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Home My WebLink About0129 UtvtFOau Covcx~trrs, Borro~rer and Lende~ cuvenant and agree u tolbws: 1• Psyaarat ot Priucipal u~d laterea~. Borrower ~all promptly pay when duc the principal o[ and i~terest on the indtbtcdn~ss evidenced by the Note, prepayment and late chatges u provided in the Note, and ~he ptincipai of and i~ter- est on any Future AdYanta ~rcund by this ~iarcgage. 4. ~nd~ for Taxa and Inwrance. Subjat to appliablc liw or to a written waivet by Lender. Borrowcr shall pay to Lender on the day monthly installmcnts of principal and interest are payable under thc Noce, until the Note is paid in [ull, a sum (herein "Funds'7 tqua! to onatweifth o[ the ytuly taxes and assesuuencs which may attain priority over this l~fortgage, and gtou~d rents on the Property, it any, plus onatwel[th of yearly pcemium installments for Aazard insunnce, plus one-trveitch ot yearly premium installmencs tor mortgage insurante, if anr, all u rrasoi,ably atim~ted initially and [rom time to time by Lender oo the ba:is oE asxsunents and bills and reasonable atimata thereof. The Funds ahaU be held in a~ institution the deposiu or accounts o( which ace insured or guaranteed by a Fedenl or scate agency (induding Lender iE Lender is such a~ instiwtion). Lcnder shall apply thc Fuads to pay said tazes, asstssments, inwnnce premiums ~nd gtound teiits. Lender may not chuge for so holding and applying the Funds, analyzing said ac- ? count, or verifying and,caopiling uid asstuments and bilk, unless Lender pays Borrower interest on the Funds and ap- plinble law pernniu Lender to make such a charge. $orrower and Lender may agree in writing at the time o[ executiort of thic Afortgage that inte~at on the Funds shail be paid to Borrower, and unless such agreemrnt is made or applicabie law . ~ rtquires such intemt to be paid. Lender shall not be required to pay $orrower any interat or earnings on the Funds. Lender ~ shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose tor which each debit to the Funds was made. The Funds are pledged as additionat security for the sums securcd by this Mortgage. ~ If the amounc o[ the Fuods held br ~Lender, together wieh the tutute monchlr installmenu o( Funds payable prior to the due dates oE taxes, assesunenu, insunnce pnmiums and ground rents, shall exceed the amount required to pay said j caxes, assessments. insunnce preaiiums and ground nnts u they tall due, wch eucess shai! be. at Borrower's oP~ion. either ~ promptly repaid to Bonower or crrdited to Borrower on monthly installmenu of Funds. 1f the amounc of the Funds held by Lender shall not be su[ficient to pay taxa, assessments, insurance premiums and ground renu as they fall due, Borrowet ~ shall pay to Lender any amount necessary to make up the deEicienc~r within 30 da~rs from the dat~ notice is mailed by Lender ~ to Borrorrer requesting pa~nne~t thereof. i Upon payment in ful! of all sums secured by this Mortqage. Lendet shall promp[ly refund to Borrower any Funds held by L.ender. IE under paragnph 18 heteoE the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no latet than imatediately prior to the ulc o[ the Properey or its acquisition by I.ender, any Funds held by Lender at the time of apptiruion u a credit agaiast the sums serured by this Aiortgagr. 3. Application oE ParaneaU. Unless appiicable law provides ocherwise, all pa~menu receiyed by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by L.ender fint in payment ot amounts payable to Lender by Borrower under paragtaph 2 hereof, then to interest payable on the Note, then to the principal ot the Note, and then to interest and principal on anr Future Adv~nccs. 4. Charge~ Liens. Borrower shall pay all taxes, assessments and other charges. fines and impositions attributable to the Property which may attain a priority aver this Atortgage, and leasehold payments or ground rents, if any, in the man- ner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to ehe payee thercof. Borrower shall promptly turnish to Lender all notices oE amounu due under this paragraph, and in the event Bortower shaU make payment dirtctly, Borrower sha11 promptty [urnish to Lender receipu evidencinq such payments. Borrower shall promptly discharqe any lien which has priority o~~er this 1lortgaqe: provided, that Borrower shall not be re- quired to dixharge any such lien so long as Botrower shall agree in writing co the pa}~ent of the obligation secured by such , lien in a manner acceptable to I.ender. or shall in good [aith contest such lien by, or de[end entorcement of such lien in, le- ! gal proceedings which operate to pre~ent the en[orcement