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Home My WebLink About0996 j U~tFO~u CovErwxrs. Borrower and Lcndcr covenant and agrte as iollows: 1. Parneat of P~iacipal and Interest. Borrower shall promptly pay when due the principal ot and interest on the indebtedness evide~ced by the Kote, prcpayment and lace charges as provided in the tiotc, aud the priucipal ot and inter- est on any Futurr Advances securecl by this \lortgage. Y. Faads for Tun and Iawrance. Subject to applicable law or to a written wai~•er by I.ende~. Borrower shall pay to Lender on the day monthly installments of principal and interest a~e payable under the Note, unti! the I~ote is paid in ~ (ull, a sum (henin "Fundi') equal to oue-twel[th o[ the yearl~ taxes and asscssments which may attain priority over this ' Atortgage, and ground re~ts on the Property, i[ any, plus one-twclfth of ~•early premium imtallmeuts tor haiard insunnce, plus ont~tNeltth ot ytarly premium installment~ tot mortgagc insurance, i[ any, all as reasonably estimated initially and (rom time to time by Lendcr on the basis o( asseauneuts and bills and reasouable estimates thercof. The Fu~ds shall be held in an institution the deposits or accounts ot which are insured or guaranta~d by a Fedenl or state agency (intluding L.ender it Lender is such an institution). I.ender shall apply thr Funds to pay said taxes, assesunenu, iusurance premiums and ground mnts. I.ender may not chuge to~ so holding and applying tht Funds, analyzing said aa count, or ~~eri[ying and compiling said assessmcnts ai~d biUs, unless l.cndet pays Borrower interest on the Funds and ap~ plicable law permits Lender to make such a charRe. Borrower and Lender may agree in writiug at the time oE execution of thic \tortga~ that interat on the Funds shall be paid to Borroveer. and unless such aqreement is made or applicable law requir~s such interest to be paid. Ixnder shall not be required to pap Borrower any interest or earninqs on the Funds. Lender shall give to Borrower, without charp,e, an annual accounting of the Funds shoN in~ creditx and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds ate pledged as additional sectirity tor the sums secured ' by this \tortgage. ~ ~ ' I[ the amount oE the Funds held by Lender, together with the [uture monthly installments o[ Funds pa~•able prior to the due data of taxes, assessments, insurance premiums and p,round rents, shall exceecl the amount required to pay said taxes, assessments, insunnce premiums and ground rents as they tall due, such excess shall be. at Bonower's option, either promptly repaid [o Bonower or credited co Borrower on monchl~• installmeats oE Fundc. I[ che amounc of the Funds held bv I.ender shal! not be sufficient to pa}• taxes, assessments, insurance premiums and ground rents as they iall dur. Borrower shall pay to Lendet any amount naessa~y to make up the de[iciency within 30 days [rom the date notice is mailed by Lender to Borrower requesting payment thereof. Upon paym~nt in full of all sums secured by this ~ltortRage, Lender shall promptl~ refund to Borror.er any Funds held by Lender. If under paragraph 18 hereo[ ehe Property is sold or the Property is othen+ise acquirecl b}• l.ender, Leader shall apply, no later than immediately prior to the sale o( the Propert~~ or i[s acquisition by I.ender, an~ Funds held by I.ender at the time oE application as a credit ap,ainst the sums secured b~ this ~(ortqaqe. 3. Applecation of Payrtuats. Unless applicable law provides otherwise. all pay~nenes recei~•ed by Lender under the l~ote and paragraphs t and 2 hereof shall bc applied by Lender tint in pa~~ment of amounts parable to l.ender by Bonower ~ under paragraph 2 hereoE, then to interest payable on the Note, then to the principal of the ;\ote, and then to interest and principal on any Future Advances. 4. Chargex Lieni BorroMer shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority o~~er this ~tortgage, and leasehold pa~~ments or ground rents, i[ an~•. in the man- ' ner pro.•ided under paragraph 2 hereof or. i[ not paid in suth manner, b~ BorroMCr makin~ pa}Tnent, when due, ditectly to the pa~•ee thereof. Borroher shall prompth• furnish to Lender alt notices ot amounts due under this paraqraph, and in the ; eccnt BormNer shall make pa}Tnrne directl~. Botrower shall prompd} furnish to l.ender receipes e~~idencinR such pay~nents. Borrovrer shall promptiy discharge am~ lien which has priority ~~er this ~tortRaRe; pro~•idecl. that Bocrower shall not be re- quired to dixharge any such lien so lonq as BormHer shaA agree in writinR to the pa}•ment o( the obligation secured by such lien in a manner acceptable to Lender, o~ shall in ~xxl [aith coutest such lien by, or defend entorcement of such lien in, le- Aal proceediny,s which operate to pre~•ent the entorcement of the lien or for[eiture o( the Property or any pare thereof. 