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Home My WebLink About0625 Ut+t~aw Covanenrs. Borrowar and Lende~ coveoant and st~a ss toliow:: 1. hlrweN o1 lrM~t~l ri INeral. 8otrovrer shall pranptly psY when due the principal ot :nd intereq on the ihdebtednett evidenced by the•NMR prepsymeot and lat~ chargec a.c ~xovided in the Note, and the pri~cipal ot and ioterat . on my FWure Advances securod by this Mortjate. ' 3. Fr~i tos T~~ ~i Lwe~ce. ~bject to applica~+k taw to a written waive~ by l.eode~. 8orrowe~ sha11 pay to Lender oo the day monthly inuallments ot principal and interect an payahk undt~ the Note. uotil the Note is paid in tult. a suen (heroin "Fundt'ti eqwl to o~e-tweltth o( ~he yea~l~• as~y arn! assessments which may attain priority ove~ this Mortja~e. snd ~round rents on tbe Propeny. it any. E+Ius w~e-tweltth of yearly premium installmeots for haza~d inwrance. pl~u oae-twtltth of yearly promium iostallments tor mongage insurance, if any. all u reuonably estimated initially and tmm time to time by Lender on the bssis of assaxmcnts a~d hills and rouonabk atimates thereof. The Funds shall be beW in an instiwlic?o ~he depus~a or ~accounts of which aro i~red or auarantoed by a Federal 01' sute ajency (iocluding Lender if Lcnder is such an ittstitution). 1_ender shall apply the Funds to pay said taxa. assasments. irouranoe premiums and =wur~d rcets. I.ender may not chsrge for u+ holdina snd applyins ~he F~inds. analyzin` said account, or verifyin~ and complint uid assessments and bitls. unless ~Lender pays 8orrower intercst on the Funds and applicabk law permits Lender to make such a charge. Borrowe~ aad L,ender may atrce in writing at ~he time of esccution ot this Mo~a=e that i~terat on the Fuads shall be p~aid to Borrower. and unless such aareemene a made o~ applicabk law requira such interest to bt paid. Ltnder shall no~ be rcquired to pay Bonower any intercst or earnings on the Funds. Lende~ shaU pve to Borrower, witl~out charge, an annual accounting ot the Funds showing c~edits and debits to the Funds and the purpose for which each debit to tbe Funds was made. The Funds are plodgod u additional socurity for the sums secured by tAu Mortta~e. - If tbe amount o[ tbe Fuad: held by Lender, together with Ihe future monthly installments of Funds payable prior to tbe due data of taxa~ assasmeats. i~nurance premiums and g~ound rcnts, shall exceed the amount roquired to pay said taxa. suwmeats, ituunnce ptemiums snd ground rrnts u they fall due, such excess shall be. at Borrower s option, either pranptly repaid to Borrower or croditcd to Borrower on monthly i~stallments of Funds. If the amount of the Funds beld by Lender shaU not be wf6cient to pay taxes. aasasments, insurance premiums and ground rcMs ss they [all-due. Bormae~ ~all Qay to l.ender any amount ~sary to make up the deficiency within 30 days trom the date notice is maikd by I.zaier W Borrower requesting payment thercof. ~ ~ Upon payment in fu11 of all sutns :ecueed by this Mortgage, l.ender shall promptly refund to Bormwer any Funds held by Leader. If ur~der par~graph 18 hercof the Property is sold or the Property a otherwise acquircd by Lender, Lender s6a11 apply, ra later than immediately ptior to the sale of the Property or its acquisition by Lender. any Funds held bv I.Qader at the time of apptication as a crcdit against the sums secured by ihis Mortgage. -3. A~plicatio~ ot ta~e~es. Unless applicable law provida otherwise, all payments receivod by Lender under the Note and paragraphs 1 and 2 henof shall be applied by 1_ender first in payment of amounts payable to l.ender by Borrow~r under paragraph 2 hereof, then to intercst payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. - 1. C6srtes; Lieas. Borrower shall pay all ~aaes, assessments and othcr charges, fines and imposilions attributable to t6e Propecty which may attain a priority over this Mortgage, and lezsehold payments or ground rents, if any, in the manner . provided under paragraph 2 hercol or, if not paid in such manner, by Borrower making payment, when due, directly to the payoe theroof. Bwrower shall promptly furnish to Lenckr all ~notices of amouats due under this pariaraph. aad in the event Borrower shall make payment dirutly. Borrower shall promptly furnish to I.ender receipts evidencing such payments. Borrower shall ptnmptly discharge any lien which hu pnor~ty over this Mortgage: provided, that Borrower shall not be rcquircd to discharge any such lien so long as Bc~rrowe~ shall agree in writing to the paymtnt of the obligation securcd by suth lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defenJ enforcement of such lien in, legal proceedings which operate to prevent the enforcement ot ~he I~en or forfeiture of the Prop~rty or any part theroof. 