oi the lien or forfeiture of the Property or any part thereof. ; 5. Huard Ina~rana. Bonower shall keep the improvements now existing or hereaiter erated on the Property in- ' wred against loss by Eire, hazards induded within the term "extended co~•erage", and such other hazards as Lender may re- ; quire and in such amounts and [or such periods as I.ender may require: provided, that I.ender shall not require that the ; amount of such co~erage exceed that amount of toveraqe required to pay the sums secured by this ~toregage. i The insurance carrier providing the insurance shati be chosen by $otrower subject to approval by Ltnder; provided, that seech approvat shal! not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hercof or, if not Paid in suth manner, by Borrower makinK payment, when due, directly to the insuranct carritr. _ ~ All insurance policies and renewais thereot shall be in form acceptable to I.ender and shall include a sandard mart- ; gage dauu in fa~or of and in fotm acceptable to Lender. I.ender shall have the right to hold the policies and renewals } thereoE, and Borrower shall promptl~ furnish to Lender all rench,al notices and all receipts of paid prrmiums. In the event # of loss, Borrowet shall give prompt notice to the insurance camer and [.ender. I,ender may make proof of loss ii not madt ~ promptly by Borrower. ! Unless Lender and Borrower otherwist agree in Nriting, insunnce proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such reseoration or repair is economically [easible and ehe security o( th:s ~tortgage is no[ thtreby impaired. I[ such restoraeion or repair is not economicaily feasible or if the security of this ~fortgage would be im- paired, the insunnce proceeds shall be applied to the sums secured br this ~fortgage, with the excess, if an}. paid to Bor- roMer. If the Property is abandoned by Borrower, or iE BorroMer tails to respond to Lender within 30 da}'s trom the date notice is mailed by Lendet to Borrower that the insurante prtier offers to settle a claim for insurance benefits, I.ender is authorized to collect and app[y the insurance proceeds at Lender's option eicher to restoration or repair oE ehe Property or co the sums secared by chis Monqagr. Unless I,ender and Borrower othen.ise aqree in writing, any such application of proceeds to principal shall not extend £ or postpone the due date of the monthly installmenu reEerred te? in paraqraphs 1 and 2 hereof or change the amount of such installmenu. I( under paraqraph 18 hereof the Property is acquired by Lender, all riqt~t, title and interest of Borrower in aod to any iosurante policies and in and to tbe proceeds thereof resulting from damage to the Property~prior to the sale or ~ acyuisition shall pass to L.ender to the extent of the sums secured by this ~~ortgage immediately prior to such sale or acquisition. 6. Praervacion and Maintenance of Properq: Leaseholds; Condominiums; Planned Unit Developments. Borrowet sl~all keep che Propercy in good repair and shall not commit waste or permit impairment or deterioration of the Property and shal! comply with the provisions of anp lease i[ this ~fortgage is on a leasehold. If this ~tortqa~e is on a unit in a condominium or a planned unie de~~elopment, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing ehe condominium or planned unit development. the by-laws and regutations of the condo- minium or pianned unit deveiopment, and constituent documents. If a condominium or planned unit dtvelopment rider is executed by Borrower and recorded togeeher with this 111ortgage, the covenants and agreemenu ot.such rider shall be in- corporated inco and shall aznend and supplement the covenants and agreements of this ~tortgage as if the rider were a part hereof. 7. Protection of Lendet's Securitp. If Bortower fails to perform tht covenants and agteements contained in this Mortgage, or if anv action or proceeding is commenced which materiallr a(tects Lenders interest in the Propert}, induding, but not limited to. eminent domain, insoh~ency, code entorcement, or atrangements or proceedings in~~ol.•ing a bankrupt or decedent, then L.ender at Lender's option, upon notite w Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender's interes~, including, but not iimited co, disbursement ot reasonable att4rney's fees and entry upon the Property to make repairs. If Lender required mortgaqe insurance as a condition of making the loan sccvred by this ~tortqaqe, Borrowet shall pay the premiums required to maintain such insuranct in tE- (ect until such time as the requirement tor such insunnce terminates in accordance with Borrower's and L.ender's written ~ ~ ~ 6~R~ 282 ~29 ~ _