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Home My WebLink About0555- ~ • . ~ ~s t ~. UNIPO~M COVENAtiT!{. Bomowu and Lender covenan~ and a~ree u foilows: 1. h~ed ol hi~e1N1 a~i iNenst. Bo~rower shall promptl~ pay when due the principal of aod interest on the ~ndebeedna~ evidenced br ehe Nae, prepayment and late charge~ ac provided in the Note, and tlu principal o[ and i~tercst on any Futute Advances secured by this Mortgage. 2. Fr~ds tor Ta:M a~i Iaars~ce. Subject to appiicabk law ~~~ to a writ~en waiver by l.ender. Borrower sha11 paY to Lender on Ihe day monthly installmtnts o( principal and intcrc~~ arr payabk under the Note. u~ti) the Note is paid in tull, a sum (herein "Fun~") equal to one-twelfth of the yearl~~ uac. and assasments which may atuin priority ove~ this Mortjaje. aad ~round rena on the Property, if any, plus one-twel(~h of yearly prcmium installments for hazatd insura~ce. plut one-twelfth of yearly prcmium installmenls tor mongtge insunncc, if any, all as rcuona6ly estimated initially and trom time to time by Lender on the buis of assessmcnts and hills and rea~onable a~imates thercof. 'I1~e Funds shall be held in an ins~ituti~n ~he depo~~t~ or ~ccounts ol which are insurcd o~ guara~tced by a Fedenl ot state agency (including Lender if Lender is such an institution). I.ender ahall apply the Funds to pay said taxes. asseume~ts. insurance premiums and g~ound rcnts 1 ender may not charge tor so holding and applying the F~mdc. analyzing said account. or verifyins and compili~g said assessments and bills, unless l_ender pays Borrower inte~at on the Funds and applicable law permits Lender to make such a charge. Borrower and Lenckr may agree in writing at the ~ime of execution o[ this Mortgage that intercst on the Fu~ds shall be paid to Borrower, and unlas such agreement is made or applicable law rcquiees such i~terat to be paid. Lender shall not be rcquired to pay Borrower any in~ercst or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting at the Funds showing credits and debits to ~1-e Funds and the purpoae for which each debit to the Funds was made. The Funds are pledged u additional security tot ~he sums secuted by this Mortaaae. If tl~e amount of the Fur~ds held by l.ender, together with the future monthly installments of Funds payable prior to the due data of taaes, assessments, insurance premiums and ground rcnts, shatl exceed the amount required to pay said taxes. assp:me~ts. insurance premiums and ground rents as they tall due, such excess shall be. at Borrower's opt~on, either praaptly rcpaid to Bormwer or crodited to 8orrower on monlhly inslallments of Funds. It the amount of 1he Funds held by I.eoder shall not be w}6cieat to pay tues, sssessments, insurance prcmiums and ground rents as they fall due. Bormwer st~all pay to Lender any amount necessary to make up 1he deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all :ums securcd by this Mortgage. I_ender shall promptly tetund to Borrower any Funds held by i.e~der. It under paragraph 18 hercof the Property i~ sold or the Property ~s othervvisc acquircd by Lender, Lender s6dl apply. no later than immediately prior to the sale ot the Propeny or its acquis~tion by l.ender, any Fu~ds held bv I.eoder at the time of application u a credit against the sums secured by this Mongage. 3. Appiicatlo~ of Payments. Unless applicable !aw provides otherwise, afl payments rcceived by Lender under the Note aad paragnphs ! and 2 hercof shall be apPl~ed by I.ender first in payment af amounts payabk to Lender by Borrower under paragraph 2 herr.of. then to intcrost payable on the No~e. ~hen to the principal of the Note, and then to interest and principal on any Future Advanca. 4. CYa~es; L1ens. Borrower shall pay all ~axes, assessmcnts and other charges. 6nes and impositions attributable to tbe Property which may attain a priorily over this Mo~tgage, and leasehold payments or ground rents, if any, in the manner providtd under paragraph 2 hereot or. if not paid in such manner, bv Borrower making payment, when due, directly to the payee theroof. Borrowtr shall promptly furmsh to LenJer all not~ces of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly (urmsh to Lender receipts evidencmg such payments. Bonower shall promptly discharge any lien whi~h has pr~onry over th~c Mortgage: provided, that Borrower shall not be required to d~scharge any such lien so long as Borrower shall agree in wnhng Ic~ the payment ot ~he obligatiun secured by such lien in a manner acceptabk to Lender, or shall m good faith contect ~uch lien by, or defenJ enforcement o( such lien in, legal proceedings which operate to prevent the enfurcemcnt o( thr I~en or torfe~ture of the Property or any part thercof_ S. Hazud losuraace. Borrower shall kcep the improvemen~. now eaisting ur hereafter erected on the Property insu~ed against loss by 6re, hazards included with~n ~he term "eztended caverage", a:~d such other hazards as Lender may reyuire and in such anwunts and for such periods ac l_e~der may reyuire; provided, that t_en~ler shall not require that Ihe amount ot sueh coverage exceed ihat amount ot coverage reqwred In pay the tums cecured ~by ~his Mortgage. 