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Home My WebLink About0704 ~ •1 . • • ? v~ UNIFOIIM COYEN.~NTS. BO(fOWCf :1f1(I LCII~IC~ C~~~•CIl:Itl~ :t;~i~ :~~I~t a~ 1~~~~~~N~: 1. Paymcnt of P~incipal aad Interesl. N~~rmw~r .I,c~l! i~~canpih {,a~ ~~hcn dur thc princip.?i ~nd intcrest on ~hr ~~debtedness evidenceJ by the Natc, prepaymrnt and latr ch.,r~~~ a. ~ruvi~icd ~n thc ?hotc. and thc principal of and mtrrest on any Future Advances sccured by this M~~rtgagc. 2. Fnads for Taa[es and lasurance. Subjcd to appli:.~t lr IaH .~r t~~ a W'rittcn waivcr by l.cnde~, Rorrowcr sh.~ll pay to Lender on Ihe day monthly instal~mcnlt of prinrip.~l anJ in~rrr~i .~rr ~~.~yahlr under ~hc Nute, until the Notc ic paid in full. a sum (henin "Funds") eyual to ane-tNClfth ~~t thc yrarl~ ,a~~~ an~l a.tirssment. which may auain pri~~~iry over thi. Mortgage, and ground rents on the Pmpcrty. if any. plu~ i~nc-tHClfth c~l ycarty prcmium installments for harard insur:~nre, plus one-twelfth of yearly premium installmrnts (or m~~~tga~;e ~n+nrance. if any, all as reasonably ectimated initially and tmm time ro time hy 1_ender on thc basi~ of a.~«:n?rn~s an~i I•;~Iti and re.~,~,nablr esiima~es thereof. 71~e Funds shall be held in an im~;tui~on thr de~»~.. ur .~cruunts ut whirh are insur~~i or guaranteecl by a F~rderai or state agency (including Lender if Lcnder i..urh .m inctitution i I.cndcr ahall appl~~ ~hc FunJs t~, pc~y ~aid ta~es, astitssin~n~~, insurance premiums and grou~d rentc 1 cndcr ma~ n~,t charge I~u holding and applying thc Fnnd~. an:~lyting ~aid acc.~unt. or verif)•ing and rnmpiling said asses~mcnts :~nd hilh. ?uil~.a I.rnJc~ Borrowcr intcrest on the Funds and applicahlc law permits Lender ta make such a charge. N~~rrowe~ and Len~rr may agree in wriung at the time ~~f ~xr~uti~~n uf this Mortgage that interest on the FunJs ~hall Ix: p~~d to Horrow~r, and unless such agreement i~ made ~~r ap~l~whle law~ ~quires such interest to be paid, l.ender shall nu1 tx reyuired to pa)' Bormv?•cr any in~cres! ~r carnint+ on thc I•lind.. I.endcr shaU give to Borrower, without charge, an annual :ricuun~ing of the F~un~s shuwing credits and dehit~ to thr Fundt and thr purpose for which each debil to the Punds w~a~ mad~. The Fundti arr pledg~d aa additie~nal ~ecurit~~ lor thc sum, ,rcurcd by this Mortgage. If the amount of the Funds held b~ Lendcr, togc~her with thc iuture monthl}~ installmcntc F~m~h pa~•ablc prior to the due Jates of taxes, assessments, insurancc prcmiums and ground r~nts, shall c~ccc:d thc amount reyuircd tu p.i~ ,aid taxex, assessments, insurance premiums and ground rents as thc}~ fall d?K, such cxce.s shall be, at Borrower's upti~~n. rither promptly repaid to Borrower or cr.~itcd to Born~wer on monthly installments of Fund~. If thc amoum of thc Funds hetd by Lender shall not be sutTicient to pay ~axcs, assecsments, inturancc premiums and groun~l rcnts as thcy fall duc. Borcower shall pay to Lender any amount necessar~• to make up th~ dehcicncy w~ithin 30 days from the date notice is niailyd by Lender to Borrower reyucsting paymcnt thcreof. Upon payment in full of all sums sc~:ured by this Mor~gage. l.ender shall prompUy refund ta Borruuer an~~ Funds held by t~nder. if under paragraph IR hereof the Propert}• i, sold ar thc Property is otherwice acquircd by Lrnder, Lender shall apply, no later than immediatrly prior ti~ the sale of thc Propcrtv or its acquisition by I.endcr, any Funds hcld by Lender at the time ot application as a credit against the sumc secured by this ~tortgage. 3. Application of Payments. Unlc~s applicable law• proviJes otherw•ise, all payments rereived b~• I.ender under thc Notc and paragraphs I and 2 hercof shall bc applicd by Lcnder fint in paymcnt of amounts payablc to Lcndcr bp Borrow~cr under paragtaph 2 hereof, then to intrnst payablc ~~n thc Nute, then t~ th~ princip:~l oi the Note, and thrn to interest and principal on any Futurc Advances. 4. Charges; Liens. Borrowcr ~hall pay all ta~~~, asce;~,mrnts and othcr chargcs, fincs and im{wsitions attributahle to the Property which may attain a priority over this i~lortgage, and leasehold payments or ground rents, if any, in the manner provideJ under paragraph 2 hereof ar, if not paid in such manner, by Borrower making payment, when due, directly to ihe payee thereof. Borrower shall pramptly furnish t~ LenJer all noticcs of amounts due under this paragraph, and in the event Borrov?~er shall make payment directly. Borrower shall prompUy (urnish tu Lender receipts evidencing such payments. Borrower shall promptly discharge any lien w•hich has prionty o~•er this Mortgage; provided, tha~ Borrower shall not be ~...i .~:~..{......s ..-6 linn c.• Inn.~ •~c Rnr~nwrr ch:~ll avm~• IO writine 1(1 the oavment o( the obliRatiun secured by .~.yuuw ...o.......p.. 5:.... ...