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Home My WebLink About0485 . ~ ° . , _ UNtFOR~?t CovFN.~~TS. Bo~rower anJ l.enJer covenant and agree as folluws: 1. Paymeat of Pdncipal and late~est. l3urrow~r shall promptiy pay ~ficn due the principal of and intcrest on thc i~debtedneu evidenceJ by thc Note. prcpaymcnt anJ late charges as provided in the Notc, and the principal ~~f and interest o~ any Future Advanca secured by this Mortgage. 2. Fuude for Tues u~d Insurance. Subject to applicable law or to a written waiver by Lender, Bonowcr shall pay to I.ender on ~he day monthly instaltments of principal and interes~ arc payahle under the Notc, until the Notc is paid i~ (ull, a sum (herein "FunJs") equal to one-twelfth of the ~ yearly taxcc and asseumentc which may attain priority over this Mongage, and gr~und rents on tt~e Property, if any, plus one-twclfth of yearly prcmium installments for hazard insurancc, plus one-twclfth of yearly premium installmcnts far mortgage insurancc, if a~y, all as rcau~nably estimateJ initially and (rom time to time by Lendcr on th~: basis of assessmcnts and bills and reaso~able eslimates thercof. . 'il~e Funcis shall be held in an institution the depusits or accaums of which are insurrd or guaranteed by a Federal or state agenc)• (including Lendcr if Lender is such an inslitution). l_ender shali apply the Fuads ta pay said taxes, assessments, insurance premiums and grou~d rents. l_ender may nat charge for ~o holding and applying the Funds, analyzing said account, or ~crifying and compiling said assessments and bills, unless l.ender pay~ Borrower interest on the Funds and applicable lav? permits Lende~ to make such a charge.. Borrower and 1 ender may agree in writing at the time of execution of this !~lortgage that interest on the Funds shall tie paid to Borrawcr, :~nd u~less such ag~eement is made or applicable lav?• requires suCh intercst to be paid. I_ender shall not bc required to pay Borrow~er any intcrest or carnings un the Funds. l.cnder shall give to Barrower, without charge, ao annual accounting of the FunJs showing credits and debits to the Funds and the purpose [or which each debit to the Funcis was maJe. The Funds are pleeigeci as additional security for the sums secured by this Mortgage. - . If the amount of the Funds held by ~ender; Iogcther w•ith the futurc munthly installments of Funds payablc priur to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount reyuired to pay said taxes, assessments, insurance premiums and ground rents as ~he}• fall due, ~uch excess ~hall be: at Borrower s optian, either promptly repaid to Borrower or crcd~ted to Borrower on monthly instalimcnt~ of Funds. lf the amuunt af the Furids held by 4ender shall not be sufficient to pay taxes, assessments, insurancr preraiums and gmund rents as they fall d~e, Borrower shall pay to Lender any amount necesaan• to make up the deficienc~• within 30 da~~s from the date notice is mailed by Leoder to Borrower reyuesting pa}~mcnt thercot. Upon puyment i~ full of all sums secured by this Mortgage. t.endcr shall pn~mptly refund to Borrowcr any Funds hefd by Lender. lf under paragraph 1S hcreof thc Property ic k•ld or the Propcrty is otherwi.c acquircd by Lcnder, LcnJer shall apply, nu later than immediatcly prior to thc salc of thc Protix:rty or ils a~quisition b~• I.cndcr, a~y Funds held by ' Lender at the time of ~pplication as a credit against the sums secured hy thi. \lortgage. + 3. Application of Payments. Unless applicable taW~ provides otherwise, all paymenis re~eiveJ by Lender un~kr the tiMC and paragraphc I and 2 hereof shall bc applied by I.cndcr first in pa}~ment ~f amounts payable to 1_cnder hy Borrow•er under paragraph ? hereof, then to interest payablc on the Note, then to tt~r principal o( thc N~~tc, and thcn to intcrest and princ~pal on any Futurc Ad~•ances. 4. (harges; Liens. Borroacr shall pay all taxcs, assescments and other charg~~. fincs and imFx~~itions a~[ributahle to the Prop~;rt~ whi~~ may attain a preority over this !?lortgage, and leasehold payments .~r ground rents, if any, in the manner provided unJer paragraph 2 hereof or, if not paid in such manner, b~~ Bc.rrow•er making pa~•ment. ~~•hen due. directly to the payec thcrcof. Borrower shall prompUy furnish to Lender all notices of amounts due under this paragraph, and in the event Borrov?er shall r.take payment dire~tly, Borrower shall prompdy fumish to Lender rereipts cvidencing such pa~•ments. - Bnrrow~er shall promplly Jischarbe any lien which has priority over thi~'Mort~,ago: ~pmvidod; tttat-Borrowae shaU not be required to discharge any such licn so long as Borrow•cr shall ~grce in wriUng to the payntcnt of the obligation secured by wch iien in a manner acceptable to Lender, or shall in gooci faith ccntest such licn hy, or defen:l ~nforcement of such lien in, _ l;:¢af pr~~edi~:gc which operate to prevent thc enf~~rccmcnt of thc li~n cr"torfeitu'rc of the Property or any part-~hereof_ - S. Hatard lnsurance. BorroHer shall keep th~ impro.ements no~~ ~xis~ing•cx'Mttca(ter ertet~d nn the Properry ins~~red against lns~ h~~ fire. ha~arJ. inrluJed tiithin thc term °~~trndcJ covcrsge~:.:_ao~i-3~~h e~e#+er i+a-tardciat Lcndcr ms)' reyuirc an~ in such :~meimts and fur surh perioJs a. I.ender may rcyuire; pr.