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Home My WebLink About0994 UN~toR~t CovFh~NTS. Borrowcr and Lender covenan~ and agree as follaws: ~ 1. Papment ot Priocipd aad Interat. Horrowe~ shall p~omptly pay w~he~ due the principai of and interest on the ; indcbtedncss evidenced by the Note. prepayment and latc char~es ac proviJed in the Na~e, and ~he principal of and ~nterest ; on a~y Future Advancec ~ecured by th+s Mor~gage. ~ 2. Funds tor Ts:es and Ir~sunect. Subject to applicabte law or lo a written waiver by l.ender, Borrower shall pay to L.ender on ~he day monthly inslallments of principal and inte~ect are payahle under the Note, until the Note is paid in tull, ' a s~~m (herein "Funds") equal ~o one-tvveltth af the yearly ~axes and assessments which may attain priority over this ' Mortgage, and ground rents on the Property, if any, plus one-twelfth of ycarly premium installme~ts for ha2ard insurance, ~ Z plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as ~easonably estimated inilially anJ (rom time to time by ~ende~ on the basis of axsessments and hills and reasonable estimates thereot. ~ ~ 'il~e Funds shall be held in an ins~itutian the deposus or accounis ui wnici~ ar~ ~~:s:tr~d ~r ~z~r:~niee~ ~ F~!~~r~! nr : c~ state agency (including Lender if ~ender is such an institution). t.ender shall apply the Funds to pay said taxes, asseisments, f ~ insurance premiums and ground rents. Lender may not charge tor so holding and applyEng the Funds, analyzing said account, ~ w or veritying a~d compiling said assessments and bills, unless i.ender pays Borrower interest on the Funds and applicable law r permits 1_ender 1o make such a charge. Borrower and Lender mav agree in writing at ~he time of ~xecution ot this ` ~ Mortgage that interest on tho Funds shall he paid to Borr~wer, and unless such agreement is made or applicable law ~ ~ requires such interest to be paid, t_ender shall not be required to pay Borrower any interest or earnings o~ the Funds. l.ender ; ~ shall give t~ Borrower, without charge, an annual accaunting of the Fundi showing credits and debits to the Funds and the pu~pose for which each debit to the Funds was made. The Funds are pledged as addi~ianal securily for the sums secured ; p by this Mortgage. ~ s Q If the amount of the Funds held by Lender, togethe~ ~ith thc future monthl~• installments of Funds payable prior to ~ v the due dates af taxes. assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, ~ y assessments, insurance premiums and ground rents as they fall due, such exress shal! be, a~ Borrower's optian, either ~ promptly repaid to Borrowtr or credited to Borrow~r on monthly installments nf fiunds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, ass~ssments, insurance premiums and ground rents as they fall due, Borrower shall pay ta Lende~ any amount necessa~~• to make up the deficiency within 30 daps from the date notice is mailed by Lender to Borrower requating payment thereaf. Upon payment in full of all sums secured by this Mortgage. I.ender shall promptly retund to Borrow~er any Funds held by Lender. If under paragraph 18 hereof the Property ic Sold or the Proper~y is otherwise acquired by I.ender, l.ender shall apply. no later than immediately prior ta the sale of thc Propeny ar its acquisition by l.ender, any Funds held by Lender at the time o[ application as a credit against the sumc secured by ~h~s 1?lortgage. 3. Appllcation oE Paymeats. Unless applicahle law• pro~~iJes otherw~ise. all payments received by l.ender under the ? ; Note and paragraphs I and 2 hereof shall bc applied b~• 1_ender first in payment of amounts payablc ta Lender by Bormwer ~ under paragraph 2 hereof, then to interest payable on the No~e, thcn to the principal of the Note, and then to interest and principal on any Future Advances. ~ 4. Chargts; [.kns. 8o~row~er shal! pay all taxe~, a~sessments and other chargec, fines anJ impositions aUributable to ' ~ the Property which may attain a priority over this Mongage, 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 Lender ail notices of amounts due under this paragraph, and in the event Borrower shall make payment direc~ly, Borrower chall prompily furnish to l.ender receipis evidenang such payments. Borrower shaU promptly discharge any lien which has priority .