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Home My WebLink About0823 { R . . ! . ~ . ~ ~ UNIFO~I~ COVENAN73. Horrowar arn1 1.enJer covenant and ag~ec as fallows: 1. ~~t ot hl~d~al a~d 1Nerat. 13arrowe~ shall pnxnp~ly pay whcn duc the principal of and interest .m the indebtedckss evide~ced by the Note, prepayment and late cha~gec ac provided io the Nate, and the principal of and interest on aay Future Advsnces secured by this Mortgage. ~ 2. F~dt for Taies oi Lw~a~c~e. Subjcet to applicabk law o~ lo a written waive~ by Lender, Borrower shall pay to l.ender o~ the day moathty installme~ts of prirn:ipal and inlercct are payable under the Note. until the Note is paid in full. a suat (het~cin "Funds'~ eqwl to ono-twcl(th at Ihe yearly tax~~c anJ assessments which may attain priority over this Morlgage. and grou~d rents on the Propeny, if any, plus onc-~welf~h of yearly premium installments for hazard insurance, f plus onatwelfth of yeuly prcmium installments tor morigage insurancc, it any, all as ressonably estimateci initially and irom ! time to time by I.ender on the basis ot asxssments and hills and reawnable estimata thercof. ! 'll~e Funds shall be held in an irutitution the depos~ts or •rccounts a( which are i~ured or guaranteod hy a Federal or state ageocy (including L.ender if I.eoder is such an irutitution). I.ender shall apply the Funds to pay said taxa, assessments. ituurance premiums and grou~d rents. t_ende~ may not cha~ge for so halding and appfying Ihe F~~ndc, a~alyzing said accaunt. ~ or verifying aad compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law ` permits Lender to make such a charge. Borrower and l.e~der may agree in writing at the time of exccution of this Mort$age tbat interest on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law requira such interest to be paid. l.ender shall ~ot be required to pay Borrowcr any interest or earnings on the Funds. l.cnde~ . ~ shaU give to Borrovrer~ without cha~ge, an annual accounting of the FunJs showing credits and debits to the Funds and the purpoae for which each debil to the Funds was made. The Funds are pleciged as additional security for the sums secured by this Mortgage. If tbe amount of the Fuads held by Lender, together with the future monthly installments of Funds payablc prior to the due dates of taxes. assessments. i~ssurance premiums and ground rents, shall excc~i the amount required ~o p:iy said taxes. asseuments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's opti~~n, either pranptly repaid to Borrower or credited to Borrower on monthly installmcnts of Funds. If the amount of thc Funds heM by Lender shall not be sut6cient to pay taxes. assesstnents, insurance premiums and g~ound rents as they fall due, ; Bormwer shall pay to Lender any amount necessary to make up the deficiertcy within 30 da~s trom the date notice is mailed i by Leader to Borrower requesting payment ~hereof. i Upon payment in full of all :ums secured by this Mortgage, Lender shall promptly refund to Borrow~er any Funds ; held by L.ender. If under paragraph 18 hereof tlx Property is sold or thc Property is Wherwisc acquired by Lendcr, 1_cnder i shall apply. no later than immediately prior to the sale of the Property or its acquisition hy I.ender, any Funds held by Lender at the time of application as a credit against the sums secureci b~•~this Mortgage. 3. Applicatiou oE Ps~eats. U~Icss applicable law proviJes otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 he[eof shall be applied by 1_ender first in pa~ment of amounts payable to Lender by Borrower under paragrsph 2 hereof. then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. C6atEes; Lieas. $orrower shall pay all taxes, asscssmcnts and othcr charges, fines and im{+ositions attributable to the Property which may attain a priority over this Mortgage. and leasehold payments or gmund rents, if any, in the manner ; provided umler paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event ; Borrower shall make pay~nent directly. Borrower shall promptly fumish to L.ender receipts evidencing such payments. ~ Borrower shall promptly discharge any lien v?hich has priority.over this Mongage; Provicied, that Borrower shall not be ~ required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to [.ender. or shall in good faith contest such lien by, or defenJ enforcement of such lien in, ~ legal proceedings which operate to prevent the enforcement of thc lien or torfeiturc of the Property or any part thereof. S. Huud I~urance. Borrower shall keep the improvements now existing or hereafter erected on the Properry ia~ured ~ against loss by fi[~e, hazards included within the term "extended coverage", and such other hazards as 1_ender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the soms secured by th~~ Martgage. - ~ T6e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner providod under paragraph 2 hereof or, if not paid in such maoner. by Borrower making payment, when due, directly to the ~ iasurance _carrier. s 4 I All insurance policies and renewals thereof shall be in form acceptable to LenJer and shall include a standard mortgage g ~ clause in favor of and in form acceptable to l.ender. Lender shall have the right to hold the policies and renew~als'thereof. ~ f and Borrower shall promptly furnish to Lender ail renewal notices and all receipts of paid premiums. In the event of loss. ° ~ Borrower shall gi~e prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ ' by Borrower. ~ ~ ~ ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, proviJecl such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. Tf such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance pra:eecis shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrowcr. It the Propert~~ is abandoned hy Borrower, or if Borrower fails to respond to 1_endcr within 30 days from thc date notice is mailed by L.ender to Borrower that the insurance carrier ofTers to set~le a claim for insurance benefits, I_ender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Propert}• or to the sums secured by this Martgige. Uoless Lender and Borrower otherwise agree in writing, any such application of proceeds to principa) shall not extend or postpone the due date of the monchly installments rcferred to in paragraphs 1 anJ 2 hereof or change the amount of suc6 installments. If under paragraph 18 hereof the Property is acyuirecl hy L.enJer, all right. title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to thc sale or acquisidon shall pass to Lender lo the extent of the sums secured by this Mortgage immediately prior to sueh sale or ~ acquisition. ' ~ 6. P~eatrvation aod Maintenance of Properiy; I.easehulds; Condomi~iums; Planned Unit Devebpmenls. Borrower = shall keeQ the Property in good repair and shall not comroit waste or permit impairment or deterioration of the Property f ~ aad shall comply with the provisiona of any lease if this Mortgage is on a Icaschold. If this hlurtgagc is on a unit in a ~ condominium or a planned unit development, Borrowcr shall perform all of Borrower s obligations under the declaration ~ or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~ condominium or planned unit development. and constituent documents. If a condominium or planned unit ekvelopment ~ ~ rider is eaecuted by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider ~ ~ shall be incorporated into and shall amend and supplement the covenants anJ agreements of this Mortgage as if the rider ~ ~ were a part heroof. 7, Prottctioa of Leader's Security. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage. or if any action or procceding is commenceJ which materially affects I.ender's interest in the Property. ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ bsnkrupt or decedent. then Lender at Leoder s option, upon notice to Borrower, may make such appearances, disburse such ~ sums and take such action as ia nceessuy to protect I.ender s interest, incluJing, but not limited to, disbursement of ~ re~sonabk attorney s tees and entry upon the Properly to make repairx. If l.cnder reyuircd mortgage insurance as a ~ condition of making the loan secured by ~his Mortgage, Borrower shall pay the premiums required to maintain such ~ iwutance in effut until such time as the requirement for cuch insurance terminates in accordanee with Bormwer s and ~ ~ 60~I1 ~7V PAGf Q~i~i ~ , ~