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Home My WebLink About0032 UH~FORat CoveN~NTS. Bor~ower and Lender covenant and agree as foUows: 1. P~ymeat ot P~inclpal aad Inte~est. Borrower shalt promp~ly pay when due the principal of and interest on the indcbtedncu evidenced by thc Note, prcpayment and late charges as praviJcd in the Note, and the principal of and interest on any Future Advances secured by this Mortgage. 2. Fuads tor Tues and lasurance. Subject to applicable law or to a written waiver by l.ender. Borrower shall pay to l.ender on the day monthiy ~~stailments ot pnnc~pai and interest are payabie under ii~e Note, u~~iii cfiie ivv[e ii NaiJ iri futf. ~ a aum (hercin "Funds") equal to one-twtlfth ot thc ycarly taxes and asussments which may attain priority over this Murtgagc, and graund rents on the Property, if any, plus one-tweltth of yearly premium installmcnts for hazard insurance. plus one-twelfth of yearly prcmium installments for mortgage insurance, if any, atl as reasonably estimated initially and from timc to tioie by I_ender on the basis of assessments and bills and reasonable estimates thereof. 'Il~e Funds shall be held in an institution the deposits or accounts ot which are insurec! or guaranteed by a Federal or state agency (including l.ender if l.ender is such an institution). I_ender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. t.ender may not charge (or ~o holding and applying Ihe Funds, analyzing said account, ar verifying and cumpiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits I.ender to make such a charge. Bor~ower and I.ender may agree in writing at ~he time of execution of this Mortgage that interest on the Funds shall be paid to Born~wer, anJ unless such agreemen! is made or applicable law reyuires such interest to be paid. Lc~dcr shall nat he reyuircd tn pay Borrower any interest or earnings on the Funds. I_ender S~:iei 6;• ~nrrnws.r ~;~I.~.~~t ~{.~r,o ....^::~I ~.`~nnnlina nf thw F~~n~lc g1p?y(rino ~rw~ilt ~n~ ..~ehi~c ~O 1~1C Funds and the . . purpose for which each debit to the Funds was made. TheVf~unds are pledged as aJditional security for the sums secured by this Mortgage. ~ If the amount of the Funds held by Lender, together with the futurc monthly inst•rllmen~s of Funds payablc prior to the due detes of taxea, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Harrower s option, either promptly repaid to Borrower or crcdited to Borrower on monthly installmen~s of Funds. !f the amount of the Funds held by Lender shall not be sufi'icient to pay taxes, assessments, insurancc premiums and ground rents as ~hcy fall due, Borrower shall pay to I_ender any amount necessary to make up the deficiency within 30 da}'s trom the date notice is mailed by Lender to Borrower requesting payment ~hercof. Upon payment in full of all sums sec:ured by this Morlgagc, I.cnder shall promptly re(unJ lo Borrovver any FunJs held by Ixnder_ If under paragraph 18 hcreo( thc Propcrty is u~ld or ~hc Propcr~y is othervvisc acquircd by Lender, Lender shall apply, no later than immediatcly prior ta the ~ale of ~h~ Propcrty or i~s acquisition hy I.cnder, any Furfds held by Lender at the time at application as a crcdit against thc sum~ secured by ~his Mortgage. 3. Application of Paymeots. Unlcss applicablc law pmviJcs othcrw~iu, all paymcnts rcYCivcd by I.cndcr under thc Note and par:~graph~ 1 and 2 hercof shall be applicd hy Lender fint io p:~yment ot amounts payahle ta LenJer by Borrower under paragraph 2 hereof, then.to imerest payable on Ihc Note, then to th~: principal of the Note, anJ then to interest and principal on any Futurc Advances. ~ 4. Charges; Liens. Borrow~er sh~ll pay all laxe~, a~kstiments and othcr charges, fines and impositions attributabk to the Property which may attain a pnority over this Mortgage, and leasehold payments or ground rcnts, if any, in ihe manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrowcr making payment, when due, directly to the payec thcrcof. Borrower shall promptly furnish ta LenJer xll notices of amounts due under this paragraph, and in the event Borrower shall make payment direc:Uy. Borrower shall promptly (urnish to l.ender receipts evidencing such payments. Borrower shall promptly discharge any lien w•hich has priority over lhis Mortgage: provided, that Borrower shall not be required to discharge any such lien so long ~s Borrovrer shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in gaxi faith contest such lien by, or defenJ enforcement of such lien in, legal proceedingti which operate to prevent the en(orcement of the lien or [or(eitare of the Property or any part thereof. 