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Home My WebLink About0696 • • ~ . . • • ~ L t\ ~11~IFORT[ Covcx~xn. Borrower and Lendcr co~~enant and aRree as [olbws: 1. PayR1lAt Of PtiDt1~I iIHI IQttilit. Borrower shall promptly pay when due the priiuipal oE and interest on the ' indebtedness evidenced by the Note, prepayment and latc charges u provided in the Note, ai~d the principal o[ and inter- 4 est on any Future Advanca secured by this Morcgage. ; Y. FLads fot Taxa and Inwrance. Subject to appliable law ot to a writte~ wai~~er bp l.endtr, BorroMer shall pay ~ to Lender on the day monthly installme~ts of principal and interest ue payable under ~he Note, unti! the Note is paid in tull, a sum (herein "Funds") equal ta onetwe![th of che yearly taxes and assessmeius which may attain priority ovet this Aiortgage, and gmund re~u on the Property, ii any, plus onetweltth of yearly pmmium installments tor ha:ard insunnce, ! plus ono-tweltth of yearly premium insullme~u for mortgagt insura~ce, it anr, all as reasonably estimated initially and from time to time br Lender on the basis ot assessmenu and bills a~d reasonable estimata thereof. ~ The.Funds sha}i be held in a~ institution the deposiW or accounts ot which are insured or guaranteed by a Fedenl oT state agency (induding I.ender iE Lender is such a~ institution} l.ender shall apply the Funds to pay said taxes, aases.sments. - insunnce pcemjums and ground rents. Lender may noc charge ~or w holding and appl~~ing the Funds, analyzing said ao- ~ count. or veriEying and rnmpiling said assesuaenu and bills. unless I.ender pays Borrower interest on the Funds and ap- ~ plinble law permiu I.ender to make such a charRe. Borrower and Lender may agree in wTiting at the time o[ executio~ oE thic ~lortgage that interat on the Funds shall be paid to Borrovicer, and unless such aqreement is made or applicable la~r ; requires such interest to be paid. Lender shall not be required to pay Borrower any interest or carninqs on the Funds. Lender shall give to Botrower. without charge, an annual accounting of the Funds showing ctedits and debits to the Funds and the ` purpos~ for whith each debit to the Funds was tnade. The Funds are pledgrd as additional secvrity tor the sums secuted ~ by this I?lortgage. . ~ If che amount oE the Funds held by Lender, together with the [uture monchly installmencs o[ Funds payable prior to the due dates of taxes, assessments, insunnce premiums and ground renu, shall_ exceeci fhe amount required to pay said taxa, assessmenu. insurance premiums and ground rents as they fall due, such e~ccess shall be, at BorroNer's option. either I, promptly repaid to Borrower or credited to Borrower on monthly iostallments of Funda I[ the amount of the Funds held i by L.ender s6a11 not be suEficient to pay taxes, assessmenu, insurance premiums and gmund rents as they fall due, Borrower ; shall pay to I.ender any amount necessary to make up the deticiency within 30 days from the date notice is mailed by Lendet to Borrower requesting payment [hereo[. Upon paya~ent in full of all sums secvred by this 1liortqage, Lender shall promptl}' refund to Bornower any Funds held by Lender. If under paragraph !8 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender ; shall apply, no later than immediately prior to the sale of the Propercy or iu acquisition by Lender, any Funds held by Lender at the time of appliration as a credit against the sums secured by this \iortgage. 3 3. AppUution of Papments. Unless applicable law provides otherwise, all payments recei~•ed by Lender under the ; Note and paragraphs 1 and 2 hereoE shall be applied by I.ender fint in pa~Tnent of amounts payablc to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interat aod principal on any Future Advanca. - 4, C;harge~ Liena Borrower shall pay all taxes, assessmenu and other charges. lines and impositions attributable to the Property which may attain a priority over this ~tortgage, and leasehotd payznents or ground ren[s, if any, in the man- ~ ner pro~•ided under paragraph 2 hereof or, if not paid in such manner, by Bonower making payment, when due, directly to the pa)ee thereof. Bortower shall prompdy furnish to l.ender all notices of amounts due under this paraqraph, and in the ; e~•ent Borrower shall make payment directly, BorroNer shall promptly furnish to I.ender receipts e~•idencinq such payments. ` Borrower shall promptly discharge any lien which has priority oser this Moregaqe: prbvided, that Botrower shall not be re- quired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable eo I.ender, or shall in good [aith contest such lien by, or defe~xl entorcement of such lien in, le- gal proceedings which operaee to precen[ ihe enforcement of the lien or torfeiture of the Propeny or any parc thereoE. ~ 5. Huard Inauance. Borrower shall keep the improvements now existing