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Home My WebLink About0759 - _ c • . 4^ ~ ` ~ ' ~ ~ . ° . s . r UN!l~ORM COVBNANT'~. 9orrowar and Lendet mvenant and a~roe u foliows: ~ 1. la~we~t dt lri~clNi ari btereN. 8o~ra~-~ ~ali p~omM~Y WY Wheo duc tde principa! ct snd intcrat on the : in~btednas ovideaced by the Nwe. prepayme~+i aad lace charges u providod i~ ~he i~ae. and tt~e principd of and interat j on any Future Advsnces securad by this Ma~t~a~e. 2. Ft~~ tor Ts:a~ s~i Iwn~ca Subject to applicatle iaw or to a writte~ waive~ by I.ende~. Borrower shail P;Y to Lende~ on Ihe day monthly irtstallments of principal and intercst arc payat~ie unde~ the Note. until the Note is paid in tull. a sum (herein "Funcb") equal to one-twelfth of the yearly taxes and usasrmnts which may attai~. priority over this Morttsge. and graund rG-~ts on tlk Property. if any. plus oae-twelfth of yeuly premium installr?~enb tor hazard insurarnx. plus on~twelfth of yeuly premium instailmeau for mottg,age insumnce. if any. all u r~asopably estimated initiaNy and Irom time to time by Lender on the basa of assessment; and b~lls and reasonabk estimates thereof. ~ Tbe Funds shall be i~etd i~ an institution the deposits or accounts of which are insured or guannteed by a Fedenl o~ state agency (including l.entkr if Lender is such an institution). l.ei?de~ shal! apply the Funds to pay said taxes. as~ssme~ts. iasutanoe premiums aad gwund rents. Lendtr may not charge for so holding and applying the Funds. analyziag uid account, or verifying and rnmpiling said assessments and biils. unteu Leader pays Horrowq~ interat on ihe Funds and applicabk law permits Lend~r to make such a charge. Borrower aad Lender may agree i~ writing at the time of execution of this - Mortgage that intercst on the Fuads shall be paid to Borrowe~. and unlas such agreement a made or applicabte taw rcquircs such interest to be paid~ Lender shall not be required 1o pay Borrowt.- ~aY interest or earniags on the Funds. Lender sball give to Borsower. without chargc, an annuat aeeounti~g of ihe Fuads sh„wing credits and debits to the Fu~ds and the purpose for which each debit to tbe Funds wu mada The Funds are plodged as additiona! socurity for the sums securcd by this Mortgage. ~ If the smount of the Funds held by Leader, together with the tuture monthly installments of Funds payabk prior to ~ the due dates of tsxes. assessmeats. iraunnce prcmiums and ground rents. shall exeood the amount required to pay said taues. , assessments. insurance premiums and goound re~ts as they tall due, such excecs shall bc, at Borrower s option. either pranptly repaid_to Borrower or croditcd to Borrower on monthly installments of Funds. If the amount of the Funds held by Leader shall not be sufficieat to pay taxes, assessments, insuranoe premiams and gruund nnts as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full.of all sums secured by this Mortgage, l.ender shall promptly refund to 8orrower any Funds held by I.ende~. If under paragraph 18 hereof the Property is sold or the Propen} is othtrwise acquired by Lender. Lender shall apply. no later than immedeately prior to the sale of the Propeny or its acquisition by Le~der. any Fuods held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Appiicstba of Paymeots. Unless applicable Iaw provides othervvise. aU payments received by Lender unckr the Note and paragrdphs 1 and 2 hereof shall be applied by Lender 6rst in payment of amou~ts payabk to Lende~ by Borrower under puagraph 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. C6ar~ex Lieas. Bomower shall pay all taxes. assessments and other charges, fines and impositioos attributable to the Property which may attain a priority over this Mortgage, and lea~ehold payments or ground anis, if any. in the manner provickd under paragraph 2 he~+eof or, if not paid in such manner. by Borrower making payment. when due. dirocdy to the payee.lheroof. Borrower shail promptly furnish to Lender ap notices of amounts due under this paragraph, apd ia the event Bormwer shall make payment directly. Borrower shall promptly fumish to l.ender receipts evidencing such payments. Borrower shal! promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be requircd to discharge any such lien so lo~g as Borrower chall agree in writing to the payaAe~t of the obligatiun secured by such lien in a manner acceptabk to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien ia. legal proceedings which operate to prevent the enforcement of the lien or [orfeiture of the Property or any part