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Home My WebLink About0537,- • , ~ ..~ r . :. ~ UNQORM COVlNA!lT~. Borrower and l.toder covenant and atree as follows: 1. l~we~t ot hi~tlMl a~i IMereN. Bo~rower shall promptly pay when due the principal ot and intercst on 1he indebtednw evidenad by the Note. Ptepayment sod late charga ac provided in the Note, and the principd of and interes~ oei any Futuro Advaaces securod by this Mongate. 2. F~ tor Tua a~i Iwrpce. Subject to applicahk law ar to a written waiver by Lende~, Borro'we~ shall paY to I.ender on the day monlhly iostallments of p~incipal aod int~rc~~ ~rc payahle unde~ the Note, until the Note is paid in tull, a:um (hercin "Pw~dt'~ eqwl to one-tweltth of the yea~l~~ uz~~ anJ ~ssessmeets which may attain priority over ~his Mort~s=e, and ~round re~a on [be Pmperiy. it any. Flus ooe-twelGh ot yearly premium installments for hazard insunnce. plus one-tweltth ot yeaAy promium iostallments for mongage insunncc. it any, atl as rcuonably atimated initially and trom time to time by Lender on the basis ot assescmcnts and hills and rcasonable estimates thercof. The Funds shall be held in an institwion ~he depocits or accounls of which are insurcd or guannteed by a Federal ot state aaeocy (includiog Lender i[ [.ender is such an institution). 1_eoder shall apply the Funds to pay said taxa. asseuments. insurance premiums and ground rcnts. 1 ender may na~ cha~ge tor u- holding and applying ~he Fundc. analyzing caid account. or verifyint and compiling said assessments ~nd bills, unless Lender pays Bonower intetest on the Fuods and applicable law permits Lender to make such a charge. Borrowe~ and l.e~der may agrce in writing at ~he lime ot execution ot this Mortgaae that interat on Ihe Funds shall !+e paid to Borrowe~, and unlas such agreement is made or applicable law requires such i~terat to be paid. l.ender shall nat be rcquired to pay Borrower any interest or earnings on the Funds. Lender shall aive to Borrower~ witlwot charge, an annual accounting of the Funds showing c~edits and debits to the Funds and the purpose for which ~ach debit to the Funds wu made• The Funds arc pledged as addi~ional ucurity tor the sums secured by tAis Mort~e. If t6e unount ot the Funds held by Le~der, together w~th the future monthly installments of Funds payable prior to the due dates of taxa, aueuments. iraurance premiums and ground rents, shall exceed the amount required to pay said taxa, asse~sments, insurance ~rcmiums and ground rcnts u they (all due, such ezcess shall be. at Borrower s option, ei~her pranptly repaid to Borrower or crodited to Borrower on monthly installments of Funds. It the amount of the Funds n~w by u~ ~~i ~a ~ s~~e to wy ~~a, assessme~ts, insurance prcmiums and ground rents u they fall due, Borro~-er sball pay to l.ender any amount necessary to make up ~he deficiency within 30 days trom the date notice is mailed by Lender to Borrower ~equesting payment thereot. Upoa paymeat ia full of all sums secured by this Mortgage, l.ender shall promptly retund to Borrower any Funds held by Lender. If unde~ puagraph 18 hercot the Property ia sold or the Propeny ~s othervvise acquired by l.ender, l.ender shall apply. no later than immediately prior to. the sale of the Property or i~s acquisition by l.ender, any Funds held bv I.ender at the time of application as a crcdit against the sums secured by this Mongage_ 3. A~plicatjou of Paymeets. Unless applicable law provides otherwise, all payments received by Lender under the Note and pangnphs 1 and 2 hereaf shall be applied by I.ende~ 6tst in payment o( amo:~nts payable to I.enckr by Borruwer under pangraph 2 hereof. then to interast payable on the Noie, then to the principal of the Note, and then to intcrest and principal on any Future Advances. 4. C6artes; Lk~. Borrower shall pay all laxes, a~sessmcnts and othcr charges, fines and impotiit~ons attnbutable to the Property which may attain a pnority over ~h~s Mortgage, and leasehold payments or ground rcots, if any, in the manner Provided under paragraph 2 hercof or. if not paid ~n such manner, by Borrower making payment, when due, directly to ihe psyee theroof. Borrower shall prompUy furnish to LenJer all notices of amounts due u~der this paragraph, and in the event Borrower shall makt payment directly, Borrower shall promptly furn~sh to Lender rec:eipts evidencmg such payments. Borrower shall promp~ly dixharge any lien which hu prionty over ~hic Mongage; proviciecl, that Borrower shall not be rcquired to discharge any such lien so long as Borrower shall agree in v-r~-ing t~~ the payment of the obligatiun ucurcd by such lien in a manner acceptable to Lender, or sh•rl! m g«~d faith conte~t such lien hy, or defenJ enforcement of such lien in, legal proceedings which operate to prevent the enforcement