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Home My WebLink About0179 ~ ~ UNIPOIt1N COYHNANT3. Borrower and 1.enJe~ covenant a~d agree as tollows: 1. P~nent oE Pr[pcipal ani latKat, 8orrower shall promptly pay.when due the principal ot and interest on the ; indebtednas evidenced by the Note, prepaymeat a~d Iate cha~gas as provided i~ the Not0. and the principal of ~nd intercst 0o a~y Fliture Advances sec~ued by thi~ Moctgaga. Z. Fua~ tor Ta:N and Iasuanea Subject to applicable law or to a written waive~ by Lende~. Borrowe~ sh~ll pay to Lendc~ on Ihe day mauhly installments of principal and interest aro payable under the Note. uatil the Note is paid in full. ~ a sum (herei~ "Funds'q equal to onatwelfth of the ycarly taxes and assessmer~ts which may attain priority ova this ~ Mortgage. and ground rena on the Pmperty. if any, plus one-twelfth of yeuly premium installments for huard insura~+a. ~ plus onatwelfth ot yearly ptemium installments tot mongages insu~ance, if any, all as reasonably cstimated initially aad tmm time to time by Le~de~ on the buis of assessments and biils and rcasonabk estimates thereof. - ~ 'ibe Funds shdl be hcld ia an institution the deposits or accounts of which are insural or guara~teed by a Federal or state agency (including i.eader if Leade~ is such an institution). l.onder shall apply the Funds to pay said taxes. assessmenb. ' insuranoe premiums and g[ouad rents. Lender may not charge for so holding and applying the Fuads. analyzing said accouM, or verifying aad compliag said assessmenb and bilb. unless l.ender pays Bormwer inteeest on the Funds and applicable law permits Lender to make such a charge. Borrower aad I.endar may agrce in writing at the time of executioa of this Mo~tgage that interat oa the Funds shall be paid to Borrower; and uaieu such agroement is made or applicabk law . requires such intarat to be paid. Lendet shaQ ~ot be roquired to pay Bo~rowe~ any interat or oarniags on the Funds. x.endcr shall give to Borrower. without ctia~ges. an annuai acoounting of the Funds showing crodits and debiq to the Funds and the purpose for which each debit to tbe Funds was made. The Funds are pledged as additional security for the sums ucured by this Mortgages. ~ - 1f the amount of tbe Funds heW by Leader. together with the tuture monthly installmeats of Funds payabk prior to the due dates of tauces. asssuments. insuraace pnmiums and ground rents. shall exceod the amount roquired to pay said taxa. assessments, insurance premiums and ground rents as they fall due. such excess shall be, at Borrower's option. either promptly repaid to Borrower or credited W Borrower on monthly insullmanu of Funds. If the amount of the Funds hdd by Leader ahaU ~ot be sutHcient to pay taxes. asseuments. imuranoe pnmiums and ground rents as they fali due, Borrower shaU pay t~ I.ender aay anwunt neoasary to make up t6e deficieacy within 30 dayY from the date notice is mailed by Lender to Sorrowec requesting psyment~thereof. ~ Upon payantat in fuq of ail sams secured by this Mortgage. Lender shap promptly refund to Borrow~~ any Fuads held by Lender. If uader puagraph 18 hereof ttx Property is sold or the Property is othecwise acquired by Lendar. I.ende~ shaU appiy, no later than iumaediately prior to t6e sak of the Property or its acquisition by I.ender, any Fuads held by Lender at the time ot applicatioa as a cndit against the swns secuced by this Mortgage. 3.. Appiieatio~ ot Pap~seats. Unless applicaWe law provides otherwise. all payments received by Lender unde~ the Note and paragraphs 1 aad 2 6ercof shaQ ba applied by Lender 8~st in payment of amounts payable to I.endcr by Borrower under parag~aph 2 hereof. then to iaterest payabb on the Note. then to the principal ot the Note. and thea to interat aad E principal on aay Futare Advaaas. ~ ~ 4. C6ar~ I.ie~s. Boaower shall pay ail taxes. assessments and other charges, fines aad impositions attributabk to ' tbe Property whicb may attain a priority over this Mortgsge. and leasehold payments or gcound reats. if any. ~n ttu man~r p~+uvided under ps~agnph 2 hercof or. if not paid ia such manner, by Borrower making payment. when due. directly~ to the payee theroof. Bomnwrcr shaU promptly furn+sh w Lendec all noticas of amounb due uader this paragrap6, aod in tbe event Bornower shall make payment diroctiy. Borrower sha11 prompUy furnish to Lender receipts evidencing such payments. Borrower shaU promptly disc6uge any liea wti~ch has priority over this Mortgage: provided. that Borrower shall not be iequired to discharge any such lien so loag as Borrower shall agree in writing to the payanent of_ the obligation secuc~ed by ~ such Gen in a manner avoeptabk to I.ender. or sbap in good faith contat suc6lien by. or defend enforcement of