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Home My WebLink About0240 . • ~ . • • . ; UNIPOitAI COVBNANTS. Botrower and t.enJer cavonant and agree a~ fa!lows: 1. l~y~~ae~t of hiecipd aod l~terest. Borrow•rr shall prompil~~ pay when due the principal of and inte~est on the ; ~ndebtednas evidenced by the Note. prepayme~l and late chargc~ a. pmvicied ~n the Note, and the priocipal of a~d interest = a? any Fuwrc Advances secured by tAis Mongaga ~ ~ 2. F1~~de tor Tues ~si I~t~rs~ee. Subject ta applicabk law u~ la a wriuen waive~ by Lender. Horrower sha!! pay to I,ender on the day monthfy i~stallmcnts of principal and ~nterc~t arc ~yable undcr the Note. until the Note is paid in full, j s swn (herein "Funds") equal to one-twrltth af the yea~l~ ~a~~. and asussmcnts which may attain priority ove~ this t Moriga~e. and ground re~ts oo the Pt+openy, if any. E?lus one-twelfth of yea~ly premium installments for hazard insu~ance. ~ plus oae-twelfth of yearly premium installments for mortgage insurance, if any, all as reasc?nably estimated initiaUy a~d trom : time to time by I.ender on the basis of assessments and hills and rrau~nable estimata thereof. ~ The fi~nds shall be held in an institution the deFas~t. or accounts of which are insurcd or guaranteed by a Federal or s4te ageocy (including Let~der if Lender is such ~n institutionl. I_ender ahall apply the Funds to pay said taxes. assessments, ` insurance premiums and grou~d rcnts. Lender may not charge for so holding and applying ~he F~indz. analyzing caid account, _ or verifying ~nd compiling said ass~ssments and bills, unless L_ender pays Borrower i~lerat on the Funds and applicable law permits Lender to make such a charge. Bc~rrower and LenJer may agree in writing at the time of execution o[ this Mortgage that interest o~ the Funds shall t~ paid to Borrower, and unless such agrcement is made or applicable law nequi~s such interat to be paid. Lender shall not be rcquired to pay Borrower any interest ot earni~gs an the Fuods. Lendcr ~ shaU give to Borrower~ without charge,'an an~ual accouoting of the ~unds showi~g credits and debits to the Funds and tl~e ~ purpoae for which eaeh debit to the Funds was made. The Funds are pledged as additional security for ~he sums secured by this Mortgage. ' ' : If the unouat of the Funds hcW by Lender, together with the future monthly installments of Funds payable prior to ~ tUe due datts of tazes. assessments, inturance premiums and ground rents, shall exceed the amount required to pay said taxa. assasments, insunnce premiums and ground rcnts as they faH due, such excess shall be, at Borrower s optian, either pranpdy rcpaid to Borrower or credited to Hornnwer on mon~hly installmen~s of Funds. If the amount o( the Funds beld by I.ender shall not be suN'icient to pay taxes, assessments, insurance pc+emiums and ground rents as they fall due, Borro~wer shall p~y to Lender any amount necessary to make up the deficiency within 30 days from ~he date notice is mailed by Lender to Borrower tequestin8 paYment thereo(. : ; Upon payment in fuA of a11 swns secured by this Mortgage. 1_ender shall promptly retund to Borrower any Funds held by I.ender. If under paragcaph 18 hereof the Properiy i~ sold or the Property is otherwise acquired by Lender, Lender shall apply. no Iater than imtnediately prior to the sale of the Propeny or its acquisition by Lender, any Funds held by Lend~r at the time of application as a credit:against the sums secured by this Mortgage. . 3. A~katim of Paymeats. Unless applicable law provicks otherwise, all payments received by Lender under the Note and paragcaphs 1 and 2 hereof shall be applied by l.ender first in payment of amounts payable to Lender by Borrovver under pusgraph 2 hercof. i6ea to interest payable on the Note, then to the principal of the Note, and then to interest and ~ priacipal on any Futun Advanoes. 1. C h a r~es; L i e~. B orrower s ha l! pay a p taxes, assessments and other charges, fines and impositions attributable to the Property which tnay attain a priority over this Mongage, and leasehold payments or gtound rents. if a~y. in the manoer ; provided under paragraph 2 hereof or, if not paid in such manner, by Borrawer making payment. whp~ due. direcdy to the ~ payee thereof. Borrower s6a11 protnpQy furnish to Lender all notices of amounts due under this paragraph, and in tbe avent Horrower shal) make payment directly, Borrower shall promptly furnish to Lender receipt's ~ev'~derkiog such payments. Borrower shall proanptly discbarge any lien which has_ priority over this Mortgage; provided, ihat {~9Wer shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment o[, t~. obligation securod by s~6 tiea in a manaer ~ceptabk to Lender, or shaN in good faith contest such lien by. or defend dlfdrecment of suc1~ lkn ia, legal pr+uceedings which operate to preveat_the enforcement of the lien or forfeiture of tt~e Pt~pia~t}t'or any part_tM.