or hereatter ereceed on tlie Property in- sured against loss by Eire, hazards induded within the term "extended co~erap,c", and such other hazards as Lender may re- quire and in such amounts and tor such periods as Lender may require: provided, that Lender shali not require that the _ amount o[ such coverage exceed that amount ot rn~•erage tequired to pay the sums secured by this ;7ortqaqe. ; The_ insurance carrier providing the insurance shall be cfiosen by Borrower subject to appro~•al b} Lender: provided. ~ that such approval shall not be unreasonablp M ithheld. All prrmiums on insurance poficies shall be paid in ehe manner ~ ; procided under paragraph 2 hereof or, if not paid in such manner, by Borrower makinR payment. Nhen due, direcdy to ' che insunnce urrier. ~ ~ All insurance policies and renewals thereoE shall be in form acceptable to Lender and shall include a standard mort- ~ ! gage clause in [aror of and in form acceptable to I.ender. Lender shall ha~•e the right to hold the policies and tenewals ' ~ thereo(, and Borrower shall pmmptly furnish to Lender all renewal notices and all receipts of paid premiums. In the erent ~ oE loss, Bonov`er shall gi~•e prompt notice to~lhe insurance carrier and l.ender. Lender ma~ make proof of loss if not made ~ prompcly by Borrowa. p Unless I.ender and Botrowet othervrise agree in Mriting, insurance proceeds shall be applied to restoration or npair of € the Property.damaged, provided such restoration or repair is economically teasible and the security of this !ltortgage is not ~ thereby impaired. If such restoration or repair is not economically feasible or if the securit}• of ehis ~(ortgage would be im- paired, the insurance proceeds shall be applied to the sums secured by this ~iortgage, with the excess, iE any, paid to Bor- ; roM•er. If the Property is abandoned by Borrower, or if Bortov?er fails to respond to Lender within 30 days from the date _ g notice is mailed by Lender to Borrower that ehe insurance carrier offen to settle a daim (or insurance benefits, Lendet is `s authorized to collea and apply the insurance praeeds at I.ender's option either to restoration or repair oE the Property or € ~ to the sums secured by this ~~ortgage. ; ~ Unless Lender and Borrower otherwise ap,ree in writing, any such application o[ proceeds to principal shall not extend ; or postpone the due date of the monthly installments re[erred ti? in paraqraptis 1 and 2 hereof or change the amount of suth ~ ~ installmenu. IE under paragraph 18 hereo( the Propertr is acquired by I.ender, all tight, title and interest of Borrower in and to any inrurance policies and in and to the proceeds thereof resultinR from damage to che Property prior to the sale or ~ acyuisition shall pau to L.ender to the exeent of the suens secured by this \fortqage immediately prior to such sale or ~ acquisition. 6. Preservatioa and Main[enance o[ Propertr; Leaseho{ds; Condominium~ Planned Unit Developments. Borrower ~ s}~all kcep the Property in good repair and shall not commit waste or permic impairment or deterioration of the Property s and shall comply with the provisions oE any lease if this :~iortgage is on a leasehold. If ehis ~tortqaqt is on a unit in a ~ condominium or a planned unit de~•elopment. Borrower shall per[orm all o( Borrower's obliqations under the declaration b or covenants treating or governing the condominium or planned unit development, the by-laws and regulations of the condo- ; ~ minium or planned unit development, and constituent documents. IE a condominium or planned unit de~elopment rider is ~ ' executed by Borrower and recorded together with this Alortgage, the covenants and agreemenu o[ such rider shall be in- ; ~ corporated into and shall amend and supplement the covtnanu and agreements o[ this ~tortgage as i[ the rider were a part hereof. ~ 7. Protection of Lender's Securiq. If Borrower (ails to perform the co~enants and agreements contained in this ~ Mongage, or i( any action or proceedinq is commenced which materially aftects Lenders interest in the Property. including, but not limited to, eminent domain, insol~•ency, code en(orcement, or arranqements or proceedinqs in~ol~•ing a bankrupt ~ or decedent, then Lender at Lender's option, upon notite w Borrower, may make such appearances, disburse such sums and take such action as is necessary to pmtect Lender's interesr, including, but not limited to, disbursement oE reasonable ~ attorney's tees and entry upon the Propertp to make repairs. I[ Le~der required mortgage insurance u a condition oE making the loan secured by this Afortgage, Bonower shall pay the premiums required to maintain such insurana in eE- fecc until such time u the requirement tor such insurance terminates in ucordance ~'vith Borrower's and Lender's written . ~ ~zs~ ~-ss~ ~~~~,~t ~y,..~s,~, j - ~ - - - - - - - - - - ,~~.~~.~~.~,,~•~'r ~