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Home My WebLink About0153 Ut+~~o~uN CoveN~Nn. Borrowe~ and Lende~ covtnant and a~rce u follows: 1,. layweN of l~Mic~i a~i l~te~eH. Bwrower shall p~omp~l~• pay when due the principal ot and interest on the ~ndebtednai evidenced by the Note. ptepayment and late chargec ac provided in the Nole, and the principal o[ and intcres~ on say Future Advances secured by this Mortga~e. 2. F~ui tor Tuea swi I~wruce. Subject to applicablc law ur lo a written waiver by l.ende~. Bor*ower sl?all pay to l.ender o~ ~he dsy monthly iostallments of principal and ~ntcrc~~ rrc paysble under the Note, until the Note is paid in tull. a:um (herein "Funds") equal to one-twelfth ot the yearl~ uac~ anJ asxssments which may attain priority over this Matjaje, and `round rents on the Propeny. if aoy, plus one-twelGh ot yea~ly prcmium i~stallments [or haxard insurance. plus one-twelfth ot yearly premium insullmen~s tor mortgage insurancc. if any, all as reuonably estimated initially and from ame to time by Lender on the buis of assessmcnts and hills and reasonable estimata thenof. 'ilfe Funds shall be held in an institution the deposiu or accoun~s of which are insured o~ guan~teed by s Fedenl or slate agency (including Lender i[ l.ender is such an inslitutionl. I.ender shall apply the Funds to pay sa~d uxa. useumenu. insurancx ~emiums and ~rou~d rents. !_e~der may not charge Ior se?~holding snd applying Ihe Fundc. analyzing caid actount. or veritying aod compiling said asseuments and bills, unless Lender pays Bonower imerat on the Funds and applicable law permits Leoder to make such a charge. Barrower and I.ender may agrce in wnting at the time of execWion o[ this j Mortgage that interat on the Funds shall be paid to Borrower. and unlas such agreement is made or applicable law rcquircs such intercst to be paid. l.ender shall not be rcquircd to pay Borrower any interrst or earnings on the Funds. l_ender shal! give to Borrower. without charge, an annual accounting of ~he Funds showing credits and debits to the Funds and the purpose for which eaeh debit to the Funds was made. The Funds are pledged as additional security for ~he sums secured by this Mortpge. If tbe amount o[ the Funds held by Lender, together with the futurc monthly installments of F~mds payable prior to tbe due data of tues, auessments. insurance prcmiums and ground rents, shall exceed the acnount required to pay said taxes, sssps~nents, insurance prcmiums and ground rcnts as they (all due, such excess shall be, at Borrower s oplion, either prompQy rcpaid to Borrower or credited to Bormwer on monthly installments of Funds. 1f the amount of ~he Funds held by Lender shall not be sulficieat to pay taxa. assessments, insurance premiums and ground rents u ~hey fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower rcquesting paymcnt thercof. Upon payment in full of all sutns Kcured by this Mor~gage, i.ender shall promptly retund to Borrower any Funds held by l.ender. If under puagraph 18 hereof the Property is sold or the Proper~y ~s aherwise acquircd by Lender, Lender shall spply. no later than immediately prior to the sale of the Propeny or its acquisition by l.ender, any Funds held bv L.eoder at the time of application as a credit against the sums secured by this Mortgage. 3. Applicatbs of Paymeets. Unless applicable law provides otherwise. all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by 1_ender first in payment of amounts payable to Lender by Borrower urtder paragraph 2 hereof, then to inter~st payable on the No~e, then to tne principal of the Note, and then to inte~est and principal on any Future Advances. 1. C6arges; Liens. Borrower shall pay all taxes, assessments and othcr charges, finec and impositions attributable to tbe Property which may attain a pnority over this Mortgage, and leasehold payments or ground rents, if any, in the manner ptuvided under paragraph 2 hereof or, it not paid in such manner, by Borrower making payment, whe~ due, directly to the payee theroof. Borrower 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 furnish to Lender receipts evidencing such payments. Botrower shall promp~ly discharge any lien which has pnority over this Mortgage; provided, that Borrower shall not be rcqwred to discharge any such lien so long as Borrower shall agree in writmg to the payment of the obligation securcd by such lien in a manner acceptable to Lender, or shall ~n goo~ faith contest such lien by, or defend enforcement of such lien in, legal proceedmgs which operate to prcvent the enfurcement of the lien or (orfeiture of the Property or any part thercof. S. Hazard Insurance. Borrower shall kcep the improvemem~ now existing or nereafter