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Home My WebLink About0827 UNI~ORId COVHNAN71. Borrower and L.eade~ ooveaant and asra u follows: ~ t~est ot rd~eiN1 a~i iNereM. 8orrowu sAall promptl) paY when due the principal of and interest oe the indebtodnps evidenoed by tha Nota p'~Ps~nt and late clwr~ax sc ~xovided in the Note, and the principal of and intcrest on any Future Advaaca ~ecured by this Mo~e. Er¦i hr Taa ~ I~we~a~e. Subject to ~ppiicabk law ~x to a written waiver by Lender~ Bocrower shall pay to Leader oa the day monthlp installments of ptincipal and intcreq arc payaMe under the Note. until the Note is paid in tull, a sum (hercin "Fuad~'~ equal to or~atwelfth of ~he yearl~- uxc. ancf auasments which may attain priority ove~ this Matjase. and ~round reats on tl~e Property. if any, plus one~twelfth of yeuly premium installments tor hazard insurance. plus one-tvrelfth of yearly premium installments tor mortgsae insurance, if any. dl u nasonably estimated initially and tc+oaa time to time by Lender on tbe buis ot assessmcnts and hills and rcasonabk estimata thereot. The Funds shall be held ie an institution the deposiu or accounts of ~rhich are i~aured o~ euaranteed by a Fedenl ot state a~eacy (including Lender if Lende~ is such an iiutitutionl. 1_eoder shall apply the Futds to pay said taua. sssessments. inwraooe premiums and sroutd rents. l.ender may nd cha~ge for sc? holdina and aPplYinj the Fund~. analyiin~ said accoun~ or verifyin~aed comqlina said assessme~u ~nd bilh, unkss Lender pays Borrower interest on the Funds and applicabk law permia Lender to make such a charge. Bor~ower and Lender may agroe in writing at the time of execution ot this Mortsaje that intercst on the Funds sAaq be paid to Borrower. aod unlas such agrame~t is made or applicable law requira such ioterat to be paid. Lender shall not be rcquired to pay Borrower any interest or earnings on the Funds. Lenck~ slWl pve to Borrower~ without ~harge, ~n annual accounting of the Funds showi~ crcdits and debits to the Funds and the purpose for which eaeb debit to tbe Fuads was made. The Funds aro pledged u additiooal security tor the sums socured this Mo ~ If t6e amount of tbe Funds held by Lender, together with the futurc monthly installments of Funds payabk prior to t6e due data of tues. aueumeatt. intuance prcmiums and ground rents, shall exceed the amount reyuircd to pay said tua. as~a~neats. iasunnce premiums and amund re~u u they faN due, wch excess shall be, at Borcower s option, either prompdy rcpaid to Bomowcr or credited to Borr~wer on monthly installments of Func~. If the amount of the Funds ~ heW by Le~ shall not be s~cieat to pay taua. assessmenu, iraurance premiums and sround rents as they fall due, Borm~ver sl~aU pay to Lende~ any amount necessary to make up the deficiency within 30 days from the date notice is maikd by I~eade~ to Bomower crquatia6 payment thereof. Upoa payment ia fuU of all :ums secu~td by this Mongage, Lender shall promptly reEund to Borrower any Funds hNd by Lender. If under parajraph l8 hereof the Property ia sold or the Propeny u othenvise acquircd by Lender, Lender s6a11 apply, no later than immediately prior to the sde of the Property or it: acquisition by I.ender. any Funds held bv Lender u the time of appliation ~ a credit against thc aums secured by this Mortgage. 3. A~piicatio~ o~ P~re~b. Unless applicable law provides wherwise, all payments received by Lender under the Note and paragnphs 1 and 2 he~eof shall be applied by Lender fir3t i~ paymsot of amounts payable to Lende~ by Borrower uader paragtaph 2 heteof, thea to interest payabk on the Notc, then to the principal of the Note, and thcn to i~terest and priocipal on any Future Advances. 1. C~a; Ueias. Bormwer shall pay all taxes, asxssments and other charges. fines and impositions attribWable to the Property which may attain a priority over this Mortgage, and leacehold payments or gmund rcnts, if any, ia the manner providod under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, diroctly to the ' payee thaeof. Borrower shall promply furnish to Lender all notices of amounts due under this paragraph, and in iha event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shsll promptly discharge any Iien which hu priority over this Mongage; provided, that Borrower shall not be rcquired to discharge any such lien so bng as Borrower shall agree in writing to the payment of the obliga~iun secured by sucli lien in a manner acceptabk to Lender, or shall in good faith contes~ such lien by, or defenJ enforcement of such lien i~. kgal proceedings which operate to prevent the enforcement of the I~en or forfeiture of the Property or any part thercof. S. Hazard lasurasn. Borrower shall keep the improvements noK• existing or hereafter erected on the Property insurod against loss by firc, hazards included within the tetm "extendeJ coverage", and such other hazards as [.ender may requirc and in wch amounts and for such periods as Lender may require; provided, that LenJer shall not require that the amount of such coverage excced that amount of coverage required to pay the sums secured by this Mort6a6e. 