeats which may attaia prioriry over th~ _ Mortga~e. and ground rena on the Pmpeny. i[ a~y, plus.one-twelfth o[ yeuly promium installmenb foc hazard inauranoe, ~ plus one-twel[th ot yearly premium installments for mo~tgage inwrancc. if any, all u reasonably ~stimated i~itially and trom { ttme to time by Len~r oa the buis ot assessme~ts a~d ~ills and ressonabk estirrates thereof. ' 'Il~e ~nds shall h~ held in an ~Ru~w~~on ~he deencits or a~rnunts of which are insnred or guaraateed by a Fedenl or ~ sUte agency (including Lender if Ler~der is such an iostitution): Lender shall.apply the Funds to pay said tues, auasments. ~ iasurance premiums aad ground rcnts. Lender may oot chatge for so holding and applying the Funds. analyzing aaid ~coouat, ~ t or verifying and compiling said assessments and bills. unlas Lender pays Borrower interest on the Funds and applicable Isw armits Lender to make such a charge. Borrower and Le~der may agrce i~ writing at the time of execudon of tbis Mortgage t6at iaterest on the Funds shall be ~id to Borrower, and unless such agreement is made or applicabk law rcquires such interest to be paid. l.eader shal! ~ot be requircd to pay Borrower any interest or eaming§ on the Funds. Le~der shaU give to Borrower. without charge, an annual accounting of the Funcis showing crodits and debits to the Funds and t~ ~ ~ purpose for which each debit to the Funds wu made. The Funds are pledged as additional socurity for the sums sxured ~ by this Mortgage. . If the amount of the Funds held by Lender. together with the future monthly installmenta of Funds payabk prior to tl~e due dates of taxts, assessmeats. iruurance premiums and g~ound rents, shal! exoeed the ~mount rcquired to pay uid taua. assessments, insuraace premiums and ground rents as they fall due, such excess shall be. at Borrower's option. either praaptly repaid to Borrower or credited to i3ornower on monthly installments of Funds. I[ the amount of the Funds held by Leader shall not be suftfcient to pay taxes. assessments. insurance prerniums and ground rcnts as they fall due. _ Borrower shall pay to Lender any amount nocessary to make up the deficiency within 30 days from the date notioe is mailed by I.ender to Borrower requating payment thereof. Upon paymeat in full of all sums secured by~this Mortgag~, Lender shall promptly refu~d- to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is othenvise acquired by [.ender. Lender shall apply. no later than immediately prior to the sale of the Property or its acquisition by I.ender, any Funds held by ~ Leader at the time of application as a credit against the sums secured by this Mortgage. 3.s~ a! »r;.!:r~!~!~ !aw provi~s otherwise. al{ payments_received by Lender under the ~ Not~ a~d paragraphs 1 and 2_hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower - ua~r paragraph 2 hereof, tben to intereu paysble on the Note, then to the principal of the Note, and then to interest and f principal on a~y Future Advances. . • . - ~ 4. Char~ex Lkas. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributabk to , ` We Property which may attain a priority over this klartgagt, a:~d ltasehold payments or ground rents, if any, in the man~r pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, wha~ due. directly to the ~ payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due undar this paragrapb. and in tbe eveat Borrower shall make payment` directty. Borrower shall promptly fumish to Lerrder receipts evidenciag such payments. : Borrower shall promptly discharge any lien which has priority over thil Mortgage; provided, that Bornower shall not be ~ required to discharge any such lien so long as Borrower shall agree irt writing to the pay[aent of the obligation securtd by sueh liea in a manner acceptable to Lender, or shall in good faith contest such lien by. or defend enforcement of such Iiai in, - Iegal proceedings which operate to prevent the enforcement of ttie lien or fodeiture of the Property or any part theseof. S. Haurd tasorance. Borrower shall keep the improvements now existing or hereafter srected on the Property insured against loss by 6re, ha7ards included within the term "extended coverage", and such other hazards at Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amouat of _ 'such coverage excced that amount of coverage required to pay the sums secured by this Mortgage.. ' T6e insu~anoe carrier providing the iasurance shall be chosen by Bonower subjoct to approval by Lender. provided, ; t6at such approval shall not be unreasonably withheW. All premiums on insurance policies shall be paid in tt~e manner provided under paragraph 2 hereof or, if not paid in such manner, by Bonower making payment, when due, directly to the ~ inwrance carrier. . ' All insurance policies and renewals thereof shall be in form acceptable to ~.ender and shall include a standard mortgage ~ clause in favor of and in fotm acceptable to Lender. Lender shall have the right to hold the policies and renewaLs thereof. - f aad Borrower shall promptly furnish to Lender all renewal notices. and atl receipts of paid premiums. In the event of loss, : ! Borrower shatl give prompt nqtice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly . ; ~ by Borrower. ~ Unless Lender and Borrower othen+•ise agree in writin~. insurance proceeds shall be applied to restoration or repair of s t~it Property damaged. providecl such res:oration or repair is economically feasible and the security of this Mortgage is not thereby-impaired. 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 within 30 days from the date notice is mailed by Lender to Borrower that-th$ insurance carrier ofters to settle a claim for insurancc benefits~ Lender is authoriud to collect and apply the insurance proceeds at Lender's option either to restoration or repair of tbe Property or to the sums secured by this Mortgage. - ~ Unless Lender and Borrower othecwise agree in writing. any such appiication of proceeds to principal shall not extend or p~tpone the due date of the monthly installments referred to in paragraphs 1 ana 2 hereof or change the amouat of such installments. ~If under patagraph 18 6ereof the Property is acquired by Lender, alt right, tide and intercst of Borrower ~ in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior W the sale or acquisitioo shall pass to Lender to the extent-of the sums secured by this Mortgagc immediately prior to such sak or ~ acquisition. ~ 6. Presenalion and Mnintensroce of Property; Leaseho{ds; Condominiums; Planned Udt Developments. Boirower shall keep the Property in good repair aad s6a11 not commit waste or pertnit impairment or deterioration of tLe Property ° and sha;l comply with the provisioos of any lease if this Mortgage 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 ursder the deciaration ~ or covenar.ts creating or goveming the condeminium or plaqned unit development, the by-laws and regulations of the ~ condomineum or planned unit development. and constituent documents. !f a condominium or planned unit development ~ rider is executed by Borrower and recorded togetner wiih ihis iviorigage, i'ne covenants and agrcements of such rider ~ shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. ~ 7. Protection of Lender's Security. If 8orrower fails to pe~form the covenants and agreements contained in this ~ Mortgage, or if any action or pr~ing is ~commenced which materially af~ects Lender's interest in the Froperty, i ~ iacluding. but not limited to, eminent domain, iosolvency, code enforcement. or arrangements or procadings involving a baakrupt or docedent, then Lender at Leader's option, upon notice to Borrower, may mare such appearances, 3isburse such ~ ~ swns and take such action as ia necessary to protzct Lender s interest, including, but not limited to. disbursement of reasonable attamey's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a ` condition of making the loan secured by this Mortgage, Borrower :hall pay the prcmiuins required to maintain such ~ insurance in e}~ect until such time as the requirement for such insurance terminates ia accordance with Bormwet's aod ~ ' • - . ~ `i i ~4•~ PAGE ~e~Q r x~;~ , . . . _ ~ ~ ~ , - t ~ ~_r.- . _