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Home My WebLink About0488l ~ , t` ~ . UN/I'ORM COVBNAN'1'S. Horwwer and I.tode~ covenant and agree u follows: l. rap~weN ot hMciMl a~i 1Ne~a1. 8orrower shall p~omptly psy when due the principal ot and interat oo the indebtedness evidenced by the Note, prepaymeot and late chargec ac provided in Ihe Note, and the ptincipal of and interest o~ aoy Futu~e Advances secured by this Mortgage. 2. l~~i tor Taxa Wi l~wtuce. Subjat to applical+Ie law ar to a writlen waive~ by Lende~. Borrower sha~1 PaY to Lender o~ ~he day monthly installments of p~incipal and mtcrcc~ arc payable under the Note. until tAe Note is paid in full, s aum (herein "Fun~") equal to one-twelGh of the yea~l~~ ~as~~ and assessments which may attain pnority ove~ this Mwtsaje. and Sround rents on the Pcoperty, if any, plus ooe-twelfth ot yea~ly premium insullments for hazard insurance. plus oae-tweltth of yearly premium installmeo~s tor mortgage insunncc, if any, all as rcuonably estimated initially and irom time to time by Lender on the basis ot asses~mcnts and hills and reasonable a~imata thercof. The Funds shall be held in an institu~ion ~he depos~a or accounls ot which a~e insured or guarantecd by a Ftdenl ot state ageocy (including Lender if Lender is such an institution). I.ender ahall apply ~he Funds to pay said laxa. assestments. iasunnce premiums and graund rents. I.ender may not chuge tor so holding and applying ~he F~mdc. analy7ing caid account, or verifyin~ sod compiling uid assessments and bilh, unless Lender pays Borrower interest on the Funds and applicable law permits I.eoder to make such a charge. Bc~rrower and Le~der may agrce in writing at the time o( execution ot this Mortgaae that interest on ~he Fu~ds shall be paid ~o Borrower, and unless such agreemem is made or applicable law rtquires such interat to be paid. Lender shall not be rcquired to pay Borrbwer any intercst or earnings on the Funds. Lendsr sl~all ~ive to Borrower, without charge, an annual accounting of ~he Fuods showing credits and debits to the Funds and the purpoae tor which each debit to the Funds wu made. The Funds are pledged as additional cecurity for the sums secured by this Mortaage. If the amount of the Funds held by Lender, together with Ihe future mo~lhly installments of Funds payabk prior to tbe due dates of taxes, as3essments. insurance prcmiums and ground rcnts, shall exceed the amount rtquired to pay said taxes. asxutnents. insurance premiums snd ground rents as they fall due, such excess shall be. at Borrowers optian, either promptly repaid to Bormwer or crodited to Borrower on monthly installments of Funds. lf the amounl of the Funds held by I.eoder shall not be suRicieot to pay tues, asses.unents, insurance ptemiums and ground rents u ~hey fall due, Borrower shall pay to Lender any amount nececsary to make up the deficie~cy within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon paymeat in full of all sums secured by this Mortgage. 1_ender shall promptly rcfund to Borrower any Funds held by L.ender. If under paragraph 18 hereof the Property is sold or the Property ~s ahen~rise acquircd by Lender, Lender shall apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held bv I.eader at the time of application as a credit against the sums secured by this Mortgage. 3. Appiicatlm oE Paymeafs. Unless applicable law provides otherwise, all payments received by Lender under the Note aad pangnphs 1 and 2 hercoi shall be applied by Lender first in payment of amounts payable to I_ender. by Borrower under pangraph 2 hereot, then to interest payable on the Note, then to the principal ot the Note, and then to interest and princiQal on any Futurc Advances. 4. C6aRes; Lkns. Borrower shall pay all taxes, asxuments and othcr charges, fines aod impotiitions auributabk to the Property which may attain a pnority aver this Mortgage, and leasehold payments ar ground rents, if any, in the manner providod under paragraph 2 hereo[ or..if not paid in such ~mannei, by Borrower making payment, when due, directly to the payee thereot. Borrower shall ptomptly furmsh to LenJer all not~ces ot amounts due under this paragnph, and in the event Bormwer shall make payment directly, Borrower shall promptly furmsh to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has pnonty aver th~c Mortgage: provided, that Borrower shall not be rcquired to discharge any such lien so long as Borrower shall agree in wnhng to ~he payment of the obligation securtd by such lien in a manner acceptabk to Lender, or sh•rll m gcxxf fai~h conte~~ such lien by, or Jefend enforcement of such lien in, Iegal proccedi~gs which operate to prevent the entorcement of the lien or forfe~wre of the Propert} or any part thereof. S. N~zud Insurance. Borrower shall kcep the ~mprovemeni~ noN~ e~isting or herca[tcr erected on the Property ins~red against loss by fire, hazards included within the term "extenJeJ coverage". a:~d such other hatards as Lender may reyuire and in such amounts and for such periods ac Lender m~y require; provided, that (_enJer shall not require that the amount of such coverage exceed Ihat amount of coverage reqwred to pay the tiums secured ~by ~his Mortgage. 