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Home My WebLink About0162 i . \ . • ~ } UN/POAM COV@NANT3. Borrower and l.ender covenant and a~~ee as follow:: ~ 1. laymeat ot hincip~l asd IMerat. Borrowor ~hall promptly psy whon due the principal of and interest oo ihe ~ iadebtednesi evidenced by the Note. prepaytnent and late char~es as providod in the Note. and the principal ot and interest k on aay Future Advances secured by thi: Mon~aQo. ~ 2. I~~ds to~ Ta~s ~ni ia~orasee. Subject to spplka~le law or to a written waiver by l.ender. Borrowet shall pay ~ to L.ende~ on ~hc day mwuhly irwtaliments of principal and interc~ct are payaWe unde~ the Note. until the Nute is paid in lull. a sum (hercin "Fundt") oqual to one•twelRh of the yearly taxes ~nd ssse:sments which may attain priority over this Mon~~e, and ~round renu on the Property, if any, plu: one•twel(th ot yearly. preraium instalimena for hazard inaurance. plus one-tweltth of yearly premium installments for m~rt~~es iniurancc. it any. ali as reuonably wtimated initially and from - time to time by Lender oa tl~e buis of assossmenta aad bill~ snd reasonablo atimata theroof. . ~ The Fun~ shall be held in an inatitution 1he deposiu or accounts o[ w~hich ue insurod or guannteed by a Feder~l or :ute a~ency (inctudin~ L.ender if Lender is such an i~titution). l.ender shall apply the Funds to pay aaid tazes. assessments. , iniurance premiurru and `rouad rcnts. Lende~ may not char~e for ~ holding end applying the Funds. analyzing said account~ ~ or verifying and compilin~ uid asxasments and bill~. unku Lender pays Borrower interest on the Funds and applicabk law permits Lender to make such a char~e. Borrower and Lender may agree in writin` at the time ot execution ot this Mort~aQe that interat on the Funds shaq be paid to Borrower, and unless such a~rament is made or spplicabb law ~ requira such inte~est to be paid. l.ende~ ahall not be required to pay Borrower any interat or earain~a on tbe Funds. l.ender ~ shaQ ~ive W Borrower~ without charge, an annual socounting ot the Funda showing credib and debits to the Funds and the purpose for which eaeh debit to the Fu~ds was made. The Funcis are pleci~ed ~ additional socurity [or ihe aums seeurcd by this MortP4e. If the amount of the Funds held by Lend~r. to~eelher with the future monthly installmente of Funda payabk prior to the due data of taxa. a:seuments. insurance premiuma and ground rents. shall excood the amount roquirod to pay said taxa. sue~unents, insura~cx premiums and ground rents aa they tall due, such excess shall be. at Borrower's option. sither promptly repaid to Borrower or crodited to Borrower on monthly installments o[ Funds. i[ the amount of the Fun~ held by Lender shdl not be suflicieat to pay taxa. as~essments. insurancc premiums anJ gnound rents as they fall due. Borrower shall pay to l.ender any amount necaaary to make up the deficiency within 30 daya trom the date notice is mailed by Lender w Borrower requeating payment thereot. Upoa payment in full of all ~ums ~ecured by this Mor~gage,_ Lender shall promptly refund to Borrower any Funds ~ held by Lender. If under pars~raph 18 hercof the Property is s~ld or the Property is othenvisc_aequired by I.e~der, l.cnckr shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by ~ Leader at the time of application u a credit against the aums secured by this Mort~age. ~ 3. AMpllcatio~ ot Paydeob. Unless applicable law provicks otherwise, all paymenta received by Lender under the i Note and paragraphs I and 2 hereof shaD be applied by I.ender tirst in payment of amounts payable to I.ender by Borrower ~ under paragraph 2 heroof, t6eri to intereu payable on the Note, then to the principal of the Note, and then to interest and ; principal on any Future Advances. . 4. Crar~a; Lkes. $orrower shall pay all taxes, assessmenta and other charga, fines and impositiona attributable to the Property which may attain a priority over this Mortgage, and kasehold paymenis or ground rents. if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower maki~g payment. when due. diroctly to the ~ payee thercof. Borrower a6all promptly furnish to Len~ier all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly. Horrower shall promptly (umish to L.ender rccelpts evidenciag such payments. ~ Borrower shall promptly discharge any lieo which haa priority over this Mongage; provided, that Borrowet shall not be rcquircd 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 acceptabk to Lender. or shall in good faith contest such lien by, or deftnd enforcement of :uch lien in, t legal procoedings which operate to prevent the enfvrcement of the lien or'[orfeiture of the Property or any part thereof. ~ S. Hazud Ir~cance. Borrower ahall keep the improvements now existing or hereafter erected on ihe Propeny insured against lost by 8re, hazuds included within the term "extended coverage". and such other hazards as l.ender may require and in suc6 amounts and for such periods u Lender may reyuire; provided. that Lenckr shall not require that the amount of • ~ such coverage exe,ted that amount of coverage required to pay the sums secured by this Mortgage. 