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Home My WebLink About0380 UN/FORI~ COVENANTS. eorrower and l~eader covensnt and atroe u foilows: 1. l~eN of ~rrclNl ari INered. Borruwer ahall p~omM~) WY when due tbe pri~cipal ot and interest oo the ;ndebtedneu evideuoed by the Nde, pcepayment and late chargec ac ~xovidcd in the Note, and the principal ot and ~nte~esl o~ any Futuro Advances socured by this Mortaa~. 2. 14~i tor Tat~s ~i Iw~rce. Subject to applicaDk law ~x to a written waiver by Lende~. Bomoa?er shall P~Y to Lender on the dsy monthly installments of principal and intcrc~t payabk under the Note. until the Note is paid in tull. a sum (herein "Funds'~ eqwl to one-twelfth of the yearl)' u~~~ aod asxssments which may attain priority over this Mottsaje. and `round rena oe che Pe+upeny. if any, plus one•tweltth of yearly premium installments tor hazard insurance. plus oaatweltth of yearly prcmium iostallments for mongage ~nsu~ancc, it any, all u reasonably estimated initially and fro~n rime to time by l.eoder on the buis ot assessmcnts and hills and roasonabk atimata thereof. ~ The Funds shall be held in an institution the deposia or ~ccounts of which arc i~sured or guuante~d bY a Fedenl ot atate agency (including Ltnder i( I.ender is such an institution). 1_ende~ shall aPp1Y the Funds to pay said t~xa. assasments. insurance jmmiums and ~out~d rcnts. I_ende~ may nd charge for u+ holding and applying the Fundc. analyzing uid account. or verifyin~ snd compilina said assessments and bills, u~leu ~ende~ pays Borrower interat on the Funds ar~d applicable law permits Lender to make such a charge. 8c~rrowe~ aad L.ender may agrce in writing at ~he time of execution of this Mort~aje that ioterat on the Funds shall be paid to Borrower. and unleu such agrcement is made or applicable law rcqui~+es such interat to be paid. Lender shatl not be rcquircd to pay Borrower any interest or earnings on the Funds. Lender sha11 ~iv~ to Borrower. witbout charge. an annual accounting of the Funds showing crediu and debits to Ihe Funds and the ' purpoae for which each debit to the Funds wu made. The Funds are pledged u additional security fot the sums secured by this Mo~aae. • If the amount of the Fuads held by Lender, togethtr with the future monthly installments of Funds payabk prior to t6e due dates of tues. assessments, ~~surance premiums and ground rents, shall excecd the amount r4quircd to pay said taxa. assefanents, insurance premiums and ground rents as they (all due, such eacess shall be. at Bonower's option, either Qranptly repaid to Borrower or crodited to Borrower on monthly installments of Funds. If the amount of the Funds held by Leod~r shall not be wfficieat to pay uxes, assessments, insurance premiums and gmund rents as they fall due, Borrowe~ shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower rtquatinB paYment thereof. Upon paymeat ia full of all :ums socured by this Mongage, l.ender shall promptly refund to Borcower any Funds held by Lender. If under puagraph 18 hercof the Property ia sold or the Property ~s otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sak of the Property or its acquisition by Le~der. any Funds held bv Laoder at the time of application as a crcdit against the sums ucured by this Mortgage: 3. A~catioa of Pqa~e~ts. Unlcss applicable law provida otherwix, all payments rcceived by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by I_ender first in payment of amounts payaWe to Lender by Borrower under paragraph 2 hereof, t6en to interest payable on the Note, then to the principal of the Note, and theo to interest and principal on any Future Advances. 4. C6arEes; Lkas. Borrower shall pay all taxes, assessments and othcr charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner pmvided under paragraph 2 hercof or, if not paid in such manner, by Borrower making payment, when due, diroctly to tlx payee thereof. Borrower shall promptly furnish to Lender all notica of amounts due under this paragraph. aad in the eveat Borrower shall malce payment directly, Borrower shall promptly fumish to Ixnder receipts evidencing such payments. Borrower shall promp~ly 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 payment ot the obligatiun secured by such lien in a manner acceptable to