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Home My WebLink About2193 Ur+~FORM CovEtv^t~rts Borrower and Lender covenant and agree as foUows ~ 1. Payment ot Ptincipal and Inttiest. BoROwer shatl promptly pay when due the pnnc~pal and ~nterect :n~ debtedness evidenced by the Note and late cha~ges as prov~ded in th¢ Note. 2. Funds fo~ Taxes snd tnsurance. Subject to applicable law o~ a written waiver by Lender, Borrower st~a{{ pay ro Lender on the day monthly payments of principal and interest are payable under the Note, uncil the Note is pa~d ~n f~ll, a sum (herein "Funds") equal to one-twelfth of the yearly taxes and asspssm¢nts (including condomlr.ium and planned urnt devefopment assessments, if any) which may attain prionry over this Mortgage and ground rents on the Property, ~t any, plus one-twelfth of yearly premium ~nsta4lments for ha2ard insuranc¢, plus one-twelfth ot yearly prem~um in- stallments tor martgage insu~ance, if any, all as ceasonably est~mated instially and from timQ to time by Lender on the bas~s of assessments and bills and reasonable estimates ther¢of. BoROwer shall not be obligated to make such payments of Funds to Lender to the extent that Bondwer makes such payments to the holder of a prior mortgage or deed of trust ~s such holder is an institutional lender. 1~ Borrower pays ~unds to Lender. the Funds shalt be held in an mst~tution the deposits o~ accounts oi which are in- sured or guacanteed by a Federal o~ state agency (including L.ender if Lender is such an ~nst~tution) Lender shall apply the Funds to pay said taxes, asseumenes, insurance prem+ums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said actount or verifying and comp~V~ng sa~d assessments and bills, unless L¢nder pays Borrower interest on the Funds and aoplicable law ge~mitc 1 onrlo~ fp !,n,~L~ ~ rf._,s.~ _ 4•?;~~~;- ,,,Qy agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applitable law requires such interest to be paid. Lender shal) not be required to pay Borrower any interest a earnings on the Funds. Lender shall give to Borrower, without cnnrge, an annual account;ng of the Funds showing credits and debts to the Funds and the purpose tor urhich each deb~t to the Funds was made. The Funds are pledged as additional security foT the sums secured by this ~lortgage. It the amount of the Funds held by LendeT, together with the future monthly installments of Funds payable pnor to the due dates of taxes, assessments, inwrance premiums and ground rents, shall exce¢d the amount required to pay sa+d taxes. assessments, insurance p~emiums and ground rents as they fall due, such excess shall be, at Borrower's op- t~on, either promptly repaid to Borrow¢T or cr¢dited to Bortower on monthly installm¢nts of Funds. lt the amount of ths Funds held by Lender shall not be suHicient to pay taxes, assessments. insuranc¢ premiums and ground rents as they fafl due. Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender may require. Upon payment in fuU of all sums secured by this Mortgage, L¢nder shall prompdy refund to Borrower any Funds held by Lender. If under parag~aph I7 h¢reof tfie Property is sold or the Property is otherwise acquired by Lender. Lender shall apply, no later than immedtiately priot to th¢ sale of the Property or its acquisition by Lender. any Funds held by Lender at the eme of application as a credit against the sum; i~cured by this Mortgage. 