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Home My WebLink About0629 UNItORM COVENANTf. Borm~wer aad Ltader covtnaet and s~ree u tollows: 1. h,~eN h~e~l a~i bMe~eM. 6orrower shail promptl) paY when due the prir~cipsl ot aed interat on the indebtednest evidenced by the Note, preQaymeot and late chargec ac ~ovided io the NMe. aed the principal o[ and iotcrat en mr Futuro Advances securod b~r this Mort=sse. 2. 1~'~~i tor T~~s ~i Iwnnca Subject 1o applicahk law a~ to a wriarn waiver by Lende~. BoROwe~ s~il WY to Lender on the day monthly installmen~s of principal aod int~res~ ~rc paysMe under the Note. until the Note is paid in [ull, a aum (herein "Funds") eqwl to one-tweltth ot the yearl) tasc~ anJ assasmeots which may stain priority over this Mort~a~e. and =round renb on tl~e Propeny, if any, plus ooe•twettth of yearly premium iostallnxnts for hazard insurance. plus ax-tweltth of yeuly premium installmenls (o~ mort~sae insurancc, it any, all as reasonably estimated initially snd tr+an time to time by I.ender on tbe ~asis ot assessments and bills and reasanabk atimata thereof. '!Le Funds shall be held in ao institution the deposia or accounts of which are insured or ~uarantad by a Federal ot state a=cncy (includin~ Lender if Leoder is such an institutionl. 1_ender shall apply the Funds to pay uid laxa, sssessments. iasuranoe premiums and `rouod rents. I.ender may not charge lor u? holding snd applyina ~he F~md~. analyzing said account, or verifyin~ and complina said assessments and bills, unleu Lender pays Borrower intercst on the Funds and applicabk law permits Ler~der to make such a charge. Bor~ower and Lender may agree in writina at the time ot execution ot' this Mort~a~ tbat interest on the Fuads shall be paid to Borrower. snd unkss such agrcement a made or applicabk law roquires such intercst to be paid. I.ender shall not be required to pay Borrower any intcrcst or earnings on the Funds. l.ende~ stWl ~ive to Borrower, without charge, an annual accounting ot tl~e Funds showina credits and debits to the Funds and the purpose for which each debit to t6e Funds wu made. The Funds arc plcdged u additional security tor the sums secured by this Mortsaae. ~ If t6e amou~t ot the Fund= held by Lender. together with ~he futurc monthly installments of Funds payabk prior to t6e due dates of tua. zssestmeots. i~urance prcmiums and ground rents, shall exceed the amount required to pay said taxa. asses~me~ts. in:urance prcmiums and ground rents u they fall due, such oxcess shall be, at Borrower's option, either prempUy rcpaid to Borrower or creditod to Borrower on mo~thly installments of Funds. It the amou~t ot the Funds heW by Leoder shall not be sulficieot to pay tua. assessments, insurance premiums and ground rents as ~hey fall due, Borro*?er s6all pay to I.ender any amount nocessary to make up the de6ciency withi~ 30 days from the date notice is.maikd by Leader to Borrower nquating payment thereof. Upon payment in full of all :ums xcurcd by this Mortgage, I.ender shall promptly rofund to Borrower any Funds heW by L.e4der. If under paragraph 18 hercof the Property i~ sold or the Propeny ~s oti~ervvise acquircd by Lender. Lender shall apply, no later than immediately prior to the ule of the Property or its acquisition by [.ender. any Funds held bv I,eoder at the time of application u a crcdit against the sums secured by this Mortgage. 3. A~IkaRio~ ot hyaeafs. Unless applicable law provides otherwise. all payme~ts received by Lender under the Note and pangrap6s 1 anc12 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 heroof, tben to interest payable oo the Note, then to the principal of the Note. and then to ioterat and principal on any Future Advances. 4. Cliar~es; Lkas. Borrower shall pay all taxes, assessments and o?her charges, fines and impositions at~ributable to the Property which may attain a priority over this Mortgage, and lea.cehold payments or ground rcnts, if any. in the manner pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the payee thereof_ Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and io the event Borrower shall make payment directly, Borrower shall promptly fumish to l.ender receipts evidencing such payments_ Borrower shall prompUy discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long u Borrower shall agree in writing to the payment ot the obligaliun secured by such lien in a manner acceptable to Lender, or shall in good faith contcst such lien by, or defend enforeement of such lien in. legal proceedings which operate to prevent the enforcement of the lien or (orfe~ture of the PropCrty or any part thereof. S. Nmrd lasurance. Borrower shall keep the improvements now existing or hereafter ertcted on the Property insured against loss by firc. hazards included within the term "e!etended coverage". and such other huards as Lender may require and in wch amounts and for such periods as Lender may requirc; provided, that LenJer shall not requirc that the amount of such coverage exceed that amount of coverage required to pay the sums ucured by this Mortgage. 