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Home My WebLink About0408 . ~ s • UNlFwttN CovENSHTS. Borrower and Lendt~ cuvcn•rnt and ~Rrrt a~ follaws: 1. h~~?t~t o[ Pri~cipi a~d I~terest. Horrower shall pmmp~iy pay Nhen duc the principal .?f a~tid intercst an the indebtedness evidenced by the Note. prepayment a~J late ch.~rbr. a. priwiJed in the Note, and the principal of and interest on any Future Advances secured by this Mortgage. 2. Fm~ tor Tua ana lawnace. Subjec~ ta appli.aMc law ar to a writlen waive~ by I.ender, 8orrowe~ shall pay to l.~nder o~ the day mon~hly ir?stallmsnts ot pnncipal anJ ~na•~r~i a~r p~yablc undcr thc Nate, until the Note is paid in tull. a:um (herein "Fu~cis") equal to oee-tweltth o( the yc:+rl~ ~a~~. enJ acussmentc which may attain priurity over ~his Morigage. a~d grou~d re~ts on the Properry, if any, plus one-twelf~h oi ~~early premium installmems for hazard insurance. plus one-twel[th of yearly promium iostallments tor mortgage insi~rancc, if aoy, all as reasonably estimated ini~ially and from time to time by Le~der•on the basis of asses~mcn~s anJ hills and reau~nable es~ima~es thereot. The Funds shall be held in an insti~ution the deEx~c~t. or accoums M which are insurcd or guaran~eed by a Federal or . state agency (including Lender if Lcnder is such an institutionl. I.cnder ~hall apply the Funds ta pay said taxes. asseuments, insurance premiums and ground rcnts. i ender may not charge tor so holdiog and applying the Furnlc. analyxing xaid account, or verifying a~d compiling said assessments and hill~, unless l.ender pays Rorcawer interest on the Funds and ~pplicable law permits Lender to make such a charge. Borrower a~d I.enJer inay agree in writing at the time of execution of this Mortgage that intetrst an the Funds shall be paid to Borr~~wer, and unless such agreement ic made or applicable law rcquires such interest to be paid, Lender shall not be required to pay Bo~rowe~ any interest or earnings on the Funds. 1_ender ~ shall give to Borrower, without chargt, an annual accaunting of the Funds showing credits and dehits to the Funds and tht purpoae for which each debit to the Funds wa~ made. The Funds are pledged as additional security (or the sums ucured by this Mortgage. If the amount of tlfe Funds held by Lenck~, together with the future monthly insiallments of Funds payable prior to the due dates of taues. assessments, insurance premiums and ground rents, shall ecceed the amount required to pay said taxa. asseuments. insurance premiums and ground rcots as they fall due, such excess shall be, at Borrower's opti~~n, either promptly repaid to Borrowtr or credited to Borrower on monthly installments of Funds. If the amount of thc Funds held by l.ender shall not be suf6cient to paY taxes. assessments, insurancc premiums and ground rents as they fall due, Borro*?er shall pay to Lender any amount necessary to make up the deficiency within 30 day~s from the date notice is mailed by Leader to Borrower rcquating payment thereof. upon paYment ~a iuii oi a~i sums ~:cured Oy If11S [riuii~a~C. i_ri~uci ~~aii F.iviii~:iij iG:iuiiv cR.c.: ::i: 3'~ - held~by Lender. If under patagraph 18 hereof tht Property i~ sold or the Property is otherwisc acquired by 1_ender, I.ender shall apply. no later than immediately prior to the sale of the Propeny or its acquisition by Lender, any Funds hsld by L.ender at the time of application as a credit against the sums secured by this Mortgage. 3. Applicatjoe ot Paymests. Unless applicable law provieks otherwise, afl payments received by t_ender under the Note aad paragraphs 1 and 2 hereof shall be applied by I.cnJer 6rst in payment of amc~unts payable to LenJer by Borrower under parsgraph 2 hercof. then to interest payable on the Note, then to the principat of the Note, and.thcn to interest and priacipal on sny Future Advances. 