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Home My WebLink About0943 ~ ~:1 4 ~ r 3.~ UNIFO[tM COvENntrTS. Borcower and Lender covenant and agcee as foUows: 1. Paymeat of Prlaclpal aad Interat. Botcow•er shall promptly pay w•hen due the Rrj~cjpal ancl,ir{tetest in- debtedness evidenced by the Note and late charges as pro~ided in the Note. 2. ~nds tor Tua fusd Insnrance. Subject ta applicable law or a written waiver by Lender. Bonower shall pay ta Lender on the dsy monthly payments of principal and intenst an payable under the Note, until the Note is paid in full, a sum (herein "Funds") equal to ane-twelfth of the yearly taxes and assessments lincluding condominium and planned unit development assessments, if any) which may attain priority over this Mortgage and ground nnts on the Property, if any, plus one-twelfth of yeaziy ptemium installments for hazard insurance, plus one•twelfth of yeariy premium in- stallments for mortgage insurance, if any, all as ceasonably estimated initially and from time to time by Lender on the ba~sis of assessments and bills and~reasonable estimata theteof. Borrower shall not be obligated to make such payments F~~n~ic t~ i.ender ta the extent that Bortower makes such payments to the holder of a prior mortgage or deed of trust if such holder is an institutional lender. lf Borrower pays Funds to L.ender, the Funds shall be held in an institution the deposits or accounts of which are in- sured or guaranteed by a Federal or state agency (including Lender if [xnder is such an institutionl. Lender shall apply the Funds to pay said taxes. assessments, insurance premiums and ground rents. I.ender may not charge for so holding and applying the Funds, analyzing said account or verifying and compiling said assessments and bills, unless I.ender pays Borrow~er interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest !o be paid, l.ender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Bonvwer, without chazge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. lf the amount of the Funds held by L,ender, together with the future monthly installments of Funds payable prior to the due dates of tax, s, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes. assessments, ~nsurance premiums and ground rents as they fall due, such excess shall be, at Bonower's option. either promptly repaid to Borrower or cndited to Borrower on monthly installments of Funds. If the amount of the Punds held by Lender shall not be sufficient to pay taaes, assessments, insurance premiums and ground rents as they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender ma~ require. Upon payment in full of all sums secured by this Mortgage, Lender shall promptly tefund to Borrower any Funds held by Lender. If under patagraph 17 hereof the Property is sold or the Property is othetwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Yroperty or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Apptication of Payments. Unless applicable law provides otherwise, al) payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by ' Borrower under pazagraph 2 hereof, then to interest payable on the Note, and then to the principal of the Note. i 4. Prior Mort~a and Da:ds of Trmt; Charga; Lieas. Borrower shall perform all of Bonower's obligations ; under any mortgage, deed of trust or other security agreement with a lien which has priority over this Mortgage, in- Z cluding Borrower's covenants to make payments when due. Borrower shall pay or cause to be paid all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage. i and leasehold payments or ground rents, if any. £ 5. Hazard Insnrance. Borrower shall keep the improvements now existing or hereafter erected on the Property ~ insured against ioss by fire, hazards included within the term "extended coverage", and such other hazards as L.ender $ may require and in such amounts and for such periods as Lender may require. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided. that such approval shall not be unreasonably withheld. All insurance policies and renewals thereof shall be in a form ~ y acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, subject to the terms of any mortgage, deed of trust or other security agreement with a lien which hat priority over this Mortgage. ~ In the event of loss. Borrower shali give prompt notice to the insurance carrier and l.ender. L.ender may make : proof of loss if not made promptly by Borrower. If the Ptoperty is abandoned by Botrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Bonower that the insurance carrier offets to settle a claim for insurance benefits. Lender ~ is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Prop- j erty or to the sums secured by this Mortgage. ~ 6. Preservation and Malntenance of Property; Leaseholds; Condominiam:; Planaed Un(t Developmeab. Borrower shall keep the Property in good tepair and shall not commit waste or pecmit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mottgage is on a leasehold. If this Mortgage is on a unit in a con- dominium or a planned unit development. Borrower shall perform all of Borcower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the con- - dominium or planned unit development, and constituent documents. 7. Proteetbn of Lender's Secnrity. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, then _ L.ender, at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including reasonable attorneys' fees, and take such actiore as is necessary to protect L.ender's interest. If L.ender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance w7th _ Borrower's and I.ender's written agreement or applicable law. Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate. shall become additional indebtedness of Bortower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing contained in this paragraph 7 shall tequire Lender to incur anyexpense or take any actioa h eunder. 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspectio~ ~tht Property, pro- ~ vided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to ~5 Lender's interest in the Property. i ~ i~ ~ : - 9. Condemndion. The proceeds of any award or claim for datfiage}s.~irecjf or consequential, in connection with any condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby - assigned and shall be paid to Lender. subject to the terms of any mortgage, deed trust or other security agreement ~ v?•ith a lien which has priority over tF lortgage~* 'n~ ~~_i~~~ ~ ?a~~~ ~ . ~ : fi3-RtCOn~ ~a: _ , .~m, ~ _ __,:5 ..r . . _