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Home My WebLink About0424 . (INIFOi![ Cov=x~xis. Borrorrer and Lender cove~a~c a~d agree u tollowi: l. Payment ot triacipal sad IAtere~t. Borrower shall promptly par when due the principal ot and interat on the indebtednas evidenced b~ the i~lote, prepayanent and late charges u providcd in the Note, and the principal of and inter- est on an~ fl~cure Advanca ~ecured by this l~torcgage. Y. fl~nds Eor Taxa and lnsuraace. Subjett to appliuble law or to a written waiver by Lencier. Borrowe~ shall pay ' to l.ender on tl~e day monthl~r instapmeots o[ principal and interest are payable under ehe Note, uotil the Note is paid in (ull, a sum (6erein "Funds") eqwl to one-trrel[th o[ the ~reuly uxa and assessments which may attain priority over this Mortgage, and ~round renu an the Property. it a~y. plus one~twel[th oE yearly premium insall~uents for hazard insurance. plus one-t~vdlth oE ~~tarlr premium inuallmenu tor mortgage insunnce, i( any. all as reasonably ~stimated initially and irom ~ime to time by Leader on the basis of a:xssments and bills and nasonable estima[es thcnoE. The Funds shall be held in an institution the deposits or accounu oE which are insurcd or guaranteed by a Fedenl or state age~cy (including I.end~r iE Lenda is wch an institution): Lender shall apply the Funds to pay said taxes, assessme~u, inwnnce premiutns and ground renti Lender may not chuge tor so holding a~d applying the Funds, analyzing said ac- count, or vcritying and compiling said asxssments and bilis. unless Lcnder pays Borrower interest on the Funds and ap~ plicable la~r prrmits Lender to make wch a charge. Botrower and Lcnder may agrce in writing at the time oE execution o[ this Aiongage that interest on the Funds shaU be paid to Botrorver, and unless such agr~ement is made or applicable la~r requires such interrst to be paid, l.ender shall no[ be requircd to pay Borrower a~y interest or tarnings on the Funds. I.eoder shall give to Borrorrer, ~rithout charge. an annual acrounting o[ the Funds showing crediu and debiu to the Funds and the purpose for whith each debit to tht Funds wru made. The Funds are plcdged u additionat securit~ for the sums secured bY this Monsa6e. If the amount of the Funds held bY Lend~r, together with the future monthly installmenu o[ Funds payable prior to the due dates of tuts, assessments, insurance premiutns a~d ground rents, shall exceed the amount required to pay said taxes, assesunenu, insurance praniums and ground rents as they (all due, such excess shall be, at Borrower's option. either pmmptir repaid to Borro~rer or ueditcd to Borro~+rer on tnonthly installments oE Funds. It the amount of the Funds held by L.et~der shall not b~ sutiicient to pa~+ caxes. assesvnents, insunnce premiums and ground renu as they fall due, Borrower shall pay to Lendcr any amount necessary to make up the deticiency within 30 days from the date notice is mailed by Lender to $orroMer reqnestin8 WY~nt thereof. . ' Upon pa~nt in full of all wms secured by this Mortgage, Lendet shall promptly n[und to Borrower any Funds held by Lender. IE under paragnph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, I.ender shall apply, no later than immediately prior to the sale of the Property or iu acquisition by I.ender, any Funds held by Lender at the time of appliution u a credic against the sum: secured by this Afortgage. 8, Applicatiou of Pa~ments Unless applicable law provides otherwise, all payments recei~ed by Lender under the . Note and pangtaphs I and Y hereot shall br ~pplied by l.ender [int in pa}~rnent o( amounu payable to Lender br Borrower under pangraph Y hereof, c6en to interest pa}•able_ on tht Note, then to the principal o[ the No[e, and then co interest and principal on any Future Adva~ca. ~ (~ai~ Litos, Borrorrer shall par all taxes, assessments and other charges, fines and impositions attributable to the Property w+hich may atuin a prioritJr oeer this \tortgage, and leasehold payments or ground rents; i[ any, in the man- ner pn>vided under puagraph Y htreof or, iE not paid in wth maoner, by Borro~+er making paymen[, when due, directly to [he payee [hereof. Borro~rer shaD promptlY (urnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shaU make payment directly. Barrower shall promptly turnish to I.ender receipu evidencing such payments. Borrovrer shall promptly dischary~t any lien which has priority o~~er this ~fortqage: pro~•ided, that Borrower shall not be re- quired to discharge any wch lien so long as BonoMer shall agree in writing to the payment ot the obligation secured by such Iien in a manner accepqble to Lender, or shall in gaod taith contest such lien by, or de[end entorcement o[ such lien in, le- Ral proceedings wrhich operate to pre~rnt ch~ enforcement of the lien ar Eorfeiture of the Propetty or any pan thereoE. 