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Home My WebLink About0759 Unt~o~ut Covan~t+TS. Bormwer and Leade~ covenant and s~roe u follows: . , 1. ~a~wwt N lei~elM1 ~i 1Me~af. 8orrovrer shall pranM~) WY when due the principal of and iotcrcst oe the indebtcdnas evidenood by tbe Nota, Pcepaymec~t s~d late chargec a.c ~uovided in the Note. and the princiPal ot and intetest oa aay FWun Advanc~ secured bp this Mortsate. 2. l4~ tor TasM ay ir~ea~ee. Subject to applicabk law ~x ~o a writt~n waive~ by Lender. Bormwe~ s~+all paY to [.ender on the dsy monthlp iastallmenu of ptiecipal a~d intcrca rn payabk uoder the Note. until the Note is paid in tull, a wm (harcin "Fw~dt'~ eqwl to a~e-tweltth ot the yeaA~• ux~y anJ assasnxnts which msy sttain priority over this Mortsa~e. and ~cound natc on tbe P~+eperty. if aey. plus a~e-tweltth of yeuly premium i~stallrtw~ts for hazard insurance. ~ plus ax-tweltth of yearlY prc~nium installments tor mottas~e inu~rancc, if aoy, all as resso~ably estimated initially and froan ; time to time by Lender oa tbe bssis of assa-smcnts an~i hills aod roasonabk estimata theroof. 'Ibe Fur~ds shall be held in an instituti~n the deposiu or ~ccounts of which arc insured or auarantecd by a Federal ot . •tate ssency (includins L.tnder if Lcnder is such an inslitutionl. I~nder shall apply the Fu~ds to pay said taxa. assessments. inwtanoe premiums and ~raund rents. t.ender may not charge for so holding snd applyins the F~md~. analyzing said account, oc verityint and oompilina said assasments and bilh, unless Lender pan Borrowe~ i~terest on the Funds and applicabk law pemats L.e~der to make such a cbarge. Borrower aad Ltnder may agrce in writina at the time o[ exaution oi this Mortp~e that interat on the Fuads sl~all be p~id to Borrowe~, and ualess auch aareement is made or applicabk law N e r+equira such i~terat to be paid. Leeder shatl not be requircd to pay Borrowe~ any iRterest or earnings on the Funds. Lender s1u11 ~ive to Borrower, witlaut charge, an annual accounting of the Funds showing crcdits and debits to the Funds and the purpose for which each debit -to tlx Funds was made. The Funds are pled~ed u additional security Eor ~he sums socured ~ bY this Morttaie• If the amount of t6e Fuad~ hdd by I,e~der. together with the future monthly. i~stallments of Funds payabk prior to the due dates of tua. assasmeats, inturance premiums and g~ound ceots. shall exceed the amount roquired to pay said taxes, . au~nents. iasura~oe pnmiums aad ground rents u they fall due. such excess shall be. at Borrower's option, either promptly repaid to Bomower or crodited to Borrower on monthly i~utallments of Funds. lf the amount of the Funds ~ 6eW by Lender shaU aot be su~cienf to pay tues. assessments, insurance premiums and ground re~ts as they fall due. ~ Bon+owre~ shall pay to I.eader any amount necessary to make up tAe de6ciency within 30 days from the date notice is mailed by Lender to Borrower roquating payment thereof. ' Upon payment in full of dl sums secured by this Mongagc, l.ender shall promptly refund to Borrower any Fun~ held 6y I.ender. If u~der para~aph 18 heroof the Propeny n sold or the Propcny ~s othcrwise acquiced by Lender, Le~der shall apply, no later than immediately prior to the sak of the Propeny or its acquisition by L.ender. any Funds held bv Leoder at the time of apptiation ~ a credit against the sums securcd by this Mortgage. ? 3. A~pBcatios ot Pay~e~b. Unlas applicable law provides otherwise. all payments receivod by Lender under the Note and paragnphs 1 and 2 hereof shall be applied by Lender first io payment of amounts payabk to Lender by Borrower uader pusgrsph 2 hereof. thea to interest payabk on the Note, then to the principal of the Note. and then to interest and principal on any Futun Advanoe.t. e, C~arsefi LkmF. BoROwer shall pay all taxes, assessmenls aod other charges, fines and impositions attributable to . tbe Propetty which may attain a priority over this Mortgage, and leasehold payments or ground re~ts, if anY, in the manner provided 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 Lender all notices of amounu due under this paragraph. and ~n the event ~ Bornower shall make payment diroctly, Borrow~r shall promptly furnish to Lender receipts evidencing such payments. Bonowei shall ptomptly discharge sny lien which has priority over this Mongage; provided. Ihat Borrower shall not be • _ rsquired to discharge any such lien so bng as Borrower shall agree in writing to the payment of the obligatiun secured by ~ such lien in a man~er acceptable to L.ender, 