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Home My WebLink About0124 ~ ? ; t ; ~ ~ t UNtFC~ Covenewr~, Borrower and L.encier covenant and a~ee as follow~s: 1• ~U~ ~ l~i~c~N1 ari l~t~etrt. Bormwer ~all P~P~Y WY WAen due the principal of and interest on the indebtodness evidencxd by tl~e Note. prepayraeat and late charges u provided in the Note. and the principal of and interest ~ on wy Future Advances secured by this Mortga~e. ~ I+~Ms tor 7'ue+ aod i~ea Stibject to applicabie law or to a written waivec by Lender~ Borrowe~ shall pay ~ ta Lender on the day monthly instdlments of principal and interest arc payable under the Note. until the Note is paid in full. a aum (heroin ••Fun~'q equa! to oa~tweltth of the yearly taxes and assessmeots which may attain priority over this ~ Mortsage~ and ground renb on tbe Pa~vpe~ty. i[ any. plus ooatwelfth o[ yearly premium installments for huard insurance. ~ plus on~twelfth of yearly premium installments for mortgage insunnce. if any. all as reasonabfy estimated initialiy and it+om ! time to time by l.ender oa tbe buis of assessmenta and bilh and reasonabk estimates thereof. ~ '[l~ fl~nds shall be held ia aa institutioe the depoaits or accounta of which are insund or ~wranteed by a Federd or state agency (including Lender if Lende~ is such an iattitution). t.ender shatl apply the Ftinds to pay said taxa. assessmeats. r insuranoe premiums and ground rents, Lender may not charge for so holding a~d applying the Funds, analyzing said account, ~ or verifying and compili~g said assessmenta and bills. unkss Leader pays Borrower interest on the Fu~ds and applicable law # permits Lender to make stich a clurge. Bonower and Lender may agree in writing at the time of eacecution of this ~ Mortgage that intercst on the Funds shall be paid to Borrower, a~d unless such agreement is made or applicable law rcquires soch interest to be paid. Lender ahall not be requircd to pay Borrower any interat or eamingi on the Funds. Lender shall give to Borrower, without charge, an annual accounting of tbe Funds showing credits and debits to the Funds and the purpose for which eac6 debit to tbe Fuads was r.~ ~e. Tl~e Funds arc pledged as additional socurity for the sums secured by this Mortgage. If the amount of the Funds held by Lender. together with the future monthly installments of Funds payabk priot to the dur dates of taxa, assessments, insurance premiums and ground rents. shall exoeed the amount requirod to pay said taxes. a:sessments. insurance premiums and ground rents as they fall 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 hetd by Lender shail not be sutl'icient to pay taxes. ass~csments. insurance premiums and gmund rents as they fall due, BO~[OWe~ SIIaII DaV t0 Itn~ler anv ~mn~_,n~ ..b~ •f,~ .~_a_ . en _ . _ :i..::s :j 'riaxs:e:: -sj3 ........t :S ...o.::.v ~ by Lender to Borrower requesting payment thercof. Upon payment in full of all sums secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds held by l,ender. If under paragraph 18 hereof the Propeny is sold or the Propeny is othenvise acquired by Lender. Lender sball apply. no later than immediately prior to the sale of the Property or its acquisition by Ixnder. any Funds held by Lender at the time of application u a credit against the sums securcd by this Mortgage. 3. Applkation of p~ymeots. Unless applicable lavr provides otherwise. aJl paymenta received by' Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first i~ payment of amountc ~yrable to Lender by Borrower under paraaraph 2 her+eof. then to interest payable on the NWe, then to the priflclp'd1 of tbe~ote, and then to interest and pcincipal on any Future Advances. _ ~,,;,,,-s,,; `Ex~: 4.. C6arges; Lkns, Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to ~ the Property which may attain a priority over this Mortgage. and les~sehold payments or gmund rents. if any, in the maaner ~ provided under paragraph 2 hereof or, if not paid in such manner, by Borrower makin~pa yment. wba~ due, dirxtly to the payee thectof. Borrower shall promptly furnish to Lender all nolicesot~ai~uttlr~'~ii~r ~is~`p~1gFi~lfi, and in the evea*. ~ Borrower shall make payment directly, Borrower shall promptly furoish to Ler~~~rridencing such payments. Bonower shall promptly discharge any lien which has priority over this Mortg~e~,~pvided,, that: porTo r shall not be ~ rcquired to discharge any such lien so long as Borrower shall agree in writing fo`the paytrient of the oblig~art~ion socured by such liea in a manner acceptable to l.ender, or shall in good faith contest such lktt byi~oY~id'efend enfot+Cement of suc~ lie.