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Home My WebLink About0287 UNI~ORM COVlNAIJT3. Bnrrower and L,e~de~ covenant and a=ret u tollows: ~ tyaest of hi~clMl a~i IMerat. 8orrower shall p~omptly pay wAen due tbe prie~cipal ot and iotercst on the indebtednw evidenced by the Note. Prepayment ~nd late chargec ac provided in Ihe Nde, and the priocipal ot aod inte~• on any Future Advances secured by this Mortta:e. . p1~Ns tor T~a a~i lwra~ce. Subject ~o appiicabk law ar lo a written waiver by Leoder~ Borro~re~ shd~ W7 to Lender o~ the day monthly i~stallments o( principal and ~ntcrcc~ rte payaMe un3cr the Note. until tAe Nute is paid in tull. s sum (herein "Fun~'~ eqwl to one-twelfth of ~he yea~l~ ta~~. and assessments which may attain priority ove~ this Mo~~e. and ~round rents on the Proputy, if any, plus one-twelfth of yearly~ premium installments tor hazsrd insurance. plus one-tweltth of yearly premium installmems for mongage insurancc, if any, all u rcasonably estimated initially and (wm time to time by Lender on the basis of assescmcnts and hills and_reasonabk atimata ther~f. The Funds shall be held in an insti~wion the depos~a or accounts of rvhich arc iesu[ed or guaranteed by a Federal ot :tate agency (including Lender if Lender is sucfi an institutionl. I.e~der ahall apply the Funds to pay said taxa, assessmen~s. insurance Prereiums and ground rcnts. l.ender may no~ cha~ge for s<? holdina and applyinj the F~irtdc. analyzin~ said account, or verifyin~ and compiling uid asxssments and bills, unleu ~ender pays Borrower interat on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time ot execution ot this Mortgage that interat on the Funds shall be paid to Borrower, and unlas such agreement is made or applicable law rcquira auch inter~st to be psid. Lender shall no~ be rcquired to pay Borrower any interat or qrnings on the Funds. Lender shall aive to Borrower. without charge, an annual accounting of the Funds showing credits and debits to ~he Funds and the purpoae for which cach debit to the Funds wa~ made. The Funds arc plodgod u additional security for the sums secured by this Mortpae. If the unount ot the Funds held by Lender, together with the future monthly installments of Funds payabk prior to the due data of taxes. auessments. i~uurance premiums and ground rcnts, shall exceed the amount required to pay said taxa. u a:sptments. insurance prcmiums and ground rents as they tall due, such excess shall be, at Borrower s option, either pranptly rcpaid to Borrower or credited to Borrower on mon~hly instatlments of Funds. If the amouot of Ihe Funds held by Lender shall not be sulfcient to pay ta~ca, ass~ssments, insurance premiums and grou~xi ronts u they fall due, Borro~ver ahall pay to Lender any amount necessary to make up the deficiency within 30 days from the date ootice is mailed by Leader to Borrower requating payment thereof. Llpon payment in full of dt :ums ~cured by this Mor~gage, l_ender shall promptly rcfund to Borrower any Funds held by Lender. If u~er paragraph 18 hercof the Property i~ sold or the Properey ~s otherwise acquircd by Lender, Lender a6a11 apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Fund . held bv Lender at the time of application as a credit against the sums securcd by this Mortgage. 3. Applicatlos ot Paymeats. Unless applicable law provides otherwise, all payments rsceived by Lender under the Note and paragraphs 1 and 2 he[eof shall be applied by I.ender first in payment ot amounts payable to Leoder by Borrower under paragraph 2 hercof, t6en to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advances. 4. Cdu~es; Lient. Borrower shall pay all taxes, assessments and othcr charges. fines and impositions attributable to tbe Prbperty which may attain a pnority over this Mortgage, and leasehold payments or gmund rents, if any, in the ma~ner provided under paragraph 2 herco( or, if not paid in such manner, by Borrower making payment, wheo due, diroctly to the payee thereof. Borrower shall promptly turn~sh to Lender all not~ces of amounts due under this para`raph, and in the event Borrower shall make payment directly, Borrower shall promptly furnisfi to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has prionty over this Mongage; provided, that Borrower shall not be rtquired to dixharge any such lien so long as Borrower shall agree in writing to the payment of the obligatiun securcd by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or Jefe~d entorcement of such lien in. legal proceedings which operate to prevent the entorcement of ~he lien or forfeiture of the Property or any part thercof. S. Hazard