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Home My WebLink About0943 _ _ ~ . . - - - - - - - UNrno~nt CoveN~NTS. ~orr~wer and l.ender covenant and agree u follow:: l. Ta~cqt ot 1'rioclpal a~d IMenst. Borro~~•er shail promptly pay whcn due the principal of and interest on the indebtodntu evidenced by tfie Note, prepaymeat snd late chargcs as provided i~ the Note, and the principsl of and interest on aay Futurc Advances secured by this Mortga~e. ~ 2. Ftisd~ fo~ Tua sna lean~asce. Subjcet ro applicabk law ar to a wri/ten waiver by Lender. Borsowcr shall pay to Lender o~ the da~ moothly inst~llments of principal and intcres! are payable unckr the Note, until the Notc is paid in full. a tum (hercin "Funds") ~qual to one-twtltth ot lhe yearly taxes and assessments which msy attain priority over this MoK~age. and ~round renta on the Property, if aey, plus ono-twelfth of yearly premium instattments for hazard insuraoce. plus one-twel[th of yearly premium i~stallmenta fo~ mortgage insurance, if any, all as reasonabiy eatimated init+ally aod irom time to timt by Lender on the bssis of ass~essment~ and billi and reasonable atimata thereof. 'i~e Funds shalt be held in an institution the depos+ts or accaunt~ of which are insured or guarantced by a Fcderal or state agency (irtcluding Ltnder if Lender is such an institution). Lender shaN app{y tfie Funds to pay said taxa, asseurt?enta. .ns~rance prcmiums and ground rents. Lendor may not charge for so holding and applying the Funds, analyziog said account. ~ or veritying and compiiing said assessments and bills, unless Lerider pays Borrower interat on the Funds and applicabie law permits Lende~ to make such a chatge. Barrovrcr and Ltnder may agrce in writing at ~he .time ot execution ot this Mortgagt that intsrest on the Funds shall be paid to Borrower, and unless such agreement is made or applicabie {aw rcquira such interest to be paid, l.ender shall not bc rcquired to pay Borrowcr any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds xhowing credits and debits to the Funds and tht 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 futurc monthly installments of Funds payabk prior to . I, the dute dates of taua. assessmtnts, inturance premiums and ground rents, shall exceod the amount required te pay said taxcs. ' ssseuments, insurance premiums and gmund rents as they fall due, sUCh excrss shall be, at Borrower s option, either promptly repaid to Borrower or crodited to Borrower o~ monthly installments of Funds. If iht amourtt of the Funds hald by Lender shali not be suRicient to pay taza, asseuments, insurance premiums and gruund rtnts as they fall due, Borrowe~ shatl pay to L.ender any amount nocasary to make up ~ho deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting psyment thereof. Upon paymeot in full of all sums Kcurcd by this Mortgage, l.ender shall promptly refund to Borrower any Funda held by I.ender. If under paragraph 18 hercof the Property is sold or thc Property is otherwise acquircd by Lender, l.ender sball apply. no later than immtdiately prior to the sak of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a endit against the sums secured by this Mongage. 3. Aptlkation ot Psymests. Unless applicable law provicks o~hcrwise, all payments received by ~e~der under the Nott arid pangraphs 1 and 2 hercof shall be applied by I.cndcr first in payment of amounts payablt to Lender by Borrower under puagraph 2 her~eof, tben to inter~t payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. Crar`a; Lkaa. Borrower shall pay a!1 Iaxes, assessments and olher charg~s, fines and smpcnitions attributabk to the Property which may attain a priority over this Mongage, and lea~ehold payments or ground rents, if any, in the manner provided under paragraph 2 hereot or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall Qromptly fumish to Lender all notices of amounts due under tfiis paragraph. and in the event Borrower sball make payment directly, Borrower shall promptty furnish to l.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mongage; provided, that Borrower shal) n~t be required to diuharge any such (i~n so long as Barrower shall agree in writing to the payment of the obligati~n securcd by such lien in a manner acceptabk to L.ender, or shall in good faith contest such lien by, or deftnd rntorcement of such lien in, Itgal proceedin~s which o~erate to prcvent the enforcement of the lien o~ forfeiture of the Property or a~y part thereof. S. Hatard lasnraace. Borrower shall keep the improvem~nts now existing or hereafter erected on the Property ensured against loss by fire, hazards included within tht term "extended coverage", and such othe~ hazards as Lender may require aad in such amounts and for such periods as Lender may require; provided, that Lender shafl ~ot rcquire that the amount of such coverage eaceed ihat amount of coverage required to pay the siims ucured by thia Mortgage. 