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Home My WebLink About0295 l!cc~t-oRar Cover~r~. Borrower and Lendcr covenant and agree as toliows: 1. Parneat OE PflllClP7I and laterest. AorroNer shaU promptly pay when due the principal o[ and interes~ on the i~?debtedness evidenced by the Note, p~epa~~nent and latr charges as pro~~ided in the Note, and the principal of and inttr- est on any Futun Advances secured by this ~lortgage. 2. Fuada foc Taxes and Inwrance. Subject to applicable law or to a writeen waive~ by l.ender. Aorrower shall pay to Le:~der on the day monthlr installme~~ts ot principal aod interest are payable uuder ~he Noce, until the Note is paid in tull, a sum (herei~ "Funds") equal to one-tweltth ot the yearly taxes and aues,ments which may attai~~ },riority o~•er this ~tortgage, and ground ~ents on the Yroperty, i[ any, plus onatwel(th ot pearly premium installments [or harard insurance, pius onrtwel[ch ot Yearly premium instaliments tor mortgaqe insurance, it an~. all as rrax~nably es~imated initiall~• and from time to time by Lender on the basis o( assrssments aud biUs and reasonable estimates thereof. The Funds shall be held in an institution the de~wsits or accounts af which are insured or guaranteed by a Federal or state agency (including Lender if l.ender is such an institution), l.ender shall apply the Fu~~ds to pay said tares, assessmenu. imurance premiums and ground rents. Lender may not charge (or so holdi»g and applying the Funds, anal~•zinq said ac- count, or veri(ying and compiling said assessmenes and biQs, unless Le~der pays Bonower interest on the Funds and a},- plicable law permits Lender to make such a charRe. Borrower and Lender may aqree in writing at ehe time ot execution oE this \tortgaqe that interest on the Funds shall be paid to BorroMer, and unless such aRr~ement is made or applicable law requires such interest to be paid, Lender shall not be required to pay BorroMer an~ interest or earninRs on the Funds. Lendtr shall givt to Borrower, without charRe, an annual accounting of the Funds shoNinR credits and debits to the Fuuds and the purpose [or which each debit to ~lie Funcls was made. The Funds are pledged as acfditioual securit~• for the sums secured b~ this \iortgage. lf the amount oE the Funds held by l.encle~, toqether with the future monthly instaliments o( Funcls pa}•able prior to the due dates of taxes, assessments, insurance premiums and gruund rents, shall exceeei the amount required to pay said taxes, assessme~ts, insurance premiums and qround rents as they tall due. such excess shall be, at BorroMer's option, either promptly repaid to Bonower or credited to Borrower on monthl~• installments of Funcic. It the amount o( the Funds held by L.ender shall not be su[ticient to pay taxps, atiseuments, insurance premiums and Rround rents as they fall due, Borrower shall pay to l.endtr any amount aecessary to make up the deficiencv within 30 days from the date notice is maileci by Lender to Borrower requescing pa~~nent thereof. Upon payment in [ull ot all sums secureci by this \tortgage. Lender shall promptl}~ refund to BorroMer an}' Funds held by Lender. If under paraj{raph 18 hereof the Property is sold or the Propercy is o~her~cisc acquireci b~• I.endcr, Lender shall apply, no later than immediately prior to the sale of the Propert~• or its acqui~ition by Ixnder, am• Funds held b~ Lender at the time of application as a credit against the sums secured 1,~• this \tortRaqe. 3. Application of Paymeats. Unless applicable law Pro~•ides oehen.ise, all pa}~ments recei~~ed by Le~ider under the ~ote and paragraphs 1 and 2 hereo[ shall be applicd by Lender tint in pa}7nent of amouuts Na}•able to Lender b~• Borrower under paragraph 2 hereof, then to interest ~acable on the Noee, then to the principal ot the \ote. and then to interest and principai on any Future Ad~ances. , 4. Chargex Liens. Botrower shall pa~• all taxes, assessments and other charRes, fines and impositions attributable to the Propert) which may attain a priorit}' o~~er this ~tortPage, and leasehvld pa}~ments or ground rents, if ao~•. in the man- ner pmvidecl under paragraph 2 hereof or, if not Paid in such manner, b~• AorroMer making payment, when due, directl~ to the pa}•ce thereof. Borrower shaU promp~h• [urnish to Lender all notices o[ amounts duc under this paraqraph, and in the e~•cnt Bormwer shalt make pa}Tnrnt directl~•, Borroker shall promptly furnish to L.ender receipts e~•idencinR such payments. Borrower shall prompth~ discharRe an~• lien Mhich has priority ocer this \tor~aRe; provided, that Bonoyer sh?U pot be~re- quired to discharge an~ such lien u~ lon~; as BorroMer shall agree in ~critinR to t~1e pa~ment of the obligation secured b~~ such ~ lien in a manner acceptable to Lender, or shall in Rc~xi faith contest such lien by, or defend enforcement of'such`lien iri.