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Home My WebLink About0003 Urv~FOU~ CovtHwxn. Borrower a~d Lrnde~ covenant and agtee as [ollov~n: 1. PaYment oE Principal aud late~est. Borrower shall promptly pay when duc the principal of and interest on the i~debtedness evidented by the hote, prepayment ai?d late charges as provided in the Note, and the principal of aod inter- est on any Future Advanca saured by this Afortgage. 2. ~Lads Eor 'Tua aad lawnnce. Subjat to applinble law or to a wricten waive~ by Lender, Borrower shall pay to Lender on the day monthly instalimenu o[ principal and interest arc payable under the Note, ui~til the Note is paid in full, a sum (herein "Funds") equal to one-cwelith o[ the yearir taxes a~d assessments which may auain priority over thia Mo~tgage. and ground rtnts on the Property, i[ any, plus onatwel[th o[ yearly premium installments (or hazard insurance. . plus onatwelfth ot yearly premium iusultmeou tor mortgage insurance, if anr, all as reasonably estimated i~~itially and irom time to time by Lender on the basis o[ assessmcnts and bills and reasonablc ~stimates thereof. The Funds shall be held in an institution the depcuits or accounts of which an insured or guaranteed by a Federal or statc agency (includiog I.e~der i( Lender is such an institution). Lender shall apply the Funds to pay said taxa, assessmenu. insuranct premiums a~d ground rents. Lende~ may not chuge for so holding artd appl}hng the Funds, analyzing said aa count, or veriE~ri~g and compiling said assessments and bills, unless Lc~der pays Borrower interest on the Funds a~d ap~ plicable law permiu Lender to make such a charge. Borrower and Lrnder may agrec in writing at the time oE execution oE this Aiortgage that interat on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid. Lender shall not be requited to pay Bonower any interest or earninqs on the Funds. Lender shall qive to Borrower, without charge, an annual accounting ot the Funds showing credits and debiu to the Funds and the purpox tor which each debit to the Funcls was made. The Funds are pledged as additional secvrity tor the sums secured by this Mortgage. I[ the amount oE the Funds held by Lender, together with the future monthly installments o[ Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments. insurance premiums and ground renu as they fall due, such excess shali be, at Borrower's op[ion, either promptly repaid to Bonower or credited to Borrower on monthlp instaliments of Fundt If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessmenu, insurance premiums and qround rents as they tall due. Borrower shall pay to L.ender any amount ~necessary to make up the de[iciency within 30 days [rom the date notice is mailed br Lender to Borrower requesting payment thereof. Upon payment in [ull of all sums secured by chis Mortp,age, Lender shall pmmptly refund to BnrroNer any Funds held by I.ender. IE under paragraph 18 hereof the Property is sold or the Property is other~visc acquired by Lender, Lender shall apply, no later than immecliately prior to the sale oE the Property or its acquisition by L.ender, any Funds held by Lender at the time of application as a credit against the sums secured by this ?~iortgage. ~ 3. Applicatioa of Payments. Unless applicable law provides otherwise. all payments recei~ed by Lender under the tiote and paragraphs 1 and 2 hereof shall be applied by Lender (irst in payment of amounts payable to Lender ba Borrower under pangraph 2 hereof, then to interest payable on the 1`ote, then to ehe principal o( the Note, and then to interest and principal on any Future Advances_ 4. Chatge~ Liens. Borrower shall pay al! taxes, assessments and other charges, fines and impositions attributable to the Property which may aetain a priority over this ~fortgamt, and leasehold pa}~ments or grou~~d rents, if any. in che man- ner pmvided under paragraph 2 hereof or, iE not pa_d i~i such manner, by Borrower making payment. Nhen due, directly to the pa;ee thereoi. Borrower shall promptl}• [urnish to Lender all notices of amounts due under this paragraPh, and in the . erent Borrower shall make payment directly, Borrower shall promptly (urnish to I.ender receipu e~•idencinR such paytnents. Borrower shall promptly discharge any lien which has priority o~•er this ~tortgage; pro~~ided, ehat Borrower shall not be re- quired to discharge any such lien so long as BorroNer shall agree in writinq to the pa}-ment o[ the obligatiou secured by such lien in a manner acceptable to Lender, or shall in g~d (aith contest such lien by, ar dtfend enforcement o[ such lien in, le- qal proceedinRs which operate to pre~•ent the enforcement of the lien or forfeiture o[ the Propertr or any part thereoE. 