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Home My WebLink About2488 Un~FatM CoveN~nts. Borrower a~d Lender covenant and agres as follows: 1. h~cot ot Priaclp~l ~od latenst. Borrowe~ shall pr~mp~l~• pay when due the principal of and interest on the indebtednas evidenced by the Note, prepayment and late ch~rge.~ a~ pravicied in the Note, and the principal ot and interrst 0o any Futurc Advances secured by this Mortgage. 2. Rr~ds tor Tua aad Iawrance. Subject to applic~hlc law ~-r ~o a written waiver by Lender. Borrowe~ shall pay to I.ender on the day monlhly ~nstallments ot principal and ~ni~•rr~~ err payable under the Note, until the Note is paid in tull. a sum (hercin "Funds") equal to one-twelfth af the yearl~ ta~c. anJ assessmenls which may attain pnority over th~s Mo~aae, and ground rents on the Propeny, if any. ~lus ane-twell~h ol yearly prcmium inst:llments !or hazard insurance, plus one-twelfth of yearly premium installments tor martgage insurancc. ~f any, all as rcasonably estimated initially and trom ume to Ume by 1_ender on the basis ut atses~mcnls and h~lls and rerwnablc estimata thereot. Tht Funds shall be held i~ an ins~ituti~.n Ihe depoSit~ or ~ccounts ot which are insurcd or guaranteed by a Federal ot statt agene) (includ~ng Lender if Lender is such an institutionl. I.ender ahall apply the Funds to pay ~a~d taxes, assessments, insurance premiums xnd ground renls 1 ender ma}• not charge tor sci holding and applying ~he Fnndc. analy~ing said account. or vetifying and compiling said asxssments and bill~, unless l.ender pays Borrower interest on the Funds and applicat~le law petmits Lender to make such a charge. E3orrow•er and Lender may agree in writing at the ~ime of ezecution of this Mortgagt that interest• on the Funds shall be pa~d to Borrower, and unless such agreement ~s made or applicable law requira such interut to be paid, Lender shall not be rcquirecf to pay Borrower any imerest or earnings on the Funds. l.eoutr shall give to Borrower, without charge, an annual accounting of tht Funds showing credits and debrts to the Funds and tht purpose for which each debit to the Furtds wai maJe. ~The Fund~ are pledged as add~t~onal ~ec.unry for the sums secured by this Mortgaga • If the amount of the Funds held by Lender, together w~Ih the future monthly ~nstallments uf Funds payable ptior to th~ dtx dates oi laxes, assessments, insurance prem~ums and ground rents, shall exceed ~he amount reyuired to pay sa~d taxes, assessments, insurance premiums and ground rents as ~hey fall due, such e<cess shall be, at Borro~~er's opuon, either promptly repaid to Borrower or credned to Borrower on monthly installmen~s of Funds. If the amount of ~hc f-unds held by ~.ender shall not be sufficient ta pay taxes, assessments, insurancc {~remiums anJ ground rents as they fall due. Borrower shall pay to Lender any amount necessary to make up ~he deficiency within 30 days from the date not~ce is maded by Lender to Borrower rcquesting payment thereot. Upon payment in full of all sums secured. by ~h~s Mortgage, Lender shall promptly re(und to Bor~ower any Funds held by Ltnder. [f under paragraph 18 hereo[ the Property ~~ sold or the Properry is otherwise acquired by Lender, Lender s6a11 apply, no later tha~ immediately prior ~o the sale of the Propeny or its acquis~tion by I_endcr, any Fundc helJ bv i.ender at tht Iime ot application as a credit agamst the sums secured by this M~rtgage. 