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Home My WebLink About0997 ~ i s ~ ~~.~.3 ~ ~ ~ ~ ~ UNp'O~I~ OOVENANTS. Borrower and Len~kr coveoant and a~ree as tollows: ~ 1. ~t ot Msclpl aod 1Mcred. Borro~ver shall promptl~• pay when due thc principxl of and interest on the ~ indebtedna: evidenced by the Note. prepayment and late chargec a~ provided in the Note, and the priacipal ot snd interest on any Future Advances securcd by this Martgage. 2. l~~t tor Ta:a ~ui I~surs~ee. Subject to applicablc law ~~r ~o a written waiver by Lender. Borrowcr shall pay to Lender on the day monthly installments of principal and intercct .~rr ~?ayahlc unde~ the Note. until the No1e is paid in full, a:um (herein "Fun~") oqual to oae-twelfth ot the yearl~~ u~r. and ascessments which msy attain prioriry over this Mort~aa~ee. aed ground rents on the Pc~pe~ty, it any, plus one-twelf~h ol yearly premium installments for hazard insurance. plus one-twelfth of yearly premium installments for mohgage insurancc, it any, all u rcasonably estimated initially and from time to time by Lender on the basis of assessmcnts and hills and reawnablc estimata thereof. Tf~e Funds sball be held in an insti~ution ~he deposi[~ or accounts of which arc insured or guaranteed by a Fedenl or ~ state a~eocy (including Lender if Lender is such an institution). 1_ender ~hall apply the Funds to pay said taxa. assasments. ; inturatwe premiums and ~ound rc~ts. l.ender may not charge lor sc+ holding and applying the Fnndc. analyzing said acrnunt, ~ or verifying at~d compiling said assessments and bills. unless Lender pays Bonower interat o~ the Funds and applicable law ~ permits Lender to mske such a cha~ge. Borrower and Lender may agree in writing at the time o( execution ot this + Mortgaae that interest on the Funds shall bc paid to Borrower. and unless such agroement is made or applicable law ~ requires such interat to be paid. Lender shall not be rcquircd to pay Borrower any interat or earnings on the Funds. Lender i shall give to Borrower. without charge, a~ annual accounti~g of the Funds showing credits and debits to the Funds and the purpoae for which each debit to the Funds was made. Tha Funds are pledged as additional security for the sums securcd by this Mortgaae. If the amount of tbe Funds held by Lender, together with the future monthly installments of Funds payable prior to ~ the due dates of taues. assessments, insurance prcmiums and ground rents, shall exceed the amount required to pa} said taxes. ~ asse~ments. insurance premiums and ground rents as they (all due, such excess shall be, at Borrower s optian, either prompdy repaid to Borr+ower ot crodited to Borrower on mon~hly installments of ~ Funds. If the amount of the Funds f hdd by l.ender shall not be sufficieat to pay taxcs. assessments, insurance premiums and ground rents as they fall due, ~ BorTO~?er shal) pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by I,~ode~ W Borrower iequestin8 paYment thoreof. Upoa payment ia full of all sums secured by this Mor~gage, l.ender shall promptly retund to Borrower any Funds held by Leader. If under paragraph 18 hereof the Property i~ sold or the Property is othervvise acquired by l.ender, [.ender s6a11 apply, no later than immediately prior to the sale of the Property or its acquisition by I.ender; any Funds held by I.ender at the time of application as a credit against the sums secured by this Mortgage. 3. Appiicatlm o[ Paymeets. Unless applicable law provides otherwise, all payments received by L.ender under the ~ Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower ~ under puagraph 2 hereof. t6en to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Futun Advances. 4. C6~r=es; Liens. Borrower shall pay all taxes, assessmcnts and othcr charges, fines and impositions attributable to ~ tbe Property which may attain a priority over this Mortgage, and leasehold payments or ground rents. if any. in ihe manncr ' pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the . payee thereof. Borrower shall p~+nmptly fumish to Lender all aotices of amouats due under this paragraph, and in the event Borrower shall make payment directly. Borrower shall promptly furnish to l.ender re~.-eipts evidencing such payments. Borrower shalt promptly dixharge any lien which has priority over this Mortgage; provided. that Borrower shall not be requirod to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation xcuced by such lien in a manner acceptable to Lender. or shall in good faith contest such lien by. or defend enforeement of such lien ia. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ' ~ S. Hazard Insurance. Borrower shall keep the improvements nov?• existing or hereafter erected on the Property i~urod against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require t wd in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such rnverage exceed that amount of coverage required to pay the sums secured ~by this Mortgage. 'Ihe inwrance carrier providing th~ insurance shall be chosen by Bonower subject to approval by Lender. provided. that wch approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner ' provided under paragraph 2 hercof or, if not paid in such manner, by Borrower making payment, when due. dircctly to the ~ j inwrance carritr. ~ All insurance policies and renewals thereof shall be in form acceptable to [.ender and shall include a standard mortgage i clause in favor of and in form acceptable to l.ender. I.ender shall have the righr to hold the policies and renewals thereof. ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums. 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, proviJed such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. If suc:h restoration or rcpair is n~t economically feasible or i[ the seeurity of this Mortgage would 5 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 abanJooed by Borrower, or if Borrower fails to respond to Lendcr within 30 days from the ~ date aotice is mailed by I.ender to Borrower that the insurance carrier ofiers to setde a claim for insurance benefits. Lender ~ ~ is authoriztd to collect and apply the insurance procoeds at Lender's option either to restoration or repair of the Propert~• ~ or to the sums securod by this Mortgage. ~ Unless L.ender and Borrower otherwise agree in writing, any such applica~ion of proceeds to principal shall not extend ~ or postpooe the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of E such installmeots. If under patagraph 18 hereof the Property is acyuired by I.ender, all right, title and interest of Borrower ~ in and to any insurance policia 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 imrnediately prior to such sale or ~ acquisition. Y • ~ 4. Presenatlon aod Maintenance of Property; Leasehulds; Condominiums; Planned Unit Devdopmeats. Borrowcr shall keep the Property in good repair and shall not comroit waste or permit impairment or deterioration of tbe Property and shall comply with the provisions of any leace if this Mortgage is on a leasehold. If this Mo~igage is on a unit in a e condominium or a planned unit development, Borrower shall 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 planoed unit development, and constituent documents. It a condominium or planned unit development rider is executed by Bonower and recorded together with this Mortgage, the covenants and agrcements of such rider :hall be incorporated into and shall amend and supplement thc covenants and agreements of ~his Mortgage as if the rider wen a part hercof. 7. Protectioo of Lender's Sec~rity. If Borrower fails to perform the covenants and agreementt contained in ihis Mortgage, or if any action or proceeding is commenced which materially aBects Lender's i~terest in the Property; ~ ~ including. but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ e banlcrupt or decedent. then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ; r :ums and take such action as is necessary to protect Lender's interest, including, but not limited to. disbursement of ~ reawnsbk attomey's fees and entry upon the Properry to make repairs. If Lender required mortgage insurance as a i coadition of making the loan secured by this Mongage, Borrower shall pay the premiums rcquired to maintain such insurance in eHect until such time as ~he requirement for such insurance terminates in accordaneP with Borrower s and _ . _ . i ~ j ~~f'L . 8~~~ PAGE t~~U . _ ___..__~f.~_. _ r_.- :