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Home My WebLink About0158 UNi1~ORl~ COVBNAN7'!. Boirrowar and l.ender covenant and aaree u tollows: 1,. ~f ot hi~clNl ri IMerat. 8orrower shall p~otnptly psy when due the principal of and interest oo the :t?debtednat evideneed br the Note. Prepaymcot and late chargec ac p~ovided in the Note. and the principsl of and inte~+est an any Future Advances secur~d by this M~aje. 2. IMi ter Taua ~i Iwrs~aee. Subjat to applicabk law ur to a written waive~ by Lender. Borrovver shall pay to Lender on the day mo~thly it~stallments of principal and mtercct .~rc {Wyat~k under the Note. until the Note is psid in tull. a sum (herein "Fundt") eqwl to one-twelfth ot the yearl~ tazc~ anJ assasme~ts which may attain priority over this Mortsaje, and ~round re~a on ebe Propeny, if any. Flus o~atweltth of yearly prcmium installments tor huard insurance. plus oae-twel[th of yearly promium installments (or mongage insarancc, if any, all as rcasonably estimated initially aed trotn time to time by Lender on the buis of assasmcnts and hills and rcasonabk estimata thereof. 'il~e Funds shall be held in an institutioo the depos~u or accoun~s of which arc insured or guaranteed by a Federsl ot sUte agency (includina I.ender if Lcnder is such an i~sti~u~ionl. 1_ender shall apply the Funds to pay said taxa. asseuments. insucancx premiums and `round-renb: I.ende~ may not charge for se~ holding and applying the Fu~dc, analyzing uid actount. ~ or verifying and compling said assessments and bills, untess l.e~der pays Borrower interest on the Funds and applicable law permits Lender to malce such a charge. Borrowe~ and l.ender may agree in writing at the time of execution of this Mortgaae tbat intetest on the Funds shall be paid to Borrower, at~d unless such agreement is made or applicable law • requira such interat to be paid. Lender shall ~o~ be rcquired to pay Borrower any interat or earnings on the Funds. Lender sha11 ~ive to Borrower. witlwut charge, a~ annual accounting of the Funds showing credits and debits to the Funds and the putpose tor which eaeh debit to t~e Funds wu made. The Funds arc pledged u additional security for the sums secured by this Morttage. If the artwunt of the Funda held by Lender, together with the future monthly installments of Funds payable prior to t6e due dates of taxes, assasmeau. i~aurance prcmiums and g~ou~d rents, shall exceed the amount requircd to pay said taxa. s:sa~aeats~ insurance premiums and ground rc~ts as they fall due, such excess shall be, at Borrawer s option, either promQtly repaid to Bornower or crodited to Borrower on monthly installments of Funds. If the amount of the Funds hetd by Lender shall not be sut6cieat to psy taxes. astessments, insurance premiums and ground re~ts as they fall due. Borro~ver aball pay to Lender any amount necasary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon paytnent ia full of all swas secured by ihis Mortgage, t_ender shall promptly rcfund to Borrower any Funds held by L.ender. If under paragraph 18 hercof the Property ia sold or the Property ~s otherwise acquircd by Lender, Lender sDall apply. no later than immediately prior to the sale of the Propeny or its acquisition by [.ender. any Funds held bv I.eoder at the time of apptication as a credit against the sums securcd by this Mongage_ 3. A~pikatioe of P~me~ls. Unless applicable-law provides otherwise, all payments rcceived by Lender unckr the ~ Note and paragnphs 1 and 2 hercof shall be applied by I_ender first in payment of amodnts payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note, then to thc principal of the Note, and then to i~terest and principal on any Future Advanoes. 4. CharEes; Lieas. Borrower shall pay all ~axes, assessmcnts and o~hcr charges, fines and impositions at~ributable to tbe Property which may attain a priority over this Mortgage, and leasehold payments or gmund rtnts, if any, in the manner provided under paragraph 2 hereof or, if not pa~d in such manner, by Borrower making payment, when due, directly to the payee theroof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event 8orrower shall make payment directly, Borrower shall promptly furnish to l.ender receipts evidencidg such payments. Borrower shall promptly discharge any lien which has priority over ~his.Mortgage; provided, that Borrower shall not be. required to discharge any such lien so long as Borrower shall agree in writing to the payment o( the obligatiun secured by ` such lien in a manner acceptable to Lender, or shall in good faith contes~ such lien by, or defend enforcement of such lien