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Home My WebLink About0405, ~ • ~ i ~~ UNI~~t Covpn~Hn. Borrower and l.ender cove~ant and agrce as follows: l. lr,rwe~t ot hl~clpl a~i tNensf. Borrower shail promptl~• pay when due the principal of and interest on the indebted~est evidenoed by the Note. prepaymeot and late cha~gec ac provided in the Note, and the principal ot and interes~ on aoy Futurc Advances secured by~ this Mortaage. _. ih~~i tor Tua a~i IwrMCe. Subject to ~pplicahle law ~~r to a written waiver by Le~der. Borrowet shall paY to Lender on Ihe day monlhly installme~ts ot principal and ~nt~rec~ are payahle under the Note. until tAe Note is paid in tutl, a sua~ (herein "Funds") equal to c+ne-twel(th of ~he yea~l~ ~a~-c. arnl assessrnents which may attain priority over this Mortjase. and ~round rents on the Property, if any. plus o~e-twelf~h ol yearly premium inscallments [or hazard insurance, plus oae-twellth of yesrly premium installments tor mongage insurancc. it any, all as rcuanably estimated initially and trom time to time by Leoder o~ the basis of asscscmcnts and hills and reasc~nable atimata thercof. 71~e Funds shall be held in an institu~ic.n the depos~ts or accounts of which are insurcd or guaranteed by a Fedenl ot sttte agency (including Lender if Lcnder is such an institu~ion). 1_ender ahall apply ~he Funds to pay said taxcs, assessments. insurance premiums and ground ~ents. 1 ender may oot charge ~or so hc~lding and applying the Fnndc. analyzing said account. o~ verilyin~ and compiling said assessments and bills, unless Lender pays Borrower intetat on Ihe Funds and applicable law permits Lender to make such a charge. Barrower and Lender may agrce in writing at the time ot execution ot lhis Mongage that interat on the Funds shall he paid to Borrower, and unless such agreemeni is made or applicable law requira such interat to be paid. Lender shall no~ be rcquired ta pay Borrower any interest or earnings on the Funds. Lender shall aive to Borrower, without charge, an annual accounting of the Funds showing credils and debits to the Funds a~d the purQost (or which tach debil to the Funds wu madc. The Funds are plodged as additional security tor thc sums securcd by this Mort`aae. . If the amount ot the Funds hold by Lender, toge~her with the tuwre mo~~hly installments of Funds payable prior to t6e due dates of taxa. asseuments. msurance premiums and g~ound rcnts, shall exceed the amount required to pay said taxa. assewaents. insurance premiums and ground rents as they tail duc, such eacess shall be, at Borrower's op~ion, e~ther pranptly repaid to Borrower or credited to Borrower on monthly installments of Funds. It the amount o( the Funds held by Lender shall not be sut6cieat to pay tua, assessments, insura~e premiums and ground rents as they (all due, Borro~-er shall pay to I.tnder any amount necessary to make up the de6ciency within 30 days trom tho date notice is mailed by Lender to Borrowe~ requesting payment thereof. Upoa payment in full of dl sums securcd by this Mortgage, I.ender shall promptly refund to Bo~rower any Funds held by L.ender. 1[ under paragraph ~ 8 herco( the Praperty ~~ sold or ~he Property ~s otherwise acqu~rcd by Lender. Lender ahall apply, no later than immediately prior to the sale of the Propeny or its acquis~t~on by 1_ender, any Funds held by L.ender at the time of application as a c~edit against ~he sums secured by this Mortgage. 3. Applieatla~ ot Paymeats. Unkss applicable law provides otherwise, all payments received by l.ender under the Note and paragraphs ! and 2 hereof shall bc appl~ed by I.enJer first in payment of amounts payable to Lender by Borrower uader puagraph 2 hereot, then to interest payable on the Note, then to the principal ot the Note, and then to interest and principal on any Future Advances. - ~. Charses; Lkas. Borrower chali pay all taaee, ~~sessmcnts and oth~r charbes, fines and imEwsitions altnbutahle to the Property which may atlain a priority over this Mor~gage, and lea-ehcild payments or ground rents, i[ any, in the manner pr~vided under paragraQh 2 hereof or. if nut paid ~n wch manner, by Borrower making payment, when due, dircctly to the payoe thetoot. Borrower shall ptomptty farnish to l.ender all nouces o( amounts due under this paragraph, and in the event Borrower shall make payment d~recUy. Borrow•er ~hall promptly furnnh to Lender receipts evidenc~ng such payments. Borrowe~ shall promptly discharge any lien which has pnonty over th~c Mortgage; prov~Jed, that Borrower shall not be required to diseharge any such lirn w long as Borrower shall agree in v~nl~ng ti~ the pa~•meM ot tht obligation securcd by such Gen m a manner accep~ablr to Ixnder, ar tihall in gixK! fauh ~untc.