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Home My WebLink About0946 llKtsow Covsx~t+TS. Borro~re~ and Lendcr cove~a~t and aarte u tolb~rt: 1• tayn~eot ot Pslncipal aiw! Intere~t. Borrower shall promptlY pay when due the principal o[ and interac on the indebtedncu evidenccd 6r the Note, prepapment and lace charga as provided in the Note. and the principal of and inter- at on anr Futurt Advanca secured by thu MongaEe. Y. tLnd~ tor Ta:a aad Iaaurance. Subject to appliable taw or to a~rritce~ ~raiver by Lender. Borrower shall par to Lende~ on the dsr monthly i~stallme~ts o( principa! and intetest are payable uader the Note. until the Note is paid ia [ull, a wm (hetein "Funds'~ equal to o~e-[wel[ch oI the Ytuly taxa and assesnnena ~vhich tnay attaia priority ovet thit MortRage. and ground rents on the Property. lt a~y. plus onatwelfth of yearlY premium insullaxnci [or hazard ioiurance. plus onatweltth oE ytulY pcemium installmenu tor mortgage insurante, it anJr. all u reasonablY atimated initially and trom time to time br Lender on the buis oE asseuments and biAs and reasonable atimata thercof. . The Fu~ds ahaU be held in an institution the deposiu ot accounts o( which are inwred or guanntecd by a Fcderal or state agency (induding Lender i[ Le~der is such an inuitution). Lender shaU apply the Funds to pay said taxes, as~easmenta. inwtance premiums a~d ground rents. Leoder may not char~e for w holding and applying the Funds, analy:ing uid aa cou~t. or veti[~ring at~d co~piling uid asaessments and bills. unless Lendet pays Borrower interest on the Funds ar~d a~ plic~ble la~r permits Lender to make such a charge. Borro~rer and Lender inay agTee i~ writing at the time of execution oE this Mortgage that interest on the Funds shall be paid to Borro~er, and unless such agreement is made or appliabk la~r requires such interest to be paid, I.ender sha11 not be rtquired to pay Borrower any intemt or eamin~ on the Funds Lender ~ shall give to Borrower. without charge, an annual aocounting oI the Funds showing crediu and debits to the Fun~ and the purpox [or which each debit to the Funds was made. The Funds are pledged as additional security [or the wms secured by this Morcgage. If the amount oE the Fu~ds held br I.e~der, together ivith the future monthlr instaliments o[ Funds payable prior to che due data of uxa. asxssments, i~sunnce premiums and qround rents, shall exceed the aawunt required to par said taxes. auesw~ent~ inwra~ce pnmiums and ground nnts as they faU due. such excess shall be. at Borrower's optio~. either pmmptlr repaid to Bortower or credited to Bortower on monthly insuilments of Funds. 1[ the amount o[ the Funds held br Lerxler shall rwc be sufficient to pay taxes, assessme~ts; insunnce prenniums and ground rents u thep (all due. Borro~rtr shall par to Lender any amonnt necessary to make up the deficienry within 30 da~+s (rom the date notice is iaailed by Lcnda to Borro~rer reqnesting payment thereo[. Upon papment in tult of all sums secured by thu Mongage. Lender shall prompdy re[und to Borrower any Funds held br Lender. IE under paragraph 18 hereof the Propettp is sold or the Property is ochenvise acquircd by I.ender, Lender shall apply, no lates than immediately prior to the sale o( the Property or its acquisition by Lender, anr Funds held br i.ender at the time of appliation u a credit against the wms secured by this Mortgage. 3. Appliation oE Papnents. Unless appliwble law provida otherwise, all parments received by Lenda under the Note and paragnphs 1 and 2 hereot shall be applitd by Lender fint in payment o[ amounts payable to Ltnder by Borro~rer under pangnph Y hereof, then to interest payable on the Note, then to the principal o[ the Note, and then to interat and principal on any Future Advances. Char~er Liena Borrower shall par all taxes, auessments and other charges, [ines and impositions attribuuble to the Property which may atain a priority over this Atortgage. and_ leasehold payments or gtound rents. if any, in the man- ner provided under paragnph 2 hereoE or, it not paid in wth manner, by Borrower tnaking payment, when dut. direcdy co ~ the payee theno(. Borrower shall promptiy furnish to Lender all notices o[ amou~ts due under this pangraph, and in the = evfnt Borrower shall make payment ditectly, Borro~ver shall promptly furnish to I.endet receipts evidencing such pa~nents. Borrorrer shall promptly dixhuge any lien ~vhich hu priority o~er this lfortqaqe; provided, that Borrower shall not be m quired to discturgt any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by wch lien in a mannet acteptable to Lender, or shall in good faith tontest such lien br, or detend enforcement of wch lien in. le- gal praeedinRs ahich operace to prevent the enforcement of the lien or torEeiture oE the Propeny or any part thereof. 5. Haiard Iawuance. 