erected on th~ Property insured against loss hy fire, hazards included with~n the term "eXtendeJ coverage", and such other haiardc as Lender may reyuire and m such amowits and for such periods as Lender may reyuirc; provideJ, that Lender shall not require that the amount o( ' such coverage exceed that amount of coverage required to pay the sums secured ~by this Mortgage. i The msurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approva! shall not b~ unreasonably withheld. All prcm~ums on insurance policies shall be paid in the manner ~ provided under paragraph 2 hereof or, ~f not paid in such manuer, by Borrower making payment, when due, directly to the E insuraoce carrier. ~ All insurance Ewlicies and renewals thereof shall be in furm acceptable to Lender and shall includ~a standard mortgage ; clause in favorof and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, ~ and Borrow~er shalt promptly furnish to Lender all renewal not~ces and all receipts of paid premiums. In the event of loss. `r Borrower shall gi~e prompt notice to the insurance carrier and LenJer. LertJer ma}~ make proof of loss if not made promptly ; by Borrower. 3 Untess Lender and Borrow•er othervvix agree in wnUng, insurance proceeds shalt be applied to restoration or repair of ~ the Property Jamaged, prov~Jed such re~torat~on or repair is economically feasible and the security of this Mortgage is ~ not thereby~ impaired. If such restoration or repair is n~Tt rconomic~lly feasible or if the security of this Mortgage would ~ be impaired. the insurance proceeds shall be applied to the sums secured b~• this Mortgage. with the excess, if any, paid ; to Borrower. If the Propert}• is abandoned hy Borrower, or it Bormwer fails to res~nd to Lender within 30 days from the ~ date notice ~s mailed b} Lender to Borrower that the insurance carrier ofiers ro senle a claim for insurance benefits, Lender " is authorrzed to collect and apply the insurance proceed~ at l.ender's uptiun either to restorauon or repa!r ot the Pmpert~~ ~ or to the sums secured b}~ this Mortgage. Unless Lender and Borrower otherwi~e agree in v?nhng. an} such applica~ion of prckeeds to princ~pal shall not ettend ` or postpone the duc d~te of the monthl~ installmcm~ referred i~~ ~n paragraph~ 1 and 2 hercof or change the amount of such installments. If under paragraph 18 hereof the Propertq is ecywreJ hy Lcndcr, ~II nght, title and iaterest of Borrower ~ ~n and to any tnsur~n~e policies and in and to ihe proceeds thereof resulting from Jamage to the Properry prior to thc s~le ~ or acywsiUon shall pass to Lender to the e~tcm uf the ~um~ lecured by this :~tortgage immediately pnor to such sale or `L acquisition. ~ 6. Presenation aod ~laiotenance of Propedv; I.easeholds Condominiums; Plaoned Unit Uevelopments. BorroHCr 4 shall kcep thc Froperty in good repair and shall not comro~~ riastc or permit impairment or deterioration of the Property _ and shall comply H•ith the provisions of any lease ~f thi, Murigage on a leaschold. If this Mortgage is on a unit in ~ condominwm or a planned unrt de~elopment, Borrower shall ~.~rtorm all of Borrawer's obligations under the declaratwn or covenants creatmg or guverning the condominium or planned umt development, the by-laws and regulation~ of the conduminium or planned unit development. .md constiwent ~~ume~t~. I( a cundominium or planned unit development _ nder ~s executrd by Borrower and recorded a.gether w~th thi, ~t~~rtgage. the covenants and agreements of such nder shall be mcorEx~rate~l into and shall amend anJ supplement the co.cn~nt~ an~i agreements ~~f thiti Murtgege as ~f the ri~er v?ere a part hercof. ~ 7. Protection o( Ixnders Se~Lrity. If Bc~rr~~~er f.~~lti t~+ Fxrf~~rm the cnvenant~ an.l agreements rontained in thic Mortgage. or i( any~ acliun ur prcxced~ng i~ c„mm~nce.l .+hich ma~~riall~ ,,tT~c~~ I.en~ler'~ imere~t in the Pmperty. ~ i > ~nclud~ng. hut nrt hmited tu. rmincnt domain. im~~hcnc~, .~~dr rnf~~r~emrni. ~~r .~rranKemrnic ~~r ~r~keedin~s inve~lving a bankrupt ur decrdent. ~hen t.ender at I.ender'~ opuon, uFx~n n~~t~ce t~~ Horre~wer, ma~ m;~kr tiuch a~+~xarances. ditihune such ~ sum~ ~nd tal~~ such actiun ~s neceuan tu prutect Lender'. mtrrest. mrlu~iin?. but rx~t limited tu. d~~bursement ~f ~ ~ reasonahle ait~~mey~~ Ire. and cn~ry i~Ex~n Ihc ProFxrt}~ M m:~kc repairti. It I.rnder reyuircd m~~rt~age in~ur~nce a~ a ~ condit~un ~~t niaking ~hc Inan ~ccured M thi+ ~t~~rtga~~. B~~rr~~~rr shall pa} thc prcm~uin? rcyuireJ to meint.~in such ~ insuran~c in rtfrct until tiuch timc as thc r~yuirrinent f~~r .uch ~murancc Irrminatr. in .~r.ordanrr wi~h B~~rr.~wcr', and ~ ?~'~f ~V4 . ~r: _ 153 T"f . . "c-~ . . . ' . . . 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