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Home My WebLink About0814 UNIFO~Ii Covcx~urs. Botrower and Lender covena~t and agree as folbwa: l. Pa~meat oE Psindpai- and Iate~t. $orrower shall promptly p.iy whcn due the principal ot and inttresc on the indebtedness evidenced by the Note, prepayiwent aud late charga u provided in the Notc. and thc principal ot and inter- est on any Future Advanca secured br this Mortgage. 2 fl~ads Eor T~ucd and Inairance. Subjecc to applipblc law or to a written waiver by Lender, Borrower shall pay ` to Lc~der on the day monthly installmenta ot pri~cipal and interest are payable under thc Note, until the Note is paid in ; tull. a sum (hetein "Funds"j equal to onatwei[th of the yeuly taxts and assessmcnts which ~aay attain priority over thii : 1?tortgage, and ground renu on thc Property, if any. plus ont~twel[th oE yearly prtmium installments [or hazard inaurance. f plus one-twel[th o[ Ycarly premium installments [or mortgage i~surance, if any. all u reasonably estiauttd initiallY and imm f time to time by Le~des on thc baiis of assesunents and bi1Ls and reasonablc estimates thtrtot. ~ The Fu~ds shall be held in an institution the deposiu or aaounu of which' are insured or guatanteed by a Fedenl or state agency (including L.e~der it Le~der is such an institution). Lendet shall apply the -Fuwds to pay said taxes, assessments. ; insunnce ptemiums and ground mnts. Lendet may not chuge ior w holding and applying thc Funds, analyzing said ac- ~ count, or veritying and compiliag said assesunenu and bills„ unleu Lender pays Borrowcr interest on the Fands and ap~ pliuble law permits Lender co make such s charge. Borrower and Lender may agree in writing at the time o[ executio~ of this I?iortgage that interest on the Fuads shall be paid to Borrower, and unte~ss such agreement is made or applicable law ~ requires such interest to be paid. I.ender shall not be required to par Borrowcr any interat or earnings on the Funds. Lender j shall give to Botrowet, without charge, an annual actounting of the Funds showi~g credits and debits to the Funds and the i purpose tor which each debic to che Fands wu made. The Funds are pledgrd as addicional securiey ior the sums secured ~ u) this Mortgage. ~ i - If the unount of the Funds held by Lender. together with the future monthly installme~ts oE Funds payabie prior to the due dates of tax~s, assesunents, iosunnce premiums and ground nnts, shall exceed the amount rtquired to pay said i taxes, assessments, inseinncc praniums and ground rents as thcy fall due, such excess shall tx. at Borrowcr s option, either ~ ptompcly npaid co Borrower or credited to Borrower on monthly inscallments oE Funds. I[ the amounc oE the Funds held by Lender shall not be sufficient to pay taxes, asstssments. insunnce ptemiums and ground rents as they fatl due, Borro~ver + shall pay to Lender any amount necessary to make up the deticiency within 30 days !rom the date notice is mailed by Lender ! to Borrower requesting payment thereof. ~ Upon payment in tull oE all sums secured by this Mortgage, Lender ahall promptly rtfund to Borrower any Funds~ ~ held by Lender. If under paragnph 18 hereof the Property is sold or che Property is othcrwise acquired by l.ender. I.ender shall apply. no later tha~ immediat~ly prior to the sale oE the Property or its acquisition by I.ender, any Funds held by Lender at the time of appliqtion as a credit against the sums secured by this Mortgage. 3. Application of Pa~ments. Unless applicable law provides othetwise. all pay~nents received by I.ender under the . Note and paragnphs 1 and 2 hereoE shall be applied by I.ender tirst in paymenc of amounts payable to Lender by Borrower ~ under paragraph 2 hereof, then to interest papable on the Noee, then to the principal ot the Note. and ti~en to interest and ~ principal on an~r Future Advances. 4. C6atge.~ Litns, Borrower shalt pay all taxes, assessments and other chuges, fines and impositions attributable to ~ the Property which mar attain a priority over this biortgage, and teasehold paymenu or ground renu, i[ any, in the man- ' ner provided undtr paragraph 2 hereoE or, iE not paid in such manner, by Borrower making payment, when due, directly to ~ the payee thereoE. Borrower shall promptly furnish to Lender all notices of amounts due under this parap,~raph, and in the event Borrower shall mal~e payment directly, Borrower shatl pmmptly [urnish to Lender receipu evidencing such paarments. Borrower shall prompdy discharge any lien which has priority o~•er this btortgaqe; provided, that Borrower shall not be rc~ f quired to discharge any such lien so long as $ortoNer shall agree in writing to the payment of the obligation secured by such ~ tien in a manner acceptable eo Lender, or shall in good [aith contest such lien by, or deEend enforcemenc