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Home My WebLink About0083 t , ~ . y. , ~ ~ ~T,.,~` , UNtFn~tt?t CoveN~HTS. Borrower and Lender covenant and agree as tollows: l. Pa,rn~est ot Prtac{pai ana laterest. Borrower ahall promptly pay when due the principal ot and intereat oo the indebtedneu evideaced by the Note. prepayment aad late charges as provided in the Note, and the principal of and interest on any Futurc Advances secured by this Mott~a~e. 2. Fbsdr for Tau~s ~sd leqnace. Slrbject to applicabk law or to a wrilten waiver by Lender. Boirowe~ shall pay to Lender on the day monthly instdlmenta of principal and interest are payable under the Note. until the Note is paid in full. a tum (herein "Fund~") equal to one-twelfth of the yea~ly taxes And assessments which may attain prio~ity over this Mo~lgage, and ground ren4 on the Pcopeny, i! any. plus ot~e-twelfth of yearly premium installments tor hazard insurance. plus onatwelfth of yearly premium installments for mortga~e insurance. 1( AOy. all as rcasonably estimated initially and from time to time by I.ender on the basis of usessments and billa and reasonable estimates thercof. 7?~e Funds shall be held in an institntion the depoaiu or accounts of which are insurod ot gwraatead by a Federal or state a~ency (including Lendes if Lender is such an institution). Lender shall apply the Funda to pay aaid taua. auestmeats. insurance pnmiums and grouc~d ~ents. Lender may not charge for so holding and applying the Funds. analyzing said account, or verifying and compling said assessments and bills, unless Lender pays Borrower interat 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 ot this Mortgage that interest on the Funds shall be paid to Bonower, and unless such agreement is made or applicable law requires such interest to be paid, Leoder shall not be rcquired to pay Burrower aoy interest or earnings on the Funds. l.ender shall Yive to Borrowet, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which tach debit to the Funds was made. The Funds are plodged as additional xcurity for the sums secured by this Mortga~e. ~ If the amou~t of the Funds held by LenJer, together with the future monthly instaUments of Funds payable prior to the due data of taxes. assessments. inaurance premiums and ground rents, shall exceed the amount required to pay said taxes. asxssments,. insurance premiums and ground rents as they fall due, such excess shall be, at Borrower s option, either prompUy repaid to Borrower or crcdi~ed to Borrower on monthly installments of Funds. If the amount of the Funds held by Leader shall not be sufficieat to pay taxa. assessments, insurance premiums anJ ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency withi~ 30 days from the date notice is mailed by Lender to Borrower rcquesting payment thereof. Upoa payment in full of all aums sccured by this Mongage, I.ender shall promptly rofund to Borrower any Funds held by I.endtr. If under paragraph 18 hercof the Properly is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquiaition ~x 1.endCr...a~y Funds held by Lender at the time of application as a credit against the sums securod by this Mortgage: 3. Application of Paymeots. Unless applicable law provides otherwise. all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by I_cnder first in payment ~f amounta payable to Lcader by Borrower under paragraph 2 hercof, then to interest payable on the Note, then to the principal of the Note, and then to interest and _ principal on any Future Advances. 4. Charges; Lkas. Borrower shall par aU taxes, as~sessments and other d~arges, Rnes and ~impositiQns attributable to tht Property which may attain a priority over this Mortgage, and leatehoid payments or ground rents. if any, in the manner providcd under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. directly to the payee ther~eof. Borrower shall promptly furnish to Lender aq notices of amounts due under this paragraph, and ia the event Borrower shall make payment directly, Borrower shall promptly fumish to l.ender receipts evidencing such payments. Borrower shall promptly discharge any lien v?•hich has priority over this Mongage: provided, that Borrower shal) not be requirod to disebuge any such lien so long as Borrower shall agree in writing to ihe payment of the obligation secured by suc6 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 wfiich operate to prevent the enforcement of the lien or fodciwre of the Property or any part therwf. S. Hszud Insurance. Borrower shall keep the improvements now existing oF hereafter erccted on the Property insured agai~t loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may reyuire and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage excced that amount of coverage required to pay the sums secured by this Mortgage. ~ '[he insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, i that such approval sball not be unreasonably withheW. All premiums on insurance policies shall be paid in the manner j provided uader 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 Lender and shall include a standard mortgage j clause in favor of and in form acceptable to Lender. L.ender shall have the right ta hold the policies and renewals thereof, ~ and Borrower shall prnmptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower. . ~ Unlest Lender anU Borrower other.v~se agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property datnaged, proviJecl such restoration or repair is economically feasible and the security of this Mortgage is ~ not ~hereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would ~ be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid ~ to Borrower. If the Propeny is at±andoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ ~ date notice is mailed by Lender to Borrower that the insurance carrier offers to setUs a claim for insurance benefit~, Lender ~ is aut6orized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the ProperEy ~ or to the sums securod by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or pcutpone ~he due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of ~ such installments. If under paragraph 18 heroof the Property is acquired by L.ender, all right, tide and interest of Borrower ~ in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale ~ or acquisipon shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. ~ 6. Preservatbn and Maintenaace of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower ' ~ shali keep the Property ia good repair and shall not commit waste or permit impairment or deterioration of the Ptoperty ~ and shall comply with the provisions of any lease if this Mortgage is on a leasehold_ If this Mortgage is on a unit 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 conJominium or planoed unit development, and constituent Jocuments. If a condominiom or planned unit development riJer 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 covenants and agreementa of this Mortgage as if the rider were a pact hereof. ; 7. Protection of Leader's Security. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage, or if any action or proceeding is commenced which materially afiects Lender's interest in the Property. ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ bankrupt or decedent, then I_ender at Lender's option, upon notice to Borrower, may make such appearances, disburse such i sums and take such action as ~s necessary to protect Lender's interest, including, but not limited to, disbursement of ~ rcasonable attomey's fecs and entry upon the Properry to make repairs. If Lender required mortgage insurance as a ~ condition of making the loan secured by this Mongage. Borrower shall pay the premiums required to maidtain such y insurance in efiect until such time as the reyuirement for such insurance terminates in accordance with Borrowers and ~ , ' ~ , • 9i00K ~7 PACE ~ - ~ ~ ~ ~ ~ r~~ _ F ~ ~ ~ r.~., , - >..m~, ~