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Home My WebLink About0454 UN~~o~w CoveN~Nts. Bormwe~ a~d Len~ier covenant and ag~et as tollows: 1? hyweN ot ~~i~c}~I ~i iNcnst. Bo~ruwer shall prumptl~~ pay when due the ptincipal ot and interest on the indeDtednas evide~ced by the Note. prepayment and late charge. a~ provided ~o the Note, and tAe pnncipal o( and ~nteres~• on aay Future Advances securod by this Mortgage. 3. Fbsi lor Ta~[N a~i I~wra~ce. Subjeu ~o applkahk law .ir ~o a writ~en waiver by Lender~ Bormwer shsll pay to L,ender on the day monthly installmen~s ot prin~:ip~l anJ ~niorr~~ ~rc payable under the Note, until the Note ~s paid in tull, a tum (he~+ein "Fund~") eqwl to one-tweltth af the yearl~ ia~~. ~nJ usessments which may attai~ pnority over this Mortjaje. and ~round rents on tbe Property, if any, plus ~e-~wel(th of yearly prcmium installments [o~ h.uard insurance. plus one-tweltth of yearly pnmium installmems for martgage insurancc, if any, all as rcasonably estimated initially and tmm time to time by Lender on the buis of assescmcnts anJ hills and reau~nabk atimata thercof. 71~e Funds shall be hefd in an institutean ~he depoau or accaunts of which are insurcd or ~uarantetd by a Federal ol' state agency (including Lender i[ Lender is such an inslitutionl. I.ender ahall apply the Funds to pay said laxa. assessmen~s. insurance prcmiums and gtound rcnts. 1 ender may no~ cbarge ~or sc? holding and applying the Fundc. aoalyzing aaid account. or verifyin~ and compling said assessments and hill~, unless l.ender pays Borrowe~ ioterest on the Funds and applicable law permits Lender to make such a charge. Bc~rrower and LenJer may agree in writing at the time of execution of this Mongage that interat on the Funds shall t~e paid to Borrower, and unless such agreement is made or appiicable law rcquites such interat to be paid, Lendrr shall not tx rcquired to pay Borrower any interest or ta~nings on the Funds. l.ender shall give to Borrowet, without charge, an annual accounhng of the Funds showing credits and debits to the Funds and ihe purpose for-which each debit to the Funds wa~ made. 7he Funda are pledged u additional security for ~he sums secured by this Mortgage. If t6e amount of the Funds held by Lender, together with the future monihly instaUments of Funds payable prior to the due data of tues, atsessments, insurance premiums and ground rents, shall exceed Ihe amount required to pay said taxes, assatt+nents, insurance prcmiums and ground rents as they" fall due, such excess shall be, at Borrower s op~ion, either pranptly repaid to Borrower or credited to Borrower on man~hly installments of Funds. I[ the amount of the Funds held by Lender shall not be sufficient to pay taxes, asxssments, insurance premiums and grou~d rents as they tall due, Borrower shall pay to t.ender any amount necusary to make up the deficrcncy within 30 day~s trom the date notice is mailed by Lender to Borrower requating payment thereof. Upon pay~nent in lull of all sums ucured by this Mortgage, l.eoder shall promptly refund to Borrowtr any Funds held by Lender. If under puagraph 18 hereof the Property i~ sold or the Property ~s otherwix acquircd by Lender, Lender sball apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Func' held bv Lender at the time of application as a credit agamst ~he sums secured by this Mortgage. 3. Application ot Paymeots. Unless applicable law• provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Len~ler fiRt in payment o( amounts payable to Lender by Borrower under paragraph 2 hercof, thsn to interest payablc on thc Nute, then to thc prin~ipal of the Note, and then to interest and ~ principal on any Future Advances. Charga; Litas. Borrower chall pay all ta~e~. a~srstimrnts and i~thcr charges, fines and ~mpositions atlr~butable to the Pcoperty which may atuin a pnority over thi+ Rlortgage, and leasehotd payments or ground rents, if any, in th~ manner provided under paragraph 2 he~eot or. ~f n~K paid ~n such manner, by Borrower making payment, when due, directly to the psyee thereoL Borrower shall promptty furn~sh tu LenJer all not~ces of amounts due under this paragraph, aod in the event Borrower shatl make payment directly, Barruwer chall prompdp (urnish to Lender r~eipts evidencing such payments. Borrower shall promptly discharge any lien which has pr~onty A4er this Mortgagc; proviJed, that Borrower shall not be rcquired to discharge any such lien so long as Borrowrr shall agrce in writ~og to the payment o( the obligatiun securcd by such lien in a manner acceptable to Lender, or ~hall ~n ga~J fa~th cuntest such lien by, or defend enforcrment of such lien in, lega) proceed~ngs which operate to prevent the enfurcement of the I~en or [orfeiture of the Propeny or any put thercof. S. Hazard