3. Applfcation of Payments. Unless applicable law provides otherwise, all payments ceceived by Lender undzr the Note and paragraphs 1 and 2 hereof shail be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to int¢rest payabl¢ on the Note, and then to the principal of the Note. 4. Prtor Mortgages and Deeds of Trust; Charges: Liens. Borrower shail perform all of BoROwer's obligations under any mortgage. deed of trust or other s¢curity agr¢ement with a lien whxh has priority over this Mortgage. m- cluding Borrower's covenants io make payments when due. BoROUrer shall pay or cause to be paid all taxes. assessments and other charges, fines and impositions attributable to the Property which may attain a priority over thts Mortgag¢ and ieasehold payments or ground r¢nts, if any. ~ S. Hasard Inwrance. Borrower shat) ke¢p the improvements now ex~sting or hereafter erQCted on the Prope~ty I insured against loss by fir¢, hazards includ'+ng within the t¢rm "extended coverag¢". and such other hazards as Lender E may require and in such amounts and for such periods as Lend¢r may r¢quire. ~ The insurance carrier providing the insuranc¢ shal! be chosen by Borrower subjeet to approval by Lender, provid¢d. ~ that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form ac- ~ ceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Lender i shall hav¢ the right to fiold the policies and renewals thereof, subject to the t¢rms of any moRgage, deed of trust or other ~ security agreement with a lien which has Qriority ov¢r this Mortgage. ~ In the event of loss. Borrow¢r shall give prompt notic¢ to the insurance carrier and Lender. Lender may make proof ; of loss if not made promptly by Borrower. ~ lf the Property is abandoned by Borrow¢r, ar if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lend¢r to Borrower that the insurance carrier oHers to settle a claim for insurance benefits, Lender is ~ authorized to collect and apply the insurance proceeds at Lender's aption eith¢r to restoration or repair of the Property or ' to the sums secur¢d by this Mortgage. 6. Preservatfon and Maintenance oi P~operty; Leasehotds; Condominiums: Planned Unlt ; Developments. Borrow¢r shaU keep the Properry in good repair and shnll not commit waste or permit impairment or F deterioration of the Property and shall comply with the provi,~ons of any t¢ase H 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 obliga- ~ tions under the declaratio~ or cov¢nants cr¢ating or gov¢ming the condominium or planned unit development, the by- ; iaws and regulations of th¢ condominium oT planned unit dev¢loQmant, and constituent documenu. ` 7. Protection of i.ender's Securlty~. lf 8orr~ow~er iails to perform tt~e covenants and ac3reements contained in this Mortgage, or d any action or proce¢ding is commenced which mat¢rially affects Lender's interest in the Property, then ~ Lender, at Lender's option, upon nosice to Bonower, may mak¢ such appearances, disburse such sums, including ~ reasonable attorn¢ys' fees, and tnke such action as is nec¢ssary to protect L¢nder's inter¢st. If Lend¢r required mortgage F insuranc¢ as a condition of making th¢ loan secur¢d by this Mortgage, Borrower sfia11 pay the pr¢miums required to A maintain such insuranc¢ in effect untlf such time as the requaement for such insurant¢ t¢rminat¢s in accordance with - Borrow¢r's and Lender's written agreement or applicable law. Any amounts disbursed by Lender pursuant to this par~graph 7, with int¢rest th¢reon, at the Note rote, shall become additional ind¢bt¢dness of Borrower secured by this Mortgage. Unl¢ss Borrow¢r and I..¢nder agr¢¢ to other terms of pay- ment, such amounta shaU b¢ payabla upon notice from Lender to &xrower requesting payment thereof. Nothing con- tained in this paragrapfi 7 st~ail requ~e Lender to incur ~ny expanse or ta{ce any action h¢reunder. ' 8. Insp~etlon. Lender may maka or cause to be made reasonabie entries upon and inspecaans of th¢ Property. providing that Lender sha11 qve ~orrowtt notice prior to any such inspection spetifying reasonable cause therefore related to Lender's interest en the Property. 9. Condemnatlon. The proeeeds of any award or claim for damages, direct or cons¢quencial, in conn¢ction with any condemnation or other taking of_ the Proparry, or part ther¢of.~ o: for conv¢y~nte in lieu of condemnation, are hereby auigned and shall be paid to Lender, sub~ect to the terms af any mortgage, d¢ed of trust or oth¢r secunty agree- ment with a lien which has prionry ov¢r this Mortgag¢. ~ Page Two of Four e~~~675 ,~~.r21~3 ~ , ~ ~