'Ibe insurance cartier providing tbe insurance shall be chosen by Borrower subject to apprnva! by Lender, provided, that such approval shall not be nnreasonably withheld. All prcmiums on insurance policies shall be paid in the manner provided undtr paragnph 2 hereof or, if not paid in such rs~anner, by Borrower mdcing payment, when due, directiy to tho ~ insurance curier. ~ Atf insurance policies and renewals thereof shall be in [orm acceptable to Lender and shal) include a standard mortgage ~ clause in favor of and in form acctptable to Lender. Lender shall have the right to hold the policia and rcnewais thereof, ' and Borrower shall promptly furnish to Lender all renewal notices and ail rcceipts of paid pnmiums. In the event af 1oss. Borrower shall give prompt notice to'the insurance carrier and Lender. Lender may make proof of losa if not made promptly by Borrower. 'i Unles: [.ender and Barrawer otherwix agree in writing, insurance proceeds :hall be applied to restoration or repair of the Property damagtd, provided s~ch restoration or repair is econom+caity Eeasible and the stcurity of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasibte ar 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 abandonecf by Borrower, or if Borrower Eails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that tlu insurance ca~rier ofiers to uttle a claim for insurance bentfits, Len~er is authorizod to collect and apply tbe insurance procceds ~t Ltnder's option eithtr to ratoration or repair of the Propetty or to the sums xcured by this Mortgage. ~ Uniess L.ender and Borrower otherwiss agrce in writing, any such application of procecds to principal shall not exttnd or postpone the due date of the mon~hly installments referred to in paragraphs I and 2 heieaf or change the amount ot ~ such installments. If under paragraph 18 6ereof the Property is acquirsd by I.ender, all right, titk and interat of Borrower in and to any inwrance poiicits and in and to the proceeds thertof resuUing from damage to the Property priar to the sale or acquisition shall pass ta Leader to the eztent of the sums secured by this Mortgage immediately prior to such sak or ~ acquisition. - F 6. Yreservadon ssd Maiatens~nce of Property; Lesseholds; Condominiums; Plannecl Unit DeveMpments. Borrower shalf koep the Property in good repair ~nd shall not commit waste or permit impairment or deterioration of the Property ~i and shatl comQly with the provisions oE any lease if this Mortgage is on a Icasehold. If this Mortgage is on a unit in ~ coodominium or a planned unit development, Sorrower shall perform ail of Borrower's obligations under tho deckaration or coveaants creating or governing the condominium or pl~nned unit development, ~he by-laws and regulatiuns of tht , condominium or ptanned unit development, and constituent documems. If a condominium or planned iinit development rider is executed by Borrowec and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into arsd shatl amend and supplement the covenams and agreements of this Mortgage as if the ridtt wero a part hereof. ~ 7. Protectioa of Lewder's Security. if Borrower fails to perform the covenants and agrcements eontained in this R Mortgage, or if any action or proceeding es commenced which materir.lly affects Lender's interest in the Praperty, € including, but not limited to, eminent domain, insolvency, code enforcement, or arrangemenu or procecdings involving a ~ bu?krupe or decedent, then Lender at Lender's option, upon notice to Sorrowerr may make such appearanca, disburse auch ; wms and take such action as it neceuary to protect Lender's interest, including, but not limited to, disburxment o[ ceuanable attorney's tees as~d entry upon the Property to make repairs. If Lender requircd mortgage insurance as a condition of making the loan socured by this Mortgage, Botcower shall pay the psemiums required to maintain auch insurance in tffact unti! such time as the requirement for such insurance terminates in ascoc+dance with Borrowei s and , : . . ~ gaox3~0 ed~E 51 ~~9 ~ Def1!( r~J~i?A-)~!~)f t~ { ~ ~~~Ii4CiilY ennr_1 ~ / sa~+C f.~~~CC~i+