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Home My WebLink About0953 UNIPORM COVENANTS. BOROWCr tQd Ll11dlf COVCf1AnI i11d i~fOC i5 IOIIOWi: 1. l~nat~t ot hlnclMl a~ IMenN. ;wrrowet shall promptly p~y when due the princjpAl o( a~d interest on the indebtedness cvidtnced by the Note, pmpayment and late charg~s as provi~ied in ihe Note. and the principal of arid i~tercst on any Future Advance~ secured by this Mortsase. 3. Frsds tor T~aas ~ni learMee. Subject to apQlicabk law or to a written w~iver by I.ender. Borrawer shall pay to [.eode~ on ~he dsy monthly installments ot principal and inte~est are payable under the Note. until the Note is paid in tuq, a tum (herein "Fundr") equal to one-twdith ot the yw~ly taxa and assasmenu which may attain priority over this Mort~aje. and `round reats on tbe P~+npeny. if any. plus oao-twclfth o[ yearly premium iastallmenta for huard insunnce, plus ~~-t~cittii uf yauiy p~emium insialime~u io~ mor~ta~e imurancc. if any. aii ss reasonabiy esiimaieo initiaiir rn~i Crvn, ~ time to time by Lender on the bua of assusments a~d bilb and rea:oaable eatimata tberoof. 'Iln Fein~ shall be beld in an institution the deposits or accounta of which are insur~ed or ~wnntoed by a Federal or state agency (inciuding Lender if i.ende~ is such an institutlon)• I.ender d?all apply tho Fursds to pay said tues. assessments. ir~uranoe premiurru aad jround rcats. Lender msy not chu~e for so holdins and applyin~ the Funda. ~nalyzia~ aid account, or vecifyin~ and oompilins uid asassments and bii4. unkss Lender pays Borrower interat on the Funds and applicabk !sw permits Lender to make such a char~e. .Borrowet and l.ender may agroe in writins at the time ot execution ot this Mortgages that interat on the Fuods shall be paid _ to Borrower~ and unlaa such a~rcrement a msde or applicable law roquira such interat to be paid~ Lender shall not be roquited to pay Borrower any interest or earnin~s on tbe Funds. Lender shaU ~ive to Borrower, without char~e. an snnual accounting of tt~e Hunds ahowing crcdib and debits to the Fun~ and the . purpoae [or which each debit to the Funcls w~ made. .71~e .Funds are pledged as additional security for the aums securod by thia Mort~aje. ~ lf the amount of the Funds held by Lender. to~ether with the future monthly instaliments of Funds payabk prior to ' the due data of taxa. assasments. insurance premiums and ground rcnts. ahail excoed the amount required to pay uid taxa. a:sa:ments. insuranoa prcmiums and gwund rents as they (sll due. such excess shall be. at Borrower's option. either promptly repiid to Borrower or crodited to Borrower on monthly instaliment: of Funds. If the amount of the Fun~ held by Leader stal! not be sut6cieat to pay taxes. aase~sments. insurance premiums and ground rents as they fall due. Borrower ~hall pay to I.eader any amount nea,saary to make up the deficiency within 30 days from the date notice is mailod by Lender w 8orrower roqualing paYment thereof. Upon payment in full of all.~ums socurcd by this Mortgage, l.ender ahall promptly rcfund to Borrower any Funcb held by Lender, lt under pua~aph 113 hercof the Property ~s sold or the Property u othervvise acqu~rcd by Lender. l.ender ahdl apply. no later than immediately prior to the s~le of the Property or iu acquisition by l.ender, aoy Funds held by Lender at the time of application as a credit against the :ums secured by this Morigage. ~ 3. Arplic~tioa o[ Pays~e~b. Unlesa applicable law provicka othenvise. all payments receivod by Lender under the Note and paragraphs 1 and 2 hereof shall be spplied by !_ender Brst in payment of amounts payable to l.ender by Borrower -under pangrYph 2 heroof. then to interest payable on the IVote, the~ to the principal of the Note, and then to intereit and principal on any Future Advances. 4. C6ar~a; Litas. 8orrower shall pay all taaes. assessmenta and other charges, fines and imposilions atlributabk to the Property which may attain a priority over this Mortgage. and. leasehold payments or greund rcnts, if any. in the manner provided under puagraph 2 hereof or, if not paid in such manner, by Bonower making payment. when due, diroctly to t6e . payee thereof. Borrowu ahall promptly furnish to Lender sll notioes ot amounts due under this paragraph, and in the eveat Borrower shall make payment dirocdy, Bo~rower shall prompUy furnish to l.enckr ra:eipts evidencing such paymenu. Borrower shall promptly discharge any lien which h~ priority over thia Mortgage; provided. that Barrower shall not be rcquired to discharge any such lien so long as 8orrower shall agree in writing to the payment of the