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Home My WebLink About0623 UNIlORl~4 COVBNANTS. Bot~rower and l.ender covenant and s~ree ss [ollows: !'~,~r~eN ot teMe1M1 a~i t~1e~e~1. Bormwer shsll p~omptly pay when due the principal of and intarat on the indebt~dnat evidenoed bp the Note, P(epayment aod late charges ac provided in the Note, and the principal of and interest on aoy Futuro Advances secured by this Mort~s~e. 2. l~wi tor Ta~[a aM lwn~ea Subject to applicabk law u~ to a written waiver by Leoder. eor~~ ~+,u wr to Lender o~ ~he day monthly instdlments of principal aod intcrcc~ arr ~ayabk under the Note. until the Note is paid in [ull. a sum (herein "Fuad:'ti eqwl to one-twelfth of the yea~l~~ taxc~ and assessments which may attain priority ove~ this Mortjaje. and ~round rents oe tbe Property. it any, plus one-twelfth of ytarly premium inslallments for hszard ~nwranc~• : plus onrtwelfth of yea~ly premium inslallmeots tor morigs~e insurancc, it any, all as reasonably estimated initially and fran : time to time by Leuder on the basis of assasmeots and hills and reasonabk estimata thercot. 71~e Funds shall be Ixld in an institution the deposita or accounts of ~vhich are insured o~ guaraoteed by a Federal ot state agency (includina Le~der if I.ender is such an institution). I_ender shall apply the Funds to pay said taxa. assasments. inturasect premiums and =round tents. t_ender may ne~t cha~ge fo~ u+ holding and applying the Foodc. analyzing ~aid account. or v~rifyin` aod compilint said assessments and bills, unkss Lender pays Horrower inlerest on the Funds and applicable law ; petmits Lender to make such a char`e. Borrower and Lender may agrce in writing at the,time ot esecution of ihis # Mort~e tbat interat on the Fw~ds shall be paid to Borrower. and unless such agreement is made or applicabk law requirea such interat to be paid. Lender shall not be rcquired to pay Borrower any interest or earnings on the Funds. Lende~ shaU pve to Borrower~ witlwut chargt, an aonual accounting of the Fu~ds showing credits and debits to the Funds ar~d the purpose for which eaeh debit to tbe Funds was made. The Fu~ds arc plodged u additional security for the sums secured by t6i: Mortp=e. If the amou~t o[ tl~e Fut~s held by Lender, together with the future monthly installments of Funds payabk prior to t6e due data of tues. assessments. insunnce premiums and ground rcnts, shall exceed the amount rcquircd ~o pay said taaes. ~ asseuments. insunnoe prcmiums and geound rents u they fall due, such excess shall be, at Borrower s oPtian, either prompdy repaid to Borrower or ctedited to Bormwer on monthly installments of Funds. If the amount of the Funds : heW by Lender shall not be suf5cieat to pay taxes. aasessments, insurance premiums and ground ronts u they fall due, Bormwer shall pay to l.ender any amount necusary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requestiag payment thercof. Upoo payment ia full of dl tums socured by this Mortgage, l.ender shall promptly refund to Borrower any Funds he{d by Lender. tf under puajraph I8 hereof the Property i~ sold or the Property ~s otherwise acquircd by Lender, Lender shall apply. no late~ tt~an immediately prior to the sale of the Propetty or its acquisition by Lender. any Funds held br I.eader at the time of application as a credit against the sums secured by this Mortgage_ 3. A~iicatio~ ot Tsyde~tr. Unltss applicable law provides otherwise, aU payments received by Lender under the Note and puagnpt~s 1 and 2 hercof shall be applied by 1_ender first in payment of amounts payable to Lend~r by Borrower uader paragraph 2 hereof. t6ea to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Futute Advances. Cbsrses; Lie~s. Borrower shall pay all taxes, asseuments and other charges. fines and impositions attribWable to the property which may attai~ a priority over this Mortgage, and lea;ehold payments or ground rents. if any, in the manaer provided under paragraph 2 hercof or. if not paid in such manner, by Borrower making payment, when due. directly to the payee thereof. Borrower shall promPtly furnish to Lender all notices of amounts due under this paragrsph. and in the event Borrower shall make payment directly, Borrower shall promptly Fumish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage: provided, that Borrower shaU na be required to discharge any such lien so long as Borrower shail agree io writing to the payment of the obligatiun secured by siuh lien in a manner acceptabk to Lender, or shall in good faith contest such lien by, or defenJ enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or [orfeiture of the Property or any part thercof_ S. Huard las~ra~ce. Borrower shall keep the improvements nov?