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Home My WebLink About0435 • ~4 ~ ti~.v ; UNtFORAt CovEN~N~rs. Borrower and LenJer cavcnant and agree as tollows: 1. Psymeat ot P~iuclpal and laterest. Borrower shall promptly pay w~hen due the principal of a~d interest on thc indebted~ess evidenced by thc Note. prcpayment a~d late chargcs as provided in the Note, and the principal of and intercst on aay Futuro Advances secured by this Mortgage. Z. Fnads tor Tues and Iasunace. Subject to applicable law or to a written waiver by Lender. Borrower shall pay to I.ender on the day mon~hly installments of principal and interesl are payable u~dcr the Note, until the Note is paid in full, : a sum (hcrein "Funds") equal to ono-twelfth o( Ihe yearly taxes anJ assessmcnts which may -attain priority over this ~ Mortgage. and ground re~ts on the Pmperty, if any, plus one-twelfth o[ yearly premium i~stallments fo~ hacard insurance, ~ plus une-twelfth of yeai:r ~:~mium ir?stallments tor mortgage insurancc, if any, all as rcasonably estimated initially and fmm ~ time to Iimc by Lcrtder on thc basis of assessmcnts anJ bills and reasonable estimates thereof. ~ The Funds shall be held in an institutian the depasits or accounts at which are insut~d or guarantecYi by a Federal or state agency (including I.e~der if Lender is such an ins~i~ution). t.ender shall apply the Funds. to pay said taxes, assessments. i insurance premiums and ground rrnts. ~ender may not charge for so holding and applying the Funds, analyzing said account, s or verifying and compiling said assessments a~d bills, unless Lender pa~~s Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time ot execution ot this Morigage that interat on the Funds shall he paid to Iiorrower, and unless such agreement is made or applicable law requires such interest to be paid, Lcnder shall not be required to pay Borrowe~ any interat or earnings on the Funds. l.ender shall give to Borrower, without charge, an annual accuunting of the Funds showing credits and debits to the Funds and the purp~ue for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together w•ith the futurc monthly. installmcnts of FunJs payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes. assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower s option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be culf'icient to pay taxes. assessments, insurance prer.~iums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 da~s from the date notice is mailed by Lender to Borrawer requesting paymcnt ~herrnt. Upon payme~t in full of all sums secured by this Mortgage:"I:cndar ~U promptly re(und ro Borrow~er any Funds held by I.ender. If under paragraph 18 hercoF the Propeny is u~ld or the Propen ~s`Dthe~l4cf'lt~y~d by 4ender, Lender shall apply, no later than immediatcly prior to the sale of thr PropettX, or its ~f~itioq;~gry~nder, any Funds held by Lender at the time of application as a credit against the sums secured by t~f~~M~ertga~e. , 3. Apptication of Payments. Unless applicable law provides otherwi~e, ajl p~yments rece~+ce~'b~il.tnder under the Notc and paragraph+ 1•rnd 2 hercuf shall be appli~d by Lcnder first in pay~ment of am~unts payS6le•to Le~y~er_ by Borrower under paragraph 2 hereof, tFx;n to interrst payable an the Nute, then tu the principal of the Note, and thcn to interest and principal o~ anp Fuwrc Advances. . 4. CharQes; Lkns. B~~rrower sh:?11 pay aU tares, assessments anJ other charge.. finec and imFx.sitions at~rihutable to the Property w•hich may attain a priority ovcr this Mortgage, and leasehold payments or ground rrnts, if any, in the manner provided unJer paragraph 2 hercof or. if not paid in such manner, by Borrower making payment, wfien due. J~rectly to the ; payee thereof. Bormv?~er shall promptly furnish to l.ender all notices of amounts due under this paragraph, and in the event t Borrov?•er chall makr payment directl~~, Borrower shall prompdy furnish to lxnckr rereipts e~~iden~mg such payments. ~ j Borrower shall promptly discharge any lieo which has priority over this Mongage; provi~eJ. ~hat Borrower shall not be - required to ui~charge any such lien w long as Borrower shall agree in writing to the pa~~ment of the obligati~~n serured by such lien in a manner acceptable to Lender, or shall in gooel f:~ith contr~t such lien hy, or Jefend cnforcement of such licn in, legal pr~kreding~ Hhich operate to prc~~ent the enforcement of the Gen or forfeiturc of the Propert~~ or any part thereof. 