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Home My WebLink About0291 , _ . ~ . . . I~~IFOR~t COYE!dANT3. Borrower and L.enJcr coveoaot and a~rce as follows: l. Pay~ment oE Principal sad Iateresf. Bo~roa•er sfiall prompdy pay when due the priocipal o[ and interest on the inJebsedneu e.idenced by the Noto. propayment and late cha~es as p~ovi~kd in the Note. and the principsl ot and iaterest on a~y Future Adva~ces. secu~ed by this Mortgage. 2. Funds fo~ Taaes and lawn~. Subjoct to applicabb law or to a writtea waiver by Lender. Bonower shaq pay io Lender on the day monthly installments of principal and intercst arc payabk unde~ the Not0. uotil the Note is paid in tuU, a sum (herrin "Funds'7 squsl to o~twelfth oE the yca~ly tares and auessmeots which may attain priorilr over this ~fortgage. ar?d g~ound ~cnts on the Property. if aay, plus onatwelfth of yeuly prtmium inualimeots for hazard insurance. plus onatw~elfth of yeatly premium insullmeols to~ monsage iosunnce. if any. all u reasonably estimated initiallr su~d tman tima to time by Lender on the basa of assessments and bilh snd c+casonabk estimata thereof. The Funds shall be held in aa institution tho depoaits o~ accounts of wbic6 are insured or guaranteed by s Federal or state agenc}• (including Lende~ it Leader is such an iastitution). Lender shall apply the Fuads to pay said t~uc~s. assesunents. i~surance premiums and grouod rcats. Lender ma~y not charge for so holdin= and applyiog tl~e Fuads. analyziag said acoo~u~t~ or verif}ing and compiling said assestments aod b~Os. unltss Leader pays Borrower interat oa the Funds and applicabk law permiu Lender to make such a chuge. Borrower and I.ender may agroe in writing at tbe time of execution of tfus ~longage that interest on the Funds shall be paid to Borrower. and unku such agnement is msde or appliabk la~r rcquira such interest to be paid. Le~ shall not be required to pay Bo~rower any interest or earniagi on the Funds. Lender shall give to Bormwer. without chuge. an annual aocamting of the Funds showing c~edits and debits to tbe Funds aad the purpose for w hich each debit to the Funds was raade. The Funds are pfedged u additional security fot the wms savred by this, ~iottQage. IP the unount ot the Funds I~eld by Lender. togethe~ with the tuture monthly installments oE Funds p~yabk prior to the due dates of taxes. asxssmeats. iauuance premiurtu and ground rents. shaU exaod the amount nquirod to pay said taxa. assessments, iasurance premiunu ud ~rround rents ss they fall due. such excas shall be, at Borrowe~'s option. eitha prompdy repaid to Borrower or credited to Horrower on monthly inuallments of Fuads. IE tt~e amount of the Funds held by Lender shall not be su~cieat to psy taues. assessments, insurance premiums and Sround rents ss they fall due. Bortower shall pay to Lender any amouot naessary to make up the de6ciency wit6ia 30 days fmm the date notics is maikd by Leader to Bomower requatiag p~ayment t6trcof. Upon payment in [ull of atl sums secured by this Mortgage, l.ender shaU promptiy refund to Borrower aay Fuadt held by Leoder. IE unda puagraph 18 bereof the Property is sold or the Prope~ty is otherwis~ aoquired by Leader. Lender shall apply. no later than imnnediately prior to the saJe of the Property or its acquisition by Lender, aay Funds hdd bg? Lender at the time of application at a a+edit against the sums socurid by this Mortgage. 3. Application ot Paprmeab. Unless applicaWe taw Provides otherwise. all payments roceived by Gee~der uakr tha Note aad paragcaphs 1 aad 2 heceof shall be applied by Lender 5rst in paymeat of amounts payable to Lenda by Bon~ower under puagraph 2 henof, thea to intec~est payabk on the Note. then to the principal of the Note. aad then to intuest aad principal on any Futiue Advanoes. 4. Cbarge~ Lkas. Borrower shall pay all taxas, assessments and other chargea, fines and imposiCwas attributable to the Property which may attaia a priority over this Mortgage. and leasehold paymeats or around rents. if any, in the maaner provided under paragraph 2 hereof or. if not paid in such man~er. by Borrovrer makiag payment. wl~ea due, diooctty to the payee thereof. Borrower shall pcomptly furaish to Lender all notices of amounts due under this paragrapb, and in the eveat Borrower sbalt make payment directly, Borrower shali promptly turnish to Lender nceipts evidoncing wch payments. Borrov?er shall promptly discharge aoy lien which hu priority over this Mortgage; provided, that Horrower shall aat be required to discharge any such lien so bng as Borrower shall agree in writing to the paymeM of the obligatioa securod by such lien in a maaner aooeptabk to I,ender, or shatl in good faith contest wch lien bp, oc dtEend enfot~oement of wch lien ia. legal proceedings which