5. Hazard lnsumnce. Borrower shall keep thc improvemcnts naw cxisting or hercafter erccted on the Property insured agaitul iv~~ by Sre, hazards in.luded uilhin the term "rxtended c~verage". and such other hazardx as l.ender may reyuire . :~nJ in such amounts and for such periods as 1_ender may reyuirc; provided, that I_ender shall not rcyuire that the amount of such coverage exceed that amount oF coverage required to pay~ the sumc tiecured by this Mortgage. The insurance carrier providing the insurance sh•rll be chosen by Borrower subject to approval by Lender; provided, I that surh approval shall not be unreasonahly withheld. All premiums on insurance policies shal) 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 I insurance carrier. E All insurance policies and renewals thereof shall be in forni acceptable to LenJer and shall include a standard mortgage i clause in favor of and in form acceptable to I.ender. Lender shall have the right to hold the policies and renewals thereof. E and Bormwer shall promptly [urnish to Lender a0 renewal notices and aU receipts of paid premiums. In the event of loss, ~ Borrower shall givc prompt noticc ~o the insurance carrier and I_ender. 1_endcr may make proof of loss if not made prompUy by Borrower. . Unless Lender and Borrower othen+•isc agrec in writing, inwrance proc:eeds shall be applied to restoration or repair of the Property damageJ, provided such restoration or repair is economically feasible and the security of this Mortgage is not ~hereby impaired. lf st~ch restoration or repair is not economically feasihle or if the security of this Mortgage would ~ be impaired, the insurance proceeds shall be applied to the sums secureJ by this Mortgage, with the excess, if any. paid to Borrowcr. If the Property is abandoned by Borrowcr, or if Borrower fails to respond to !_ender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier ofters to setlle a claim for inwrance benefits, I.enJer is authorized to collect and apply the insurance proceeds at I_ender's option either to restoration or repair of the Property or to the sums sccured by this Mortgagc. Unless I.ender and Borrower otherwise agrec in writing, any~ such application of proceeds to principal shall not eulend or postpone the due date of lhe monthly installments rcferred to in paragraphs I and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acyuired by Lender, all right, tiUe and interest of Borrower in and to any insuraoce policies and in and to the pr«:eeJs thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the_ extent o[ the sunu secured by this Mortgage immediately prior to such sale or ~ acquisition. ~ 6. Presen~ation and Maiatenance of Properiy; t.easeholds; ('ondominiums; Planned Unif Ihrelopments. Borrowcr shall keep the Property in good repair and shall not commit wastc or permit impairment or deterioration ot the Property ~ and shall comply with the provisions of any lease if this Morlgage is on a Icasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all o[ Borrower's obligations under lhe declaration ~ or covenants creating or governing the condominium or planned unit devetopment, the by-laws and regulations of the . ~ condominium or planned unit development, and constituent documents. If a conJominium or planned unit cievelopment ~ rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenantc and agreements o( ~his Mortgage as if the rider w ~ were a part hereof. ~ ~ 7. Prolection of Lende~s Security. If Borrow•er fails to perform the covenants and agreements contained in this ~ Mortgage, or if any action <~r proceeding is commenced which materially ~fiects I.enJer's interest in the Property, ~ including, but not limited to, eminent domain, insolvency. code enforcement, or arrangements or proceedings involving a bankrupt or Jecedent, ~hen l~nder at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take saeh action as is necessary to protect t~nder's imeresl, including, but not limited to, disbursement of reasonable attomey'S1cey and et?try u~n the Propcrty to makc rcpairs. If I~nder required morigage insurance as a ~ condition of making the loan secured by this Mortgage, Borrow~er shall pay the premiums required to maintain such ~ insurance in eBect until such time as the reyuirement fur such msurance terminates in accordance with Borrower s and ~ ~ - ~ ~ ° ~y6 :32 , _ _ ~ ~ s= ~ _ :