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Home My WebLink About0319 UH~FOaM Cov~N~Nrs. Borrower and Lender covenant and agree as follows: 1. lqaent ot lriacipal aod Ia~ered. Borrowe~ shall promptiy pay when due the pri~cipal ot and interest on the indebtedness evidenced by the Note. pnpayment and late chg~ges as p~ovi~kd i~ the No~e, a~d the principal of and interest on aay Fu~uro Advances secured by this Mortga~e. 2. Fbnds [or Tu~s aad tnsun~ce. Subject to applicabk law or to ~ written waiver by Lender. Borrowe~ shall pay tc+ l~n~r en s!r_ d~y ssKSa:t1lj' Ci~riBiifii~i3i5 a'S~ iftii9~i}~a~ a~~~ ~~~te~~st a~ ~~~a~;e u„~i tiK ;:-vt~. ~rtii t~ie i+~c~te n~ici in itiil. a sum (herein "Fuads") cqual to o~e-twelfth of ~he yearly taxes a~d assessments which may attain priority over this Mortga~e. and grou~d ren~ on the Property. if any. plus ona~weltth of yeuly premium installments for haurd insurance. plus oae-twelfth of yearly premium installments for mongage insura~ce, i[ a~y. all as reasonably estimated initially and from time to ticrn by Lcndar an thc buu of as~sment3 a~~d bilis anJ rcasunabie estimates thercof. The Funds shall be held in a~ institution the deposits or accounts of which an iruured or guarantoed by a Federal or state agency (including Leader if Le~der is such an i~titutioR). Lender shall apply the Funds to pay said taxes. assessmeats. ir~suranoe premiums and ground rents. Le~der may not chuge [or so holding sod applying the Funds. analyzing said acoount, or verifying and compiling said assessments and bills, unless Lender pays Borrower interest o~ the Funds and applicable law permits Lender to make auch a charge. Borrower and Lender may agree in writing at the time of eaecution of this Mort~age that interat on the Funds shall be paid to Honower. and ualess such agrcem~nt is made or applicable law requirea such interest to be paid. l.ender shall not be roquired to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower. witlwut charge. an annual accounting of the Funds showing credita and debits to the Fuads aad the purpose for which each debit to the Funds was made. The Fuods arc pledgcd as additional security for the sums secured by this Mort~age. If the amount of the Funds tield by Lender. together with the future monthly installmeats of Funds payabk prior to the due dates of tases. assessments. inaurance premiums and ground rents, shall exceed the amount required to pay uid taxa, s:sessments, insuraace prcmiums and ground rents as they fall due. such excess shall be. at Borrower s option. either promptly repaid to Borrower or cndited to Borrower on moathly installments of Fuads. lf the amount of the Fun~ held by Lender shaU aot be sut6cient to pay taxes, aaessments, insurance premiums and gmund rents as they fall due, Borrower ahaU pay to Leader any amouat neoGSSary to make up the deficie~cy within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereot. Upon payment in full of all suma aecured by this Mongage, Lender shall promptly refuad to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Propeny is otherwise acquired by Lender. Lender s6aU apply. no later than immediately prior to the sale of the Property or its acquisition by Lender. aay Funds held by Lender at the time of applicatioa as a credit against the sums sccured by this Mortgage. 3. A~plicadou of p~a~esb. Unless applicable law provides otherwise. all paymeats received by Lender under the Note and paragraphs 1 aud 2 hereof shall be applied by Lender first in payment of amounts payable to Lender 6y Borrower under puagraph 2 hereof, tbea to interest payabk on the Note. then to the principal of the Note. and then to interest and principal on any Future Advances. i• t-~i~e~ ~3ees. Borrower shall pay ali taxes, assessments and other charges, fines and impoaitions attributable to the Property which may attain a priority over this Mortgsge, and leasehold paymeats or griwod rents, if any, in the manner pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower malcing payineat, when dae, direcdy to t6e payoe thercof. Borrower s6all pmmptly furnish to Lender all nodcas of amounts due under this paragraph, and in the event Borrower s6a11 make payment direcUy. Borrower shaU prompUy fumish to Lender reoeipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to diacharge any such lien so long aa Borrower shall agree in writing to t6e payment of the obligation socurod by suc6lien in a maaner aviceptabk