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Home My WebLink About0950 U~iFORM CovEN~rrrs Borro~.~ver and Lender covenant And agree as follows: 1. Payment ~ni Princfpal and lnterest Borrower shall promptly pay when due the pnncipal and interes~ ~ndeb• tedness evidenced by the Note and late cherges as provided in the Note. 2. Funds for Taxes and Insurance. Subject to applicable iaw or a written waiver by Lender, Borrower shall pay to Lender on the day monthly payments ot principal and interest are payabte under the Note, unti! the Note is pa;d in ; full, a sum (herein "fiunds') ¢qun) to one•twelfth of the yearly taxes and assessments (including condominium and planned unit development assessments, if a~y) which may attain prioriry over this Mortgage and ground rents on the Property, if any, plus one•twelfth of yearly premium instaliments for hazard insurance, plus one•twelhh of yearly pre• mium installments for mortgage insurance, if any, all as reasonably estimated initially and f rom tir~~e to time by Lender on the basis of assessments and bil(s and ~easonable estimates thereof. Borrower shall not be obligated to make such payments of Funds to Lender to the ¢xtent that Borrow¢r makes suth payme~nts to the holder of a prior mortgage or deed of trust if such holder is an insiitutional 1¢nd¢r. lf Borrower pays Funds to Lender, the Funds shall be held in an institution the deposits or accounts of which a*e insured or guarnnteed by a Federal or state agency (including l.ender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, ass¢urnents, insurance premiums and ground rents. Lender may not charge for so ~ holding and applying the Funds, analyzing said account or verifying and compiiing said assessments anci bitls, unless Lender pays Borrower interest on the Funds arid applicable law permits Lender to make such a charge. Borrower and ~ Lender may agree in writing at the time of execution of this Mongage thnt interest on the Funds shall be paid to ~ ~ Borrower, and unless such agreement is made or applicable law requires such interest to be paid, L.ender shall not be required to pay Borrower any interest or eamings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds 3howing cr¢dits and debits to the Funds and the purpose for which each debit to the Fu~ds was made. The Funds are pl¢dged as additianal se~uriry for the sums secured by thii Mo~rtgage. If the amount of the Funds held by Lender, togeth¢r with the future monthiy instaUments of Funds payable prior to ' the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance prem3ums and ground rents as they fall due, such excess shaU be, at Borrower s option, either promptly ~epaid to Bonower or credited to Borrower on monthly installments of Funds. lf the amount ot the Funds held by Lender shall not be sufficient to pay tax¢s, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the d¢ficiency in one or more payments F: as Lender may require. ~ Upon payment in futl o! ail sums secured by thts Mo~tgage, Lender shal! promptly refund to Borrawer any Funds held by Lender. If under paragraph 17 hsreof the Properry is sold or the Properry is otherwise acquired by L,ender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds ; held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Applicatlon of Paymenta. Unless applicable lAw provides otherwis¢, all payments received by L.ender under the Note and paragraphs 1 and 2 hereof shaU be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Not¢, and then to the principa! of the Note. 4. Prior Mortgages and De.edQ ogTrns~ Cbarges; Liens. Borrower shall perform all of Borrow¢r s obligations under any mortgage, deed of trust or othersecurityagreement with a lien which has prioriry overthis Mortgage, includ- ing Borrower's covenants to make payments when due. Borrower shall pay or caus¢ to be paid atl taxes, assessments and other charges, fines and impositions attributable to the Property which may attain b prioriry over this Mortgage and leas¢hotd payments or ground rents, if any. S. Hazard Insuranee. Borrower shall keep th¢ improv¢ments now existing or hereatter ¢r¢cted on the Property insured against toss by fire, hazards included urithin the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may require. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, pro• vided. that such approval shafl not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form acceptable to L.ender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the terms of any mortgage, deed of trust or other securiry agreem~nt with a lien which has priority over this Mortgage. In the event of loss, Borrower shaH giv¢ prompt notice to the insurance carrier and Lender. Lender may make proof af loss if not made promptly by Borrower. !f ihe Froperty is abandoned by Borrower, or tf Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that th¢ insurance carri¢r offers to s¢ttle a claim for insurance b¢nefits, Lender is authorized to collect and apply the insurance pxoc¢eds at Lender s option either to restoration or repair of the Pro- perty or to the sums secured by this Mortgag¢. 6. Preservatlon a~d Maintenance of Properiy. I,ea~ehold~; Condominl~m~; Pianned Unit Develap- ments. Borrower shall keep the Property in gc>od repair and sha!! not commit wasre or permit impairment dr ~ deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. !f this ' + Mortgage is on a unit in a condominium or a planned unit dev¢lopement, Borrower shall perform all of Borrower s ' obligations under the declaration or covenants creating orgoveming the condominium or planned unit development, the bylaws and regulations of the condominium or planned unit development, and coristituent documents. 7. Protection of L.~ndei s Security. If Borrowerfails to perform the covenantsand agreements contained in this Mortgage, or i( any action orproceeding is commenced which mat¢riallyaffects Lender s interest in the Property. then Lender. at Lender's ophon, upon notice to Borrower, may make such nppeamnces, disburse such sums, including reasonable attorneys fees, and take such action as is necessary to protect Lender s interest. If Lender required mortgage insurance as a condition of making the loan s¢cured by this Mortgage, BoTrower shall pay the premiums required to maintain such insuronce in effect unti) such time asthe requirement for such insurance terminates in accor- dance with Borrower's and Lender s written agreement or applicable law. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate. shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shal! be pnyable upon notice from Lend¢r to Borrower requesting payment thereof. Noihing contained in this paragraph 7 shall require Lender to incur any Qxpense or take any action hereunder. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided that Lender shall giv¢ Borrower notice prior to any such inspection specifying reasonable cause therefor related to Lender's interest in the Prop¢rty. ; 9. Condemnatioa The procee~s of any award orclaim for damages. direci orconsequential. in connection with ` any condemnation or other taking ot the Properry, or part ihereof. or for conveyance in lieu of condemnation. are hereby ass,gned and shaU be paid to Lender, sub~ect to the terms of any mortgage. deed ot trust or other secunty agree- ment wuh a hen whkh has prionry over this Mortgage. , Page Two of F~ur ~ • _ , , ~ ~ ~~052s PA6~0947 p'~T. ...lc_. - s , ~c----~t-,- - - - _ _ _ r.-- ? ~ -