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Home My WebLink About0229 . . UHiFORt~t CovFN~Nrs. Borrower anJ l.ender cuvenant and agrre as foliaws: l. Paymrnl of Pdacipal aad lateresl. Horcvwer shali promptly pay when due ~hc princip:~l of and intcrest un the indebtedness evidenceJ by the Note. prepaym~nl anJ late charbcs a.c provided in the Note, and Ihe principal o[ and interest on any Future Advances secured by this Mortgage. 2. Fbads tor Tua and tasuraace. Subject to ~pplicable law or to a wrilten waiver by Lendcr. Borrower shall pay to l.ender on the d~y monthly installments of principai and intcr~st arc payablc under thc Note, until the Notc is paid in fuli, i a sUm (h~rein "Fuods") ual to one-tw•elf~h ot the earl taxes and assessments which ma auain j eQ y y y pria~iry ovcr this Mortgsge, und ground rent: on the Pooperty, if any, plus one-twelfth uf y~eariy premium installments for hazard insurance, < ptus one-tweift~ of yearly premium installments for mungage insuraRCe, if a~y, ap as rcasonably estimated initially and from ` time to timc by Lcndcr o~ thc basis of asscssments and bills and reasonable estimates thereof. - ~ The Funds shall be held in a~ institu~ion thc dep~nits o~ accaunts of which are insured ar guarunte~,-.1 b~ a f~ederal or f state agzncy (iocluding Lender if l.enJer is such an institution). t_ender sh~ll apply the Funds to pay said taxes, assessments. insurance premiums and ground renls. I_endcr may not charge for ~o holding and applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, unless l.ender pays Borrower interest ~~n the Funds anJ applicahle law ± permits Lendet to make such a charge. Borrower and tAnJer may agree in w~iting at the time of c±cecutian of this , Mortg:~ge that interesi on the fiunds shall he paid to ~rrower, and unless such agreement is maJe or applicable law requires such intertsl to be paid, Lender shall not be reyuireci to pay Barrower any interesl or ~arnings on the Funds. l.ender shall give to Borrower, withaut chargc, an annual acc~wnting of the FunJs showing creclits and debits ta the Funds and the purpose tor which each debit lu ~he Fund3 was muJe. The ~Funds are ptedged as additianal security for the sunts secu~ed by this Martgag~e. If the amount of the Funds hcld by L.enJer, together w•ith the future monthly inst:~llments of Funds payablc prior to the due dates of taxes, assessments. insurance premiums anJ ground rents, shall exceed the amount required to pay said taxa. assessmenls, insura~ce premiums and ground rents as Ih~:y faii duc, such excess shall be, at Borrow~er s option, either promptty repaid to Horrow•er or credited to Horrt~wer on monlhly installments of ~unds. lf the amount oi the Funds hetd 'oy Leuder shall not be sufficient to pay taxes, asscssments, insurancc preraiumc and grotind rents as thcy fall due. Borrower shall pap to Lender any amuunt necessary to make up the deficiency with~n 30 da~~s from thr date notice is mailed by Lendcr- to Borrower rcqucsting payment ~thercof. Upon paymeat en full of a!! sums sc:curecl by thic Mor~gaKe. Lcnder shall prompUy refund to BorroH•er any Funds' held by l_ender. If under paragraph l~, hereof the Prop~:ny is ~~W ur thc Propcrty is otherwicc acquirccl by I.cnticr, I.ender shali apply, no later than immediatcly priar to the sale o( the Property or its acyuisuion bp t.ender, any Funds helJ by Lender at ~he time ~~f application as a credit aga+nst ~he sums secured by this l~lortgagr. ' 3. Application of Payt~ents. Unle~s applirablc !aw provides othcrwise, al) payments reccivcd b~~ Lcndec under the tiote and paragraph~ 1 and 2 hereof shcdl be appl~ed by I.endcr first in payment of amounts payable to Lcnder hy Borro~•er under paragraph 2 hereof. then to ~me~est payable an the ;Vote, lhen t~~ thr principal uf !he Nrnc, and thcn to interest anJ prirtcipal on any~ Futurc Advanc~~. ' 4. Char~es; Litns. Burroacr shaN p:ey al! taxr~, a+srssmrnts and uthcr rhargcs. fines and imEx~sitions at~ributahle to etiP P~~._?PH. which r~~~ ~~~~in a pr~ority over this 1lfortkaKC, and leau:hold payr.~ents or ground r~nts, if an~•, in the manner provided under par.,graph 2 hereof or. if n~~t paid in such manner, by.Borrower making payment, H•f~cn auc, ~~reciiy f0 fliC payee thcreof. Borrower shall prompti}• furnish to Lender aU notices of amounts Jue under thi~ paragraph. :~nd in the event Borruw•er shatt make payment d~~ect!?•, Borrower shall promp~ly li~rnitih to Lcnder rereipts e~•id~n~ing such payments. Borrower shall pro~np~ly discharge any lien w:hich has priority o~er this Mortgage; provideJ. th~t Borrpwer, shall not be required to dixharge an} wch lien so long as Borrower shall agree in v?riting to thc pa~mcnt:~f the ~t?ligatic~n scrured by ~ tiuch lien in a manner acrrptabte t:, Lender, or shait in go~x! f:~ith contect such IiCn hy, or defe~rid"enforcement of such lien in, 1ega1 proceedeng, u•hirii cip,.rate to ~re~~ent ~he enf:~rcement oi the I~~n qr torfeitace of tl?e= Properl~ or am• •part thereof. 