opeiate W preveat the eaforcement of the lien or forfeiture of the Proparty or. anY P~ S. Ha:ard Inwnnca Boaower shall koep the impmvements now existing or her~eafter erocted oa the Propertp inwred against lost by fire, hazards includod within the cerm "extended coveragd', and wch other hazards u L.eader may rWui~e and in such amouau and for such periods as Leader may require; provided, that Lender s6a11 not require that the a~aount of F such coverage exc~eed that amoont of coverage requircd to pay the sums secured by this Mort~age. - ~ ?he inwrance curier providing the insuraace shaD be chosen by Borrower wbject W approval by Lender: previded. ~ that such approval shall ~not be unreasonably withheld. All prcmiums on iosurauc~e policia ahaa be paid ia the manna € provided under paragraph 2 hereof or, if uot paid in such maaaer. by Borrower malun,~ paymeat, a?ben due. d~recity a t6e r. ~ insunnce carrier. - All insurance policies and reaewals thereof shall be in form acoeptabk to Lender and shall include a standard moitba~e clause in favor of and in form acoeptabk to Lender. Lender s6aU have the rig6t w hold tbe pelicia and reoevvals tt~f, and Borrower shall promptly furnish to Leoder all renewal notioes and all rooeipts of paid preraiums. In the event of loss. Borrower shall give prompt notice to the iasurana carrier and La~der. L.eader may malce proof of bss if aot made promptl~? by Borrower. Unless Lenda and Borrower otherwise agree in writing. insurance proaeds ~all be applied to restontioa or repair of the Property damaged, provickd such restoration or repair is economicaily fasible and the security of this MortEage is not [hereby impaired. If such ratoration or repair is not economica0y feasible or if the sxurity of this Mortgage would be impaired, the insuranoe prooeeds shall be appliod to the sums secured by this Mortgage. with the exoess. if any, paid to Borrower. If ihe Property is abandoned by Borrower, or if Borrower fails to rapond to Lender within 30 dapa from the . date notice is mailed by Lender to Bormwer that the insuranoe carrier oftets to settle a claim for insunnce btnefits. Leoder is aut6orized to collect and apply the iasurance praxeds at Lender's option either to ratoration or rcpair of tbe Property? or to the sunu xcured by this Mortga~e. Unless Lender and Borrower otherwise agree in writing, any such application of procecds to principal shall not extead or postpone the due date of the monthty installments rcferred to in paragraphs 1 and 2 heroof or change the amount'of such insWilments. If under puagraph 18 beroof tbe Property is acquired by I.ender. all right, title and interat of Bomo~~er , in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Pr~operty priot W the sak ' or acquisition shall pass to Lender to t6e ea~tent of the sums securaf by this Mortgage immediately prior to sucb sale or acquisition. 6. Praer~aUoa snd Maintenaace of Propcrty; Lcasebold~ Coadomiaiumx Planned Unit De~~elop~aents. Borrnwer shall keep the Property iu good repair and shaU not commit waste or permit impairment or deterioration of the Pmpaty aad shall comply with the provisioas of any kase if this Mongage is on a leauhold. If this Mortgage is on a unit in a condominium or a planned unit devclopment, Bonower shall pcrform all of Bormwei s obligations under the doclaratioa or covenants creating or governing the condominium or planned unit devebpment. the by-laws and regulations of ihe condomiaium or plannod unit devetopment. and constitucnt documents. If a condomiaium or planned unit developnent rider is executed by Bornower and rocorded together with this Mortgage, the covenants a~ agreements of wc6 rider sball be incorporated into and shall amend and supplement the covenants and agroements of this Mortgage as if the rider were a part hereof. . : 7. Proteclioa of Lender's Secarity. If Borrower faits to perform the rnvenants and agreements contained io this ~ Mortgage, or if any action or proceeding is commenced which matueally afEocis Lender's interest in the Property, including. but not limited to. eminent domain. insolvency, code enforcement, or arrangements or proceedings involvins a : banlcrupt or decedent~ then Lender at I.eade~s opiion, upon notice to Borrower. may make sucb appearanoes. disburse such ~ sums and take such action u is nevauary to protoct Lender s interest, includiag. but not limited to, disbursema~t of ` reasoaable. attomey's tees and >entry upon tbe Propeny to make cepain. If Lender roquircd mortgage iowrance as a coadition of makiag the Ioan secural by this Mortgage, Borrower shall pay the premi~ras required to maintain wch : insuraace in eftect until such time as the nquircment for such insurance terminata in aooordsnce with BormN?ar's sad i- ~ n R Z~ _ ~u~,~Z~ _ . . . . _ 4