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Home My WebLink About2376~ ~ t • .. •, : , ~_.~.~, _.._~_. UNI-ORM COYlNANTS. Borrower snd l.ender covenant and asra u tollows: 1. ~M ot l~r1~e1M1 a~i IMens1. Boroowe~ shall promp~ly par when due the principal ot aod interest oo the indebtodne~t evidenoed by the Nd0. PrcWY~~t aod late chargcc ac provided in the Note, a~d the principal ot and intercs~ o~ aoy Fwure Advances secured by this Mortpge. 2. FrMs tor Taia ~i Iwn~ee. Subjcct to applicabk law ..r to a written waiver by Lende~. Borro~rer shali pay to Lender on the day monthly installments ot principal and iotcrcc~ are payahk unde~ the Note, until the Note is psid in tull. s tum (herein "Fund~'7 eqwl to one-twelfth ot the yea~l~~ ~a~c~ and assessments which may attain priority ove~ this Mort~a~e. and ~mund rents oe tl~e Properly. ii any. ~+lus one-twelfth of yearly promium installments for hszard insurance. plus o~e-tweltth oE yearly prcmium installments tor mortgage iosurancc. it any, sll as rcuonably estimated initially and t~wn time to time by Lender on the buis of assesxmcnts and hills aod reasonable estimates thercof. The Funds shall be held i~ an institution ~he depoc~a or ~ccounts of which are insured o~ guannteed by a Fedenl ot :tate agency (includina Lende~ if Lcnder is such an institution). I.ende~ ahall apply the Funds to pay said uxa. usessments. inturance premiums and ground rcnts. t_ender may nat charge for u+ holding and applying ~he F~~ndc. analyting said account, or verityin~ aed compilina said assessments and bills, untess Lender pays Borrowet interest on the Funds and applicable law permits Lender to make such a charge. Barrower and l.ender may agrce in writing at the ~ime of esecution ot this Mortgage that interat on the Funds shall be paid to Borrower, and unless such agrcement is made or applicable law requira wch interat to be paid. Lender shaU not be rcquircd to pay Bo~rower any in~ercst or earnings on the Funds. Lender sl~aU ~ve to Borrower, without charge, an annual accounting of the Funds showing crcdits and debits to the Funds and the purpose for which each debit to the Funds wu made. The Funds arc plodged as additional security for the sums secured by this Mort~e. If the amount ot tha Funds held by Lender, together with the future monthly instaUments of Funds payabk prior to t6e due data of tua. assessme~ts. insurance premiums and ground rcnts, shall exceed the amount requircd to pay said taxa. asses~ments. insurance prcmiums and ground rcnts as they (all duo, such excess shall be, at Borrower's opt~on, either pr~anpdy repaid to Borrower or credited to Borrower on momhly installments of Funds. lf the amount ot the Funds held bryr Leoder shall not be sufficieot to pay taxes. assasments, insurance pcemiums and gcound rents as they fall due, Borm~-er shall pay to Lender any amount naessary to make up the deficiency within 30 day~s from the date notice is mailed by l.ender to Borrower iequating payment thercof. u~ wy~bc in full of all :ums ~cured by this Mortgage, l.eoder shall promptly refund ~o Borrower any Funds held by Leoder. If under parsgraph 18 hercof the Property i~ sold or 1he Propet~y ~s o~hervvise acquircd by Lender, Lencier shal{ apply. no later than immediatcly pnor to the sale of the Property or i~s acquisition by Lender, aoy Funds held bv Leader at the time of spplication as a crcdit against the sums securcd by th~s Mongage. 3. A'plicatioa oE Paymeals. Unless appticable law provida otherwise. all payments received by Lender under the Note and paragnphs 1 and 2 hereof shall be applied by I_ender 6rst in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on thc Note, then ~o the Qriocipal of the Note, and then ~o interest and principal on any Future Advances. 4. C6aqa; Ueas. Borrower shall pay all ~axet, axsessmcnts and othcr charges, fines and ~mpositions attributahle to t~e PropeRy which may attain a priority over this Mortgage, and leaiehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dircctly to the payee thereof. Borrower shall promptly turn~sh to LenJer all nouces of amounts due under this pangraph, and in the event Borrower shal) make payment directly, Borrower shall promptly furn~sh to l.ender rereipts evidencing su~:h payments. Borrower shall promptly dixharge any lien which has pnonty over thic Mortgage; provickd, that Borrower shall not be rcquired to discharge any such lien so long as Borrower shall agree in wnhng to the paymeM o( the obligation secured by such lien in a manner acceptable to Lender, or sh•rll m good fai~h contes~ such lien by, or defend en[orcement of such liPn in, legal proceedings which operate to prevent tfie