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Home My WebLink About2072 • ~ • . , ~ Untt+ww COVeNAHrs. Borrowed and Lender covenant and egret u follows: 1. ila~aseat et Priacl~al anti 1Mercs1. Borrower shall promptly pay when due the principal of and interest on the indebtedneaa evidenced by the Note. prepayment and late charges ac provided in the Nola and the principal of and interest ore soy Future Advances secured by this Mortgage. 2. Fasitt ter Tarts+a asri taaraaee. Subject to applicable law .u to a written waiver by Lender. Borrower shall pay to Lender on the day monthly installments of principal and inu'rest arc payable under the Note, until the Note is paid in full, a sum (herein "Funds") egwl to one-twelfth of the yearly rase. and assessments which may attain priority over this Mortgage. and ground ants on the Property, if any. plus one-twelfth of yearly premium installments for hazard insurance. plus one-twelfth of yearly premium installments for mortgage iiistiranct, if any, all as reasonably estimated initially and from time to time by Lender on the buffs of assessments and hills and reasonable estimates thereof. 'Ilre Funds shall be held in an institution the deposits o? :eceounts of which art insured or gwranteed by a Federal of state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes. assessments. insurance premiums and ground rents. Lender may not charge for so holding and applying the F„nds. analyzing said account. or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Linder to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires 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 accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds wu made. The Funds are pledged as additional security for the sums secured by this Mortgage. 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, asseuments, 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 Borrowers option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds field by Lender shall not be sufiicieat to pay taxes, assessments, insurance premiums and ground rents u 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 Leader to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, I_ertder shall promptly refund to Borrower arty Funds held by Lender. If under puagraph 18 hereof the Property is sold or the Property ,s otherwise acquired by Lender, Lender shall apply. no later than immediately prior to the sale of the Property or its acquisition by I.endcr, any Funds held by Lender at the time of application u a credit against the sums secured by this Mortgage. 3. Appiicatiat of Payateofs. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 acrd 2 hereof shall be applied by lender first in payment of amounts payable to Lender 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; Lkrs. Borrower shall pay alt tares, assessments and other charges. fines and impositions attributable to the 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 nut paid in such manner, by Borrower making payment, when due, diroctly to the payee thettiof. 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 prompt)}• furnish to [.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in g,x?d faith contest such lien by, or defend enforcement of such lien in. legal proceedings which operate to prevent the enforcement of the I,en or forfeiture of the Property or any part thtreof. S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included with,n the term "extended coverage", and such other hazards as Lender may require and in such amounts and fns such periods as Lender may reyuire; 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 Mortgage. -Ilrt insurance carrier providing the insurance shat! be 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, rf not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. Ali insurance policies and renewals tf,creot 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 shall promptly furnish to Lender alt renewal notices and all receipts of paid premiums to the event of loss. Borrower shall give prompt nonce to the insurance earner and i.ender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Burrower otherwise agree in writing. insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair n economically feasible and the security o`f this Mortgage is not thereby impaired. If such resturition or repair is riff+t rconomicall}- feasible or if the security of this Mortgage would be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. It the Property is abandoned by Borrower. or it Borrower fails to respond to Lender within 3U days from the date notice is mailed by Lender to Borrower [hat the insurance earner offers to settle a claim for insurance !xnefits, bender is authorized ai collect and epply the insuraricc proceeds at Lender's opuun either to restoration or repair of the Propene or to the sums secured h}• this Mortgage. Unless 1_ender and Borrower otherwise egree in writing. any such application of proceeds to principal shall not extend ur postpone the due date of the monthh installments referred to in paragraphs I and 2 hereof or change the amount of such installments. If under paragraph .IK hereof the ProFerty s acywred. by Lender, ell right, title and interest of Borrower in and to any ksurance policies and u, and to the proceeds thereof resulting from damage to the Property prior to the sale or acgtusition shall pass to Lender to the extent of the sums secured h} this Mortgage immediately prior to such sale or acquisition. 6. Ptestn•ation and Maintenance of Property; l.eacehulds; ('ondominiums; Planned Unit Developments. Bo?row•cr shall keep the Property in good repair and'shall nrn commit y~aste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease ,t this \lortgage is tin a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obGgaUons under the declarahun or covenants creating or governing the condominium ur planned unh development, the by-laws and regulations of the condominium or planned unit development. end constitiient documents. 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 incorp~xated into and shell emend and siipplrment the covenants and agreements of this Mortgage as if the rider were a part hereof. 7. Protection of Lender's Security. If Harrower f.,ils to perform the covenants and agreements contained in this Mortgage, or if any action ur pnxeed,nk is comnicncr~t whict~ materially atfecK Lender's ,merest in the Pmpetly, including. but not limited tu. eminent domain. nisuhcna. rode enforcement, or errangcments or pr~+ceedings mvuh~ing a hanknipt or decedent. then f ender at l ender', option, ulxm nonce to Borrower. mat m:,ke such appearances. disburse such sums and take such action .,s rs necc~sary to protect Lcndcr's interest. inchtding. bur not limited to. disbursement of reasbnahle attorney's tens .,rid entry upon the Propertc to make repairs. If 1_cnder rcyuired mortgage insurance as a cundihon of roakmg the loan seuired M this Murtgetr. Horrr.~cr shell pay the premiums required to maintain such ,nsurance in rlte~t until such time as the « yuucnicnt f++r u,ch msurance tcrmuiatcs in accordance with Borrower's and I;R~~ PdGE2O7.~ ec~x