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Home My WebLink About0212 ~ ~ ~ , r ~ UNIFORAI COVENANTS, BOf~OWCf 1f1~I I.~II(ICf l'OYCIli1Dl 3f11) JgfCC :1S fOIIOWS: 1. P~,ymept of Priac[pai aud Intcresl. 13orruwe~ shall promptly pay when duc the principal of and interest un thc indebtedness evidenceJ by the No~c. prepaym~nt and late chargc~ as pruviJed in the Note, and the principal of and imcrest on any Future Advanccs secured by this Mongage. 2. Fbnds to~ Ta~ces a~d lasurat~ce. Subjcct to applicabie law o~ to a written waiver by l.ender. Borrower shall pay to I.ender a~ Ihc d~y mon~hly installmcnls of principal and intcrcet are payable under Ihe Nate, unlil ihe Notc is paid in full. ~ a sum (hercin "Funcis") equal to one-twel[th o( the ~early tares anci assessments which inay attain priori~y over this Mongage, and ground re~ts on the Property. ~f any, plus ane-twclfih of ycarly prcmium installments for hazard msuranca plus one-twelfth af yearly premium installments tor mo~tgage i~surance, it any, all as rvasonabl~ estimateJ initially and trom time to timc by Lcnder on thc basis of as~essmcnts anJ bills nnd reasonable estin~ates the~eof. 'I?~e Funds shall fie held in an institutian thc depacits ar acrounts ot which are insured or guarantecd by a Federal or state agency (includi~g Lender if Lender is such an insti~ution). 1_ender shall apply the Funds to pay said ~axes, assessnunts, insurance premiums and ground rents. I_ender may not charge (or sa holding ~nJ appl~•ing the FunJs, analyzing said account, or verif~~ing and rompiling said assessments and bills, unless 1_ender pa~•s Borrowcr inter~~t on the FunJs and applicable law permits Lender to make such a charge. Borrower and Lender may ~gree in wriiing at the time of c!cecu~ion of this Alortgage that interest on the Funds shall be paid to Borrower, and unle~r? such agreement is made or applicahle law requires such interest to he paid. Lcnde~ shall ~at bc required to pa~~ Bar~awer any interest or carrtings .~n the Funds. I_ender shall give to Borrower, without charge, an annual accounting of the Funds showing credits~.and debits to the Funds and thc purpose for which each debit to the Funds was madr. The Funds are pleJged as additional security for ~he sums secured by this Mortgage. - If the amount of the Funds held by Lendcr, tugcthcr With the future monthly installmcnts of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall ezceed the amount reyuired to pay said taxet. assessments, ensurance premiums and ground rents' •rs thr~~ .f•rll due, such e~cess shall be, at l3orrower s option, either promptly repaid to Borrower or credited to Borrower on monthly installm~nts of Funds. If the amount of thc Funds held by Lender shall not be sufli~ient to pay taxes. assessmcnts. in~urancc prer.iiums and grounJ rents as thcy fall due, Borrower shall pay to Lender any amount necestiary to make up the detic~~ncy within 30 da~•s from the date notice is mailed hy Lender to Borrower rcquesti~~g payment thereot. Upon payment in full of aU sums secured by this ht.xtKage, l.endrr shall prompdy refund to Bormw•er any Funds held hy 1_cnder. If under paragraph 1R hcrcof the Propeny is ~~id or thc Propcrty is otherwise acquin:d by LcnJer, Le~Jer shall appl~•, no latcr th~n immediatcly prior to the +ale of thc Property or its acyuisition h~• Lender, anv Funds held by Lendcr at the time of application as a credit against the sums cecured by ~his ~lortgage. ' 3. Applicalion oi Pa}a~ents. Unlecs applicable laa provi~es othen~~i•.e, all payments recei~•ed b~~ Lender unJer the Notc an+i paragraphc 1 and 2 hercof sha11 be applird by Lcndcr firtt in pa~mcnt of amuunts pa}•able to I.cnder by Boriow'er undcr p~~iagr~ph'2 hcrcof. then to mt~rest papable on the Notr, thcn.to thr. principal of the No1r, an~! thcn to interest and principal on any Futurc Advanccs. 4. Char~;es; T.icm. B~~rr~~wer tih~ll pay all ~a~cs, a,ccssmcr.ts and other charge>. fine. anJ imFx~sitions auributable tu the ProFerty~ which ma~ attain a priority over this ~fortgagc, and lca.~ehold payments or ground rents, if any, i~the manner provide:; undcr paragraph 2 hcreof or, i[ nqt paid in s~+ch manr.er, by Burrowcr making pa~•mcnt. when due, dirccQy to thc payec th~r~rof. Borrow•er sh~ll prompily furnish to Lcnder~all notices of amounts due under this paragraph, and in the event Borro~~~er ~`?all makc pa~mcnt Jrcitl~~.• Borrov?er shall prompUy furniih to ~endrr rereipts c~~idcncmg such pa~~ments. Borro?