71~e msurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, t6at such approval shall not be unreasonahly withheld. All prem~ums on insurance polic~es ~hall be paid in the manner provided under paragraph 2 hereof or, ~f not pa~d in such manner, by Borrower making payment, when due, dircetly to the insurance carrier. All insurance policies and renewals therrof shall be in form aecepiable to LenJer and shall ~nclude a standard mortgage clause in favor of and in form acceptable tu Lender. Lender shall have the right to hold the policia and renew~als thereof. and Borrower shall prompd~• furmsh ta Lender all renew~al nouces and all receipts of paid premiumc. In the event of loss, Borrower shall give p~ompi nouce to the ~n~ur.~nre carner and I.enJer. I.endrr m~y make pnx~t o( loss if not made promptly by Borrower_ - Unless I.ender anJ Borrow•cr othcrw~.c agrec in wnting, intiurance pr~xecJs shall be applied to restoration or repair of the Property Jamaged, provided such re+toraU~~n or repa~r ~s economicall~~ (easible and the cecuriry of this Mortgage is not thereby impaired. If such restoration or repa~r ~s rn~t econi~mically feasiblc or if-~he security of this Mortgage woutd be impaired. the insurance proceeds shall be applied to the sums secureJ by this Mortgage, with the exetss, if any, paid to Borrower. If the Property is ahandoned hy Horrower, or il Borrow~er fa~ls to res~nd to 1_ender within 30 days (rom thc Jate not~ce ~s ma~.ed by [.ender ~o Borrower that the insur.mce car~ier ot(en to ~eule ~ cla~m for insurance bene6ts, Lender ~s authorized tu collect and apply the ~nsurance proceeds at Lender's ootion either to restorat~on or repaer of lhe Pr~pert~' or to the sums secured by this Mortgage. Unless l.ender and Borrower otherv-itie ~gree m unUng, any s~ich application ~~f pnkeeds to pnne~pal shall not extend or postpone the duc date ot the monthl~• installment~ refcrrcd tc. in par:+graph~ 1 and 2 hereof or change Ihe amount o( such installments_ If under patagraph 18 hereof thc Prof,erty ii acywred h~ Lcndcr, ali nght, title and interest of Borrower in aod to any tnsurance policies and in and to thr proceeds thereot result~ng frum damage to the Property prior to Ihc sale or acquisition shall pass to Lender to the e~tent of the sums secured by this htortgage immediately prior to such sale or acquisition. 6. Preaerratioo and 1lainlenance of Property: I,easeh~-Ids; ('ondominiums; Planned Unit Developments. Borrov-cr shall keep the Property in good repair and shall not _•omro~~ N~aste ur permrt ~mPairmenl or deterioration of the Property and shall camply with the provisions ot any lease it th~~ Murig:~ge i~ on a leaschald. If this Mortgage is on a unit in a condominium or a planned umt Jevrlupment, Borrower tihall Exrlorm all ot Borrower's obligations under Ihe declaratum or covenants crraung or guvernmg the condomimum or alanned unrt development, the by-laws and regulations of the condominium or planned unit development. and constituent J~xument.. I( a condominium or planned unit Jevelopment rickr ~s eaecuted by Borrower and recordeJ toge~her• N~th thi. M~~rtgage, the coven~nts and agreements of such rider shall be incorporated into and shall amend anJ supplcment the co.rnants and agreements o( this Mortgage as it the nder were a part F~ereof. 7. Protection ot I.enders Securitr. I( B~~rr~•wer f.~~l. a• perl~~rm the covenamc anJ agreements contained in this Mortgage, or if any action ~u proceed~ng !~ cummrnce~l wh~~h matcriall} .~tTrct~ I ender't mtere~l in the Proper~~•. includmg, but nc~t I~mited to. emmcnt domam. inti~~l~cnc}. c~x1c cnf~~r~ement. ~~r arrangemcnK ~~r pr~xeedings im•ohing a bankrupt or decedent. then Lender at LenJer'~ opt~on, uMm nohce tu Horruwer, ma~ make wch appearances, disbune such sums and Iake soch acUon ati is necc„an~ ~u pmtert LenJer'a imere~t. ~ncluJ~ng. but not IimrteJ to, disbursemem ~~f reasonable attomey's fccti and ~n~ry upan thc 1'ropcr~~ t~~ mal~c repa~r~. II I.cnJcr rcyi~ired mi~rtgage insurance a~ a condiUon ~~t makmg thc loan ~ecur~.l by th~• Murtcagr, B~~r:~~~cr tih ~II pay thr prcmiumti rcy~ureJ to mainta~n ~uch insurancc in rttccl unli) tiuch umc ati thc rcyuucmcn~ fc~r tiuch m;o~an;c Irrminatc~ ~~ :~ccordancc K11f1 BOffI~N'Cf~ti and 3~~OX ~~6 P:CE ~J -- ~. f=w:~~ -._ ==;