5. Hu:rd lnwnnoe. Borrower shall keep the imptovements now e~cisting or hereafter erected on the Property in- suted against loss by firt, hanrds induded ~rithin tht term "extended co~erage". and such othet hazards as Lender may re- 'i quire and in such amounu and for wrh periods as I.cnder may require: provided, thac L.ender shall not require that the ~ amount oE such coverage excetd that amount of m~tnge requited to pay the sums securecl by this 1lortgaRe. ~ 7'he insunnce canier providing the insunace shal! be chosen by Bonower subject to appro~•al by Lender: provided, ~ thae wch approval shall not be unreasonabl} withhetd. All premiums on insurance policies shall be paid in the manner € Provided under paragnph Y hereot or, iE not paid in such manner, by Borrower making payment, when due, directly to g che insunnce arrier. ~ All insunnce policies and renewals thereo( shall be in iorm acceptable to Lender and shall include a standard mort- gage clause in [a~~or ot and in Eorm accepable eo l.ender. Lender shall ha~e the right to hold the policies and renewals r thereo(, and BorrowTtr shall prompdy furnish to I.ender all renewal notices and all receip[s o[ paid premiums_ In the event ~ oi loss. Borro~rer shall gi~-e prompt noeice to ehe insunnce carrier and Lender. Lender may make proof ot loss iE not made ~ prompdy by Borrow~er_ Unlas Lender and Borrower otherwrise aRrte in ~?-riting, insurance proceeds shall be applied to restoration or repair of the Property.damagtd, pro~•ided such restoration or rtpair is economicall} teasible and the security o! this ~tortgaqe is not thereby impaired. I[ wch restontion or repair is not economiully (easible or if the securit} of this ~tortgaqe would be im- paired, the inwnnce praeeds shall be applitd to the sumx secured by this ltortgage. with the excess, i[ any, paid to Bor- rorrer. If the Propertp is abandoned br Borrower, or if Borrower fails to respond to Lender within 30 da?s irom the date notice is maiied bp Lender to Bomo~rer th2t ehe insunnoe tarrier otters to settle a claim for insurance benefits, Lender is authorized w coliect and apply ehe inwnnce praeeds at I.ender's option either to reseoration or repair ot the Property or to the sums secured by this ~tortgage. Unless Lender and Borro~ret otherxise aqree in writing, anr such application of proceeds to principal shall not extend or postpone the due date oE the monthl~ instaliments re[erred a. in paragraphs 1 and 2 hereof or change the amount of such inctallments. I( under paragnph 18 hereof the Propeny is acquired by Lender, all riqht, title and ineerest of Borrower in and to an} insunnce policies and in and to the pmceeds theteo[ resulting from damage to the Propert} prior to the sale or acquisition shall pass to Lender to the extent of tht suirs secured by this ~tortRage immediately prior to such sale or acquisition. ?a 6, presersation and 1Naintenance o[ Properq; I.eaxholds; Condominium~ Planned Unit Devdopments. Borrower ~ sl~all ktep the Propertp in good rcpair and shall not commit waste or permit impairment or deteriontion of the Property ~ and shall comply ~rith the pro~isions ot any Icase if this ~fortgage is on a leasehold. If this ~tort~aqe is on a unit in a ~ condominium or a planned unit derebpment, Borrower sh~il perform all o[ Borrower's obligations under the dedaration ~ or co~•enants creuing or go~erning tht condominium or planned unit development, the by-laws and requlations o[ the condo- minium or planned unit dta-ebpment, and constituent documents. I( a condominium or planned unit development rider is e~ctcuted by BorroMer and recorded together with this ~lortgage, the covenants and agreements ot such rider shall be in- corponted into and shall amead and supplement the co~enanes and agreements ot this ~tortgaqe as if the rider were a part ~ hereof. 7. Protection af Lender's Setvriry. If Borrower fails to perform the covenants and agreements contained in this . Mortgage. or iE any action or proceeding is commenced which maeerially affeces Lenders interest in the Propert}. induding. but not limited to, eminent domain, insol~•ency, code en[orcement, or arrangements or proceedings invol~•inq a bankrupt - or decedent, then Lender at i.ender s option, upon notice to Borrower, may make such appearances, disburse such sums . and take such action as is necrssary to protect Lender's interext, includinq, but not limited to, disbursement oi reasonablt s. attorney's (ers and entry upon the Propenp co make repain. If I.ender required mortgage insurance as ~ condition of ? ~ making the Iwn securcd by this ~tortq~ge. Borrowet shall pav the premiums required to maintaiq such insurance in eE- ~ ~ lect until such time u tht requirrment (or such insuranct terminates in accorcfance vvith Borrowtr s and Lender's written S~ ~ ~ ~