~ wch lien by, or JefenJ enforcement of such lien in, Iegal proccedmgs which operate to prevent thc rnfurcement ot ~hr licn or forfe~wre of the Property or any part thereof. S. H~zard Insurance. I3orrower shall keep the impruvemcnt. n~.w ctiicung i~r here~ftcr erected on ~he Pmpcrty insured against loss by 6re, hazards included withm the trrm "e~tendrd c~~verage". a:.J wch other hatardc as l.ender may reywre and in such amounts and'for such periods as I.ender may reyuire; pmvided, that 1_enJer shall not rcquire that the amoont of such coverage eaceed that amount of coverage reqwred to pay 1he ~umc secured ~by ~h~~ Mortgage. The insurance rarrier providing the insuranre shall be chosen by Borrower subject to approval by Lender; provided, t6at such approval shall not be unreasonably withheld. All premium~ on insurance policies shall be paid in the manner provided under paragraph 2 hereof or. ~f not p:+i~ in si~ch manner, b~~ Borrower mak~ng payment, when due, dircctly to ihe insurance carrier. All insurance ~wliciet and renewals therrof shall be ~n forni ~cceptable to Lrnder and shall include a standard mortgage clause in favor o( and m(orm acceptable tu l.ender. I.ender ~hall ha~~e the right to hold ~he policies and renewalc thereof. and Borrow~er shall promptly furmsh to I.ender all renew:+l nohces and all recc~pts of paid prcmium~. (n the event of loss. Borrower tih•rll gi~e pmmpt not~ce to the ~niurance carner and Lender. LenJer ma~ makc prcx~t o( loss ~f not maJe promptly by Borrower Unless LenJer and Borrowcr othcrw~~e agrec in wnbng. inwrance prcxecda shall bc applied to restoration or repair of the Propeny damrged, prov~ded wch re,torat~on ur repair ~~ ecc~nom~call~~ teas~ble and the security of th~s Mortgage is not thereby impa~red. It such restor:~t~on or repair is n~~t ~.~~numicall~- feasible or i( ~he s~cunty of ~his Mortgage would be ~mpaired, the msurance proceeds .hall be :~pplied to the sums secureJ by thit Mortgage. with ihe excess, if anp, paid to Borrowcr. If the Yropert) ~s ahanduned hy Horrower, ur it Borrower (a~lti tu res~x~nd to Lender within 30 days from the Jate not~ce ~s maded by Lender to Borrowcr that the ~nsurance carrier vtterti to ~etUe a ciaim for ~nsurance benefits, 1_ender is aut6onzed to collect and apply the ~murance proceed~ at Lcnd~•r'~ optiun erther to restoraUon or repa~r of the Propen~• or to ~he sums secured by this Mortgage Unless Lrndcr and Burrow~er otherv~~k egrec m KnUng, any such appli~a~~on ..f pnkeeds to pnncipal shal) not cxtcnd or postpone Ihe due Jate o( thc m~mthly~ imtallmcntt rcfcrred a~ in peragraph. 1 and 2 hereo( or change the amount ot suc6 installments. If under paragraph I8 hereof the Property ii acy~~red h~ I.enJer, aN nght, title and imerest of Borrower in aad to any Insurance pol~ciei and ~n •rnd to thr proceeds thereot resulung from Jamage to the Proprrty prior to Ihc sale or acquisition shall pass to Lcnder to the eatent of the ,um~ securrd hy ~h~~ ~lortgage immediately prior to ~uch sale or acquisition. 6. Pnscn~ation aud ~t~intenance of Propert~: I.easrholdc; ('ondominiums; Planned Unit Developments.~ Borrowcr shall keep the Property in g~x-d repair and ~hall no~ comrpi~ y~astc ur permit impairment or deterioration ot the Property and shall camply w~th the pro~is~ons of any leax ~1 ~hiti 41~~rlgagc ~. ~m ~ Ic~srh~~ld. I( thic Mortgage is on a umt m a condomimum or a planned unit Je~elapment, Borrowrr ~h:,ll ~xrt~~rm all uf Borrc~wer's obligat~ons under the declaraU~~n or covenants crcaUng or guvermng Ihe condi~m~mum c~r pl~nnrd umt develi~pment, the hy-laws and regulationc of the conJomimum or planned unit develupment, .~nJ ci~n~tituent J~-cumem~ 1( a cundominium or planned un~t Je~~elopment nder is executed by Borrower anJ rrc~rded tngether ~nh ~h~. ~t~~rtgage, the coven:,nts and agreements of wch ndcr shall be ~ncorporated ~nto and shall amcnd anJ ~uppkrnrnt thc a~~cnanl~ anJ agreemems of thn Mortgage as ~t the n~ler were a part F~ereof. - ~. Proteetion ot Lenders Security. II Bnrr„NCr t,~~l. t~~ ~xrt~~rm Ihe covenant~ an~1 agreements runtained in th~s Mo~Igagc, ur it any achon ~~t pnxceding i. c~~mmrnrcJ whi~n m:~lrnally .~ITrrt~ 1 en~lrr'~ intcrc~t in thc Pro~xrt~•. tncluding, but n~~t lirn~ted tu, cmmcnt d~~main. nn~~l~cnc~. «K1r rnt~~rrcmrnl. ~~r :~rranRrmcntti i~r pr~xccdingt im~ol~ing a bankrupl or Je~eJent, then LenJer at 1 enJer', opUon, u~m notice ~o Borruwe~. m;~~ meke such appearance+, ditihune such sum~ and take such a~tum a. ~s nece«ar} tu pmt~xt Lrnder'. m~rrcct. m~lu~iing. biit ne~t limrtcd to. Ji~burcement ~~f reaso~ahle atts~rne}•'~ Icc~ and cniry up~,n the 1'mF-criy t~, m:~{,e sep.ur. 11 I.rndrr rryi~irr~l mi,rtgage imurance a~ a condiUun ut makmg thc loan ~c~urc.4 b~' lh~~ ~t~,rtgn~r. B~~rrr.wrr sh ~11 p~y Ih~• premwmti rcyuireJ to mainta~n wch insurancc in cl(e~l unul ~uch umc as thc reyuucntcnt fi~r ,uch m,uran,c Irrmin:~tr. ~n :~c~ordancc N'IIFI B[~ffl~NCf~ti anJ B~JflK34o PaCt 4~ ~ 4~~ . . t ."~• Yr .~ ~.-..~ •~.i .'T ni i Y. -s .. i~~l1i~'~~