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Home My WebLink About0825 UN~FOaM CoveN~N~s. Borrower a~d Len~hr coven~nt and a~r~ a~ foUows: , 1. Paymeot of Princlpd sod latensl. Borrrwcr .hall promptly pay whcn duc thc princi~~.~l ot and interest on ~he ~adebtedness evidenceJ by the Not~, prepayment anJ late ch.ugr. ~ruvi~kd in the Note, and the principal of and interest on aay Futuro Advances secureJ by th~s Martgage. i 2. Fasd~ tor Tates aad I~raaee. Subject to appli.:~t lc lav? ~o a writ~cn w•river by l.ender, Borrower shall p:~y to l.ender o~ thc day monthly installmentc of principal anJ mu•r~.t .~rc p~yahk under the Notc, until the Notc is paid in full. a sum (herein "FunJs") equal to one-twcltth o( th~: VCa~~~ ta~~. and a.u~ssmcntc which may attain pno~i~y over ~i~ic Mo~tgage. and ground rents on the Property. if any, pluc onc-twrl(~h ot yearly premium i~stallments for hazard insur~nce, plus one-twelhh of ywrly prcmium installmcnts tor mortgagc insurance, it any, all as reasonably ~timatcd initially and trom ; time to time by l.enckr o~ the basu ot a.ses.mr~~ts aiid hi~ls .~nJ rc.uunablc estimates then.wf. . 7'ht Funds shall be held in an institwi~m ~hc deExnu~ ~~r :~ccuunts uf which are insured or guaranteed by a Frderal or state agency (including Lender if LenJer n~~Kh an institution 1. I.ender ~hall apply ~he Funds ta pay said ~a~es, as~.~ssmcnts. insurance premiums and grcwnd rents. 1 ender ma~ no~ rha~ge tar u~ holding anJ applying the Funda. analyzing said acc.~unt, or verifying and compiling said assessme~ts and hill~, unlcss Lender pays Borrower inte~est un the FunJs and applicable law permits Lender to make such a charge. &~rrov?~er and I.enJer may agree in writing at the time of e~?ecwiun ot Ihis Mortgage that interest on the FunJs shrll he paid to Borrower, and unless such ag~eement is madc or appli~able I;sw~ requires such interest to be paid. l.ender shall not tx: reyuired to pa)• B~~rrawer anp imcrest or earning, on thc f~und.. Lc~iJer ~ shall give to Borrower, without charge. an annual accounting of the Funds showing credits and debits to ~he FunJ~ and thc purpoae for which eaeh debit ~o the Funds wa. made. The Fund~ are pleiiged as additional secu~ity for ~he sun:~ .ccured by ihis Mortgag~. If the amount of the Funds held by lender, together with the futurc mun~hly installmcnts vf Funds payablc prior to the due dates of taxes. assessments, insurance premiums a~d ground rents, shall e~ceecl the amount required to pa~• .aid taxes, assessments, insurance premiums and ground reots as the~~ (all due, such excess shall be, at Borrower's option, ei~her promptly repaid to BorroNer or credited to Borrower on monthly installments of Funds. lf the amount af thc Funds held by Lender shall not be sufficient to pay tares, assessments, insurance premiums anJ ground rents as they fall due. Borrower shall pay to Lender any amount necessan~ to make up Ihe deficiency within 30 day~c from 1he date notice is mailed by l.ender to Borrower reyuesting paymcnt therrnf. Upon payment in full of all sums sccured by this Mortgage. I.ender shall promptly rcfund to Borriwvcr any Funds held by L,enckr. If under paragraph IR hereo[ ~he Property i. sold or ~hc Propertp is otherwise acquired by l.ender, Lender shall apply. no later than immediatcly prior to the sale of the Property or its acquisition fiy 1_ender, any Funds held by Leoder at the time of application as a credit against the sum~ secured by this Mortgage. 3. Application of Payments. Unless applicable law proviJes othervrise, all payments received by Lender under the Note and paragraphs I and 2 hereof shall bc applied by I.ender first in pa~•ment of amounts payable to Lender by Borrawer under paragraph 2 hereof, then to interest payable on the Note, thco to the principal of the Note; and then to interest and principal on any Futurc Advances. - 4. Char~es; Lieas. Bortower shall Pay all t:~xcs, assessmcnts and other charges, fines and impositions attributable to the Property which may a~tain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner pr~ovided under paragraph 2 hereo[ or, if not paid in such manner, by Borrower making payment, when due, ditectly to the payoe thereof. Borrower shall promptly furnish to Lender all notices of amounts duc under this paragraph, and in. the event - Borrower shall make payment directly. Borrower shall promptly turnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mongage: provided, that Borrower shall not be requireci to discharge any such lien so long as Borrower shall agrec in wrihng to the paymenl ot the obligation secured by ' suc6 lien in a manner acceptable to