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Home My WebLink About0167 UNI~aR1~1 COVEN~NT3. Borrowe~ and Let~der cove~ant and a~~a ~s (ollows: 1. ~t ot hi~clMl a~i I~Me~f. Borrower shall promp~ly pay when due the principal ot and inlerest on the indebtednas evidenced by the Note. prep~ymeol and late charaec ac ~xovided in the Note, and the principal ot and intercst oe any Future Advances secured by this Mortsate. 2. lh~i tor TuN a~i lwe~ce. Subject to applicablc law ar to a written waive~ by Lende~. Bot*owe~ shall paY to Lenckr on the day mo~thly installments o( principal and ~nt~rcct arc payshle untler the Note. until the Note is paid en tull. a sum {herein "Funds") eqwl to ooe-twelfth of the yea~ly uac. an~l assessments whicA may sttain priority over this Mwtjaje, and ~round re~a on ~he Proper~y, it any, plus one-tweltth of yearly premium i~stallments for hazard insurance. plus one-twelfth oi yearly premium insullmeo~s tor mongage insurancc. if sny, all as reasonably estimated initially and t~om time to time by Lender on the buis of assescmcnts and hills and reasonable atimata thereof. 'il~e Funds shall be held in ao institwion the depos~u or accounts of which arc insurcd or guaranteed by a Federal otr state a~ency (including Lender if Lcnder is such an ins~itution). I.ender ahall apply the Funds to pay said taxes. assessme~ts. i~nurance p~emiums and awund rcnts. I.ender may not charge Io~ s~? holding aod applying the Fnnds. analyzin~ ~aid account. or vtrifyin~ and compiling said assessments and bill~, unteu l.ender pays Bonowe~ interat on the Funds and ~pplicable law permits I.ender to make such a charge. Barrowe~ and l.ender may agree in writing at the time of exaution o( this Mort~age that interat on the Funds shall be paid to Borrower, and unlas such agrament is made or applicable law rcquires such ioterat to be paid. Lender shall r?ot be required to pay Borrower any intercst or arnings on the Funds. Lender ~ sbaU ~ive to Borrower, without charge, an annual accounting of the Funds showing crcdits and debits to the Funds and the purpoae tor which each debit to the Funds wu made. The Funds arc plodged u addit~onal security for ~he sums secured by this Mortpge. If the amount o[ the Funds held by Lender, together with the future monthly installments of Funds payabk prior to the due data of ta~ca. sssesxments. insurance prcmiums and ground rcnts, shall exceed the amount rcquired to pay said taxa, a:seutnents. insurance premiums and ground rents u they tall due, such excess shall be, at Borrower s option, either pranptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds heW by (.ender shall not be sufficieat to pay taxes, assessments, insurance premiums and ground rents as they (all due, Borrower shall pay to Lender any amount necessary to make up the.deficiency within 30 days trom the date notice is mailed by Lender to Borrowe~ requating payment thereof. Upon payment in full of all :ums securcd by this Mor~gage, l.ender shall promptly refund to Borrower any Funds held~by Lender. It under puasraph 18 hercot the Property ia sold or the Property ~s otherwise acquircd by Lender, Lender shdl apply. no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held bv l.eackr at the time of application as a credit against the sums securcd by this Mortgage. 3. Applicatio~ of Payoeab. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by I.ender first in payment of amounts payable to Lender by Borrower uader pangraph 2 hereof, then to ~nterest payable on the Note, .then to the principal of the Note, and then to interest and principal on any Futurc Advances. 4. ChaRes; Lie4s. Borrower shall pay all ~a~es, asses~ments and othcr charges. fines and impositions auribwable to tbe Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hercof or, i[ not paid in such manner, by Borrower making payment, when due, dircctly to the payee thereof. Borrower shall promPtly furnish to LenJer all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to l.