l.ender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which aperate to prevent the enforcement of the lien or forfe~ture of the Property or any part thereof. S. Hwrd insuranct. Bocrowe~ shall keep the improvements now• exis~ing or hereafier erected on the Property insurod against loss by firc, hazatds included within the term "ex~enJe~i coverage", and such oth~r hazards as Lender may require - and in such amounts and for such periods as Lender may require; provided, that Lencier shall not require that the amount of such coverage ecceed that amount of coverage required to pay the sams secured by this Mortgage. I~ '[~e insurance carrier providing the 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 uoder paragraph 2 hereof or, if not paid in such manner. by Barrowor making payment, when due, dircctly to the s insurance carrier. " All insurance policies and renewals ihereof shall be in form acceptable to Lender and shall include a standard morigage ~ clause in favor of and in form accep~able to Lender. Lender shall have the right to hold the policies and renewals thereof. ~ and Borr~w~er shall promptly furnish to Lender all renewal nouces 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 promptly ~ i by Borrower. - i UnlCSS Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to ratoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impa~red. It such restoration ot repair is not economically feasible or if the security of this Mortgage would be impaired. the insurance proceecLc 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 l.ender within 30 days from the ~ date notice is ma~led by Lender to Borrower that the insurrnce carrier ofiers to settle a claim for iruurance benefits, Lender ~ is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repaer of the Propert}• or to t6e sums secured by this Mottgage. ~ Unless Lender and Borrower otherwise agree in writing, any such dpplication of pra:eeds to principa) shalt not extend g or postpone ~he due date of the monthly installmentc rcferred to in paragraphs I and 2 hereof or change the amount of ~ such installments. If under paragraPh 18 hereof the ProNerty is acquired by l.enJer, all right, title and interest of Borrower ~ in aod to any Insurance policies and in anJ to the proceeds thereof resulnng irom damage to the Propeny prior 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 ~ d acqwsition. 6. Pnsen•atioa and Maintenance of Properly; Leasehulds: Condominiums; Planned Unit Developments. Borrowcr - shall keep the Property in good repair and shall not comrpit'K~aste or permit impairment or deterioration of the Propert}~ - and shall compl}• with the provisions of any lease if this Mortgage ic on 3 leasehvld. If this Mortgage is on a unit in a ~3 condominium or a planned unit development, Borrower shall perform all of Borrower's obGgations under the declaration or covenanls creatmg or governmg Ihe condom~nium or planned unit developmcnt, the by-laws and regulations of the i~ condominium or planned unit development, and constituent da:uments. If a condominium or planned unit Jevelopment rider ~s executed by Borrow•er and recordeJ togeiher with this Ai~rtgage, the covenants and agreements of such rider ~ shali be incorpotated mto and shall amend and supplcment the co~enants anJ agreements of this Mortgage as if the riJer ~ ~ were a part hereof. 7. Protection of Lende~s Securfty. If Borriiv?cr fad~ t~~ perform the covenantt and agreements contained in this ~ i Mortgage, or if any action or proceeding is commence~l v?hich materially afiects Lender's interest in the Property, , N~ includmg. but n~~t 6m~ted ta eminent domain. in~henry, c:~de cnforcement. ~~r arrangements or proceedings invoh•ing a ~f bankrup~ or decedent. then 1_enJer at LenJer's option, upon nohce to Borrower, mac make such appearances, disburse such , ~ sums and Iake such ac~ion as is neces~ary tu prutect Lender's ~n~erest, incluJing. but not lim~ted to. Jisbursement of ~ reasonahle attomey's fees and entry upcm the Propcr~y lo mrkc repairs. I( I.cncler reyuircd mortgage insurance as a cvndihon of making ~hc loan SewreJ by~ th~s A1ortFagr. B~.RO~cr sh:dl pay the premiums reqwred to maintain such ~ insurance in ettect until tiuch time as the reyuirement for tioch msuranrc termin:ileti m aecordanee w~ith Borrower s and :s 310 380 ~~,r; r`.~