to Lender. or shalt in good faith contest such lien by, or defe~d enforcement of such lien in, legal proceedings which operate to prevent the enforoement of the lien or forfeiture of the Property or any part thereof. S• Nmrd Iaauanet. Borrower s6a11 keep the improveinents now existing or hereafter erected on the Property etuurod agaiast losa by Src. hazards included within the term "extended coverage". and such other hazards u Lender may require and in such amounts and for such periods u Lender may rcquire; provided. that Leqder shall not roquire that the amount of such coverage excee~ that amount of coverage required to pay the sums secured by this Mortgage. The imuranoe carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, Wat such approval sl~all not be unreasonably with6eld. All premiums on insuranve policia shall be paid in the manner providod under puagraph 2 hereof or. if not paid in such manoer, by Bonower making payiment, when due. directly to the inwrance curier. All insuranQe pc~licies and renewals thtreof shall be in form s~ceptable to Le?nder and shall include a standard mortgage clause in favor of and in form acceptabk to Ixnder. Lender shall have ihe rig6t to hold the policies and renewals thereof, i anc! Borcower shall prompdy furnish to Lender all renewal notices and all recxipts of paid pt~emiums. In the event of loss, I Borrower shall give prompt notice to the iasurance carrier and Lender: Lender may make proof of loss if not made promptly by Borrower. , j Ualess Lender and Borrower otherwise agree in writing, insurance proceeds shall be appliod to ratoration or repair of i the Property damaged. provided such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby itnpairod. If such restoration or repair ia not economically feasible or if the socurity of this Mortgage would be impairod, the inaurancx proceeds shall be applied to the swns socured by this Mortgage. with the eaccess, if any. paid ~ to Bonower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date aotice is mailod by Ltnder to Borrower that the insurance carrier offers to settle a claim for insurance becefits. Lender ~ is authorized to collcet and apply the insurance proooeds at Lender's option either to cestoration or repair of the Property or to the swm secured by this Mortgage. Ualess Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall noi extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of suc6 instaltments. If under paragraph 18 hereof the Property is acquired by Leader, all tig6t. tide and interest of Borrower in and to any insurance policies and in and to the proceods thereof resulting from damage to the Pmperty prior to it~e sale ~ or acquisition shall pass to I.ender to the exteat of the sums secured by this Mortgage immediatcly prior to suc6 sak or acquiaition. ~ 6. Pn~servatioo aod Maintenance of Property; Leasebolds; Condomialums; Plaaned Ueit Devdopiaeots. Borrower shall keep the Property in good repair and s6aU not commit waste or permit impairment or deterioraaon of the Property and s6a11 comply with the provisioos of any kase if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a plann~d unit development, Borrower shall perform all of Borrower: obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit deveiopment, and constituent documents. If a condominium or planned unit devclopment ` rider is executed by Borrower and recordcd together with this Mortgage, the covenants and agrcements of such rider ~ shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider : wero a pari heroof. i ~ 7. Protection of Leode~'s Security. If Borrower fails to perform the covenants and agreements contained in this ~ Mongage. or if any action or proceeding is commenced which materially affects Lender'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 Lender at I.ender's option, upon notice to Boriower, may make such appearances, disburse such ~ sums and take such action as is necessary to protect Lender s interest, including, but not limited to, disbursement of ~ reasonable attorney's fees and entry upon the Property to make repairs. lf L.ender requircd mortgage insurance as a ~ condition of making the loan secured by this Mongage. Sorrow•er shall pay the premiums required to maintain such insurance in eHect until such time as the requirement for such insurance terminates in accordance with Borrower s and . ~ soR~z71 ~:.i: 319 - ~ '.~2 . - ~~F y4~` 3EY~~jy.~ ~ - ~i . ; ' L-{ ~ 1