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Home My WebLink About0355 UH~PORt?~ CoveH~NTS. Borrower and l.endcr covenant and agree :u full~ws: 1. P~ymeat o/ PAaclpd an~ lale~al. Bor~ower shall promp~ly pay when due the principal ot and interes! on the indebtedneu evidenced by the Note, prepayment and late charges as provided ~n the Note, and the principal of and in~ercsl on any Future Advances secured by this Mortga~a 2. Foads to~ Tua uW lawraace. Subjecl to applicable law or to a written waiver by l.ender. Borrower shall pay to [.endcr on thc day monthly i~stallments ot pri~cipal and interest are payable unde~ the Note, u~til the Note is paid in full, s tum (herei~ "Funcls"} equal to one-twelfth o( the yearly taxcs anJ assessments which may attain priorily over this Mortgage. and ground rents oo the Pr+operty, if any, plus one-twcl(th of yearly premium installments for hazard insurance, plus one-twelfth ot yeatly premium installments tor mongage insurancc, if any. all aa reasonably estimated initially a~nd trom timc to time by 1_ender on the basis of assessments and bills and reasonable estimates thereoL The Funds shall be held in an inslitution the deposits or accounts of which are insured or guaranteed by a Fcderal or state agency (including Lender if l~nder is such an institulia~). l.ender shall apply the Funds to pay said tazes, asscsRments. insurance premiums and ground rents. 1_ender may not charge tor so holding and applying the Funds, analyzing said account, or verifying and compiling said asxssments and bills, unless l.eader pays Borrower intcrest an the Funds and appiicable law permits 1_ender to make such a charge. Borrower and t.ender may agree in writing at the time ot execution of this Mortgage that intcrut an the Funds shall be paid to Borrower, and unlcss such a~reement is made or applicable law rcquires such interest to be paid. I.ender shall nat he reyuircd to pay Borrower any interest or ear~ings on the Funds. l~nder shall give to Borrower, without charge, an annual accounting of the Fu~Js showing credits and Jebits to the Funds and the purpose [or which each Jebit to the Funds w::n made. Tht f~unds are plalged a? additional security for the sums secured by this Mortgage. If the amount of the Funds held by LenJer, logether with the tuture monthly inslallments of FunJs payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount reyuircd to pay said taxes, asxssments, insurance premiums and ground rents as they fall due, such excess shall be, at He~rrower's option, eilher promptly repaid to Borrower or creclited to Borrower on momhly installments of Funds. I( the amount of the Funds held by Lender shall not be sufftcient to pay taaes, asscuments, insurancc prcmiums and ground rents as they falt due. Borrower shall pay to Lencler any amount na:essary to make up the Jeficiency within 30 days from the date notice is mailed by Lender to Borrower reyuesting payment thereot. Upon payment in full of all iums secured by this Mortgage. I.ender shall promplly retund to Borrower any Fundi held by I.enJer. If under paragraph 1R hereof the Property is culd or the Proper~y ~s otherwise acquired by l.ender. Lenckr shall apply, no later than immediately prior to thc +ale of Ihe Pruperty or its acquisition by l.ender, any Punds held by Lender at the time of application as a credit aga~nst the sums secured by this Mortgage. ~ 3. Applkalion of Payments. Unless applicahle lavv prnvides o~herwise, all payments received by t.ender unJer the Note and paragraphs 1~and 2 hereo( shall bc applicd by I.cndcr fir~~ ~n payment ot amounts payable to Lender by Borrower undcr paragraph 2 heroof, then to inlcrest payablc on the Notc, then to the principal of the Note, anJ then to interest and pnncipal on any Futurc Advances. ~ 4. Char~es; Lk~u. Borrowcr sh:,ll pay all ~axcc, assescmcros and othcr cha~gcs, fines and imposilions attributable to the Property which may attain a priority over this Morlgage, and leasehold payments or ground rents, if any, in the manner proviJed under paragraph 2 hereof or, ii not paid in such manner, by Borrower making payment, when due, directly to the payce ~hercof. Borrower shall promptly furnish to LenJer all notices of amounts due under this paragraph, and in the event Horrower shall make payment directly, Borrower shall promptly tumish to 1.enJer receipts evidencing such payments. Borrower shall promptly dixharge any lien which has priorrty over ~his Morigage; provided, that Borrower shall not be required to dixharge any such lien so long as Borrower shall agree in writing to Ihe payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enturcement ot the I~en