3. Appiication of Payments. Unless app6cabie law pmvides otherwite. ail payments received by l.ender under the Note and paragraphs I and 2 hereuf shall be applied by I.cnder fir~t ~n payment of amoi~nts payable to Lender by Borruwcr under paragraph 2 hercof, then tu ~nterest payable on the t~iute. then to the principal of the Note, and then to interest and principal on any Future Advances. ~ 4. C6~r~es; I.iens. Borrower tihall pay all l:i~r~. a~~rztimrnts and ~~~hrr charge.. fine~ :,nd im~+nit~ons att-ibutahle to tho Property which may attain a pnority over this Alongagc. :.nd lea~ehuld ~~ayments or grouna rents, if any, in the manner prov~ded under paragraph 2 hereof or. ~( n.~t pa~d in ;u~h manner, by Burruwer making payment, when due. Jirectly to the payet thereof. Borrower shall promptl~• furm.h to Lender all notices of amounts due under th~s paragraph, and in the event Borrower shall make payment direcU}. Borro~er ~hall prumptly fu•m~h to LenJer receiptc evidencmg such paVments. Borrower shall prompdy d~s~:harge any~ I~en ~h~ch has pr~onty u.-r: thi~ Murtgage: provi~ied, that Borrower shall not be rcqwrtd to d~seharge any such lirn .e long as BnrroWCr ~hall agrer in wn~~nK Ir th~ pa~•ment of the obl~g:+nun secured by such I~en in a manner acceptable tc~ L~nder, ur .hall ~n g~x~d (~ith contr~t ~uch li~n h~, or Jefen~ eniorcement of such lien in, tegal proceedmgs wh~ch operate to pre~ent the rnt~~rcement ot the lien or fortcitur< <~f the Propert~~ or ar.}~ part thereof. S. Hazard Iosurance. Borrovter sAall kecp the ~mpruvemen~, n~~.~ eticung ~~. hereaf~cr crected on the Property insured against loss b}• fire, hazard~ included withm the term "r~tenJe~i ~uver;~ge". a:~~ wch olher hazardt a~ Lender may reyinre and m such amuunts anJ for such period~ ac Lender may reqwrr. pr~~vided, that Lender tihall not rey~~re that the amount of suc~ coveragr exceed that amount of covera¢e reywred ro pa~ the wmti ~ecured ~hy th„ Mortgage. 71u ~nsurance carrier providing the insurancc shal! be cho~en by Barrowrr subjert ti~ approval by Lender: provided. that such approval shall not be unreasonahl}~ withheld All premiurn~ un ~nwr~nce p<~lic~es shall t~e paid ~n the manner provided under paragraph 2 hereof ur, ~f not pai~i in ~,,ch manncr. h} Bnrrouer mak~ng payment. when due. JirecNy to th~ insurance carrier. All insurance Ex~lk~e, an~1 ren~wals therei~t shall tx in form acceptehlr to Len.lc~ and ~hall include a standard morigage clause in favur ~f and in form accept~hle ta Lender. l.ender ,hall ha.e the right t~~ hold the policies and reneNals thereof. and Borruwer lhall promptly~ turn~sh to I ender all reneN~l noUCe~ and all rerei~ts ot paid premi~:~~c. In the e~•ent of lotis. Borrower shal! gice prornpt nuu~e tu the insur.ince carncr and I_ender. I.endrr n~a} makr pnx~t of loss ~f not made pmmptl}~ by Rorrower. Unless Lendcr and Burruwcr other~,.c agrrc m~nhng, ~muran:e prex:ecdti shall bc a~plied to restoration ur repair ~f the Property damagcd, pruvi~i~J ~uch re;t~:raU.m ur repa~r is rc~~ni~m~calig I~.~~~ble :,nd the cecurity of th~s Mortgage ~~ ~ot thereb}• impa~red Ii ci:~h reuuraU~m or repair is nut ecunum~cally fea;ihl~ or if the secunty of this ~lortg~ge w•i~:dd be impaired. the insarance pr.