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Home My WebLink About0406 , , , ~ a UNiFOx~ CovEK~N~rs. Borrower and Le~der covenant and agree as follows: l. Payment of Priaclpd aad laterest. Borrower shall promptly pay when due the pri~cipal of and interest on the i~debtedneu evidenceJ by the Not~, prepayment and late charges as provided in the Nate, and the principal of and interest on any Future Advances secured by this Mortgago. 2. Fuads [o~ Tau~,s aad I~urance. Subject to applicable !aw or to a written waiver by Lender. Borrower shall pay to l.endc~ on the day monlhly iostallments of principal aad interest are payable under the Note, until the Note is paid in tull. a tum (herein "Funds") equal to one-twelfth o[ the yearly taxes and assessments which may attain priority over this Mortgagc, and ground re~ts on the P[~operty. if any. ptus one-twelfth of yearly premium installments for hazard insurance. plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and trom time to time by Lender on thc basis of assessments aad bills and reasonable estimata thereof. 'Iltie Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if l.ender is such an institution). I_ender shall apply the Funds to pay said taxes, assessments, insurance ptemiums and ground reats. Lender may not charge for sa holding and applying the Funds, analyzing said account, or verifying and compiting said assessments and bills, unless l:ender pays Horrowe~ interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution o[ ihis Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid. Lcnder shall not be reyuired to pap Bo~rower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of ihe Funds showing credits and debits to the Funds and the ' purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums. secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required ta pay said taxes, assessments; insurance premiums and ground rents as they tall due, such excess shall be, at Borrower s option, either ' promplly repaid to Borrower or credited to Borrower on monthly installments of Funds_ If the amount of the Funds held by Lender shall not be sutficient to pay ta~ces, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay ta Lender any amount necessary to make up the deficiency within 30 day~s froai the date notice is mailed by Lender to Bor~ower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage. t.ender shall promptly refund to Borrow•er any Funds held by l.ender. If under paragraph 18 hercof the Property is sald or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the saie of the Property or its acquisition by I_ender, any Funds held b~• Lender at the time of application as a credit against the sums secured by this Tlortgage. 3. Applicatjon of Payments. Unless applicable law provides otherw•ise, all payments reccived by 1_ender under the Note and paragraphs 1 and 2 hereof shall bc applied by I_ender first in papment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Nofe, then to the principal oF the Note, and thcn to i~terest and principal on any Future Advances, 4. C6arges; Liens. Borrower shall pay all taxes. assessmcnts and othcr charges. fines and impositions attributable to the Properlp which may attain a priority over this Mortgage, and leasehold papments or ground rents, if any, in the manner prnvided unde~ paragraph 2 hereof or, if not paid in such manner, by $orrower making payment, when due, directly to the payee thereof. Borrower shati promptly furnish to Lender a!I notices of amonnts due under this paragraph, and in the event Borrower shall make payment directly, Borrow•er shall promptly furnish to l.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mongage; provided, that Borrower shalt not be required to discharge any such lien so long as Borrower shal) agree in writing to the payment of the ob)igation secured by such lien in a manner acceptable to I.ender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or fodeiture of the Property ar any part thereof. 5. Hazard l~urance. Borrower shall keep the improvemcnts noN e~isting or hereafter erected on the Property insured against loss by fire, hazards included within the term "e?etended coverage°, and such other hazards as Lender may require - ~ and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of ~ such coverage exceecl that amount of coverage required to pay the sums secured by this Mortgage. 'Il~e insurance carrier providing the insurance shall be chosen by Borrower sabject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums 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 insurance policies and renewals thereof shall be in form acceptable to LenJer and shatl include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, ! and Borrou•er shall promptly furnish to Lender all renewal notices and all receipts of paid premiums~. In the event of loss, ~ Borrower shall gi~~e prompt notice to the insurance carrier and Lender_ Lender may make proof of loss if not made prompUy by Borrower_ I Unless Lender and Borrower otherwise agree in ~~riting, insurance proceeds shal! be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically (easible and the security of this Mortgage is ~ not thereby impaired. If such restoration or repair is not'-econamically feasible or if the security of this Morlgage would ~ be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower_ iC the Property is abandoned by Borrower, or i( Borrower fails to respond to Lender within 30 days from the date notice is mailed by l.epder to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender { is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property j or to the sums secured by this Mortgage. ~ i Unless Lender and Borrower other?~•ise agree in writing, any such application of proceeds to principal shall not extend ~ ar postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of ~ such installments. If under paragraph 18 hereof the Property is acquired by I.ender, all right, title and interest of Borrower ` in aad to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior.to the sale ~ or acquisition shall pass to L.cnder to the extent of the sums secured by this Mortgage immediately prior to such sale or i acquisition. • 6. Preservation and ~faiatenance of Property; Leaseholds; Condominiums; Planned Unit Derelopments. Borrower shall keep the Property in good repair and.shall not commit waste or permit impairment or deterioration of the Property and shali comply with the provisions of any )ease if this Mortgage is on a leasehold. If this Mortgage is on a cinit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration ' or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is eaecuted by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and sfiall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. 7. Protection of Leader's Security. ' If Borrowe~ fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenceJ which materially afiects Lender's interest in the Property, including, but not limited to, eminent domain. insolvency, code enforcement, or arrangements or proceedings in~olving a bankrupt or decedent, then l.ender at Lender's option, upon notice to Bonowcr, may make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of reasonabie attorne}•'s fees and entry upon the Property to make repairs. If Lender reQuired mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insura~ce terminates in aceordance with Borrower's and . j'~Rt 294 ~,cE 406 _ _ ~ ~ ~ , _ _ ~ - - - . ~ . - - - ~ = _ - ~ ~ ~ ~ _ , ^"`~~,,~-'~~t~,~`a-,~~,s"':~... ~