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Home My WebLink About1750UN~Fatt~ CoveN~NTS. Bo~owe~ and Lende~ covenant and aRrre a~ lollaws: 1. h~nneat ot Pdaclpal sud leteresf. Borrowcr ~hall prompil~ pay Nhcn due the principrl ot and intcrest on the ~ndebtedness evidenceJ by the Note, prepaymenl and late char~;e~ a~ pruvided m the Note, a~d the principal ot and ~nteres~ on any Futurc Advances secured by this Mar~gage. 2. Fnads fo~ Taxa aud I~uuraace. Subject to applicahlc law ~~~ ~o a written waive~ by Lender, Borrawer shatl pay to I.cnder on ~he day monthly inctallments of principal and im~re.~ .~rc payablc imder thc Natc, uMil the Note i~ paid in full. a sum (herein "Funds"~ equal to one-twel(th o( the yearl~ ia~r. and accestmentc which may attain pnority over th~s Morlgage, a~d g~ound rents on the Prope~ly, if any. plus ~nc-twcl(~h ol y~carly premium inslallments for hazard insurancc. plus one-twelf~h of yearly premium ins~allmcnts fo~ mortgage insu~ancc. ~t any, all ac masonably estim:~~ed initially anJ trom time to time by Lender on the t-asis of a~xc~~mcnu and h~lh ;~nd rer~un~ble estimates thereof. The Funds shall be held in an institutian ~hr depoxu, or a~cuun~s ot which are insured or gua~antec~l by a Federal or state agency (including Lender if Lender i~ atich an insUtutionl. I.ender ~hall apply ~he Funds to pay ~aid taxes, atsessmrnts, insurance premiums and ground ren~s ! ender may nM charge for .o hoWing and applyin¢ the Fnndc. analyzin~ caid account. or verifying and compiling said assessments anJ bill~, unless l.ende~ p:~y~s Borrawer inlerest on Ihe Funds and applicable law permits I.ender to make such a charge. Borrower and I.ender m;~y agrce in writing at the time at executiun ot this Mortgage that interest an the Funds shall hc paid to Botrower, and unless such agrecment i~ made or applirable law rcquires such ~nterest to be paid, l_ender shall not br required to pay Bi~rrower any interest or earning+ on the Punds. 1_cnder shall give to Borrower, without charge, an annual accuunting ot ~he Fund~ showing credi~s and debds to ~he Fund~ and thc purpose tor which each debit to the Funds wa~ made. The F=und~ are pl~dg~d as addi~ional xYUnty for the tium~ .ecured by this Mortgage. If the amouot of the Funds held by Lender, together with ~hc iuturc monthly imtallmcnts of Fund~ payablc priur to the due data of taxes, assessments, insurancc premiums and grou~d rents, shall exceed the ~mount reyuired ~o p:~}• .aid ta~es, usessments, insurance premiums aod ground rents as they fall Jue, such exre.c shall be, :+I Horrower's upt~un, rither promptly repaid to Borrower or credited to Borrov-•er un monthly mstallmcnts o~ Funds. 1[ thc amouot of thc 1-unds held by Lender shall not be sulficient to pay taxes, assessmcnt~, insurancc prcm~ums and ground rents as th~}~ fall duc. Borrower shall pay to Lender any amount necessary to make up the dchciency within 30 da~•s (rom the datc notice i~ n~a~led by Lend~r to Borrower requesting paymcnt thereof. Upon payment in full of all sums secured by th~s Mortgagc, I.endr~ shati promptly refund to Borrow~er any Funds held by Lender. lf under paragraph IK hereof ~he Propeny i. sold or ~hc Property is othervvise acqwred by Lrnder, !_ende~ shall apply, no later than immediatel~• prior to the sale oi thc Proprny or iis acyuisition hy 1_ender, any Fundc held by Lende~ at !he time of application as a credit against the sum~ secured by this l~tortgage. 3. Application oi Payments. Unlttt apphcable law~ pro~~ides otherwix. all paymems received by Lender under the Notc and paragraphc 1 and ~ hereo( shalt lx appl~cJ by I.cndrr fir~t in paymcnt of amounts payablc to l.cnder hy Iiormwer under paragraph 2 hereaf, then tu intcrest payable on the Nwc. thcn 1~~ the principal of the Note, and ~hen te- interest ~nJ pnncipal on any Fuwre Advanccs. 4. Cbarges; I.iens. Borruwer ~hall pay :+It taxeti, atiu~smcnts and othcr charbes, fine~ and ~mpusitions attnbul~Me tu the Property w•hich may attain a priority ovcr th~s Mortgage, and leasehold payments or ground rcnts, if any, in the manner provided under paragraph 2 hereof or. if nc~t paid in such m~nner, by Borrower making payment, when due, direcUy to ihe payee ther~eof_ Borrower shall promptty furn~sh w Lender all notices of amounts due under this paragraph, and in the event f3orrow•er shall make payment d~rectly, Borrower shall promptly fumish to Lender receip~s evidencing such payments_ Borrower shall promptly discharge any lien which has pnonty over ~his Mortgage: provided, that Sonower shall no1 be reqwred to discharge any such lien so long as Borrower sh:+ll ~gree in aritmg t~~ the payment o( the obbgatiun secured by such lien ~n a manner acceptable to Lender, or shal) in go~xl (aith cunte~~ such lien by, or defenJ enforcement of such lien in, legal proceedings wh~ch ope:ate to prevent the enfurcement of thr