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Home My WebLink About0336 UNlPORI~ COV8NAN77. Borroww and L~nde~ covenant and atret u tollows: 1. t'iyweN o~ hMc1M1 ~ INeraf. Bo~tower shall promptly pay when due the principal ot snd i~terat on Ihe indebtedneu evidenced by the Note, Qrepaymeot a~td late chargec ac provided in Ihe Nole, and the principal of and intercst on any Future Advances secured by this Mortgaae. Fr~i tor Ttxa a~i Iwn~et. Subject to applicabk law ~.r to a written waiver by L.ender, eo~~~ ~n.u wy to Lende~ on tAe day ma~thly installments ot principal and in~c~cc~ arr payal~le unde~ the NWe, until the Note is paid in (ull, a sum (herein "Funds") eqwl to one-tweltth o( the yea~l~~ u~?~~ anJ assessments which may attain priority ove~ this Mort~~e. and ~round reotc on tl~e Propeny, if any, plus a?e-twelfth of yearly premium installme~ts for huard insura~ce. plus ooatwelfth of yearly Qrcmium iostsllments tor mortgage insurancc. if any, all as rcasonably estimated initially and from time to time by Lender oa the buis ot assessmcn~s and hills and reawnable estimates thereof. The Funds shall be held in an institwion Ihe depos~ta or accounts of which arc insured or gwnnteod by a Federal o[ state ageocy (includi~g Lender i[ Lender is such an inslitution). I.ender ahall apply the Fuods to pay uid uxa. asses,sments. inturanoe Qremiums and ar~wnd rcnts. I.ender may nc~t charge for so holding and applyina the Fundc. analyzing said account, or veriEyin~ and complina said assessments and bills, u~less Lende~ pays BorroweF intercst on the Funds and applicable law permits Lender to make such a charQe. Bc~rrower and Lender may aarce in writing at the time of executioo of ihis Mort~e tbat interat on the Funds shall be paid to Borrower. and unless such agreement a made or applicabk law requirsa such interat to be paid. Lender shall nat be rcquircd to pay Borrower any interest or earnings on 1he Fuods. Lender . shall give to Borrower, without charge, an annual accou~ting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds wu made The Funds are pledged u additional security for the sums secured by this Mortpae. _ If the amount o[ the Funds held by Lender, together with the future monthly installments of Funds payable prior to tbe due data of tues. assesxmoats. insurar~ce premiums and ground rcnts, shall exceed the amount_required to pay said taxa. assaanents. insurance prcmiums and gmund rents u they fall due, such excess shall be, at Borrovirer s option, either prompdy repaid to Bormwer or crodited to Bormwer on monthly installments of Funds. If the. amount of thc Funds held by I.euder shall not be suf6cieat to pay taxes. ssscssments, insurance premiums and ground rents as they fall due, ~ Borro~rer shal! pay to I.et~der any amount necessary to make up the deficiency within 30 days from 1he date ~otice is mailed by L,eader to Borrower requating payment thereof. Upon paymeat in full of all swns xcured by this Mortgage, l.ender shall promptly refund to Borrower any Funds held by i.ender. If under paragraph 18 herco[ the Property is sold or the Property ~s otherwix acquired by Lender, Lender s6a11 apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds h~ld bv Leader at the time of application as a crcdit against the :ums securcd by this Mortgage. 3. A~plicatio~ of p~4e~ts. Unless applicable law provides othenvise, all Paymenti received by Lender under the Note aad paragnphs 1 and 2 hereof shall be applied by t_ender first in payment of amounts payable to Lender by Borrower under puagraph 2 heooof, then to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advancxs. • 4. Charses; Lkns. Borrower shall pay all taxes, assescments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leaschold payments or ground rents, if any, in the manner pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee theroof. Borrower shall promptly furnish to l,.ender all notices of amounts due under this paragraph, and in ihe event Bo~rower shall make payment directly, Borrdt~iver shall promptly furnish to l.ender r~ceipts evidencing such payments. Borrower shall prompdy discharge any lien which has prionty over this Mortgage; provided, that Borrowtr shall not be requ~red to discharge any such lien so long as Borrower shall ag~ee in vvriting to the payment of the obligation secured by such lie~ in a manner acceptable to Leader, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the Gen or forfeiture of the Property or any pan thereof. S. Hazard Incurann. Borrower shall keep the improvemems naw• existing or hereafter erected on the Property insurod against loss by fire, hazards included withm the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such pcriods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. "Ilu insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lendtr, provided, tbat such approval shall not be unrcasonably wittiheld. All premiums on insurance policia sha11 be paid in the manner provided under paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment, when due, dircctly to the iawrance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lencier and shall include a standard mortgage ! clause in favor of and in form acceptable to Ixnder. Lender shall have the right to hold the policies and renewals thereof. ; and Borroa•er shall prumptly furnish to Lender all renewal notices and all receipts of paid prcmiums. In ihe event of loss. Borrower shall g~~•e prompt notice to the iosurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. - ' Unless Lencier and Borrower otherw~se agree in writ~ng, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such restora~ion or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. If such restorat~on or repair is not cconomically teasible or i( the securiry of this Mortgage would k be impaired, the insurance Qroceeds shall be applied to the sums secured by this Mortgage. with the excess, if any, paid ; to Borrower. If the Prope~ty is abandoned by Borrower, or i( Borrower (ails ~o respond to Lende~ within 30 days from the ~ date notice is ma~led by Lender to Borrower that the insurance carrier o(iers to settle a claim for insurance benefits. Lender 4 is authorized to collect and apply the inwrance proceeds at Lender's option either to restoration or repaer of the Propertv ~ or to the sums secured by this Mortgage. ~ Unless Lender and Borrower otherwise agree in wnting, any such application of pnxeeds to principal shall not extend ~ or postpone the duc date of the monthly installment~ rcfcrred to in paragraphc I and 2 hcreof or change the amount of suc6 installmen[t. If under paragraph 18 hereof the Prof,erty ~s acyuired by Lender, all right, title and 'interest of Borrower 3 in and to any tnsurance policies and in and to the proceeds thereot resultmg from damage to the Property prior to th~ sale or acquisition sh~ll pass to Lender to the extent of the yums aecured by th~s Mortgage immediately prior to such sale or ~ ~ acqu~sition. : 6. Presenation aod ~taialenance of Property; Leasehulds; Condominiums; Planned Unit Developments.~ Borrowcr - shall keep the Property in good repair and shall not comro~t yvaste or permit impairment or deterioration of the Propetty and shall comply with the provisiuns of any •leate if thu 4lortgagc iti on a Icaschold. If this Mortgage is on a imit in a ~ condominium or a planned unit development, Borrower shall pcrform all of Borrower's obGgations under the declaration ~ or covenants creating or guvermng the condomin~um or planned unit develvpment, the by-laws and regulations of the " conJominium or planned unit development. ~nd constituent Ja:umenis. I( a condominium or planned imit development ~ rider is eaecuted by Borroµer and recorded together K~th thn Mortgage, the covenants and agreements of such ridcr shall be incorporated into and shall amend and supplement thc co~cnants anJ agreements of this Mortgage as if the nJer ; were a part hereof. - 7. Protectioo o( Leader's Securfty. If B~rrower (ail~ ~xr(~.rm the covenants an~ agreements contained in this ~ Mongage, or if any action ur proreeding ~ti cummence~t which ma~erially a(iects Lender'c ~nterest in the Property, ~ includmg, but m~t limited to. eminent doma~n. irlu~lvenc~, c.uic cnt~~rremcnt. ~~r arr~ngrmentc or ptuceedings invol~~~ng a ~ bankn~pt or deceJem. then I.ender at LenJer', upuon, uEx?n ne~tice ~i~ B~rruwer, ma~ make wch appearances, disburse such ; sums and lake such action as ~s nece«arp tu protect Lender's ~nterest. ~ncluding. but not limited to. Jisbursement of : reasonable anomey't (ce~ and entry up~~n the Proper~~ to make repair~. If LrnJer rryuireJ mortgage in~urance as a condil~un o( mak~ng 1hc loan ~ecure.l by th~ti htortgagr. B~~rmwrr sh:~ll ray thr prcmi~nm rcyuired to maintain such ' insurance ~n ef(ect unt~t such ~ime JS the reyuirrment for ~uch insurance tc~minatr~ ~n :~ecordance wi~h Borrower's and ~ $~:.,r ~ c 3U1 ~ 336 ~ F4 ~ _ ' ~ Z ~ - Y ~"~~'"~s~- ~~~r~h~4 rrs~~~ ~ - F y~" ~ ~ ~ ~r i f~~ ' ~ ar ~~y :~s° ~i ~ ~ . _ . . ~~.,~r~ _a_.,... ,ti ~ s~' ~ ~ _ ~