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Home My WebLink About0999 UPIIFORN COVBNANTS. Borr.,wcr ar~1 LeoJer cove~ant and ag~ee as totlows: ~ 1. ls~e~t ot Metlpl a~d bferaf. Horrower shall promptly pay when due thc principai of and interest on the indabtodness evidenved by the Note. prepayme~t and late charges as provickd in the Note, and the principal of ~nd interesl ~ ou any Future Advaaces socured by this Mortgage. , 2. l~~dt tor Tua aoi Lwruce. Stibject to applicable law or to a written waiver by Lender. Borrower shall pay to I.ender on the day monthly installme~ts of principal and interest are payable under the Note, until the Note is paid in full. ~ ~ a sum (her+ein "Fund='~ equal to orio-twelfth of the yearly taxes and assessments which may attain priority ove~ this Mortgage, and ground ['ena on the Pr~perty. if any, plus one-twclfth of yearly premium inslallments for hazard insurance, ~ plus onatwelfth of yearly prcmium i~stallme~ts to~ moriga~te insurancc, i! any, all as ressoaably estimated initiaUy and irom i time to time by I.ender on the basis of assessments and bills and rea,onable estimates thereof. The Fuads shall be held in an institution ~he deposits or accou~ts of which are insured or guaranteai by a Feileral or state agency (it~cluding Lende~ if l.ender is such an institution). l.ende~ shall apply the Funds to pay said taxes. assessments. ~ inaoranco premiums aad ground rcnts. ~ender may not cha~ge (or so holding and applying Ihe Fundc, analyzing said acrnunt, ~ o~ verifying and compling said assessme~ts and bills, unless Lender pays Borrower interest on the Fands and applicable law ~ permib Le~der to mske such a charge. Borrower and l.ender may agree in writing at the time of execution ot this ~ Mortgage that interest on the Funds shall be paid to Borrower. and unless such agreement is made or applicable law requires such interat to be paid, l.ender shall not be rcquired to pay Borrower any interest or earnings on the Funds. ' Ixnder shall give to Borrower. witlwut c6arge, an annual accounting of the Funds showing crcdits and debits to the Funds and the purpoae for which each debit to the Funds was made. The Funds are pledged as additional security far the sums secured 4 by this Mortgage. ~ ~ If the amou~t of the Funds held by [.ender. together with the futurc monthly inuallme~ts of Funds payable prior to j the due dates of taxes. assessments. insurance premiums and ground rents, shall exceed the amount reyuired to pay said ta~a, asseuments. insurance premiums and gmund rents as they fall due, such excess shall be, at B~rrower s option, either ; pranptly repaid to Borrower or ctedited to Borrower on monthly installme~ts of Funds. lf the amount of thc Funds ; held by Leader st~all not be sut~cieat to pay taxts, aasessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount nocessary to make up t1~e deficiency within 30 da~~s irom the date notice is mailed by Lender to Borrower rtquesting payment thereof. ~ ~ Upon payment in full of dl sums secured by this Mortgage, l_ender shall promptly refund to Borrower any Fands ~ held by I.ender. If under paragrap6 18 hereof the Property is sold or the Properry is othenvise acquired by Lender, Lender . ~ s6a11 apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by I.ender at the time of application as a credit against the sums secured bv this Mortgage. 3. Appiic'tion of Payaeats. Unless applicable law provicies otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower uader paragraph 2 hereof, then to interest payable on the Note, then to thc principal of the Note, and thcn to interest and principal on any Future Advaaces. ~ 4. Cha~ex I3ena. Boaower shall pay all taxes, assessments and other charges, fines a~d impositions attrib~table to tLe Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manne~ ~ pt+uvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, wheo due, Jirecdy to the ! psyee thereof. Borrower shall promptly furnish to Leader all notices of amouats due under this paragraph. and ia the event i Bormwer shall make payment directly. Borrower shaU promptly furnish to l.ender receipts evidencing such payments. ` Borrower shaU prumpily ditcharge any lien which has priority over this Mortgage: pinvided, that Borcower shall not be ~ rcquirod to dischuge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such liea in a manner acceptable to Lender, or shall in good faith contest such lien by. or defend enforcement of such lien ia. legal proceedings which operate to prevent the enforcement of the lien or iorfeiturc of the Property or any part thereof. S. Hszard losnnoce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured ~ againat loss by fire. hazards included within the term "extended coverage". and such other hazards as I.ender may requiro and in such amounts and. for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage excced that amount of coverage required to pay the sums secured by this Mortgage. 'Ibe insurance carrier providing t6e insurance shall be chosen by Borrower subject to approval by Lender, provid~d, t6at 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, wt~en due, directly to the ~ ' insurance carrier. ~ ~ All insurance policies and renewals thereof shall be in form acceptable to [.ender and shall include a standard mortgage ~ € clause in favor of and in form acceptab{e to Lender. l.ender shall have the rig6t to hold the policies and renewals thereof, ~ i and Bormwer shall prompdy furnish to /.ender al! renewal notices and all receipts of paid premiums. In the event of loss, . ~ Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower. - ' Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration 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 iE the security of this ~Mortgage would ; ~ be impaired. the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess. if any, paid ~ to Borrower: If the Propeny is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the , date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance prooeeds at I.ender's option either to restoration or repair of the Property : or to tbe wms securod by this Mortgage. : -Unless Lender and Borwwer otherwise agree in writing. any such application of proceeds to principal shall not extend ~ or postpone the due date of the monthly iastallments referred to in paragraphs I and 2 hereof or change the amount of # s~6 installments. If under peragraph 18 heroof the Property is acquired by Lender, all right, tide and interest of Borrower ~ in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender te t6e extent of the sums secured by this Mortgage immediately prior t~ such sale or ~ acquisition. - 6. Treservation a¦d M~tenaoce of Property; l.ea9ehold~ Condominiu~; Planned Uait Derdopmeats. Borrower shall keep the Property in good repair and shall not com~Dit waste or permit impaim~ent or deterioration of the Property and shall comply with the provisioos of aay lease if this Mortgage is on a leasehold. !f this Mortgage is on a unit in a candominium or a planned unit development. Borrower shall petform all of Borrower s obligations under the declazation ~ or covenants ereating or governing the condominium or planned unit development, the by-laws and regulations of the ~ condominium or plannod unit development. and constituent docutnen~s. If a condominium or planned unit development ridec is executed by Borrower and rocorded together with this Mortgage, the covenants and agrcements of such rider • s6all be incorpofated into and shall ameod and supplement the cov~nants and agree~nents of this Mortgage at if the rider ~ were a part heroof. ~ 7. ~notectio~ af I.e~der's Secarilr. If Borro.wer fails to perform the covenants and agreen~ents contained in ihis Mortgage. or if any xtion or proceeding is commenced which materially afiects Lender's interest in the Propertyi - ineluding. but not limited to. eminent domain, insolvency, code enforcement. or arrangements or proceedinga involving a - ! bankrupt or daxda~t, then Leodei at Leoder's option, upon notice to Borcower, may make such appearances, disburse such wan and take suc6.adion u is nocessary to protect Lentiers interest, including, but not limited to, disbursement of rqtonable zito~ney's fees wd entry upon the Property to make repairs. If L.ender required mortgage i~suranoe as a condition of makinE tbe ban socured by this Mortgage. Borrower shall pay the pr~miums requiral to maintain such inwrsnee in eHect until sueh time as the requirement for such insurance terminates in accordance with Borrower s and _ + i ~ e~ ~~8~ FA~~ 997 ~ ~ . _ ~ ~ _ ~ ~ ~ ~ ~ .~.ri.~~~~