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Home My WebLink About0353 "1 « UNIFQ~Ir1 COVENANTS. Borrowe~ and Lender cc~venan~ and agree as foll~~ws: 1. T~~set of lri~cipl ard IMeresl. Borrower tihatl prumptl~ pay v?hen duc thc princip;~l of and interest on the it~debtedr~ess evicknced by the Nde, prtpaymeot anJ late ch:~rbe. r. provi~kd in the Note. and the principal of and intercst on any Future Advances secured by this Mortgage. F~a~ tor Tases aoi iewuasce, Subjat to applicahic IaW~ ~~r to a written waiver by I.ender. Borrower shall pay to Lender on the day monthly instatlments of principai and ~nirrc.~ ,,n r~yahte unJer the Natc, until the Note is paid in tuq. a sum (henein "Funcb") equal to one-tweltth of fhe yearl~ la~~. and :,s~essments v?hich may attain priority ove~ this Mortgage. and arou~d rents on the Prupe~~y, if any, plus onc-twclt~h ol yearly premium installments for hazard insurance, plus o~e-twelfth of yearly premium installments (or mortgage ins~irancc, if any, all as reasonably estimated initially a~d from time to time by I.eoder on the basis of asses.mcnts ~nd h~lts and re:aonabte atimates thereot. 'lT~e Funds shall be held in an institwi~n thr de~~t, or accounts ot which are insured ~r guaranteed by a Rtderal or state agency.(includi~g Lende~ it Lender is auch an institutionl. I.ender shall apply the Funds to pay said taxa. asxuments. iosuraoce prcmiums and g~ound rcnts. I.ender may ~ot charge tor so halding and apF+lying the F~mdc. analyr.ing said account. or verifying and compiling said assessments and hills, unless Lender pa~~s Borrower interest on the Funds and applicable law permits lender to make such a charge. Borrower and l.enJe~ may agree in writing at the time of executio~ of this Mongage that interest on the Funds shall t+c paid to Borrowe~, and unless such agreement is made or applicable law requires such interat to be paid. Lender shalt not be rcquired to pay Borrawer any intercst or earning~ an the Funds. 1_ender shal! give to Borrower~ witbout charge, an annual acccwnling of the Funds showing credits and debits to Ihe Funds and the purpose fo~ which each debit to the Funds w•rs made. The Funds are pledged as additional security for the sums secured by this Mortgage. I( the amounf of the Funds held by Lende~, together with the iuture monthly installments of Funds payable priot to the due dates of ta~ces~ assessme~ts, inturance premiums and ground rents, shall exceed the amount reyuired to pay said taxes, assentnents, insuranee premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either Pranpdy npaid to Bormwer or credited to Borrower on monthty instailments of Funds. If the amount of the FuRds held by Lender shall not b~ sufhcient to pay taxes, assessments, iosurance prcmiums and ground rents as they fall due, Bo~m~wer shall pay to Leader any amou~t necessary to make up the deficiency within 30 days from the date notice is mailed by l.ender W Borrower rcquesting payment thereof. Upon payment in full of atl sums secured by this M~rtgage, l.ender shaH promptly refund to Borrower any Funds held by [.ender. If under paragraph 18 hereof the Property is sold or the Properry is othenvise acquired by Lender, Lender s6d1 apply. no later than immediately prior to the sale of the Property or its acquisition by [.ender, any Funds held by Lender at the time of application as a credit against the sums secured by this hiortgage. 3. Application of p~yments, Unless applicabie taw provides otherwise, alt payments received by ~ender under the Not~ and paragraphs 1 and 2 hereot shall be applied by l.ender first in payment of amounts payable to l.ender by Bor~uwer un~r paragraph 2 heroof, thea to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 1• C6arses; Lkns. Borrower shall pay all Iaxes, assessmcnts and othcr charges, fines and imposit+ons aitributable to the Property which may attairt a priority over this Mortgage, and leaschold payments or grnund rents. if ury, io the manner provided under paragraph 2 heroof or, if not paid in such manner, by Borrower making payment, when due. direcdy to the payee theroof. Bornower aha11 promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shall maice payment diroctly. Borrower shall promptty furnish to Lender receipts evideneiog such payments. Sasr+awcs sha!! gromptly dischargr a,.y lien which has priority over this Mortgage; provided, that Borrower shall not b~ required to dixharge any such lien so long as Borrower shall agree in writ~ng to, the payment of the obligation secured by such lien in a manner acceptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, Itgai proceedings ~vhich operate to provent the enforcement of the lien or forteiture of the Property or any pan thereof. S. Hazard Ins~rawce. Borrower shall keep the improvements now~ existing or hereafter erected on the Property insurod against loss by firc, hazards included within the term "extended coverage", and such other hazards as l.ender may require and in such amounts and for such periods as Lender may require; pr~vided, that Lender shall not require that the amount of such rnverage exceed that amount of coverage required to pay the sums secured by this Mortgage. 