'Ilrc insurance carrier providing the insurance shall be chosen by Borcower subject to approval by Lender. providod. that auch approval shall not be unreasonably withheld. All premiums on insurance policies sAa11 be paid in tFlt R110Mf provided uoder paragraph 2 hereof or, if not pai~ in such manner, by Borrower making paymtnt. when due, directly to the I iasurance curier. ; All insurance policia and renewals thereof shall be in form acceptable to [.ender and shall include a standard mortgage ! clause in favor of and in form acceptable to Lender. Lender shall have the right to hoW the policies and renewals thereof, ~ and Borrower shall promptly [urnish to Lender all renewal notices and all receipts of paid premiums: In the event of loss, ` Horrowcr shall give prompE notice to the insurance carrier and Lender. Lender may make proof of loss if not made prompUy ~ by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or rcpair of ~ the Property damaged, provided such restoration or repair is economically teasible and the security of this Mortgage is ~ not thereby impaired. If such nstoration or repair is not rconomically feasible or if the security of this Mortgage would ~ be impaired, the insurance procceds shall be applied to the sutns secured by this Mortgage, with the excas, if any. paid to Borrower. If the Property is abandoned by Borrower, or i( Borrower fails to 7espond to I.ender within 30 days from the date notice is mailed by Lender to Borrower that ~he insurance carrier ofTers to seule a claim for insurance benefits, Lender is aut6orized to collect and apply the insurance procteds at Lender's option either to restoration or repaer of the Propertv or to the sums securod by this Mottgage. Unless I.ender and Borrower otherwise agree m writing, any such application of proceeds to principal shall not extend , 5 or postpone the due date of the monthly installments referred to in paragrapht 1 and 2 hereof or change the amount of ~ such installments. It under paragraph 18 hereof the Pro f,erty is acyuired by Lender, all right, title and interest of Borrower in and to any tnsurance policies and in and to the proceeds thereof result~ng from damage to the Propeny priot to thc sale ~ or acquisition shall pass to Lender to the extent of the ~ums secured by this Mortgage immediately prior to such sale or ~ acquisition. ~ 6. Prexrvation and ~taintenance of Property; l.easehulds; Condominiums; Ptanned Uait Devebpments. Borrower shall keep the Property in good repair and shall not comro~~ H'aste or permit impairment or dettrioration of the Property and shall comply- with the provisions of any lease if thu Mortgage ic on a leasehold. If this Mortgage is on a unit in a ` condominium or a planned unit developmenl, Borrower shall perform all of Borrower's obligations under the declaration ~ or covenants creaUng or govtrning the condom~nium or planned unit develupment, the by-laws and regulations of the ~ conJominium or p{anned unit development, and constiwent Jocumentc. If a cundominium or planned unit development ~ rider ~s executed by Botrower and recorded together with ~hi~ Mortgage, the covenants and agreements of such rider ; shall be incorporated ~nto and sh~ll amend anJ supplcment the co~enants anJ agreements of this Mortgage as if the riJer were a part hereof. ~ ~7. Protectioa of Lende~'s 5ecurity. If Borrower fail~ t~• perform the covenantc and agreements contained in this ~ Mortgage. or if any action ur proceed~ng ic rommenced Nh~~h ma~crially aHrcts I.enJer's ~nterest in the Property, ~ includmg. but n«t limi~ed to, eminent doma~n, in~l~ency, i.xle enf~~riement, or arranRements or proceedings invol~•ing a ~ bankrupt or deceden~. then Lender at LenJer's opUOn, upon notice to Borrower, ma~ make such appearances, disburse such ~ sums and take such aciion ac is necestary t~. protect I.ender's mterest. mcluding. but not limrted to, disbursement of reasonable auomey c(ces and entry upon thc Propcrty to makc repa~rti. If Lcnder reyuircd mortgage insurance as a ~ condit~on o( making the loan ~ecured by this Mangage. &.rrowrr shall pay the premiams required to maintam such insurance in rfiecl un~il such time as the reyuiremem for .uch insurance lerm~natcti m accordance v~•~~h Borrower's and I ~ ' ~ ~ • • ~ . •JO~ 1~,'i ~)~V - ~ _ _ ,