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Home My WebLink About0363 ~ A • ~ ~ ~ ~ / • , UN~FO~tM CoveN~N7s. Borrower and Leade~ cove~ant and agree as follows: 1. ~ment ot hiachql ui Werpt. Bo~rowe~ shall promptly p~y when due the principal o[ and interest on the iadcbtedneu evide~ced by the Notc~ pr~apaymeat and late charges as provided in the Note, and the principal of and inter~esl on auy Future Advances secured by thit More~agv. . F~d~ to*'lues aad Iowet~ca Subject to applicabk law or to a written waiver by Lender. Borrower shall pay to Lender on the day mo~thiy installments of principal and interest arc payable under the Note, until the Notc is paid in full. _ a:um (herein "Fundt") equal to one-tweUth o[ the yeariy taxes and asscssmenu which may attain priority over this Mori~age. and ground nnta on the Praperty~ if any. plus onatwelfth of yearly premium installments for hazard i~suraace. plus one-twelfth of yearly premium installmeets tor mottgage insurance, if aoy. atl as reasonAbly estimated initially and from time to time by Lender on the basis-of assessmcnts and bilis and rcasonable estimatcs thereof. ~ The F}unds shali be hetd in an institution the deposits or accounts of w~hich are insured or guaranteed by s Foderal or ~ state agency (includina Lender if Lcnder is such an institution). Lender shall apply the FLnds to pay said taxes. assessmeats. insuranee premiums and grouad rerts. Lender may not charge for so holding and applying the Fur~s; anslyzing said account, or verifying and compiling said assessments and bills. unless Lender pays Borrower intercst on the Funds and appl+cabk law permits Lender to make such a chargrs. Borrower and Lender may agree in writing at tbe time of execution of this Mortgage that int~rat on the Fuads shall be paid to Borrowef, and unless such agre~ment is made or applicable !aw requirea such interest to be paid. Lende~ shall not be required to pay Borrowe~ any intcrest or earaings on the Funds. T.ende~ shall give to Borrower, without charge, an annual accounting of the Funds showing credits a~d debits to the Funds and ths purpoae for which each debit to the Funds was made. 'I?~e Funds are pledged as additionat security for the sums secured by this Mortgage. ~ ' ~ If the amount of the Funds h~ld by Ltnder. together with the future monthly installmeMs of Funds payable prior to ttu due dates of taxa. assessments. insurance premiums and ground rtnts, shal! exceed the amount required to pay said taxes, assess~nents. insurance premiums and ground rents as they fall due, such excess shall bt. at Borrower's option. either ; promptly rcpaid to Bormwer or credited to Borrower on monthly installments of Funds. If tt~e amount of the Funds $ held by Lender shall not be suf8cieat to pay taxes, aasessments, insurance premiums a~d ground rtnts as they fall due. Bormwer shail pay to Le~der any amou~t naessary to make up the deficiency within 30 days from the date notice is mailed ~ by Lender to Borrower requesting payment thereof. ' ~ Upoa paytnent in full of alt sums aecurcd by this Mortgage. I_ender shall promptly refund to Borrower any Funds - held by L.ender. If under paragraph 18 hereof the Property is sold or the Property is oti~ervvise acquired by Lender. Lender shall apply. no later than immediately prior to the sale of the Properiy or its acquisition by I~nder, any Funds hcld by Lender at the time of applicatio~ as a~ credit againat the sums secured by this Mongage. 3. Application ot Pay~peots. Unless applicable taw•provides othen+~ise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Le~der first in payment of amou~ts payabte to Lender by Borrower under paragraph 2 hereof, tt~en to interest payable on the Note, ther, .to the principal of the Note. and then to interest and principa! on any Futun Advances. 4. C6arga; LknS. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a prioriry over this I~lortgage, and leasehold payments or ground r~ents. if any. in the manaer ~ provided under paragraph 2 hereof or. if not paid in such manner. by Borrower making payment. when due. directly to tLe payee lhereof. Borrower shall pPOmptly furnish to Lender all notices of amounts due under this paragraph. and in t6e event Borrower shall make payment directly, $orrower shall promptly fumish to Lender recelpts evidenci~g such payments. ~ Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shal~ not be = required to discharge any such lien so long as Sorrower shaU agree in writing to the payment of the obligation secured by sucb lien in a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enforcement of such lien in. legal proceedings whieh operate to prevent the enforcement of the lien or: forfeiture of the Property or any part thereof. S. Haxud lnsurance. Borrower shall keep the improvements naw existing or hereafter erected on the Proptrty iasurod ~ agaiast lc~si by fire, hazards included within the term "extended coverage". and such oiher hazards as Lender may require ~ and in such amounts and for such periods as Lender may require; 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. ; The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, providod, that such approval shall not be unreasonably withheld. AI! p~emiums on insurancx policies shall be paid in the manner - provided under paragraph 2 hereof or, if aot paid in sueh manner, by Borrower making payment, when due, dicectty to the : insurance carrier. - = All insurance policies and renewals thereof shall be in form acceptabte to Lender and shall incTude a standard mortgage ~ clause in favor of and in form acceptable to Lender. Lender shal) have the right to hold the policies and renewals thereof, and Borrower shall prompQy furniah to Lender all renewal notices and aU receipts of paid premiums_ In fhe event of loss. Borrower shall give prompt crotice to the insurance carrier and Lender. Lender may make proof of loss if not made promptty 3 by Borrower. . " Unless Lendei aad Borrower otherwise agree in writing, insurance proceeds shall be applied to rtStoration or repair of ' the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the socurity of this Mortgage wouid be impaired, the insurance proceeds shall 6e applied to the sums secured by' this Mortgage, with ttie excess, if any, paid to Borrower.. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrowtr that the insurance carrier offets to settle a claim for insurance benefits. Lender is authorizod to collect and apply the insurance proeeeds at Lender's option eiWer to restoration or reQair of the Property or to the swns secured by this Mortgage. Unless Lender and Botrower otherwise agree in writing, any such application of proceeds to prin~ipal shall not extend 3 or postpone tht due date of the monthly installments referred to in paragraphs 1 and 2 hereof os cl~ange the amount of such installments._ If under puagraph 18 bereof the Property is acquired by i.ender, all right, titte and intercst of Borrower in and to any insurance policies and ia and to the proceeds thereof resulting from damage to t6e Proptriy prior to the sale or acquisition shall pass to Lendei to the exteot of the sums secured by this Mortgage immediately prior to suc6 sale or . acquisition. 6. P~+eservation and Maintens~nce of Property; Leaseholds; Condominiums; Planned Uait Devetopmeats. Borrower shall keep the Property in good regair and shall not commit wazte or permit impairment or deterlorauon of the Property and shall comply with the ptovisions af any lease if this Mortgage is on a leasehold. If this Morigage is on a unit iR a condominium or a planned unit devetopment, Borrower shall perform, all of Borrower's obligations under the declazation or covenants creating or governing the candominium or planned unit devetopment, the by-laws and regulations of the condominium or planced unit devetopment, and constiweni documents. If a condomir~ium or planned unit development rider is exeeuted by Borrower and recorded together with this Mortgage, the coveoaats and agrcements of suc6 rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage at if the rider - were a part hereof. 7. Protectioa of Leade~s Secarity. If Borrower fails to perfarm the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's intertst in the Property. = including, but not limited to, eminent domain, inwlvency, code enforcement,- or arrangements or proceedings involving a ; bankrupt o: decedent. then Lender at Lender's option, upoa notice to Borrower, may make such appearances, disburse such - sums ai~d take such actien as is necessary to protect E.ender s interest, incl~ding, but not limited to, disbursement of reuoaable attorr~ey's fees and entry upon the Propeny to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower s and + . . 4 ~~1{~1~~~ ¦f~{~l ~ ~ ~ '7' _ e-^a-: . , s~ ~.~s~ F 'i3 . - ' ~ : j{Y~y3~' - e ,r ~