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Home My WebLink About0497 UNIfORLI Covr.t~xrs, Bor~ower and l.endet covena~t and a~ee u tolbws: 1• Pa7ment ot hindpal aad lnterat. Borrower shall promptlr pay when due thc principal ot and interesc on thc indebted~ess evidenccd by the Note, prepayuaent q~d lacc charges as provided in the Noce. and ~he principal ot and inter- est o~ any Future Advanca secured by this M~tgage. ~ 7L Fhada tor Taus aad Inwrapcr. Subject to appiicabte law or to a writtt~ rvaivtr br Lender. Borrower shal! pay co Lender on the day aanthly installmenu of priacipal and interest are payable under thc Note. uncil the Note i: paid in tull, a sum (hcrein "Funds'~ equal to one•twelfth c~t the 7tuly taxes and asstssments which may actain priority over this Mortgage, and around nnts oa the Propercy~ iE any. plw onatwel(th o[ yeuly premium installments [or ha:ard insurance, ; plus onaaveUt6 0[ yeuly ptemium installments for mortgage i~suraact. iE any, all as reasonably cstiraatec! initially and fmm ~ time to time by Lendet on the basis of asusvnents and bills and na~onable atimates thereot. ~ ; The Funds shall be held in an institution t1:e deposits or accounu of which ur inwred ot guaranteed by ~ Federal or ~ state agency (induding I.ender it ~..ender is wch an institution). Lender shall apply the Funds to }iar said taxes. asseasments, _ inwnnce preatiums and ground rents. Lender may not char6e [or ss holding and applring the Funds, analyzing uid ac- ? count. ar veri;~;ng ir,d cc,rupiting ~aid asscssturn~ a:d bilb. unless L*n.*!~ r ars Borrower interat on the Funds, and a~ pliable law permits Lender to make such a charge. Borrower and Lender may agrce in writing at chc time of execution of this Mortgage that interat on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law nquires wch iotenst to be paid. l.ender shall ~ot be _requirtd to par Borroxtr any inccrest or earnings on the Funds. I.ender shall give to Botrower. ~rithqut chatgc, an annual acm~nting ot the Funds sho~ring csecliu and debiu to thc Funds and the purpose [or ~rhich each debit to the Funds was made. Thc Funds arr pledged u addiciorul security (or the sums secured by chis Morcgage. II che aawunt of tht Funds held by Lender. together with thC tuturc monchlr installment+ of Funds payable prior to the due data of taxa. assessmenu. insunncc premiums and ground re~ts. shall Exceed the amount required to pay said uua, usessments, insurance premiums and ground renu u they fall due, such excess shaU be, at Bonower's option. either pmmpdy repaid to Borrower or ctedited to Borrower on monthty installmena of Funds I[ the amount of the Funds held by I,ender shall not ~e sufficient to pa~r taxes, assessmenu. insunnce prtmiums and grouod rents as they fall due. Borrower shall pay to I.endtr any anaount ntcessary to mxhe up the defiaeacy within 30 days trom eht dace notice is mailed by Lender to Borro~rer requesting paymeat thereof. ~ Upon payment in Eull oE all suau secured br this Mortgage. I,ender shal! prompdy nfund ta Borrower any Funds _ held br Lender. IE under paragraph 18 hereot the Property is sold or the Property is otherwis~ acquired by L.ender, Lender shall apply, no later than immediattly prior to the sale of the Property or its acquisitian by I.ender, any Funds heid br I.ender at the time of appjication as a crtdit agair~st the su~,s sK:u~ed D~ tt~u ~t~:tga~r, 3. Appliqtion oE PaTmenu. Unless applicable !aw provida otherwise, at! payments received br I.ender under the Note and ~angnphs 2 and 2 fiereoE shall be applied by Lender tirst in paymrnt of amounts payable to I.ender by Borrower under patagraph Y hereo[. then to interest payable on the Note. then to the principal o[ the Note. and then co interat and principal on any Future Advanca. . C6arge~ Liens. Borrower shall par all taxes. assessments and other charges, tina and impositions attributable to the Property which may attain a priority over this Mortgagt. and teasehold payments or ground rents, iE any, in the man- aer provided under piragraph.~ hereof or, if not paid in snth manner, by Borrower making payment, when due, dirtcdy to che payee thereof. Borrower shaU promptlr turnish to Lender all notices of amouncs due under this par~graph, and in the. event Borrower shall make payment dinctty. Botrower shall promptly furnish to Lender raeipts evidencing such paysntnu. Borrower shall prompdy discharge any iien w+hich has priority orer this Mortgage; provideel, that Borrower shall not be re- quired to dixharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a.manner acceptable to I.ender, or shall in good faith contest such lien by, or defend entortement o[ such lien in. la ~ gal proteedinqs which opmte to prevent the enEorcaaent of the lien or forfeiture of thr Property or anq part thereoE. 