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has pnonty over this Mongage; provided, that Borrower shall not be ~ required to discharge any such lien so long as Borrower shall agree in wri~~ng to the payment of the obligation securcd by such lien in a manner acceptable to Lender, or shall in good faith tontcs~ such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or [orferture of the Property or any part thercof_ S. Hnzud Insurrnce. Borrower shall kcep the improvement. now existing or hereafter erected on the Property inwred against loss by fire, hazards included withm the rerm "~+~tendeJ coverage". and such other hazards as l.ender may require and in such amounts and for such periods as Lender may reyuire: 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. The insurance carrier providing th~ i~surance shall be chosen by Botrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shafl be paid in the manner provided under paragraph 2 hereof-or. ~f not pai~ in such manner, by Borrower making payment, when due, dircctly to the i insurance carrier. All insurance polic~es and renewa{s therrof shall be in form acceptable to Lender and shall indude a uandard mortgage ~ clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policia and renewals thereef, ; and Borrow•er shall promptly furmsh to Lender all renewal notices and all receipts of paid premiums. In the event of loss. Borrower shall grve prompt notice to the insurance carrier and Lender. LenJer may make proof of lou if not made prompUy by Borrower. ~ Unless I_ender and Borrower otherw~se agree in w•riting, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, prov~Jed such re~torauon or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired_ If such restorahon or repair i3 not ccor.cimirally feasible or if the securiry of this Mortgage would G be impaired. the insurance proceeds shall be applied to tt~e sums secureJ by this Mortgage. with Ihe ezcess, if any, paid ~ to Borrower. If the Property is abandoned by Borrower, or it Bormwer tails ro respond to Lender within 30 days from the ~ date notice is mailed by Lender ~o Borrower that ihe insurance carrier ofiers to settle a claim for insurance benefits, Ixnder ~ is authorized to coltect and apply the insurance Proceeds at l.ender's optiun e~ther to restora~~on or repa!r of the Propertv ~ or to the sums secured by this Mortgage. ~ Unless l.ender and Borrower otherwise agree in Kn~ing. an} such application uf prcxeeds to pnncipal shall not extend R or pustpone the Jue date of the monthly installmems referred tc. in paragraphti 1 and 2 hereof or change the amount ot x such installments. If under paragraph 18 hereof the ProF.erty is acywred b} Lender, ali nght, title and interest of Borrower ~ in and to any tnsurance policies and in and to thr pro~:eeds thereot resulung from damage to the Property prior to thc sale ~ or acqwsition shall pass to Lender to the eatent of the wms secureJ by this Mortgage immediately prior to such sale or ~ s acquisition. 6. Preservation aod ~taiotenance of Property; Leaseholds; Condominiums; Pfanned Unit De~•elopments. Borrower ~ shall keep the Property in good repair and shall not comrvi~ y.aste or permrt ~mpairment or deterioration of the Property : and shall comply with the provisions of any lease i( thi, Mungabe un a teasch~~ld. If this 4~lortgage is on a unit in a condomimum or a planned unrt Jevelopment, Borrow~er shall Fxrlorm all uf Borrower's obhgauons under the declaration - or covenants creating or governing Ihe condominium or pl~nned umt devel~~pment, the by-laws and regulations of the condomin~um or p{anned unit development. and constituent d~umentti. I( a cunJominium or planned unit development nder is eaecuted by Borrower and recordcd tugether w~~h thi~ 1~1~~rtgage. the covenams and agreements of such rider ; shall be incorporated into and shall amend anJ wpplrment the co~enants an~ agreements o( this Mortgage as if the riJer ~ were a part hereof. 7. Prottclion of I,enders Security. If 8~rr~~wer (ail. t~~ ~r(~~rm the covenam~ and agreements contained in this ~ Mortgage, ur if any achun ur proreedmg ~ti rummence.l w h~rh matrrially sllrc~s LenJer'c ~ntereu in the Property. mcluding. hut n~~t I~m~ted to, eminenl d~?ntain. in.~~l.rn~~, ~~~d< <nt~~rc~mrnt, ar arranK~mentti ~~r pmceedings invc~l~•~ng a bankrupt or decrdem. then LcnJer at.l enJer'~ c~ptu~n, uEx~n n~~tice ~r B~~rmwer. ma~ m,ke wrh ~p~xarances, dishurtie such sums ~nd ~ake such actiun a~ is nece~~ary~ h~ prutect LenJer'. imerest. inclu~hng. but n~~t hm~ted to. disbursemeM of ~ reasonable attorney'ti fecti and cntry uFx~n the Pmper~} ti. mal.e repa~n. I( Lrnder rcynireJ mortgage intiurance as a cundih~~n uf making Ihc It~an ~ecurcJ b} th~~ :11~~rlgaEc. &~rr~~~+rr shall ~a~ th~ prcm~ums rcyuireJ to mainta~n such i ~nsurancr in rlk~t until ~uch umc a~ Ihc reyuircmcnt f~~r .uch m~urancc tcrminatc. in .~c~ordancc K'IIFI BOff~~V1'l'f \ and i $ 16 ~ o~,<< r'~.~ ~ v 304 - ~ _ k~,..; - ~ r - ~ , r