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Home My WebLink About2591; :,t UN~Fatnt CovEN~NTS. Borrower and l_endrr c~~venan~ :~nd aRree a- folluwc~ 1. h~nnesf ot P~iaclpd and latetest. H~~rruwer .hall promptly pay whcn due the pr~~cipal of and ~nterest un ~he indebtedness evidenced by the Note, prepayment and late charge. a. pn.vi~kd ~n ~he Note, and Ihe principal ot and mtercsl on any Future Adva~ces secured by this Martgage. Z. Ftiada tor Tua aad laseraace. Subjec~ ta applir~hk law ~•r to a writ~en waiver by Lender, Borrower shall pay to Lender o~ the day monthty installmenls of prinripal and uu~~rr~~ arc payablc unJer th~: No1e, unUl Ihc Note is paid in tull. a sum (herein "Funcis") equal to one-tw-clfth of Ihe y~arl~ ~a~r. and as.cs~mcmc which may attain priority aver ~hi~ Mortgage. and ground rents on the Pc~operly, if any. plus onc-Iwel(Ih oi y~arly premium installnecnts (ar hazard insur~nce, plus one-tweltth of yearly premium installmeni~ (or mor~gage ~ns:irancr, if any, all ac reasonably ectimated initially and (rom time to time by 1_e~dcr on the basis of a«es.mcros an~ hilk and rea+unahlc esumates thetea(. 'tl~e Funds shall be held in an ins~i~ut~an thc deEx~sn. ~r accuunls ot which arc insured or guaranteed by a Fcderal or state agency (including Lender if Lcndcr ~~ such an im~ittuionl. 1 ender ~hall apply the Funds to pay ~aid 1.~~es, assessments, insurance premiums and graun<i rents. 1 ender niay n~t charge Ior s~ holding and applying the F~md~. analy~inR ~aid aca~unt. or verifying and compiling said asseisments and hills, unlrs~ I.cnder pa~•~ Borrower interest on Ihe I'unJs and applicable law permits Lender to make such a charge. li~~rruw•er and LenJer may agrce in writing at the ~ime of exrcu~i~~n a( this Martgage that interest on !he Funds shall he paid to Bor~uwer, and uoless such agreement i~ made ~~r applicable law rcqui[es suCh intercst to be paid, I.ender ~h:ill n~t tx required to pap Borrower am interest or earnings on thc Fundc. 1_ender shaU give to Borrower, without charge, an annual accounting of the F~und> >how~ng credits anJ dehits ~o the Fund~ and the purpose for which eaeh debit ta the Funds was made. The f=unds a~e pledgecl as adJitional secunry for the cums secu~ed by this Mortgage. If the amou~t of the Fuads held by LenJcr, tc-ge~her wi~h thc futurc monthly inct•rllments of Fundc payablc prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the •rmount reywred to pay ~aid taxts, assessments, insurance premiums and ground rents as thcy tall d~~e, such ercesc ~hall be, at Horrower'z ophnn, either pranptly repaid to Borrower or credited to Borrower on monthly inst:~llmcn~s of Fund~. !t the amount o( the Funds held by Lender shall not be sufficieat to pay taxes, assessmcnts, inwrancc premwms and ground rents as ~hcy fall due, Borrower shall pay to Lender any amount necessarp to make up the deficiency within 30 days Rom the date n~~lice is mailed by Lender to Borrower rcquesting payment therccif. Upon payment in fup of all sums secured by th~s Mortgage. Lender shall prompdy refunJ to Borrower any Funds held by l.ender. If undtr paragtaph 1R hereof the Propcrty i~ cold ur thc Propcrry is otherwi~c acquired by Lender. Lender shdl apply. no later than immediately prior to the ~ale of the Property or its acquisrtion by I.ender, any Fundc held bp [.ender at the time of application as a credit agamst the sum~ secured by ~h~s Mortgage. 3. Application ot Payments. Unless applicablc law pn~vides otherwilr, all payments rLCCived by 1_ender under the Note and paragraphs 1 and 2 Fereof shall bc applied by LenJcr fint in p~y~mcnt o( amounts pa}~ablc to Lcnder hy Borrowcr under paragraph 2 hercof, then to intcrest payablc on thc NWC, thcn to the principal af thc Notc, and thcn to interest and principal on any Future Advances. 1. C6sr~es; Lie~. Borrower ~hall pa~• all taxe~. atscs~mrnts and rnhcr chargcs, fines and impositions aUnbutable to We Property which may attain a priority ovcr th~s !~iortgage, and leasehold p•ryments or ground rents, if any, in the manner provided under paragtaph 2 hereof ar. i( not paid in such manner, by Borrower making payment, when due, d~rectly to ihe payee lhereof. Borrower shall promptly furn~sh to Lender all notices of amounts due under this paragraph, and in the event Borrower shaU make payment directly, Borro~a•er thall prompNy (urnish to Lender receipts evidencing such payments. Borrower shall promp~ly discharge any lien which has prionty uver thic Mortgagr, provided, that Borrower shall not be rcquired to discharge any such lien ~o long as Borrower shall agree in wrihng to Ihe payment o( the obliga~iun secured by such lien in a manner acceptable to Lender, or shall in gaxi taith cor.te~t such lien by, or defend enforcement of such lien in, legal proceed~ngs which operate to prevent