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Home My WebLink About0950 ~ `i~ i~~ ~S ~ , : . j : ' . ~ UN~tatM Coven.+tvTS. Borrow•er and Lender coveaant and agree as follaws:~ l. Paymeat ot Priacfpal aod Interest. BorroWe~ shall promFdy pay when due the principal of and interest on the inciebtedneu evidenced by the Note, prepayment and late charges as provided in the ;dote, and the principal of and mterest on any Future Ad~•ances secured by this Mortgage. 2. Fuuds for Tues and I~urance. Subject to applicablo !aw o~ to a written waiver by t_ender, Borrower shall pay to L.ender on ~he day monthly installments of principal and interest are papable under the Note, until the Note is paid in full, a sum (hercin "FunJs") equal to une-twelfth of the yearly taxe~ an~i assessments which may attain priority over this Mortgagc, anJ ground rents on the Property, iF an~•, plus one-twelfth of yearly premium installmcnts for hazard insurance, plus one-tw•elfth af yearly premium inslallmeuts for mortgage insurance, if any, all as reasonably estin~ated init~allp and from time to time by l.ender on the basi, of assessments and bi11s and reasunaEle estimates thereof. The Funds shatl be held in an institution the deposits ur a~counts of which are insured or guaranteed b}~ a Federal or state :~genc) (including Lender iF 1_ender is such an institution). I.endcr shall :~ppl~• the Funds to pa~• said taxes, assessments, ~ ~nsurancr premiums and groun~ rents. l_ender may not charge tor ,o holding and appl}•ing the Fui;ds, anal}'zing said account, or verif~~ing ard compiling said asse~sments and hills, unless l.ender pays Borrowrr interest on the Funds and applirable law~ permits I_ender to maAe such a charge. Borruwer and L~nder ma~ agrce in writing at th~ time of execution of this ~turtgagc; that interest ~~n the Fun~s shall tx pa~d to }3orroH•c~, and unless such agreement is made ur applicable laN reyuires such interest to be paid, 1_ender shall no~ he eeyu~re:i t~~ pa}' BorroH~r :~n~ interest or earnings nn the Funds. LenJer shall gi~~e to BO(fON'Cf, WlI~IOU[ charge, an annu:il accuunting uf the FunU. shu~~ing credits and Jehits to the F~i?ids and thr . i purpo~e f:~r which e:~ch debi~ t.~ ihe FUCld1 N'd~ made. rhe t=unds arr pl~dged as additional se:urih~ for the sum. secur~d i by this ;1lortgage. ~ If the amour.t of the Funds held by LenJer. t~~sether ~~ith the futurc monthl}~ installmenu of Fun~s pa~•ahle prior to ~ the due dates of taxes, asses~ments, insurance pr~m~um. ;~nJ ground rent,, shall exceed the amount reyuired ti~ pa~ said taxes, assessments, insurance premiums and ground rent. as the~ fall due, si~ch excess shal! be, at Borrower's op;ion, either promptly rcpaid to Borrower or ~redited to Borro~~~er on munthly im?allments of Funds. If the amount of thr Funds held by Lend~r shall not be sufi~icient to pay ta~es, asset~ments, imurance premium~ and gro,ind rents as th~~~ fall due, Burrow~r shall pat to l_ender an~ amount nece~sar~ to ma{~. up the ~Iehciency w~thin 30 da~~s fr.~m thr date n~•tice is mailed by Lender to Be~rrower reyuesting pa}n~ent thereot. Upon payment in full of all sums securcd by th:s 111o~tgagr. I.ender shall pmmptl~• rcfund to BorroHer any FunJs held b~• Len:ler. ?f under paragraph IS hereof the Propcrt}• is sold or the Pro4xrt~ is otherw~ise a.qu~red by Lrnder, [_en~ler shall apply, no later than immediatcl~~ prior to the ,ale ~~f thc Property or its acquisition bp Lrnder, an~ Funds held b}~ Lender at the time of appliration as a cr.:dit ags~nst the sum, secure~l b~~ this \tortgage. 3. Application of Paymenfs. Unlecs applicable laH pro~i~es othen~ise. all payments recei.•ed b~~ Lender un~ler the Note and paragraph~ 1 and 2 hereof sh:~ll be appL~d by Lrnder first in pa~ ment of amounts pa}~~ble t~~ I_rnder h~• Borrower under paragraph ' hereof, then tu interest payahlc un th~ \ute, thcn tu thr principai uf lhc Notc, an~i thcn t~~ interest and principal on an}~ Future Advances. 4. Charges; Liens. Borro~~er shall pay all t:i~cc, ass~s~mcnts and ~~ther charge~. fines an~ imposihons attrihutable to the Property w•hich may attain a priority over this bfortgage, and leasehold payments or ground rents, if an}•, in thc manner pcovided under Qaragraph 2 hereof or, if not paid in such m;~nner. b~~ Borrower making payment, when due, directly to the payee thenof. Borrower shall promptly furnish to Lender all notices o( amounts due under this paragraph, and in the event Borrow•er shall make pa~~ment directly, Borrower ~hall promptly furnish to Lender receipts evidencing such pa}~ments. - Borrower shall promptly discharge an}~ lien ~~~hich has priorit}• ~~ver this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrow~er shall agrec in ~+riting to the pa}•ment of the obligation secured by such lien in a manner arceptable to Lender, or shall in goad faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the I~en or forfeiture of the Propert~~ or anp part thereof. 5. Hazard Insurance. Borrower shall keep the improvements no~ existing or hereafter erected on the Property insured against loss by fire, hazards incloded within the term "extended coverage", and such other hazards as Lender ma~~ reyuire anci in such amounts and for such periods as Lender may reyuire; pro~•ided, that Lcnder shall noi require that the amount of such coverage exceed that amount of coverage required to pay the sums secured b~~ this Mortgage. 'I~e insurance carrier providing the insurance shall be chosen by- Borrower subject to approval by Lender; provided. that such approval shalt not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrow~er making payment, when due, directly to the j insurance carrier. ~ ~ All-insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, E and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid-premiums. In the event of loss, € Borrowrr shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prompily ~ 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 restorati~n or repair is economicaU}~ feasible and the security of this Mortgage is not thereby~ impaired. If such restoration or repair is not econemically feasible or if the security of this Mortgage would s 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 abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed b~ Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, I.ender ~ is authorized 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. Unless Lender 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 an~ 2 hereof or change the amount of such installments. If under paragraph l$ hereof the Property ic acquired by Lender, all right, tide 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 sale or ~ acquisition. f 6. Preser~ation and 1laintenance of Property; Leaseholds; Condominiums; Planned Uait Developments. Borrower ~ shall keep the Property in good repair and shall not commit a~aste 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 ~ ~ condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration 5 or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the - condominium or planaed unit development, and censtituent documents. If a condominium or planned unit development ~ rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider ~ shall be incorporated into and shal! amend and supplement the covenants and agreements of i:iis Mortgage as if the rider ~ were a part hereof. ~ 7. Protectioa of I.eoder's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceedir?g is commenced w~liich materially affects 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 Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of reasonable attomey's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in efiect until such time as the requirement for s~ch insurance terninates in accordance with Borrower's and ~ . ~ ~o~ 4~6 P~~ 949 ~i ~ : ~ bo`~ ~U5 P~E154~ P D ` ,It'i'f.~~~~~ ~ i ~ ~ ~ ; i : e . _ - - - _ _ _ ~ ~ _a - ~ ~ . ~ ~-~..<~----J-~'-`-~,.n~';~ ~ ~ ~