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 lien or forfeiture of the Property or any part thereof. :i S. Hazard laswawce. Borrower shall keep the improvements naw existing or hereafter erected on the Property insurod ~ against loss by fire, hazards included within the term "extended coverage", and such other hazards as l.ender. may require ~ , and in such amounts and for such ptriods as Lender may require; provided, that Lender shall not require that Ihe amount of ~ ! such rnverage eaceed that amount of coverage required to pay the sums secored ~y this Mortsa~e. ` ~ '!be insurance carrier providing the insurance shall be chosen by Bonower subject to approval by Lender. provided, ; ~ that such approval shall not b~ unrcasonably withheld. All premiums on insurance policies shdl be paid in the manner ~ provided under paragraph 2 heroof or, if not paid in such manner, by Borrower making payment, when due, directly to the ~ i insurwce carrier. ~ AIt insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of and in forrn acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. ~ and Borrower shall promptly furnish to Leoder all renewal notices and all receipts of paid prcmiums. In the event of loss. . ~ Botrower shall give prompt notice to the insuraoce carrier and Lender. Lender may make proof of loss if not made promptly ~ by Borrower_ - ~ . Uniess Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property Jamaged, provided such restoration or repair is economically feasible and the seeurity of this Mortgage is F not thereby impaired_ If such restoration or repair is not economically feasible or if the security of this Mortgage would ~ be impaired, the insurance procceds shall be applied to the sums secured by this Mortgage, with the excess, if any. paid to Borrower. If the Property is abandoned by Bc~rrower, or if Borrower fails to respond to Lender within 30 days from the date aotice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, l.ender is authorized to collect and apply the insurance procceds at Lender's option either to restoralion or repair of the Propenv 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 postpone the due date of the monthly installmcnts referred to in paragraphc 1 and 2 hereof or change the amount of ; ~ wch installments. If under puagra,ph IS hereof the ProE,erty is acquired by l.ender, all right. tiUe and interat of Borrower ; in and to any it~surance policies and in and to the procceds thereof resulting from damage to the Property prior to th~ sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or - acquisition. - ~ 6, Preservation and Maintenance of Property; Leasehulds; Condominiums; Planned Uttit Derelopments. Borrow•er shall iccep the Properiy in good repair and shall not comro~t yvaste or permit impairment or deterioration of the Properry ~ and shall comply- with ttie ptovisions of any leau i( th~s Mortgage ic on a leaschold. If this Mortgage is on a unit in a condominium or a planned unit cievelopment, Borrower shafl per(orm all of Borrower s obligations under the declaration ~ or covenants creating or governing the condominium or. planned unit development, the by-laws and regulat'sons of the ? condominium or planned unit development, and constituent doc:umem~. !f a condominium or planned unit development ~ ~ rider ~s executed by Borr~wer and recorded together with ~his Mortgage, the covenants and agreements of such rider ~ shall be incorporated into and shall amend and supplcment the covenants anJ agreements 'of this Mortgage as if the rider ~ were a part hereof. ; 7. Prolection of Lendt~'s Seeurfty. It ~orrower fa~l~ to perform the covenants and agreements contained in this ~ ~ Mortgage..or if any achon or proceeding is rommence.l v~~h~ch materially afiects LenJer's interest i~ the Property, includmg. but m~t 6m~ted ~o, emment domain. insc~lvenc}~. rode enf~~rcement, or arrangementc or proceedings involving a ~ ~ bankrupt or decedent, then I~ender al LenJer's option, upon n~dce to Borrower, ma~ make such appearances, Jishurse such sums and take such action as is necessary tu prc~tect Lender's mterest, including. but not lim~ted to. disbursement of ~ re~sonable at~omey's fces and en~ry upon Ihc Propcrl~• to make repairs. If I_cnder reyuireJ mortgage insurance as a ~ cond?tian of mak~ng the loan secureJ by this Mcxtgage. B~rmKCr shall pay the premiums requireJ to mainta~n such ' ~ insurance in ettect until such time as ~he reyuiremem for w~h msurancr termmatrs in accordance with Borrower's ahd ~ • ~ 3QRK ~U~ N4CE 7~9 ~ - _ _ _ ~ _..u. , ~ ~ . _ _z. . ~ . y