in. legal proceedings which operate to prevent the enforcemene of the I~en or forfeitu~e of the Property or any part thereof. S. Huud l~uraace. Borrower shall keep the improvements nnw existing or hereafter erected on the Property insured against loss by 6re, hazards included within the term °extendeJ coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of . such coverage exceed that amount of coverage required to pay the sums secured ~by this Mort6age_ 'Il~e insurance carrier ptoviding the insurance shall be chosen by Borrower subject to approval by Lender, provided. that such app~oval shall not be unreazonably withheld. All prcmiums on insurance policies sha11 be paid in the manner - ' provided under paragraph 2 hereof. or, if not paid in such manner, by Borrower making payment, when due, direcQy to the insurance carrier_ ~ i All insurance policies and renewals [hereof shall be in form acceptable to Lender and shall include a standard mortgage ' clause in favor of and in form acceptabte to Lender. Lender shall have the right to hold the policies and renewals thereof, ; and Borrower shall prompt~y furnish to Lender all renewal notices and all receipts of paid premiums. Ir~ the event of loss. ' Borrowtr shall give prompt notice to the insurance cacner •rnd Lender. Lender may make proof of loss if not made promptly by Borrower. ' ~ ` Unless Lender and Borrower othenvise agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. I[ such restorat~on or repair is not economically feasihle or i( ~he security of this Mortgage would ~ be impaired, the insurance proceeds shall be applied ta the sums secureJ by this Mortgage, with the excess, if any, paid ~ to Borrower. If the Properry is abandoned by Borrower, or if Bormwer fails.to respond to Lender within 30 days from the s date notice is mailed by Lender to Borrower that ~he insurance carrier oBers ro se~Ue a claim for insurance benefits. Lender ~ is aut6oriud to collect and apply the insurance proceeds at l_ender's option either to restoration or repa~r of the Propert~• ~ or to the sums secured by ihis Mortgage. Unless Lender and Borrower otherwise agree in wntmg, any such application of prcx:eeds to principal shall not extend ~ or postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of ~ ~ such installmeats. If under paragraph l8 hereof the Pro f,erty is acyu~red by Lendcr, ali nght, title and interest of Borrower ; in and to any itisurance policies and in and to the proc:eeds thereof resultmg from damage to the ~~roperty prior to thc sale or acquisition shall pass to Lender to the extent of the sums ~ecured by this Mortgage immediately prior to such sale or ~ acquisition_ ? 6. Presen~ation ~ad ~taintenance of Propert}: Leasehulds; Condominiums; Planned Unit DevelopmeMs. Borrou•er ~ shall keep the Property in good repair and shall not comrpit K•astc or permit impairment or deteriotation of the Property ~ and shall comply with the provisions of any lease i( this titortg:~gc i. un a leauh:~id. It this Mortgage is on a unit in a ~ condominium or a Planned unit devclopment, Borrower shall pcrform all of Borrower's obligations under the declaratiun _ or covenants creatmg or govetning the condominium or planned unit devel~~pmem, the by-laws and regulations of the - condominium or planned unit development, and constiwent dcxumemt. If a condominium or planned unit development rider ~s executed by Borrower and recorded ~ogether wrth thi~ Mortgage, the covenants and agreements of such rider ? shall be incorporated ~nto and shall emend and supplement the co.cnants anJ agreements of this Mortgage as if the tider w•ere a part hereof. 7. Protection of I.ender's Security. I( Borrower (ailc t~~ ~xrfc~rm the covenants aml agreements contained in this Mortgage, or if any act~on ur p~oceeding is rummcnce~l wh~ch malcriall}~ afTccts Lender's inlerest in the Propert}', includmg. but n~~t lim~ted ro, rm~nent domain, im~~lvenc). ciule rnf~~rcemem. i~r arrangrment~ or proceedings invoh•ing a ~ bankrupt or deceJen~. then 1_ender at I.ender'~ option, uEx.n no~ice ta Rorre~w~er, ma~ mak~ such appearances, disburse such w sums and ~ake such action a~ is nece.~ary tu pro~ect Lender'~ imerest. inclu~ling. bul not lim~ted to, disbursement of ~ reasonable at~omey'~ fres and en~ry u{x~n the Pmpeny ~c. make rcpairti. I( LrnJer rcyuireJ mortgage insurance at a ~ conJ~Uon of making thc loan scc~uc.l by ~h~s Mor~gagc. B~~rruwrr shall pay thr prcmiums rcquired to maintain such msurancc in cfiect until such timc a~ thc rcquirrmcnt fc.r .uch msurancc t~rmm.?tc. ~n :~ccordancc wi~h Borrowcr', anJ - s~~x 308 0~~~ 158 ~ ~ , ~ ~ ~Y _ _ . ~