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Home My WebLink About0470 UNIFOR~! CUVE!v.aNTS. Bur[oHCr aqd I.co~i~r cuv~nant :tnd :~K~ce ;t~ fotla~vs: ~ 1. P~ymrnt uf Principai aad Interest. Borro«tr shall p~omptly pay ~hen cfue thc: prinr+p;,l a( ,~ncl in~crr.t ;~n the ~ i+tetehtrdn~ss eviJencrd by Ihe Notv, prepaymrnt and late cha~gr. us pruvi~td in the I~utc, antl th~ principa? uf ;,nd intetrst ~ on any Fuwre Advancas secured b~~ this Ttoritiage. • ; 2. Funds for Taxes and Insurance. Subject to applicable law or to a writtrn w~iver by l.rndrr, Horrc.wrr ,h~U pay to I.~:ndcr on the day monthly installm~nts of prin.ipal and intrr~~t arc p:tyable undr~ thr Nutc, until ~he \ur~ ~ti paid in fuil. a sum (herein "Fun~ls") cqua! to one-tu•elfth of ~f~e yearly ta~~. an~l ai,e~timenth Hhi~h may :~tt:,i~ pric.rity over this ~tc~rtgage, and ground rents on the Property, if any, plus on~-twelfth of }~~arly pr«nium installmentc far haz.,~d insur.u~ct, plu~ onr-t~v~elfth oF yearly premiunt iratallments for mortgage insurancc, if any, all as rea.~onably c~timated initiall}• an~f from time to time b~~ Lender an th~ basis ~f assessments and bitk and reasonable estimatc: thereof. 'ilie Funds shall be held in an institution the deposits or accounts of ~vhich are iniured or guaranteed hy a F~dc~al or state agency (including Lender if Lende~ is such an institution). l.encler shall appfy the Funds to pa~• said ta.~cs, as.~ssmrnts, insurance premiums and ground rents. Lender may not charge for sa halJing and applying the Fund., anal}•zing said account, or ~c~if~•ing and cornpiling said assessmer?ts and bills, i?nless Lender pa~•s Horrower i~tcrest on the FunJs and applicable l~w permits Leader to make such a cha~ge. Borrower and Lender may agree in writing at the time of execution of this Tiortgagt that interest on the Fu~ds shall be paid to B.~rrower, and unless such agreement is made or applicable I:,w requires such intcrest to be paid~ I_ender s6a11 not be reyuircd to pa}• [~orrower any intcrest or earnings on the Funds. l.end~r shall gi~•e to Borrower, without charge, an annua! accounting of Ihe Funds showiog credits and dcbits to the Funds and ihe purpase for which each debit to the Funds was made. Tne Funds are pledged as additional se~:u~ity for the sums secured by this Alortgage. lf the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, auessments, insura~ce premiums and ground rents, shall exceed the amount required to psy said taxes, assessments, insurance premiums and ground rents as thcy fail due, such excess shall be, at Bo~rower's option, either p~omptly repaid to Borrower or credited tu Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be su~cient to pay taxes, assessments, insurance premiums and ground renis as they fall du~, Borrower shall pay to Lender any amount necessary to make up the deficienry within 30 da~•s from the date notice is maited by Lender to Borrower requesting payment thereof. Upon payment in full of all surtu secured by this hfortgage, Lcnder shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof t~e Property is sold or the Property is othenvise acquired by I_ender, Lender shall apply. no later than immediately prior to the sale af the Property or its acquisition by I.ender. any Funds held by Lender at the time of application as a credit against the sums secured by this l~tortgage. 3. Application of Payments. Unless applicable law provides othenvise, all payments r~ceived by Lcnder under the Notc and paragraphs 1 and Z hereof shall be applied by t_cnder first in payment of amounts payable to Lcnder by Borro~ver under paragraph 2 hereof. ihen to interest payable on ihe Note, then tt~ tFie principal of the Note, and then to interest and principal on any Future Advances. ~ 4. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this hiortgage, and leaschold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if noi paid ih such manner, by Borrowei making pa}~ment, when due, directly to the payee thec~eof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such pa}•ments. Borrower shall promptly discharge any Iien w6ich has priority over this AtortgaRe; provided~ that Borrower chafl not be required to discharge any such lien so long as Borrower shall agree in v?-riting to the payment of the obligation secured by such lien in a manner acceptable to Lender; or shall in gooci 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. Hazard Insurance. Borrower shall keep the improvements now• cxisting or hereafter crccted on the Property insured against loss by 5re. hazards inciuded within the term "extended coverage", and such other hazards as Lcnder may require and in such amounts and for such periods as Lender may require; provided, that Lende~ shall not require that thz amount of ` such coverage exceed that amount of coverage require@ to pay the sums secured by this Mortgage. ' The iasurance 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 ~ provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, directly to the ! insurance carrier. ~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ` clause in favor of and in form acceptable to Lender. L.znder shall have the right to hold the policies and reneaals thereof, and Borrower shall promptly furnish to Leoder all renewal notices and all receipts of paid premiums. in the e~•ent of lass, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherw~rse agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such restoration or repair is economically feasible and the security of this ~iortgage is ° not thereby impaired_ If such restoration or repair is not economically feasible or if the security of this ~'Iortgage would be impaired, the insurance proceeds shall be applied to t6e sums secured by this Mortgage, with the excess, if any. paid = to Borrower. If the Property is abandoned by 8orrower, or if Borrower fails to respond to Lender within 30 da}'s from the date notice is mailed by Lender to Borrower that the insurance carrier ot~ers to settle a claim Eor insurance benefits, I.ender ~ is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property ' or to the sums secured by this biortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principat shall not extend or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount~of - such installments. If under paragraph 18 hereof the Property is acquired by L,ender, 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 the sale ; or acquisition shall pass to Lender to the extent of the sums secured by this ~tortg~ge i:nmediately prior to such sale or acquisition. - F 6. Presen~ateon and rtaiofenance of Property; I.easeholds; Condominiums; Planned Unit lleselupments. Aorrow~er _ shall kcep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property ~ and shali comply wit~ the provisions of any lease if this I~4ort~age is fln a leaseh~ld. If this 1~9ortgage is on a nnit in a ! ` condominium or a planned unit development, Borrower shall perform all of Borro~ser s obligations under the dccla~ation ~ or covenants creating or governing the condominium or planned unit development, the by-la~+~s and regulations of the ~ conJominium or planned unit development, and cons.ituent documents. If a condvminium or planned tmit J~ti•elopment rider is executed by Barrower and recorded tog~ther µ•ith this Aiortgage, the covenants ~nd ~greements of such rider shal! be incorporated into and shall amend and supplement the coven:ints and agreements of this Mortgage as if the rider ~ were a part hereof. 7. Protection of Lende~s Security. If E3orr~~cer fails to perfarm the covenants an~ agrcements contained in this Alortgage, or if any action or proceeding is comm~nced w•hich materially affects Lender's interest in the Property, including, but not limited to, eminent domain, insolvency, code enfurcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to F3orrower, may make such appearances, disburse such j sums and take sueh action as is necessary to 'protect l.ender s interest, incfuding, but not limited to, disbursement of ~ rcasonable attomey's fees and entry upon the Property to makc rcpairs. If Lc?Tder required mortgage insurance as a ~ ` condition of mal:ing ihe loan secured by this Mortgagc, Borrower shall pay the premiums required to maintain such insurance in e(fect until such time as the requirement for ~uch insurance terminates in accordance with Borrower's and s ~`~U~280 P~~ 4S9 ~ _ _ _ ~r