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Home My WebLink About0252 ' • . . ~ . UNIFOitM COVENANTS. Borrowe~ and Len~ler coven~nt and ag~re. as fallows: l. !'yweat of hiaeipl a~i latenst. l3or~uwcr chall prump~l~~ pay vrhe~ due the principal o( and inte~cst on ths ~ndebtedness evidenced by the Note. prepayment and late charge~ a. proviJed in the Nate, and the p~incipal of and iofercst on aay Future Advances stcured by this Mortgage. 2. F~r~ds tor Tues aaa lawr~ece. Subject ~o applirahlc law +~r ~o a written waiver by l.ender, Borrower shall pay to Lender on the day moothly installntenls of p~incipal and intorr.~ arc payahk under the Notc, until the Note is paid in full. a tum (herein "Fun~'~ equal to one-Iweltth of the yearl~ ta~~. and ascessments which may attain priority over this Mo~age. and 6round rents on the Properly, if any, plos one-twel(~h ot yearly p~emium installments fo~ hazard insurance. plus oae-twelfth of yearly premium installmen~s (or mortgage insurancc. ~f any, all as reuonably eslimated initially and from time to time by Lender on the basn ot assessmcnls anJ hills and reawnable a~imates thereot. 'Il~e Fu~ds shal) be held in an institution the depo~u~ or ~ccounts ot which are insured or guaranteed by a Federal or statt agency (including Lender if Lender is such an imtitu~io~l. I.ender ahalt apply Ihe Funds to pay said taxa, assessments. • insurarux premiums and g~ound rents. I.ender may no~ charge ~or se~ holding and ap~+lying the F~mds. analyzing said acc~unt. or verifying ar~d compiling said asuuments and Aills, unless I_ender pays Borrower interat on the Funds and applicable law permits Lender to make such a charge. Borrower and Ixnekr may agree in writing at ~he time ot execution o[ this Mo~tga~e that interat on th~ Funds shall t~e paid to Borrower, and unless such agreement is made or applicable law te94i~+es such interest to be paid. Le~der shall not tx rcquired to pay Borrower any interat or earnings on the Funds. 1_e~der sha11 give to Borrower. without charge, an annual accounting af the Funds sFx~wing credits and debits to the Funds and the purpoae for whicd tach debit to the Funds was made. The Funds are pledged as additional security for the sums secured by ehis Mongage. If the amount of the Funds held by Lender, togethe~ with the future monthly installments of Funds payable prior to the due dates of ta~ces. assessments. i~uurance prcmiums aod ground rents, shall exceed the amount required to pay said taxes. asspsments. insunnoe premiums and ground rents as they tall due, such excess shall be, at Borrower s option, either promptly repaid to Borrower or credited to Borrower on monthly installmeots of Funds. If the amount of thc Funds held by Leoder shall not be sut6cient to pay taxes, assessments, insurance premiums and ground rents as they (all due, Bornower shap pay to Lender any amouat necessary to make up the deficiency within 30 days from the date noticc is mailed by Lender to Borrower cequesting payment thereoL Upon payment in full of all sums secured by this Mortgage, l.ender shall prompdy rofund to Borrower any Funds hel~ by l.ender. If under paragraph 18 hereof the Properiy is s~ld or the Property is otherwise acquired by Lender. Lender shall apply, no later than immediately prior tu the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this titongage. 3. Application of Payments. Unless applicable law provicies otherwise, alt payments received by Lender under the Note aad paragraphs I and 2 hereof shall be applied by I.cnder first ia payment of amounts payablc to Lcnder by Borrower under paragraph 2 hereof. t6en to interest payablc on the Note, then to the principal of the Note, and then to interest and principal on any Futun Advances. 1. Charges; Lieos. Botrower shall pay all taxes, assessments and othcr charges, fines and impositions attributable to . tl~e Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. in the manner p~vided under paragraph 2 heteof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragrsph, and ia the eveat Bormwer shall make payment dirxtly, Borrower shall promptly furnish to l.ender receipts evidencing sueh payments. Bortower shall promptly discharge any lien which haS priority over this Mortgage; provided, that Borrower shall not be ~ required to discharge any such lien so bng as Borrower shall agree in writing to the payment of the obligation secured by such liea in a manner acceptabk to l.ender. or shall in good faith contest such lien by, or defend enforcement of such lien in, kgal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard insnrawce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured again=t loss by fire, hazards included within the term "extended coverage", and such other huards as Lender may require and in such amounts and for such periods as Lender may require; 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 Mort6age. _ 'Ibe insurance carrier providing the insurance shall be chosen by Borrorver subject to approval by I.~n6er. provided. that such approval shall not be unreasonabty withheld. All premiums on insurance policies shall be paid in the manner 'i provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, dircctly to the insurance carritr. ! All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgsge ~ clause in favor of and in form acceptable to Le~der. Lender sh~ll have the right to hold the policies and renewals thereof. i and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In ihe 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. ~ Unlesa Lender and Borrower othenvise agree in writing, insurance proceeds shall be applied to restoradon or repair of the Propeny damaged, provickd 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 fcasible or if the secarity of this Mortgage would ~ be impaired, the insurance ptoceecis shall be applied to the sums secured by this Mortgage, with the exeess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ ~ date notice is mailed by L,ender to Borrower that the insurance carrier ofters to setUe a claim for insurance benefits. I.ender is authoriud to collect and apply t6e insurance prooeeds at Lender's oplion either to restoration or repair of tt~e Propert~• or to t6e sums securod by this Morigage. Unless L.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments rcferred to in paragraphs 1 and 2 hereof or change the amount oi sacb installmeots. If under paragraph 18 t~ereof the Property is acquired by Lender, all right, tide and interest of Borrower in and to any iosurance policies and in and to the proceeds lhereof resulting from damage to the Property prior to thc sale or acquisition shall pass to I.ender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. ~ 6. Y~+eservatbn and Maintenance of Property; Leauholds; Condomiuiums; Planned Unit Devdopments. Borrower ~ shall Iceep the Property in good repair and shall not comrpit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any leaso if this Mortgage is on a leasehold. If this Mortgage is on a unit in a ~ ~ condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the declaration ~ or covenants creating or governing the condaminium or planned unit development, ihe by-laws and regulations of the ~ condominium or planoed unit development, and constituent documen~s. If a condominium or planned unit development ~ rider is executed by $orrower and recorded together with this Mortgage, the covenants and agrcements of sueh rider g shall be incotporated into and shall amend and supplement the covenants and agreements of this Murtgage as if the riJer ~ were a part he~oof. - ' 7. Protectioa of Leoder's Secnrity. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage. or if any action or procoeding is commenced which materially afiects Lender's interest in the Property. including, but not limited to. eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Leoder at Lender's option, upon notice to Borrower, may make such appearances, disburse such wms and take :uch attion u is necessary to protect l.ender's interest, including, but not limited to.~ disbursement of reasonabk attomey's fees and entry upon the Property to make repairs. lf [xnder required mortgage insurance as a cooditioa of making the ban secured by this Mongage. Borrower shall pay the premiums requiral to maintain such in~wance in effect until such time as the rcquirement for such insurance terminates in accordance with Borrower s and 0 P -r~=~ es~C~+:~a7~ ~f'AGf (.a~ - , w~~ - ~ ~ : = - - - - - - - - ~ _ _