~e~f. - S: Amrd la~ra~ce. Borrower shall keep the improvements now existins or heresher~ected oq:tbe ,i'rope~ty iqsurod ~ againtt loss by fire. hazazds included within the term "extended coverage", and such other huards as Lender may require ~ and in such amounts and for such periods az Lender may require; provided, ihat Lender shal! not require that the amount of _ such rnverage exceed that amount of coverag~ required to pay the sums secured `by this Mort6age. ~ 'ILe inwranee carti~r providing the. i~surance shall be chosen by Borrower subject to approval by Lender, provided. ` that wch approval shall not be unreasonably withheld: All premiums on insurance policies shali be paid in the manner pmvided under Paragraph 2 6ertof or, if not paid in such maaoer, by Borrowet making payment, when due, directly to the insuran4e carritr. AU 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 acceptabk to L.ender. Lender shall have the right to hold the policie~ and rer~ewals thereof, and Borrower shall promptly furnish to I.eeder ~all renewal notices and all receipts of paid, prcmiums_ In the event of loss. Borrowe~ shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borcower. Unless Lender and Borrower otherwise agree in writing, irtsurancE proceeds shall be applied ta rcstoration 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 if the security of this Mortgage would b~ impairtd, the insurance procceds shall be applied to the sums secured by this Mortgage, with the eaccess, if any, paid - to Borrower. If the Ptoperty is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from thc ~ate rwtice is mailed by l.endtr to Borrower that the insurance carrier offeis to settle a claim for insuraace benefits, Lesder . is authoriud to coilect and apply the insurance praxeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or poatpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installmeots. If undtr paragraph 18 6ereof the Propeny is acquired by I.ender, all right, title 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 th~ sale - or acquisition shall pus to Lender to t6e extent of the sums secured by this Mortgage immediately prior to such sale or ' acquisition. ' 6. PreservaBon aod Maiutenance of Property; Leaseholds; Condominiums; Planned Unit Derdopmeals. Borrower shall keep the Property in good repair and shall not comwit waste or permit impairment or deterioration of the Property ~ and shal! comply with tht provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a~mit in a ' condominium or a planned unit developmeot, Borrower shall per[orm all of Borrower s obligations under the declaration or coveaants creating or governing t6e condominium or planned unit development, the by-laws and tegulations of the ' condominium or planood unit development, and constituent documents. I( a condominium or ptanned imit development rider is executed by $ortower and recorded togelher with lhis Morigage, the covenants and agrcements of such rider ` shall be incorpotated into and shall amend and supplement the covenants and agreements of this Mortgage as if [he rider ~ were a part hereof. y Protect~ of Leader's Secarity. If Borrower fails to perform the covenants and agreernents contained in this ~ Mortgage. or if any action or proceeding is commenced whech materially affects I_ender's interest in the Property. - inel~ing. but not limited to. eminent domain, insolvency, code enforcement, or arrangements or proceedings invohing a ~ banlcrupt or decedtnt. then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ~ 3 sums and take such action as is necessary to protect Lender s interest, including, but not limited to. disbursement of i reasonabk attotney's [as and entry upon the Property to make repairs. lf Lender req~+ircd mortgage insurance as a j condition of making the loan secwed by this Mongage, Bormwer shall pay the premiums requireci to maintain such ; inwratxx in effect until such time as the requirement for such insurance terminates in accordance with $ormwer s and - so~2~5 ~a~~`2~39 ~ ~ _ r ~ : _ - - _ - - ~~".r~ - 'n;~-~~ u, 5 ~.t . _ - - ~ ~ ~ ~r;.: