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Home My WebLink About0985 . , .,t+ . • l~~ ~ ~ UNIF(Ul!?t COVENANTS. Borrower aod Laader covenant and a~~a aa tollow~: ' 4 1. Psys~ca! ot Ainclpai soi Lterat. Borroww shall promp~ly pay when due the principal of and interest on tht iadebtedneu evidenced by the Note, pnpayaAent and late charges as provided in the Note, and the principal of and interest ~ o~ aay Futurc Advances securod by thi~ Mortgage. 2. i+b~ds [or T~a~ a~ I~~r~mee, Stibject to applecabb !aw or to a wreuen waive~ by l.endari Bomower shall pay to I.ende~ on the day montbiy i~stallme~ts of principal and intcrcst arc pay~bk unde~ the Noto, untii the Note is paid in [uil. a aum (henin "Fund~'ry equal to ono-twelfth of the yearly taxes and assasments which may attain priority over this Mortgsge, and ~round nnts on the Propetty, if aay. plus ono-tweltth oI yearly premium i~stallments for hszard insurance. plus or~e-twelfth of yearly premium instaltmenta for mortgage i~aurana, if any. ali as reawnably estimated initially and fmm time to t~mc oy Lenaer on the bas~s ot assessments and bilis and roasonabie estimates thereof. The Funds shall be heid in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). 4ender shall apply the ~nds to pay said taxes. asseasmenta. ; insuranco premiums and ground rents. Lender may noi charge for so holding and applying the Fupds. analyziag aaid account, or verifying and compilina said assessmenta and bills, unless Lender pays Borrower interest on the Funds and applicable law permiu Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this i Mortgage that interest on the Funds shall be paid to Borrower, and unless such agrserrnnt is made or applicable law ~ rcquires such inte~est to be paid. I.ender shall not be required to psy Borrower any intereat or earnings on the Funds. Lender shall give to Bormwer. without charge. an annuai accounting of the Funds showing credits and debits to the Funds and tha purpiue for which each debit to the Funds was made. The Funds are pledged u additional security for the sums secured by th'ss Mongage. . If the amount of the Funds held by Lender. together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and g:ound rents, shall e~ceed the amount required to pay said taxes. assessa~~nts, insurance premiums and ground nnts az they fall due, such excess shall be. at Berrower s option. either promptly repaid to Borrower or credited to Borrower on monthly inuallments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay tazes. assessments, insurance premiums and groond rents as they fall due. Borrower shall pay to Lender any amount aecessary to make up the deficiency within 30 days from the date ~otice is mailed by L~nder to Borrower requesting paymenc thereof. Upon payment in full of all sums secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds held by I.ender. lf under paragraph 18 hereof the Properly is sold or the Property is otherwise acquired by Lender. L.ender ~ shall apply, no later than imtnediately 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 Mongage. 3. Applkation of Paymenfs. Unless applicable law provides otherwise, all payments received by Lender under the ~ Note and paragraphs 1 and 2 hereof shall be applied by t.ender first in paymeot of amounts payable to L.ender by Borrower ~ under paragraph 2 hereof, then to interest payable on the Note, then ro the principal of the Note, and then [o interest and ; principal on any Future Advances. ' 4. C6ar~es; Lieas. Borrower shall pay all taxes, assessmcnts and other charges, fines and impositions attributable to the Property which may attain a priority over this i~[ortgage, and kasehold payments or gt+At~fd rent~, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower mak'sng paymeat, when due. dicecdy to the ' paya thereof. Borrower shall promptly fumish to Lender all notices of amounts due under t6is paragraph, and in the event Borrower shall make paymeut directly. Borrower shall promptly furnish to Lender rtceipt3 evidencing such payments. Bonower sha11 promptly discharge any lien which has priority over this Moetgage; ~pMevided, ~that Borrower shaU not be required to discharge any such lien so long as Borrower shall agree in w~riting io ths•p~yreeqt,~,f,tbe obligation ucured by suc6 lien in a manner acceptable to Lender, or shall in good faith cDntest such lien by, or defend enforcement of such lien iq ~ legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the PropCirty or any pan thereof. 'S. Nszard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Propeny iasured against loss by fire. hazards included within the term "extended coverage". and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that L.ender shall not requirc that the amount of ; such coverage exceed that amount of coverage required to pay the sums xcured by this Mortgage. ' 'I~e insurance carrier providing the insurance sfiall be chosen by Borrower subject to approval by Lender, provi~d. that such approval shall not be unreasonabfy withheld. All premiums on insurance policies shall be paid in the manner provided uader paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, directty to the insurance carrier. All 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 acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, : and Borrower shalt prompily furnish to Lender all renewal notices and all roceipts of paid premiums. In the event of loss. ' Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly ~ j by Bonower. ~ Unle~ Lender and Borrower otherwise agree in writing, insurance procceds shall be applied to restoration or repair of ; the Properiy damaged, provided such restoration or repair is economically feasible and t6e security of this Mortgage is ; i not thereby unpaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would ~ be impaired, the insurance procceds shall be applied to the sums secured by this Mortgage, with tfie excess, if any. paid i to Borrower. if the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the I date notice is mailed by Lender to Borrower that the insurance carrier ofters to settle a claim for insurance bene6ts. L.ender j is authorizcd to collect and apply t6e insurance proceeds at Lender's option either to restoration or repair of the Property ~ or to the sums secured by this Mortgage. ~ Unless Lender a~d Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend t or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of s ~ such installments. If under paragraph 18 hereof tbe Property is acquired by Leader, all right, titk and zntereat of Borrower ~ in and to any insurance policies and in and to ihe proceeds t6ereof resulting from damage to the Property prior to the sak ~ or acquisipon shall pass to Lender to the eztent of the sums secured by this Mortgag~e immodiately prior to suc6 sak or ~ acquisition. ~ 6. Pnservation and Mafntenance of Property; Lea9eholds; Condominiums; Planned Uoit Devdopments. Borrowcr ~ shall keep the Property in good repair and shall not commit waste or pormit impairment ot deterioration of the Property J t and shall comply with the provisions of any leax 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 a obligations under the declaration $ or covenants creating or governing the condominium or p{anned unit development, the by-laws and regulauons of the ; condominium or planned unit development, and constituent documents. It a condominium or planned unit development _ ~ rider is executed by Borrowe~ and recorded together with this Mortgage, the covenants and agreem~nts of such rider ~ shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider ~ n were a part hereof. , ~ ~ 7. Protectlon of Leader's Security. If Borrower fails to perform the covenants and agrcements contained in this 3 ~ Mortgage, or if any action or proceeding is commenced which materially aBects Lender's interest in the Property, ~ ~ including, but not limited to. eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ; 5 baakrupt or decedent, then Lender at Lender's option~ upon notice to Borrower, may make such appearances, disburse such ~ sums and take such action as is necessary to protect [.ender s interest, including, but not 6mited to, disbursement of ; reasonable attorney's fees and entry upon the Property to make repairs. tf Lender required mortgage insurat~ce at a ' condition of malcing the loan secured by this MoRgage. Borrower ahall pay the premiums rtquircd to maintain such ~ insurance in ef~ect until such time as the requirement [or auch insurance terminates in acco[dance with Bormwer's wd ~ ~ •;.L,~,: •,i _ ~ - ~O01f ~~7l1 P~Cf ~uV x ~ _ ~ . - - u p,x'. ~ .~,.~..ttt'x"~'bsFrf'~'~'"~~~,..."`3~>.,.~s_.w. _ _ . . .~~.°~'srr'2?~