thereof. ' 5. Hazard lasucance. Borrower shall keep the improvements now existing or hereafter e~ct~d on the Property insured ? against loss by 6re. haz.lyds included within the term "extended coverage and such other hazards u l.ender may require aad in such amounts and for such periods as Lender may require; provided, that I.ender shall not require that the amount of such rnverage exceed that amount of coverage required to pay the sums secured by this Mongage. Tbe insurance carrier providing the insurance shall be cfwsen by Borrower subje~t to approval by Lenekr. provided, that such approval shall not be unr~eeawnably withheld. All premiums on insurance policies shall be paid in the manner t provided uader paragraph 2 hereof or, if rat paid in such manner, by Borrower making paymerit, when due, dirccUy to the { insurance carrier. ' All insurance policies and renewals thereof shall be in form acceptabte to Lende~ and shall inciude a standard mortgage i clause in [avo~ of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. ; and Borrower shall promptly furnish to Leoder all renewal ratices and all receipts of paid premiums. In the event of loss. : Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof Qf loss if not made Prorr~ptly ~ by Bortower. _ ' Untess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to ratoration or repair of ~ th°. Property damaged, provided such ratoration or repair is economically feaseble and the security of this Mortgage is twt ~hereby i~npaircd. If such restoration or repair is not economically feasible or if the security of this ~lortgage wouW } be impaired, the insurance procoeds shall be appiied to the sums secured by this Mortgage, wi~h the exctss, if any, paid ~ to Borrower. If the Froperty ic aband:+ned by Borrower, or if Borrower fails to respand to Lender within 30 days from ihe date notice is mailed by Le~der to Borrower that the insurance carrier offen to settle a claim for ~nsurance benefits. I.ender f is authorized to colkct and apply the insurance proc-xeds at Lender's option either to rtstoration or repaic of n.;, property : or to the sums xcured by this Mortgage. ; l,`nless Lender an~ Bonower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or postpone the due date af the monthly installments referred to in paragraphs I and 2 hereof or change the amount of ~ suc6 installments. If undtr paragraph 18 hereof the Property is acquired by L.ender. all right, title and interest of Borrower ~ in and to any insurance poiicies aad in and to the proceeds thereof resulting from damage to t6e Propeny prior to the sak _ ~ or aoquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior t~ such sak or acquisition. - 6. Pteservatioa and Maiotenance o( Prnperty; I.easebolds; Coadomiaiums; Plaaoed Uoit Qerelopmeats. Borrower ~ shall keep the Property ia good repair and shall not commit waste or permit impairment or deterioration of the Pruperty f and shail comply with the provisions of any ltase if this Mortgage is on a ieasehold. If this Mortgage is on a unit in a condominium or a planned unit development. Borrower shalt petform aU of Borrower s obligations under the declaration or covenar.ts creating or governing the condominium or planned unit developmeni, the by-laws and regnlatioos of the condominium or planoed unit deveiopment. and constituent documents. If a condominium or planned unit Jevelopment rider is eaecuted by Borrower and recotded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and s6all amend and supplement the covenants and agreements of this Mortgage as if the rider were a part Mereof. ; 7. Protection of I.ender's Security. If Borrower fails to perform the covertants and ~greements contained in this i Mortgage, or if any action or proceeding is commenceJ which mate~ially af~ects Lender s interest in tbe Prop~ty. ~ includi~g. but not limited to, eminent domain, inwlvency, code enforcement, or arrangements or ~proceedings 'tqvolving a ~ bankrupt or decedent, then Leoder at Lender's option, upon notice to Borrower, may make wch appearances. disburse such i sums and take such actbn as is necessary to protect Lenders ir:terest, including, but not limited to, dislfulset~tent of reasonabk attomey's toeS and entry upon the Property to make~iepairs. 1f Lender sequired mortgage ir~iatic:e u a condition of malciag the loan secured by this Mortgage. Borrower shall pay the premiums reqwred to• milihta'm such insurasoe in effxt until such tia~e as the requiremeot for such insurance terminates in accordanix with Borrowe~'s and ~ ~ g~~277 ~ 759 ~ ~ ~ { r