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Home My WebLink About0698 ~ , - . . UrnFORa~ CovENaN~rs. Borrower and l.cnJrr c~~venant and a~;r~c a. foUuws: 1. Paymeaf of Priacipd aud lnte~est. BarrrH~r ~hall pr~~mpU~ ~/J~' NFII'll due thc prinri~~.~i .~f and interest on Ihr iadebtedness evidenced by the Note, prepaymen~ and late ch:ugr, ~ruvided ~n thr [vote, and Ih~ principal of and interesl on any Fuwro Advances secured by this Mortgage. 2. fi~nds tor Tues and l~ura~ece. Subject to appli~ahlc laa ~+r i~~ a wriucn w~aivc~ b~~ I_ender, Borrow•er shull p:+~• to [.endcr an the day monthly inslallmen~s of princip:~l :,nd in~~•rc.i .~r~ rayablc undrr the Note, until the Note ia paiJ in full. a sum (horein "FunJs"? equal to one-Iw~lfth of thc yrarl~ r.?~r. ~n.l ascessmcnts Which may attain pri~~rity over th„ Mortgage, and ground rents on ihc Propcrty, if any..plus one-twrl(Ih ot ~•carly premium installments for hazard insur:,nc~, plus one-twelfth of yearly premium installmcn~s far mortgagc in.urancc, i( any, all as rcasonably estimated inilially and from time to time by l.ender on the basis of a.ses~mrnts .~na hill. ;,nd r~.?sonabl~ estimates therrof. The Funds shall be held in an ini~ituh~~n ~hr de~sii, or nccuunts uf whirh are insureJ or guaranteed hr a FrJeral or state agency (including Lender if LenJrr u such an inst~tution 1. I.ender ~hall apply the Funds to pa~• ~aid taae~, assrscmrnta, insurance premiums and ground rents. l ender may n~t charge lo~ ~o h~lding and applying the F+md~: anal~~~ing ~aid arcount. or verifying and compiling said assessmenls and hill~, unle.s I.ender pays Borrower interest on the Funds and :?pplicahle law permits Lender to make such a charge. BurroW~er and Lender may agree in wri~ing at thc tinie e~f ex~cutiun i~f this Mortgage that interest on the Funds sh•rll tx: paid to Borrower, and unless such agrcemcnt ic maJc ~~r apphrahlc law• requires such interest to be paid, l.enJer shall not he reywrcd to pa)~ A~~rrower any intcrest ar earning~ c~n thc Fund.. I.cnder shall give to Borrower, w•ithout charge, ~n am~u•rl accuunt~ng of the Funds ~how•ing credils and debits to the Fund~ ~nd thr purpose [or which each debit to the Funds w:u madc. The Fund~ ;~rc pledgcd as additional serurity (or ~hc sun?~ .ecurcJ by this Mortgage. • If the amount of the Funds held by Len~lcr, together with ~he.tuwre monthly imtallmcnts of Fund. payablc prior to the due dates of taxes, assessments, insurance premiums anJ ground rrnts, shall e~cced thc amount reyuired to pa}~ tiaiJ taxes, assessments, insurance premiums and gmund rents as they (all du~, such exre~s shall be, at Borrower's op~i~~n. cithcr promptly repaid to $orrower or credited to Borrower on monthly installments of Funds. lf the amount ot ~hc F-unds held by Lender shall not be suf6cient to pay taxes, assessments, insurance premiums and ground rents as they iall due. Borrower shall pay to Lender any amount necessar~• to make up the deficiency within ~0 dat•s from the date nMice is mailed by Lender to Borrower requesting payment thereof. Upon payment in [ull of a11 sums sec:ured by this Mortgage, Lender shall promptly refund to B~~rrower any Funds held by I.ender. If under paragraph 1S herco[ the Property i. sold or thc Propert~~ is othenvi~c acquired by I.rndcr, l.cnJcr shall apply. no later than immediatcly pnor to the sale of the Prop~:rty or its acquisition by l.cndcr, any Funds held by Lender at the time o( application as a cn:dit agamst the sums secured by this Mortgage. 3. Applieation of Payments. Unless applicable law provides otherwice, all payments received by l.ender under the Note and paragraphs I and 2 hereof shall be applicd by Lender first in payment of amounts payable to Lcnder hy Barrowcr under paragraph 2 hereof, then to intcrest payable on the No~c, then to thc principal of the Notc, and then tc~ interest and principal on any Future Advances. 4. Cl~rges; Lkns. Borrower shall pay all taxt~s, ~stessmcnts and othcr ch.~rgcs. finea and im~wsitions attributahle ta the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if an~, in the manner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower m~king payment, when due,. directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under thic paragraph, and in the event Borrower shall make payment directh•, Borrower shall promptly furnish to L.ender receipts evidencing such payments. Borrower shali promptly discharge any lien which has prioriry over this Mortgage: provided, that Borrower shall not be required to discharge any such lien ~o long as Borrow~er shall agrec in wriung 1~ the payment of the obligation secured by sucD lien in a manner aCCep[able to Lender, or shall ~n good ta~lh coMetit such Uen by, or Uefend enforcement ot such lien in, legal proceedings which operate to prevent the enfurcement of ~he lien or torfeiture of the Property or any patt thereof. 