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Home My WebLink About0972 _ . _ . ' )'j . . . ~ )r~ . , . r ~}f.~{~ UNFPMIM COVENANT3. BO(fOWtf A~ L.Ct1dt~ COVCllilt! and .;trct u follows: 1. ta~aest o[ l~clMt ~ U~te~f. Bc~rrovrer shall prump~l~~ p~y when due the principal of and interest on the inckbt•.dttess evidenced by the rdote~ prepaymcnt and late chargcc ac provided in tht NWe, arxi the ptinrtpal ot tnd interest on any Futuro Advanccs stcured by this Monga~a ~ ~ Z. Fni for 'Y'aua ~d I~. Subject to ap~lkahlc law ~ir io t written wpive~ by Lettider~ BotYOwer sho!= pay • t~ L.ender ~n the dap monthly installmcnts of principai and int~re~t arc pay~hlE unckt the Note, until the Note is p~1d in fuit, . a tum (i~ertin "Fundi") cqual to one-twelfth of the yeatl~• taxc. and asxssmenta which may ~ttai~ priority over this Mortiat~, and ~round ren~s on the Property. if any, plus one•lwelfth of yea~ly promium instsliments for hazani inaurance, . plus on~-tweltth of yearly premium 4nstallments tor motigage insuranc~, if any. All as reason~bly estimated initi~lly and fmm tim+s to titne b~ Lender on the basis of assessmtnts and hills anc! re~sanable atimates thereof. '1'he Funds shKll be held in an institwion the daposit~ or uccounts of which are insured or ~ar~nteed by ~~e~eral ot state agtncy (including L~nder if Lender. is suci, an institution). I.endcr shall apply ~he Funds to pay said ~axes~ usessmentt~ ~ inturance premiums and graund~rents. l.ender may not charge ior so holding and Applyin~ the F:mdc, analyzing said a:count. 1 ~ or ve°ifyin~ and compiling said assessments and bills, unless l.ender pays Borrower interat on thc Funds and applicable !aw ~ fstrmits I..~nde~ te mike such a charge. Borrower ~nd S.ender may agree in writirtg st the time of execution of this Mortga~e that in~erest on tne Funds shall bc paid to Borrower~ and unless such agr.~cment is made or applicabl: I~w requires "such interest to be paid, Lsnder sh~ll not be rcquired to pay Borrower any interest or ca-nings on the Funds. [:ender shalt give to Borrower, without charge, an anrtual accountirig of the Funds showing credits ~nd debits to the Funds artd the . purpose for which e~ch debit to the Funds was made. The Funds are pledgcd as additional security for the sums securEd ( by ih~s 1~lortsag~. _ . _ If the amount of tho Funds held by Lender. togethtr with tho future monthly installmenis of Funds payable prior to the due dates of taxes, assessments, iruurance premiums artsi ground ronts, shal; exceed the amount eequired to pa~+ said tAxes. ~ assestments. insurance premiums and ground rents as they fall due, such excess shall b~. at Borrowei s option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds ~ held by Leoder shall not be sufficieat to pay taxes, aa.~ssments, insurance premiums and ground renta as ~h=y fall due, . Bortower shall pay t~ L.ender any amount ntcessary to make up the deficiency within 30 days [rom the date notice is mailed by I~endsr to Borrower requesting payment thereof. L7pon payr_xnt in full of all aums securod by this Mortgage, l.ender shall promptly cefund to Borrower any Funds held by I.ender. If under paragraph -18 hercof the Property is sold or the Propen/ ~s otherwiu acquircd by Lender. Lender shall apply, no later than immediately prior to the sule af the Property ar ets acquisitio~ by Lender, any Funds held bv I.ender at the time of appli^at~on as a credit agsinst the sums secured by this MortgaRe. 3. Applkstjon of Paymenes. Unless applicable law provida otherwise, all payments received by L,nder under the ~ Note and paragraphs 1 and 2 hereof shall be applied by [.ender first in payment of amounts payable to L°~-~c~er by Borrowor unckr pan?graph 2 henof. then to interest payable on the Note, then to the principal of the Note. and then to_interest and principal on any Future Advances. . - 1. Charees; Lkns. Barrowe~ shall pay all ~axes, asseisments and ather charges. fines and impositions attributable to th~ Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner pmvided under paragraph 2 hereoF or, if not paid in such manner, by Borrower making payment, wt~ due, directly to tht paya thet+eof. Borrower shall pr~mptly furnish to Lender all notices of amounts due under this para~raph, aad in the cvsnt Borrower shall make payment directly; Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shalt promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not bc ~ rcquirtd ta discharge any such lien so io~g as Borrower shall agree in writin& to the payment of the obligatiun secured by ~ such lien in a rnanner arceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceeding~ which operate ~o prevent the enforcement o! the {ien or forteiture of the Property or any put thereof. . 