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Home My WebLink About0223 11K~FOau CovcN~t~rts. Borrower and Lender cove~ant aod agree as tolbws: 1. Faya~eat oi hiacipal and Intemt. Borrower shall promptly pay when due the pri~cipal ot aod interest on the indebtedatss evidenced by the Note, prepayment and late charges u provided in the Note. and thc pri~cipal o( aod inter- est on any Future Advanca secured by this Mortgage. 4. fl~ads for Taxa and Iawrance. Subject to applicablc law ot to a written waive~ br I.ender, Borrower shall pay to Lender on the dar taonthly installments o[ p~iacipal and interest are payable unda the Note, until the Note is paid in tull. a sum (herein "Funds'~ equal to onatwel[th of the Yearly taxea a~d assessments which mar attai~ priority over this 1?iortgage, and ground nnts on :he Propetty, it any. plus onatwolfth of yearly premium instaltmtnts [or ha~rd ir?surance, plus on~twel[th o[ yearly premium instalimenu tor mortgage insunnce, if anr. all as reasonably atimated iaitially and trom time to time by I.ender on the basis ot assessmenu and bills and reasonable atimata thereof. The Funds shail be hetd in a~ insticution the deposia ot accounts o[ which are inwred or guaranteed br a Ftderal or state agency (i~cluding Lender iE l.e~der is such an institution). Lender shall apply the Funds to Pay said taxes, assesunents. insunnce premiums and ground rents. L.e~der may not chatge for w holding and applying the Funds, analyzing said ac- count, or veriEring and compiling said assessments and bills. unl~ss Lcndet pays Borrower intemt on the Funds and ap~ plicable law pertpitt Lender to auke such a tharge. Borrower and I.cnder may agtee in writing at the time of execution oE this Mo~tgage that interest on the Funcis shall be paid to Bonower. and unless such agreement is mado or appliable law requires such interest to bc paid. Lender shall not be required to pay Borrower any intertst or earnings on the Funds. Lender shall give to Borrower. without charqe, an annual actounting o[ the Funds showing crediu and debits to the Funds and the ~ purpose Eor wrhich each debic to the Funds wu made. The Funds are pledged u additional securiry tor the sums secured by this Mortgage. . • I[ the uaount of the Funds held by Lender, together wich the future monthly insullme~u o[ Funds payable prior to th~ idue data o[ taxes, assasments, insurance pnmiums and ground rents, shall exceed the amount required to pay said taxes, assessmeots. iusunnce premiums and ground renu u ther faU due. such excess shaU be, at Borrower's option. tither promptly rfpaid to Borrorver or crrdited to Borrower on monthly insullmenu oE Fun~s. lt the amount ot the Funds held by Lender shaU not be sufficient to pay taxes, assessments, insurance premiums and ground ~enu u they [all due, Borrower shall pay to I.endet any amount necessary to make up the deticiency within 30 days irom the date notice is mailed by Lendet co Borrower requesting payment thereof. ~ Upon payment in [ull of all sums secured by this Mortqage. Lender shall promptly re(und to Borrower any Funds hdd by I.ender. lf under paragraph 18 hereot che Property is sold or the Property is ocherwise acquired by I.ender. I.ender shall apply, no later than immediately prior to the sale oE t6e Property or its acquisition by I.ender, any Funds held by Lender at the time of appliption u a.credit against the sums secured by this 11~ortgage. 3. Application of Paymenta Unless applicablt law provida otherwise, all payments received by Lender under thc Not~ and pangraphs 1 and 2 htreof shall bc applied by Lender fint in payment of amounts payable to Lender by Borrower under paragraph 2 hereoE, then co interest payable on che Note, [hen to che principal of the Note, and then to interest and principal on anr Future Advanca. 4. Charge~ Liens. Borrower shall par all ta~ces, assessments and othtr chuges, tines and impositions attributable to the Property which may attain a priority over this Mortgage. and leasehold payments or ground rents, if any, in the man- ner provided under paragraph 2 hereof or, it not paid in such manner, by BorroMer making payment. when due, directly to the pay~ee thereof. Borrower shall promptir furnish to I.ender alt notices ot uaounts due under this paragraph. and in the event Borrower shall make paYment direcdy. Borrower shall prompdy furnish to L.ender receipu evidencing such payments. Borrower shall promptly discharge any lien which has priority o~•er this Atortgaqe; pto~•ided, that Borrower shall not be re~ quired to dixharge any such lien so long as Borrower shall agree in writing to the payment ot the obligation secured by such lien in a manne~ acceptable to I.ender, or sha11 in good taith contest wch lien by, or de(end en(orcement ot such lien in. le- gal proceedings which operate to prevent the enforcement of the lien or for[eiture of the Property or any part thereof. 