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Home My WebLink About0201 . ~ . ~ , . Urv~~oat~t CovFw~Nrs, Borrow~r and I_cn~irr a~~~.:nant :,:,d :,;;r~~c t~•U~~ws: 1. Paymeat of Prlncipal wd ldlerest. N~~rn~wct ~h;~lt ~•rumr~ly pay ~hcn duc thc prin~i~~.~i ~~I and i~te~est on Ihe ~adebtedness cvidenccd by the Note. prepaymrM and lat~ ch.~r?~r. pr~~vided u? thc IVo~e, and thc prinripal of and mtercs~ on any Future Advances secureJ by th~s Mongabe. 2. Fuads for Tzz~ aud I~unnce. Subjec~ to appli;.,t•Ir IaH u. a arittcn w:~iver by l.ender, Rorrower shall pay to l.eeder on ~hc day mon~hly inctaUmentc of prinripal and m;r~r.~ .,r~ ~ayahlc w~drr thr Notc, until thc Notc i~ paid in full. a sum (hercin "1~unJs") equal to one-tHCI(th o( thr ~rarl~ ;a~~. an.l a~.c~.mcots v?hich may auain priority avcr thiti Mortgage, and ground rents an the Pt~opcrry, if any, plus anc-t~.rlith ot ~carly premium inttallments for hazard insur,nce, plus one-lwetfth of yearly premium installmentc for m~~rtgaFc +n~ur~ncr, if :~ny, all as reasonably cttim~ted inilially and irom time tc~ lime by 1_endcr on the hasi~ oi a..~~~mcntc an~i h~~l+ .~n.! rr,~,rnablc ec~imates thcrcof. 7~e Funds shall he held in an in,~:~uu.~n thc dc~~,i„ or ,~ccuunts ut which are insurcd or guarantced b~~ a Frdera! or state agency (including Lender if Lcndrr i. ~uch .~n imtitution I.cndcr ~hall ~ppl}• tht Funds to pay ~aid taics, as~rssmcnty, insurance premiums and graund rent~. ! cn~ler m:~~ nnt cbargc )nr ~i~ h~lding :?nd apph•ing Ihe Fun~l~. analyzing ~aid :?cc.~unt. or verifying and rnmpiling said asses~mc~ts and hill~, unlr~~ Lcnder ~a•~ Bc~rrowrr intcrest o~ thc Funds and appli~ahle law permits Lender t~ make such a ch~rge. I;~~rruv?er and LcnJcr m~y agrce in writing at ~hc timr uf c~~cu~ion uf this Mortgage that iMere.d on the Funds tihalt Fx~ paid tc~ Borrua•er, and unles~ such :~greemen! i. m:~d< <~r appli~ahle law requir3 such interest !o be paid, l.ender ~hall nut h~; reyuired to pay Burrow•er any intrrest or carning, ~~n thc ~und.. 1 L;idrr shall give to Borrower, without charge, an annual accuunting of the Funds ~howing credits and debits t~~ the l~und~ and the " purpose for which each Jebit to the F=und. wa~ mad~. The 1=und~ arc pt~~lgcd a~ additional securitt• fc•r thc ~an~, .ec~ired by this Mortgage. If the amount of the Funds held hy_ Len~ier, loge~her with thc iuturc monthly installmen~s of Fund~ pay:~blc pri~~r to the due dates of laxes, assessments, inslrancc premiums and bround rents, sha4 czcc~~i the amount rcyuired to pa~ ,aiJ ta~c,, asse.wnents, insurance premiums and gmund rents as th~}• falt duc, such cxress shall be, at 8ormwer's opUon. ~ither promptly repaid to Borrower or credi~ed to Bo~mwer on monthly installments of Funds. !f the amoum of the I•unds held by Lender shall not be sufftcient to pay laxes, assessments, insurancc premiums and ground rents a~ thc~~ fall due. Borrower shall pay to 1_ender any a~~ount neces~ar}• to make up ~he deficiency within 30 da~•~ from the date notire is mailyd by Lender to Borrower requcsting pa~mcnt the~co(. Upon payment in ful) of all sums sttured by this Mor~gage, Lendcr shall promptly retund to Borrow•er ant~ Funds held by l.ender. If under paragraph 18 hereot Ihe Property i~ sold or thc Propcrty is otherwise acqiured by Lcndcr, Lcndcr shall apply, no later than immediatch~ prior ro the sa(e of thc Property or its acquisition by Lender, any Funds helJ by ; Lender at the time o( application as a credii aga~nst the sums secured hy this rlortgage. 3. Application of Paymenfs. Unless applicable law provides athcrN-isc, all paymcnts rcticived by Lcnder unJer the + Note and paragraph~ 1 and 2 hcreuf shall bc applied by I.cndcr first in paymcnt of amounts payablc ta Lcnder by Borrower under paragraph 2 hereot, then to intcrest payablc on thc Note, then to the principal af the Note, and thcn to interest and principai on any Future Advances. 4. C6arges; Lie~u. Borrowcr shall pay all taxcs. assessmcnts and othcr rharges, fines and im~xxitions auributahle to the Propen}• which may attain a priority over this Mortgage, and leasehold paymcnts or ground rents, if any, in the manner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall pramQtly furnish to Lender al! notices of amoiints due under this paragraph, and in the event Borrower shall make payment directly, Burrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promplly dischargc any lien which has prior~ty o~cr this Mortgage; provided, that Borrower shall not bc required to discharge any such licn so fong :~s $orroWCr shali agree in ..riting to the payment of the oblegativn secured h}~ such iien in a manner acceptable to !_ender, or shal) in goc~cl faith contcst such lien by, or defend enforcement ot such lien in, lega! proceedings which operate to prevent the cnforcemcnt of thc I~en or forfeiture of the Property or any part thereof. 