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Home My WebLink About0724 , UN1FOAM COVEN~NTS. Bo~~awer and l.endcr covenant :~nd agrrr r~ foUaws: 1. hrncat ot Pria~ipd aod latcrest. BurmNCr .hall pr~~mptl~ pay Nhcn duc thc princip;,l of and intercst on the ~r~debted~tu evidenced by the Note, prepaymeol and late ch:~r~;r. provided in the Note, a~d the princ~pal of and imercst on aay Futurc Advances secured by this Mortgage. 2. Fdadt for Tues snd Iauetance. Sabject ti~ applic:,hic I•rw ur lo a written wawe~ by Lende~, Aarrawer thall pay to Lender on ~he day moothty installmei~ts of principal anJ inirr~.i .~rr ~ayahle under the Note, until ~he Note ~s paid in full. a sum (hertin "Funds") cqual to onc-twelfth i~( Ihc yca~l) ia~~. and acces~mcnts N•hrch may attain pnurity over thic Mortgage, and gtound rents on the Ptoper~y, if any, plus ~~~c-tweltth ol ~•eaFly premium installments for hazard insur~nce. plvs one-tweltth of yea~ly premium installmen~s for mortgagc in+urance. any, all as reasonably cstimated initially and trom time to time by Lendcr on the basis of acses,mcnts and h~ll~ and rrawnablc eshmatts thercof. 71~e Funds shall be held in ~n ins~itu~ion thr de~c~C~~. or ,,ccaunts M which are i~sureci or guaranteed by a Federal or statt aget~cy (including l.ender if l.cnder ic ~uch an ins~i~u~ion). I.ender ~hall apE?ly the Funds to pay said la~es, assessments, it~surance premiums and ground rents Lendcr may nc?t charge tor hoWing and applyiog the Fundc. anal~•iing caid account. or verifying and compiling said assessments and billa, unlcss l.ender pays Borrower interest ~~n the Funds and applicable law permits Lender to make such a cha~ge. Bc~rrower and I.ender may agree in writing a~ thc timc ol caecuti~~n of this Mo?tgage that enterat on ~he Funds shall t,e paid to Bo~~ower, and unless such agreemeni is m~de ~u applicable law requites such inte~est to be paid. 1_ender shall not he required to pay Borrower any interest or earnin~ on the Funds, l.endcr shalt give .to Borrawer, without chargt. an annual accounting of the Funds showing credits and dehits to ~hr Fuods and the pu[pose fo~ which taCh debit to the Funds was made. The Funds are pleelged as additi~~nal se~:u~i~~• for the suma secured by tbis Mortgage. . If the amou~t of the Funds held by l.ender, rogelher with the future mon~hly installmcntc of Fund~ payabtc prior to the due dates of taua, assessm~nts, insurance premiums and graund rents, shall excec~ef the amount reyuired to pay ,aid taxes, aasessrnents, insurance premiums and grour~d rents as they fall due, such excess shall be, at Borrower's opti~.n, either promptly rcpaid to Borrower or credited to Borrower on monthly installments of Funds. !f the amount ot thr Funds held by Lendtr shall not be sul6cient to pay taxes, assessments, insurancc premiums and ground rents as they taN due, Bortowe~ shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by I.ender to $orrower requating payment thereot_ Upon paymtnt in full of all sums secured by this Mortgage, l.ender shall prompUy refund to Barrower any ~unds heW by L.ender. If under paragnph 18 hereof the Property n wld or thc Property is othcrwise acquired by l.ender, I_ender shatl appty. no (ater than immediately prior to the sale of the Property ar its acquisition hy 1_ender, any Funds held by Lendet at the time of application as a credit against the sums secured by this blortgage_ 3. Appticatioa ot Paymeafs. Unless applicable law provides othen+~ise. all payments received by l.ender unJer the Note and paragraphs 1 and 2 hereof shall be app6ed by LcnJer fir~t in pa}~meot of amounts payable to Lender by Borruwer under paragraph 2 hereof, then to interest payablc on the tiote, thcn ~o the principal of the Note, and then to interest and principal on any Future Advances. 4. C6ar~es; Liens. Borrower shall pay all taxes, assessmcnts and othcr charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and teasehold payments or ground rents, if any, in the manner provided uncier paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thercof. Borrower shall promptly furnish to Lender all notices of amou~ts due under this paraarsph, and in the event Borrower shall make payment directly, Borrower shall promptly fumish to Lender receipts evidencing such payments. Borrower shall promptly discbarge any {ien which has priority over this Mortgage; provided, that Bor~ower shall not be requirtd to discharge any such lieo so long as Borrower shal) agree in wriung