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Home My WebLink About0942 , ~ ~,r~- . • ' , ~ ` ~ ~1NIFORA! COYENANTS. ~OtfOWer anc~ l.enclcr coven:Ull :lflcl a~rce as f~~~lowE: l. Ps~yti}:~u! ~f Prtnclpa! and Interest. t3orr~~~?•~r sh,~l) pmmptl~~ pay when due thc principal of and interest on the ; inc:ebtedness evidenceci by the Note, p~epayment and late cha~grs as pro.vi~led the Note, a~d the principal of and interest ~ t.n,any Futu~c Advanccs sccured by this blartgagc. f - 2. Funds [or TAxes And Insurance. Subject to Applicable lau• or to a~vritte~i waiver by [.ender, Borrower shat! pay ~ l to L.endcr on the day monthly installmcnts of principal and intcrest arc payublc ~~ndcr 1he Notc, unti! the Note is paid in fuil, a sum (herein "Funds") equa! to ~ne-twel[th of the yearty taxes and assessments which may attain priority ove~ thi's ` Mortgagc. and graund rents on !he Propecry. if~any, plus one•twclfth of yeariy prcmium installments for haTa~d insurance, , plus une-twellth of yearly premium installm~nts tor mortgage insurance, if nny, all as reasonably estimated init~ally and from time to time by Lendcr on the basis o[ assessmcnts and hills and reascmable estimates itiereof. ~ The Funds shall tse held in an institution !he depasits or aecaunts of which are insured ar guaraMeed by a Federal or stai~ ~g:.~;:,~ ;~~cluding Lender if I.ender is such an institution). I.ender shal! ap~;ly the Funds to pay said taxes, assessments, insurance premiums anJ ground rents. I.ender may not charge for so hoiding and applying ihe Funds, analyzing said account, oi verifying and compifing said assessments and Gills, unless 1_ender paps Barrower interest on tht F~?nds and anplicable law • perrnits L.-.z:3er n~skc such a cha~ge. Borrower ancl I,coder may agree in writing at the time of exccution of this } Mortgage that interest an the Funds shaii be paid to Borruwcr, aiiu unlcss such agP~i^?^.^.~ :s r.~~c~~ or applica~!e law [ rcquires such interest to be paid, 1_ender shall not tse required to pay Borrawer any interest or earnings on thc Funds. Lender - ~ shall give to Borrower, without cha~ge, an anniiai accounting of the Funds showing credits anJ debits to the Funds and the ` purpose for which each debit to the Fitnds was rnade. The I~unds are pledged as additional secu~ity for the sums secured ~ hy this Mortgage. ~ If the amount of the Funds held by Lender, togethcr with thc future monthly insta!lments af Funds payablc prior to ( the due dates of taxes, assessments, insurance premiums and ground rents, shalt excced the amount reyuired to pay said taxes, ~ asscssments, insurance premiums and graund rents as they fal! due, such excess shaU be. at BorroH•er's option, either , ~ promptly~ rcpaid to Borrower o~ crcdited to Bnrrawer an monthly installmenis of Funds. lf the amount ef thc Funds ~ held hy Lender shall not t>e suf~icient to pay. taxcs, assessments, insuranrc premiums and ground rents as they fall due, ~ Borrow~r shall pay to Lender any amount neccssary to makc up thc deficicncy within 30 days from the datc notice is mailed . by Lender to Borrcwcr requesting payment thereof. ' - ~ Upon payment in full of aU sums secured by this Mor~bage, !_ender shall promptly refund to Borrower any Fi~nds ~ held by I.cnder. If under paragraph 18 hercaf thc Propcrly is sold ar thc Property is otherwisc acquircd by Lendcr, 1_ender shall apply, no later than immediatcly prior to the sale of thc Aroperty or. its acquisition by I.cnder, any Funds held by . Lendcr at tf~e time of application as a crcdit against thc sums ~ecured by this I~lortgagc. 3. Apptication af Payments. Unless applicable !aH• provides olhcrwise, all payments received by Lender under the Ncite and paragraphs 1 and 2 hercof shail be applicd by l.endcr first in payment of amoiints payablc to I_enJer by Borrower under paragraph z hereof, then to interest payable on the Notc, then to the principal of the Note, and thcn to interest and principal on any Future Advances. . ~ ~ 4. Charges; Liens. Borrower shall pay ail taxes, asscssmcnts and other charges, fines and impos;tions attributable to ; the Property which may attain a priority over this I?iortgage, and lcasehold payments or ground rents, if any, in the manner ~ provided under paragraph 2 hereof or, if nQt paid in such manner, by Bar~ower making payment, when due, dicectly to the payee thercof. Borrower shall prompdy furnish to Lender all notices oi amounts due under this paragraph, a~d in the event Borrow~er shall make payme?it direcdy, Borro+~~er shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be ~ ` required to discharge any such licn so long as Barrower shall agree in writing to Ihe.payment o[ the ~bligation secured by ; f such lien in a manner acce~table to Lend~r, or shall in good faith contest such lien by, or defend enforcement of such lien in, lega! proceedings which operate to prr,vent the enforcement of the lien or forfeiture of the Property or any part