'I1~e i~uuranve carrier providing tbe insurance shall be chosen by Borrower :ubject to approva! by Lender. provided. ~ tbat such approval shall not be unnasonably withheld. All prcmiums on insurance policia shall be paid in the manner provided under paragraph 2 hereof or. if rwt paid in such manner. by Borrower msking paymeat, when due, directly to ihe , ;nsurance carrier. ~ All insursnce policies and renewalt thereof ahall be in form acceplable to l.enJer and shall include a standard mongage ` ` clause in favor of and in form uceptab{e to l.ender. Lender xhall have the right to hold the policies and renewals thereof. ~ and Borrower shall promptly furni~h to Lender all renewal notices and al! receipta of paid pnmiums. In the event o[ loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower. - - ~ Unleit Lender and Borrower otherwix agree in writing. insurance proceeds shall be applied to ratoration or r~pair of _ the Propeny damaged, provickd such rcstoration or repair is economically feaaible and the security of this Mortgage is ~ F not ~hereby imQaired. If such restoration or renair is not economically feasible or if the serurity of this Mortgage would ~ ~ be impaired, the insurancx procee,cls shall be applied to the sums uxured by this Mortg~ge, with the excesa, if any. paid ~ ~ .to Borrower. If the Property is abandoned by Borrower, or it Borrower [ails to respond to [.ender within 30 days from ihe f date nouce is mailed by l.ender to Borrower that the insurance rarrier oBen to setUe a claim for insurance benefits. Lender ~ y is authorized to colleet and apply tbe insurance procculs at l.ender's option either to ratoration or repair of the Property ~ or to tbe sums secural by this Mortgage. ~ Unless Lendar and Borrower otherwise agrce in wnting, any such application of proceeds to principal shall not exlend or postpone the due date of the monthly installmentc referrcd to in paragraphs 1 and 2 hereof or change the amount of :uch instsllments. under puagraph 18 hereof the Property is acyuired by Lender, all right. tide and interat of Borrower ~ in and to any insurance policies and in and to the proceeds thereof resuUing from damage to the Property prior to the sale ~ or acyuisition shall paas to Lender to the extent ot the sums securod by this Mortgage immediately prior to such sak or acqui:ition. ~ 6. treservadop asd Aff~ntenance ot Property; I.ea3elwlds;_ Gondominfums; Plsnned Unit Derelopments. Borrower ~ shall keep the Property ia good repair and shall not 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. If this Mortg~ge is on a unit in a ~ condominium or a planned unit devetopment, Borrower shall per(orm all of Borrower i~bligations under the declaration ~ ~ or covenanta creating or governing the condominium or planncd unit development, the by-lawa and regulations of the + ~ condominium or planoed ud'et development, and constituent Jocuments. I( a condc~minium or planned unit development ' rickr is executed by Borrower and recorded together with this Mongage, the covenanta and agroements of such rider r shall be incorporated into and shall amend and supplemcnt the covenants and agreementa af this Mortgage as if the rider ~ were a part hereof. ~ 9. Protectioa d Leoders Security. If Borrower t~ils to per(orm the covenanta and agreements contained in this ~ Mortgage, or if any action or proceeding is commcnced which materially aBe~:ts Lender's interest in the Propeny. E including, but not limited to, eminent domain, insolvency, code enforcemenl, or arrangements or proceedin~ involvins a ~ bankrupt or decedenl, then l.ender al Leoder's option, upon notice to Borrower, may make such appearances, disburse such ~ sums and take such action as a necesssiry to protect Lender's interest, including, but not limited to, disbursement of ~ ~ reawnsbk attomey's tees and entry upon the Property to make repairs. I( Lender requircd mortgage insurance as a ~ condition of making the loan secureci by this Mortgage, Borrower ihall pay the premiums required to maintain wch inturance in efiect until such time aa the rcquirement for such insurance terminatea in accordance with Borrower's and ~ UR ~ ~ - got,K299 1~ ~ l ~ _ _ . _ Y ~i ~v~.~y~ i~'~~ 3.. e i s,....._ _ . . . ~ •A' ~v.,e ~~'s-~`2