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Home My WebLink About0679 UNIPORM COVEN~NTS. BorrOwtr and 1_ender Covenan! and agree as follows: 1. ?~msnf ot P~iaclpai snd laterest. Barrower shall p~omptly pay when duc the principal of and intcrest un thc indebtedncas evidenced by the Note. prepayment and latc ct?arges as p~uvided in thc Notc, and ~he principal of and imeres~ on any Future Advances xcured by this Mortgagc. 2. Ftiudu [or Tues sad Iawraaee. Subject to applicable law or to a writle~ waiver by I.ender. Bc~rrower shall pay to Lender on the day momhly installments of pri~cipal and intcrest arc payable unde~ thr Note, until the Note is p:ud in full, a sum (herein "Funds") equal to one-twelfth of the yearly taxcc and as~scssments which may at~ain priority over this Mortg~,ge, and ground rents on the Propeny. if any, plus one-twelf~h of vearly prcmium installmcnts for hezard insurance, plus ot~e-twelfth of yearly premium installments (or m~rtgage insurancc, it any, all as reasonably estimated initially and from time to time by [.ender on the basis ~f assessments and bills anJ reaaonable estimates thercof. 'Il~t Funds shall be held in an institution the deposits ar accounts of which are insured or guaranteeJ by a Federal or state agency (including L.ender if Lender is such an institution). I.ender ahall apply the Funds to pay ~aid taxcs. assessments. inturance prcmiums and ground rents. t.ender may nat charge far so holding anci applying the Funds, analyzing said account, or verifying and compiling said assessmen4s and bills, unless Le~der pays Borrower interest on the Funds and applicable law pertnits Let~der to make such a charge. Borrower and l.ender may •rgree in writing at the time ot execution ot this Mortgage that interat on the Funds shall be paid to Bor~ower, and unless such agreement is made or applicable law rcquira such interat to be paid. Lender shall not !~e requirecl to pay Borrower any intc~est or earnings an the Funds. I_ender shall give to Borrower, without charge, an annual accounting of the Funeis shawing credits and debits to the Funds and the purpoae for which each debit to the Funds was made. The Funds are pledged as additional security [or the sums secured . by this Mortgagt. If t6e amount of the Funds held by Lender. together with the future monthly installmcnts of Funds payablc prior to t6e due dates of taxes, assessments, insurance premiums and ground rents, shall excced the amount reyuired to pay said taxes, . assesaments, insurance premiums and ground rents as they fall due, such excess shall be, at f3orrower s option, either praupdy repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds heM by Leoder shall not be sufficient to pay taxes, assessmcnts, insurance premiums and ground rents as they fall due, Borrower sball pay to l.ender any amount necessary to make up the deficiency wilhin 30 days from the date notice is mailed by Lender to Bonower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, l.ender shall prompdy refund to Borrower any Funds ~ held by Lender. If under paragraph 18 hereof ~he Property is sold or thc Property is otherwise acquired by Lender, !_ender # s6af1 apply, no later than immediately prior to the sale of the Property or its acquisition by I.ender, any Funds held by Lender at the time ot application as a credit against the sums secured by ihis Mortgagc. ' 3. Applic~ion of Payments. Unless applicable law provides otherwise, all payments received by Lende~ uncler the ; Note and paragraphs 1 and 2 hereof shall be appiibd by 1_endcr first in payment of amounts pa~~able to Lemier by Borro~•er ~ under paragraph 2 hereof, then to interest payable on ihe Note, then to the principal of the Note, and then to interest and principal on any Future Advances. < 4. Charges; Lk~. Borcower shall pay all tazes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over ihis Mongage, and leasehold payments or ground rents, if any. in the manner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payrnent. when due, direcdy to the psyee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the eveat Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall premptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Barrower shall agree in writing to the payment of the obliga~ion secured by such lien in a manner acceptable to Lender. or shall in good faith contest such lien by, or defend enfotrement of such lien in, kgal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Har~rd Iasuraece. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fite, 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 ~equirc; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mongage. The insurance carrier providing tbe insurance shall be chosen by Bonower subject to approval by Lender, providod, that such approval shall not be unreasonably 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, directly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ' clause in favor of and in form acceptable to L.ender. l.ender shall have the right to hold the policies and renewals thereof, ~ and Borrower shall proroptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss. ; Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make praof of loss if not made promptly ; by Borrower. - ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoraUon or repair of ; i the Property Jamaged, provided such restoration or repair is economically [easible and the security of this Mortgage is $ not thereby impaired. If such restoration or repair is not economically fcasible or if the security of this Mortgage would ~ ~ be impaired. the insurance proceeds shatl be applied to the sums secured by this Mortgage, with the excess. if any, paid ~ to Borrower. !f the Property is abandoned by Borrower, or i( Borrower [ails to respond to Lender ve~ithin 30 days from the ; ~ date notice is mailed by Lender to Borrower that the insurance carrier offers to setUe a claim for insurance benefits, Lender ~ ~ is aut6orized to collect and apply the insurance proceeds at [.ender's option either to restoration or repair of the Properiy ; or to the sums secured by this Mortgage. _ ~ Unless Lender and Borrower otherwise agree in writing, any such application of pra:eeds to principal shall not extend ~ or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the ar+~ount ot = ~ suc6 installments. If under paragraph 18 hereof the Property is acquired by L.ender, all right, title and interest of Borrower : in and to any insurance policies and in and to lhe procceds thereof resulting from damage to t6e Property prior to the sale ~ or acquisition shall pass to l.ender to the extent of the sums securecl by this Mortgage immediately prior to such sale ~r - acquisition. ~ 6. Preservatfon and Maintenance of Property; Lease6olds; Condominiums; Plaaaed Unit Developmeafs. Borrowcr „ ~ shall keep the Property in good repair and shall not comroit waste or permit impairment or deterioration of the Property ~ and shall comply with the provisions of any lease if this Mortgage is un a leasehold. If this Mortgage is on a unit in a ~ candominium 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 ihe ~ condominium or planned unit development, and constituent documents. If a condominium or planned unit development ? ~ rider is exxuted by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider ~ ~ shali be incorporated into and shall amend and supplcment the covenants and agreemcnts of this Mortgage as if the rider were a part hereof. _ ~ 7. Protectioo ot Leoder's Security. If Borrower fails to perform ihe covenants anJ agreements contained in ihis . 3 ~ Mortgage, or if any action or proceeding is comroenced which materially aHects Lender's interest in the Property, £ including. but not limited to, eminent domain, insolvency, code entorcement, or arrangements or proceedings involving a ~ bankrupt or decedent, then l.ender at Lender's option, upon notice to Borrower, may make such appearances, Jisburse such ~ sutns and take tuch actan as ia necessary to protect I.ender s interest, including, but not limited to. disbursement of ~ reasonablt attorney's feu and entry upon the Property to make repairs. If [.ender required mortgage insurance as a ; conditioa of making the loan secured by this Mortgage, Borrower shall pay the premiums requireci to maintain such inwranoe in eflect until suctt ume as- the requirement for such insurance terminates in accordance with Borrciwer s and i ~ ~ ~ c ~ . ~ BOOK~4~ FAGE s~ s__. _ ~ . . ~ - - - - „