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Home My WebLink About0922 . `L . UN~FOaM CovFN~NTS. Borrav?•er and l_ender ri~~enant ~nd ag~re a. foll~~ws: 1. PsYmc~f o/ Priecipl aod laterest. Bormwer ~hall prampUy pay whcn dur the pt~ncipal of and mterest ~~n the ~ndebtedneu ev~denced hy the Notr, p~epaymen~ anJ la~e charge~ a. pruviJed m tht Nate, and the principal and ~nteresi _ on any Fu:ure Advances stcured by th~c Mo~tgage. E~nds for Tues snd lutu~ance. Subjec~ to applicable I~w or to a written waiver by I.ender, Borrow~er shall pay to l.ender on Ihc day monthly inslallmems of prin~ipal and intrrc.t arc payablc undcr the Notc, uotil the No~e i~ paid in tull. a sum (herein "Funds") equal ta onatw•elfth of the ycarly ta~cs and as~essmentc v?•hich may attain pnori~y ave~ this Mortgage, and ground rents on the Property, if any. plus anc-twcl(th of yca~ly prem~um installments for haz~rd insurance, plus ot~e-tw•clfth of ycarly premium installmcnts for m~rtgage insurancr, if any, all as reasonably estimated ini~i•rlly anJ from time to time b~• ~ender on the basis ot assessmen~s and bills •rnd reasonable es~imates thercof. 71x Funds shall be held in an institution the deposits ur accounts u( whirh are insured or guaranteed by a Fede~al or state agency (including Lender if Lender is such an insti~ution). I.ender shall apply the Funds to pay said taxes, assessments, . i~surance prcmiums and ground rents. I_ender map not charge (ar so holding and applying the FunJs, analyzing said account, or verifying and compiling said assessmems and bills, unless l_ender pays Borrower interest an the Funds and applicable law permits Lender to make such a charge. Borrower and ~ender may agree in writing at the time of execWion ot ihis Mortgagt that interest'on Iht Funds shall be paid to Borruwe~, anJ unless such agreement is made or applicable law requires such interest to be paid. Lender shall not be rcquired to pay Borrower any interat or earnings ~n the Funds. l_ender shall give to Borrower, without charge, an annual accuunting of the Funds showing credits and debits to the Funds and the purpose for which tach debit to the Funds was madc. The Funds are pledgecl as addi~ional security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due data of laxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxa. assessments, insurance premiums and ground rents as they (all due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on mon~hly installmcnts of Funds. 1f the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, ~ Borrower.shall pay to Lender any amouot necessary to make up the deficiency within 30 day~s from the date natice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, t_ender sl~all promptly rehmd to Borrower any Funds held by Lender. I[ under paragraph 1R hereof the Property is sold or thc Properry is otherwise acquired by l.ender, l.ender shall apply, no later than immediately prior to the sale of thc Propcrty or its acquisition by l.ender, any Funds held by Lender at the time of application as a credit against the sums secared by this Mortgage. 3. Application of Paymenis. Unless applicable laa~ provides otherwise, all payments received by Lender under the Note and paragraphs I and 2 hereof shall bc applied by 1_cnder first in paymem of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal ot the Notc, anJ ~hen to interest and principal on any Future Advances. 4. Charges; Lkas. Borrower shall pay a0 taxes, astessments and o~her charges, fines and imEwsitions atlributabk to the Property which may attain a priority over this Mortgagc, and leasehold payments or ground rents, if any, in the manner - provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payte thereof. Borrower shall promptly furnish to LenJer all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower ahall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien whieh has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obliga~ion secured by such (ien in a manner acceptable to Lender, or shall in good fai~h contest such lien by, or defenJ enforcement o( such lien in, legal proceedings which operate to prevent the enforcement of thc lien or forfeiture of the Property or any part thereof. S. Hazard Insurance. Borrower shall keep the impmvcmrnts now caisting or hercafter erecred on the Propcrty insured against loss by fire, hazards included wi~hin the term "e~tendeJ coverage", and such other hazards as l.ender may require anJ in such amounts and for such periods as I.ender may reyuire; provided, that Lender shall not require that the amount of such co~erage exceed ihat amount of coverage required to pay the sums secured by Ihis I?torlgage. - The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereo( or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. ~ All insurance policies and reneKals thereot shall be in form acceptable to LenJer and shall include a standard mortgage 4 clause in favor of and in form acceptable to l.ender. Lender shall have the right to hold the policies and reneN•al~ thereof, ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipls of paid premiums. In the event o! loss, Borrower shall give prompt notice to ihe insurance carrier and Lender. Lender may make proof of loss if not made promptly t by Borrower. Unless Lender and Borrower othervvise agree in w~riting, insurance proceeds shall be applied to restoration or tepair of tlx Property damaged, provided such restorat~~n or repair is economically feasible and the security of this Mortgage is not thereby impaired. I[ such restoration or repair is not economically feasible or it the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secureJ by this Mortgage, with ~he excess, if any, paid t~ Borrower. If the Property is abandoned b}~ Borrower, or i( Borrowcr fails to respond to t_ender within 30 days from the i date notice is mailed by Lender to Borrower that the insurance carrier oflers to settle a claim for insurance benefits, Lender is authorized ro 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 I.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 hercof or change the amount of ~ such installments. If under paragraph 18 hereof the Property is acquired by l.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 sale or ~ acquisition. ' ~ 6. Prese~~atloa and tifaintenance of Property; I.easeholds; Condominiums; Planned Unit Derelopmenls. Borrower a shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property g and shall comply with the provisions of any lease if this Mortgage is on a teasehold. If this Mor~gage is on a unit in a s condominium or a planned unit development, Borrower shall perform all o( Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~ condominium or planned unit development, and constituent documents. It a condominium or ptanned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreemenls of such rider ~ shall be incorporated into and shall amend and supplement the covenants and ag~eements of this Mortgage as if the rider ~ were a part hereof. E 9. Protectioa of Leoder's Security. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage, or if any action or proceeding is commenced which materially affects l.ender'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 Lender at Le~der'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 attomey's fees and entry upon the Property to make repairs. It Lender required mortgage insurance as a E condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such ~ insurance in effect until such time u the requirement (or such insurance terminates in accordance with $ortower s and . ~ ~ ~~~~t Z~O ~~~iE 922 ~ - ~ - ~