5. Hazard Insurance. Borrow•er ~hall keep the impm~rm~nts noH• c~ist'i~g or hereafter er¢cted on the Property insured against Ic~si hy firc. hazards included within 1hC term "r~trnded ro~rrage", ~nJ, su.:h oiher hatards as I.end~r.mly reyuire ~n~l m~uch am.~unts and for su~n periuds a~ Lender may r~yuirc; providcd~ that 1_enJ~r shall not reyuire that the am~~unt of ~ wch co~'~rac:r exce~d ihat amciurit ~?f cover:ege requirrd to pap thc cumti .ecurcd h~• th~s ~iortgage. The insurance carrier.praviuing the insuranre tihall be ch~~,en by Borrawer subject ta approval hy Lender, prc~vided, that such appm~at .nall net be ~mreasonahly v~•ithheld. All premium~ or. insurance policies shall Fx paiJ in the manner ~ro~~ided unde~ paragrap6 2 hereo: or, if not paid in such :nai?ix:r. by &~rrow~er making payment, when due, direcNy to the rnsurance carrier. All insurance policies anJ rencwa{s thereot shall tx, ~n form acceptablc to Len~er and shali ~neludc a ctanJard mortgage clause in fa~•ar of and in furm acccptable tu 1_ender. Lcnder ,ha~l have the rigF~t to 6old ti~e poli~ica anJ reneK•ats thereof. and Borr~w~er .halt pr~m, tIy fusnish to I_ender ail reneual notices and a!) receipts of paid ~remiumti. In the event of lo~s, Borrower sha!! gi?~e prumpt notice ~o ~he ifuuranrr carrier and Lender. LenJer ma}• make prcx>f ot loss if not made promptlp . Borrower. Unless i.ender and BorruH•~r oth~rvvise agree in w~riting, insurance prcxecd~ shall be appiied to res[oration or repair of the Property damaged, proviJed such restoration or repair is econ~m~ca!!y feasible and the security of this Mortgage is . i2ot ther~by impaired. If st;ch re~toracion or repair is nut econ~~mi..~tl}' fca~ible or if the security of this Mortg:+ge would be impaired, the insur•ance procer.is ;hafl be spplied to the sums secured by this Mortgage. with the excess, if any, paid to Bormwer. If the Propert}' is :.ir.u~~oned by [3~rmwcr. or if Borrower faifs to respond to Lcn~ler within 30 days from the= ~ic,te notice is m.tiled by~ 1_ender to 8urrower that the insurance carne-~ otiers !o settle a claim for inwrance benefits, t.ender i~ authorized to collect anJ apply the insurance proceeds at Lcnder's ophnn either to res.or.Uion or repair of the Property ur to the sums srcured by this Aiortgage. " l~niess (_ender and Borrower othcnvise agree in v?•rit~ng, am such application of proceeds to principa! sha)1 not extend - ~~r pustpone the due date of tnc n~onth~~• instaUments refcrred to in paragrapht t anJ 2 hcreu~ or change the amount of such installnzents. If under paragraph 18 hereof the Propert~~ is scyuireii h}- Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereot resuhing from damage to the Property prior to the sale or acqu+sition ahall past to Lenler to thc extent of 'the sun~s ~c.:ured h~ this ~lortg~ge- emmcdiately prior to such sale or acquisition. . , 6. Presen~alion and ~faintcnance of Property~; Leasehulds; Condominiums; Planned Lnit De~•elopments. Aorrow•cr shall keep thc Property in goc~d_repair and shall not commit w~aste <~r permit impairment or deterioration of the Properry and shall rnmply with the provi~ions of any lease if this Atortgage is rn a Icasehold. tf thiti Atortgage is on a unit in a conJotninium vr a pianned unrt development, Borrower sha!! perf~rm rll 01 Borrow~er's obligations undet ~he declaration or covenants creating or governing ttee condominium or planned unit development, the b~~-laws and regulations of the condomio~um or planneJ unit development, and cunstituent documents. If a condominium o~ p(anned unit development nJer is ~xecuted by~ Barrower and rcco~ded together'with this 'Nortgsge. the covenancs ar~d agreements of such rider sh:ill be mcorporated into and shal) amend anJ supplement the cn~enants and agreements of ~his Mortgage as if the rider wrre nart hereof. ~ 7. Prolection of Lenders•5ecurity. !f BorroKer fails ro perf~,rm the covenantS and agreements contained in ihis ~ Mortg~ge. ~t i[ any action or proceed~ng is commenceJ which materialiy at~ects Lender's interest en the Property. i including. but nc~t limrted to, eminent •doroain, ir~solvency, code enfurcement, or arrangements or proceedings involving a . bartkruE?t or Jecrdent, then Lender at I.ender s option, upon notice to Borrower. may m.ke such appearances, Jisburse such sums and take such ~ctivn ss i: necessar~~ to protect I~nder's ,ntcrest, including, but not iimited to, disburxment of reasonable attomey~'s tecs and ensry up.~n the Propert•• to make reE•air. if Lender required mortgage insorance as a cond~tion of maJ.ing the loan cecured by this Mortgage, B~~rrourr sball pay the premiums required to maintain such insurartce in efTect uniil such time as the reyuirement tor such msu~ ance terminatec in accordance with 8orrower s and ~ ~ • ~i , . k ~~J ~~J , 6~GK f~L~ . : _ _ - -