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Home My WebLink About0646 ~ ~ ' - Ur~FORt~t CoveN~NTS. Borrower and l.e~der ~ovenant and agree as toUows: 1. I'ayment oE Pdncipal aod lalerett. Bor4~w'er shall prc~mp~ly pay when due thc principal of and inierest un the indebtednus evidenc~J by the Note. prepayment and lat~ charge~ as proviJed in the Note, and the principal of and ~nterest o~ any Futurc 1ld~~anccs secured by this ~fortgage. Z. Fuads tor Ta:es aod laa~nace. Subject to applicable !aw or to a written waiver by l.ende~, Ba~-rower shall pay to L.ende~ on ~he d~y monthly instaliments of prir?cipal and interest a~c payahle undcr the Note, until the Note is paid in [ull, a sum (hcrein "Funds") equal to one-twelfth at the yearly taxcc ~nd assessmc~ts which may attai~ priority over this Mongage, and gruund ~ents on the Pmpe~ty, if any, plus o~e-twelfth of yea~ly premium installments for hazard insurance, plus one-tw•el[th of yearly premium installments for mor[gage insurance, if any. all as reasonab~y estimateJ initially and from time to timc by Lcnder on thc basis of assessmcnts and bills and reasanable estima~cs thereof. The Fund~ shall be held in a~ institution ~he deposits or arcounts of which ~~e insured or guaranteed by a Federal or . state agency tinciuding Lc~der if t_enJer is such ao institutian)'. i.ender shall apply the Fundc to pay said IaYes, assessments, insurance premiums and ground rrnts. I.ender may not charge for so holding and appiying the Funds, analyzing said accaunt, ur veri[~iog and compiling said assca,nxnts and bills, unless l.c~dcr pays Borrowcr interest on the Funds and applicable law permits Lender ta make such a charge. Rorrewer and L.ender may agrce in writi~g at the tioie of executio~ of ihis Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such intenst to be paid. !_cnder shall not be reyuired to pay Borrower any imerest or ca~nings on thc Funds. LenJer shall give to Borrower, without charge, an annual acrnunting of ~t?e Funds showing credits and debits to the Funds and the purpose far which each debit to the Funds was made. The Funds are pteclg~td as additional securit~~ for 1he sums secured by this Mortgage. If the amount of lhe Funds held by Lendcr, together with the futurc monthly installmcnts of Funds payable prior to the due dates of taxes, asscssments, insurance premiums and ground rents, shall excecd the amount requircd to pay said ta~ces. assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to B~rrower or credited to Borrower on monthly installmcnts of Funds. If the amount ot thc Funds held by Lender shall not be suft'icient to pay taxes, assessmcnts, inxurancc preraiums and ground rents as thcy fall due, Bonowcr shall pay to ~ender any amount necessary to make up ~he Jeficicnc~• within 30 da~~a from the date notice is mailed by Lender to Borrower mquesting paymcnt thercaf. Upon payment in full o[ all sums secured by this hforigage, l_endrr shall promptly refund to Borrow~er :~ny Funds held by 1.cnder. If under paragraph li; hereof ~he Propcny is wld or thc Property is otherwisc acquired by Lender, Lcnder shall apply, no later than immediately priar to the sale oC the Propccty or its acquisition hy I.ender, any Funds held by Lender at the time ~~f applicaiion as a crcdit agaenst the sums secured by this I~lortgage. 3. Applicalion of Payments. Unlcss applicable law prm ides otherw~ise, all pa}~ments received by Lcnder under the Votc and paragraph~ 1 and 2 hrrcof shall bc appli~~1 by I.cnJcr 6rst in paymcnt ~?f amounts payab{e to Lcndcr h~• Bormwer under paragraph 2 hereof, then to interest pa~~able on the Notc. thcn t~ the principal of thc Note, and thcn t~ intcrest and principal on an~• ~uture Advances. 4• CharRes; Ciens. Borrowcr +h:~)1 pay all taxe~, assess~nents and othcr chargc., fines an.i impositions aUnbutable to the Prcperty which ma)• attain a priority o~er this Mortgage, and leasehold payments or gmund rcnta, if any, in the manner pr~videJ under paragraph 2 hereot or, if not paid i~ cuch manner, by Borrower making payment, when due. directly to the payee thereof. Bo~mwer shalt promptly furnish to Lender all notices of amounis due under this paragraph, and in ~he event f3orrow~er sha11 mske pa}men! directl~•, Dorrov?~er shall promptlX furnish to LenJer receipts evidencing such p~yments. Borrower shall promptl~• ~ischarge any lien which i~as pnority over this Mort~age; providrd, that Borrower chall not be required to disc:harge an~~ ~uch lien so long as Borrower shaU agrcc in writing to t6c pa~meut oi thc obli~ation secured hy such lien in a manner acceptable to Lender, or shall in good faith conte~t such lien by, or defenJ enforeement .,f such lien in, legal pr~x:cedingc which operete ~o prevent the cnforcemcnt of the licn or torfeiturc of the Property or any part thereof. 