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Home My WebLink About0005 ~ . UN1F0~1[ CovcrreKts. Borrower and Lrnder covenant and agsee u tollo~n: ~ 1. Paymeat af Priaclpa~ and Interat. Borrorrer shall pmmpdy pay when due the principal o[ a~d interest on the indebtednea evidenced b~ the Note. prepaytaent a~d late charges as provided io the Note. and the principal ot and inta- eu on any Future Adranca secured. by this Mortgage. Y. F~nds [oe T~ca aod Inwrance. Subject to appliuble la~? or to a written wa+ver by Lender, Borrower shall pay . to Lender on the day monthty insullmena of ptincipal and interesc are payablc under the Noce. until the Noce is paid in tull. a wm (hereQn "Funds") equal to onatwelfth of the yearly •taxa and as~essmenu which may attaia priority over this I~tortgage. and arou~d rents oa the Propertr. iE any. plw onaavel[th of yeuly premium insullments tor haurd inwrance, plus ono-twtUth ot ytuly premium installments (or aartgage inwranct, if d~y. aU as rcasonably euimated initially and trom tiaae to time b~ L.ender oa ihe baus o[ as~essments and bltls and reasonable atimata thereof. . 'The Funda shall be held i~ a~ ~nstitution che depoaits or acrounts of w+hich are. inwrcd or guaran~eed. by a Federal or scaee agency (inctudin~ Lender i[ Leader i~ wch a~ inscitution} I.ender ~aU aPP1y the Fu~ds co pay said taxa, assa~enu. ` insunnce premiums and grou~d reats.' I.cnder may ~wt chat~e tor a holdiaa at~d applying the Funds, analyzing said u ~ munt. or vaifying and oomplling said assasinents and bills, unleu Lender pa~ Borrower interest on the Funds and ap~ plicable la~r permits Lender to make such : charyse. Borrower and Lendtt may agree in writing at the time o[ e7cecvtion of this Mongage that intetest on the Funds shall be paid to Borro~rer, and unless wch agreement is made or applitable la~r , requires such intereu to be paid. Lender shall not be m~uired to pay Botroatr any interesc or earnings o~ the Funds. Len~er - ~ shall give to Borrorrtr. withoat charge. an annual aoeouating o[ the Funds ~?owing crediu and debiu to the Funds and the purpose tor which ach debit to the Funds ~vu mada The Funds are pledged u additional security for _ the sums secured by this 1?iortgage. If the awount ot t6e Funds held by I.ender. together aith the future monthlr insuUmenu of Funds parable ptior to the due data of taxes. a~essments. insunnce premiwns and ground rents. shall pcceed the auwunt required to pay said taxes. asstssmentt, insunnce premiums and grrwnd rents u they tall due. wch acce~ shall be, at Borrowet's option, eit6er prompdy repaid to Borro~?tr or credited to Borrower on monthly instaliments o[ Fu~ds. IE the amount oE the Funds hdd by Lender shall not be su~ticient to pa~r tua. assessmenta, insunnce premiums and ground rents u they tall due. Borrower shall pay to I.ender any amount necessary to make up the defidency w+ithin 30 days trom the date notice is mailed by Lender to Borrorver requating pa~rtnent thereoE. ' ' ~ Upon pafinent in full of aU suais secured _by this Mortgage. Lenda shall prompdy refund to Borrower any Funds held by I.ender. IE uadet paragraph 18 hereof che Proptrty is sold or the Property is otherwise acquired by Lender, Lend~r shall apply, no later than immediatelr prior to the sale of the Tropertr or its acquisition by Lender, any Funds held by Lender at the time oE applicatio~ ~ a credit against the sums secvred by ehis ~tortgage. 3. Applkation af Papnents. Unless applicable law provides otherrvise. all payments received by I.ender under the Note and pangraphs 1 and Y herco[ shall be. applied by Lender first in papment of amounts payable to Lender by Borrower under paragraph 4 hereof, then co interest pa}~able on the Note. then to the principal oE the Note, and then to intereat and principal on any Future Advanc~es. 4. (~arge~ Liens. Borrovrer shall pay all wca, asxssmenu and other durges. Eines and impositions attribuuble to the Property which tnay atuin a priority over tnis Nortgage. and leasehold payments or ground nnts, if any, in the man- ner providtd under patagnph Y hereof or, i[ not paid in such manner, by Borrower making payment. when due, direcdy to the payee thereoE. Borrower shall prompdy turnish to I.ender all nocices of amounts due under this pangraph. and in the event Borrower sha1J make payment dirrcdy. Borrower shall prompdy [urnish to Lender receipts evidtncing such paymenu. ' Botrower shall prompdy dischatge any lien which hu prioritr oa•er this Aiongage; provided, that Borrower shall not be.m quired to discharge any such lien so long as Borrower shall agree in writing to the paymene of the obligation secured by sucL lien in a manner acceptable to Lender. or shall in good [aith tontest such lien by, or de[end enforcement of such lien in, le- gal prooetdings whic6 operate to prevent the enforcement oi the lien or •forEeiture of the Property or anr part t~ereof. 