of ~he lien or torfeiture of the Property~ or any part thereof. S. H~zsrd Insunace. Borrower shall kap the improvcmems now etiisung or hereafter erected on the Property insured against loss by firc, hazards included withm the te~m "ritendeJ coverage". a:~d such other hazards as l.ender may reyuire wd ~n such amouots and for such periods ac (_ender ma~• reyuirc; provided, ~hat l.ender shall not rcquire that the amount of such coveragr exceed that amount of coverage required to pay ~he sumc secured ~by ~his Mor~6a~e. "Ihe msurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender: provided, t6at such approval shall not be unreasonably withheld. All premwm~ on insurance polic~es shall be paid in the manner provided under paragraph 2 hereof or, if not pai 1 in such manner, by Borrov-er making payment, when due, dircctly to the iasuraoce carrier. ~ - All insurance poGcies and renewak therrof shall tx in form accep~able to LenJer and shall ~nclude a standard mortgage clauu in favor of and ~n form acceptable to Lender. [_ender shall have the right to hold the polici~s and reoevvals ihereof. and Borrower shall prompUy fur~ish to Lender all renewal nouces anJ all receipts of paid premium~. In the event of lo~s. Borrower shall grve promp~ notice to the iniur~nce carner and Lender. LenJer may make prcx~t o[ loss if not made prompNy by Borrower. Unless Lender and Borrower otherwi.r agree in writ~ng, insurance proceed~ shall be applied ~o restoration or repair ot the Property damaged, prov~ded such retitoration or repair is economically feasible and Ihe xcurity of this Morigage ~s not ~heteby impaircd. If such rectoration or repair ~s not econom~catly feacible or ~f the secunty of this Mortgage would be impaired. the ~nsurance proceeJs shall be applied to the sums secured by this Mortgage. with the eacess, if an}, pa~d to Bonuwer. If Ihe Property is abandoneJ by f3orrower, or ~t Bormwer ta~ls tu respond to Lender within 30 days (rom the date notice ~, maded by Lender to Borrower tha~ the ~nsurance carrier ofTers t~ se[tte a cla~m for insurance benefits, Lender is authorized t.~ collect anJ apply the inwrance proeeedi at I.enJer's optinn either to restorauon or repa~r of the Propen.• or to the sums sccured hy ~his Mortgage. Uniess Lender and Borrower otherv-~te agree m wnhng, any s;~ch ~pplication uf pr~xreds to pnncipal shall not extend or postpone the due date of the monthl~ installmentc referred t~ in paragraph~ 1 anJ 2 hercot or change the amount of suc6 installments. If under paragraph IS hereof the Pro~.erty is acyu~reJ b} txnder, all right, tiQe and interest of Borrawer in and to any Ihsurance policies anJ in anJ to th~ proceeris thereof resulting from damage to the Property prior to thc ~ale or acqwsit~on shall pass to Lender to the extent of the ~ums ~~ecured by th~s rtortgage ~mmediately prior to such s:+le or acquisition. 6. Presenation and ~taiolenance ot PropertY: I.easehulds; ('ondominiums; Planned Unit Developmenls. Borrov~cr shall keep the Property in good repair and shall not comroit y~aste o~ permn ~mpairment or deterioration of the Property and shalt comply with the provis~ons of any lease it tb~ Mor~gage ic un a Icaschold. It this Mortgage is on a unu in a condominwm or a planned unit Je.~elopment. Borrower chall pe~t~,rm all of Borrower's ob~igations under Ihe declaraUrn or covenants creat~ng or governing ~he cundominium or planncd unit development, the by-laws and regulatiom of the condominium or planned unit devel~pment. .,nd ronttituent J~xumentti I( a condominium or planned unit development nder ~s executed by Borrower and rccorded t~~ge~her w~th ~h~~ M~rtgage, the covenants and agreemems o( such ndcr shall be ~ncorporated ~nto and shall amend and supplcment the cu~enams and agreements o( thit Mor~gage as ~f the nJer were a part tereof. 7. Protection of t.enders Security. If Rc.rr~~HCr (a~l~ t~~ Fxrform ~he rovenantc and agreements contained in thi~ Mortgage, or if any ac~ion ~~r proceeding it c~~mmrnce.l whi.h materially .~t~r~t~ I.ender't interel~ in the Pmperty, mclud~ng. but ni.t Lmited tu. rm~ncnt duma~n, mw,lvcnc}, c.xlc cn:iir~cmcn~. ~u .~rrangcmcMs or pnxcedinKs mvoh~ng a bankrupt or de~edent, then I_ender •rt ( enJer i option, upun n~~t~ce t~~ Rorruwrr, mat make iuch appearance4. ditihurse such sums and ~ake suc~ action a~ ~s nccc~,ar} ~u pmtcct l.cndcr'. intcrest. includ~ng. but not IimitcJ to, d~~burscmcnt ot reasonable attorney't tce~ anJ emry u~m the I'ropcr~y ti~ mal~c rrpa~n. If Lcnder reyuircd mortgage imurance as a condiUon u( making the loan ~ecureJ by thi~ l11~~rtga~tc. B~~rrr..cr sh.~ll . pay the premiums reqwre~l ta mai»ta~n wch insurancc in rltut unUl luch t~mc as ~hc reyuircmcm f~r wch m•,uran;c t~rminatc~ in :~ccordancc with Borr~~vrcr'ti and acox 3~6 ~acf ~~J ~ _ YG• ^ ~ ." .~-~`"~., _