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Home My WebLink About0928 UNIFOAM COVBNANTS. Borrower and Lender covcnant and a~rce u followa: 1. ~nneat of tria~l aqd Lterat. Bormwer shall promptly pay when duo tba priacipal of and interat on the indebtalnea evidenced by ihe Note. prepayment and late charges as providod in the Note, snd tha principal of and i~terest on any Future Advaaces securad by thia Mortga~a Z. F~dr tor 7'nus sud Uian~ca Subjoct to applicabk law or to a written waivar by Lender. Borrowe~ shaU pay to I.en~r on ~he day monthly inst~llments of principal and intercst are payabk unde~ the Note, untii the Note is paid in tull, ~ a:um (herein "Fun~'7 equal to onatwelfth of the yeady tazes and aasasrnents whkh may attain prio~ity over tha MortQage. a~d ground nnts on the Pruperty. if any. plus one-tvreltth of yeuly prcmium instaUmeob for bazar+d insuru~oe. plus ons~twelfth of yearly premium installments for mortgage in:urance. it aay, all as reasonably tstimated ieitially and from dme to time by Lender on thc basis of asussmcnts and bills and reasonabk atimatea theroof.. 'i1~e Funds shall be held in an institution the deposita or accounta of ahich are insured or guaranteed by s Federal or state ag~ency (including Lender if Lender is such an institution). l..ender shall apply the Funds to pay said taxa, a:swments. i~surancx premiums aad grourcd rents. Lender may not charge for so holding and applying the Funds, aoalyziag said aocouet, or verifyi~g and compiling said assessmeots a~d bitls, unkss Lender pays Borrowe~ interat oa the Funds and applicable Isw permits I.ender to make such a charg~e. Borrower and Lender may agree in writing at tl~e time of exceution of thia Mortgage that interat on the Funds shall be paid to Borrower, and unless such agrxment is msde or applicabk 4w rcquires such interat to be paid. Lender shall not be requirod to pay Borrowe~ any intereat or earning,s on the Fubds. Lea~kr shall give to Borrower. without charge. an annual aocounting of the Funds showing crodib and debits to the Funds aad the purposa for which each debit to the Funds was made. The Funds are plodged as additional socurity for the sums axured by tbis Mortgage. . If the amount of the Fun~ h~ld by Lender. togtther with the future monthly instaltments of Funds payabFe prior to the due dates of taxes~ assessments. insurance premiums aod ground rents, shal! eacceed the amount required to pay uid taxa, aascauneats. +osu~ance premiums and ground rents as tt~y fall duc. such excess shall be, at Borrower's option, either pranptly repaid to Borrower or creditad to Borrower on monthly installments of Funds. If We amount of the Funds held by Lender shall not be sut6cient to pay taxes, asses.cmenta. iasurancc premiums and gc+aund renta as they fall due, Borrower shall pay to Lender any amount neccssary to make uP the deticiency within 30 days from the date natice is mailod ' by l.ender to Borrower requating payment thereof. ~ ~ Upon payment in full of all sums aecured by this Mongage, l.ender shall prompdy cefund to Borrower any Fun~ held by Lenckr. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquiraf by l.ender. Lender sball apply, no later than immediately prior to the sale of the Property or its acquisition by Lender. any Funds held by Lender at the time of application as a credit against the sums secured by this Mottgage. 3. Ap~licatbn of Payments. Unless applicable law provicks otherwise. all payments roceivod by i.ender under the Note and paragraphs 1 and 2 hereof shall be applied by I_ender first in payment o[ amounts payabk to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note. then to the principal of the Note; and then to interest and princ+paT on any Future-Advances. - 4. Cbsrse~ Lkos. Borrower shall pay all taxes. assessments and other charges: fines and impositions attributabk to the Property which may attain a priority over this Mortgage. and leasehold payments or ground reata, if any. in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrowe~ making payment, wM~ due. dic+ectly to the payee theceof. Borrow~r shall promptly furnish to Lencler all notices of amounu due under this paragnph, and in the eveat Borrower sball make payment directly, Borrower shall promptly furnish to L.cnder rcceipts evide~cing such paymenu. Borrower shall promptly discharge any lien which has priority over this Mortgage; pmvided. that 8orrower shall noi be required to dixharge any such lien so tong as Borrower shall agree in writing to the payment ot the obligation secured by such liea in a manner aeceptable to Lender, or shall in good faith contest such lien by. or defend enforcement of such lip~ io, . legal proceedings which operate to prevent the enforcement of ~he lien or forfeiture of the Properly or any part thereof. S. Hazard Iasurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insurod againat loss by fire, hazards included wit6in the term "extended coverage". and such other hazardc as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender st?all not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. "Il~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by I.ender, providod, that such approval shall not be unreuonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or. if not paid in such manner. by Borrower making payment, when due, diroctiy to the insurance curier. All insurance policies and renewals the~eof shall be in form acceptable to l.ender and shail include a standard mortgage clause in favor of and in form acceptabte to Lender. Leoder shall have the righ! to hold lhc policies and renewals thereof, and Borrower shall promptly furnish to Lender al) renewal notices and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance catrier and l.end;.r. Lender may~make proof af loss if not made promptly by Borrower. _ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Propeny damaged. provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. It such restoration or repair is not economically (easible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, w+th ihe excess. if any, paid to Borrower_ If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by I.ender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, I.ender is authorized to collect and apply the insurance Qroceeds at Lender's option eit6er to restoration or rcpair of the Property or to the sums secured by this Mortgage. Unless L.ender and Boirower otherwise agree in writi~g, any such application of proceeds to principal shall not extend or postpone the due date of the monthly iristallments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property is acyuired by l.ender, all right, tit{e and interest of Boirower in and to any insuraace policia and in and to the proceeds tt~ertof resulting from damage to tl~e Properiy prior to the sale or acquisition shalt pass to i.eoder to the extent of the sums secured by this Mortgage immediately prior to such sak or ~ acquisition. ~ 6. Praervatioo and Maintenaace of Property; Ixaseholds; Condominiuo~ Plaaned Uoit Derebpmeuts. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shalt comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower s obligations under the declaration or covenants creating or governing the condominium .or planned unit development, the by-laws and regulations of the condominium or planned unit development. and constituent documents. If a conJominium or planned unit development rider is executed by Botrower and recorded together with this Moitgage, the covenants and agrcemenis of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of th~s Mortgage as if the rider were a part hereof. " 7. Protection of Lende~s Secudty. If Borrower fails to perform the covenanls and agreements contained io this ~ Mortgage, or if any action or proceeding is commenced which materially afTects Lender s interest in the PropeRy. j including, but not limited to. eminent domain, insolvency, code en(orcement, or arrangements or proccedings involving a ~ banJcrupt or decedem. then i.ender at Lender's option, upon notice to Bonower~ may maice such appearanca. disburse such $ sums and take auch action as ii necessary to protect Lender's interest, inciuding, but rat iimited to, disburscmer~t of j reasonable attorney's fees and entry upon the Property to make repairs. If Lender roquired mortgage insuranve as a condition of making the Joan secured by this Mongage, Borrower shall pay the premiums required _to maintain such ~ insurance in eftect until such time as the requirement for such insurance terminates in accordance with Bortnwer's and ~ ~ ~ . . . 395 PAGE 9~7 :