to the payment of the obligatiun secured by sucb lien in a manner acceptable to Lender, or shall in good (ai~h contest such lien by, or defend enforcement of such lie~ in, legal proceedings which operate to prevent the enforcement of ~he lien or torfeiture of the Property or any part thereof. S. Hazard Inwnnce. Borrower shall keep the improvemems now czisting or hereafter erected on the Property insured against t~s by fine, hazards ineluded within the term "extended coverdge", and such other hazards as [_ender may reyuire and in such amoonts and for such periods as Lender may reyuire; 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. , 'ILe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. t6at such approval shall not. be unreasonably withheld. All premiums on insurance policies shsll be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrow•er making payment, when due, directly to the iasurance carrier. Ap insurance policies and renewals thereof shatl be in form acceptable to Lender and shal! include a standard mortgage clause in favor of and in form acceptable to Lender. I_endee shall have the right to hold the policies and renewals thereof. and Borrower shall promptly furnish to Lender all renewal nouces 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 pmmpdy by Borrowtr. Unless Lender and Borrower otherw~se agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provieled such restoration or repair is economically feasible and the see:urity of this Mortgage is not thereby impaired. If such restoration or repair is not economicatly feasibte or if 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 Property is abandoned by Borrower, or il Borrower fails t~~ respond to Lender within 30 days from the date notice is mailed by L.ender to Borrower that the insurance carrier otfiers to setUe a claim for insurance benefits, [xnder is authorized to collect and apply the insurance proceeds at Lender's option either to restotatior~ or repa~r of ihe Propem~ or to t~e sums secured by this Morigage. Unless Lender and Borruwer otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installmentc referred ~o in paragraph~ I and Z hereof or change the amount of such installmeots. If under paragraph IS hercof the Property is acqu+red by [.ender, all right, title and interest of Borrvwer in and to any iosurance policies and in and to the proceeds thereof resulung from damage to the Property prior to th~ sale or acquisition shall pass to L,ender to the extent of the sums sccured by this Mortgage ~mmediately prior to such sale or acquisition. 6. P[+eservatfon and Maintenance of Property; Leasehotds; ('ondominiums; Planned Unit Devebpments. Borrow~cr shall k~ep the Property in good repair and shall not comrvit waste or permit impairment or deterioration oF 1he Property aud shal! comply with the provisions of any tease if this Mortgage ~s on a leasehold. If this Mortgage is on a imit in a condominium or a plan~ed unit development. Borrower shall perform all of Borrower's obligations under the declaratiun or coveoants creating or governing the condominium or planned i~nit development, the by-laws and regulations of tht condominium or planned unit development, and constitucnt Jcx:uments. !f a condominium or planned unit dcvclapment rider is executed by Borrower and recorded together with this Mortgage, the covenants aod 'agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as i( the ri~er were a paR hereof. 7. PrMection of Lender's Serurity. !t 8orrower faik !o perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenceJ which maierially afTects Lender's interest in the Property. including, but not limited to, eminent domain, insolve~cy, a~de entorcement, or arrangements or proceedings invoh•ing a bankrup or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances. Jisburse such sums and take such acuon as i; necessary to pro~ect Lender's interest, including, but not limited to, disbursement of reasonable attomey's fets and ei?tt~r upon the Property to make rcpairs. If I_endcr rcyuircd mortgage insurance as a condition of making the loan secured by this Mortgagc. Bormwcr shall pay thc premioms requireJ tv maintain such insurance in effect until such ume as ~he requirement for such msurance terminates m:iccordance with Barrower s and `'-R 292 P~~E 724 aJ~A ~ - - _ - = ~ ~ ~ ~ ~ ` ~ r~~, s ,~w~' ~.~~x" x,~ ~z~" a~~ - 5~~~~~~ ~ ~ .~j - ¢ . . ~ - s~ ~ a ~ ~ ~ -:f - z~ ~Ja .a-`.~ r~ . ~ ~ r. ~ ~ ~ '~~r.i'~.~ rt