'Ibe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, ! tbat such approval shall not be unreuonably withheld. All premiums on insurance policia shall be paid in the manner t provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the i insurance curier. € All insurance Ewlicies and renewals thereof shall be in form accep~able to Lender and shatl include a standard mortgage ~ claux in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss. ; Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prompNy s by Borrower. ; Unless Lender and Borrower otherw~se agree in writmg, insurance proceeJs shall be applied to restoration or repair of ~ the Property damaged, provickd such restorahon or repair is economically feasible and the security of this Mortgage is i not thereby impa~red. If such restoration or repair is not economirally (easible or if the security of this Mortgage would ~ be impaired. the insurance proceeJs shall be applied to 1he sums secured by this Mortgage, with the excess, if any, paid ~ to Borrrnver. If the Property is abandoned by Borrower, or it Borrower fails to respond to Lender within 30 days from the ~ date notice ?s ma~led by l.ender to Borrower that the insurance carrier offers to setUe a claim for insurance benefits, l.ender is authonud to collect an~ apply the insurance proceeds at LenJer's option either to resturation or repaer of the Propenv or to the sums sccured by this Mortgage. Unless Lender and Borrower otherwise agree in a•riting, any such application of pra:eeds to principal shall not extend ~ or postpone the duc date of the monthly installmcnK referred to in paragraphs I and 2 hereo[ or change ~Ihe amount of ~ such installments. If under paragraph 18 hereof the Property is acywred hy Lender, all right, title and interest of Borrower in aod to any insur:~nce pol~cies and in and to the proceeds thereof result~ng trom damage to the Property prior to thc sale ~ or acquisition shall pass to Lender to the extent of the sums secured by th~s Mortgage immediately prior to such sale or ~ acquisition. ~ - 6. Pr~esenalion and 1laintenance of Property; Leasehulds; Condominiums; Planned Unit Devdopmentc. Borrowcr " shall keep the Property in good repair and shall not comroit yvaste ur permit impairment or deterioration of the Property and shall compl}~ with ~he provisions of any lease ~f this Mortgage i~ on a leaschold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obliga~ions under the declaration or coveoants creating or governing the condominium or planned unit develupment, the by-laws and regulations of 1he ~ condominium or planned unit development. and constituent do~-ument~. If a condominium or planned unit development - ~ rider is executed by Borrow•er and recorded together wnh thi~ Mortgage, the covenants and agreements of such rider ' ~ shall be incorporated ~nto and shall amend an.l supplement the co~enants and agreements of this Mortgage as if the riJer ; Y were a part hereof. ~ ~ 7. Protection of I.ender's Security. If Borr~~v?er fa~l~ t~~ per(~~rm the covenants and agreements contained in this Mortgage, or it any action ur proceeding it rummenced which malerially a(Tects LenJer's interest in the Property, ? ~ includ~ng, but nut hm~ted ta eminent doma~n. ~nci.henc~, c~xle enlor~ement. ~~r arrangements or proceedings invoh•ing a j ~ bankrupt or Jecedent. then I.ender at I.endrr'~ opt~on, uExm notice to Borrov?•rr. ma} make such appearances, disburse such ; sums and take such acuun as ~s necec~ar}' tu protect I.ender's imerest. ~nclu~ting. but not lim~ted to, dicbursement of ~ ~ rtasonable anomey't fcc~ and en~ry uFxin thc Pmper~y to makc repair.. If l.rnder reyuired mortgage insurance as a ~ condiUon of mak~ng thc loan tccurcd by thiti ~1ur~gagc. B~~rruHCr sh:~ll pa~~ thc premiwns requireJ to maintam such ~ insurancc in rlicct unul wch timc as Ihc rcyoirrmcnl for wch mcurancc lcrminatr. ~n accordancr whh Borrowcr's and ~ • i3 ~ w~ . 3'..~r tJ~1eJ . V~~J