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Home My WebLink About0606 UNIPORIN COVBHANT3. Borrowcr aad Leader covcnant und ag~ee as follows: 1. l~~aeat ot Pdaclp~l a~d Wsrpf. Borrower shall promptly pay when due the principal of and interest on the indebtednas evidenad by the Note. prepayment and late charges as provided in the Note, and the pri~cipal of a~d intercst on my Future Advances secured by this Mortgage. • Z. t4~ br Ta:a+s aad l~uaace. Stibjxt to applicable law or to a written waiver by Lender. Borrower shall pay to I.ender oa the day monihly installme~ts o[ principal a~d interest are payable undcr the Notc. until thc Note is paid in tull. ~ a sum (herein "Funds'~ oqual to one-twelfth o[ the yearly Iaxes and asscssments vehich may attain priority over this ~ Mort~age, and ground rents on tbe Property, if any. plus one-twel[th of yearly premium installments for haiard i~sura~ce, j plus ono-twelfih of yqrly premium instailments for mortgage insurancc, if any. all as ressonably estimated initially and from time to time by Lender oa the basis of assessments and bills and reaconable estimates thercof. f 7Le F1mds atiall be 6eld in an institution ihe deposits or accounts of which are insured or guaranteed by a Federal or ~ state agency (i~cluding I.ende~ if Ler~der is such an institution). I_ender shall apply the Funds to pay said taxa. assessments. ituuranee premiums and ground re~ts. Lender may not charge tor so holding and applying the Fundc, analyzing said account. or verifying sod compiling said assessments and Dills, unless Lender pays Borrower interest on the Funds and applicable law permits Leuder to make such a charge. Borrower and l.ender may agree in writing at the time of execution of this Mort$age that interest on the Fuads sball be paid to Borrower. and unlas such agreement is made or applicable law requires such interest to be paid, Lende~ shall not be required to pay Borrower any interest or earnings on the Funds. I_ender shall give to Borrower~ without charge. an annual accounting of the Funds showing credits and debits to the Funds and the purpoae for which each debit to the Funds was made. 71~e Funds are pledged as additional security for the sums secured by this Mortgage. • If the amount of the Fuads held by [.ender. together with the futurc manthly installments of Funds payable prior to . the due dates of ta~ces, assessmeats; insurance premiums and ground re~ts, shall exceed the amount reyuircd to pay said taxes, assasments. iasurance premiums and ground rents as they fall due, such excess shall be. aC Borrower s option, either prompUy repaid to Borrower or credited to Borrower on monthly installments of Funds. lf the amount of thc Funds !ield by I.ende~ shaQ not be sul~icieat to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower s6a11 pay to Lender any amount nocessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upc~n.payment ia full of all sums secured by this Mortgage, I.ender shall promptly refund to Borrower aay Funcis held by Lender. If under paragraph 18 hereof the Property is sold or the Property is othecwise acquired by Lender, Lender s6a11 apply, no later t6an immediately prior to the sale of the Property or its acquisition by I~nder. any Funds held by Leader at the time of application as a credit against the sums securcd by this Mortgage. 3. Application ot P~me~ts. Unless applicable law provides otherwise, all payments received by Lender under the ~ Note and paragraphs 1 and 2 hereof shall be applied by I.ender first in payment of amounts payable to Lender by Borrower ~ under paragraph 2 hertof, then to interest payabk oq the Nwe, then to thc principal of the I~ote. and then to interest and i principal on any Future Advances. ~ 4. Char6ex Liet~s, Borrower shall pay all taxes, assessments and othcr charges, fines and impositions attributabk to ; the Property which may attain a prioriry over this Mortgage. and leaschold payments or g~+nund rents, if any, io the manner ' pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payme~t. when due, direcdy to the ~ payee the~+eof. Borrowu shall promptly furnish to Lender all notices of amounts due under this paragraph. and in the event ` Bornower sball make payment directly. Borrower shaU promptly tumish to L.ender receipts evidencing such payments. ` Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall not be ~ required to dixharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by i suc6liea in a manner acceptable to Lender. or shall in good faith contest such lien by. or defend enforcement of such lien in, ~ legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ~ S. Hmrd Ins~raace. Borrower shall keep the improvements now existing or hereafter erected on the Property iosured ~ agaiast loss by Sre. hazards included within the term "extended coverage", and such other hazards as I.ender may require and in such amounts and for such periods as Lender may require; provided, that L.ender shall not require that the amount of ~ such coverage excced that amount of coverage required to pay the sums secured by this Mortgage. 