I~urawce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by 6rc, hazuds includcd with~n the term "extFnded coverage", and such othtr hazards u Lender may require wd in such amounts and for such periods as Lender may reyuire; provided, that Lender shall not tequire that the amount ot ~ such coverage exceed that amount of coverage required to pay the tum.s secured by this Mortsaae. r The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. providod. ' that wch approval shall not be unreasonably withheld. All premiums on insurance policia sha1C be paid in the manner ' provided under paragraph 2 hereof or, ~f not paid in such manner, by Borrower making payment, when due, directty to the E insurance carrier. ~ - Al) insurance polic~es and renewals therrof shall be in form accepiable to Lender and shall include a standard mortgage claux ~n favor of and in form acceptable to Lender_ l.ender shall have the right to hofd the policia and rcnewals thereof, ~ and Borrow•er shall prompUy furnish to Lender aU renewal notices and all receipts of paid prcmiums. In the event of loss, ~ Borrower shall grve prompE notice to the insurance carner ~nd LenJer. Lender may make proof of {oss if not made promptly ; by Borrower. . ~ Unlcss Leneier and Borrower other.vise agree in writ~ng, insurance proceeds shall be applied to rcstoration or repair of ~ the Property Jamaged, provided such re~torat~on or repau is economically feasible and the security of this Mortgage is not thereby impa~red. If such restoration or repair is n~~~ economically (easible or if the securiry of this Mortgage would = be impaired. tht insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, 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 g date notice ~s mailed by Lender to Borrower tha~ the insurance carrier oHers to settle a claim for insurance benefits, l.ender ~ is authoriud to collect and apply the insuranct proceeds at Lender's option either to restoration or repaer of the Propert~ ~ or to t6e sums securod by this Mortgage. ~ Unless 1_ender and Borrow~er atherv?i~e agree m writing, any such upplication of proceeds to principal shall not extend ~ or postpone the due date of the monihly installmemc referred to in paragraph~ 1 and 2 hereof or change the amount ot ~ such installments. If under paragraph 18 hereof the Property is acywred b~ LenJer, all tight, litlt and interest of Borrower ~ in and to any insurance policies and in and to the proc:eeds thereof resulung from damage to the Property prior to th~ sale " ~ or acquisition shall pass to Lender to the r~tent ot the ~ums secured by this Mortgage immediately prior to such sale or acquisition. ~ 6. Presenation aod ~laiolenance of Propert~: Leasehulds; Condominiums; Planned Uait Developments. BorroK~er `e shall keep the Property in good repair and shall not comrvit yaaste ar permit impairment or deterioration of the Property ~ and shall compl~• with the provisions of any lease if this ylortgage ~c on a Icaschold. It this Mortgage is on a unit in a' condomin~um or a planned un~t de~•elopmen~, Borrower shall pcrtorm all of Borrowei s obligations under the declaraUon - or covenants creating or governing the condomimuin or planned unit developmeM, the by-]aws and regulations of the - condominium or planned unit developmen~, and constituent Jocument~. a conJominium or planned umt development ' ` nder is executed by Borrower and rerorded together ..ith thi. Mortgage, the covenants and agreements ot such rider shall be ~ncorporated into and shall amend :~nd supplement the co~enants and agreements of this Mortgage as ~f the riJer were a part hereof. ' ~ : 7. Protection of I.ender's Security. If B<~rmwer i,+~l. t~+ ~xrf~rm the covenants and agreements contained in this Mortgage, or .if any action .~r proceed~ng i~ cummrn~e~f which malenally atlccK Lender's interest in the Propert~•, including. but n~~t I~m~ted to, em~nent dom.+~n. in~~~henc~, axte enfor~ement. or arrangemems or pn~ceedings ~nvoh~ng a bankrupt or decedent, then Lender at Lender'~ ~~ption, uFxm n~u~ce to Rorrower. ma} make such appearances. d~sburse such ~ sums and ta1:e such actiun a~ ~s neceti~ar~ t.~ pmtect Lender's mtcrest. incluJing. but nc~t limited to, disbursement of • T = reasonable allomey'4 (~es and entry u~m thc Propcn~ t~ make rcpain. If t_ender reyuired morlgage insurance as a ~ condit~on o( making thc loan cecured b~ thiti Murt~.~gc. B~~rruwcr shall pay thc prcmiums requireJ to maintain such in~urance in ritect unUl sueh Ume as the rcyu~rrment f~r •.uch ~nsuranre term~nat~s in aecordance whh Borrov?er's and ' . ~ 900K ~9 t PAGE 287 ~ ~ ~ - _ _ - n~ , s,-