~v~deJ_ that Len~l~r shall not reyuire that thc amount of ~uch a~vrra~;~ e~re~d that amount of coverage requ~red tu pay the ~um. serurcd M~ thi. ~tortgage. The insurance carrier providing the insurance shall be chusen by Borrower sub;ect to approval b}~ Lend~r, provided, rt;;~~ such appro~al .hall not bc unrcasnnahly withh~ld. All premium, on insuranc~ policics ~hall tk paid in thc manner ;~ro~ided und:r prragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcN}• to the m~urancc carnrr. All insurance policies and renewals thereof shall be in form acceptable to Lcndcr and shall includ~ a stamt:uJ mortgsge :lau~e in fav~r of and ~n form acceptable t.~ l.ender. I_cnder ,hail ha~e the right to huld the pulicics ar.d renewah thereof. . nd BorTUwer .hall promptl}• furnish to I.ender all renrwal notices and all receipts of paid premii:m~. In the e~•ent of loss. Burn~~ver shall give prompt notice ;o the imurancc carricr and Lender. Lendcr ma~- makc proa~f ctf loss if not made prompth b~ Borrower. Unlcss [_enJcr anJ Borr.?wer otherwise agrer in Hriting. insurance prckecds shall be ap}>lied to restoration or rep:~ir of t;~e Property damageJ. provi~ed such re,torahon or repair is economicaliy feasible and the cecurity of this Mortgage is ` n~t thereb}• inipaircd. I( such restoration or repair is not econumir~il} fcasihle or~ if the security of this Mortgage w•ould j be impaired, the insurance proceeds shall 'oe ap~~lie~t to the sums secured by this Mortgage, H~ith the e~cess, if an~~, paid ~ co Borruw~r. lf the Yrope:t~ is abandoned b} Borrow-cr. or if Borrower faifs to ns~nd to Lcnder within 30 da}•s (rom the ~ Jate natice is rnailed by Lender to Borrower that the insuran~e carrier otfen to settle a claim for insurance benefits, l.ender E n authorized to collect and •rppl} the inturance proceeds at Lcnder's optiun either to restoration or repair of the Propc;rty ~ :~r to thc surns ~crurcd b) ~his ~tortgagc. ~ ~nless L~nder an~ Borrower othentiise agree in «•riung, an~• su~h a{~pli~.+iion of procceJs t~ princips+l tihall- not e~tend ,.r postpone the due date of the manthl}• installmenis refcrrcd t~~ in paragr:+phs I an~ 2 hereo( or change the amount of ~ such ~nstallme~t~. IF undec paragraph l8 hereof the Propr:rty is acy~Eired b>• Lender, all right, title and interest ot Borrower in and to ant ;nsurar.ce policies and in and to the proceeJs thereol resulring from damage to the Property prior to the sale ~ ur acyuuitio., shall pass to Lender to th@ ~~t~nt_of,(hC_suma s~cureJ b} this Atortg~ge immediately prior to such sale or 's acquisition. _ ~ 6. Presenalion and ltaintenance of Propert~; 1_easeholds; Condominiums; Planned L;nit De~•dopments. Borrower , ~ shall krep thc Pruperty in good repair and shall n6t commit wastc or permit impairrnent or dererioration of the Propeny .~;id sh:,ll comply ~aith the provisions of any lease if this Mortgagc is on a ieaseh~~ld. !f this Atortgage is on a iinit in a ' ~onduminium or a pianncd unit dcvelopment, Borrower shall pcrform alI o( Borrow•er s obGbations under the declaration ~~r covenants creaung or governing the condominium or planned unit de~~el~~pment, the by-laws and regulations of the ~ ~rn~lrnninium or planneJ nnit deveic~pment, and constituent documents_ If a condominium or planned unit development nder ~s executed by Borrower and recorded together with this A1~rtgage, the covenants and agreements of such rider ~ shall be incorporated into and shalt amend and supplement ttx: covenants and agreements of this Mortgage as.if the rider ~ wcrc a part hertof. 7. Protectioa oi Lenders Security. If Borrow~er fails ~o perform the ::ovenants anJ agreements contained in this ~ ~lortgage, or if any action or pra:eeciing is commenced ahich msterially affects Lender's interest in the Property. ~ mcluding. bi~t not lim~tea to. eminent domain, insolvcncy, cak enlorcement, or arrangements or proceedings invo{ving a s ban:.rupt or dzcec+ent, then I.ender at LenJer's option. upon notice to Borrov?cr, may mare such appeannces, disburx such ~ sums ~nd take such action as is necessary to protect Lenders i~tere~t. i~cluJing, but not limited to, disbursement of • reasonable attomey'i tces and entry upor. the Propert}~ to make repair,. li Lender required mortgage insurance as a co~~d~tion of making the loan secured b} this M~~rtgage, Borro~~er shall pay the premiums required to maintain such ~ insurance in efiect until such time as thc reyuir~me~t for such insurance termir~ates ir. accordance with Borrower s and ~ ~ f+ R - saaK 295 P~~E 484 _ ~ ? P_. _ ~ - - - - _ _ ~ . --~~r~ _ .:J C.'F.-`- • s~