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Home My WebLink About0164 ! • ~ UNI~o~tM COVBN~nTS. Borroww and LCnder Coveoanl aod a~rce u foilows: . ~ h~we~t ot hi~c~l a~i INereA. Bo~rowe~ shall promp~l~• pay when due the ptincipa) ot and intercst oo the ~ndeMednat evidenad by the Note, prepayment and I~te chargec ac provided in the Note, and the pri~cipal ot and i~tetest on any Future Advu~ces aecured by tbis Martaase. F~i tor T~z~s aM I~wrs~ee. Subject to applicabk law or to a wtitten waiver by Lender. Bormwer shall pay to Lender on the dsy monthly i~stallments ot pri~cipal and intcrcc~ rrc payal?k under the Note. until the Note is paid in tull. a sum (herein "Furul~") equal to one-twelfth of the yea~l~~ usc. aod assasments which may attain priority over this Mottjaje~ and tround rena on ~he Property. if any, plus one•twel(th ot yearly premium installmeots for hazard insurance. plus oae-twelfth of yearly prcmium i~stallments (or mortgage insurancc, i( any, all as rcasonably estimated initially aod fmm time to time by Lender on the basis of assessmen~s and hills and rcasonabk atimata thereof. The Funds shall be held in an institution the depcxia or accou~ts of which are insurtd or guannteed by a Federal oi :Ute a~ency (includina Le~der if Lender is such an institution). 1_e~der shall apply the Funds to pay said uxa. asxuments. insurance premiums and Smund rcnts. l.ender may not charge lor sc~ holding and applying 1he F~~ndc. analyzing said actount, or verifyin~ and compiling said assessments and bills, unless Lender pvys Borrowe~ interat on the Funds and applicable law permits L.ender to make such a charge. Borrower and Lender may agree in writing at the time of execution ot this Mortgage that interest on the Funds shall t~e paid to Borrower. and unless such agrcement is made or applicable law oequires such interat to be paid. Lender shall not be required to pay Borrower any interest ar earnings on ihe Fuods. Lendtr sf~aU aive to Bonower. without charge, an annual accounting of the Fu~ids showing credits and debits to the Funds and the purpose fo~ which each debit to the Funds was made. The Funds arc plodged u additional security for the sums secured by this Mortgage. If t6e amount of the Funds held by Lender, togethcr with the futurc monthly installments of Funds payable prior to tbe due dates of taxes. assatsmeats. insurance premiums and ground rcnts, shall excecd the amount rcquircd to pay said taxa. a:sasments. insunnce premiums snd ground rents as they fall due, such exccss shall be. at Borrowei s option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of,• ihe Funds hdd by Lender shall not be sulficieot to pay taxes, assessments, insurance premiums and ground rcnts as thty fall due, Bormwer shall pay to l.ender any amount necessary to make up the de6ciency within 30 days f~om the date notice is mailed by I,ender to Bormwer requexiing payment thereof. Upon payment ia full of d! sums securcd by this Mortgage, l.ender shall promptly refund to Bormwer any Funds held by L.endec. If under paragraph 18 heroof the Property is sold or the Property ~s otherwise acquircd by L-ender, Lender a6d1 apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Fu~dc held by I.eoder at the time of applicatioa as a credit against the sums secured by tkis Mortgage. 3. AlpBcatlos ot P~meats. Unless applicable iaw provides otherwise, all payments received by Lender under the Note and pangraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower ~ uader paragraph 2 hercof. then to interest payable on the Note, then to the principal of th~ Note. and then to interest and principal on a~y Future Advances. ` - C6a~es; Lk~. Borrower shall pay all taxes, a~ssessments and othcr charges, fines and impositions attributable to tbe Propetty which may attain a priotity over this Mortgage, and leasehold payments or ground rcnts, if any, in the manaer pmvidtd unde~ paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee theroof. Borrower shall promptly furnish to Len~ier all notices of amounts due under this paragnph, and in the event Borrower shall make payment directly. Borrower shall promptly furnish to L.ender receipts evidencing such payments. Borrowei shall promplly discharge any lien which has priority.over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the paymenl of the obligation secured by such lien in a manner acceptable to Lendcr, or shall in good [aith contest such