or (orfeiture of the Property or any part thereof. S. Hazard Insurance: Borrower ahall kcep the improvcmems now existing or herea(tcr erected on Ihe Property insurcd ~ againat loss by fire, hazards included withm the term "extended coverage",- and such other hazards as Lender may require and in such amounts and for such periods as Lender may reyuire; provideJ, that Lende.r shall not require that the amount of such coverage exceed tha~ amount of coverage required to pay the sumc secured by this Mortgage. ~ The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided. that such approval shall not be unreasonably withheld. All premiumc 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 i insurancc carrier. ' i All insurance policies and renewals thereof shall be in farm accep~able to LenJer and shall include a standard mortgage ~ clause in favor of and in form acceptable to Lender. !_ender shall have the right to hold the policies and renewals thercof, ~ and Borrower shall promptly furnish to I.enJer aU renewal notices and all receipts o[ paid prcmiums. In the event oi loss. Borrower shall give prompt notice to the insurance carrier and I.ende~. 1_enJer may make proof of loss if not made promptly ! by Borrower. . ~ Unless I.enJer and $orrower otherwise agree in writing..insurance proceeds shail be applied to restoration or repair of ~ the Property damaged, proviJed suc:h restoration or repair is economically feasible and the security of this Murtgage is ~ not ~hereby impaircd. It such restoration or repair is not economically feasible or if the securiry of this Morigage would be impaired, the insurance proceeJs shall be applied to the sums secored by this Mortgage, wi~h the excess, if any, paid ~ to Borrower. If the Property is abandoned by Borrower, or if Borrower (aiis Io respond to 1_ender within 30 days from the Jate notice is mailed by I.ender to Borrower that the insurance carrier oBers to settle a claim for inw~ance benefits, l.ender is authoriud to collect and apply the insurance proceecis at l.ender's option either to restoration or repair ot the Property ~ ur to ihe sums secured by this Mottgage. ~ Unless Lender and Borrower otherwice agree in wnting, any such application of proceeds to pnncipal shall not extend or pcntpone the Jue Jate of the monthly installments referred t~? in paragraphs I and 2 hereof or change the amount of ~ such installments. If under paragraph 18 hereof the Yraperty is acyuired by Lender, all right, tiUe and interest of Borrower ~ ~n and to any insurance policies and in anJ to the proe:eeds thereot resulting from damage to the Propeny prior to the sale ~ or acyuisition shall pass to Lender to the extent of the sums securui by this Mortgage immediately prior to ~uch sale or ~ acquisition. , ~ 6. Presen~ation aod :Naiotenance of Property; I.easeholds; C'ondominiums; Planned Unit Devebpmenla. Borrower shall kcep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property , and shall comply with the provisions o[ any lease ~f this Mortgage is on a leaschold. If this Mortgage is on a~roit in a condomin~um or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or gaverning the condominium or ptanned unit development, Ihe by-laws and regulations of the ~ condominium or planned unit development, and constituent documents. I( a condominium or plannec! unit development ~ nder ~s executed by Borrower and recorded together with this Morigage, the covenants and agreements of such riJer € shall be incorporatcd ~nto and shall amend and supplement the covenants and agreements o[ this Mortgage as if the riJer ' were a part hereof. ¢ ; 7. Prohctfoo of I.ender's Security. If Borrower (ails ~o pcrform the covenants and agreements contained in this - ~ Mortgage, or if any action or pra:eeding is commenced which materially afiects I.ender's interest in the Property, ; ; ~ncluding, but not limited to, eminent domain, insolvency, cafe enfcxcement, or arrangements or proceedings involving a ~ bankrup~ or decedent, then I.ender ~t Leader's option, upon notice to Borrower, may make such appearances, disburse such - ~ sums and take such action as is necessary to protect I.ender's interest, ~ncluding, but not IimiteJ to, disbursement of ~ rea~nable attorney's fces and entry upon the Property to make rcpairs. If E.ender required mortgage insurance as a ~ condrti~n of making the loan secured by this Mongage, Borrower shall pay the premiums required to maintain such ~ insurance in eflect until such time as Ihc requirement for such insurance terminates io accordance with Borrower s and $ ~ . ~ n~ n6 354 ~ rv . soCX 2;.~ PrGE - ~ ~ ~r ' -{~~~-~:~'w_~"~z.e~`t~ r___, ; ~s. ~ ~~:~.a4`~