I~cn or forfe~turc of the Property or any part thereof. •S~ Hazard I~uurance. f3orrower shall keep the improvcmcnt~ now e~isting or hereafter crcued on the Property insured against loss by fire. hazards incluJed within ~he term "extendeJ caver~ge", anJ such other hazards as Lender may reywre and in sGch amounts and for such p~:rials as Lender may reyuirc: pmvideJ, that l.eneier shall not require that the amount of soch coverage exceed that amount of coverage required ~o pay the sums ~ecured ~by this Mortgage. . The insura~ce ~arrier providing the insurance shall be chosen by Borrower subject to approval by [.ender, prov~ded, that such approval shall not be ~nreasonably withheld. A~I premwmti on insurance ~+olicies shall be paid in the manner prov~ded under paragraph ~ hereo( ur, ~f nut paid in ~uch manner, by Borrower making payment, when due, directly to the insuraoce carncr. All insura:icr Ewlicie, an~ renewals thereot sh~ll ix in forin acc~ptable to Lender rnd shaU include a standard mortgage clause in fawx ~f and in form acceptable to l.ender. Lender shall have the right tu hold the palicies and renewals thereof. and BorruKCr sh:~ll promptly furnish u~ (_ender all rcnevral noUCCS and all rcceipts of paid prcmiums. In the evcnt of lo.ti. B.~rruwer sh:,ll grve pr~~mpt n:.tice to the imurance carner and I.ender. LenJer may make proof of loss if not made promptl~~ by Bnrrower. Unless LenJer and BorroHCr otherwiu~ agrcc in wnting. inwrance proceeds shall be applied to restoration or repair ~f the Property~ damaged, proviJe.i such re~turatwn or repa~r is economicaUy fcasible and tfie cecurity of lh~s Mortgage i~ not thereb} impaired. If tiuch re,t+:rati~~n ur rcpair is n~rt rcunomically feasihle or if the security of this Mortgage v-ruld be impa:red, the insurance pnkee~l~ ~hall be :~pplieJ to the sums xcured by thiti Mortgage, w~ith the excecs, if an}~, pa~d ro Borrower. It the Propert~ iti :~hand~ned h~ Burrc~wer. ~r if Borrower :ails ti~ res~nd to 1_ender within 30 days from ~hr Jate noticr ic ma~led by Lender to Borrov-•er that the :nsurance c:~rrier otTers to settle a claim for insurance benefiti, l.ende: es authorized tu collect and appl} the ~n~urance proceeds at 1_enJcr's uptiun e~ther to resturat~on or repair ot ti~e Propen~• or to thc sum~ accoreci by this Aturtgagc_ Unless i.ender and Butruwer atherwise agree ~n wntmg, any surh :~pplication af procetds ta pnnc~pal sh~ll not ctitend ~x p~xtpone ~he due da:e of the mcmthl~• installments referred t~. in paragraph. i and 2 hereof or change the amount ~f such ~mtailments. I( under paragraph 18 hereol the Property i~ acyuired h~ l.ender, all right, tiUe and interest ot Borr~~wer in anJ tu any insurance pnlicies and in anJ to thc prcx:eeJs thereot resuhing from damage to the Property prior to thr sale or acyui~~tion shalt ~Qass to Lender tu thc eatent ot th~ sums ~ecureJ by~ th~s Mortgage immediately prior to such sale or acyuisit ivn. 6. Praens~+on aod ~laiotenance ot Propert~; I.ea~eh~~lds; ('ondominiums; Planned Unit Developments. Borrowcr shall keep tbc Property in goud rep:,ir and shall not comro~~ wastc or perm~t impairment or deterioration of lhe Propert~• and shall comply ~•ith thc provisions of any lease ~f thi. Murtgage „ un a Icaseh~~ld. If this Mortgage is on a unit in a cundominium ~~r a plan::ed unit developmem, Bormwer ~hall ~xrtorm all ot Borrower's obligations under the declarahun or covenants creaUng or governing ~hc condumin~um or plannrJ unit development, the by-laws and regulatiom of the conJominium or pSanned unit development, and constituent d~xumentt. If a condominium or planned unit development nJer ~s eaecuted by Borrower and rec~rded tugether wqh thiti Mortgage, the covenants and agreements of such ndcr shall be incorporated into anJ shali emend and supplement the covenants and agreements of th~s Mortgage as ~f the ri;ler were a part hereof. 7. Protection of Lrader's Secu~fty. lf Borrower failc to perform the covenants and agreements contained in thic Mortgage, or if any action or proceedmg ~s cummenceJ v-hich ma~erially affects I.ender's interest in the Propen}•. including, but not limited to, eminent domain, inu~lvency, code en(orcement, or ar:angements or proceedings invol~mg a bankrupt or decedent, then Ixnder at 1_ender's oplion, upon notice to Borrower, may make such appearances, disburse such sums and takt such action as is necessary W protcct l.cndcr's ~ntcrest, incluJing. but not lim~ted tp,: clisburscmcnt of reawnable auomey's (ees anJ entry u~n the Property to make repa~rs. If Lender reyuired mortgage incurance ac a cond:tion of making ihe loan secured by this Mortgage, Bnrrowcr shafl pay the premiums required to maintam such insurance in eiTect un(il such time as the reyuirement for such ~nsurance Icrminatei ~n accordanc~ wilh Borrower's anJ ~ r~ ~: ~<-; -:.. 3!!iK ~ ~ix~34~ t~!~E~~ ! - ----- :~`~