5. Hazud Inwn~ce. Borrower shall keep the ~mprovements now existing or hereafter erected on the Property insurod against loss by 6re; hazards included withm the term "extended coverage", and such other hazards u 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 secured by this Monaa~e. 'ILe insura~ce carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided. thst such approval shaU not be unreasonably withheld. All premiums on insurance policies shail be paid in the manner provided under paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment. when due, di~+ecdy to the inwrance curier_ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mongage ~ clauu in favor of and in form acceptable to Lender. Lender shall have the tight to hold the policia and renewals thereof, ~ and Borrower shall promptly furn~sh to Lender all renewal notices and all receipls of paid prcmiums. ln the event of loss, Borrower shall g~ve prompt notice to the insurance carrier and LenJer. Lender may make proof of loss if not made promptly ~ by Borrower. ~ e Unlus Lender and Borrower otherwise agree in writing, insuranc~ proceeds shall be applied to restoration or repair of ~ the Property damaged, proviekd such restoration or repair is economically feasible and the security of this Mortgage is not thereby impa~red. If such rcstoration or rcpair is not economically feasible or if the security of this Mortgage woufd ~ 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 Bormwer, or i( Borrower fails to respond to Lender within 30 days from the date notice is ma~led by Lxnder to Borrower that the insurance carrier ofiers to settle a claim for insur~nce benefits. l.ender is authorized to collect and apply the insurance proceeds at Lender's optiun either to restoration or repair of the Propertv or to the sums secured by this Mortgage. . Unless I.ender and Borrower otherwise agree m writing, any such epplication uf proceeds to principat shall not extend or ~postpone the due Jate of the momhly installmcnts rcferred to in paragraphc 1 anJ 2 hcreof or change Ihe amount of ~ such installmeats. If under paragraph 18 hereof the Prof,erty is acyuireci by LenJer, all right, title and interest of Borrower in and to any tnsurance policies and in and to the proceeds thereot resulung from damage to the Property prior to th~ sale or acquisition shall pass to Lender to the extent of the aums secured by th~s hfortgage immediaeely prior to such sale or acquisition. 6. Prraen~ation and lfaintenance of Property: Leaseholds; Condominiums; Planned Unit Derebpments. Borrower ~ shall keep the Property in good repair and shall not comrpit yraste or permit impairment or deterioration of the Property ~ ~ and shall comply with the provisions of any lease ~f this Mortgage i~ on a leaschold. lf this 1?tortgage is on a unit in a ~ condominium ~r a planned anit development, Sorrower shall pertorm all ot-Borrower's obligations under the declaration ~ or coveoants creat~ng or governing Ihe condnm~nium or planned unrt develupment, the by-laws and regulations of the _ condominium or planaed unit development, and constiwent documen~~. If a cundominium or planned unit development ~ rider ~s executed by Borrower and recorded ts?gether w~th th~~ Mortgage, thc covenants and agreements of such rider ~ shall be incorporated ~nto and shal! amend anJ supplcment the co.enants and agreements of this Mortgage as if the ri~er were a part hereof. 7. Protection ot Leade~s Security. If R~rn?wer fa~lti t~ periorm the coven:~ms and agreements contained in this Mortgage, or if any act~on ur proceeding ~c r~~mmenre~l which matcrially afTects I.ender's ~nterest in the Property. " includ~ng. but nut limi~ed to. em~nent dumam..inw.l~enc~•, cixle enf~?r~emcnt. ~,r arr~ngements or proceedings invol~ing a ~ bankrupt or decedent. ihen Lender at I.enJei s option, u{x~n n~~~~ce t~, Borrower, ma~ make such appearances, d~sburse such sums and ~ake such ac~iun a~ rs necec~ar~• lu prutect Lender's m~crest, incluJing, but not Iim~~eJ to, disbursement of ~ reawnable attomey's fcec and emry u~xm thc Propcny to makc repairc. If LcnJer rcyuireJ mortgage insurance as a ~ condu~on of mak~ng Ihc loan ticcureJ b}~ thi~ l11~~rtgagc. B~.rruNCr shall pa}• thc prcmiums rcquired lo maintain such ~ insurance in elfect un~il wch time as ~he reyiiirement for wch msuranrr trrm~nate~ in accordance with Borrower's and , ~ ; ~ BuoK 303 PA~E fi24 . ~ ~ _ ~ _ , . - . f~~~~ ~ , ~ . - - - ~~~~~~-~x~ . : r ~