5. Hazard Insurance. BorroMer shall keep ehe improvements now existing or herea[ter erected on the Property in- sured against loss by Eire, ttazards induded within the term "extended co~~erage", and such other hazards as Lender may te- quire and in such amounts and Eor such periods as Ixnder ma~ require; provided, that Lender shall oot require that the amount of such coverage exceed that amowit o[ co~•erage required to pay the sums secured by this ~tortgaRe. The insurance carrier pro~~iding the insurance shall be chosen by Borrower subject to appro~~al b}• Lender: provided, that such approa~al shall not be unreasonabl}' Mithheld. All premiuras on insurance policies shall be paid in the manner i pro~•ided under para~;raph 2 hereof or. i[ not paid in such manner, by Borrower makinR pa}ment, when due, directly to i che insurance carrier. E All insurance policies and reneNals thereoi shall be in torm acceptable to Lender and shall indude a standard inort- gaqe dause in [a~or of and in form acceptable. to Lender. Lender shal) ha~~e the right to hold the policies and renerrals ` thereof, and Borrower shall promptly turnish to Lender aIl renewal notices and a11 receipts of paid premiams. In the e~•ent ~ of loss. Botrower shall giee prompt notice to the insurance carrier and Lender. Lender may make proof ot loss iE not madt prompdy by Borrower. Unless Lender and Bortower otherrcise aRree in writing, insurance procteds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically [easible and the security ot this ~tortgage is not thereby impaired. I( such restoration or repair is not ~economically [easible or if the securit~ of this ~fortqaqe would be im- paired, the insurance proceeds shall be applied to the sums secured b}• this ~tortqage, with the excess, it an}', paid to Bor- roNer. I[ the Property is abandoned by Borrower, or iE Botrower fails to respond to Lender Nithin 30 da}'s from the date notice is mailed by Lender to Borrower that the insurance tanier ofters to settle a claim for inwrance benetits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair ot the Property or to the sums secured by this MortgaRe. , _ Unless Lender aud Borrower othen. ise ar{ree in writing, any such application of prrxeeds to principal shall not extend or postpone the due date of the monthly installments re[erred to in paraRraphs I and 2 hereof or change the amount of such installments. If under para~{raph 18 hereot the Property is acquired by Lender, all riRht, title and interest of Botrower in ~ and to any insurance policies and in and to the pr~xeeds thereof resultinR from damage to the Propert~• prior to the sale or ~ acyuisition shall pass to Lender to the extent of the sums secured by this ~fortRaRe immediatel}' prior to such sale or ~ acquisition. ~ 6. Yreser~ation and Maintenance of Propertr; Leaxholds; Condominiums; Planned Unit De~dopments. Borrower ~ sl~all keep the Property in good repair and shall not cotnmit ~+aste or permit impairmcnt or deterioration of the Property and shall comply wich the provisions of an~ lease if this ~iortRaRe is on a leasehold.~ I( this ~tortRage is on a unit in a condominium or a planned unit de.•elopment. Borrower shall perform a1) of Borrower's obliqations under the dedaration ~ or covenants creatiny or go~~erning the condominium or planned unit development, the by-laws and regulations of the condo- ~ minium or planned unit development, and constiwent documents. If a condominium or Planned unit dea•elopment rider is ~ executed by Borrower and recorded together with ehis ;lfongaqe, the cw•enants and agreements of such rider shall be in- ~ corporated into and shall amend and supplement the covenants and agreements o( this ~tortgage as i( the rider were a pan hereof. ~ ~ 7. Protection oE Lender's Security. If Botrower f~ils to per(orm the covenants and aqreements contained in this Mortgage, or if any action or proceedinR is commenced which materially af(ects Lender's interest in ehe Property, induding, ~ but not limited to, eminent domain, insolvency, code en(orcement, or arrangements or prcxeedinqs in~~olcinq a bankrupt or decedent, then I.ender at Lender's option, upon notice to Aorrower, may make such appearances. disburse such sums ~ and take such action as is necessary to protect I.ender's interest, induding, but not limited to, disbursement oi reasonable attorney's fees and entry upon the Properey to make repairs. If Lender required morti{age insurance as a condition of ~ making the loan secured by this ~tortgaqe, Bonower shall pav the premiums required to maintain such insurance in e[- ~ fece until such time as the requirement for such inwrance terminates in accordance with Borrower's and Lender's written ~ g~RK 284 P~~E 3 ; ~ ~ r : ~ Y ~f~~-~.~~=s~-- s ~