the en(orcement ot ~he lien or forfeiturc of the Property or any part thereof. S. Hszard I~rance. Borrower shall keep the impro~•cments n~w cxisting or hercafter erected on the Property insured against loss b~ fire, hazards included within the term "extended cuverage". and such other hazards as Lender may reyuire aad ~n such amo~nts and for such periods as Lender may reyuirc; provideJ, that Lender shall not reyuire that ~he amount of such coverage exceed that amount of coverage reyuired to pay ~he ~:ims tecured ~by this Morigage. "Il~e insurance carrier providing the insuranre shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonahly withheld. All premium~ on insurance policies shall be paid ~n the manner provid::d under paragraph 2 hereof ur. ~f not paid in zuch manner, by Borrower making p~ment, when due, dircctly to the insuranct carrier. All insurance policies and renewals thereot shall be in form acccptablr to Lender ~nd shall inclade a standard mortgage clause in favor of and in form acceptable to Lender. 1_ender shall have the right to hold the policies and renewals thereof, and Borrower shall prompUy furnish to [,ender aU renewal notices and all rcceipts of paid premium~. In the event of lots. Borrower shall give prompt noticc ~o the in~urance carrier and Lender. Lender m~y make prcx~f of loss if not made promptly by Borrower. U~less Lender and Borrower otherwi.r agrec in writmg, inwrance prcxeeds shall be applied to restoration or repair of the Property damaged, provideJ such re~turati~.n or repair is economicaUy (easible and the security of th~s Mortgage it not Ihereby impa~red. 1f such reuoration or repair is ne~t rcunomic~lly frasible or if the security of this Mortgage would be impaired. the msurance proceeds shall be applied to ttee sums secureJ by this Mortgage. with the excess, if any~, paid to Borrower. If the Propert}~ is abandoned hy tiorrower, or if Borrower fails to respond to Lender with~n 30 days from the date notice is maded b}' [.ender to Borrower [hat the insurance carrier uffers to senle a claim for insurance benefits, 1_ende: is aut6orized to collect and apply the ~nsurance proceeds at LenJer'~ optiun either to resroration or repair of the Pmpert~ or to t6e sums ~ecured by thi~ ~totlgagc Unleu I_ender and Borruwer otherwi~e agree m wnting. any such ~pplica~ion c~f prckeeds to pnnc~pal shall not etitend or postpone the due date of the monthlc imtallmentc referred ~~~ in paragraphc I and 2 hereof or change the amount of such installments. I[ under paragraph 12i hereof the Property is acywred hy Lendcr. ali nght, title and interest of Borrower in and to any insurance policies and in and tv the proceeds thereot resulung frum damage to the Property prior to th~ sale or acyws~tion shall pass to Lender to the e~tent of the sums ~ecured by th~s Mortgrge immediately prior to such sale or acquisitio~. 6. Presenstion and Mainleoance o( PropeA~; t.eacehulds: Condominiums; Planned Uni! lhvelopments. BorroNCr shall keep the Properly in good repair and shall nnt comrpit wastc ar perm~t impairment or deterioration of the Property and shall comply with the provisions ot any lease ~l th~. M~~rtgagc i. un -r Iraseh~~ld. I( thi~ Mortgage is on a unit in a condomimum or a planned un~t development, Borrow~er shall perfnrm all of Borrower's obligations under the declaration or coveoants creating or govermng the condominium or planned unit develupment, the by-laws and regulation~ of the condominium ar planned unit devel~~pment, and c~~nslilucnt du~:umentti. If a condominium or planned unit Jevelopment rickr ~s executed by Borrower and rernrdeJ ~ugether with ~hi~ Morigage, ~he covenants and agreements of wch ri:lrr shall be incorporated into and shall amcnd and supplement ihe covcnants and agreements of thic Mortgage as if the ri~er were a part hereof. • 7. PfMtC~lOD O~ IRDdtf~S Security. If R~rrower failc t~~ perf.~rm the covenants and agreements contained m this Mo~igage, or if any action or proceed~ng ic cummence~ which materially afiects LenJer's interest in the Pro~rty. including, but not lim~ted to, eminent domain. incolvency, c~xle en(~~rcement, or arrrngements or pnxeedings invvl~ing a baakrupt or decedent, then Ixnder at I.ender's option, u~n nutice to Borrc~wer, m•ry make such appearanees, dishurse wch sums and take sueh action as is necetisary to protect l.ender's ~nterest, ~nclud~ng, but not limrted to, Ji~bursemeM rf reasonable attornty's fees and en~ry upon the F'roperty to makc repairs. I( Lcnder rryuircd mortgage in~urance ac a cond~tion of making the, loan ~ secured hy thic Mortgage. Bi-rrower sh:dl pay thr premiwns reyuired to mainta~n such insuranee in effut un~il such time as the reyuiremem for ~u~h ~nsurance Ierminate+ ~n accordanrr with Bormwer'~ anJ ;~,~x34y ~~~~~2590 ~ ~ ~-_ - _ - -- ~::,= __ - ~~ _ _ -