4. C6araes; I3e~. Borrower shall pay all taxes, axscssments and othcr chargcs. fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents. if any. in the manaer provided under paragraph 2 hercof or, if not paid in such manner, by Borrower making payment, when due. directly to the payee t6e~+eof. Borrower s6a11 promptly furnish to Lender all notices of amounts due under this paragraph. and in ihe event Borrower s6a11 roaice payment directly, Borrower shall promptly fumish to Lender receipts evidencing such payments. Borrower shdl promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be reyuired io discharge an~ surh ficn so long as Scrrosver shs!! agree in wri!ing to !he payment of the obligalion securcd by such lien in a manner acceptable to Lender, or shall in good faith contesE~such lien by, or defend enforcement of such lien in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Haiard Iaa~n~ce. Borrower shall keep the improvements novr existing or hereafter erected on ihe Property insurcd against loss by _6re, hazards included within the term "extended coverage", and such other hazards as L.ender may require aad in such amounts an~ for such periods as Lender may require; p~ovided, that Lender shall not require that the amount of such rnverage exceed that amount of coverage_ required tu pay the sums secured by this Mortgage. The inwrance carrier providing the insurance shall be chosen by Bonower subject to approval by Lender, provided. t6at wch approval shall not be unreasortably withheld. All premiums on insurance policies shall be paid in the manner ; providod upder paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due. directly to the t iawrance carrier. . ; All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ - clause in favor of and in form acceptable to l.ender. Lendei shall have the right to hold the policies and renewals thereof, ~ and Borrower shall prompdy furnish to Lender all renewal notices and all receipts of paid premiums In the event of 1oss, ' Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower. i Ualess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provickd such restoration or repair is economically feasible and the seeurily of this Mortgage is ~ not thereby impaired. It such restoration or repair is not cconomically feasible or if the security of this Mortgage would ~ be impairod, the insurance proceeds shall be applied to thc sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails lo respond to Lender v`ithin 30 days from the ~ date notice is mailed by I.ender to Borrower that the insurance carrier ofters to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repa~r of the Propem~ ~ or to the sums secured by this Mortgage. Ualess Lender and Borrower otherwise agree in wnting, any such application of proceeds to principal shall not extend ~ or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of ~ suc6 installmeots. If under paragraph 18 hereof the Property is acquired by Lender, all right, tide and interest of Borrower _ ~ in and to any iasurance policies and in and to the proceeds thereof resulting from damage to the Property prior to thc sale ~ or acquisition shalt pass to Lender to the extent of the sums securod by this Mortgage immediately prior to such sale or ~ acquisition. ; 6, prrservatioo and Mainten~nce of Property; Leasehulds; Condominiums; Pianned Uait Devebpments. Borrowcr ; ~ shall keep the Property in good repair and shall not com~vit waste or permit impairment or deterioration of the Property ~ _ and shall comply with the provisions of any lease if this Mortgage is on a leaschold. lf this Mortgage is on a imit in a _ - condominium or a planned unit development, Borrower shall perform all of Borrowtr s obligations under the declaration or coveoants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~ ~ condominium or planned unit development, and constitucnt documents. If a condominium or planned unit development rider is executed by Borrower and recorded together wi{h ~his Mortgage, the covenants and agreements of such rider ~ :hall be incorporated into and shall amend and supptcmcnt the covenants and agreements of this Mortgage as if the riJcr I ` were a patt hereof. r ~ 7, protectio~ of Ltode~s Securfty. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage, or if any action or proceeding is commenceJ which materially afiects Lender's interest in the Pmperty. ~ iacluding. but not limited to. eminent domain, insolvency, code enforcement, or arrangements or proceedinZts invoh•ing a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ~ wtns and take such aclion as is necessary to protect Lender's ir±terest, including, but not limited to, disbursement of - - ~ nawnsbk attomey's ~foes and fnlry upon the Propeny to makc repairs. If Lender requircd mortgage insurance as a ~ condition of making the loan secured by this Mortgage. BoROwer shall pay the premiums required to maintain such ~ ias~uanve in eBect until such time as the reyuirement for such insurance terminates in accordance with Borrower s and ~ ~ • , ~ , ~ ~ a ?_93 . : 40~ ~ . ~ ~ ~ - . - . ~ _ ~ ~ ~ ~ ~ . ~ y - ~ _ -