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Home My WebLink About0015 ~'VFORM CovFNANTS. BOifOWff :+~~d [.endrr covrieant and aRree as tollows: P~yment ot Principai and Interest. Horrower sltaU ptomptly pay when clur d~c principal o( and iuteresi on the in~lebteclneu e+•idenced by the I~ote, p~e~ayment and latr cl~argrs as providrd in the \ote, and thr ~~rii?~ipal o( and inte~- e;t oa any Fuwre Ad~ances secured by this \lortgage. 2. Funds tor Taxes and Insurrnce. Subject to applicable law or to a written Maiver by Leucler, BorroNer shalt pay to Lender on the day monthly instalimenu ~f principal and interest are pa}~able undcr ehr ?~ote, uietil the lote is paid in [uli, a sum (hrrein "Funds"j ec~ual to onr-twe![th o( the yearly taxcs •rnd a~scs.mrnts Mhich may at:ain ptiority o~•e~ this ~Iortgage, and ground rrnts on the Yropert~•, i[ any, plus onr-twel(th o( ycarly premium inuallments (ut h:uard insurance. plus one-tN•elRh ot yearly premium instaUmenta (or mortgage inaurance, i( any, all as rrasunably estim:ited initially aad trom time to time by Lender on the basis o[ asscssmeuts a~?d bilis and reasouable cstimatcs thercot. The Funds sha!! be held ie an institution the deEwsits or accounts of Nhich are incureci or quarantrrd b}• a Fecleral or .tate agrncy (includiug Lender it Lender is wch an iiistiwtion). I.ender shall apply the Funds to pa~• said tares, assesstnenu, iiuurance premiums aad ground re~~ts. l.ender may not charge tor so holding and applyinq the Funds, anahzing said ac- count. ~r ~•erifying and compiling said asscuments and bills, unless I_cnder pa~~ Borrawer interest on the Funds and ap- plicable law permits Lender to make ~uch a charRe. AorroNer and Lender may agree in Mri~ing at the time o[ execution oE ~hic ~fortqage thac interest on the Funds ,haU bc paid to BorroNer. and unless such aRreement is made or applicable law . requires such interest to be paid. I.ende~ shall not be rcquired to pa~• Borrower an}~ interest or rarninRs on the Funds. Lendet thaU give to Bormwer, withnut charKe, an a+mual actou~uitig ot the Fu»ds showinA crecfits and debits a~ the Funds and the purpose (~,r which each debit to the Funds was made. The Funds are pleclged as additioual security (or the sums securecl b}' this ~tortgage. If the amount of the Funds hcld b}• Lender, together with the future monthly i?istallmehts ot Funds pa~•able prior to the due dates of taxes, assessments, iio~urance premiums and qruund rents, shall exceecl the amouiu reyuired to pay said taxes, assessments, insurance premiums and Rround rents as they [all due, such excess shal) be, at Aorrower's option, either promptly repaid to $or~ower or acditeci to Bonower on monthl}• inswllments of Fund~. If the amow~t of the Funds held by I.ender shall not be suf[icient to pa~ ~axes, a~sessments, insurance premiums and gre~und rei~n as they tall due, Borrower shal! pa}' eo Lender an~• amount necessan• ~o make up the deticiency Mithin 30 days from the datr notice is mailed by Lender to $orrower requesting payment thereof. Upon payment in full pf all sums securect by this ltortRage. I.ender shall promptl~• reEund to BorroNer any Funds - held by Lender. If under paragraph 18 hereo[ the Property is sold or the Propert?• is othen+ise acquired b~• I.ender. Lender shal! appl~•, no later than immediately prior to the sate ot the Property or its acquisitiou by Lender, any Funds held by Lrnder at the time o[ application as a ctedit aRainst the sums secured by this ~tortRage. 3. Application of Pa}Tnents. Unless applicable laN pro~•ides otherwise, all pavments recei~•ed by Lender under the \ote aud ~~aragraphs 1 and 2 hereo( shaU be applied by Lender tirst in pa~•ment of amounts pa~•ablc to l.ei,der b~~ Borrower under paragraph 2 hereof, thcn to ~ntere.t ~a~ablc on the Note, thcn to the principal of the \ote. and thrn to interest and principal on any Future Ad~•ances. i 4. Charges; Liens BotroMer shall pay all taxes, assessmrnta and other charqes, tines and impositioiis attributable to the Property which may attain a priority o~er this \tortgage, and leasehold pa}Yncnts or ground rents, iF :u~~•, in the man- uer pro.•icted under paragraph 2 hereo[ or, it not paid in such manner, b}- Borrower makiaR payment, when due, direcdy to the ~a~•cc thereof. BorroWer shall prompt!}• (urnish to Lender all notices ot amounts due under this paragraph, and in the eti~ent Rorrower shall make pa~~ment directh•. BorraMer shall promptl}' turnish to Lender receipts e~•idencin~ such pa}~ments. BonoM•er shall promptl}~ discharRe am• lien which has priorit~ m-er this ~tort~{aAe: pro~•icted, that Borrowe~ shati not be re- ~ yuireci to disctiar~{e an}' such lien w IouR as IiorroH~er shall agree in k•ritinR to the pai~ment of the obliqatiou secureci by such ~ lien in a manner acceptable to l.e~,der. or shall in g~«,cl faith contest such lien by, or ctefend en(orcemcut o( such lien in. le- ; Ral proceedinRs which operate to precent the entorcement o[ the lien or farfeiture ot the Property or an~~ part thereot. ~ 5. Nazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property in- sured ai;ainst loss by fire, hazards includeci wiehin the term "extended cocerage", anei .uch other haiards as Lender may re- a quire and in such amounts and for such periocls as Lender mac rcyuire: ~ro~•idecl. that I_ender shall not requite that the ~ aniount of such co~•erage exceed that amount o[ co~•erage required to pa}• the sums secured b} this ~tortRage. ' ~ The insurance carrier pro~•iding the insurance sha11 be chosen by Borroher subject to approcal b.