~~•cr this Mortgage; provided. that Borrower shall not be required to discharge any such lien so long as Borrower shall ag~ee in W rit~ng to th~ pa~•ment of the obtigatian secured by such lien in a manner acceptable to Lender, or shall in gcx~d faith conte~t such lien b}~, or dtfenJ enforcement of such lien in, ; legal proceedings which opetate to prevent the cn(orrement of thc lien ~.r torfeiwrc of the Property or any part thereof. j S. Haz~rd lnsuranc~. Borrower shall keep the impro~~ements noN c~i~ting or hercafter ercrted on the Property insured ~ ~ against loss by fire, hazards included within ~he term "e~tendeJ covrrage", and such other hazards ac Lender may require 5 and in such amounts and for such periods as Lender may reyuire; pn.vided, ihat Lender shall not require that ~he amount of such coverage exceed that amaunt of caverage reqwred to pa~• ~he ~iemc secured hy this Mortgage. The insurance carrier providing ~he insurance shall be chosen b}~ Borrower subject to approval by Lender; provided, ~ . that such approval shall not be unreasonably withheld. All premiums on insura~ce pc~licies shall be paid in the manner provided under paragrap6 2 hereof or, if not paid in such man~er, by Borrower making payment, when due, directly to the insurance carrier. AI! insurance policies anJ renewals thereof shall be in form accept~ble to Len~er and shall include a standard mortgage clause in favar of and in form acceptable to (.ender. Lender shall ha~e the right to hotd the policies and renew•als thereaf. ~ and Borrower shall promptly Eurnish to Lender all renewal not~ces and att receipts of paid premeums. ln ~he event of loss. ~ Borrower shatl give prompt notice to the insurance carrier and l.ender. 1_endrr may make pr~f of loss if not made promptly by Borrower_ Unleu l.ender and Borrower otherw~ise agree in writing, insurance pr~ecds shall be applied ~o restoration or repair of the Property damageJ, proviJed such restorahon or repair is economirally- feasiMr and the security of this Mc?rtgage ~s not thereby impaired. If such restorat~on or repaer is not c~unumically' feasible Of if the security of ~his Mortgage would be impaired, the insurance, proceeds shall be applied to the sums secured by Ihis Mortgage. H~ith the excess, if any~, paid to Borrower. It the Property is abandoneJ by Borrower, or it Borrowcr (a:ls to respond to [_ender within 30 day~s from the ~ date notice is mailed by Lender to Borrower that ~he insurance carrier afTers to settte a claim for insurance bene6ts, Lender is authorized to coNect and apply the inserance proceeds at Lender's option either to restora~ion or repair of the Prapeny ~ or to the sums secured by this Mortgage. ~ i Unless Lender and Borrower otherv?~ise agree in writing, anp such application of proceeds to principai shall not extend or postpone ~he due date of the mo~thty installments referred t~ in paragraphti I and 2 hereof or rhange thc amount of ~ sucfi installments. If undtr paragraph IS hereof the Propert± is acyuircd b~ Ixnder, ali nght, title and interest of Borrower in and to any insurance policies and in and to the proceeds ~hcreof resulting from damage to the Property prior to the sale ~ or acquisition shall pass to Lender to the extent o( the sums secured b~~ this htortgage immediatel}• prior to such sale or acquisition. 6. Proservalton and ~taintenance of Propeti~; [.easeholds; Condominiums; Planned linit Developmenls. Borrow•er shall keep the Propeny in good repair and shall not commi~ waste or permit impairment or deterioration of the Property and shall comply with the provisions of any tease if this Mortgage ~s on a leasehold. If this Mortgage is on a unit in a condominium or a planned umt developmem, Borrower chali perform all of Borrower's obligations ander the declarat~nn or covenants creating or governing the condom~niam vr p)anned unit development, the by-laws and regulationc of the condominium or planned unit development, and cons~ituent documemc. I( a cundominium or planned unit de~elopment rider is executed by Borrower and recorded together v?~ith this Mortgage, ~he covenants and agreements of` such rider shall be incorporated into and shall amend and supplemtnt the co~enants and agreements o( th~s Mortgage as if the rider were a part hereof. 7. Protection of I.e+~der's Security. If 8orrow•er fails to perform the covena~ts anJ agreements c~ntained in this Mortgage. or ii any action or proceeding is commeoceJ w~hich materially aflects I_ender's interest in the Property. including. but not limited to, eminent domain, insolvency. code enforcement. or arrangements or proceedings ir+volving a bankrupt or decedent, ~hen Lendtr at Lender's option, upon rtatice to Borrower, ma}• make such appearances, disburse such sums and take such action as is necessary to protec~ Lender's interest, ~ncluding. but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage incurance as a condition of making the toan secured by ~his Mongage, Borrower shall pay the premiums required to maintain such insurance in eHect ~ntil such time as the requiremont for such msurance terminates in accc+rdance with Borrower's and . . t~ ~ Q~ :v~yl~ ~ ~ . - > _ . _ _ . _ ~ ~ . _ _ : : -