• existing or hereafter erected on the Property insured f against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounu and for such periods as Lender may require; provided, that LenJer shall not require that the amount of j such coverage exceed that amount of coveragt required to pay ~he siims secured ~by this Mortgaae. I 'Ihe insurance carrier providing the insurance shall be chosen by Borrower subject to approvai by Lender. provided. E t6at such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner ~ provided under paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment, when due, directly to the ~ ~ iasurance carrier. ~ All insurance policies and renewals ther~of shall be in form acceptable to Lender and shall include a standard morigage _ ~ clause in favor of and in form acceptable to [.endtr. Lender shall have the right to hold the policies and renewals thereof, ~ aad Borrower shall promptly furnish to Leader all renewal notices and all receipts of paid premiums. In the event of loss, f Borrower shall give prompt notice to the insurance carrier and Ixnder. Lender may make proof of loss if not made prompdy by Borrower. ~ Unless Lender and Borrower otherw~ie agree in .+riting, insurance proceeds shall be applied to restoration or repair of ihe Property Jamaged, provieied such reitorat~on or repair is economically feasible and the security of this Mortgage is not thereby impaired. lf such restoration or repair is not economica{ly feasible oc if the security of this Mortgage would bt impaired. the insurance proceeds shall be applied to the sums secureJ by this Mortgage. with the excess, if any, paid ~ to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lende~ within 30 days from the x date notice is mailed by I.ender to Borrower that the insurance carrie~ olTers to setUe a claim for insurance benefits, Lender ~ is authoriud to collect and apply the insurance proceeds at Lender's option either to restoration or repa!r oi the Propertv ~ or to the sums secured by this Mortgage. , _ ~ ~ Unless Lender and Borrower otherv~ise agree in writing, any such application of prcxeeds to principal shall not extend ~ or postpone the doe date of the mon~hly enstallments rcfcrred to in paragraphti I and 2 hereof or change the amount of ~ such installments. If under paragraph 18 hereof the Prof.erty is acquired by [.ender, rll right, title and interest of Borrower ~ in and to any tnsurance policies and in and to the proceeds thereof resulung from damage to the Properry prior to th~ sale ~ or acquisipon shal! pass to Lender to the extent of the sums secured by this :~tortgage immediately prior to such sale or ~ acquisition. ~ 6. Preservation ~ud ~taiotenance of Property; Leasehulds; Condominiums; Ptanned Uuit Devebpments. Borrowcr shall iceep the Property in good repair and shall not comroit ~~aste or permit impairment or deterioration of the Property = and shall comply K•ith the provisions of any lease if thi~ Mortgage ~s un a leaschold_ !f this Mortgage is on a unit in a condominium or a planned unit development, Borrov?•er shall per(orm all of Borrower's obligations under the declaration or coveoants creatmg or govermng the condominium or planned ~mit develupment, the by-laws and regulations of the ~ condominium or planned unit ckvelopment, and constiwent Joc:ument~. If a condominium or planned unit sievelopment rickr ~s executed by Borrower and recorded toge~her whh thi~ Mor~gage, the covenants and agreements of such rider ~ shall be incor~orated into and shall amend and suppl~ment the co.enants and agreements of this Mortgage as i( the riJer ~I z were a Part hereof. 7. Protection of Lende~'s Security. If Borr~~wer fa,l~ t~~ perf~~rm the covenant~ an~l agreements rontained in this ~ ~ Mortgage, or if any action ur proceedmg ic cummrn~cil wh~ch materially~ atTecis Len~ler's interes~ in the Property. ~ includ~ng, but n~~t lim~ted la em~nent domam. in«I~enr}, a~c1e cntorcement. or arr:~ngementc or proceedings invoh-ing a bankrupt or deceder~t, then Lender a? i.c~.der'~ opt~on, u~~n nut~ce te~ Borrow~er, ma~ make such appearances, disburse such ~ sums and take sueh action a~ ~s nece~sar}• tu prutect I.enJer'c ~nterest. inclu~ling. but not limrted to. d~sbursement af ~x rcasonable auomey's (ces and entry upon thc Propcrt~~ lo makc repair~. If t.cnder reyuired mongage incuran~e as a ~ ~ condition o( makmg thc loan cecureJ by ~h~~ Mortgagc. B~~rruwrr sh:ill pay thc prcmiums reqwreJ to mainta~n such ~ insurance in etkct unul such Umc a~ the rryuiremem fc~r wch ~nwra~ce te~min:~ie, in :~c.ordance with Borrowcr'. and ~ iJr~.3U`J 6~~ _ 3.. ~ ~