•.o _ . _ such lien in a manner acceptable to Lender, or shall in gcxxl faith contr~t such~lien hy, or defend enforcement of such lien in, legal pro~:cedingc which operate to prevent the enforcement of the licn or forfeiture of the Property or any part thereof. 5. Hazard Insurance. f3orrower shall kcep ihe impmvemcros noH cxisting i~n c~rcafter crcc.tcd on the Propcrty insurcd against loss h~• fire, hazards included within the term "e~tended coverage", and such other hazards as Lender ma}~ reyuire and ~n such amounts and for surh pcri~xls as Lcndcr may rcyuirr; pmvided. that LcnJer shall not reyuirc that thc amount o( ' such coverage exeeed that amouM ~•f co~•erage rcquired to pa: the sums secured by this :Nt~rtgage. ; The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided. ihat such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner ~ provided undrr paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, direcdy to thr € insurance carrier. , All insurance ~wliciet anJ r~newals thereof shall Fx in form acceplable to Len~ier and shall include a staodard mor~gage clause in favor ~~f and in form acceptable to Lender. I.ender .hall ha~~e the right ta huld ihe pulicies and renew•als thereof. and Bormwer shall prompUy furnish to 1_ender all renewal notices aod all receip~s o( paid premium~. In the event of 10~~. Borrnwer shall give pmmpt noticr Io the insurancr carricr :?nd Lender. LenJrr ma~~ make pr~,f df loss if not made pri~mptlc ~ by Borrower. ' Unless LenJer and Aorrower other~~.r agree in w•riting. imur:~nce pn?ceeds shal) be applied to restoration or rep:+ir ~~f ; the Propert}' dam~ged. pro~•i~IcJ ~urh retit~irahon or repair is economically frasible and the security of this Mortgage ' not Ihereb)' impa~red. If such re~t~~raU~~n or repair is not r~onumicall}' fcasihle or if the security of this htortgage wr~~iJ ' be impaired. the insurance procee~s ;hall be ~pplied to the sums secured by this Mortgage. with the excess, if an~~, pa~d ~ to Borruw•er. If the Pruperty is ah:inJonrd hy Borrower. ar it Borrower fails tu resFx~nd to I.ender within 3U day~ fr:~ic ~hc ~ date notice ~s mailed b}~ Lender t~~ Borr.~wer that the insurance carrier otTer, to setUe a claim for insurance benefit~, Le:.tir- ~ is authonzed t~~ collect and apply the in~urance proceeds at LenJer'1 uption eithrr m resl~~ration or repair of the Pn~~xr=-. ~ .~r to the sums sccurcd h~• this htortgagc. ~ l;nles~ Lender and Borrrwer otherwisr agree m wnting. an}• such applic:~uon ~~f pn~eeds to prmeipal tihall nut ~.~c~:d or pustpone the due date of the me~mhlc installments referred a~ in paragraph. I aml 2 hereof or change the amounl of - such installments. I( under paragraph 18 hereot the Property i~ acyuired h~ LenJcr, aU nght, lide and interest of Borr~~~ir in and to an~ insurance policies and in and to the proceeds thereof resulung from dan»ge to the Property prior to th~ .:t~~ _ or acyuisition shall pass to Lender to the e~tent of the sums aecurcd hy ihis ~tortgage immediately prior to such c;~le ~r - acquisition. 6. Presenation and ~laintenance oi Propert~: Leasehulds; Condominiums; Planned Unit De~•elopments. Borrrn~~r _ shall keep the Property in good repair and shal) not comro~t waste ur permit impairment or deterioration of the Property and shall comply~ with thc provisions o( any lease if this Mortgage ~c un a leaschold. If this Mortgage is on a unit in a condomin~um ~~r a planned unit deve~~~pment. Borrow•er shall ~xrf~.rm all of Borrower's obiigations under the declarah~~n ur covenants creating or gvvermng the condominium or planned unit devel~~pment, the by-laws and regulationc of the - condominium or planned unit development. :+nd constituent d~umems. (f a cvndominium or planned unit developmcnt rider is executed by f3orrower and recorded tc.ge~her whh thic Mortgage. the covenants and agreements of such n~;;r shall be incorporated into and shall amend and supplcment the coL•enants and agreements of this Mortgage as if the n.fer were a part hcrcof. - 7. Protection of Lender's Security. If Borrower fails to Exrfi~rm the covenants and agreements contained in Ihis e~:. Mortgage, or if any action ur pro~eeding is commenceJ ~hich ma~erially aftects I_ender's interest in the Pmpert}•. including, but not lim~ted to, eminent domain. insc?Ivcncy, c~xle cnforcemem. or arrangements or proceedings invof~ing a - bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, ma}~ make such appearances, disburse such sums and take such action as is necessar}• to protect Lender's in~crest, incluJing, but not limited to, disbursement of :3 reasonable auomey's fecs and entry upon thc Property to makc repairs. If I.enJcr rcyuircd mortgage insurance as a - condition o[ making the loan secureJ by this Mortgage. Borrawer shall pay thr premiunu requireJ to maintain such ' insurance in etfect until s~ch time as the reyuirement for such inwran:e tcrminate. ~n :~ccordance with Borruwer's and - , ti R ~~`i b' ?A6E `VL ~ 60Glt v a.~ 4,~ ~r~ , _