lien by, or defend enforcement of such lien in. • Iegal proceedings which operate to prevent the enforcement of ~he lien or forfeiture.of the Property or any part thereof_ S. Ha~ard ia~nace. Borrower shall keep the improvements now~ ezisting or hereafter erected on the Property insurod agtinst loss by 6re, hazards included within the term "extended 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 s~~ms secuped by this Mortgage. ~ 'Il~e insurance carrier providing t6e insurance shaU be chosen by Borrower subject to approval by Lender, providod, t6at such approval shall not be unreasonably withheld. All premiums on insurance policies shatl be paid in the manner provided uader paragraph 2 hereof or, if not pai~ in such manner, by Borrower making payment, when due, directly to the iosurance carrier. j Al) insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals ihereof, f and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event. of loss, Borrower shall give prompl notice to the insurance carrier and l.ender_ Lender may make proof of Ioss if not made promptly i by Borrower_ ' ~ ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of = the Property damaged, provided such restorat~on or repair is economically feasible and Ihe security of this Mortgage is ' not thereby impaired. I( such restoration or repair is not economically feasible or it the security of this Mottgage would r be impaired, the insurance proceeds shall be applied to the sums~secured by this Mortgage, with the excess, if any, paid ~ to Borrower. lf the Property is abandoned by Burrower, or if Borrower fails to respond to Lender within 30 days from the ~ date notice is mailed by l.ender to Barrower that the insurance carrier offers to settle a claim for insurance benefits, l.ender is authoriud to coilect and apply the insurance proceeds at Lender's option either=to restoration or repa~r of the Propert~• ~ or to the sums secured by this Mortgage. ~ Unless Lender and Borrower otherwix agree in wriling, any such application of proceeds to principal shall not extend k or postpone the due date of the monthly installments rcfcrred to in paragraphs I and 2 hereof or change the amount of n such installments_ I[ undgr paragraph 18 hereof the Property is acyu~red by Lcnder, all right. title and interest of Borrower in and to any insurance policies and in and to ~he proceeds thereof resulting from damage to the Properiy prior to thc sale ° or acquisidon shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or - 5 acquisition. : - ~ 6. Preservatioa and Maintenance of Property: Leasehulds; Condomir.iums; Planned Unit Devefopments. Borrower 4 shall lceep the Property in good repair and shall not com~vit K~aste or permit impairment or deterioration of the Property ~ and shall comply with the provisions of any lease it this Mortgage is on a leaschold. If this Mortgage is on a unit in a ~ condominium or a planned unit devclopment, Borrower shall perform all of Borrower's obfigations under the declaration ~ or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~ condominium or planoed unit development. and constituent Jocument~. I( a condominium or planned nnit development ~ rider is ezecuted by Borrower and recorded toge~her with ~his Mortgage, the-covenants and agreements of such rider sha11 be ~ncorporated into and shall amend and supplement the, co~cnants and agreements ot this Mortgage as if the riJer ` were a part hereof. F 7. Protection of [xnder's SecurSty. If Borrc~we~ fa~la a~ per(e,rm the covenantc and agreements contained in this Mortgage, or if any act~on ur, proceeding ~ti rumm~nce~l Hhich materially afTects 1.nder's interest in the Property, ` including, but niu 6mited to, eminent domain. intiolvency, c~x1e enfurcemenl, ur arrangcmcnts or proceedings invoh-ing a ~ bankrupt or decedent, thrn I.ender at Lender's option, uExm notice to Borrower, ma} make such appearances, disburse such ~ ~ sums and take such action ati ~s necet~ar~ tu pro~ect Lender's mterest, indu~ing, but not limrted to, disbursement of $ reasonable atromey's fccs and emry up~~n thc Prapcrty to make repa~r~. If I.ender reyuired mortgage insurance as. a s condit~on o( making the loan ~ecure~ by this Mort~agr. Barrowrr ~shalt pay the premiums requireJ to maintain such r insurance in rftect um~l tiuch ume as Ihe reyuiremenl for wch msurancc trrminatet in ac~ordanee with Borrower's and soeK 3d8 ~ac~ 164 ~ ~ n ~ ~ _ ~ _ ~ _ _ :