such lia~ in. kgal prncoedings .which,operate W prevent the enforcement of the lien or fotfeiture of the Prop~rty or any part ttuneof. S. Hasar~ lnsorawee. Bo~rower shall koeQ the i~nprovements now eacisting or hereafter erected on the Property imured sgainst loss by ~[e, bazards iacluded wiWin the term "exteaded coverage", aad such other hazards at Lender may requin - : and ia such amounts and fqr such periods a4 L.ender may requice; provided. that Lender shall not roquire tbat the amount of such coverage ex~xed that amount of coverage required to pay 'the sums secured by this Mortgage. _ T6e iasuranx canicr providing the iasurance shall be choaen by Borrower subject to approval by Lender. provided, tbat such appmval shall not be unreasonably vvithheld. All premiums on insuraace policies shal! be paid in the man~r provided under paragcaph 2 hereof or. if not paid ta suc6 nwnner, by Bomovrer makin8 PaYR?eat, whm due. directty to tha . - inwnnce curir,r. . • ~ AU insuranee policies and renewals thereof al~all be. in foim acceptabk to Lender and ahall include a standard mortgsga G clauu in favor of and ia form acoeptable to Lander. Ltnder shaU have the right W hold the policia aod nnewals thereof. and Bomower shall protnptly furnish to Lender all renewal notioes a~d all rcceipb of paid pnmiums. In t6e event of bss, ~ Borrower shall give prompt notice to t6e insuraaoe carrier. and L.ender. Leader may make proof of loss if not made promptly by Borrower. Ude~s I.ender and Borrower otherwise agree in writiag. insuranoe proceeds shaU be applied to restoration or npait of the Property damaged, provid~d such restoration or repair is aaonanically feasible and the security of this Mortgage is aot thereby impaired. If such ratoration or repair is not oconomically feasible or if the security of this Mortgage would be impaiced, the insurana proceeds shall be applied to the swns secured by this Mortgage, with the eaceess. if any, paid to Borrowe~. lf the Pmperty is abandoned by Bomower, or if Borrower fails to rapond to I.eader within 30 days from the date notice is mailed by Lender to Borrower that the insuraace carrier of[ers to settk a claim for inwraace benefits. I~ender is auWoriud w cotloct and appty the insuraaoa prooee~s at Leader's option either w nstoration or repair of the Pmperty or w the sums securod by this Mortgage. ~ Unless Lender and Borrower othecwise agree in writing, any such applicadon of proceeds to principal shall not exttnd or postpoae the due date of the monthly installments referred to in paragraphs 1 and 2 hcreof or change the amount"of suc6 installmenb. If unda paragraph 18 6ereof the Property is acquired by Lender. all right. tide and interest of Borrower in and to any imuraace policies and in and to the proceeds thereof resulting from~ damage to tbe Property prior to the ~le ar aoquisition shalt pass to Lender to the extent of the sums secured by this Mortgage immediately prior to suc6 sak or aoquiaition. 6. Preserratioa and MainteaaACe of Property; Leaseholds Condominino~ Planaed Unjt Derdopments. Borc~ower shall keep the Properry in good reQair and shaU not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any leasa if this Mortgage is oa a leasehold. lf this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Bornower s obligations under the declaration or covenanis creating or governiag the condominium oc planned unit devebpmeM, the by-laws and ngulations of the condominium or planned unit development, and constituent documents. 1f a' condomiaium or planned unit development rider is ~executed by Bomnwer and raorded together with this Mortgage. the covenaats and agrcements of such rider shall be incorporated into and shall amend and wpplement the oovenants and agreements of this Mortgage as if the rider were a part 6ereof. ~ . 7. Profectio~ oE Lender's Secu~iq. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage, or if any ac6on or proceoding is commencxd which materially affects Lendu's iaterest in the Property, including. but not liatited to, eminent domaia. insolvency. code cnforcement, or arrangements or procetdiogs involving a bankrupt or decedent, then I.eoder at Leader's option. upon notice to Borrower. may make such appearances. disbuise such sums and take such adion u is nooasaty to -protect Lender's interest. including, but not limited W. disbn~sement of - ~ reasonabie attorney's foa and entry upon the Property to make repairs. If Lender rcquired mo age insurance as a condition of making tht loan secural by this Mortgage. Borrower shall pay the premiurns r to maintaia such insurance in ef~cet until such time as the nquirement for such insurance termioates in accAtdl} n e~vrith Borrower's and ~ ~ _ - do~ 262 P~ i78 ~ ~ _ _ -u..._ _ _ _ Y-- . - _ _ . . ~ -