-~ee~i. ,hall bi: applie~ to th~ sum~ kcure.i b~~ thi, Morigagr. w~th the excess, if a~}, paid to Borrower It ihe Yrupert~ ic .~ha~id~~ncJ h~ F3c~rr~~wer. ur ~t Nurmwer faih t~~ rc~Ex~nd to Lensier w~thin 30 days from the date notice ~. maile.i b~ l.eader to Be~rruwer that the insur:~ncr carrier ~itTer~ to ~ettle .~ cl~~m for imuranee benefits, I.ender is auth~~nzed t~~ ~~~Ilect and ~ppl~ the in;ur~nre pn~cee~~ at Lendrr~~ ~~ph~~n eUher t~~ re~t~~ration or repa+r of the Prc~pettc Of (0 thC SURI~ tiCCUfCtI hL' Ihl~ ~1ortgage Unle~ti Lrnder ~nd NrrruNer c~!heru~.e egree ~:•.-riting. ~m ~uch e~pii~aticm nf pm~eeJc ro pnncipal ~hall not r~tend or postp~me the due datc uf th~ m~~nrhh imt~~i~ecnl~ rLfcrred t~~ in paraeraph, i:in~i ? hereo( or change the amount of such imtallmenb. If under paragraph IS hereuf thc 1'n~~rt~ iti acyuired h~ Len~icr, ail right, title and interest ot N~rr~~v~er in aod to any ktiu:~n~e puli.~es ~n~3 in and t~~ thr pmcce~s thcreuf rr,ult~ng tr~~m (I;II1I:I~C IO the Propert~• prior to Ihr safe or acyuisiUon shall pass ;o Lender t~~ thc e~t~~t u( thc ~um~ .ccured h} thn ~tortg~ge ~mmediatel}~ pnor t~~ tiuch s:,le or acquisition. 6. Presenation and ~1~intenance ~t Properly: I.eatiehoids; Conduminiums; Planned l:nit De~~elopments. H~rrou~r shall keep thc Pruperi} in goud repa~r and shall n~~t comroit >~atte ur ~xrmit imp~irmcnt or deterioratwn of the ProE!ert~ and shall rnmply with ihe pro~~siuns of am Ie:.se ~t thi, \1~~rti•~~r „~m ~ leesrh~~ld. If ih~~ ;4lortgagc is vn a~init i:i e condomimum or a planned unit ~le.cl~~pm~nt, Hurrc~Her ~h:,ll ~rt~~rm all u( Bor:~~wer's i~bligaUOns under the dcclaratirn ~r covenantc creat~ng ~~r gu~•ermng the c~~nd~~mmium ~~r pLmr.rd unrt devel~~pment, the by-laws and regulatii,n. of the condominium ar planned unit devel~~~,nicnt. .~nd <<~~~,tituent ~i~~~ument~ It a ri~n~luminium or planned ~init ~Ie~elc~~ment nder is executed b}~ Korruwer en~ re~~~r~rJ i~~~;ether ~~ith -hi. ~t~~rtgag~, thr co~enants and agreementt i,f ~nch rief~r shall be incorporatcd into and Shall amctid an~l ~~~~~plcmrnt thc anrnanl~ an~ agrccmrnts ~f thi~ ~lortga~:c ati if thr nJcr Kere a part F~ercof. 7. Protection of I.ender's tiecurify. If R~~rn,~+er i,s~l, t~~ ~x•rt~~rn~ thc c~~en:~ntti an~l agrecmentt r+~ntainrd in th~~ MortKagc. ur if any acti.m ~,r pr~~.cc~l~ng i~ ~~~mn~rn;c~t •ahicn rn.:~~nall~ efir:_!~ t rn~icr~r int~rt~t in t~ir Pn,~x~rt~. includ~ng. hut n~,t lim~ted tu_ ~m~nent dr.m;nn. ~n.~~f~en~~. ;~~d•~ rnt~~r:rmrnt. ~~r .ur.in~rmrntti ~,r pr~kcedingt ~muhinc a bankrupt ~~r d~ceJem. then I ender at I en~lcr'. ~~~,twn_ u~~,n n~,tice t~~ Hc~rr~~Hrr. rn.~~ rn,,ke w:h ap~xarance~. Ji.hune wch tiumc ~nd take such .~~t~.m .~~ a nc~c~,.~n [~~ pn~tc~t Lrndcr'. mtrsc~t. ~nclu~iiai. t~ut iu~t i~nutc~l ti+. J~~hurscmcm .~f reasonaMc atl~,me~'ti trrti ~nd ~ntr}' ii~~,n thc Pr~~Fxr1~ t~~ me~c rcE~.~+r~ 11 Lrndri riyuir~~) nt~~~t~ace in~ur.~~~e a` a wnditu~n ~~f maling Ihc lu.+n •.L•~urc~1 h: Ihi, ~t~~rtt;~er. fi~~~t~•~cr ~h ~II ~a~ 1hr prcmitnm rcyui.rC~l ti~ maiitta~n wch insur:+ncr ~n r!icct unlil ~u~h Umc .i~ ~hr rcyi~nrrnc~it frr .u.h in,utan:. t~rrtnr.:~tr. in ,i:.~~rJancc w;:h B~,rt,,~cr~, nnJ , - r ' ~ ~r, ~ ~~: )Jf ~5~ 'r~1~E~48~ ~