• I.ender: pro~•ided, ~ that such appro~~al shall not be unreasonablJ• Mithheld. :~Il prrmiums un insurance policies shall be paid in the manner 4 pro~~ided under paraRraph 2 hereof or, if not paid in such manner, b}• BorroNer making pa~~ment. Nhen due, directly to ~ ~ thc insurante carrier_ All insurance policies and renekah thereoE shall be in form acceptable to Lender a~id sha4 include a standard mort- RaRe clau,e in fa~or of and in torm acceptable to Lender. Lender shall i~a.•e the ripht to hold tt~e ~wlicies arid reneMals theteof, and Borrower shail promptlc (urnish ta Ler~der all rencMal notices and all reccipts o[ paid premiums. In the e~•ent ~ of lou. BorroMer shall gi~•e prompt notice to the insurance carrier and Lender. Lend°r ma} makc proof of loss if not made ? promptly b~ Bonower. Unless Lender and Borrower otherwise ay,ree in writinR, insurance proceeds shall be appliecl to restoratio» or repair o[ t the Property clamaged, prorided such restoration or repair is economically [easible and the securit~• of this \iort~;aRe is not thereb}• impairecl. I[ such restoration or repair is not economicall}• (eacible or if the securit~' ot this \tortRaRe N•ould be im- _ paired, the insurance proceeds shall be applied to the sums secured b}• this \IortqaRe. with thc excess, if an}'. paid to Bor- 3 roNer. If the Pmperty is abandoned b~• BorroNer, or it Borroaer fails t.~ respnnd to Lender Hithin 30 da~•s trom the date ~ notice is maileci b}• Lender to BorroN•er that the insurance tarrier offers to settle a claim tor insurance benefits, Lender is ~ authorized to collect and appl~• the iasurance prcxeeds at Lender's option either to restoration or repair ot the Property or 3 to the sums secured bv thit ~tortRaRe. ~ L'nless Lender and Bonower otherN ise aRree in writirig, am• such application nf proceedc to principal shall not extend a ~ or post~~ec the due date o( the monthh- installments re[erred t~~ in paraRraphs 1 and 2 hcreof or change ~he amount of such inuallments. li under paraRraph 18 hereof the Pro~rti is acyuired b}• Lencler, all riRht. title and interest of BorroMer in and to an}~ insur~nce policies and in and to the proceeds thereof resuttinR from dama~e to the Property prior to the sale or - acyuisition ~hali pasc to [.ender to the extent of the sums ~ecured b~~ this \fortRaRe immediatel~• prior to such sale or acquisition. < ' 6. Prestnation and liaintenance o[ Propertv: Leaseholds; Condominiums: Planned Unit De~elopments. Bonower ~ ~hall keep the Property in Rooct rcpair and chall not commit waste or permit impairmcnt or deterioration of the Property and shall comply with the pro~~isions of anc Iease if this ~fort~aRe is on a teasehold. If this ~fortRaRe is on a unit in a condominium or a plannrd unit de~cMpmcnt. Borrower shall pcrf~rm a11 of BonoHer's obliRations under the dedaration or co~•enants creatinR ar Ro~•erninR the condominium or planned unit de~•elopment, the by-laws and reJ{ulations o[ the condo- ' minium or planned unit decelopment. and constituent documents_ If a cond~minium or ~~lanned unit de~•elopment rider is executed bv Borm~er and recorded to~ether Mith this ~fortqaqe, the co~•ena«ts and aRreements of such rider shall be in- corporated into aad shall amend ar?d supplement the co~~enanh and aRreements of this \1ortRaqe as i( the rider N~ere a part hereof_ 7. Protection o( Lender's Sectirity. If Borrower fails t~ perform the covenants and aqreementc contained in this ; ~fortRage, or it am• action or proceeclin~ is commenced Mhich materially a(fects I.ender'ti interest in the Property~. indudinR, ? but not limitcd ro, eminent domain, inu~kcnc~~, c~xie en[orcement, or arranRements ~~r pr<xecdinRs in~~oltiinq a bankrupt _ or decedent. then Lender at [.er~der's oPtivn, u~x>n notice to Rorr~M•rr, ma~• make such appearances, disburce such sums ~ and take soch action as is necessan• to protect Lrnder's interec~, includinR, but nnt limited u?. disbursement of reasonable ! attorne~'c (ces and entry upon thc Propert~ to make rQpairs. If Lender required m~rtRaRe insurance as a rnndition of makinq the loan sectirecl b~• this ~tortgaqe. R~rrower sha11 pay the premium•. required to maintain such insurance in e[- [ecr until such time as the requiremerit Ior such imurance terminaees iu auurdance Mith BorroMCr's and Lenders written - r,_~ 2~~ ~a _ - _ ~ -