ot such lien in, le- s gal~proceedings w6ich opente to prevene the enforcemeot oi the liert or forftiture of tht Propeny or any part thereof. ~ 5. Harud Inwnnce. Borrower shall keep the impr+ovements now existing or hereafter erected on the Property in- wred against loss by fire, haurds induded within the tetm "extended coverage". and such other hazards as I.ender may re- ` quire and in such amounts and for such periods as L.ender may require: provided, that Lender shall not requite that the amount of wth rnverage exceed that amount oE rnverage required to pay the sums secuted by this :~tortgage. The insurance carrier providing the insurante shal) be choseo by Borrower subjett to approval by Lender; provided. ehat such approval shall not be unreasonably withheld. All prrmiums on insutance policies shall be paid in the manner { ptovided under pangraph 2 hereof or, iE not paid in such manner, by Bortower making paytnent, when due, direcdy to t the insurance cartier. _ All insurance polities and renewals thereof shall be in form acceptable to Lender and shall include a standard mort- F gage ciause in [aror of and in torm acceptable to Lender. Lender shall have che right eo hold the policies and rentwals ~ thereof, and Borrower shall promptly [urnish to Lender all renewal notices and all rrceipu o[ paid premiums. In the event ~ of loss, Borrower shall give prompt notice to the insurance carrier and L.ender. Lender may make proof of loss if not made prompdy by Borrower. Unless Lender and Borrower otherwise aRree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically teasible and the security of this ~tortgage is not ; thereby impaired. IE such restoration .or repair is not economically feasible or if the security of this ~tortgage woutd be im- ; paired, the insurance proceeds shalt be applied co the sums secured by this l~iortgage, with the excess, if any, paid to Bor- rower. IE the Property is abandoned by Borrower, or if Borro~cer fails to respond to Lender within 30 days from the date ~ notice is mailed by Lender to Borrower that the insunnce carrier ofters to settle a claim tor insurance benefiu, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair oE the Property or .o the sums secured by this Mortga~t. Unless Lender and Borrowa othenvise agree in writing, any such application oE proceeds to ptincipal shall not extend ~ or postpone the due date oE the monthlr installmenu referred to in paraqraphs 1 and 2 hereo( or change the amount of such ~ inctallments. If under paraqraph 18 hereof the Property is acquired by Lender, atl righc, tide and interest o[ Borrowet i~ and to anY insurance policies and in and to the proceeds thtreof rrsulting lrom damage to the Properey prior to the sale or ~ atyuisition shall pass to Lender to the extent oF the sums secured by this ;~tortgage immediately prior to such salt or ` acquisition. ~ 6. Pteaervation and Maintenance of Properq; I,ea~eholds; Condominiumx Planned Unit Developments. Borrower I st~all kcep the Property in good repair and shall not commit waste or- permit impairment or deterioration oE the Property and shaIl comply with the provisions o[ any lease if this rfortgage is on a leasehold. If this ~~ortgage is on a unit in a condominium or a planned unit de~•elopment, Bonower shall perform all of Borcower's obliqations under the declatation or covenanes creating or governing the condominium or planned unie development, the by-laws and regulacions oE the rnndo- minium or planned unit .development, and constituent documer~ts. If a condominium or pianned unit de~•elopment rider is ~ executed by Borrower and recorded toqether with this Mortgage, the covenants and agreements of such rider shall be in- ' corponted into and shall amend and supplemenc the covenanu and agreemencs of this ~iorcgage as i( che rider were a pan i hereof. - 7. Pmtection of Lender's Security. If Borrowec fails to perform the covenants and agreemenu contained in this ~ Mortgage, or iE any action or praeeding is commenced which materially affecu Lender's interest in the Property, induding, ~ but not limited to, eminent domain, insolvency, code enEorcement, or atrangements or proceedinqs in~olving a banktupt F or deredent, then Lender at Lender's option, upon notice to Borrower, may make such appeannces, disburx wch sums < and tzke such action as is necess~ry to protect l.ender's interest, including, but not limited to, disbursement of reasonable f attorney's (ees and entry upon the Propeny to make repain. If I.ender required mortgage i~surance as a condition of ; making the Ioan secvred by this Atortgage, Borrowet shall pay the premiums required to maintain such insunnce in ef- ~ fecc until such time as the requirement tor such insurance terminates in accordance wit;~ Borrower's and L.endet's.written ~ ~ ~ . c~ 800K ~uV PAGE 81J ~