'Ibe insuranoe carrier providing the iasurance shall be chosen by Borrower subject to approval by Lender. providcd. thst such app[nval shall not be unreasonably withheld. All pr~emiums on insurance policies shall be paid in the manner ! provided under paragrap6 2 hereof or, if not paid in such manner, by Borrower making paymeot, when due. directly to the iaturance carrier. ! All insurance policies and renewals thereof shall be in form acceptable to Lender and shal) include a standard mortgage i claose in favor of and in form acceptable to I.ender. Lender shall have the right to hold the policies and renewals thereof, F ~ and Borrower shall prompdy furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, i Borrower shall give prompt notice to the insurance carrier and [.ender. Lender may make proof of loss if not made promptly by Bonower. ~ Ualess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such restoration or repair is ~conomically feasible and t6e security of this Mortgage is € not thereby unpaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would : be impaired, the insurance proce~ds shall be applied to the sums secured by this Mortgage, with the excess. if any, paid % ~ to Bonower. If the Propeny is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ date notice is mailed by I.ender to Borrowe~ that the insurance carrier offers to settle a claim for insurance benefits, Lender ~ ~ is authorizod to collect and apply t6e insurance prooeeds at Lender's option either to restoraUOn or repair of tt~e Property ~ ° or to the suau securod byZfiis 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 par~graphs 1 and 2 hereof or change the amount of suc6 installments. lf under paragraph 18 hereof the Property is acyuired by Lender, all right, title and interest of Bonower ~ in and to any insurance policies and in and to the proceeds t6ereof resulting from damage to the Property prior to the sale ~ or acquisition shall pass to Lender to t6e extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. ~ ~ 6. Preservation and Maintenanet of Property; Lestceholds; Condominiumc; Planned Unit Devdopments. Borrower ~ s6a11 keep the Property in good repair and shall not com~pit waste or permit impairment or deterioration of the Property ~ wd shall comply with the provisious of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a ~ ~ coadominium or a planned unit development. Borrower shall perform all of Borrower's obligations under the declaration - or covenants creating or governing the coedominium or planned unit development, the by-laws and regulations of the ; condominium or planned unit development, and constituent documents. If a condominium or planr~ed unit cievelopment ridec is executed by Borrower and recorded together with this Mortgage, ihe covenants and agreaments of such rider ~ ~ s6all be incorporated iato and shall amend and supplement the covenaots and agreements of this Mortgage az if the ricier ~ ~ were a part hereof. - 7. Protectioo ot LeHde~s Security. If Borrower (ails to perform the covenants and agreements contained in this ~ ~ ~ Morigage, or if any action or proceeding is commenced which materially afiects Lender's interest in the Property, ` x including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take auch action as is oecessary to protect Lender s interest, including, but not limited to, disbursement of ~ reaw~?sbk attorney's foes and entry upon the Property to make repairs. If Lcndcr required mongage insurance as a ~ condition of making the loan secured by this Mortgage, Borrowcr shall pay the premiums required to maintain such ~ inswan~x in eftect until such time as the requiremtnt for such insurance tcrminates in accordance with Bormwer s and , x ~ , i ~ 800K v PAGE VO5 ~ ~ ~ , ~ _ _ _ _ . ~ _ ~a