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Home My WebLink About0971 UNtPOAM COVBNANTB. Borrowc~ and Lencier covenant and agree as tollowa: 1• l~~ea! ot P~incipal ~ lalerat. Bo~mwer ahall promptly pay when due the principai of and intercst on the indebtedness eviderxxd by the Note. prepayment and lato charga as provided in the Note. and thc principal of and intercst on aoy Futuro Adv~nces secured by this Mortgage. 2. I~ads for Tua aed Iaae~~ee. Subjtct to spplicabk law or to a written waiver by i.ender~ Botrower shall pay to Lcnder on ~he day monthly inshliments of principal and interest are payable under the Note. until the Note is paid io [ull. a sum (herein "Fun~") equal to one-tweltth ot tF~e yearly taxes and assessments which may attain priority over this Mortgage. and ground nnts on the Pc+operty. if any. plus one-twelfth ot yearty premium installmeots for hazard insurance. pltss otte-tv~t!!th of yearly grcmium instaltt~?enis for martg~sg~ 'tniu~~nee, if ~ny. ~ti ~s r~~onably tstimated initi~ily a~d from time to timc by Lender on the basis of asseasments and bills and reuonable estimates thereof. '[l~e Funds shall be held in an institution the depoaits or accounta of which are insured or guarant~d by a Foderal or atate agency (including Lender if Lender ia such an institution). Lender shall apply the F1~nds to pay said tazes, assessments. insuranca premiums and graund rents. I.e~der may not charge for so holding and applying the Funds. analyziag said account, or verifying and compiling said assessmenu and bills, unless Lender pays Borrower intercst on the Funda and applicable law permits L.ender to make such a charge. Burrower and I.ender may agree in writing at the time of execution of this Mortgage that interest on the Fuads ~hall be paid to Borrower, and unless such agrcement is made or applicable law rcquires such interest to be paid, I.ender shall not be roquired to pay Borrower any interest or earnings o~ the Funds. Lender shall give to Borrower. without charge, an annual accounting of the Funds showing crodits and debits to the Funds and the purpose for which each debit to the Fur~ds was made. The Funds are pledged as additional security for the sums socured by this Mortgage. ~ If the amount of the Fundc held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taues. assessments. insurance premiums and ground rents, shall exceed the amount required to pay said taxes. asseasments. insurance premiums and grou~d rents as tliey tall due, such excess shall be, at Borrower s option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by L.ender shall not be sut6cient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Bonower shatl pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by I.ender to Borrower requesting payment thereof. Upon payment in full of all suma securcd by this Mortgage, I_ender shall promptly refund to Borrower a~y Funds ~ i?ciu u Li:IIUCi. l( Ui1liC[ i ti la Il~lCUI ifi~ YfU fi iS ~iu in iiYC ci~ ~i ~s t)iilctw~~c ac WICtI o LOI~UGt~ i.uiliucr - Y t%+~+~" P P~ Y ~ r y r s6a11 apply. no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Lender at tht time of application as a credit against the sums secured by this Mortgage. 3. Appijcatlon of Paymeab. Unless applicable Iaw provi~ks otherwise, all payments received by Lender under the - Note aod paragraphs 1 and 2 hereof shali be applied by 1_ender first in payment of amounta payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principa) of the Note. and then to interest and principa) on any Future Advances. 4. C6u~es; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attaip a priority over this Mortgage, and leasehold payments or ground rents. if any. in the manner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, dirocdy to the payee thereof. Bortower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event • Borrower shall make payment directly, Borrower shall promptly fumish to l.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be required 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 to Lender, or shal) in good faith contest such lien by, or defend enforeement of such lien in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Propeny or any part thereof. S.. Hazard Imsurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extendeii coverage". and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums securcd by this Mortgage. '[be insurance carrier providing tbe insurance shall be chosen by Borrower subject to approval by Lender, provided. - that such approval shall not be unnasonably withheld. All premiums on insurance policies shall be paid in the manner ~'I provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the insurance carrier. All insurance policies and renewals thereof ~shall be in form acceptable to [.enJer and shall include a standard mortgage clauu in favor of and in form acceptable to Lender. Lender shall have the right to hold Ihe policies and renewals thereof. ~ and Borrower shall promptly furnish to I.eoder 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. Unless Lender and Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or repair of the Propeny damaged, provided such rcstoration or repair is economically feasible and the security of this Mortgage is j not thereby impaired. If such restoration or repair is not economically feasible or if the security of ihis 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 Property is abandoned by Borrower. or if Borrower faiEs to respond to Lender within 30 days from the ~ date notice is mailed by I,ender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, I.ender ~ is aut6orizod to collect and apply the insurance proceeds at l.ender's option either to restoration or repair of the Property or to the aums securod by this Mortgage. ~ Unless I.ender and Borrower otherwise agree in writing, an~ such application of proceeds to principal shall not extend ~ or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragrap6 18 hereof the Property is acyuired by L.ender, all right, tide and interest of Borrower ; in aad to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale ~ or acquisition shall pass to L,ender to the eztent of the sums securod by this Mortgage immodiately prior to such sale or F acquisition. . ~ 6. Praervadon and Mnintenance oi Property; Leaseholds; Condominiums; Plaaned Udt Devdopmeats. Borrower . shall keep the Property in good repair and shall aot commit waste or permit impairment or deterioration of the Property ~ and shall comply with the provisions of any lease if this Mortgage is on a leasehold. !f 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 govern~ng the condomin~um or pianned unit development, the by-laws and regulations of the # condominium or planned uait development, and constituent documents. If a condominium or planned unit development - rider is executed by Borrower and recorded together with this Moctgage, the coveoants and agreements of such rider = shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider £ were a part hereof. ~ 7. Profectlon of Leoder's Security. I( Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenceJ which materially aftects Lender's interest in the Property, ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings invol~ ing a ~ banlcrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ~ sums and take such action as is nectssary to protect [.ender s intertst, including, but not limited to, disbursement of ~ reaaonable attomey's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower s and ~ ' ' ! ~~8 P'~ ~ 3?~ ; ~ . ~ 4 v ~ p ~ r~s ~ ~ s"::,s' ~~F4 ~~„~~'?~3.s.'`~~~:t5..`.~ ~'~+~E~` f . . - . ~+5."° ~ ~