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Home My WebLink About0491 UNI~O~?1 COV8NAN7't. BoROwer and l,ender coveosnl and a=ree u tollows: 1~eN o1 hMclNl a~i tMerest. Bo~rowe~ shall promp~l~• pay when due the principal ot and ioterest on the ~ndeMednat ev;denced by the Note. prepayment and late chargec ac p~ovided in lhe Nwe. ~nd Ihe princips! ot and inte~est on any Future Advs~ces securod by this Mortga~e. Frwi tor TuM a~i I~wn~ee. Subject lo applicabk law ar to a writ~en waiver by I.ender. Borro~wer shall pay to Lende~ on the day montAly inst~llme~~s ot principal and ~ntcrca arc ~yable under the Note, until the Note is paid in (ull. a ium (hereio "Funds'•) eqwl to one-twelfth of ~he yea~l~ taa~. and assasme~~s which may attain priority over this Mort~aje. and ~round rents on the Pmperty, if any, plus one-twelUh ol yearly prcmium installment: [or hazard insurance. plus one-tweltth ot yearly premium installmen~s (or mongaje insurancc, it any a0 u reaso~~bly estimated initially and trom time to time by I.ender on the buis of assescmcn~s and hills and reasonabk atimates tAereoE. TAe Funds shall be held in an institutio~ the depa~i~a or •rccounls of which are insurcd o~ guaranteed by a Federal ot •Ute a~ency (including Lender it Lender is auch an inslitulion). I.ende~ ahall apply Ihe Funds to pay said taxes. assessments. insuranoe premiums a~d ~round renls. I.ender may not cha~ge for se~ holding and applyin= the Fundc. analyzing said actount. or veri[yin` and compling said assessmenls and Aills, unless l.ender pa~ys Borrowe~ interat on the Funds and applicable law permits Lende~ to make such a charge. Bc?rrower and l.ender may agree in writing at the time of execution of this Mort~age that intenst on the Funds shall be paid to Borrower, and unless such agreeme~t is made or spplicabk law rcquires such intercst to be paid. Lender shall not be rcquired to pay Borrower any interat or earnings on the Funds. Lender ahall aive to Borrower, wilhout charge, an aonual accounting of the Funds showing credits and debits to the Funds and the purpoae tor which each debit to tbe Funds was made. The Funds arc plodged u additional security for the sums secured by this Mortpae. If the amount ot the Fuads held by Lender, together with the future monthly installmenls of Funds payabk prior to t6e due dates of taxa. usessments. insurance prcmiums and ground rcnts, shall eaceed the amount requircd to pay said taxa. aue~ments. insurance premiums and ground ronts as they fall due, such excess shall be, at Borrower's option, ei~her pranptly repaid to Borrower or credited to Bormwer on monthly insullments of Funds. !f the amount of the Funds held by Lender shall not be sutGcieat to pay taxes, asxssments, insunnce premiums and ground re~ts as they tall due, Borro~ver shall pay to L.ender any amount necessary to make up the deficiency within 30 days trom the date notice is mailed by L.ender to Borrower requating payment ~hereof. Upon payment in full of all sums secured by this Mcrrtgage, l_ender shall promptly retund to Borrower any Funds held by Lender. lf under paragtaph'18 hereof the Property is sold or the Propeny ~s olherwise acqu~rcd by Lender, Lender shdl apply. no later than immediately prior to the sale of the Propeny or its acquisition by Lender, any Fund . held bv ~ Lender at lhe time of application as a crcdit against the sums secured by this Mortgage. 3. A'plicMlon of Paya~eNs. Unleu applicable law provides otherwise, all payments received by t_ender under the Note and patagraphs 1 and 2 hereof shall be applied by I.ender 8rst in payment of amounts payable to l.enckr by Borrower under paragraph 2 hcreof, then to interut p~yable on the No~e, then to the principal of the Note, and then to interat and princiQal on any Futuro Advances. 1. C6arzes; Lk~. Borrower shall pay all tazec, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or gmund rents, if any, in the manner provided under paragraph 2 hereo( or, if not paid in such manner, by Borrower making payment, wh~n due, diroctly to ihe payee thereo[. Borrower shall pmmptly [urn~sh to Lender all not~ces of amounts due under this para6raph, md-in the event Borrower shall mare payment directly, Borrower shall promplly furnish to Lender receipts evidencina such payments. Borrower shall promptly dixharge any lien which has pnonty over this Mortgage; provi~ied, that Borrower shal) nd be requ~red to discharge any such lien so long as Borrower sha0 agree in w~iting to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in gocjd taith contes~ s~ch lien by, or JefenJ enforcems~t of such lien in. legal proceedings which operate to prevcnt the enforcement of ~he I~en or_ torfe~ture of the Property or any part theteof. S. Haurd I~n~ce. Borrower shall keep the ~mprovementc now existing or hereafter erected on the Property insured against loss by 6rc, hazards incluJed withm the term "extended coverage", and such other hazards u Lender rnay reyuire and in such amou~ts and for such periods as I_ender may reyuirc; provided, that Lender shall not rcquirc that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortsage. "Il~e insurance camer providing the insurance shall be choxo by Borrower subjec~ to approval by Lender, providod, t6at such'approval shall not be unreuonably withheld. All premiums on insurance policies shall be paid in the manner ~i provided under paragraph 2 hereof or, ~f not paid in such manner, by Borrower making payment, when due, directly to the ' insurance cazrier. - ~ All insurance policies and renewals therrof shall be in form acceptable to Lender and shall include a standard mortgago i cl~iuu in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, ; and Borrow~er shall promptly furnish to Lendtr all renewal notices and all receipts of paid prcmiumc. In the event of loss, Borrower shall grve prompt notice to the ~nsurance carner and Lender. Lertder may make proo[ of loss if not made promplly I by Borrower. ~ Unless [:ender and B.~rrower otherwi,e agree in wnting, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such re~totaUon or repair is economically feasible and Ihe security of this Mortgage is ~ not thereby imQaired. I( suc:h restoration or repair is not economically feasible or if the security of Ihis Mortgage would ~ be impaired, the insurance procceJs shall be applied to the sums secured by this Mortgage, with the exctss, if any, paid ~ to Borrower. If the Property is abandoneci by Borrower, or i( Borrower fails to respond to Lender within 30 days from the date notice ~s ma~led by Lender to Borrower that ~he insurance carrier ofiers to se~Ue a claim for insurance benefits, Lender is aut6oriud to collect and apply the inwrance proceeds at 1_ender's option either to restoration or repair ot the Propenv or to the sums sec:ureci by this Mortgage. ~ Unlesc Lender and Borrower otherwise agree in writing, aoy such application ~~f proceeds to pnncipal shal) not extend ~ or pnstpone the duc date of the monthly intital(memc rcferred to in paragraphc I and 2 hercof or change the amount o( ~ such installmeats. If under paragtaph 18 hereo( thc ProF,erty is acywred by Lender, all right, tiUe and interest of Borrower ~ in and to any lhsurance policies and in and to Ihe proceeds there~f resulting irom damage to the Property prior to th~ sale ~ or acquisition shall pass to Lender to the extent of the sums secured by this htortgage immediately prior to such sale or ~ acquisition. - ~ ~ - ~ 6. Preservalioa and Maintenance of Property; Ixaselwlds; Condominiums; Plsoned Unit Devebpments. Borrowcr ~ shall keep the Property in good repair and shall not comtUil Wasie or permit impa~rment or deterioration of the Property ~ and shall compl~• with the provis~ons o[ any leau i( ~his Mortgage on a IeaschoW. If this Mortgage is on a unit in a condomin~um or a planned unit devclopment. Borrower shall pcrform all of Borrower's obligations under the declaration - or coveoants creating or govermng tlie condominium or planned umt devetupment, the by-laws and regulations of the ~ condominium ar planned unit development. :,nd constituent Jocument~. If a conJominium or planned unit ekvelopment r rider ~s ezecuted by Borrower aod recorde~i toge~her ~ith thn Mortgage, the covenants and agreements of such rider ~ shall be incorporated into and shall emend and supplement the covenams and agreements of ~his Mortgage as if the riJer e were a part hereof. ~ 7. Protecfion oi t.ender's Security. If liorr~~Ker f:~ilti t~~ ~xrF~irm the covenant~ and agreements contained in thic ~ Mortgage, or if any action ur proceeding n rummence~t xh~~h materially atTrct~ I.en~let~t interetit in the Property~. ~ ~ncludmg, but n~~~ limi~ed to, emtnen~ domain. im~~t~enc~, cucle e~(orcemen~. ~,r arranKemenls or proceedings involving a ~ bankrupt or deceJent. then I.rnJer at Lender'~ oplion, uEx~n not~ce to 13orruwrr, ma} makc ~uch appearances, di~hur~e such ~ sums and ~ake such actiun is nece«ary t~? protec~ l.ender's imerest. including. but not limited to. J~~bursement o( ~ reawnahle anorney's (cc~ and enlry up~~n ~he Propcr~y t~~ makc repa~r.. I( Lrnder rryuircd mor~gage incur~nce ac a ~ condition of rnak~ng thc loan ucureJ by Ih~t M~~rtgagc. B„rr~~Nrr shall pay th~ prcmium~ _rcqmre~ to mainta~n such ~ ~nsurence in rlirct unt~l tiuch t~mc as thc rcy~nrcmcnt fi~r tiuch msurancc tcrm~natr~ in accordancc w•ith Borr.~wcr'. anJ A ~ ~ `e o~K 296 PaCE 4~ _ ~ f._! _ ~ ~ w,. . _~':~.42~-~a'~..~^'-"t' ,~''.#i r.,. ,