5. Ha~ard Insurance. Borrower shall kcep the improvementx naw existing or hereafter erected on the Properry insured against loss by fire, hazards included within the term "extended coverage". and such other hazards as I.ender may reyuire ~ and in such amounts and for such periods as Lender may reyuirc: pmvided, that Lender shall not reyuire lhat ~he amount of ~ such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. ' The insurance carrier providing the insurance shall be chosen by Borrow•er sobject to approval by Lender; provided, that such approval shall not be unreasonably withheld. All premium~ on insurance policies shall be paid in the manner { provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. All insurancc policie, and renewals thereot shall tx: in forn~ acccptable fo LenJer ~nd shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lcnder shall have the right to hold the policies and renewals thereof. and Borrower shall promptl~• furnish to Lender all rencwal notices and all receipts of paid premiums. In the event of lcxs. Borrower shall give prompt noticc to the insur~nce carrier and l.ender. Lender may make proof of loss if not made prompth• ~ by Borrower. Unless l.ender and Borrower ntherK~iu: agree in K•riting, insurance proceeds shall be applied to restoration or repair c~f :he Property damaged, provided such rcstoration or repair is economicall}~ feasible and the security of this Mortgage it not thereb}' impaired. I( s~rh restoration or repxir is nut economica~l~• feasiblc or if the security of this hlorigage w•~~utd be impaired. the insurance proceeds shall be applied to the sums secured by~ this Mortgage, ~~ith the excess, if an~•, paid ~ ro Borruwer. If the Propert~ is aba~doned h} BorroNer, or if Bormwer faik to respcmd to Lender within 3U days from thc date notice is mailed b}' Lender to Borrower that the insurance carrier olTers ~o se~Ue a claim for insurance benefits, Lcr.~~: is authori7xd to collect and apply the in~urance proceeJs at I.ender's opti~~n either to restoratiop or repair of the Prnpert~ or to thc sumssccured by this Mortgage. ~ Unless I_ender and Borrow~er othecHisi: ~gree in writing. any such application ~~f prcxeeds to principal shall not e~irnd ~ or postpone the due date of the monthly installments referred t~ in paragraph~ I anJ 2 hereof or change the amount o( ~ such installments. If under patagraph 18 hereof the Property is acyu~re~l b~ l.enJer, all right, title and interest of Borr~~v?er ~ in and to any insurance policies and in and to the proceecis thereo( r~~sulting fmm damage to the Propert}• prior to th~ sak or acquisition shatl pass to Lender to the extent of the sums secured by thi~ Mortgage immediately prior to such ~ale or ~ acquisition. ~ 6. Preser~ation wd ~taintenance of Propert}•; Leasehulds; Condominiums; Planned Unit Developments. Horrowrr ~ shall keep thc Properry in good repair and shall not comrpit waste or permit impairment or deterioration of the Propcrty = and shall comply with thc provisions of any lease i( this Mor~gage is ~~n a Icaschald. If this Mortgage is on a unit in a condominium or a planned unrt development, Borrower ~haU ~rform all of Borrower's obligations under the declaratirn - or covenants creatiog or governing the condominium or planned unit devele~pment, the by-laws and regulationz of the s condominium ar planned unit development, and constituent d~umen~.. !f a condominium or planned unit development ~ nder ~s executed by Borrov?•er and recorded together with this Mortgage, thc covenants and agreements of such ricl~r shall be incorporated into and shaU amend and supplement the cu~•enants and agrcements of this Mortgage as if the ri.fer ~ were a part hereof. ' 7. Protection of Leoder's Securify. If Borrower fails to pcrform the covenants and agreements contained in this , 3 = Mortgage, or if any action or proceeding ~s commenced w•hich materially aEiects Lender's interest in the Property, including, but not limited to, eminent domain, insoh•ency, code enforcement, ur arrangements or proceedings involving a y;; bankrupt or decedent, then [.ender at I.ender's option, upon notice to Borrower, may make such appearances, disburse such ~a sums and take such action as is necessary to protect I~nder's interest, including, but not limited to, disbursement of ~ reasonable attomey's fees and entry upon thc Property to makc rcpairs. lf I.cnder rcyuircd morigage insurance as a condilion of making the loan secured by this Mortgage. B~rrowcr shall pay the premiums required to maintain such ~ inlurance in efiect until such time as the requirement for tiuch insurance terminates in :~ccordance v?•ith Borrowers and ~ z ~ - E~~~2~6 ?~,f 696 ~ ~ - - _ -