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Home My WebLink About2689 ~ ; ~ t • 1 UNIPtMM COVENANTS. Borrower and Lender covenant and agree as follows: 1. ltgtweat of PriuclNl ttrnri Interest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note. prepayment and late charges as provided in the Note, and the principal o[ and interest on aay Future Advances secured by this Mortgage. Ftt>.ds Ior Tara turf Irtaruce. Subject to applicable law or to a written waiver by Lender. Borrower shill Pay to Lender oft the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full. a sttm (herein "Fund=") equal to one-twelfth of the yearly fairs and assessments which may attain priority over this Mortgage, and ground rents an the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance. plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and hills and reasonable estimates thereof. 'Rte Funds shall be held in an institution the deposers or accounts of which are insured or guaranteed by a Federal of state agency (including Lender if Lender is such an institution). 1_ender shall apply the Funds to pay said taxes. assessments. insurance premiums and ground rents. Lender may not charge for so holding and applying the Frrndc_ analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender 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 was made. The. Funds are pledged u 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 (axes. 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 Borrower or credited to Borrower on monthly installments of Funds. 1[ the amount of the Funds heW by Leader shall not be sttfficieat 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 Leader to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property rs otherwise acquired by Lender, Lender shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Leader at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Pay®eats. 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 Bvrrowcr 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. ' 1. Charges; Lkas. 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 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 thertrof. 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. Borrower shall promptly discharge any lien which has' prrorrty over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Burrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in gcxxl faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the Iren or forfeiture of the Property or any part thereof. S. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extendeJ coverage", and such other hazards as Lender may reyuire and in such amounts and for 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 Eby this Mortgage. The insurance carrier providing the insurance shall 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, if not paid in such manner, by &~rrower making payment, when due, directly to the inwraace carrier. All insurance policies and renewals thereof small be in form acceptable to Lender and shall include a standard mortgage j 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 furnrsh to Lender all renewal notices and all receipts of paid premiums. [n the event of loss. ! Borrower shall give prompt notrcc to the insurance earner and Lender. Lender may make proof of loss if not made promptly by Borrower. I Unless Lender and Borrower othen+iu agree in writrng, insurance proxeeds shall be applied to restoration or repair of the Property damaged, provided such restoration or reparr is economically feasible and the security of this Mortgage is I not thereby impaired. 1f such restoration or reparr is nut 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. with the excess, if any, paid- to Borrower. If the Property is abandoned by Borrower, or rt Borrower fails to respond to Lender within 30 days from the date notice is marled by finder to Borrower that the insurance earner otTers to settle a claim for insurance benefits, Lender t is authonred 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 rtherw ise agree rn writing, am such application of proceeds to principal shall not extend or postpone the due date of the monthh installments referred to in paragraphs 1 and 2 hereof or change the amount of such insfallnients. It under paragraph 1 K hereof the Property is acywred by Lender, all right, title and interest of Borrower in and to any Insurance policies and in and to the proxeeds thereof resulting from darnage to the Property prior to the sale ~ or acquisition shall pass to Lender to the extent o[ the sums secured by this Mortgage immediately prior to such .sale or a acquisition. 6. Presenation and Maintenance of Propert}: I.easeh+?Ids; ('ondominiums: Planned l~nit Developments. Borrower shall keep the Property in good repair and shalt nut commit y.aste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease it this Mortgage is tin a leasehold. If thic Mortgage is on a umt in a condominium or a planned unit deyclupment, Borrower shall perform all of Borrower's obhgauons under the declaration or covenants creating ur governing the condomrnnim ur 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 executed by Burrower and recorded together w uh this Mortgage, the covenants and agreements of such rider ~ shall be incorporated into and shall amend surd supplrnient the covenants and agreements of this Mortgage as if the rifer were a part hereof. 7. Protection of Lender's Security. If F3urruuer fails to perform the rnvenants and agreements contained in this Mortgage. ur if any action ur pru.ce.ling r, :~annrcnre.l which materiaih affecK 1-ender', interest in the Property, i including. but nut Invited tu. emurent dum:un. ni.+~lvenrv, rude enforcement. ur arrangements or proceedings rm•ohing a bankrupt ur decedent. then Lender at I ender'. option, ul>,+n notrcc to Borrower, mas make such appearances, dnhune such f sums and take such a~uun a. is necessary to protect Lender's interest, including. but not limited to, disbursement of reawnahlr anomey's Ices and entry upon the 1'nvpertc to make reparr. 11 Lender reynirc~l mortgage inwrance as a ux+diuun u( ?naking the lu.ur se~ure.I by this Murt~.+~e. Burr.~vvcr sh rli pa) (tic premnuns reyuired to m:tinta~n such imurance ni_ ellert until ,rich tirne as the rcyurrcnrent lot such insurance terminates in .+„urdance with Borrower's and $U!M(t~ PAGE i , ''~~+VV m,. r ~ _ x ~