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Home My WebLink About0830 • . . UN~poat?~ CoveN~r?TS. Borrower a~d l.ende~~cuve~ant anJ agree as follaws: 1. P~ment of P~incipai apd Intersst. Borruvver shall prompily pAy w~hen due the principal o( and intc~est un the ~ indebtedness evide~ccd by thc Notc. prepayment anJ late charges as provickd in the Notc, aRd 1hc principal of and intercst , y on any Future Advaoces securecl by this Mongage. . ' 2. Funds for Taxec ~a~1 lusunace, Subject to applicabk law or to a written waiver by Lender. Sorrowe~ shall pay }v to L.ender on the day monthly in.atallmen~s of principal and interest arc payable unde~ the Note, until the Notc is paid in futl, k a sum (herri~ ''Funds") equal to one~twelfth af ihe yearty taxes and assessmeots which may attain priority over ~bis Mongage, and ground rents on the Pr~vperly, if any, plus ono-twrlfth of ycarly premium installmcnts for hazard insurance, j plus one-twelfth of yearly premium installments for mortgage insurance, if any. all as rcasonably estimateJ initially and [rom timc to time by Lender on the basis of asscssmcnts and Aills and rea~onable estimates thereo(. i i The Funds shall be hetd in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is sucb an institution). l.ender shall apply the Funds to pay said taxes, assessments, . :nsura~ce premiums and ground rents. Lender may not charge for so holding and applying the Fun~s, analyzing said account, or verifying and campili~g said assessments and bills. unless Lender pays Borrower interest on the Funds ~nd applicable law permits Lender to make such a charg~e. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Bo~rower, and u~less such agreement is made or applicable law requires such intercst to be paid. Cender shall not be required to pay Barrowe~ any interest or carnings un the Funds. t_ender shall give to Borrower, without charge, an annual accounting of the Funds showing crectits and debits to the Funds and•thc purpose for which each debit to the Funds was made. Ttie Funds are pleciged as additional security for the sums secured by this Mortgage. If the amount of the Funds held by Lendcr, together ~~ith the future monthly installments of Funds pay:+ble prior to the due dates of taxes, assessments, insurance pren~iums and ground ren~s, shall exceed the atnount reqaired to p~ay said taxes, assessments, insurance premiums and grouod renis as they fall due, such exctss shal) be, at BorroN~er s option, either promptl~ repaid to Borrower or credited to Borrower on monthly instaltmcnts of Funds. !f Ihe amount o( the Funds held by Lender shall not be suf6cient to pay taxes, assessments, insur:~nce prer.iiums and ground rents as they fall due. Borrower shalt pay to Lender an~• amuunt necessar}• to make up the defici~ncy within 30 da~~s trom the date notice is mailed by Lender to Borrower reyuesting pa~mrnt thereof. Upon payment in full of all sums secured by thic Mortgage, I,ender shall prompEly refund to Borrower any Funds held by I.enJer. If under paragraph 1R hercof the Propeny ic sold or the Properry is otherwise acquired by [.endcr, Lencier shali apply, no later than immediatcly~ prior to the sale of the Property or its acquisilion b} 1_ender, any Funds held by Lender at ~he timc of application as a credit against ~he sums secured by this Mortgage. - 3. Application of Payments. Unless applicable law proviJcs otherwise, all payments received bp Lender unJer the Note and parag~aphs I and 2 hrreof shall be applied by 1_ender first in pa~ment of amounts payable to i.ender b~• Borrower under paragraph 3 6ereof, then to ~nicrest payabtc on the Notc, thcn to the principal of the Notc, and thcn to interest and ~ prir:ci~~a! on any Future Advances. 4. C6ar~;es; Liens. Burrowcr shai! pay all taxes~ asse~cmcnts and othcr charges, fines and im~~citions attributable tQ the Pro~eriy which may attain a priority over this Mortgage, and leasehold paymcnts or ground rentc, if any, in the manner pcuvided und.~r paragraph 2 hereof or, if not paid in such manner, by Borrower making pa~~ment, when due, directly to the payec thereof. Borrower shaU prornptl~~ furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment dintiUy. Borrowrr shall promptly furnish to LenJer receipts e~~idencing such payments. Borrower shaU promptly Jisa:hargc any lien which has prionty over this Mor~gag~e;, ~foviJed, {I~t SqRr~w4r shall not be req~ired to discharge any sueh iien so long as Borrower shall agree in writing to the pa~•mer~t of .the. ~kl+gation secured by such lien in a manner acce~+tab}e ro Lender, or shall in g~x?d faith conte~t such lien by, or de~eriii Cnfore~ment of such lien in, iegsl procccdi~~g~ ~~hich operate to prcvent the enforcement ot the I~en or-lorfeiture of~the Properly or'atr~ p~e~'thereof. S. Hazard