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Home My WebLink About0806 . UNIPO~M COVBNAtiTS. Horrowet and Leade~ coveoant and s=roe u follows: ~~N ot h1~c~1 ri l~e~e,d. Borrower shall promp~l) psY when due tbe principal ot ar~d inlerat oe the indebtednps evide~oed by tlk Note, Ptepaymeot and late chargec ac ~uovided in the Note. and the principat ot and intersst oa any Futuro Advances stcurod by this Mortjase. 2. lhMi ter Tu~s ~ui tewrMee. Subject to applicabk law or to a written waive~ by Lende~. e~o*?~~ ~+.n wr to Lender on the day ma~thly installments ot principal and iotcrcct an payal~le under the Note. until the Note is paid in tull. a at~n (harein "Fund~'7 equat to orre-twelfth ot the yea~l~~ tasc. a~xl assessmen~s which may attaio priority ove~ this Mort~a,se. and ~round rents on tbe Propeny. if any, plus one•twel(th ot yeariy ptemium installments for hazard insurance. plus one-twelfth ot yearly prcmium inslallments tor monpse insursncc, it any, all u reasonabfy estimated initially and trom tima to tlme by Lender on tbe buis of assesimcn~s and hills and rtasonabk estimata theteof. ' 'll~e Funds shall be beld in an institution the depas~a or ~ccounts of w~hich ate i~sured or ~uaraoteed by a Federal ot state s~eocy (includina Lender if Lende~ is such an inslitutionl. I.ender shatl apply the Funds to pay said lua. astessments. insurance Qremiums and ~auod rcnts. I.ender may oot char~e ~or so holding and applyint the F~~nds. analyzins said accou~~ or verifyinj and complin~ uid assessmeots and bills, unlas Lender pays Borrower interest on the Funds aed applicabk 1aw ~ permits Lender to make such a charge. Borrower and l.ender may a~ree in writin6 at the time of exocution ot this ' Mo~a~e that interat on the Funds shall be paid to Borrowe~. and unless wch agreement is made or applicabk law requires auch interat to be paid. Lender shall not be rcquired to pay Borrower any interest or earnings on the Funds. Le~de~ ~ s!u!! pve to Botrower, without charge, an annual accounting of the Funds showina crcdits snd debits to the Funds and the purpose for which each debit to tbe Funds was made. The Fuods are pledged u additional security for the surtu secured by this Mort~ate. If the amount o[ tbe Funds held by Lender. togethe~ with the future monthly installments of Funds payabk prior to the due dates of tua, asxssmtats. insurance prcmiums and ground rcnts, 'shall exceed the amount requircd to pay said tana. ~ asteaments. insutance premiums and ground renu as they fall due, such excess shall bt. at Borrower s op~ion, either , promptly repaid to Bormwer or credited to Borrower on monthly installment: of Funds. If the amount of the Hunds heW by Leoder shall not be sut6cient to pay'taues. assessments, insurance premiums and ground rents u they fall due, Bomo~rer sball pty to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by l.eader to Borrower requesting Qayment theroof. , Upoa payaaent in full of all sums ~ecured by this Mongage, l.cnder sball promptly refund to Borrower any Fun~ hdd by L.ender. If u~der puagraph 18 hereof the Propeny i~ sold or the Propeny ~s otfiervvise acquircd by Lender, Lender s6a11 apply, no late~ than immediately prior to the sale of the Property or its acquisition by I.e~der. any Func' held bv L.ender at the time of application aa a credit against the :ums secured by this Mortgage. 3. A~pBcatio~ ot t~a~e~fs. Unless applicable law provides othcrwise, all paymenls received by l.ender under the Note and paragcaphs 1 and 2 hereof shall be applied by Lender Rrst in payment of amounts payable to Lender by Borrower uader paragrsph 2 hertof. tben to interest payabk on the Note, then to the principal of the Note. and then to interest and . ~ priacipal on any Future Advanoes. ~ " Cttrsa; Liew~. Borrower shall pay all taxes, assessments and ather charges, fines and impositions attributable to tbe Property which may attain a priority over this Mortgage, and leasehold payments or gr~nund rents, if any. in the mannGr provided under paragraph 2 hercof or, if not paid in such manner, by Borrower making payment, when due, directly to the payae theroof. Borrower shall promptly furnish to Lenckr aU notices of amounts due-under this pangraph, and in the evwt Borrower shall make payment diratly. Borrower shall promptly fumish to Lender receipts ev~dencing such payments. Borrower shdl promptly discharge any lien which has priority over this Mongage: provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation securcd by such lien in a ma~ner acceptabk to L.ender, or shall in good faith contes~ such lien by, or defend enforcement of such lien in, kgal proceedings which operate to prcvent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hatard lawrsnce. Borrower shall keep the improvements now cxisting or hereafter erected on the Property insured against loss by firc, hazuds included withm the term "eztended coverage", and such other haurds as Lender may rcquire and in such amounts and for such periods as Lender may require; provided, that Lencier shall not rtquirc that the amount of such coverage exceed that amount of coverage required to pay the sums securcd by this Mort~aae: The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shatl be paid in the manner providod under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, directiy to the inwrance carrier. . All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage i clause in favor of and in form acceptable to Lender_ Lender shall have the right to hold the policia and renewals thereof, ; and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums. 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 f by Borrower. - ~ Ualess ~ender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of y the Propeny damaged, provided such restoration or repair ~s economically feasible and the security of this Mortgage is ~ not ~hereby impaired. If such restoration or repair is not economically feasible or if the security of Ihis Mortgage would ~ be impaired, the insurance Qrocceds shall bt applied to thc sums secured by this Mortgage, with the excess, if any. paid Q to Borrower. If the Properry is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the § date notice ~s mailed by L.endtr to Borrower that the insurance carrier offers to settle a claim for insurauce benefits, l.ender ~ is aut6oriud to coltect and apply the inwrance proeeeJs at Lender's opltion either to restoration or repaer of the Propertv or to the sums secured by this Mortgage. a Unless Lender and Borrower otherv?~ice agree m w~nting, any such application of proceeds to principal shall not extend ~ or postpone ~he due date of the monthly installments referred ta in paragraph~ 1 and 2 hereof or change the amount ot ~ suc6 ~nstallmeuts. If under paragraph I8 hereof the Property is acyu~reci by l.ender, all right, title and interest of Borrower ~ in and to any R?surance policies and in and to thr proceecis thereof resulting from damage to the Property prior to th~ sale or acquisition shall pass to Lender to ihe eztent of the sums secured by this Mortgage immediately prior to such sale or ~ acquiaition. ~ 4 6. Preservatioo and Mainteoance of Property; Leaschulds; Condominiums; Planned Uait Devebpments. Borrower ~ shall Iceep the Property in good repair and shali not comcpit yvaste or perm~t impairment or deterioration of the Property ~ and shall comply with ~the provision$ of any lease if this Mor~gage is on a leaschold. If this Mortgage is on a unit in a ~ condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declarat~on a or coveoants~creating or govermng the condommium or planned unit develYpment, the by-laws and regulations of the - , condominium or planned unit development, and constituent document~. •I( a condominium or planned unit devel~pment E rider ~s executed by Borrower and recorded together wrth thi~ Mortgage, the covenants and agreements of such rider - shall be incorporated into and shall amend anJ supplement the cvvenants anJ agreements of this Mortgage as if the riJer ~ were a part hereof. . " 7. Protectioa of I.enders Securfty. If Borrower fail~ t~~ perfurm the covenants and agreements contained in this Mortgage, or if any action ur proceedmg is rummenceJ which materially afiects 1_ender's interest in the Property. including, but n~~t limited to. eminent domain, in«Ivenr}. code en(orcement, or arrangements or proceedings invol~~ing a bankrupt or decedent, then I.ender at I.ender's option, upon nohce to Borrower, ma} make such appearances, disburse such wms and take soch action as is necetcar}~ tu protect Lender's ~nterest. incluJing. but not limited to. disbursement of ~ reasonable auomey's tces and entry upon thc Propcn}• to mal~c rcpa~rc. If I.cnder reyuircd mortgage insurance as a ~ cond~Uon of making thc loa~ ~ecurcd b}~ this Martgagc. B~.nawcr shall pay thc prcmiums reqiured to maintam such insurance in etTect until such time as the rey~nremenl for tiuch msurancr tecmmate~ in accordanee with Borrower's and E ~ ° ~ 30 ~ RGf,~ 1 F~.~~~~ ~ 806 ~ zv ~ ~ ~x : ~ ~ ~ ~ ~ ~ ` , ~s.- _ w~ - . . , ~ ~ _