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Home My WebLink About2180 ' i ' ~ UH~roa~t Covet+~rns. Borrowec u?d L.ender cove~ant and aj~a u follows: . 1. T~e~t ~ hi~clNl a~i 1Me~at. Bo~rowe~ shall p~omptly pay when due the principal of and intercst on the iadebtednat evideaced by the Note. prepayment aad late char~es u provided in the Note. and the principal of and interest oa my Future Advances ~curad by this Mort`ase. 3. Fr~ds ter 7tiu[M s~i iaq~~ce. Subject to applicable law or to a written waive~ by Leoder. Borrower shall pay to Lender on the day monthly instaliments of prir~cipal and intercst are payable unde~ the Note, until the Note is paid in fuli, a tum (hercin "Funds'~ equa) to one-twdith ot the yearly taxes and asseasmtnts which may attain prioritg over this Mo~a`e. and ground rents on the Pc~nperty. if any. plus oc~e-twel(lh of yearly premium instalimonts Eor hazard insurance, plus oae-tweifth of yearly prcmium iastaliments for mortgage insurance, if any. all as reasonably estimated initially and from time to time by I.~nder c+n the basis o[ assessments and.bilis and reuonabk atimata thereof. 'Ibe Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state ajency (including Lender if Lendet is such an institution). l.ender shall apply the Funds to pay said taaca. asseuments, insurancre premiums and acouad rents. Lender may not charge for so holding and applying the Funds. analyzing said accoun~ or verifying and compling said autssments and bills. unless Lender pays Borrower interat on the Funds and applicable law ' permits Lender to make such a charge. Borrower und Lender may agrce i~ writing at the time of execution of this Mongage tbat interat on the Funds shall be paid to Borrower. and unlas such agreement is made or applicable law , requires such interat to be paid. Lender shall not be required to pay Borrowe~ any intcrest or earnings on the Funds. Lender ' slu8 aive to Borrower. without charge. an annual Accounting of the Fu~dt showing credits and debits to the Funds and the purpose [or which each debit to the Funds was msde. The Funds arc pkdged u additional security for the sums secured by tbis Mortjye. If tAe amount of the Funds held by Lender. together with the future monthly installments of Funds payabk prior to tbe due data of tua. assessmeats, insurance prcmiums and ground rcnts, shall exoad the amount required to pay said taxa. assasmeats, insurance premiums and grouod rents as they fall due, such excess shall be, at Borrower's option. either promptly repaid W Borrovrer or crodited to Borrower o~ monthly installments of Funds. It the amount o[ the Fun~ hdd by Lender s1~aU not be sufficieat to pay taxes, asse.ssments. insurance premiums and ground rents as they fall due. ~Horrowe~ shall pay to I.ender any amount necasary to make up the deficiency within 30 days from the date notice is mailed by Len~r w Borrower requesting payment thereof. ~ Upon payment in full of all :ums aecured by this Mortgage, I.ender shall promptly refund to Borrower any Funds held by Lendes. If under pua~raph 18 hereof the Property is sold or ~he Property is otherwise acquired by Lender, Lender sball apply, no later than immediately prior to the sale of the Property or its acquisition by l.ender, a~y Funds held by Leader at the time of application ss a credit against the sums secured by this Mortgage. 3. Arpikatios of Pq~weatr. Unless applicable law provida otherwise, all payments received by Lender uncler the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounta payable to Lender by Borrower ue~der pangraph 2 hereof. then to interest payabk on the Note, then to ihe principal of the Note, and then to interest and principal on any Future Advaaces. 1. Charsa; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositians attributable to We Property which may attain a priority over this Mortgage. ana leasehold payments or ground rcnts, if aoy, 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. Borrower ahall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event ~ Borrov?er shall malce payment directly. Borrower shall promptly fumish to Lender rcceipts evidencing such payments. Borrower shall praqptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be # requircd to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by suc6lien in a manner acceptable to Leoder. or shall in good faith contest such leen by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazud tusnraaee. Borrower shall koep the improvements now existing or hereafter erected on the Property insured agaenst loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not rcquire that the amount of ~ such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. "Ihe insuranc~e carrier providing the insurance shall be chosen by Borrower subject to approvat by Lender. provided, t that such approval shall not be unreasonably withheld. All premiums on insurance polic~es shall be paid in the manner ; i providod under puagraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the ~ 3 ; II1SUl'dOCC CafflCf. ~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. ~ and Borrower shali promptly furakh to Lender all renewal notices and all receipts of paid premiums. In the event of loss, ~ Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prompUy ~ by Borrower. Unle~ Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged. provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such rcstoration or repair is not ecorwmically feasible or if the security of this Mortgage would be impaired, the insurance ptoceeds shall be applied to the sums secured by this Mortgage, wi~h the excess, if any, paid to Borrower. !f the Propeny is abandoned by Borrower, or it Borrower fails to respond to Lender within 3U days from the date notice is mailed by l.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, I.ender is authorized to collect and apQly the insurance procceds 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 Y or poatpont the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change .the amount of ~ such installments. If under paragraph 18 hereof the Property is acquired by I,ender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceods thereaf 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 such sale or ~ acquisition. # 6. Presenatlon and Mainte~wnce ot Property; Leaseholds; Condominiums; -Planned Uait 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. !f ~his Mortgage is on a~mit 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 ihe ~ condominium or planaed unit development, and constituent documents. It a condominium or planned unit development ' rickr is executed by Borrower and ruorded together with this Mortgage, the covenants and agreements of such rider ~ shall be incorporated iMO and shall amend and supplement the covenants and agreements of this Mortgage as if the rider . were a part hereof. 7. Protectfon of Leoder's Securify. If Borrower fails to per[orm the covenants and agreements contained in this ~ Mortgage, or if any action or procelding is commenced w~hich materially afiects Lendei 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 option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessuy to protect Lender s interut, including, but not limited to. disbursement of reasonable attomey's fees and entry upon the Property to make repairs. ]f Lcnder required mortgage insurance as a. coadition of making the loan xcured by this Mortgage. Borrower shall pay the premiums required to maintain such iraurance in eHect until such time as ~he requirement for such insurance terminates in accordance with Borrowet's and BOOK ~1~ PAGE ~1 1 O 3~~ z476 = ~ ~ ' ~ ~ Re.R~ ~ - - - _ ~