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Home My WebLink About0909 UNITORII Covr.r+exn. Borwwer and Lender covena~t and agree u[olbws: 1, papmmt ot hiocipal aad Iriurest. Borro+ver shall promptiy pay when due the pri~cipal oE and intereu on the indebtedness evidenced by the Not~, ptepayment and late charges u provided in the Note, a~d the principal oE and inter- est on an~ Future Advanca ~ecured by this Mortgage. ' Y, p~nd~ to~ Taxes and Inwraace. Subject to appliable la~v or to a writteo waiver by Lender, Borrower shall pay to Lender on the day monthly installmenu of principal and interut an parable under che Note. until the Note is paid in tull. a sum (Aerein "Funds'7 cqwl to onc~tweltch ot the peuly taxes and asxssmena which may attain priority over thi~ Mortgage, and gtou~d rtnts oa the Property. iE a~y. plus one-twel[th ot yearly premium insullmenu [or hanid insunnce, plus onatweltth oE ytulY premium installmenu tor mortgage insunoce. if aay. all u reasonablr estimated initially and [rom tiiae to time br Lender on che buia of assessmena ar?d bills and reasonable a[imaces thereof. The Funds ahal! be held in an i~stitution the deposits or accounts of which are inwred or ~guuanteed by a Federal or state age~cq (intluding l.ender if I.ender is such an institution). Lender shall applY the Funds to pay said taxa, assessments. insurance premiutns a~d ground nnts. Lender map not thuge tor so holding and applying the Funds, analyzi~g said aa count. or verii~riag and c~npiling ,uid assessments and bills. u~less Lender paps Borrower intenst on che Funds and ap- plinble law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time oE execution oE this Mortgage that interest on the Funds shall be paid to Botrower, and unless wch agreement is made or appliuble law requires such interest to be paid. Lender shall not be required to pay Borrowet any interest or earninga on the Fu~ds. Lenda shaU give to Borrower, without chuge. an annual acrounting oE the Funds showing crediu and debiu to the Funds and the purpose [or which each debit to the Funds was made. The Funds an piedged as additional security [or the sums secured by thia Mortgaga 1( the amount of the Funds hdd by Lender. togethrr with the Euuue monthly installments oE Funds payable prior to the due datea oE [axa. as~essments, insunnce pnmiums and ground rents. ~hall acceed the uaounc required to par uid taxes, assesswents: insurance premiuau and ground rents u they (all due, such exceu shall be, at Borrower's option, tither prompdp repaid to Borrowet or vedited to Borra~ver on monthlY installments o[ Funds. I[ the amount of tht Fnnds held bp Lender ahall not be suf[icient to par taxes. asxssments. insurance prrmiuTna and ground.rents u they fall due. Borrower shall pay to I.endet any amount necessary to make up the deEiciencp within 30 days trom the date notice is mailed by I.ender to Borrower requesting payme~t thereof. Upon papment i~ fuU o[ ~il sums securcd br this Mortgage. Lender shall promptly retund to Borrower any Funds hrM by Lender. If under paragraph !8 hereof the Pm~erq i: sald or [he Property is ocherwise acquired by Lcndv. Lender. shall ipply, no later than immediately prior to the sale oE the Proptrty or its acquisition by Lender, any Funds held by Lender at the timt oE application u a credic against the sums secwed by this Mortgage. 3. Applintion oE Papmenu. Unleu applicable larv provida othenvise. all payments retei~ed by I.ender under the Note and paragnphs 1 and Y hereoE shall be applied by I.ender [irst in pYyment ot amounu payable to Lender by Borrower under pangraph 2 heteof. then to interest payable on the Note, then to che principal ot the Note, and then to interest and . priacipal on any Future Advanca. ~ 4, Chargds Liens. Borrower shall pay aU taxes, assessments and other chirges. fines and impositions attributabie to the Property which mar attaia a priority over this Mortgage, and leasehold payments or ground rents, if any, in the man- ner pro~ided undet pangraph 2 hereof or, if not paid in suth manner, by.Bornower making payment, when due. dinctly to che payee thereof, Borrowet shall promptly Eurnish to Lender all notices o( amounts due under this paragraph, and in the evEnt Borrower shall make payment direcdy, Botrower shall prompdy furnish to Lender receipts evidencing such payments. Botrower shall promptly discharge any lien which has priority ocer this ~tongagt: provided, that Borrower ~ali not be re- quired to disclurge any such lien so long as Bonower shall agree in writing to the payment oE the obligition secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien br. or deEend eniorcement of such lien in, la gal praeedings which operate to prevent the enEorcement of the lien or forfeitun oE the Property or any part thereoE. 