+er shall prompUy dischacg~ any lien which has priority~ ov~r this Mortgagr: provided. that Borrower shall not be roquired to discharge any ,uch lien so long as BorroHCr sh:~ll agcce in Hriting ta the parment u[ thc obligation secured by wch lien in a manner acceptabk ro Lender, or shall in gocxl iaith cuntc~t auch (ien t~~~, or SefenJ enforcement of such I~zn in, , Icgal pm:~~ding~ whirh operate to pre~•ent the enfurcemcnt of the hen or forfeiturc of thc Prop~:rty or an~• part ihereof.. S. Hacard L~~urance. Borro~~er tihal) keep thc irnpro~•ement~ now ~;ris~ing ar hereafter erected on the Pro~xrty' insured against loss b}~ fin. ha~ards incli+dcd w•ithin thc tcrm "~~tcndcd c~•~•rragc". ~tid su.h o:hcr h~cards as Lcndrr may requi~e an~ :n su~h amoi~r~ts ;~n~i tor such periods as I.cndcr may reyuire: pm~idcd. that Lcnder shall not rcy~~irc that thc amount of such covcragr cxcccd that amount of rn~~cragc rcqu~red to pa~~ ~hr ~umti sccureJ h~- this \torlgagc. The.insnran:e ~arrier providing the insuranre shall be chosen by Borru~~cr subject ~r appro~~al h}' Len.ler, provided, - that such appm~°a! .hall not bL unreasonabl~- v~ithhcld. All premiums on insurance poficies shall tk paid in thc manner pro~~;ded ?~nder ~aragraph 2 her~of ur, if not paid in such m3nner, by Borrower making paymant, whcn due, Jirectly to the ; ~nsuraocc carr~er. ; All insurance policies and reneHals thereof ~shall tx: in forni ac:e,~table to Lender anJ shall in~lude a.tandard mortgage ; :lause in favor ~f and in form acceptahle tu Lender_ Lender shall ha~~e the right t~• hold the poli~irs and renev~•als lhereof, ! and Borr~~a•er ~h:ill prompUy fi~rnish to I.cnder all rcnewal notices a~d all receipts of paid premium,. In the e~ent of loss, ~ Borro~•er ~hall gice ptompt notice to the in~uran~~ carrier and Lender. Lender ma} make proc~t of loss if not made promptl}• ~ ; by Borrower. ' ' Unless LenJer and Borrowcr othensix agree in writing: insurance pr~•.:~ti;ds shall be applied to resturation or repair of ~ the Properry ~amaged, proviJed such re~toraUOn or repair is c~onomically feasible and the security of this Mortgage is not th~reby impaircd. Ii such restorstion or repa~r n not ecunontically f~asiMe or if the security of ~his Mortgage would ~ tx; impaired. the irssurance prxeeds shaif be applied to the ~ums secured by this Mortgage, u•ith thc e~cess, if any, paid - E to Borrou•er. lf the Propern is xbandoned_h~ Bor?owcr, or if Borri~wer faiis to respond to Lcnder within 30 da)~s from the Jate notice is mail~~cf b~~ Lender to Burrower that the insurance carrier ofTers to se~tle.a daim for insurance benefits, Lender i~ authorized t:~ collect and apply the insurance proceeds at I.endcr s apticsn either to restorstion or repair of the Property p or to the sprns secured by this ~fortgagc. ~ Unlest I.cnder and Borrower otherHise agree in writing, any such a~pliration of pnxeeds to principal sh~ll not extend ~ ur ~stpone the dur dste ot th:: monthly installments r~fcrred. to in paragraphs. 1 and ? hereof or change the amount of such inslallments. I[ under paragraph 18 hereof the Propc:rt~~. is acyuired hc Lender, all right, tide and interest of Borrower in and to any insurance pnli.ies :~nd in anJ to thc proceeJs thereof resutting from damage to the Property prior to the sale ' ur acyuisitio:~ sh:,ll p~ss to Lender to the extent of the ,ums secure~f h~ ~his !lfortgagc immediatel}• prior to such sale or ~ acyuisit6on. 6. Pr~en•ation and ~taintenance of Properl~; Leaseholds; f.ondo~niniums; Planned Unit De~~elopmen~. Borrow~er ~ shall kecp the Pmpeny in good repair and shatl not commit w•aste or permit ~mp~irment or dcterioration of the Propeny ~ and sha~i compiy with the provis~ons of.any lease if this Moctgage is un a lcaseho{d. If this Alortgage is on a unit in a cunJominium ~r a planncd umt dc~~elopment, Borrow~cr shall perform ali of Borrowcr's obligations undcr the declaration ~ or covenants ~reaLng or ~.ovcrnmg thc condominium or planncd unit devclopmcnt, the by-laws and regulations of the a ronJ~~minium or planned unit development, and constituent documen~s. If a condominium or planned unit development ~ rider is rxecuted by Bor:ower and rernrded tugetfier with this Me?rtgage, the cov.enants and agreements of such rider ~ shall be ~ncorporated into and shall amend •rnd supplement the co~~enants and agreemcnts uf this Mortgage as if the rider : w~re a part hereof. • ~ 7. Prolect'aa of Leoders Security. I( BorroNC;r fails to ~rform the covenanis and agreements contained in this ~ Mortgage, or if any action o~ proceeding is commenced w•hich riaterially afiects Lender's interest io the Propert}•. ~ inclt~ding, but not Lmi~ed to, eminent d~main, insol~•ency, code rnfurcement. or arrangements or proccedings involving a " ~ bankrupt or deredent. [hen 1_ender at Lender's option, upon notice to Borrower, ma}• make such appearances, disburse such ~ sums. and take such action as is neces~ary to protect l.ender's interest, incluJing. bui not limited to. disburxment of reasonahle attomcy'c fecs and entry upon the Property to make rcpairs. [f Lender rcquired mortga~e•inxurance as a ~ cunJition of mal:~ng the loan secured bp this Mortgage. Borrow~r shall pay the premiums:reqdiredyto maintain such ~ insurance in effe:t until such time as the reyuirement for ~uch insurance ~ermieates in accocdance with Borruwer's and d ~ - $UOiI~ f~Cf ~ , . ~ . p _ _ _ . 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