enforcement of the lien or torfenure of the Property or any part thereof. S. Hazsrd lusu~awce. Borrower shall keep the improvements now existing or herea(ter crected on the Prope~ty insured against loss by 6rc, hazards included within the term "extended coverage", and such other hazardc as I_ender may reyuire and in such amounts and for such periods as Lender may reyuire: provideJ, that Lender shall not require that the amount of such coverage eaceed that amount of coverage required to pay the sums secured ~by th~s Mortaaae. "[l~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provid~d. ihat such approval shall not be unreasonably withheld. All prem~um~ on insurance polic~es shall be paid in the manner provided under paragraph 2 hereof or, ~f not paid in such manner, by Borrower makmg payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be in form accep~able to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender_ Lender shall have ihe right to hold the policies and renevvals thereof, and Borrower shall promptly furn~sh to Lender all renew~al not~ces and all receipts of paid premiums. ln the event of loss. Borrower shall grve prompt notice to the ~nsurance carner and l.ender. Lender may make prcx-f of loss if not made promp~ly by Borrower. Unless Lender and Borrower othen+~~u agree in wnting, imurance proceeds shall be applied to rcstoration or repair of the Property damaged, proviJed such re~torahon or repair is economicall~~ feas~ble and the security of th~s Mortgage ~~ not ~hereby impaired. If such rcstorat~on or repair is n.~t economi.ally (easible or if the secunty of this Mortgage would be impaired. the insurance proceeds shall be applied to the sums secureJ by this Mortgage. wi~h the excess, if an~•, paid to Borrower. If the Properly is ~bandoned by E3orrower, or it Borrower fails ~o respond ta Lender within 30 days from the date notice is ma~led b~• l.ender to Borrower that ~he msurance carrier ofiers to se~de a claim for ~nsurance benefits, Lender is aut6oriud to collec~ and apply the insurance proceeJs at Lender's option ehher to restorauon or repa~r o( ihe Propert~• or to the sums secureci by this Martgage. Unless l.ender and Borruwer otherwise agree ~n wnting, an}- such application of prcxeeds to pnocipal shall not extend or postpone the due date of the momhly installmcnt~ refcrred tn in paragraph. I and 2 hereof or change the amount o( wc6 installments. If under paragraph 18 hereof the Properry is acywred hy Lender, ali nght, title and interat of Borrowcr in aad to any~ tnsurance policies and in and to the proceedi thereof result~ng trom damage to the Property prior to thc sale or acquisiuon shall pass to Lender to the extent of the sums secured by tha ~tortgage immediately pnor to such sale or acquisition. 6. Presen•alion and lfainlenance of Property: Leasehulds; Condominiums; Planned Unit Dt~ebpments. Borrowcr shall keep the Property in gocd repair and shall not comrpit Waste or permn impairment or de~erioraUOn of the Properry aod shall comply with the provisions of any lease if this Mortgage i~ on •r Icasehuld. If this Mortgage is on a~mit ~n a condominium vr a planned un~t devcl~pmcnt. Borrower shall pcsform all of Borrower's obligations under the declaratiun or covenants creat~ng or governmg the condominium or planned uni~ development, the by-laws and regulations of the condominium or planned unit develupment, and constituent documems. If a condominium or planned un~t development rider is executed by Borrower and recorded tugeiher v-~~h th~~ Mortgage, the covenants and agreements o( such nder shall be incorpotated into and shall amend anJ wpplement the co~enants anJ agreements of this Mortgage as if the n.ler were a part hereof. 7. Protection of I.ender's Security. If Rorruv-er fa~l~ t~~ Exr(~.rm the covenamc and atreements contained in thic Mortgage, or if any act~on ur proceed~ng is commrnce.f whicn materially afTrct~ Lender's ~nteres~ in the Propen~•, includ~ng. but n~~t Lm~ted ta eminent domam. ~n~„~renc~, uxle enfcrrcemen~. ~~r a~rangementc or proceedings ~m•ohmg a bankrupt or decedent. then I.enJer at 1 ender'~ opt~on, up~m n~tice to Borrower. ma~ m.~ke such appearances. ditihurse wch sums and take such action a~ is necestarp tu pmlect Lender'. mtrresL mclud~ng. but nat limdeJ to, ditbursement ~( reasonable a~tomey's tce~ and entry u~x.n ~hc Pn~pcri~~ to ma{,c repain. If Lender rryuired mor~gage in~urance a~ a condition o( making thc loan ~ecurcJ b~ thi~ ~turtgagc. B~~rrr•HCr 1h dl pay thr prcmiums rcqu~reJ to maiut~~n wch insurance in rtiect unnl tuch time a~ the reyuirement t~r ,uch m~tuan;c Icrm~natc~ in :~ccordanee RIIFI BOffI~NCf'~ anJ .nfl~ 345 ~.~ 2375 - _ .~