5. Hanrd Inwrana. Borrower shaU keep the imptovements now existing or herea[ter erected on the Property in- sured against loas by fire, hizards indu~led within the term "extended coverage", and such other hanrds as Ltnder maY re- ^ysirr ~.^.a i:: ~x~.h ?n~l Fnr ~~rh ~rindc u irnder map requin: provided, that Lender shall not require that the ' amount of such coverage acceed ehat amount oE covmge reyuired eo pay the sums secured by [his Atongage. ~ T6e insurance cartier ptoviding the insunnce shall be chosen by BorroMer subject to approval by Lendtr; provided. that wch approval stul! noc be vnreasonably withhdd. Ali premiums on insunnce policies shall be paid in the manner provided under paragraph 2 hereof, or, i[ not paid in sut6 manner, by Borrower making paymtnt, when due, direcdy to che insnrance carria. ~ All insarance policia and renewals thtreof shall br in form acceptable to Lender and shall include a standard mort- ~ gage•clause in favor of and in iorm atceptable to Lender. Lender shall have~the-righe co hold che policies and renewais thereof, and Borrower shall prompdY [urnish to Lender all renewal notica and all receipu o[ paid premiums. In the event ; of loas, Borrower shall give prompt notice to ehe insurance carrier and Lender. I.ender may make proo[ of toss iE not inade promptly by Borrower. ' ; Ueltu Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of che Property damaged, pmvided such reuoration or repair is emnomicallr [euible and the security ot tlfis ~iortgage is not thereby impaired. If such restoration or repair is not economically Eeasible or if the securitp of tf~is Mortgage woutd be im- paired, the insunnce proceeds shall be applied to the sutns secured by this Aiortgage, with the txcess, it any, paid to Bor- rotirer. If the Property is abandoned by Bonower, or if Borrower fails to respond to Leoder within 30 days [rom the date notite is mailed by I,ender to Bortower that the insurantt prrier oifers to setde a daim for insunnce benefits, Lender is authorized to collect and applr the inwnnce proceeds at Lender's option either to restoracion or repair o[ ihe Property or co the sums aecared by this :Nortgage. • ; Unless Lender and Borrovrer otherwise agtee in writing, any such application oE proceeds to principal ahall not extend ~ or postpone the due datt of the monthly installmer~u re[errod to in pangraphs I and 2 hereof or change the amount of such insulLnents. If under paragraph 18 hercof the Property is acquired by Lender, atl right, titte and interest oE Borrower in and to any insurance policia and in ar~d to the proceeds thereof raulting from damage to the Propercy prior to the sale or ' acyuisitiort shall pass to Lender to th~ extent of the sums secured by this 1liortgage immediately prior to such sale or acquisition. 6. Preiervatioa and Mainteoauce of Properq: Lea~eholds; Cundominium~ Planned Unit Derdopmenti. Borrower shall keep the Propercy in good repair and slull not commit wute or pertnic impairment or deceriontion oE the Propetty ~ and stull comply with the provisions oE any lease if this Mortgage is on a lcasehold. I[ this A~ortgage is on a unit in a condominium or a planned unic devdopment, $orrower shall perform all oE Bori~ower"s obliqations under che declaration or coven~nts aeating or governing the condominium or planned unit development, the by-larrs and regulations of the oondo- minium or planned unit drvelopment, and constituent dacumenu. IE a condomininm or planned anit development rider is exetuted by Borrower and morded together with this Mortgage, the wvenanu and agreements of such rider shall be in- cor~wnted into and shall amend and suppletmnt the covenants and agreements of this ~iortgage as if the rider were a part i hereof. . ~ 7• Yrot~ction oE Leader's Securiq. lf $orro~rer fails to perform the covenants and agreements contained in this ~ Mortgage, or it any action or procteding is oommenced which materiallr a((ects Lender's interest in the Property, induding, ~ but not limited to, tmintnt domain, insolvency, code en[orcement, or amngemenu or proceedings involving a banlwpt ~ or decedent, then Lender at L.ender s option, upon notice w Borrower, mar make such appearances, disburse such sums ~ and tzice such action u is neccssary to protect Lender`s interest, including, but not limited to, disbursemenr ot reasonabte ~ attorney's iees and eatry npon the Property to make repain. If Leoder nquired moregage insunnce as a condition oE making the loan secared by this Moregage, Borrower shall pay the premiums required to maintain such insunnce in e[- ~ fect until wch time as the requirement [or such insurance terminata in accordance with Borrower's and Lender's written 6UG~( • . J~ R PACi ~~i~