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Home My WebLink About0810 UNIFOAM COVENANTS. BOf~OwC~ ~D(1 I.C~dCf CovtnaM and agr~~c a~ foUaws: 1. Pqtneot of Priac~al aod 1Mensl. ~rrower ~hall p~umptl~• pay when duc thc principal of and interest un ~hc indebtedness evi3tnceJ by the Note, prepaymeot and late char~c. a. provided in thr Note, and Ihe principal uf and mteres~ a? aa~?Futuro Advances secured by this Mortgage. 2. IMads fo~ Tases and I~ura~ce. Subject to appli~ahk law ur to a writte~ waive~ by ~coder, ~rrawer shall pay to l.e~de~ on the day monthly installments of pnncipal and ~ntcrr.t .~ro payablc und~r thc Note, until Ihe Note is paid in full. a sum (herein "Funds") equal to one-twelfth M the y~arl~ ta~.:+ ~n~l a~crssmcnts which may attai~ prioriry aver this Mortgagc, aod ground rents on the Pr~perly, if any, pluc onc-twcl(th ol ycarly~prcmium installme~ts for hazard imur:,ncc, plus one-tweltth of yearly prcmium ins~allmcnts for mo~tgage i:~surancc. if any, all ac Kasonably cstimated initially and from time to time by I_ender on the basis af asses~mcnts and hills anJ rca.onablc estimates thereof. The Funds shall t~e held in an institwi~~n thr. deEx~siu or aeraunts oi which are insured or guarantcc~.l by a Fcderal or state agency (including Lender if LenJer is such an institution). I_cnder ahall applp the Funds to pay said taxes, asticssments, insurance premiums and gmund rents. 1 ende~ may not charge tar ~o h~~lding and applying ~he Fund.. analyzing said account, or verifying and compiling said asses~ments and bills, unlcss l.cndcr pa~~s Borrowcr intcrest on the Funds and applicable law perntits Lender to make such a chargc. Bc~rruN•er and t.cnder may agrce in writing at thc time uf cxccutiun o[ this Mortgage lhat ioterat on the Funds shall bc paid to Borrc~wer, and unless such agreemem is m:?Jc or appli~able law rcquires such interest to be paid. I_ender shall not be required lo pay 8orrawer any~ intcrest or carning~ on the Funds. I.cnder shall givt to Borrower, without charge, an annu:+l accounting ot the f~unJs showing credits and debits to the ~undti and the purpcue for which eaeh debit to the Fun~s was made. The Fundi are pl~~lged as additional security for Ihe sumti ~ecured by this Mortgage. If !he amount of the Funds held by Lender, togethe~ with the iuturc monthly installmcnts of Fund~ payablc prior to the due dates of taxes, assessments. insurance premiums and ground rents, shall exrceci the amount reyuircd ta pa~~ tiaid taxes, assGtsments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's vption, either protnpUy rcpaid to Borrou?~er or crodited to Borrower on monthly installments of Funds. lf the amount of thc Funds held by Leader shall not be sufTcient to pay taxes. assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up Ihe deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting paymcnt thereof. - ' Upon payment in ful) of all sums secured by this Mortgage, Lender shall prompUy refund to Borcow•er anp Funds held by I.ender. If under paragraph 18 hereof the Propeny i~ sold or thc Property is otherwisc acquired by Lender, 1_cnJcr shall apply. no later than immediatcly prior to the sale of the Property or its acquisition by I.ender, any Funds held by Leader at the time of appGcation as a credit against the sums secured by this Mongage. - 3. Application of Paymeafs. Unless applicable law provides otherwise. all payments received by l_ender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payablc to Lcnder by Borrow•er under paragraph 2 hereof, then to intcrest payable on the Note, then to the principal of the Note, anJ then to interest and principal on any Futurc Advances. 4. Chary~es; Litas. Borrower shall pay all ta~es, assessmcnts and othcr charges, fines and im{x~sitions attributable to the Property which may attain a priorit) over this Mortgage, and leasehold payments or ground rents, if any, in the manner pt+ovided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payce thereof. 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 turnish to Lender receipts evidencing such payments_ Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligatiun secured by such lien in a martner acceptable to Lender, or shall in good faith contest such lien by, or Jefend enforcement of such lien in, legal proceedings which operate to prevent the en[orcement of the lien or forfeiture of the Property or any part thereof_ S. Ha~rd lasurance. Sorrower shall keep the improvements now cxisting or hereafter erec~eil on the Property insured against loss by fire, haurds included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may requim: provided, that Lender shall not require that the amount of ' such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. ! '[!~e iasurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided. i 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 ~ insurauce cazrier. ~ All insurance policies and renewals thereof shall be in form accept:~ble to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lxnder. I_ender shall have ihe right to hold the policies and renewals thereof. ~ and Borrower shall promptly furaish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carricr and l.ender. Lender may make proof of loss if not made prompNy ~ by Borrower. Unless Lender and Borrower othcrwisc agrcc in writing, insurance proceeds shall bc applied to restoration or repair of the Properry damaged, proviJed such rcstoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoratfon or.repairis not economically feasible or if the security of this l~tortgage w.~uld be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage. w~ith the excess, if an~•, paid to Borrower_ If the Property is abandoned b~ Borrower, or if Borrower fails to res{x~nd to 1_ender within 30 days irom the date notice is mailed by Lender to Borrower that the insurance carrier ofTers to settle a claim for insurance benefits, 1_cr.de: is aut6ori~ed to collect and appiy the insurance proceeds at I.ender's option either to resturation or repair of the Pr~pert~' or to the sums secured by this Mortgage. Unless Ixnder and Borrower otherwise agree in writing, any such :~pplication e~f proceeds to principal shall not extend or postpone the due date of the monthly installments rcferred to in paragraph~ 1 and 2 hercof or change the amount of ~ such installments. If under paragraph 18 hereof the Property is acyuired b}• l.ender, all right, tide and interest o[ Borrower in and to any insurance policies and in and to the proceeds thereof resolting ftom Jamage to the Property prior to 1hc ~aie ~ or acquisition shall pass to l.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or ~ acquisition. ~ ~ 6. Presenatioo and ~taintenance of Properiy; Leaseholds; Condominiums; Planned Unit Developments. Borrowcr ' shall heep the Property in good repair and shall not comroit waste or permit impairment or deterioration of the Property N~ and shall comply with the provisions of any lease if this Mortgage is ~n a leasehold. 1f this Mortgage is on a unit in a condominium or a planned unit de~•slopment, Borrow•er 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 regulationc of the ~ condominium or planned unit development, and constituent Jocuments. If a condominium or planned unit development • ~ rider is executed by Borrow•er and recorded together with this Mortgage. ~he covenants and agreements oi such rider j shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the ri~cr ~ were a part hereof. ~ 7, Protectioo of Leader's Security. If Borrower fails to perform the covenants and agreements contained in this E ~ Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Propert~~. ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ bankrupt or decedent, then l.ender at L.ender's option, upon notice to Borrower, may make such appearances, disburse such ~ sutns and take such action as is necessary to protect I.ender s interest, including, b~t noi limited to, disbursement of reasonabk attomey's fees and entry upon the Property to make rcpairs. lf I.cnder reyuircd mortgage insurance as a ~ condition of making the loan securecl by this Mortgage, Borrowcr shall pay the premiums requireJ to maintain such ~ inswance in eBect until such time as the requirement for such insurance ~erminates in accordance with Borrower s and ~ ° o Rx z~e~ ~ ~ Fac~ $a9 ~ ~ ~ ~:E _