8orrower shall keep the improvemena now existing or hereatter erected on t6e Propertp io- wred against loss br tire, tuurds induded within the term "extended coverage", and wch other hanrds u Lender may re- quire and in such amounts and ior wch periods as Lender may requirc; provided, that Lender shall not require that the amount o[ wch coverage exceed that amount of mvenge required to pay the sums secured by this Afongagt. The inwnnu arrier p~nviding the insunnte shall be chosen by Borrower subject to approval by I.ender: providod. that wch approval shall not be unreasonably withheld. All premiums on insunnce policies shall be paid in the manner ~ pro~•ided under paragnph 2 hereo[ or, it not paid in such manner, by Borrower making parment. Mhen due, direcdy to ' ' chc inwnnce carria. AU inwrance policia.and renewals thertof shall be in form acceptable to Lender and shall indude a standard mort- ~ ~age clause in [~~~or o( and in form accepuble to Lender. Lender shall have the right to hold the policia and rennvals ! thereot, and Borrower shall promptly furnish to L.ender all renewal notica and all receipu o( paid premiums. In the event ; of los~s. Borro~rer shal) gi~e p[ompt notice to the insurance prrier and Lender. I.ender may make proot o[ loss if not made : ~ promptly by Borrowa. ~ ~ Unlesa Lender and Borrower othenvise aqree in writing, insurance procetds shall be applied to restontion or repair oE ~ the Property damaged, provided such mtoration or rcpair is economicaUy feuibl~ and the security of this ~tortgage is not ~ therebr impaired. IE such ratoration or rtpair is not economically (easible or i[ the security of this `tortgage would be im- ~ paired, the insunnce proceeds shall be applied to the sums aecured by this lltortgage, with the access, it anr. paid to Bor- j roMer. If the Property is abandoned by Borrower, or if Bottor?er (ails to respond to I.ender wichin 30 days from the date ~ notice is mailed by Lender to Borrower that the insunnce arrier otters to xttte a daim for inwnnce benefits, Lender is ~ authorized to collect and apply the inwranct proceeds at Lendtr's option either to restontion or repair ot the Property or i co the suau securcd by ehis ;lfongaqe. ~ Unless L.ender and Borrower otherwise aRree in writing, any wch application of proceeds to principal shall not extend ~ or postpone the due date of the tnonthly insallments re[erted to in paragraphs 1 and 2 hereof or change the amount of wch F insullments. I[ under paraqraph 18 hereo( the Property is acquired by Len~er, all right, title and interese of Borrow+a in i ~ and to anr insurance policies and in and to the proceeds theteof resultinq from damaqe to the Property ptior to the sale or uyuisition shall pau to L.ender to the extent oi the sums sccured by this lltortgage immediatdy prior to suth sale or ~ acquisition. S ~ 6. Pneier~ation and Maintenance of Properq: I.ea~e6olds: Condominiums; Planned Unit De~dopments. Borrower ~ sl~all keep che Propercy in good repair and shall not commit waste ot petmit impairment or deterioration of the Propertr and shall comply with the provisions of any lease if this \iortqaqe is on a leaseFold. If this Mortqage is on a unit in a condominium or a planned unit de~•elopment, Borrower shall perform all of Borrower i obligations under the declantion or covenanu creating or governing the condominium or planned unit development, the br-laws and regulations of the condo- minium or planned unit development, and tonstituent documents. I[ a condominium or planned unit de~elopment rider is ' executed bv Borrower and morded together with ehis ~tortgage, the covenants and agreemenu o( such rider shall be in- corporated into and shall amend and supplement the covenants and agrtements of this ~iortgaqe as i( the rider were a part hereoE. 7• Protection of Lendels Securitp. lf Borrower fails to per(orm the covenanu and agretments contained in this ~ ~ :~iortgage, or it any aaion or ptoceeding is commenced which materially at(ects I.ender s interest in ehe Property. including, : but not limited to, eaoinent domain, insol~•ency, code en[orcement, or arrangements or pr«eedinqs involving a bankrupt ; ~ or decedent, then Lender at I.ender i option, upon notice to Borrower, may make such appeannces, disburse suth sums i ~ and take ~SUCh action as is necessary to protect Lender's interexi, including, but not iimited to, disbunement of reasonable ~ attorneJrs fees and entry upon the Propertr to make repairs. lf Lender required mortgage insurance as a condition of i . making the loan secvrtd by this Atortgage, Borrower shall pa} the premiums required to maintain such insurance in e[- fece until such time u the requirement for such iosunnct terminates in accordance with Bon»~rer's and Lendet's ~rritun e ~ ~ ~ PaGE 946 ~,.6^' z 'R b . 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