Insu~ance. Borrower shall keep the ~mpro~cment~ now ciisting or hereafter erectcd on tht Property insured against loss b}• fire, hazards included w~thin the term "c~tcndcd cuveragc", and such other hazards as Lender may require and in such amounts and for such pcriods as Lender may rcyuirc; provided, that Lender shall not require that the amount o[ such coverage eacerd that amount of coverage reqwred to pay the cums secured ~by this Mortgage. The ~nsurance carner providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreaconably withheld. All premiumc on insurance policies shall be paid in the manner provided under paragraph 2 hereof or. ~f not p:.id in ~uch manner, by Borrower making payment, when due, directly to the insurance carrier. All insurance poli~ies and reneaals therr.>t shall t,e in form acceptable to LenJer and shall include a standard mortgage clause in favor of and in form acceptable tu I.ender. l.ender ~hall have the right to hold the policiea and renewals thereof, and Borrower shall prompUy furn~sh to Lender all rrneual nouces and all rec~ipts of paid premium~. In the event of loss, i Borrower shall grve prompt nouce to the insuranre carner and LenJer. LenJer may make proof of loss if not made promplly by Borrowcr. ~ Unless Lender and Borrower otherwik agrer in wn~ing, insurance proceeJs shall be applied to restoration or repair of the Property damaged, provided such re~torat~on or repa~r ~s ec.~~omically feasible and the security of this Mortgage is not ~hereby impaired. If such restoratiun or repa~r is n~~t rron~~mirall}~ frasihle or if the security of this Mortgage would be impaired, the insurance proceeJs shall be applied to ~he wms secured by this Mortgage, with the excess, if any, paid to Bortower. If the Propert~ is aband~ned hy B~rmw•er. or ~t Borrower tails to reapond to Lender within 30 days from the date notice is mailed by l.ender to Borrower that thr ~nsurance carner ofiers to settle a claim for insurance benefits, Lender is authoriud to collect and apply the insurance pn~ceeJ~ :it LenJer's c?pnon either to resturauon or repaer of the Propertv ~ or to t6e sums securai b}~ this ,~fortgage. Unless Lender and Borrower otherw~.e agree ~n uriUng. ~m cuch application i~f prcxeeds to prine~pal shall not extend or postpone ~he due date ot ihe mimthl~ in~tallment~ rcferrcd t~+ in paragr~ph. I and 2 hereof or change the amount of such ~nstallmentc. If under patagraph I8 hcreof thr t'rupert~~ acywred h} Lendcr, ali nght, t~tlc and interest of Borrowcr in aod to any tnsurance policies and in and tc~ th~ praceedti thereot resulung from damage to the Property prior to th~ sale or acquisition shatl pass to Lender to the extcnt of thc ~umti ~ccurrd by this ;~1or~gagc immediately prior to such sale or acquisition. ' " 6. Presen•ation aod Maintenance of Propert~; Leaseholds; ('ondominiums; Planned Unit Developments. Borrovrcr shall Iceep the Property in good repair and shall not cumrvn y+xste i~r permu ~mpairment or deterioration of the Property and sha11 comply with the provisions uf any lea~ ~t ~h~. Mur~g.~ge ,,n a Irasehold. If lhis Mortgage is ~n a unit in a condomin~um or a planned unrt devel~~pment. Borr~~wer .h.,ll ~xrturm all uf Borrower's obl~gations under the declarahun or covenants creabng or governing the condt~minium ~~r plannrd umt development, the by-laws and regulations of the condominium or planned unit development. .+nd cuntititucnt d~xumcnt. If a c~~ndominium or planned unit Jevelopmcnt nder ~s executed by Borrower and rece~rded n+gether H~th th~~ M~•rtgage. ~he coven;,nts and agreements of such ridrr shall be incorporated ~nto and shall amend .irni tiuppl~•ment thc cu:enantti anJ ~greements o( th~s Mortgage as-~( the ri~er : were a part hereof. s 7. Proteclion o( Lenders Security. If R~~rr~~~er f,~~i~ ~r prrt~ttm the covenams an~i agreements c~ntained in this Mortgage, or if any act~un ~~r pro.ee~ting i~ ~~~mmrn~e~1 uhi~h nr~tcnalh ,+IT~ctti I en.ier'~ mter~~t in the Prcipeny, including. bul n~~t lim~led tu. ~minent dum.un. inti~~l~.crr_~. ~t~dr ent~~r.em~nt i~r :~rranKrmenK i~r prekecdings ~nvohing a bankrupt or decedent, then I.ender at I en~lrr'. ~~~~~„~n. ;~~~n n~~u.•e BC~ff:~NC(, (lld~ m,~ke such appearances, dishurse such sums and Iake such ~cucm a~ is nccc..:+n t,+ pn~tr~t L~ndcr'. imcrc~l, i~clu~l~ng. hut n~t I~mrtcd to, ilisbursemcnt o( reasonable anomey'~ fce~ and ~n~ry u~~~n ~hc !'ii~~x•rn t~~ n~el~r rcpair. lf I.rnder rryiiired mortgage in~urance ac a cond~hoo o( making thc loan ucureJ h~ thiti ~t~~rtc.~cc_ N~~rr~~w~r thall ~e~ thr prcmium~ rcquireJ l~ maintain such insurance in rf(ect until tiuch umc a~ thc rcyinrrmcnt t~~r .uch ;n.u~anr~ trrminatr~ in .~c;ordarur wi~h Borr~~NCr', anJ ao~~ 297' P~~F 454 ~ _ _ ' . . _ ~ ~~~,u ~ _ ~ ~ , . _ . . . ~ ~