5. Hazard Insunnce. Borro~+er shall keep the improvements now existing or hereafeer erected on the Property in- sured against loss by [ire, hazards induded Miehin the eerm "extendecl co~•erage". and wch oeher hazards as Lender may re- ~II quire and in such amounts and [or such periocls as Lender ma~• require: pro~ided, that L.ender shall not require that the ~ amount of wch co~~erage exceed that amount of co~•erage requireci to pa~• the sums secureei by this \(ortRage. The insurance earrier pro~•iding the insurance shall be chosen by BorroMer subject to appro~•al b}• Lender: provided, that such approcal shall not be unreasonabl~ Nithheld. All pre•miums on insurance policies shall be paid in the manner pto~~ided under paraqraph 2 hereof or. if not paid in such manner, b~ BorroNet makin~ payment, Nhen due. direcdy to the insurance canier. All insurance policies and reneNals thereo( shall be in form acceptable to Lender and shall include a standard mort- gage dause in tacor o( and in (orm acceptable to Lender. Lender shall. ha~•e the riRht to hold the policies and renewals thereof, and Bonower shaU promptl}• turnish to Lender all reneMal noeices and all receipts of paid premiums. In the e~•ent of loss. Borrorrer shall qi~~e prompt notice to the insurance carrier and L.ender. Lender may make proof o( loss if not made promptly by Borrower. Untess Lender and BorroMer oeher~+ise ap;ree in Nrieinq. insurance proceeds shall be appliecT to restoration or repair o[ the Propertv damaged, provided such restoration or repair is economically feasible and the securit}• of this \IortRaqe is not thereb~ impaired. IE such restoration or repair is not economically [easible or i[ the securit~ of this ~(ortRage would be im- paired, the insurance proceeds shall be appliecl to the sums secured b~ this ~tartqaqe, with the excess, i[ any, paid to Bor- roMer. If the Property is abandoned by Borrower, or if Borrow-er fails to respond eo Lender within 30 days from the date notice is mailed bv Lender to Borro~.er that the insurante tarrier offen to settle a claim for insurance benefits, Lender is authorired to collect and apply the insurance proceeds at Lender's option either to restoration or repair o[ the Property or to the sums secured bv this \tortqa~{e. Unless Lender and Bonower otherM ise aRree in writing, any such application o[ proceeds to principal shall not extend or postPone the due date of the monthly installments re[erted t~~ in paraRraphs 1 and 2 hereof or change the amount oE such inttallments. lf under parat{raph 18 hereof the Property is acquired by Lender, all riRht, title and interest of Bortower in and to an}~ insurance policies and in and to the proceeds thereof resultinR from damaqe to the Property prior to the sale or acyuisition ~hall pasc to Lender to the extent oi che sums secured bv this ~tortRage immediately prior to such sale or acquisition. ~ 6. Presrnation and ;faintenance oE Propertf: Leaseholds; Condominiumt; Planned Unit Derdopments. Borrower ! st~all keep the Property in good repair and shall not commit Naste or permit impairment or deterioration of the ProPerty and shall comply Mith the pro~~isions o[ an~ lease if this ~tortj{age is on a leasehold. If this \iortgaqe is on a unit in a condominium or a planned nnit de~•elopment. Borrower shall Perform all of Barr~wer's obligations under the declaration or co~•enants creating or go~•erning ehe condominium or planned unit development, the by-laws and regulations of the conda minium or planned unit de~•elopment, and constituent docume~~ts. If a condominium or planned unit decelopment rider is executed by Borrov?er and recoreled toReeher wieh ehis ~fortgage, the co~•enants and agreements of such rider shall be in- ~ corporated into and shall amend and supplement the coeenants and agreements o( this ~tortgaRe as if the rider were a part hereof. ~ 7. Protection of Lender's Securitr. If Borroher fails to perform ehe covenants and aqreementx contained in this ~ ~tortqage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, including. but not limitecl to, eminent domain, insoh~ency, cocle entorcement, or arrangements or proceeciinqs im•okinq a bankrupt or decedent, then Lender at Lender's option. npon notice to Borrower. ma} make such appearances, dicburse such sums and take wch action as is necessan• to protect Lender's interext. includinR, but not limited to. disbursement of reasonable attoroe,v's fees and entry upon the Propert}~ to make repairs. If I.ender required mortgage insurance as a condition of ~ making the loan secured by this ~IortRaRe, Rorrower shall pay the premiums required to maintain such insurance in e(- ~ (ece until such time as the requirement (or such insurance terminates in accordance with Borrower's and L.enders wtitten ~ ~ ~ " q 278 ~~,F 994 BGGK ~ _