5. Hatard lnwrancr. Borraw•er shall keep the ~nirrovementt now cxiuing or hercaftcr crectcd on the ProFx rty insured against Mss hy fire, haza:d~ includ~~f w•ithin the terni °c~tended coverage", anJ su~h other hatards as Lender ma}' reyuire and ~n sucf! amuunt~ and for such periods at !_ender ma~ reyuirc; pr~~videct, that I.ender shall not requirc that thc rm~~unt of ~ such co~•eragc cxceed lhat ami~unt of covcrage required tu pay thc ~umc ~ecureJ by this ;4iortgage. The insurance ~arrier praviding the insur~nce shall be chucen by Borrow~er subject to approval h}• l.ender, provided, chat such appro~•al tihall ?;~t tx: unreaconably withheld. All premiumc on insurance poii~ies shaif ix paid in the manner pruviJed under p:;ragraph 2 hereof or. if not paid in such manner, by Borrouer making payment, when due, directly to the insurance carricr. ' All insurance policies and renewals there~F shall tx in fornt acceptable to Len.ler anil shall includc a sl:~n~iard mortgage ~lause in favor i~f and in form acceptable tu Lender. Lender chall have the right to hold ti?e ~licies and renewals therer•f, and Borruwer .hatt prompth• furnish t~ I_cnder all renew•al not~res and a!1 reteipts of paid premiums_ In the e~•cnt of 1oss, Borrox~er shall gi~~e pn~mpt notice to ~he insur:+nce carrier and l.ender. Lender ma} make proof of loss if not made promptly b~- Borrower. - Unless Lendcr and Borruw~er oiherwisa. agree in writing, insurance proceeds shatl be applied to restoration or repair of the Property damaged, Proe~ckd such resrorai~oe~ or repair is econnmicaliy feasible and the security of thic Mortgage is :iot ~hereby impaired. It such re~toratwn or repair is not ccon~~mi,ally feasible ur if the security of this hlortgage would be impaired, the insu~ance proceeJs shall be applied to the sams xcured by this Niortgage, with the excess, if any, paid - to Borrower. If the Propert~- is abandoned b~ Borrower, or if Borrower fails to respond to t_ender within 30 da}~s from the date noti~e is mailed by t.ender to Borrower that the insurance carricr o1Ter~ to settle a claim for insurance benefits, Lender i, authorized tn collect and apply the insuranre proceeds at Lender'S ophon either to restoration or repair of the Properiy ~r to the sums secured by this biortgagc. Unless Lender and BorroK~er otherwise agree in writing, an} such appiication ~f proceeds to principa! shall not extend ~r postpone the due date of the manthly installments referred tc~ in paragraph~ 1 and 2 hereof or change the amount of ~urh insta~lmcnts. It unJer paragraph IS hereof the Propeny is acy.,ired b~ Lender, all right, tidc and interest of Borrower ~n and to an~ ins~rence policies and in and to the proceeJs thereot resulting from damage to the Propert~~ prior to the sate or acquisitiou shrl( pass to Ixnder to the extent of the sums secured b~~ this ~fortgage immecfiately prior to such sale or acquisition. 6. Preservalion and '~iaintenance of Property; l.eueholds; Condominiums; Planned Unit Ikvelopments. Borrow~er shall keep thc Property in good repair and shall not commit W aste or permit impairmer?~ or deterioration of the Property and shall comply with the provisions of any lease if this Mortgagc i~ on a Iraschold. If this Mortgage is on a i~nit in a ~ondominium or a pl:,nned unit development, Borrou•er shall perform ali ot Borruwer's obligations under the ~declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regalations of the condumimum or planned unit development, and constitucnt documenu. I( a condominium or planned unit de~~elopment nder is executed by Botrower and recorded toge[her with this Mortgage, the covenants and agreements o( such rider shall be~ncorporated ento and shal! amend anJ supplement the covenants and agreements of this Mortgage as if the rider vrere a part hcreof. 7. Prolection of Lender's Sec~rity. If Borrawer fails to p~ rform the covenaMs and agreements contained in this Mortgage, or if any action or pr.xeafing is commen~:eJ which materiatty alfiects Lender's interest in the Proporty, mcluding, but n~x Iimited to, eminent domain, insolvency, code en~orcement, ar arrangements or proceedings involvins a banlcrupt or deccdent, then Lender at L.eoder's oqion, up~m notice to Borrower~ nay make such appearances, disburx such wms and take such action as is necessary to prolect Lender's i~terest, inc{udin6, but not limited to, disbursement of reuonable attomey's fccs and entry upon ~he Property to make repairs. if Lender required mortg.ge insurance as a condition of malcing the loan seceued by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in efiect until such time as the rey~~irement for su~h msurance terminates in aeeordance with Borrower s and . ~ BUOr PAGE ~ - - . _ - - E.. ~ ~ ~ = ~ r~r 5 ~ :~Y4~y~N';'i a+`r.} o'M1.\ ~ ~ - . - ~ v~~m}.'~ q L-~ "~fA Q ~ ~ ~ k ~ a _ '~d` . k °~y ; _ ~.e 1