thereof. ~ 3 5. Hazard Insurance. Borrow•er shal! kccp the impro~:°•ncnts neH• existing or hereafter erected on the Property insured s against loss b}• firc, hazards included within thi: term "cxtenclecf coveragc", and such other hazards as 1_ender may reyuire ~ and in sucn amounls and for such pcriods as Lendcr may rcyuirc; prmided, that Lender shall not rcquire that ~he amount of . # = such coverage exceed that ~mouni of coverage required to pay the sums scc~?red by ~his Mortgage., ~ ~ The insurance carrier providing the insurance shall be chosen by Borruwer subject to approval by Lender, provided, ~ ~ that such aQproval shall not oc unreasonabiy withneld. A!t premiums on insu~ance pol~cies shall be paid in the manner 3 [ provided under paragraph 2 hereof or, if not paid in such manner, by Borro~~er making payment, when due, din:;tly io the ~ i ansurance carrier. ~ ~ All insurance policies and aenewals thereof shall bc in fornt acce~ table to Lender and shall include a stanJai:i mortgage ~ clause in favor of and in form acceptable to Lender. Lender shalt have thc right ro hold the policies and renev.ats therec,f, . ~ and Borrow~er shalt prompdy furnish to Lender all renewa) notices and al! receipts of paid premi~~ms. tn the event of loss, j ' Borrower shall give prompt notice to the insurance carrier and Lender. Lendcr may make pro~f of loss if not made prompu~• _ ~ by Borrower, ~ ~ ~ Unless Lender and Borrower olherwise agree in writi~g, insurance proceeds shail bP applieci t~ rectnrarinn rp~~ir" ~F ~ t_ the .Properry damaged, provided such restoration or repair is economically feasible and the security of th6s h'lortgage is } i not thereby impaired. 1f such restoration or repair is not econoniically feasiblc or if the security of this Mortgage would , z ~ be impaired, th~ insu[ance proceeds shall be applied to the sums secu~ed by this Mortgage, with the excess, if any, paid ~ ~ to Borrower: If the Property is abandnncd hy Borrower, or if Borrow•er fails to r~spond to I_endcr within 30 days from the : date notice is maifed by Lender to $orrower that the insurance carrier ofTers ro settle a claim for insurancr, benefits, Lender ~ is authorized to colteci and apply the insurance proceeds at !_ender's option either to restoration or repair of the Aropen~~ or to ihe sums secured by this Mortgage. ~ iJnissc Lender and Borrower otherwise agrec in wri~ing, any such application of proceecis to principal sfiall not extend t- or pasipone the due date of the monthly installments referred ~to in paragraphs 1 and 2 hereof or change tt~e amount of sucf? instaltments. If under paragraph 18 hereof the Property i~ acyuired by I.ender, a!! right, title and interest of Borrower ~ E in and to any inswance policies and in and to the proceeds thereot resulting from damage to thc Property prior to the sale ~ or acquisition shall pass to Lender to the extent of the sums secured by this ~tortgage immediatel~~ prior to such sale or . acquisition. ; ~ 6. Presen~ation aad ~tuntcnance of Property; Leaseholds; Condominzums; Planned Unit I)e~~elopments. Borro~•er . e ~ shall keep the Property in good repair and shall not commit wastc or permir impairm~nt ~r deterioratio~ of the Properry a ( and shal! comply with the pravisions o! any lease if <his Mortgage is on a Icascheld. If this Mortgage is on a unit in a condominium ar a planned unit development, B~rrower shail perform a(1 of Borrower's obligatians under !he declaratipn ~ or covenan!s creaiing or ~overning the condominium or planned unit ~+evclopment, thc by-taws and reguiatidns of t~e s condominium or planr,ed unit developm~nt, ar.d co;~stitucnt documents. If s eondominium or~ planned unit de~~elopment ' E rider is executed by Botrower and recorded tagether with this htortgage, the co~~enants and agrcements of such rider ; ~ ~ shall be incorporat~d into and sha11 amend and supplement the covenants and agreemenis of this b4ortgage as if the rider ~ ; w~ere a part h~reof. f: Protectian of Lender's Seeurity. If Borrower fails to perform the covenants and agreements contained in this _ ~ Mortgage, or if any action or proceeding is commenced «•hich materialiy af~ects LenJer's interest in the .Property, € including, but not limited to, eminent domain, insolvency, ~ode enforcement, or arrangements or proceedings involving a f bankrupt or decedent, then Lender at Lender's opti~n, upon notice to Borrower, may make such appearances, disburse such sums and take such actian as is necessary to protect Lender's interest, including, but not iimited to, disbursement of ; reasonable attorney's fe~s and entry upon the Yroperry to makc repairs. If Lendcr required martgage insurance as a condition ot making the loan secured by this Mortgage, Borrou~er shalt pay the premiums required to maintain such ; insurance in effecc unti! such time as the requirem$nt for such insurance terminates in ar.cordance with $oirower's and ~ . ~ ~ - ` ~ • ' s ~ - - BOOK J~ PdCE i . ; . , _