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Home My WebLink About0179 UNITORM COVENANTl. Borrowe~ and Lender coveoan~ a~d aaree u[oilow:: h,j~e~t o~ lri~c~l a~i iMe~al. 8orrower shall prompdy pay when due Ihe principal of and i~tercst on the indebtednas evidenad by the Note. prcpaymeol and late ch~rgt~ a~ provided in 1he NWe, aod the princ~p~l ot ~nd ~ntercst on any Future Advsnces secur~d by this Mortgaje. 2. 1ti~i tor Tua ~i I~an~ee. Subjecl to applicahlc law to a written waive~ by I.e~der. Borrower shall pay to Leoder oo the day monthly installments of principal and ~ntcrcc~ arc payahle unde~ the NWe. until the Note is paid in tull, a sum (heroin "Funds") equal to one-twelfth of ~he yearl~ ~asc. ~nJ asxssments which may attain priority ove~ this Mo~a~e. and ~round renu on the Pmperty. it a~y, plus one-tw~ltih of yearly prcmium installme~ts tor huard insunnce. plus oae-twelfth of yearly prcmium installments (or mongage ins~~nncc, it any, all as rcuonably estimated initially and trom time to time by Lende~ on the buis of assessmcnls and hills and reawnable estima~es thercof. The Funds shall be held in an institution ~he depo~us or ~ccounts ot which are insurcd or guannteed by a Federal ot ttate agency (includin~ Ltnde~ if Lcnder is such an institutionl. I.eoder shall apply the Funds to pay said taxa. asseuments. insurance premiums and ground rcnts. I-ender may not charge tor so holding and applying the F~mdc. analyzing caid account. or verifyin~ at~d comqling uid assessments ~nd bills, unless ~ender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrowe~ aod [.encier may agrce in writing at the time ot execution ot this Mort~aje that interat on the Funds shall be paid to Borrower, and unlas such agreeme~t is made or applicable law requira such interat to be paid. Lender shall nat be required to pay Borrower any interat or earnings on the Funds. Lender shall 6ive to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for whicA each debit to the Funds wu made. The Funds arc plodged u additional securiry for the sums securcd by t6is Mortpge. IE the amount o[ the Fuads held by Lender, logether with the futurc monthly installments of Funds payable prior to the due data of tues. assessmenu. insurance prcmiums and g~ound rents, shall exceed the amount required to pay said taxes, asseu~nents, insura~e prcmiums and ground rents as they (all due, such excess shall be, at Horrower s op~~on, either pranptly repaid to Bormwer or crodited to Borrower on monthly installments of Funds. If the amount of the Funds held ~y Lender shall not be su~cient to pay tua, asxssments, insurance premiums and ground rents as they fall due, Bormwer shall pay to Lender any amount necusary to make up the de6ciency within 30 days trom ~he datc notice is mailed by Leader to Borrower requating payment ~hereof. Upon payment in full of all :ums securcd by this Mongage, l.ender shall promptly rcfu~d to Borrower any Funds heW by Leader. If under puagraph 18 hereof the PropeAy i~ sold or the Property ~s otherwise acquired 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,eoder at the time of application as a craiit against the sums securcd by th~s Mortgage. 3. Applicatioe ot Paymeats. Unless applicable law provides otherwix, all payments received by Lender under the Note and paragnphs I and 2 hereof shall be applied by l.enJer first in payment of amounts payable to Lender by Borrower uader paragraph 2 hercof, then to interest payable on the Note, then to the principal of the Note, and ~hen to interest and pnncipal on any Futun Advanca. C6artes; i.kes. Borrower shall pay all ~aties, assescmeots and o~her charges fine~ and ~mpositwns attributable to tl~e Property which may at~ain a pnority over this Morlgage. and leasehold payments or ground rents, if any, in the manner . pcovided under paragtaph 2 hercof or, it not pa~d in such manner, by Borrower making payment, when dtie, diroctly to the payet the~eof. Bo~rower shall promptly furn~sh to Lender all notices of amounts due under this paragraph, and in the event Borrower shall malce payment dirttitly, Borrov?