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Home My WebLink About0318 , ' • ~~ir . , UNIPOltM COVBNANTS. Bo~mwer anJ 4ender covenanl anJ ag~ee as follows: ~ 1. Pqmtnt of Pdnctptl aqd laferesl. Burruwer shatt p~omptly pay when due the prirtcipal ot and interest on the ireiiebtrdnrss evidenced by the Note. prepayment and late charges u provided ;n the Note, and ihe principal of and interest o~ any Future Adva~ces socured by this Mongago. 2. I+bads tor Tax~s aad i~urance. Subject to applicabk law or to a written waiver by I.cnde~, Borrowc~ shall pay ~ to L,ender on the day monthly installmcnts of principal and interest are payabk undcr the Note. ant+i tha Notc is paid in full, ' ? s:um (herein "Furtcls") equal to ono-twelflh of the yea~ly taxes and assessments which may attain priority over this Mortgagc. and ground renta on the Pmpeny. ii any, plus onatwelfth of yearly pnmium-installments for hazard insurance, plus ono-twelfth of ycarly prcmium installmcRts for mortgage insurancc, if any. All as reasonably estimated initialty and irom time to time by Lcnder un the buis of assessmc~ts and biils and reasonabk cstimates thereof. The Fonds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including I.eoder if Lcnde~ is such an institution). l.cnder shall epply the Funds ta pay said taxes. assessments. insurance premiums and gcound rents. Lender ma~ no1 charge for so holding and applying the Funds, analyzing said account, or verifying and compiiing said assessments and bills, unless l.ender pays Borrower interest on the Funds and applicable law . permits Lender to make such a charge. Borrower and Lender may agree in w~ting at the .time o! execution of this Mortgage that interpst on thc Funds shall bo paid to Borrower. ar~d unless such agroement is madc or applicable law requires such intsrest to be p;,id. Lender shall not be rcquirecl to pay Borrower any intcrest or earnings a~ the Funds. I_ender shall give to Borruwer, without charge, an annua! accounting of !he Funds showing credils and debits to the Funds and the purpose [ar which each debit to, the Funds was made. • The Funds are pledged as additio~al security [c?r the sums secured by this Mortgage. If the amount of the Funds hetd by LenJer, togethcr w~ith the future monthly instsflments of Funds payable piior to the due dates of taxes, assessments, insurance prcmiums and ground rents, shall exceed the amount requited to pay said taxes, • assessmenu, insuranee premiums and ground rents as they fall due, such excess shall be. at Borrower's option, either promptly repaid to Botrower or credited to Borrower on monthly .installments of Funds. If ihe amount of the Funds held by Lender shall not be sufficieat to pay taxes, assessments, insurance prer.~iums and ground rents as they fall due. Borrower shal! p,ay to I_ender any amount necessary to make up the deficiency within 30 days from the date notice is mailod by Lender to Borrower requesting payment thercof. Upon payment in full of all sums secured by this Mort~age_, t.ender shatl prompt[y ret~~nd to Bormwer any Funds ~ held by LenJer. If under paragraph 18 her+eof the Propeny is sc~td ar the P~ppler,4~~ss~,be~~sc acquired by Lender. Lender . - shall apply, na later than immediately prior to thc sale of thc Property or it3 ac wsit~o~'by Lender. any Funds held by Lender at the time of application as a crcd~t against the sums secured~by'tHis~• 3. Application of Paymcats. Unless applirahle Iaw provicies otherwispj~ar~iyrf~~tl~[~fid by Lcnder under the hiote and paragraphs t and 2 hereof shatt be applied by Lender first in ~ay~ Lender by 8orrower under paragraph 2 hereof, then to interesl payable on the Notc, then fa lh~~nncip_a. Q( tt~_e tc~ a~ then to interest and pria?cipal un any Futurc Ad~•ances. ~'r'" ~r i~^•"" 4. Charges; I.ieos. Borro~~~er shall pay all taxes; as.~cssments and other charges, fines anJ imp~isitions attributable to the Prupetty which may attain a priority over ih;s Mortgage, and teasehold paymcnts or ground rents, if any, in ihe manaer provided under paragraph 2 hereof ar, if not paid in such manner, by Borrower making payment, when dua, directly to the payee thereof. Borrowcr s6a11 promptly furnish to Lender all notices of amounts due under this paragraph, and in the eveat Borrow•er shall make pa~•ment directly, Bvrr~wer shall promptly iurnish to Lender rcY:eipts evidencing such payments. Borrower shall promptty discharge any lien which has priority ~ver this Mortgage; provicled, that Borrower shall not be required to dixharge any such~lien so long as Borrower shall agree in writing to the payment ot thc obligation secured by such fie~ in a manner accePtable to L.ender. or shall in go~d faith contest such lien by, or defend enforcement of such lien in. legal pr.ticcdings which operate to prevent thc enforcement of the licn or forfeitorc of the Property or any part thereof. 