~ in. legal proceedings which operate to prevent the enforcement of the lien, or fc~feit~ne^of -the Propsxty or anq part thereof. S. Hazud Insvrance. Borrow~er shall keep the improvements now existing or fiereafter erected on the Property iosured agaiast loss by fire. hazards included within the term "extended coverage", and such other hazar~s 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 eaceed that amount of coverage required to pay the sums secured by this Mongage. 'i 'ILe insurance carrier proveding the insurance shaU be chosen by Borrower subject to approval by Lender, provided. ; that such approval shall not be unreasonably withheld. All premiums on insurance poticies shall be paid in the manner j provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, di~+ectly to the ~ ; insurance carrier. ~ I All insurance policies and rcnewals thereof shall be in form acceptable to Lender and shall include a standard mortgage q E clause in favor of and in form acceptabte to I.ender. Lender shall have the right to hold the policies and renewals thereof, ~ and Borrower shall promptly furnish to Lender all renewal notices and all rcceipts of paid premiums. In the event of loss, ~ ; Borrower shall give prompt aotice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly 3 ; by Bonower. 3 Unless Lender and Borrower ofherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ~ ~ the Proptrty damaged. provided such restoration or rcpair is economica!!y feasible and the security of this Mortggge is 1 ~ not thenby impaircd. It such restoration or repair is not economically feasible or if the security of this Mongage would • ; ~ be impaired, the insuraace 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 fails to respond to Lender within 30 days from the ` ~ date notice is mailed by L.ender to Borrower that the insurance carrier offers to settle a claim for insorance bene6ts, Lender y is authorized to collect and appiY t6e insurance proceeds at Lender's option eithet to restoration or repair of the Property ~ or to the sums secured by this Mortgage. # Unless I.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shal! not extend ` ~ or poatpone the ~iue date of the monthly installments referred to in paragraphs 1 and 2 hereof or changt the amount of ~ ~ such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right. tide and interest of Bonower ; ~ 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 socuted by this Mortgage immediately prior to such sale or - acquisition. ; ' 6. Prsservaddo aad bfaintenance of Properfy; Lcaseholds; Condominiums; Planaed Uoft Devebpments. Borrower ~ ~ shall keep the Property in good repair u~d shal! 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 Mortgage is on a unit in a ~ ~ condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declatatian £ or covenants crcating or governing the condominium or planned unit development, the by-laws and regulations of the ~ $ condominium or planned unit development, and constituent documents. If a condominium or planned unit development ~ ~ rider is ea[ecuted by Borrower and recorded together with this Mortgage, the covenants and agrcements of such rider ~ ; shall be incorporated into and shall amend and supplement the covenants and agrcements of this Mortgage as if thc rider ~ ~ w•ere a part hereof. • ~ g 7. Protection of Leader's Security. If Borrower fails to perform the covenants and agreements contained in this ~ s Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property. ¢ ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ bankrupt or decedent, then Lender at Lender's opfion, upon notice to Borrower, may make such appearances, disburae such ~ ~ sums and take such action as is necessary to protect Lender's interest, including, but not limiEed to, disbursement of ~ reasonable attorney's fees and entry upo~ the Propeny to make repairs.• If L.ender required mortgage insurance as a ~ condition of making the loan secured by this Mortgagc. Borrower shall pay the premiums required to maintain such ~ insuranct in ef[ect until such time as the reyuirement for such insurance terminates in accordance with Borrower's and _ ~ _ . . t . ~~tRr ~ ~ 7 • ~