71~e ~nsurance carrier providing the insuranre shall be chosen by Botrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All p~em~umc on insurance policies sha11 be paid in the manner provided under paragraph 2 hereof or, ~f not paid in cuch manner, b-j Borrower making payment, when due, dircctly to the insurance carrier. All insurance policiec anJ renewals therrof shall be in form acceptabir to l_ender and shall include a sundard mortgage clause in favor of and m form acceptabie to Lender. 1_ender shall have the right to hold the policies and rcnewals thereof. and Borrower shall promptly [urmsh to I_ender all renewal notices and all receipts of paid premium~. In the event of loss, Borrower shall g~ve prompt noUCe ro the ~nsurance carner and Lender. 1_enJer may make proo( of loss if not made promptly by Borrower. ~ Unless Lender and BorroKer othcrw~k agree in wn~mg, incurance procecds shall be applied to restoration or repair of the Properry damaged, prov~ded such rcstora~wn or repair ~s economically (easible and the secarily of th~s Mortgage is not Ihereby impaired. If such restorahon or repair is not econumically fcasible or ~( ~he security of this Mortgage would be impa~red, the msurance proceeds shall be applieJ to ~he sums secured by this Mortgage. with the excess, if any, paid to Botrower. If the Property is abandoned by Borrower, or ~t Barrower fails to res~nd to 1_ender within 30 days from the date notice is mailed b~• l.ender to Borrower that the ~nsurance carrier offers to set~le a claim for insurance benefits, Lender ia authorized to collect and apply the i~surance proceeJs at Lender'~ uptiun either to restorauon or repa~r of the Propem~ or to Ihe sums ~ccured by this Mortgage. • Unless I.cnder and Borrower othervrne ~gree m Mriting, any such applic.~~ion af prcxeeJs to prmcipal shall not extend or pcntpone Ihe Jue date of the monthlc inuallment~ re(erred ~o in puagraph~ t and 2 hereof or change the amounl of such installmenb_ If under paragraph 1 b hereot thc Property is acywred br IxnJcr, ali nght, tiUe and interest of Borrower in and to an~• ihsurance policies •rnd in anJ ta thc pruceeJs thereof result~ng hom damage to the Propeny prior to th~ sale or acquisition shall pass to Lender to the eatent of the sums SccureJ by thn :1lortgage immediately prior to such sale or acquisition. 6. Presen•alion and ~lainlenance of Property: I.easeholds; ('ondominiums; Planned Unit Developments. 6orrow•cr shall keep the Propeny in gcwd repair and shall not comrpit y-aste or perm~t ~mpairment or deterioration of the Properry and shall comply with thc provis~ons of any lease if thn Mur~gage n un a Icasrhald. If this Mortgage is on a unit in a condominwm or a planned unit Je~~elopment. Borrower ~hall per(orm all o/ Borrower's obligations under the declaratwn or covenants creatmg or guvernmg ~he conduminium or planned umt devel~~pment, the by-laws and rcgulationc of the conJominium or planoed unit devel~~~ment, and constituent d~xumeni.. I( a conJominium or planned uoit Jevelopmem nder ~s execu~ed by Borrower and recordcJ ~~~gcther Nith thi~ M~rtgagc, thc covenants and agreements o( ~uch ridcr shall be ~ncorporateJ ~nto and shall amend anJ wppi~ment thc covrnams •rnd agreements of ~hit Mortgage as if the riJer were a part Fereof. '7. Proteelion of I.ender's Security. If Hnrr~~aer f.~~l~ t~~ ~xrf~~rm the covenantc and agreements cuntained in thic Mortgage, or it any act~on ~~r proceeJ~ng i~ cammrnce~l w h~cn materialh .~tTrct~ I.ender'~ intere~t in the Property. mclud~ng. but not l~mned to. cm~ncnt dumain. mcol~c~c~, c~K1c cnf~~r~cmcnt. ~~r arrangcmrnts cir pr~xccdings ~nvol~~~ng a bankrupt or decedent, then I ender at I.ender', op~ion, uExm n~aice to Borrowe~, ma} make such appear~nce~. di~hurtie such sums and ~ake such •acuun a. ~s nccc~.ary tu pmtcct Lcndcr'~ imrrcct, mcliuhng. bol n~t lim~tcd tc~. ditiburscmcnt cif reasonahle altomcy's fce~ and cnlry u~~n Ihc Praprr~~• t~- malc repair.. It I.cndcr rry~iircJ mortgage in~urance at a conJit~un o( rnak~ng Ihc loun ucure~l b} ~hiti ~t~~rtg:~~:r. B~~rrr.HCr sh.~ll pay Ihr prcmiuim rcquircJ to mai~ita~n wch insurance in rliect unt~l tiuch umc ac thc rcyuircmcnl (or ,u~h in;uran,c Icrmmatr~ m:~ccordancc w•i~h Borrowrr'~ anJ bo~~it34s NaGE ~s >;:~.- ..: