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Home My WebLink About0786 UNtPat~ CoveN~NTS. Borrower and l.caJer cavenant and ag~ce as fallows: - 1• ~1 ot hiacip~ .ud I~Nend. tiorrowcr shail promptly pay N~hcn due thc principal o( and interest on ~he irtdebtedneu evidenced by the Notc. prcpayment and latc chargcs ac provided in ~hc Nate, and thc principal ut snd intercs~ on any Future Advances socured by this Mortgage. Rr~ ~or Tua aai Iwra~ce. Subject to applicable law or to a written waiver by I.ender. Barrower shall pay to l.ender on the day monlhly iostallmcnts of principal and interest are payable under the Note, until the No~e is paid in tull, a sum (herein "Funds") oqual to ono-tweltth af ~he yearly taxes and assessmenls which may attain priority ovcr this Mortgage~ and ground rents on the Prope~ty, if any, plus one-twel(th at yearly prcmium installments for hazard insurance, plus oae-twelfth of yearly premium installments tor mortgagc insurance, i( any, all as reasonably cstimated initially and from time to time by I~nder on the buis of asse,ssmeMs ancl bills and reasanable estima~cs lhereot. 'il~e Funds shal) be beld in an i~sti~ution the depoaits or accuunts at which are insured or guaranteed by a Foderal or slate ager~cy (including Lender if Lender is such an inttitution). I.e~der shall apply the Funds to pay said taxes, assessments, . iaturance pr~emiums and ground tents. I_ender may not cbarge for so holding and ap~?lyiog the Funds, analyt.ing said account. or veri[ying and compiling said assessments and bills, unless I.cndcr pays Borrower interest on ~hc Funds and applicable law permits l.enckr to make such a charge. Borrower and I.ender may agree in writing at the time ot execution o( this Mortgage tbat interest on the Funds shall be paid to Borrower, and unless such agroemem is made or applicable law requircs such interest to be paid, l.ender shall nat be required to pay Bo~rower any interest or earnings o~ the Funds. t.cnder shall ~ve to Bortower, wittaut charge, ao annual accounting of the Funets showing credits and debits to the Funds and the purpose for which each debit to the Funds wac made. The Funds are pledged as adJitional security for the sums secured by Wis Mortgaae. If the amount o[ the Fuads held by Lender, togelher with the future monthly installments of Funds payabk prior to the due dates of taaes, assessments. insurance prcmiums and ground rents, shall exceod the amount reyuired to pay said taxes, asses~ne~ts. insurance premiums and ground re~ts as they fall due, such excess shall be, at Borrower's option, either pranpUy rtpaid to Bormwer or crodited to Bornower on monthly installmentc of Funds. If the amount of the Funds beld by L.ender shall aot be sut~ieient to pay ta~ccs, asse.csments, insurance premiums and ground rents as they fall due, Borr+o~ver stWl pay to Lender any amount nocessary to make up thie deficiency within 30 days from the date notice is mailed by L.eode~ to Borrower requesting payment thercof. Upoo payment in full of dl sums secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds I~eld by Lender. If under paragraph 18 hereof the Property i~ sold or the Propeny is otherwise acyui~ed by l.endcr, I.enJer s6a11 apply, no later tha~ immediately prior to the sale of the Property or its acquisition by l.ender, any Funds held by I.ender at the time of application as a credit against the sums securrd by this Mongage. 3. A~plkatio~ of P~4eefs. Unlas applicabk law provides otherwise, all payments received by Lender unJer ihe Note and paragnphs I and 2 hereof shalt 6e applied by I~nder first in payment of amounts payable to Lender by Borrower ~ under puagraph 2 hereof. then to interest payable on thc No~e, then to the principal ot the Note, and then to interest and principal on any Future Advances, 4• Cra+st~ IJees. Borrower shall pay all taxes, assessmcnts and othcr charges, 6nes and impositions attributable to t6e Property which may attain a priority over this Mortgage. and lessehold payments or ground rents, if any. in the manner pr~vided under paragraph 2 heroof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the payee thet+eof. Borrower shall prompUy furnish to Lender all notices o[ amounts due under this paragraph. and in 16e eveat Bormwer shall make payment directly. Borrower shall promptly furnish to l.ender receipts evidencing such payments. Borrower sha!! pranptty discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be roquirtd to discharge any such lien so long as Bonower shall agree in writing to the payment of the obligation secured by suc6 lien in a manaer acceptabk to Lender. or shall in good faith contest such lien by, or ckfend enforcement of such lien in, kgal proceedings which operate to prevent the enforcement of the lien or for[eiturc of the Property or any part thercof. S• Harard Iosnrance. Borrower shall keep the improvements now ezisting or hereafter erected on the Propertf? insured against loss by 5rc. hazards included within the term "eztended coverage and such other ha7ards as l.ender may require and in wch amounts and for such periods ac I.ender may reyuirc; provided, that Lender shall not roquire that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. 'Ibe inaurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, t6at such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner providod under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, directly to the insuranoe carrier. All insurance policies and renewals thereof shall be in form acceptable to LeoJer and shall include a standard morigage clause in favpr of and in form acceptable to Lender. l.~nder shal) have the right to hold the policies and r+enewals thereof. and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender_ Lender may make proof of loss if not made ptomptly by Borrower. • ~ Unless Lender and Borrower otherwise agrec in writing, insurance proceeds shall be applied to restoration or repair of 't the Property damaged, provickd such restoralion or repair is economically feasible and the security of ihis Mortgage is ~ not thereby iropaircd. If such restoration or repair is not economically feasible nr if the security of this Mortgage would # be impaired, tbe insurance proceeds shall be applied to the sums secured by this Mortgage, with ihe excess, if any. paid ~ to Bonower. lf the Property is abandoned hy Borrower, or it Borrower fails to respond to Lender within 30 days from the date notice is mailed by I.ender to Borrower that the insurance carrier ofTers to settle a claim for insurance benefits, Lender is aut6orized to collect and app{y tbe insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless L.ender and Bonower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments rcferred to in paragraphs I anJ 2 hereof or change the amount ot = wc6 installmentt. If under paragraph 18 hercof the Property is acyuired by Lender, all rigMt, tiUe and interest of Borrower ~ in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or # acquisition. ; f. Traervalioo aod Maiatenance of Property; Leaseholds; Condominiums; Planned Unit Devebpments. Borrower € s6a11 keep the Property in good repair and shall not comroit waste or permit impairment or deterioradon of the Property ~ . wd sball comply with the provisions of any leau it this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower a 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 unil development, and constituent documents. If a conJominium or planned unit ckvelopment 3 rider is executed by Borrower and recorded together with this Mortgage, the cavenants and agreements of such rider ~ s6aU be incorporated into and s6a11 amend and supplement the covenants and agreemeots of this Mortgage as if the rider were a part heroof. ; 7. Prohctb~ ot Le~de~'s Security. If Borrower fafls to perform the covenants and agreements contained in this ~ Morigage, or_if any action or proceeding is commenced which materially aBects l.enckr's interest in the Property, ; including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ bankrupt or deoedent, then Lender at Leoder s option, upon notice to Borrower, may make such appearances, Jisburse such ~ sums and take such action as is necessary to protcxt l.ender s interest, including, but not limited to, disburaement of reasonsbk attorney's fee.c and entry upon the Property to make rcpai~s. If I.ender required mortgage insurance as a conditioa of making the loan secured by this Mortgage, Bormwer shall pay the premiums required to maintain such inwranes in efiect until such time as the requirement for such ~nsurance terminates in accordance with Borrower s and 600K 2~1 PACE 78s - . , y _ - - ~ -