•er shall promptly (urnish to l.ender receipts evidencing such payments. Borrovrer shall promptly dixharge any lien whi:h has pri~nty over th~s Mortgage: provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment ot the obligatiun securcd by such 6en ~n a manner acceptable to Lender, or shall in g~?d faith conte~~ such lien by, or defend enforcement of such lien in, tegal proceedings which operate to prevent ~he enforcement of ~he lien or forfeiture of the Propeny or any part thereof. S. Hanrd Insurance. Borrower shall kcep the ~mprovementc now existing or hercafter erected on the Propeny insored against loss by 6re, hazards included withm the term "c~tendrd coverage", anJ such other hazards as l.ender may reyuire and m such amuunu and for such periods as Lender may reyuire; prmideJ, that Lender shall not require that the amount of such coverage exceed that amount of coverage reqwred to pay the sums ;ecured ~by this Mortgage_ 'I~t ~nsurance carrier providing the insurance shall be chosen by Borrower subject to approval by LenAer, provided, thaC such. approval shall not be unreasonably withheld. All prem~umc on insurance policies shafl be paid ~n the manner provided under paragraph 2 hereof or, if not pai~ in such manner, by Barrower mak~ng payment, when due, directly to the r insurance carrier. ~ All insurance po6c~es and renewals therrof shall be in form accept:~ble to Lender and shall include a standard mortgage clauu in favor of and in form acceptable ~o Lender. l_ender sh•rll have the right to hold the p.~licies and renewals thereof. F and Borrow~er shall promp~ly furnish to Lender all renewal nouces and all rece~pts of paid premiums. In the event ot loss, ~ Borrowtr shall g~ve prompt noUce to the insurance carner and LenJer. Lendcr ma}• make proof of loss iE not made promptly f by Borrower. g Unless l.ender and Borrower othen.~~,e agree in vrnting, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, prov~Jed such res~orat~on or repa~r a economically~ feasible and the security of this A~ortgage is ~ not thereby impa~red. If such restor::~~on or repair is nu~ rconomically (casible or if the security of this Mortgage would ~ be impaired, the insurance proceeds shall be applied to the sums secureJ by this Mortgage. with the excess, if an}•, paid ~ to Borrower. If the Propert} is abandoned by Borrower, or it Borrower fails to res~nd to Lender within 30 days from the ~ date notice ~s mailed by Lender to Borrower that the insurance carner otiers to seiUe ~ claim for insurance benefits, lxnder ~ is author'rzed to collect anJ apply the msurance proceeds ~t Lendcr's up~i~~n either to restoration or repa~r of the Propertv ~ or to the sums secureci hy this Mortgage. Unless l.ender and Borrower otherwitie agree ~n wntmg, any such application of prcx:eeds to prine~pal shall not extend ~ or postpone the duc Jate of the monthl}~ installment~ rc(crred ti~ in paragraph, I and 2 hereof or change the amount of ~ such ~nstallme~ts. If under paragraph 18 hereof the ProE.ert} n acyuired M Lendcr, a!I nght, tiUe and interest of Borrower in and to an~ Insur~nre policies and in and to thc pro~:eeds thereof resulting trom damage to the Property prior to th~ sale ~ or acquisition shall pass to Lender to the e+tent of the ~um~ Secured by th~i titortgagc ~mmediately pnor to sueh sale or ~ acquisition. ~ 6. Presenation and ~tainten~nce of Property: Leasehulds; Condominiums; Planned Unit Ue~•elopmrnts. B~rrowcr shall keep the Property in good repair and shall not comrpit ycaste or permh impairment or deterioration of the Properry ; and shall compl~ with the provisions of any lease i( th~~ `lurtgage un a Ic:~sch~~IJ. If this Mortgage is on a unit in a condomimum or a ptanned unit de~•clopmenl. Borrower ~hall perl~xm all of Borrower's obl~gadons under the declaratiun or coveoanta creating or governing ~he condumimum or planncd ~mrt developmcnt, the by-laws and regulations of the ~ condominium or planned unit development. .,nd ~ons~ituem ~~xumen~.. 1( ~ cun~ominium or planned unit development - nder ~s executed by Borrower and rer~rded ti~gc~her w ~th ~hi. M~~rtgage. thr covenants and agreements of such ridcr sball be incorporated ~nto anJ shall amend anJ ;upplement the co~enanlt anJ agreements th~~ Mortgage as if the rider Kere a part hercof. 7. Protection of Lenders Securfty. I( B~.rr~~wer t:+~h t~~ ~rt~~rm the covenant~ and agreements rnntained ~n this Mortgagr, or it any achon ur prckeeJing n r~~mmrncrJ .+h~.h malrriall~ .~fTrctti I.cnJer'ti ~nteretit in the Proper~y, ~nclud~ng. but n~~t lun~~cd tu, emincnt domam. in~~~lticnc}. .~~dr rn}.~r:cmcns. ~~r :uran~;rmrntc c~r pr~kccdings im~okmg a ; bankrupt or Jerrdent. then Lender at Lender'i i~pti~~n, u(w~n n~~tice i~? H~?rr~~wrr. ma~ m:ike ~uch appearances, J~~hur~e such sums and take such acuun sti ~s neccti~ar~ t~~ pr~~trct Lender'. intrre~L inclu~ting. bul not lisnrted tu, d~~bursement of sa reasonahle att«rney'ti fre~ and cmry u~m thr Yre~pcr~ti t~~ m~Ae repa~r.. It I.cndrr reyuirc~l m<~rlgage insurance as ~ cund~tum u( makmg thc loan kcured h} this ~t~~rt~acr. B~~rr~~~rr sh.~ll ~a~• thr prcmiumti reyuireJ t~~ mainlain such _ insurancr ~n effeit unul tiuch tim~ as thc reyuiremen~ irr .uch +nwian;r termin:dr~ in .~r;ordance Hith Borr~~wer', anJ ~ r ~ ~ ~3U4 ~ _ ~ r : = - . x .x _ ~ . ~2 I~ - < + ~~~.~~~~~~~~r : % ~ _ . _