5. Nazard Insurance. Borrower shall kcep the improvcmentti noH existing or hercafter crected on the Property insured against loss by fire, hazards included wilhin the term "extended c..verage", and such other hazards as 1_ender may reyuire ~ anJ in such amounts and (or such perioels as Lender may require: provided, that Lender shall not reyuire that the amount ot such coverage exceed that amount of coverage required to pay ~he sumt secured by this Morlgage. The insurance carrier providing the insurance shall be chosen by Borrov?er subject to approval by Lender, provided, that such approval shall not be unre~conably withheld_ Ail premiums on insurance policies shall be paed in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dirrctly to thr insurance carrier. All insuranrr p.~li::ie~ anJ renewals thereof shall h~: in forn~ acceptable to Lender anJ shall include a s~andard mortgage clause in favor af and in form acceptable to i.ender. [xnder sh~lt ha~•e the right to hold the po)icies and renex~als thereof. and Borrower shal! promptly furnish to I_ender all renew~al notices and all receipts of paid premiums. In the event of la.., Borrower shall gi~~e pr~mpt no~ice to the insurance carrier and Lender. Lender may make proc~f of loss if not made promptl~~ by Borr.~wer. Unless Lcnder and Borrow•cr athcrK iu~ agrcc in w~riting, inwrance procerdc shal! bc applied to restoration or repair ~~i Ihe Yroperty ilamaged, pruviJeJ such retitoration or repair is economicall~~ feasible and the cecurity of this Mortgage not thcreby impaired. If tuch rtstoratiun or repair is not ca~nomically feasible or i( the security of this htortgabe wr~~~~ ~ie impaired, the msurance pr~x;eed~ shall b.: applied to the sums secured bp this Mortgage. w~ith the excess, if an~~, paid to Borrow•er. lf the Prupert~• is abandnned h~~ Borrower, or it 8orrower f:~~b to res~~nd to 1_ender within 3U da}~s frc~rr .tr date notice ~s mailed b}~ Lender t~, Borrower that the insurance carrier ofTers to settle a claim for insurance benefita, I,r:.~t~r is authorized to collect and appl}~ ihe insurance proceeds at Lender's optiun either to restora~ion or repair of the Pm~n•. or to the sum~ srcurcd by this Morigage. Unless Lend~r and Bvrrera~er othenci~e: agree in wriling. any~ such :~pplicauon ~~f pr~.reeds to pnncipal tihall nvt c.+~~:d or pcxtpone the due d~te of thc monthh~ installmcnts referred to in paragraph. I anJ 2 hcreof or change thc amuunt .~t such instaliments. It under paragraph Ib hereof the Property is acyuired hy t~nder, atl right, tit(e and interest of 13orru~er in and to an~~ insurance policies and in and to thc pr~x-cecls thcreof r~ulting irunt darnage to the Property prior to th~ ~.,ic ar acyuisition shaf! pass to Lender to the e~tent of the sUms secured by this :~tortgage immediately prior to such lc acquisition. 6. Presenalion aqd Waiotenance of Property: I.easehulds; ('ondominiums; Planned [Unit Uevelopments. Borro.+rr shall keep the Prc~perty in good repair and shal( not comroit w'aste or permit impairment or deterioration o[ the Propeny and shalt comply with the provisions of any lease it th~s Mnngage „n a Icaschc?Id. If this Mortgage is on a unit in a rondominium ur a planned unit de~•clopmcnt. Borrow~cr sh~ll pcrtorm all oC Borrower's obligations under the declaratirn ~ or covenaNs creaung or governing the condominium or planned unit development, the by-taws and regu(ations of the ; condominium or planned unit development, and constituent Jcxxumrntti. If a cundominium or planned unit Jevrlopment - rider is exeruted b~~ 8orroa•er and recorded t~~gether uith ~hi~ Mortgage. thr covenants and agreements of such ri~::r shall be incorporated into and shall amend and supplement the covenants anJ agreements of this Mortgage as if the rnfer were a part hereof. 7. Frotection ot [.ende~s Security. If 8orrnwer fails to perform the covenants and agreements contained in this Morlgage, or if any act~on or proceeding +s commencr.~ which materiall~~ af~ects I_enJer's interest in the Propert~•. including. but nut lim~ted ~o, eminent domain, insolvencp, c~x1r enf~~rcemcnt, or arrangements or prckeedings invoh•ing a • bankruQt or decedent. then Lender at Lender's option, upem notice ta Borrower, ma~~ make such appearances, disburse wch _ sums and take such action as is neces~ary to protect Lender ~ interest. including. but not limrted to, disbursement af reasonable attorney's fees and eMry upon the Proper~y to makc rcpaus. If I.ender rcyuircJ m~irigage insurance as a condition of making the losn secured by this Mortgage. B~rr~~arr shalt pay th~ premiums required to maintain such insurance in etTect until such time as ~he reyuirement for wcn insurance Icrminate> ~n accordance with Borrower's and ~ a ~aK 281 FacF ~ ~