Lender, or shall in goud faith contest such lien by, or defend enforcement of such lien in, ~ (egal proceedings which operate to prevent the enforcement of thc lien or forfeiture of the Property or any part thereof_ 5. Hazud I~urance. Borrow~er.shall kcep the improvcments now existing or hereafter crected on the Property insured against loss by fire, hazards included within the term "extended coverage", and such other hazards ac l~nder may reyuire and in such amounts and for such periods as Lender may reyuire; provideci, that Lender shall not require that the amount o( such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. "Il~e insurance carrier providing the insurance shall be chcxen by Horrower subject to approval by l.ender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrow•er making payment, when due, directly to thc ; insurance carrier. • ~ All insurance policies and renewals thereof shall be in forni a~ceptable to LenJer and shall include a standard mortgage ° clause in favor of and in form acceptable to Lender_ Ixnder shall have the right to hold the policies and renewals thereof. ; ' and Borrower shall proroptly furnish to Lender all renew~al notices and all receipts of paid premiums. In the event of lo~s, s ; Borrower shall give prompt notice to the insurance carner and Lender. Lender may make proof of loss if not made prompth~ ' by Borrower. ~ Z ~ Unless Lender and Borrower othervv~u: agree in writing, i~surance proceeds shall be applied to restoration or repair of ~ the Propeny damaged, provided such rcstoration or repair is economically feasible and the security of this Mortgage ic not thereby impaired. If such restoration or repair is not cconomically feasible or if the security of this Mortgage ~~~~:~Id ~ be impaired, the insurance proceeds shall be applied to the sums secured by this Morigage, with the excess, if an~~, paid ~ to Borrower. If ihe Property is abanJonc~i by Borrower, or if Bormwer fails to r~spond to Lender within 30 days fron~ the ~ date notice is mailed by Lender to Borrower that the insurance carrier ofTers to setlle a claim for insurance benefils, Lcr.drr is authorized to collect and apply the insurance proceeds at I_ender's option either to restoration or repair of the Prnpen~: ~ or to the sums secured by this Mortgage. t Unless Lender and Borrower othenvise agree in writing, any such application of pror;eeds to principal shall nvt c.+~c~:d or pcutpone the due date of the monthly installments referrcd to in paragraphs 1 anJ 2 hereof or change the amount ol s such installments. It under paragraph 18 hereof the Property is acyuirecl hy Lender, all right, title and interest of Born,w~er ~ ~ in and to an}~ insurance policies and in and to the procceds theroof resuhing Irom damage to the Property prior to thc or acquisition shall pass to Lender to the extent of the sums secureci by th~s ;~iortgage immediately prior to such e::le or ~ acquisition. ~ 6. Preservatioa aad 1?laiatenance of Property; Ltasehulds; Condominiums; Planned Uoit Devebpments. Borrowrr ; shall keep thc Property in good repair and sha11 not com~pit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a Icaschold. !f this Mortgage is on a unit in a ~ x condominium or a planned unit-ckvelopment, Borrower shall perform all of Borrower's obligations under the declarati.~n or coveoants creating or governing the condominium or Qlanned imit development, the by-laws and tegulations of the F ~ condominium or planned unit development, and constituent Jocuments. If a condominium or planned unit ckvelopment ~ rider is ezecuted by Borrower and recorded together with this Mortgage, the covenants and agreements of such ririzr ~ shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the ri.ier ; were a part hereof. f ~ 7. Protection of Leode~'s Security. if Borrower fails to perform tbe covenants and agreemenu contained in this ` Mortgage, or if any action or proceeding is commenced which materially afiects I_ender's interest in the Property. ` ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ bankrupt or decedent, then Lender at l.ender's option, upon notice to Borrower, may make such appearances, disburse such ~ sums and take such action as is necessary to protect Lender s interest, including, but not limited ro, disbursement of ~ reasonabk attoruey's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a ~ condition of making the loan secured by this Morigage, Borrower shall pay the premiums requireci to maintain such ~ ~ insurance in effect until such time az the requirement for such insurance terminates in accordance with Borrower s and G k °0^r~Se~ PAGE ' ~ ~ . } ~