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Home My WebLink About0524. .. • , - • 1'~ .. t •- y s • UNIlORN C01/eNANTi. Boctower and L,ender covenanl a~d atree u tollows: ~. ta,rwe~t o~ hi~clNi a~i INe~at. 8oroower shall p-omptl~• pay when due the principal ot a~d interest oo the indebtedrKSS evidenced by the Note. Prepaymtnt and late chargec ac p~ovided in the Note. a~d the p~ocipal of and interes~ on any Fwure Advsnces secured by this Mortaa~e. 2. F1u~ds tor Tates wi lw~s~ce. Subject to spplicable law ur to a written waiver by Lender. Borrwre~ shall paq to Ler~der o~ the day montAly instatlments of priecipal and mtorcrt arc payable unde~ the Note. u~ti) the Note is paid in tull. a sum (hercin "Funds'~ equal to one-twelfth of the yea~l~ taa~~ aoJ assessments which may attaio prioriry over this Mortsaje. and `mund rents on the Pmperty, if any, plus ooc-tweltth ot yea~ly prcmium instaltments for hazard insurance. plus oae-twelfth of ycarly premium installme~~s for mortgage insuraricc. it any, all as reasonably estimated initially and tmm time to time by Lender on the basis ot assexsmcnts and hills and ~easonable atimates thercot. 'Il~e Funds shall be held in an institution the deposiu or ~ccoun~s of which are insured or guaranteed by a Federal ot state agency (i~cluding Lender if I.ender is such an insti~ution). I.e~der shall apply the Funds to pay said ~aaa. assessmentt. intutanoe Qremiums and ground ants. l.ender may no~ charge tor u+ holding and applying the F~mdc. anatyzing uid account. or verifyin~ and compling said assessments and billa, unless l.e~der pays BoROwer ioterat on the Funds and applicable law petmits Lender to make such a charge. Bc~tFowe~ and Lender may agree in writing at ~he time ot execution at ihis Mortgage tbat interest on the Funds shall be paid to Bortower. and unlas such agreement is made or applicable law rcquires wch inte~at to be paid, Lender shall ~ot be rcquircd to pay Borrower any interat or earnings on the Funds. Lende~ shaU give to Borrower, without charge, an annual accounting of the Funds showing crcdits and debits to the Funds and 1he purpose tor which tach debit to the Funds wa~ made. The Funds are plcdged u additional security for the sums xcured by this Mortpae. If the amount ot the Funds heW by l.ender, together with ~he future mon~hly installments of Funds payabk prior to the due data of ~axes. assessments, insurance prcmiums and ground rcnts. shall exceed ~he amount required ~o pay said taxes. atsastnents, insurance prcmiums and ground rents u they fall due, such excess shall be, at Bor~ower s option, either pmmptly rcpaid to Berrower or crodi~ed to Horrower on momhly installments of Funds. If the amount of ~he Funds lKJd by Lender shall not be sut6cient to pay ~axes. assessments, insurance premiums and ground rents u they tall due, Borro~rer shall pay to L.ende~ any amount necessary to make up the deficiency within 30 days trom the date notice is mailcd by Lende~ to Borrower requesting payment ~hereof. Upon paymeat in full of dl surtu secured by this Mortgage, I.ender shall promp~ly re(und to Borrower any Funds held by Gender. If under puagraph 18 hercot the Property ia sold or the Property ~s o~hervvise acquircd by t_ende~, [_ender shdl apply, no later than immediately prior to the ule ot the Property or its acquisition by Lender. a~y Funds held bv Leoder at the time of application u a credit against the sums securcd by this Mortgage. 3. Applicatioo oE Paymeets. Unless applicable law provides Wherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hercof shall be applied by I.ender first in payment of amounts payable to Lender by Borrower under puagraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Futurc Advanoes. ~. C6ar~es; Litns. Borrower shall pay all taaes. asscssm~nts and othcr charges, fines and impositions atlributable to tbe Property which may attain a priority over this Mortgage, and leasehold 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, diroctly to the payee the~+eof. Borrower shall promptly furnish to Lender all notices o( amounts due under this pangnph, and in the event Borrower shall make payment directly. Borrower shall promptly (um~sh to l.ender receipts evidencing such payments. Borrower shall promp~ly discharge any lien which has pnonty over th~c Mortgage; provided, Ihat Borrower shall not be required to d~scharge any such lien so long as Borrower shall agree in wnimg tc. the payment of ihe obligation xcurcd by such lien ~n a manner acceptable ~o Lender, or shall m gcx~d (aith contect such lien by, or defend enforcement of such lien in. Iegal proceedings which operate to prevent the enforcement of the lien or forfe~wre of the Propeny or any part thereof. S. Hazard Insunnce. Borrower shall keep the impmvements now c~isling e~r herea(ter erected on the Property insurod against loss by 6re, haurds included within the term "extended coverage", and such other hazards as t_ender may require aad ~n such amounts and (or such periods a~ Lender may require; pravideJ; that I_ender thall not requirc that the amount of such coverage exceed that amount of coverage requ~red to pay the sums ucured ~by this Mort6age. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, tbat such approval shall not be unreasonahly withheld. All premiams on insurance policies shall be paid in the manner providtd under paragraph 2 hereof or. d not paid in such manner, by Bc-rrower mak~ng payment, when due, directly to the insurance carrier. All insurance polic~ec and renewals therrof shall be in form acceptable to LenJer and shall ~nclude a standard mortgage clause in favor of and in form acceptable to Lender. 1_ender shall have the right to hold the policies and rcnewals thereof, and Borrower shall promptly furn~sh to Lender all renewal not~ces and all receipts of paid prcmiums. In the event of loss, Bo~rower sh~ll g~~~e prompt nouce to the ~naurance carner and Lender. !_ender may make proat of loss if not made promptly by Borrower. Unless ~ender and Borrow~er o~hrrw~er agrer in wnt~ng, inwrance proceeds shall be applied to rtstoration or repair of the Property damaged, prov~ded ~uch rcstoration or repa~r is economically feasible and the security of this Mortgage is not thereby impa~red. If such res~orahon or repair ~s n~-t econom~cally (easible or if the secunty of this Mortgage wauld be impaired. the msurance proceeds shall be applied to the sums secureJ by this Mortgage, wi~h Ihe excess, if any, paid to Borrower. If the Propert}• ~s abandoned hy Burrower. or ~t Borrower ta~h to respond to Lender within 30 days from the date nodce ~s madcd by l.ende~ ~o Borrower tha~ the insurance carrier ofTets ~o settle a claim for insurance benefits, Lender ~s auth~-rized tu collect and apply the ~nsurance procecJs at LcnJcr's ophon eithcr to restoration or repaer of ihe Propert~• or to ~he sums secured by this Mortgage. Unless I.ender and Borrower otherv~~~e agree in wnUng, an~ cuch application of pnxeeds to pnnc~pal shall not extend or postpone the due date of the monthly imtallmentt referred u~ in paragraph~ I and -2 hercof or change the amount of such installments. It under paragraph 18 hereo( thc ProE,erty is acywreJ b} L.ender, ali nghl, title and interest of Borrowcr in aod to any insurance policies and in and to ~he proceeJs thereof resulimg (rom damage to the Propeny prior to thc sale or acquisition shall pass to Lender to the eatent of the ~ums secured b}• ~his Afortgage immediately prior to such sale or acquisition. ' 6. Yresenation and ~taintenance ot Property; I_easeholds; Coodominiums; Planned Unit Developments. Borrow•er shall keep the Propercy in good repair and shall not comroii yeastc or permi~ impairment or deteriotation of the Property and shall comply with Ihe provisions of any lease it th~s Mortgage i~ un a leaxhold. I( this Mortgage is on a unit in a condominium or a planned unit devclopmcnt, Borrowcr ~hall pcr(orm all of Borrower's obl~gaUOns unde,r the declaratiun or covenants creahng or governmg ~he conJom~mum or planned unit development, the by-laws and regulationc of the condominium or planned unit dcvelo~~mcnt. .~nd constituent d~umcnt~. If a~ondominium ot planned unit Jevelopment nder ~s executed by Borrower anJ rernrded ~e~gether w~th thi~ Mnrtgage. ~hr covenantc and agreements of sach rider shall be ~ncorporateJ mto and shall amend and supplement the co.enants anJ agreements o( th~s Mortgage as if the n~ter were a part t~ereof. . 7. Protection of I.ender's Security. I( H~•rmwer f~d. t~~ Fxrl~~rm Ihe covenant~ anJ agreements cuntained in this Mortgage, or if any act~on ~~r proceeding i. comn~ciice.l which m~terialk .~fTertt I erider'~ interect in the Property, ~ncluding, but n~~t hm~led to, em~nent domain. im~~lvenc}. c~~de rnti.rremcnt. ~~r arrang~mentc or proceedings ~nvolving a bankrupt or deceJent. ~hen LenJer at 1 ender'~ i.pt~on, upun n~-nce to Borrow•er, ma~ m:~ke su.h appearances, dishurse such sums and ~ake Such aclion a~ a nece~.ar} ta pr~~tect I.ender'~ mteresl, including. but nut IimiteJ ro. d~sbursement o( reasonable al~orney'~ fce~ and cnlry up~~n the Propcrl~• t~~ makc rcpa~r~. 1( I.cndCr rryuircJ morlgage incur~nce a~ a cond~tiun o( making Ihc loan ~ecure~l b} thi~ :11i~rtgaKr. H~.rrr.HCr sh.~ll ~a) thr prcmiumc reqwreJ to mainta~n such irUUrancc ~n ctiecl until ~uch Umc as thc rcyu~rrmcnl i~~r ~uch in;uramc tcrmin:~tcti ~n .~c.ordancc w~Ih Borrow•ct c anJ B~~x 34s ~~~E ~zz ~ - = ~ ~ - ~ ~~~~-~