5. Haurd Inauanae. Borrower shall keep the improvtmenu now exiuing or hereafctr erected on the Properry in- sured agiinst loss br fire. haurds induded within the term °excended mvenge", and such other hasards u Lender may re- quirc and in ~ch amounu and for such periods as L.ender may require; provided, that I.ender shall not require that the amount of wch oovenge exceed that amount of mvenge required to pay the sums secvred by this Aiortgage. , The inwrana r.arrier providing the insunnce shall be chosen by Borrorrer subject ~to approval by Lender: pmvided. that such appmval sLall not be unreawnably withheld. All ~premiums on insunnce policia shall be paid in the manner ; provided under pangraph Y hereo[ or, i[ not paid in such manner, by Sortower t~aking payment, when due, direcdy to ; the insunnce arrier. ~ ~ All insuranct polida and nntwals thereof shall be in fotm acceptable to Lender and shall indude a standard mort- gage dause iii favor of and in torm acceptable to Lender. Lender shall have the right to hold the policies and reriewals thereof, and Borrower shall promptly [urnish to Lender all renewal notices and all receipu of paid premiums. In the erent ~ of loss, Botrower shall give prompt notice to the insurance carrier and Lender. Lender may make proot o[ loss if not made ~ prompdy by Borrower. • Unlaa Lender and Borrowtr otherwise agree in writing, insunnce proceeds s6all be applied to mtontion or npair of the Propeny.damaged, provided such restoracion or repair is economically feasiblt and the security of this Mortgage is not thereby impaired. IE such restontion or repair u not toonomicaUy fnsible or if the security of this ~tortgage would bt im- ~ paired, the insurana proceeds shall be applied to the wms secuted by this 1ltortgage, with the excess, i[ any, paid to Bor- roMer. If tht Property is abandoned by Borrower, ur iE Borrower fails to tespond to I.end;,~r within 30 dars from the date notice is mai~ed by Lender to Borrower that the insunnce qrrier o[ftrs to setde a daim for insunnce benefits, Lender is authorized to mUect and apply the iosurance proceeds at Lendei's option tither to restontion or repair of the Propertp or co the sumi secured by this Mortgage. . Unless Lendtr and Borrower otherwise agtee in writing, an}+ such appliation oE pr«eeds to principal shall not dctend or postpone the due date of the monthly installmenu reEerred w in paragnphs I and 2 hereol or change the amount of such insullmtnts. If under pangnph 18 heteot the ProptrtY is acquired by Lender, all right, tide and interest of Borrower in ~ and w any insurance policies and in and to the praeeds thereot teaulting from damage to the Propeny prior to the sak or acquisicion shall pass to Leader to the extent oE the sums secured by this Mongage immediately prior to suc~ sal~ or ~ acquisition. ~ ~ ~ 6. P~+aenation and Maintenaaee oE Propertr: Leaiehold~ Condominiumr Planned Unit_Derdopments. Borrorrer shall keep the Propert~r in good repair and shall not o~tnmit wute or petmit impaitment or deterioraeion of the Property and sha11 comply with the pmvisioris of any lease if this Mortgage is on a leasehold. If this 1!lortgage is on a unit in a _ G condominium or a planned unit developmenc, Borrower shall perform all of Borro~ver s obligacions under the declantion ' ~ or rnvenants creating or governing cbe oondominium or planned unit derelopment, the b}r-laws and regulations oE the oondo- ~ minium or planned nnit development, and rnnuituent documents. II a condominium or planned unit development rider is 5 acecvted bq Borrower and raorded together with this Mortgage, the rnvenants and agreements of such rider shall be in- ~ corponted ineo and shall unend and wpplement the covenanu and agreemenu of this Atortgage as if the rider wero a part ~ hercoE. ~ . ~ 7. Protection oE Lender's Secvriq. If Borro~rer fails to perEorm the covenants and agreemenu contained in this . ~ Mortgage, or if any action or proceeding is commenced whith materially affats Lender's interest in the Property, including. but not limited to, eminent domain, insolventy, code enfarcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender s option. upon notice to Borrower. may make such appeannca, disburse auch sams - and talce such action as is nccessary to pmtect I.ender's interest, including, but not limited to, disbursement of reasonable ~ attorney's fees and entry upon the Propeny co make repain. lf Lendtr required mortgage insurance as a condition of 5 making the loan secured by this Moctgage, Borrower shall pay che premiums required eo maintain such insurana in eE- ~ tece until such time as ehe nquiremene tor such inwrance terminaces in accordance wich Borrower's and Lender's wricten ~ ' . 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