5. Hanrd Inaurancc. Borrowet shall keep the improvements now existing or hertaftet erected on the Propert7 in- sured against loss by fire, hazards induded within the term "extended covenge", and such ocher hazards as Lender may re- quire and in such amounts and for such periods as Lender may require: provided, that Lender shall not require that the amount ~o[ such coverage acceed that amount of mverage rcquired to pay the sums secured by this Afortgagc. '~i The insunnce carriet providing the insunnce shall be chosen by Borrower subject to approval by Lender; provided. that such approval shall not be unreasonably wichheld. All prrmiums on insurance policies shall be paid in che manner ~ provided under pangraph 2 hereof or, if not paid in such manner, by Borrower making papment, ~?hen due, direcdy to the inwnnce carrier. All inwrance palicies and nnewals thereot shall be in Iorm aaeptable to Lender and shall include a standard •mort- gage clause in Eavor of and in form acceptable to L.ender. I.ender shall ha~e the right to hold the policies and renewals thereof, and Bonower shall prompdy furnish to Lender all renewal nocices and all receipu ot paid premiums In the event - of loas. Borrowtr shall give prompt notice to the insunnce carrier and Lender. Lender may make proof of loss iE not made prompdy by Borrowv_ Unless Lender and Borrower otherwise agree in writing. insunnce proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration ~or repair u economically feuible and the security of this ~iortgage is not thereby impaired. If such restoration or npair is not economically [easible or if the security of this Mortgage would be im- paired, the insurance procceds shall be applied to the sums secured by this Aiortgage, with the excess, if any, paid to Bor- rower. If the Property is abandoned by Borrower. or iE BorroMer Eails to mpond to Lender within 30 daps trom the date notice is mailed by Lender to Borro++rer that the insurance canier ofters to setde a claim for inwnnce benefits, Lender is authorized to collect and applr the iesurance proceeds at I.endtr's option either to restoration or repair of the Propetcy or to the sums secured by chis ~fortgage. Unless I.ender and Bono~rer otherwise agree in writing, any such application of procceds to principal shall not actend or postpone the due date o[ the monthly installments referred tc~ in paraqraphs 1 and 2 hereoF or change the amount of such inxtallments. IE undet pangnph 18 hereof the Propercy is acquired by Lender, all right, title and interest o( Borrower in and to ahy insurance policies and in and to the praeeds thereof raultirrg Erom damage to the Propeny prior ta the sale or acyuisition shall pass to Lender to the extent of the sums secured by this ltortgage immediately prior to such sale or acquisition. 6, prperration and Maintenance of Propert~: Lraseholds; Condominium~ Planned Unit Devdopmeats. Borrower s1~a11 keep the Property in good repair and stull not commit waste or permit impairment or deterioration~of the Property and stull comply with the provisions oE any lease if this Mortgage is on a leaschold. If this tifortgage is orr a unit in a ~ condominium or a planned unit development. Borrower shall perEorm all of Borrowei s obligacions under the declaration or covenants aea.ting or governing the condominium or planned unit development, the by-laws and regulations oE the condo- minium or planned unit development, and constituent documents. If a condominium or planned unit decelopment rider u acecuted by Borrower and recorded together with this Mortgage, the covenants and agreemenu of wch rider shall be in- corporated into and shall amend and supplement the covenants and agreements ot this ~tortgagr as if the rider were a part hereof. 7. Protection of Lendei's Securiq. If Borrower fails to periorm the covenants and agreements contained in this Mortgage. or i( any aaion or proceeding is commenced which materially a(fecu Lender s interest in the Property, including. but not limited to, eminent domain, insolvency, code en[orcement, or amngeme~u or procetdings. involving a bankrupt or decedent, then Lender at Lender's option, upon notia w Borrower, may make such appeannca, disburse such sua~s and takt such action as is necessary~ to protect Lender's interest, induding, but not limited to, disbursement of reasonable attorner s fees and entry npon the Property to make repain. If Lender required mortgage insunnce u a condition of tnaking the loan secvred by this Mortgage, Borro~ret shall pay the premiums required to maintain wch insunnce in ef- fecc until wch tiwne u the requirement [or such insurance terminates in accordance with Borrower s and Lender's rrritten B4GK YAGE ~7