5. Haxatd [nsurnnre. Borro~ver shal! keep the improvereten?s now existing or hereafter erected on the Propcrty insured against loss by fire~ hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount o~ ~overage required to pay the sums secured by this Mort~a6e. "ITte insurance carrier providing th;, insurance shall be chosen by Borrower subject to approval by Lender; p:~vided, that such approval shall not be unreasonably withheld. Alt premiums on insurar.ce policies shiil be paid in the ~manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, directly to the t insurance carrier. _ ~ All insurance policies and renewals thereof shall be in [orm acceptable to Lender and shall incl~~de a standard,mortgage clause in favor of and in form acceptabie to Lender. Lender shall have the right ~o hold the policies and renewals thereof. ~ and Borrow•er shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss, Borrower shall give prompt noticc to the insurance carrier and l.ender. Lender may make proof of loss if not made promptly i by Borrower. ~ ~ Unless Lender and Borrowcr atherwise agrce in writing, inzurance proceeds shall be applied to restoration or repair of ; - the Property damaged, provided such restoration or repair is economically feasible and the securiry of thi~ Mortgage is ~ r~ot thereby impaired. It such restoration or repair is not ecor~omically feasible or if the securicy of this t.:ortgage would ~ be impaired, the insurance proceeds shall be applied to the sums securecf by this Mongaga, with the ex~ess. if any, paid to Bo;rower. lf the Praperty is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the rower that the insurance :arrier oRers to settle a ctaim for insurance benefits, I.ender ' ; date notice ~s ma~lea by L~nder to Bor is aut6orized to collect and apply the ins~~rance proceeds at I_ender's option either to restoration or repair of the Properly or to the sums secureJ by this Mortgage. ' Unless Lender and Borrower otherv~ise ag~ee in writing, any such application of proceeds to principal shalf not extend or postpone the d~~e date of the monthly installments referred to en paragraphs 1 anJ 2 ~i4re~f or change ihe amuunt of suc6 inst311meats. If under paragraph 18 hereof the Property is acquired by Lender, all r~_-`:°, ~iut and interest of Borrower ~ in and to any tnsurance policies and in and to the proceeds thereof resul~ing from dama;~:. €~r~upEtty prior to th~ sale or acqsisition shatl pass to Lender to the extent of the sums secured by this biortgage =:~~med;ately prior to such sale or ~ acquisition. _ 6. Preserration and .tilunten~nce of Property; i.taseholds; Gondominiums; Planned Uait DevebQments. Borrower shall keep the Propecty~ in good repair and shall nei comroi~ Waste or perrt~it smpairment or deteri~ration of the Properiy and shall ~ompl; w•ith the provisions of any lease if this Mortgaga is an a-leasehold. !f thi5 Mortgage is on a unit in a condominium or a planned unit development, Borruw~er shall perform all of Bo~r~wer's obligations u~~der the declaratian or covenants crcating or gov.rning the. condominium or planned unit development, she by-laws and ceg~lations of the ~ condominium or planned unit Jevelopnient, and constituent document~. If a cc~ndorninium or planned unit development - ridc~ is exe:uted by Borrow•er and recorded together wilh this Mortgage, the covenants and agree*nents of su~h rid~r _ shall be incorporated into and shall amend and supplcment the covenants and agreemenis of this Mortgage as if the rider . Xere a part F~treof. - . _ - - Protcction of I.ende~'s Secu~it~. If Borrower (ails to perform the covenants and agteements containec~ in this _ Mortgage, or if any action or proceeding is commenced w~hich materially afiects Lender's interest in the Property, includi:~g, but not li~niled to, cminent domain, insolvency, code enforcem~nt, or arrangements or proceedings involving a bankrupt or decedent, thcn 1_ender at I_ender's option, upon notice to Borrower, ma~~ make such appearance.~, distsurse such sums and take such acuon as- is necessary to protecl Lender s irttcrest, including, but not limited to, disbursemer.t of - reasonable attorney's fces and emry upon thc Propcrry t~ makc repairs. If Lender requircd morigage insurance as a condition of making the loan secureJ by this Moitgage, Born:wer sh.~ll pay the premiums required to mai~ita~n such . insurance in e~tect untii such time as the requirement for such iiruran;e letminates in accordance with Borrower's and - ~ - ~ ~ + 3..~ : : ~K~~3 0 - - ~ : - ee~x . YR~E g~ -