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Home My WebLink About0190 ti:'. • UNIPOQM COVBNAN7'S. Borrower aad Lender covenant and agreo u followa: 1. h~a~eot ot ldacitad od Inteeat. Borrowet shall promptly psy when due the principal of and interest on the iadebtcdnes: avideacxd by the Nota prepaya4eat ~nd late charges as provided in the Note, and the principal of and interest a~ any Futuro Advances se~urod by this Mart~ase~. 2. F'w~ tor Tasa aod I¦wra~c~. Sbbject to applicabk law or to a writtea waivar by Lender. Borrower ahall piy to Lenc~er on the day monthly installments of principal and interest arc payable under tht NMe. until the Note is paid in full. a swn (herein "Funda") equal to one•twelfth of .the yearty taxes aod assccsmcnts which n?ay attain priority over ihis Mort~sge, and gmund nnb on the Pmputy. if any. piua ono-twelfth of yearly premium installments for huard insurance. ptus one-twelfth of yearly prcmium iastallmenta tor mottgage insurance, if any. all as rcasonably atimated initially and itum dme to time by Lender on the baa~ of asseasmenta and bills and reason~bk estimates thereof. 'Ilie Funds shall be held in aa inatitution the deposiu o~ accounts of which are insured or guacantood by a Fedent or state agency (including l.endet if Lende~ is such an institution). Lender shall apply t1u Funds to pay said taxes, asxssaienb. insurance premiums aad ground reata. Lender may not cha~ge for so hvldi~g and applying the Funds. analyziag said accoun~ ~ or verifying and rnmpiling said assassments aud bills, unless Leoder pays Borrower interest on the Fu~ds and applicable law permits Lender to make soch x cha~ge. Borrower uid I.eader may agrce in writing at the time of eacecution of this Mortgage that interest o~ the Fuads shall be paid to Borrower. and unless such agrcement~ is made or applicable law requires such interest to be paid. Leoder shall not be roquirod to pay Borrower any interest or arnings on the Funds. Lender shall give to Borrower. without cbuge, an annua! accounting of the Funds showing credits and debits to the Funds and the ~ purpose for which each debit to the Funds was made. The Funds are plaiged as additional security for the sums secured by this Mort~age. ~ If the amount of the Funda held by Lender. together with thc future monthly installments of Funds payabk prior to the due data of taxes. asscssments. insurance premiums and ground rents. shall exceed the amou~t required to pay said tua, ass~sments. insurance premiums and gmund rents as they fall due, such excess shall be, at Borrower's option. either prompUy repaid to Borrower or credited to Borc+ower on monthly installments of Funds. If the amount of the Funds held by Leader shall not be sufficient to pay taxes, a~essmenta, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the dcficiency within 30 days from the date notice is mailed by Lender to Borrower requating payment thcreof. Upon paymeat in fu11 of all sums secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds held by Lender. If under pazagraph 18 hereof the Property is sold or the Property is Mhervvise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by I.ender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mongage. 3. ApplicMioa ot Payments. Unless applicable !aw provides otherwise, all payments received by Lender under the Note and paragraPhs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower und~r paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Notei and then to interest and principal on any Future Advancat. ' ~ 4. C6uses; Lk~. Borrower shall pay all taxes, assessments and other otiarges:. ~t~ and impositions attributable to t~he Property which may attain a priority over this Mor~gage, aod,I~eas~tWld p~ a~~;~o~t ' y. in the maaner ; provided under paragraph 2 hereof or, if not paid in such man er.~ _k~~yf~rrowFr ,~y~i~'h~~~~ direcdy to the + payce thereof. Borrower shall prompQy furnish to Lender sU ~i~~ic~es'of t$oe~e![s= fl ~ , and in the event ~ Borrower shall make payment directly. Borrower shaU promp417~fi~roiSTi"T~'t~k'~ r~t~K+~uch payments. - Borrower shall prompily discharge any lien which has priority over this Mongage; provided, that Botrowat shall not be rcquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation securod by sush lita in a m~sxs arxptalsk to Lendez, or shsll in 6~ .'sith contes! such 1'sen by. or dsftad taforcer.tent of selch lien io. legal proceedings which operate to prevent the enforcement of the lien or fodeiture of the Property or any part thereof. S. Haurd Iasnrance. Borrower shall keep the improvemepts nova• existing or hereafter erected on the Property insured agai~t loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may nquire and in such amounts and for such periods as Lender may require; provided, that Lender shall not req::ire that the amount of such coverage eaceed that amount of coverage required to pay the sums secured by this Mongage. The insurance carrier providing tbe insurance shall be chosen by Borrower subject to approval by Lender, provided, that 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 paid in such manner. by Borrower making payment. when due, directly to the ~ insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clauu in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, I and Borrower shall promptly furnish to Lender all renewal notices and al! receipts of paid premiums. 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 promptly ~ by Borrower. ~ Unless Lender and Barrowerotherwise agree in w~riting, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, providal such restoration or repair is econornically feasible and the security of this Mortgagt is not ~hereby impaired. If such restoration or repair is not economically feasible or if the socurity of ihis Mortgage would ~ be impairod, the insurance proceeds shall be applied to the sums secured 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 Lender within 30 days from the € date notice is mailed by i.eader to Borrower that the insurance carrier ofiers to settle a claim for iasurance bene6ts, Lender ~ is authorized to collect and apply t6e insurance proceeds at Lender's option eiWer to restoration or repair of the Property ~ or to the sums secured by this Mortgage. . ~ Unless I.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend $ or Qostpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of ~ such installments. If under paragraph 18 hereof the Property is acquired by I.ender, all right, titk and interest of Borrower ~ in and to any insurance policies and in and to the proceeds thereof resulting from damage to t6e Propeny prior to the sale ~ or acquisition shall pass to Leader to the extent of the sums secured by this Mortgage immediately prior to such sak or ~ acquisition. ~ 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Untt Devebpments. Borrower ~ shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property ~ and shall comply with the provisioas of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a ' condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration ; or coveoants creating or governing the condominium or planned unit development, the by-laws and regulations of the - condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by $orrower and recorded together with this Mortgage, the covenants and agreements of such rider z shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage u if the rider ~ ' were a part hereof. ' S ' 7. Protection of Lender's Security. If Borrower [ails to perform the covenants and agreements contained in this ; Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, ' ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a = bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ~ sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disburxment of ~ reuonable attorney's fees and entry upon the Properry to make repairs. If Lender required' mortgage insurance as a ~ condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maiqtain ~uch, . ~ insurance in etfect until such time as the requirement for such insurance terminates in accordance with Borrower's and ~ ~ ; . - ~ ~ ~~~1. ~U~ ' = 190 ~ ~ ; ~ ~ - > ; . n~ ~ _ * ~ t . o ` ~.ra.' . . . : _