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Home My WebLink About0918 ~ ~ ~ ~ i ' UNIPOlIM COVBNANTS. Bomower aad Leader covenant and agra as followt: ? l. T~eat ot Mocip~l a~d bterat. Borrower shall promptly pay when due tbe principal of and intere~t on the " indcbtednesz evidencxd by the Note. pnpaymeat and late charges as provided in the Note. and the principal of and ioterest on any Futuro Advances secu~d by this Mortsage. ' S. Itiud~ tor Ta:a ~ai G~wrssce. SubjaM to applecabk law or to a written waivw by I.e~der. Borrowe~ sha11 Wy ; to Lender on the day monthly installments oi principal and intercst are payabk under the Note. untii the Note ia paid in full. f a:um (herein "Funds'~ equal to one-twelfth of the yearly taxes and assawna~ts which auy attsin prioriry ovar this ; Mort~sge, and ground nnts on the Prnperty. if aay. plus one-twelfth of yearfy premium iastaltmenb fo~ haurd inwraaoe, , plus one-twelfth of yeuly prtmium installments for mottgsge insurar~ce. if any. all as reasonably estimated initially and from ; time to timt by Leader on the buis of assessments and biDs and reasonabk estimates tbereof. 'il~e Funds ahall be held in an institution the depoaits or accounts of which are insured or guaranteed by a Federal or ! .state agency (including Lender if Lender is such an inatitution). Lender shall apply the Flinds to pay said taxes. assasments. ` insunnoe pnmiums and ground rents. Lender may not charge for so holding and applying the Funds. analyziag said acoount, E or verifying and rnmpiling said assasments and bills, unless Lender pays Borrower interest on the Funds artd appliqMe law permits Lender to make such a cha~ge. Borrower aad Lender may agroe in writing at ihe time of eacecution ot this ~ ' Mortgage that interest on the Funds shall be paid to Borrower. and ualess such agreement is made or applisabk law requires such interest to 6e paid. Lender shal) not be required to pay Borrower any interest or earnings on the Funds: Leader i shall give to Borrower. wilhout c6arge. an annual accounting of the Funds showing credits and debits to the Funda aad the { purpose for which each debit to the Funds was made. The Funds are plodged as additional socurity for the sums securcd ~ by this Mortgage. ~ ' If the amount of the Funds held by Lender, together with the futuro monthly installme~ts of Funds payabk prior to i the due data of taxes, assessments, insurance premiums and ground ro~ts, shall eXaed the amount required to pay said taxa, ~ assessments, insurance premiums and ground rents as they fall due. such excess shall be. at Borrower's option. either ' promptly repaid to Borrower or crodited to Bornower on monthly installments of Fuads. If the amount of the Fun~ held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due. Borrower shall p~y to Lender any amount necessary to make up the deficiency wiihin 30 days from the dsite notice is mailat , by Lender to Borrawer requesting payment thereof. ~ Upon paymeat in fuq of all aums securod by this Mongage, l.ender shall promptly rcfund to Borrnwer any Funds held by I.enckr. If under paragraph 18 hereof the Property is sold or the Propeny is otherwise acquired by I.ender. Lender shall apply. no later than immediately priot to the sale of the Propecty or its acqaisition by I.ender. any Funds held by Leader at the time of application as a credit against the sums secured by this Mortgage. 3. Applleatloa of Paya~entb. Unless applicable law proviJes otherwise, all payments received by Lender under the ; Note and paragcaphs 1 and 2 hereof shall be applied by I.ender first in payment of amounts payable to [.ender by Borrower € under puagraph 2 hereof, then to interest payable on the Note, then to the principal of ti~e Note, and then to interest and ~ principal on any Future Advances. - 4. Chsrga; Lkos. Borrower shall pay all taxes, assessments and other charges, fines and impositions att~ibutable 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 heroof or. if not paid in such manner. by Borrower making payment. when due. direcdy to the payce thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. and in the event Bormwer shall make payment directly. Borrower shall promptly fumish to Lender receipts evidencing such payments. - ~ Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be ~ required to dixharge any such lien so long as Borrower shall agree in w~iting to the payment of the obligalion secured by ~ such lien in a manner acceptable to Lender. or shall in good faith contest such lien by. or deferid enforcement of such lien in, ~ legal proceedings which operate to ptevent the enforcement of the lien or fodeiture of the Property or any part thereof. ~ S. Har~rd Insnrance. Borrower shall keep the improvements now existing or hereafter erected on the Propeny insured ~ against loss by fire. hazards included within the term "extended coverage". and such other hazards as i.ender may require ? j anJ in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by Ihis Mortgage. ~ 'I1~e insuranoe carrier providing the insurance shall be chosen by Bortower subject to approval by Lender, provided, ~ I~! that such approval st~all not be unreasonably withheld. All prcmiums on insurance policies shall be paid in the manner ; ~ provided under paragraph 2 hereof or. if not paid in such manner. by Borrower making paymeAt, when due. directly to the ; ~ insurance carrier. { - ~ All insurance policies and renewals thereof shall be in form acceptable to Lencler and 3ha11 include a standard mortgage ~ clause in favor of and in form acceptable to Lender. Lender shall have the right to hold ~he policies and renewals thereof, ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums_ In the event of loss. ~ ~ Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. ' ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ; ~ the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is j not thereby impaired. I[ such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired. ihe 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 if Borrower faits to respond to Lender within 30 days trom iha date notice is mailed by Lender to Borrower that the insurance carrier ofters to set/le a claim for insurance benefits, Lender is authorited 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. Ualess L.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hertof the Property is acquired by I.ender, all right. title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sak or acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Plaaaed Ueit De~ebpments. Borrower ~ shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a ; ~ condomioium or a planned unit development, Borrower shali perform all of Borrower s obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of ihe ~ condominium or planned unit development. and constituent documents. I( a condominium or planned unit clevelopment # ricier is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated iato and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. 7, Protectlon ot Let~e~s Security. If Borrower fails to perform the covenants and agr~ments contained in this Mortgage. or if any action or proceeding is commenced which materially aftects Lender s interest in the Property. ~ ~ including, but not limited to, eminent domain, insolvency, code enforcement. or arrangements or proceedings involving a ~ bankrupt or decedent, then l.ender at Leader's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect l.ender s interest, including, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If i.ender requir+ed mortgage insurance as a ~ condition of making the loan secured by this Morigage, Borrower shall pay the ~premiums roquired to maintain such insurance in ef[ect unti) such time as the requirement for such insurance terminates in acoordance with BorrowePs and € . ~ : ~395 P,~ 91? ~ ~ ~ _ _ _ _