5. Hazard I~urance. Borrow~er s6al( keep the improvements now existing or hereafter erected on the Properly insured against loss hy fire, h~tards inc~udc~d within the term "eztendcd cover•rge", and such other hazards as Lender may reyuire and in such amoi~nts and fo~ su~h periods as Lender m~y reyuire; provided, that Lender shall not require that the amount of suoh coverage erceed that amoun[ of coverage required to pay the sums secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrowcr si~bject_ to approva! b~• Lender, provided. that such approval shall not be unrrasunably withheld. All premiums on insurance pc~licies shal! be paid in the manner provided undcr paragraph 2 hereof or, if not paid in such manner. by Barrower making payment, when due, directly to the insurance .:arrier. All insurancc policies and renewats thcre~if shalt bc in fornt acccptablc to Lender and shal) includc a standard mortgage claase in favor of and in form acceptable ro Lender. Lender shal! have the right to hold the pulecies and renewals thereof, and Borrow•er shall prompll}~ f~~~nish to Lender all renewal notices and all receipts of paid premiums. In the e~~ent of loss. Borruwer shall give prompt notice to the insuran~e carrier and Lender. Lender ma} make proof of loss if not made promptly by B~~rrowe~ . . Unless I.endcr and Bc?rrower otherwise agrcc in writing, insurance procc~:ds shall ,be applied to restoration or repair of - tt~e Property damaged, proviJed such restorahon or repair is economically ~easible and the security of this Mortgage is - r~ot thereby impaired. lf such restoraucm or rrepair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shatl be apptied to the sums secured by this Mortgage, u~ith the excess, if any, paid :o Borrower. If the Prapert~ is ab:.tidoned by Borrower, or if Bormwer fails to respond to Lender within 30 days from the u~ate notice is mailed by l.c:nder to Barrower that the insurance carrier otTers to setUe a claim for insurance benefits, I.ender - ~s authorized to collect and applp the insurance proceeds at.Lender's option either to restoration or repair of the Property or ta the suras s~cured by !his Mortgage. Unless I.ender and Borrower othervvise agree in writing, an~• s~uh application of proceeds to principal shall not extend - or postpone the duc date of the monthly installments rcfcrrcd to ih paragraphs 1 and 2 hereof or change the amount of such im~aUments. If under paragraph 18 hereof the Aroperty is acquired hy- L.ender, ait rigtu, title arid interest of Borrower in and tc~ ant~ insurance policies and in and to the prac:eedc thereol resulting from damage to the Propecty prior to ihe sale or acc{uisitio~i shall pass ta Lender to the extent of the sunu secured by thi, Niortgage immediately prior to such sale or acquisrtion. ~ 6. Preser~atioa and M~intenance of Property; Lease6ulds; Condominiums; Planned Unit Devebpments. Borrouer shalt keep the Property in g~od ccpair and shall not commit waste or permit impa;rment or deterioration of the Property and shall comply with the provisiuns of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or.a planned unit deti~elopment, Bofrower shall perform all of Borrower's obligations under the declaration ur covenants creating or governing the condomi~ium or planned unit devetopment, the by-laws and r+egufations of the condominium or planned unit development, :+nd constituent documents. If a condomininm or planned unit development nder is exer.u~ed by Borrower and reccrded together with this Mortgage, the covenants and agrcements o[ such rider shall ti~ incorporated into and shall amend and supplement the coveeants and agreements of this Mortgage as if the rider were a pact hereof. ~ 7. Prottcfioo of Len3er's Sec~rity. lf Borcower fails ro perform the covenan~s and agreements contained in this Nartgage. or if aay actiun or proccaiing is commenced which materially. affects L~nder's interest in the Property, includir.g, but .~at limited to, eminent domain, insolvency, code enforcemen:, or arrangements or proceedings involving a bankrupt or deceden~. then Lender at l.ender's option~ upon notice to Borrowrer, may make such appearances, disburse such sums and take such action as is nectssary to ~rotect Lender s. interest, ine]"ding, but not limited lo, disburxment of reasonable attomey's fees and entry upc~n the Property to make repairs. If l~nder rcquired mort6age insurance as a condition of making the loan secured b}• this Mortgage. Borrower shall pay the premiums requireci to maintain such insurance in eflect until such time as the requiremeat for such insurance terminates in accordanee with Borrower s and ii~. ' - 6001I P~E ~ _ - _ _ _ - - - - - - . _ ~ ~ ~ ~r ~ ~ - v,