obligation secured by sucb liea in a manner acceptabk to Lender. or shali in good faith contest such lien by. or defend enforcement of :uch "lien in, legal proceedings whicb operate to prevent the entorcement of the lien or fodeiture of tfie Property or any pan thereof. S. Hatard l~urasce. Borrower shall keep the improvements now existing on c~reafter erccted on ihe Property insured against !ou by fire. hazards included within the terrh "extended coverage", and such other hazards as l.ender may require and in such amounts and for such periods as Lender may roquire; provided, that Lenckr shall not eequirc that the amount ot such coverage excced that amount of coverage required to pay the sums securcd by this Mortgage. 'ilu insurance curier providing. the insurance sh~ll be chose~ by Borrovrer :ubjcet to approval by Lender; provided. that such approval shall not be unreasonably withheld. All premiums on insurance policia fhall be paid in tbe manner provided under paragraph 2 hercof or, if not paid in such manner, by Bonower making payment, when due, directly to ihe - i inaurance carrier. ~ ; All insurance policies and renewals thereot shall be in form acceptable to [.enJer and shall include a standard mortgage clause in favor ot and in form acceptable to Leader. Lender shall have the right to hold the policiea and renewals thereof. ' ' and Borrower shall promptly furnuh to I.eader all~ renewal notices and all receipts o[ paid prcmiums. In the event of loss. I Borrower shaU give prompt notice to the insurance carrier and Lender. l.ender may make proof of loss if not made promptly by Borrowu. Unlea~ Lender and Borrower otherwise agree in writing. insurance procoeds shal) be applied to restoration ot repair of the Property damaged, provided such reslorstion or npair is economically feasibk and the security of this Mortgage is not Ihereby impaircd. If such restoration or npair ia not economically feaaible or if the security of ihis Mortgage would be impaired, the insurance proceeds shall be applied to the aums 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 daya from the ~ date notice is mailed by Lender to Borrower that the insurance carrier ofTers to settle a claim for insurance benefits. Ltnder is autborizod to collect and apply tbe insurs?nce proceeds at Lender's option ather to reatoration or repair ot the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or pottpone the due date of the monthly ins1a11ments referred to i~ paragraphs 1 and 2 hereof or change the amount of suc6 instsllments. If under puagraph 18 bereof the Property is acyuired by L.ender, all right. title and intereat of Borrower in and to any insurance policia and in and to the proceeds thereof resulting.from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums xcured by this Martgage immodiately prior to such sak or acquisition. - . 6. Pnservatbs aod Mainteaaoce ot Properiy; I.easebolds; Condomfaiu~ Plsnned Unit DereloPioents. Borrowcr shall keep the Property in good repair and shall not comn~it waste or permit impairment or deterioration o[ the Property and shall comply with the provisions of any lease if this Mortgage is on a leaschold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrowet's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and cegulations of the condominium or planaed uait development. and constituent documems. If a condominium or planned unit development rickr is executed by Bonower s?nd recorded together with this Mortgage, the covenanta and agreements ot such rider shall be incorporated inio and sball amend and supplement the covenants and agreements of this Morigage u it the rider - were a part hereof. 7. Protectbe d[.eode~i Security. tt Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects l.ender': interest in the Property, including, but not limited to, eminent damain, ensolvency, code en(orcement. or arrangements or proceedings involving a bankrupt or decedent, then [.ender at Lender's option, upon notice to Bonower, may make such appearances, disburae auch sums and take such ution as it nuessar}~ to protect Lender s interut. including, but not limited to. disbutsement of reasonable attoiney's tces and entry upon the Property to make repairs. If [.ender required mortgage insurance as a conditioo of making the loan secured by thia Mortgage, Borrower shrdl pay the premiums required to maintain such iniuraoce in effect until such time u the requirement for str:h insurance terminates in accordance with Borrowers and ~ . - a~`l ~98 ~~a~,f -353 ~ ~ ~ _ _ _ _ . _ . d~. +~v ~ra W. 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