5. Nazard Insurance. Borrower shall k~~:p the improrcn~ent~ nou c~isting ur hereaftcr er~-cted on the Pr.~pcrty insorcd against loss h~• fire. hatards included within the tcrm "~:stendeJ rorerage". and such other hazards ac Lender may requ~re :?nd in su:h :~mo~~nts and (or stnh periods ac Lender may rcyuirc: pmvidcJ. that I.cmk;r th~ll not reyuirc that thc amuunt of +uch cu~erag~ e~~c~d th:~t amuunt of rnverage reyuired to pa~• tlie ~um~ ucurcd b}~ this `torlgage. 'Ihe insurance rzrricr providiug the insurance ~.hall be chosen by BorroHCr subject to apprm•al hy Lender, pro~•ided, , that such appro~~al shall not be unrea~onablV Kithheld. All prcmiumc on insurance policies ~hall tx: paid in the manner pro~•idcd undcr paragraph 2 hereof or, if not paid in such manncr, by Borrower makin~ payment, whcn due, directly to the insurance carrier. ~ All insurance policies an.l rene~ca{s therevf shal! be in form accep~:ible to I.enJer :~nd shall include a standard mortgage ~ :lause in favor of and in form acreptable to Lender. Lender ~hrll have the right to hold the poli:ics and renew~alc thereof. i and Borruwer shall promptjy furnish to Lenckr all ren~wal no~ices and all receipts of paid premiums. In the event of loss. ~ Borrower shall eive prompt notice to the insuran~e carrier anJ Lender. Lender may make prcx~f o( loss if not made prompd)• ~ b~• Borrower. . _ ~ Unless 1_ender and Bortow•er otherv?ise 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 ~hereb~~ impaired. I[ such restorat~un-ur reps~r is not ecunomically feasible or i( the security of this. Mortgage would ~ be impaired, the insurance proceeds shall be appjied t~ the sums secured by this Mortgage, µ~ith the excess, if any, paid co Borrower. If the Propert} is abandojied hy Rorrowcr, or if Borrower fails to res~nd to I.endcr within 30 days from the ~ date notice is m•riled by Leiider to Burrower thst the insurance carrier offers to setUe a claim for insurance benefiis, Lender ~ i, authorized to e:olleet and ~pply the inwrance proceeds at LenJer's option either to restoration or repair of the Property ~ ur to the sum~ ~ecured hy this lfortgage. ~ Unless Lender and Borrower otherwise agree in wr~dng. an}~ such application of procceJs to principal Shall not extend ~ or postponc the due date of the monthl~• installments refcrred to in paragraphs I and 2 hereof or change ~he amount of 1 such installments. If under paragraph 18 hereof the Property is acyuired b}• l.ender. all right, title and interest of Borrower in •rnd to am insurance policies anJ in anJ to the proc:eeds thereof resuhing Irom damage to the Property prior to the sale ~ or acquisition shall pass to I_ender tc? the e~tent of the sums securctii b}' this llfortgage immediately prior to such sale or ~ acyuisition. ~ 6. Preservatjon and ~taintenance of Propert~: Leaseholds; Condominiums; Planned Unit Ik~•dc?pments. Borrower ~ shall kcep the Property in good repair and shall not commit vvaste or permit impairment or deterioration of the Property x and shall complp ~•ith the provigions of any lease it this Mor~gagc is ~rn a leasehuld. If ihis Mortgagc is on a unit in a s condominium or a planned unit development. Borrow•er shall perform all ~f Borrower"s obligations under ~he declaration ; ur covenants creating or governmg ~he condominium or planned unit development, Ihe by-laws and regulations of the ~ con~omir.ium or planned unit development, and constitoent Jocuments. 1! a conJominium or planned unit development ~ nder u erecuted by Borrower and recorded together with this Mc.rtgage, the corenant~ and agreements of such rider ~ shall be incorporateJ into and ~hall amend and supplement the co~enants and agreements of this Mortgage as if the rider ~ Ncrc a part hereof. ~ - ~ 7. Protection ot LenJer s Security. If Rorrower fails to pcrfo: m the covenants and agreements contained in this ~ A~tor~gage, 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 enfor~ement, or arrangements ar proceedings imolving a ~ bankrupt or deceden~, then I.ender at Lender's option, upon notice ~o Borrower, ma)• make such appearances. Jisburse such ~ sums and take such action as ~s necessary to protect Lenders interest, including. but not limited to, disbursement of ~ reasonable attomey'c fecs and en~ry upon the Propert}• to make rcpairs. It Lender re9uircJ mortgage .in~urance as a co:~dition of making the loan secureJ by this Mongage, Borrr~cr shaU pay the premiums required to maintam such ~ insurance in efiect until such time as thc rcquirement tor such msurance terminates in accordance whh Borrov?er's anJ ~ r. g ?cRrJ1~_ ~ar= 4.~4