` le- ~ Ral pr«eedings which operate to pre~•ent the enfor~ement of the lien or ftxkitllTe of the Property or any parc thel4of. ~ ' 5. Hazard Insurance. BorroMer shall keep the improvements now existing or hereafter erected on the Property in- ~ sureci ap,ainst lou by fire, hazards induded within the cerm "extended co~~erage", and such other hazards as Leuder may re- ~ quire and in such amounts and tor wch periocis as Lrnder ma~• reeJuire: pro~•ided, that Lender shall not require that the amount of such co~•erage exceed that amount oi coceraRe required to pa~• the sums secured b}• this ~IortRaRe. 1"he insurance canier pm~•iding the insurance shaU be chosen b}' BorroMer subject to a~pro~•al b~- I_ender, pro~•ided, that such approeal shall not be unreasonabl}~ Nithheld. :111 premiums on insurance ~licies shall be paid in the manner ~ pro~•ided under para~raph 2 hereot or. i[ not paid in such manner, bc Borrower makin~ pa}~ment, hhen due, direUlr• to I the insurance carrier. ~ Alt insurance policies and reneMals thereot shall be in [orm acceptable to Lender and shall inclucie a scandard mort- ){age dause in (a~•or oi and in totm acceptab(e to Lender_ Lender shall ha~•e the riRht tu hold the policies and renewals ~ thereo[. and Borrower shall prompth• (urnish to Lender all reneMal notices and all receipts of paid premiums. In the e~~ent ~ of loss, Borrower shall Rice prompt notice to the insurance carrier and l.ender. Lender mac make proot of loss if not made promptly by Borrower. Unless Lender and Borcow•er othen.ice aRree in MritinR, insurance prcxeeds shall be applieci to restoration or repair of the Property damaged, pro~•ided such restoration or repair is economicalh• feasible and the security of this \(ortRa~e is not ~ thereb~~ impaired. If such restoration or repair is ?ioe economicaily- (easible or if the securit~~ of this 1(orty,aRe K'Allld bC im- ~ paired, the insurance proceeds shall be applied to the sums secured b~• this \(ortqage. M ith the excess, i( an}•, paid to Bor- ~ roN-er. If the Propert}~ is abandoned by Borro~er. or if Borrower fails to respond to Lender ~ithin 30 da~~s from the date notite is maeled by Lender to Borrower that the incurance carrier offerc to setde a claim for insurance bene[its, Lender is ~ authorized to collect and aPpl} the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this ~~ortqa~e. ~ ~ Unless Lender and Borrower othen.ise agree in writing, anv such application ot pr~xeeds to principal shall not extend - or postpone the due date oF the monthlp installments referred a~ in paraRraphs 1 and 2 hcreof or chanRe the amount of such ~ inctallments. If under paraRraph 18 hereof the Propert}~ is acyuirrd b~• I.ender, all right. title and interest ot Borrower in and to any insurance policies and in and to thc pr~xeeds thereof resultinR trom dama~e tn thc Propert~• prior to the sale or ~ acyuisition shall pas~ to Lender to the extent o( the sums secured b~~ this ~(ortgaRe immediateh~ prior to such sale or acquisition. '<F ~ 6. Presen•ation and ;liaintenance of Propertr; Leaseholds; Condominiums: Planned Unit Derelopments. Borrower ry shall keep the Property in qood repair and shall not commit waste or permit impairmcnt or deterioration of the Propert}' and shall comph~ r.•ith the pro~•isions of am• lease if this ~tortRaRe is on a leasehold. If this ~(ort~aRe is on a unit in a ~ condominium or a planned unit decelopment. Borro~er shall perform a? o( BorroMCr's obliRations under the declaration or co~•enants creatinR or go~•erninR the condominium or planned unit de~•elopment, the b~•-laws and requlations ot the condo- : minium or planned unit de~•elopment, and mnstituent documerrts. IE a condominium or, planned unit decel~pment rider is executed b}• BorroMer and recorded toRether w•ith this ~tortgape, the cocenants and aRreements of such rider shall be in- _ curporated into aud shall amend and ~upplement the co~~enants and agreements ot this \fortRa~e as it the rider Nere a part ° hereof. 7. Protection of I.ender's Securit}. If Borrower (ails to perform the co~•enants and aRreements contained in this - ~tortgage, or i( an}• action or proceedinR ic commenced which materially a[(ects Lender s interest in the Propert}•, induding. but not iimited to, eminent domain, insol.~enc~~, code enforcement, or arr:~nRements ~r proceedinRs im-ol~~inR a bankrupt V, or decedent, then Lender at Lender's option, upon notice to RorroM•er, ma~~ make such appearances, disburse such sums ~ and take wch action as is necessan• to protect Lender's interest, includinR, but n~~t limited to. disbursement ot reasonable ~ attorne~'s fecs and entn~ upon the Fropert.~ to make repairs. If I.ender required mortRage insurance as a condition oE a making the loan securecl b~• this ~IortRaRe. Rorror.er shall pay the premiums reqaired ta maintain such insurance in eE- fect until such time as the requireme:it (or such inwrance cerminates in accorda~xe Mith Botrower's and Lenders written ` frk~Uo - ~GQX FAGE ~•i7J , . . . ~ - . 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