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Home My WebLink About0994 IINIFORIi Covuv~xn. Sorro~rer and Lender covenant and agree u tolbvrs:. 1• P~ymeat cf Rtadpal ud laterat. Bonower ~hall promptly par when due the principal of and interat on the indebtcdness evidenced by the hote, prepayment and late cha~ges a~ provided io the hote, and the pri~cipal o[ and inter- esc on any Future Advanca secured by chb Mortgage. 8 tLad~ ta Taxes aod Inwrance. Subject to appliuble law or to a written ~vaiver by I.ender, Borrower shall pay to Lend~r on the day monthlr instalime~a of principal and interest are payable under the Note. until the Note is paid in tull. a wm (herein "Fund~") equal to onc~tweltth o( the yeuly taxa and assewnents which aur atuin priority over this l?lortgage, and ground rents on the Propertr, it any. plus one•twelfth of yearly premium insullwents (or hazard inwnnce, plus onatwellth of yearly premium insullments for mortgage insurance, it any. all u reasonabty estitnatcd initially and tmm time to time by l.ender on the buis of aaxuments and billa and reasonable atimates thereoi. The Funds shaU be held in an institution the de~posits or accouna of which an inwrcd or guaranteed by a Fodenl or swte agency (including Lender it Lender is wch an inscitution). Lcnder shall apply the Funds to pay said uxa, assessments. inwnnce premiuau and grou~d rcnts. I.ender mar not chat~e for so holding and applring the Funds, analning uid aa count. or veritying and compiling said assessments and bitl~ unless Le~der pa~rs Borrower interest on the Funds and ap~ plicable IaN permiu Le~der to make such a charge, Borrovrer and Lender mar agree in writing at the time of execution of thix ~iortgage that interest on thc Funds ahall be paid to Borrower. and unless such agreement is made or appliable la~r requires such interest to be paid. Lender ~all ~ot be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge. an annual acrounting of the Funds showing credits and debits to the Funds and the purpose for ~vhich each debit to the Funds was made. The Funds are pledged as additional xcurity for the sums setured by this Mortgage. II the amount of the Funds hetd by l.ender, together with the [uture monthly installments o( Funds payable prior to ' the due data of taxa, assessmcnts, insurance prcmiums and ground tents, shall exceed the amouot tequired to par uid ~ caxes, asscssauou. i~sunnce pmniums and ground renu u they fall due. such exceu shall be, at Borroxer's option. either ; promptlr repaid to Borrower or uedited to Borrower on monthly installments ot Funds. It the amount o( the Funds held br I.ender shall not be sutficitnt to pay taxes, as~essmenu, insunnce premiums and ground rents u they fall due. Borrower shall par to Lender any amount naessary to make up the deticiency within 30 daYs from th~ date notice is mailed by I.ender to Borto~rer requescing parment thereot. ~ Upon pa~rment in full oE all sums secured by this 11lortgage, Lender shall promptly ntund to Borrower any Funds ~ held by Lender. If under pangnph 18 hereo[ the Property is sold or the Proper[y is ocherwix acquired by I.ender. Lender shall apply. no lattr than immediately prior to the sale o[ the Propeny or its acquisition by Lender, any Funds held by ~ Lender at the time of application as a credit against the sums secured by [his ~iortqag~. 1 3. Application o[ Papmena. Unless appliable law ptovides otherwise, all payments. raeived by Lender under the ~ Note and paragnphs I and '2 hereot shaU be applied by Lender tint in payment ot amounu payable to Lender by Borrower under panqraph Y hereof, then to incerest payable on the Note, chen to the principal oI the Note, and chen to interest and j ~ principal on any Future Advanca. ~ ~ 4. C~a~ Liens, Borrower shall par a11 taxes, asstssments and other charges, fines and impositions attributable to che Property ~rhich may attain a prioritr over this ?liortgage. and leasehold paymenu or qround renu, i( any, in the man- ner pro~•ided under pangraph 2 hereot or, i( not paid in wch manner, by Borrower making payment, when due, direc[ly to ; the payee thereoL Borto~rer shall promptly turnish to Lender a11 noticcs of auwunu due under [his paraqraph, and in the s ; event Borrorrer shall roake pa}ment directlr. Botrower shall promptly (urnish to Lender receipts e~idencing such parments. ~ ~ Borrower shall promptly dixharge a~y lien ~vhich has priority over this \tortgaqe; pro~~ided. that Borrower shall not be re- ? ~ quired to discharqe any wch lien so long as Borrower shall agree in w+riting to the payment of the obligation securcd by such lien in a manner accepuble to Lendtr, or shall in ~wd taith concest such lien by, or de(end entorccment ot such lien in, le- ! Ral proceedings which ct:~ -ate to pre~•ent the enforcement of the lien or tor[eiture ot the Property or any part thereof. " ' . + ' S. Huud