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Home My WebLink About0348 UN~FOR1?t CoveN.~NTS. Borrowcr and 4cnder covsnant and agree as follows: 1. Paymeat of Priacipal and laterat. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note. prepayment and late charges as provided i~ the Note, and ihe principal of and i~terest ; on aay Future Advances socured by this Mortgage. t Z. Fuads for Ta:as aad lawr~ace. Subject to applicable law or to a written waiver by Lender. Bonower shall pay i io I.ender on the day monlhly installments of principal and interest are payable u~dc~ thc Note. until the Note is paid in full, ~ a aum (herein "Fu~cis") equal to one-twelfth of the yearly taxes anJ assessments whicfi may attain priority over this Mortgage. sod ground rents on the Preperty, if any, plus ar.atwelfth of yearly premium installments for hazard insurance. i ptus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reaso~ably estimated initially and from ~ time to time by Le~der on the basis of assessments and bills and reasonablo estimates thereof. The Funds shall be held in an institution the deposits or accounts of which are insured or guarantecd by a Federal or state agency (including Lender if Lender is such an institution). ~ender shall apply the Funds to pay said taxa. assessments, iasurance premiums and ground rents. I.ender may not charge for so holding and applying the Funds, analyzing said account. or verifying and compiling said assessments and bills, unless Lender pays tiorrower interest on the Funds and applicable law permits LeaJer to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Fu~ds shall be paid to Borrower. and unless such agreement is made or applicable law rcquires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual ~ccounting of the Furnis showing credits and debits to the Funds and the ' purpose for which each debit to the Fu~ds was made. The Funds are pledged as additional security for the sums secured ± by this Mortgage. i If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments. insurance premiums and ground rents, shall exceed the amount required to pay said taxes. assessments. insurance premiums and ground rents as they fall due, such excess shall be, at .Borrower s option, either promptly repaid to Bormwer or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sut6cient to pay taxes, assessments, insurance premiums and ground rents as they 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 Borcower requesting payment thcreof. Upon paymant in full of all sutns secured by this Mortgage, l_ender shall promptly refund to Borrower any Funds held by l.ender. If under paragra~h 18 hereof the Property is sold or the Properry is otherwise acquired by Lender. Lender shall apply, no later than immediately prior to the sale of the Property or i!s acquisition by L.ender, any Funds held by Lender at the time of application as a credit against the sums secured by this Morigage. • 3. Applicatioo of Payments. Unless applicable law provides othervvise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by I_ender first in payment of amounts payable to I.ender by Borrower = under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and = principal on any Future Advances. 4. Charges; Lkns. Borrower shall pay all taxes, assessments and othcr charges, fines and impositions attributable to ~ . ~he Property which may attain 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, directly to the ~ payee thereof. Bonower shall promptly furnish to Lenckr all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly. Borrower shall promptly furnish to I.ender receipts evidencing such payments. , ~ Borrower shall promptly discharge any lien which has priority aver this Mortgage; provided, that Borrower shall not be ; required to discharge any such lien so long as Borrow~r shall agree in v?-riting to the payment of the obligation secured by i such lien in a manner acceptable to l.ender, or shall in good faith contest such lien by, or defend enforcement of such lien in, 2 legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the P~operty or any part thereof. S. Hazard Iasunace. Borrower shall keep the improvements now• existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as [.ender may require and in such amounis and for such periods as Leoder may require; provideJ, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. _ 'Ibe insurance carrier providing the insurance shall b~ chosen by Borrower subject to approval by Lender, provided, ? that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, directly to the ~ insurance carrier. - All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a stanJard mortgage ; clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and reneM~als thereof. and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss. Barrower shall give prompt notice to the insurance carrier and l_ender. 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 g the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would ; be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, w•ith the excess, if any, paid s to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ date notice is mailed by I.ender to Borrower that the insurance carrier offers to setUe a claim for insurance benefits, l.ender ~ is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property ~ or to the sums secured by this Mortgage. ; Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ? ° or postpone the due date of the monthly installments rcferred to in paragraphs 1 and 2 hereof or change the amount of ~ ~ such installments. If under paragraph 18 hereof the Propert}~ is acyuired by l.ender, all right, title and interest of Borrower = in and 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 Lender to the extent of the sums secured by this Mortgage immediately prior to s~ch sale or i acquisition. ~ 6. Preservation and Maintenanct of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower ~ shall keep the Property in 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. lf 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 governing the condominium or planned unit development, the by-laws and regulations of the condominium or planaed unit development, and constituent Jocuments. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants 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. Protection of Leader's Security. If Borrower fails to perform the covenants and agreements contained in this > Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Propeny. ; ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ _ bankrupt or decedent, then L.ender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ~ w sums and take such action as is necessary to protect l.ender's interest, induding, but not limited to, disbursement of Y reasonable attomey's fees and entry upon the Propeny to make repairs. If Lender required mortgage insurance as a ; ~ condition of making the loan secured by this Mortgage, Borrawer shall pay ihe premiums required to maintain such ~ T insurance in ef[ect until such time az the requirement for such insurance terminates in accordance with Borrower s and ~ ~ ' ' ~ ~ g~~r 304 348 HI~ - - _ _ - ~ ~ ~ ~ ~ -.r~ ~ ~