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Home My WebLink About0099 UNtFO~~ CoveN~H~rs. Borrower and l.cnJer covenant and agree as follows: • 1. l~aeet of Priacipd aod i~te~at. ~rrnwer shall pramptly pay whcn due thc principal of and inte~est on thc iadeMedness evide~ced by the Notc, ptepaymcnt and late charges as provided in the Nate, and the principal ot rnd imens~ on any Future Adv~nces secured by this Mortgage. Ftisds /or 7'ssa a~d Iwnrce. Subject to applicable law or to a written waiver by I.ender. Bortowe~ shall pay to L.ender on Ihc day monlhly installments of principal and interrst arc payable un~ier thc Nutc, until the Note is paid in full, a sum (herei~ "Funds") equa) ta one-twelfth of the yearly taxes and assessments which may attain priority over ~his Mortgage, and ground rrntt on the P~operty. if any, plus oRe-tweltlh of yearly premium installments fo~ hazard insurance, plus oac-twelfth of yea~ly prcmium installmen~s for mortgage insurancc, if any, all as rcasonably estimated initially and from time to time by i.ec~der on thc basis of assessments and bills and rcaumable estimates thereof. 7he Fu~ds shall be held i~ an institution the deposits or accaunts of which are insured or guaranteed by a Federal or state agency (including Ltnder if L.eoJer is such an institu~ion). 1_e~der shall apply Ihe Funds to pay said taxa, assessments. . insurance premiums and ground rents. Lender may not cha~ge (or so holding and applying ~he Fundc, analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays Borrowe~ interest on the Funch and applicaWe !aw permits Lender to make such a charge. Borrower and l.ender may agree in writing at thc timc of execution ot this Mortgage that intercst on the Funds shall be paid to Borrower. anci unless such agreement is made ar applicable law requires such interest to be paid. L.ender shall not be rcquirai to pay Borrower any in~crest or earnings on thc Funds. t~nder shall give to Borrower, without charge, an annual accounting o[ the FunJs shawing creclits and debits to the Funds and the purpose for which each debit to the Fands was made. The Funds are pledged as additiunal security for ~he sums secured by this Mortgage. ~ If the amount of the Funds held by I.ender, together with thc future monthly installments a[ FunJs payable prior to t6e due dates of taxes, assessments, insurance premiums a~d ground rents, shall exceed the amount required to pay said taxes, assessments. insurance premiums and ground rents as they fall due, such excess shall be, at Borrower s option, either pranptly repaid to Borrower or crcdited to Borrower on monthly i~stallmcnts of Funds. lf the amount of thc Funds held by I.ender shall not be suflicient to pay taxes, assesxments, insu~ance premiums and ground ~ents as thcy fall di~e, Borrower sbalt pay to i.ender any amount nocessary to make up the deficiency within 30 days from the date natice is mailed by Lender to Boirrower ~equesting payment thereof. Upoa payment in full of all autns secured by this Mortgage. I.ender shall promptly refund to Borrower aoy Funds heW by Lender. If under paragraph 18 hereof tho Propeny is sold or thc Propeny is othenvise acquired•by l.ender. 1_en~ier s6a11 apply, no later i6an immediately prior to the sak of the Property or its acquisition by I.ender. any Funds held by I.tnder at the time of application as a crcdit against the sums securod by this Mortgage. 3. ApPlkatioo of Paymeets. Unl~ss applicable law provides otherwise, all payments received by Leoder under the - Note aad paragraphs 1 and 2 hereof shall be applied by I.ender first in payment of amaunts payable to Lender by Borrower under paragraph 2 heroof, t6en to ioterest payable on the Note, ~hen to the principal of the Note, and then to interest and principd on any Future Advances. 4. C6ar~es; Lient, Borrower shall pay all taxes, assessments and othcr charges, fines and impositions attributable to the Property which may attain a priotity over this Mortgage, and leasehotd payments or ground rents, if any. in the manner pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, whe~ due, direcdy to the payee thereof. Borrowor shall promptly furnish to Lencier all notices of amounts due under this paragraph, and in t6o eveat Borrower shall make payment directly, Borrower shaU promptly furnish to L.ender rect:pts evidencing sueh payments. Bormwer shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower sha!! not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of ihe obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by. or defend enforcement of such lien in. kgal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thertiof. S. Ha~ard I~nrance. Borrower shall keep the improvements oow existi~g or hereafter crected on thc Property ituured against tass by fir~e. hazards included w+thin the term "eatendeJ coverage", and such other hazards as L.ender may require and in such amounts and for suc:h periodc as Lender may reyuire; provideJ, 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. 'Ibe insurance carrier providing the insurance shali be chosen by Borrower subject to approval by I,ender, provided. that such approval sha(I not be unreasonably withheld. All premiums on insurance policies shall be paid in ttie mant~er providod under paragcaph 2 hereof or, if not paid in such manner. by Borcower making payment, when due, direcUy to the inwrance carrier. All insurance policies and renewats thereof shalt be in form acceptabl~ to Lender and shal! include a slandard mortgage clauu in favor of artd in form acceptable to Lender_ Lendec shall have the right to hold the policies and renewals thereof, aad Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the eve~t of loss, Bornower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of toss if not made promptly by $orrower. Unless [.ender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the PropeRy damaged, provided such restoration or repair is economically leasible and the security of this Mortgage is ~ot thereby impaired. If such restoration or repair is not economicalty feasible or if the security oE this Mortgage would be impaired, the insurance prceeeds shall be applied to the sums serured by this Mortgage. with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by_l.ender to Borrower that the insurance carrier otTers to settle a claim for insurance benefits. Lender is authoriud to collect and apply t6e insurance proceeds at Lender's option either to restoration or repair of the Properiy or to the sums secured by this Mortgage. Unlcss l.ender and Borrower otherwise agree in writing, any such application u[ proceeds to principal shall not extend or postpone the due date of the monthly installments refcrred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under parag~aph 1$ hereaf the Property is acyuireci by Lencler, all right, title and interest of Barrower in and to any iasurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisitioa shall pass to l.eoder to the extent of tNe sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservatbn and Mainteoauuce of Property; Leaseholds; Condominiums; -Planned Unit Devebpmeats. Borrower ahall keep the Property in good repair and shall not comroit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leaschold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all o[ Borrower s obligations under the declaration or covenants creating or governmg the condominium ~r planned unit development, the by-laws and regulations of the condominium or pianoed unit development, and constituent Jocuments. If a conJominium or planned unit ckvelopment rider is eaecuted by Borrower and recorded together with this Mortgage, the covenants and agreements of sach rider shall be incorporated into and shall amend and supplcment the covcnants and agrcements of this Mortgage as if the rider wen a part htreof. '1. Pr~otectioo of Leoder"s Secerity. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any aclion or proceeding is commenced which materially afiects Lenckr's interest in the Property, including. but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then l.ender at Leoder's option, upon notice to Borrower, may make such appearances, disburse such wmt and taice such action as is necessary to protc~c-t Lender's interest, including, but not limited to. disbursement of reasonabk aitomey's fees and entry upon the Propehy to make repairs. It [~ndcr requircd martgage insurance as a condition of making the loan secureJ by this Mortgage. Borrower shall pay the premiums required ta maintain such insurance in effoct until such time as the requirement for such insurance terminates in accordance with Borrowers and 60ox ~v tAtE ~ - _ _ _ , _ ~ - w,~ _