5. Hanrd Imuranoe. Borrower shall kcep the impmvemenu now exis[ing or hereaEter aected on the Propert~r in- sured against loss by fire. hazards included within the term "extended covenge", and such other hanrds ac Lender may n- quire and in such amounts and [or such periods as L.ender may requirc: provided. that Lender shall not require that .the amount of such covetage exceed that amount of mverage required to pay the sums secured by this Mortqage. The insunnce carriet providing che insunnce shall be chosen by Borrowet wbject to approval by I.ender: provided. that such approval shall not be unreasonablr withheld. All premiums on insurance policies shall be paid in the manner pro~~ided under panqnph 2 hereof or, iE not paid in such manner, by Borrower makinq payment, when due, a~TKar to che insunnce urria. All insurance policia and nnewals [hereof shall be in form accepuble to Lender aad shall indude a standard mort- tga¢e dause in fa~or of and in (nrm arrentablr tn Irn~!~r. L!n~e* sFa1_I have the right co hold the gslite~ thereo[, and Borrower shall promptly furnish eo Lender all renewal notices and all receipts ot paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and I.ender. I.ender mar make proof of fou if not made prompdy by Borrower. ~ Unless Lender and Borrower otherwise aqree in writing, insurance pr«eeds shall be applied to restoration or repair of y the Property damaged, provided such ratoration or repair is economically [easible and the security oE this Mortgage is not ~ thereby impaired. IE such restontion or repair is not economically feasible or if the securi[y of this liortgage would be im- ~ paired, the insunnce proceeds shall be applied to th~ sums setured by this \fortgage, with the excess, i[ anr, paid to Bor- ~ roMer. If the Propenp is abandoned by Borrower, or if BortoMer Eails to respond to I.ender within 30 days irom the date notice is mailed by Lender to Borrower that the insurance carrier oHers to settle a daim (or inwrance benefia. Lender is ~ authorized to collect and apply the insunnce praeeds at Lender's option either to restoracion or repair o[ the Propetty or ~ co che sums secured by this Mortgage. ~ Unless Lender and Borrowtr otherwise agree in writing, any such application of pr«eeds to principal shall not actend or postpone the due date of the monthly installments reEerred te~ in paraqraphs 1 and 2 hereof or change the amount of such ~ inswllments. It under paragraph 18 hereof the Property is acquired by Lender, all right, tide and interest of Borrower in ~ and to any insurance policia and in and to the praceeds thereof resulting from damage to the Property prior to the sale or acyuisition shall pass to i.ender to the extent of the sums secured by this ~iortqage immediately prior to such sale or ~ 's acquisition. , ~ 6. Preier?ation and Maintenance of Propen~; Lea~ebolds; Condamini~ •Planned Unit Devdopments. Borrower ~ sl~all keep the Prop~rtr in good repair and shall not rnmmit waste or permit impairment or deterioration of the Property ~ and stull comply with the provisions o[ anp lease it this ~fortgage is on a leasehold. If this ~iortgaqe is on a unit in a ° condominium or a pianned unit development, Borrower sh~ll perform all o( Borrower's obliq~tions under the declantion ~ or covenants creating or governing the condominium or planned unit development, the by-laws and regulations oE the condo- minium or planned unit development, and constituent documents. If a condominium or planned unit development rider is s rxecuted by Borrower and recorded together with this Mortgage, the covenants and agrcemenu of such rider shall be in- ` corporated ineo and shall amend and supplement the covenants and agreemenu of this `tortgaqe as if the rider were a part ' hereof. 7. Protection of Lender's Securiq. If Borro~rer tails to perform the covenanu and agreemrnts contained in this ~ Mortgage, or it any action or prateding is commenced which materially affecu Lenders interest in the Property, including, , ~ but not limited to, eminent dotn~in, insolvency, cocfe entonement, or arrangements or pr«eedings involving a bankrupt ~ or decedent, then Lender at L.ender's option, upon notice to Borrower, mar make such appearances, disburse such sums and take such action as is necessary to protect Lenders inttrest, including, bnt not limited to, disbunement of reasonable ~ attorne~s [ees and entry upon the Property to make tepain. If Lender required mortgage insunnce as a condition of " making the loan secured by this Mortgaqe, Borrowa shall pay the premiums required to maintain such insunnce in ef- ; ! fecc until such time u the requirement for such insuranct terminates in accordance with Borrower's and Lender's written : `t i Z ~ ~ BOCK2rj1 F'~r,F 2~ ~ W~~ r=~~ ~ r - . - . _ ° _ ,4~