Insurance. Bo?rower shall k~tip the :mprovements noN existing or hercaftcr erected on thc Propcrty'tn3ured against l~~ss by firc, hazards inctuded within the term °cxtcnded coverag~:", .and such other hazards as I.e»der may ~~ire~ and in such amounts and for su~h peric~ds as Leeder may reyuim• providcJ. Ihat Lender shall not require that the amount of such c~~verage excecd that amount of co~erage rcquired to pa~~ thc sums securcd by this 111ortgage. Tfie insurance rarrie~ providi;ig the insurance shall tx: chosen by Borrower subject to approvat by i_ender; provided. that such approval tihall not be unreasonably withhetd. ~ Atl premiums on inserance policies shall be paiJ !n ~he manner prc~: ide~i und~ r paragraph 2 t~ereof or. if not paid in such manner, by Borrow~er making payment, when due, direcdy to the insurance carner. ~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall inctude a stan~lard mortgage clause ~n favor.of and in form acceptable t~ Lender. Lender shall havc the right to hold the policies and renewals the~eof. ~~J Borrvu~er shal! prompUy f~ernish to Lender all rencwal notices and all receipts of paid premium~. In the event of loss. Borrower shall gi~e prompt noticc to the insur•rnce carrier and Lender. Lender may~ make proof of loss if not made promptly bv Borrower. Unless Lender and Borrower otherr.~~s~; agree in writing, insurance proce~:ds shall be applied to restoration or repair of the Property dan~aged, providcti such restoration or repair is economicafly feasible and the security of th~s Mortgage is not thereb}~ impaircd_ lt such ~estoration or repair is not economically feasible or if the securily of this Mortgage would be impaired, the insurance pruceeds shall be applied to the sunu secured by this Mortgage, with ~the e~cess, if any, paid to 8orrower. (f the Propert~• is ab.,nJoned by Bcu:owcr, or i( BorroHCr lails to respond to Lender within 30 da~s from the J:~te nolice +s maileei by Lender to Borrower th3t ~he insurance carrier otlers to seule a claim for insurance benefits, Lender u authc•rized to collect anJ apply the insutance proeeeds a1 Lender's option either to restoration or repair of the Property or to the sums s~cureel by this ~tortgage. Uniess I:ender and Borrow~er othenrise agree in writing, ao} such applicatior, af procceds to prir.:ipa! shall nol extend _ or postpone the due date of the monthl~- in~tallments rcterred t~~ in paragraphti I anJ 2 hercof or change the amount of such instalfinents. If under paragraph 18 hereaf the Property is acquired b~ .l,ender, all right, title and interest ot Borrower in and to any insurance policies and in and to the proceeds thereof resutting from damage to the Propeciy prior to ihe sale or acqui~itiac? shall pass to Lender to the extent of the sums secum~l by thi~ ;~tortgage immediately prior to such sale or acquisitinn. _ . ~ 6. Presen~ation and lfaintenancc of Propcri~; Leaseholds; Condominiums; Planned Unit ikvelopments. Borrow~er shall keep the Property in good repair and shall not commit waste or permit impairment or ~terioration of the Property and shall comply wifh the provisions of any lease if this Mortgage is ~~n a leasehnld. lf this Atortgage is on a unit in a condominium or a planned unit eievelopment, Borruwer shall perfvrm all of Borrower's obt?gations u~der the declaration or covenants creating er governing tFx- condominium or planned unit de.elopment, the b~•-laws and _ regulations of the conJominium or planned unit develoament, and constituent documents. If a cunJominium or pianned unit clevelopment rider is exec~~ted by Borrower and recorded together with this Mnrtgage, Ihe covenants and agreemen[s oi such rider shall E~ incorporated into and shall amend and supplement the covenants and agreements of this Mortgage az if the rider were a part hereof. 7. Protectioe of Lende~s Scrurity. !F Borrower fails to perfurm the covenants and agreements contained in this Mortgage, or if any action or praceeding is commenced which materially aflects Lender's interest in the Property, including, but not limited to, eminent don:ain, insolvency, code entorcement, or arrangements or proceedings involving a bancrupt or decedent, then Lender at 1_eader's option, upon notioe ta Borrovrer, rnay make such appearances, disburse sucfi sums ancl take such action as is nec~ssary to p:otect Lender's interest, inciuding. but not iimited to, disbursement of reasonable attorney's tees and entry upun the Property to make repairs. If Lender required morigage insurance as a coadition of mal:ing the loan secured b~~ this Mortgage. BorroNCr shall pay the premium~ req~nred to maintain such insurance in eBect until such time as ~he _ requirement for such ms:~rance terminates in accordance with $orrower s and • ~ ~ ~ ~ .v = . _ ~.w1. - - , ~ s 1~~~