lawra~~~: Bortower shall keep che improvemenu now existing or herea[ter trcc[ed on the Property in- t ~ wred against bss br fi• unrds included Mithin the term "extended coverage", and such other huards as I.ender may re- , ' quire arul in such amc ts and (or wch periocis as L.ender may requirt: provided, that Lendet shall not require that the ~ amount o( wch corerage excecd that amount o[ rnvenge required to pay the wms secured by this ~tortqaqe. The inwnnce carrier providing the insunnce shall be choxn by Botrower subject to approcal b} I.ender: provided. ~ that wch approval s1u11 not be unreasonabl~ withheld. All premiums on insurance policia shall be paid in che manner i pro~•ided undcr pangnph 2 hereof or. i( not paid in such manner, by Borrower making payment, when due, direcdy to the inwnnce carrier. 41l insurance policies and renewals chercot shall be in form accept~ble to Lender and shall include a standard mort- ~ gage clause. in [as•or of and in (orm acceptable to Lender. Lender shall have the right [o hold che policia and renewals thercot, and Borrower shall promptly (urnish to Lender all rrnew2l notica and all receipts of paid premiums. In the event - , o[ loss, Borrower shall gi~•e prompt notice to the insunnce urrier and Lender. Lender may make proof ot loss i[ not made ' ; prompdy by Borrower. ; ~ Unless Lender and Borrower otherwise aqree in ~rriting, insunnce proceeds shall be applicd to ratontion or repair of ~ ! che Property dam~ged, provided such restontion or repiu is economically feasible and che secnrity ot chis \tortgage is not i thenbq impaired. If such restoratiun or repair is not economically feasible or i! the securitp o[ chis ~tortgaqe would be im- : ~ paired, che insunnce proceeds shall be applicd to th~ sums securcd by this ~tortgage, with the excess, i[ any, paid to Bor- F ' row•er. I( the Property is abandoned by Borrower, or if Borrower tails to respond [o Lender within 30 days irom the date i ~ notice is mailed by Ltnder to Bornower that the insurante arritr o((ers to settle a claim tor inwrance benefits, I.ender is . i ~ authorized to cotlect and applr the insurance proceeds at Lender's option either to restontion or repair o[ the Property or f f co che sums secured by chis ~tortgage. ~ ~ Unless Lender and Borrow+er otherwise ap,ree in writing, any wch applintion of proceeds to principal shall not extend ~ ! or postpone the due date of the monthlp installments referred a~ in paraRraphs 1 and 2 hereof or chanqe tht amount of suth ; in~tallments. 1f under paraqraph 18 hereof the Propetty is acquired by Lender, all riqht, tide and interest of Borrowet in ~ ; and to any insurance policies and in and to the proceeds thereof resultinq from damaqe to the Property prior to the sale or . I acyuisition shall pass to Lender to the extent o! the sums secured by this ~tortgage immediately prior to such sale or ~ acquisition. ~p 6. Preserration and Maintenauce of Propertr: Leauholds; Condominiums; Planned Unit Devdopments. Borrower -~7° ; sf~all keep the Propertp in qood repair and sfu11 not commit wa~te or permit impairmen[ or deteriontion of the Property N I and shall comply with the ptovisions of any lease if this ~fortqaqe is on a leaxhold. If this ~fortgaRe is on a unit in a ~ ~ condominium or a planned unit de~•elopment. Borrower shall per[orm all ot Borrower s obligations under the declaration or to~•enants aeatinq or governing the condominium or planned unit development, the by-laws and regul~tions of the condo- ; minium or planned unit detielopment, and constituent documents. If a condominium or pl~nned unit development rider is ~ ~ txecuted br Borrower and recorded togeeher with this Mortqage, the co~•enants and agreements o( such rider shall be in- ~ corparated into and shall amend and supplement the covenants and agreements of this ~(ortqaj{e as it the rider were a part ~ ~ hercof. ~ 7. Protection of Lender's Securiq. iE Borrower fails to perform the covenants and agreements contained in this ' Mortqage, or if any action or proceedinR is commenced which m~teri~lly ~(fects Lender's interat in the Property, including, ~ ~ but not limited to, eminent domain, insokency, code enforcement, or anangem~nu or proceedinqs im•olcing a bankrupt ~ or decedent, then I.ender at Lender i option, upon notiae to Borro~rer, may make such appeannces, disburx wch sums ~ and take such action as is necessary to protect Lendrr's interest, includinq, but not limited to, disbursement of rcasonable = attorney's tees and entry upon the Property to make repairs. 1[ Lender required mortgage insunnce as a condition of making the loan securcd by this ~iortgage, &~rrowtr sh~ll pay tht pmniums rtquired to maintain such inwnnce in tf- ~ fece until wch time as the requirement for such inwnnce terminata in accord~nce with Borrowtr's and Lendefs written ~ ~ ~ ~M~P~~r~s~.~S`~~~t~~:~--r-~~~'~;, _ ' Ti I~i~-Y ~