'I~e iasurance carrier providing the insurance shall be chasen by Borrower subject to approval by Lender. provided. thst wch approval shall not be unreasonably withheld. All premiums on insurance policies shall he paid in the manner provided under paragraph 2 hereof or, if not paid in•such manner, by Borrower making payment. when due, directly to the insur~nce carrier. AU insurance policies and renewals thereof shall be in form acceptable to LenJer and shall include a standard mongage = clause in favor of and in form acceptable to Lender. Lender shall ha~e the right to hold the policies and renewals thereof. aad $orrower shall.promptly furaish to Lender all renewal notices and all receipts of paid pr~emiums. In the event of loss. _ Borrower shall give prompt notice to the insuraoce carrier and Lender. Lender may make proof of loss if not made prompdy R by Borrower. _ ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be appiied to restoration or repair of _ the Propcrty damaged, provided such restoraUon or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is nnt ecnnomically feasible or if the security of this Mongage would ' be impaired, the insuranc:e procceds shall be applied to the sums secureJ by this Mortgage, with the excess, if any, paid f to Borrower. I( the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the + date notice is mailed by i.ender to Borrower that the ~nsurance carrier ofTers to settle a slaim for insuraoce beaefits. Lender ' is auihorized to co!{ect and apply the insurance proceeds at 1_cnder's option either to restoration or repair of the Propem : o~ to th~ sums secured by this Mortgage. ~ Unless I.ender and $orrower otherv?ise agree in wnting, any sucf~ application of proceeds to principal shaU not extend ~ ot postpone the due date of the monthly instaUments referred to in paragraphs I and 2 hereof or change the amount oi ; such installmeots. If under paragraph 18 hereot the Property is acquired by Lender, all right, title and interest of Borrower ~ in and to any insurance policies and in and to the proceeds thereof resulting from Jamage to the Property prior to thc sale ; or acquisition shall pass to I.ender to the eztent of the sums secureci by this hfortgage immediately prior to sueh sale or ' acquisition. 6. Prrsenatlon and Maiatenance of Property; I.e~ehuldc; Condomi~iums; Planned Unit Devebpments. Borrowcr - shall keep the Propecty in good repair and shall not com~qit waste or permit impairment or detetioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a(easehold. If this Mortgage is on a unit in a condomioium or a planned unit devetopment, 8orrower sha~! perform all of Borrowers obligations under the declaraiion or covenants creating or governing the condominium or planned unit development, the by-laws and cegulations of the condominium or planned unit development, and constituent Jocumeo~s. If a condominium or plan~ed onit development rider is eaecuted by Borrowu and recorded together with this Mortgage, the covenants and agreements of such rider ~ shall be incorporated into and shall amend and supplement the covcnants and agreemenis of this Mortgage as if the rieier were a part hereof. , 7. Protectioa of Lender's Security. If Borrower fails to pcrform ihe covenams and agreements contained in this Mortgage. or if any action or proceeding is commenced which materially aiTects 1_ender's interest in the Property, including. but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings invol~•ing a bankrupt or decedent, then Lender at Lender's option, upon notice ta Borrower, may make such appearances, disburse such wms and take such action as is decessary to protect Lender's interest, including, but not limited to, disbursement of resta~sbk attomey's fees and entry upon the Property to make rcpairs. lF [_cnder reyuircd mortgage insurance as a c,ondition of making the loan securecl by this Mortgagc. Borrowcr sh~lf pay thc premiums reqi~irecl to maintain such = iasuranee in effect until such time as the requirement for such insurance terminates in accordance with Borrower s and ` - Zi k ~ ~ - i~ ~x R•~tJ ~'~tCE R~~ I .3.~ 3=~.~` ~~-r-_____ . 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