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Home My WebLink About0748 UNIFOItM CovEN~HTS. Borrower and lxnder covcnant and agree a~ toUi~ws- l. hnaent ot PrlaclpN and taterest. Horruwer shall prumptly pay whcn duc thc principal ot and interest on the " indebtedness evidenccd by thc Notc, prepayment and latc char~;cs a~ pmvided ~n thc Note, and the principal of and interes~ or~ aay, Futuro Advances securai by this Murtgage. 1Pt~:~~ f~r T~~ -»d ;w=>-:.a::. .i s" ._„~s~ '.f~~ _€z~r ht 4 r~~: R~rrn•xrr ~h~l! i ::v to I.enJer o~ the day monthly instailme~ts of princip~l and intcrc~l arr p•ryable imdcr the Note, until thc Note is paid in full, a sum (herein "Funds") equal to one-twelfth of the yearly tatiec and a.sessmcntti which may attain prioriry over this Mongage. and ground rents on the Pmperty, if any, plus onc-twclfth of ycarly premium ins~allments for hazard insurancc, plus one-twelfth of yearly premium installments tor mortgage insurancc, eny, all as rcasonably c~timatcd initially and (rom time to time by l~nder on thc basis of assessments and bills and r~a~unablc estimatcs thereoL ' 7Le~Fu~ds shall be held in an ins~ilution the deposits ar accuunts ut which are insured or guaranteeci by a Federal or state agency (including Lender if t_ender is such an institution). I.enJer shall apply the Funds to pay ~aid taxes, assessments, ~ ituut'ance premiums and ground rents. I eoder may not cha~ge (or ~~i holding :ind applying ~he Fundc. analyting said account, i or verifying and compiling said assessments and bills, unless l.ender pays BoROwer interest on the Funds and applicable law permits Lender to make sueh a charge. Bc~rrower and [.ender may agree in writing at tFx: time of execution o[ this Mortgage that interest on ~he Funds shall be paiJ to Borrower, and unless such agreemeni is made or applicable law requires such interest to be paiJ, Lender shall not be required to pay Rorrawer any imcrest or earnings on the Funds. l.ender shall give to Borrower, without charge, an annual arcounling o[ the f~unds showing cr~~dits and debits to the Funcis and the ' purpose for which each debit to the Funds wa~ made. The Funds are pledg~xi as additiunal security for ~he sums secured by ihis Mortgage. ~ If the amount of the Funds held by LenJer, together with the futurc manthly installments of Funds payablc prior to E t6e due dat~t of tax~s_ ac~.~c~~nts. insurance oremiums anJ eround rents. shall exr~.-ecf the •rmount reuuired to Dav said taxes, t asstssme~ts, insurance premiums and ground rents as they fall due, such excess thall be, at &irrower s option, either pranptly repaid to Borrower or credited to Borrower on monthly installmenls of Funds. If the amount ot the Funds held by Lender shall not be sufficient to pay ~aties, assessments, in~urance premiums and ground rents as thcy fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days (rom the date notice is mailecf by Lender to Borrcwer requesting paymcnt thercof. Upon payment in fuU of all sums secured by this M~rtgage, Lender shall promptly refund to Borrower any Funds held by I.ender. If under paragraph 1R hercot the Properiy i~ u~ld or thc Property ~s othenvisc acquircd by l.ender, l.cnder shall apply, no later than immediatcly prior ta the sale of thc Property or its acyuisition by I_cnder, any Funds held by - Lender at the time of application az a credit against the s~~ms secured by this Mortgage. 3. Applic~bo of Paymeots. Unlea applicahle law prc~vides otherwix, all payments received by 1_ender under the i Note and paragraphs l and 2 hereo( shrll be applied by 1_ender first in payment of amo~mts payable to l.ender by Borrower ! under paragraph 2 hercot. then to intcrest payable o~ thc Notc, thcn to thc principal of thc Note, and then to interest and ~ I principal on any Future Advances. i 4. C6arges; Lkas. Borrower shall pay all ta~es, asustmcnts and other charges, fines anJ impositions attributable to ; the Property which may attain a priority over thi~ Mortgage, and leasehold payments or gcound rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such m:,nner, by Borrower making payment, when due, diroctly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, aad in the event Borrower shall make payment directly, Borrower shall prumptly furnish to Lenckr receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority ovcr this Mortgage; proviJed, that Borrower shall not be requircd to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by ~ suc6lien in a manner acceptable to Lender, or shall in gc~d faith contett s«ch lien hy, or defend enforcement of such lien in, legal proceedings which operate to pre~~ent Ihe enforcement of the hen or forfeiture of the Property or any part thereof. ~ 5. Hazard Insurance. f3orrower shall keep the improvements now existing or hereafter crecled on the Properiy insured ~ , against loss by fire, hazards included withm the term "extended coverage", and such other hazards as Lender may require and in such amounts anJ for such periods a~ Lender may require: provided, that l.ender shall not require that the amount of ~ such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. ~ "Ihe insurance carrier providing the insurance shall be rhosen by Borrower subject to approval by Lender, provided. i that such approval shall not be unreasonahly 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 sh~ll tx in form acceptable to LenJer and shall include a standard mortgage clause in favor of and in form acceptable t~~ 1_ende:r. l.cnder shall have the right to hold the policies and renewals thereof, and Borrow•er shall prompdy farnish to Lender all renev?•a1 notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carner and Lender. Lender may make prcx~f of loss if not made promptl~ by Borrower_ Unless Lender and Borrower otherW ise agree in writing, inwrance proceeJs shall be applied to restoration or repair of ~ the Property damaged, proviJed such restorat~on or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair ~s not erunomically feasiMe or if the security of this Mortgage would . ~ be impaired, the insurance proceeds shalf be applieJ to the sums secureJ by this Mortgage, with the excess. if any, paid ~ to Borrower. If the Propert~• is abandoneJ by &~rmwer, or if Borrower fails to respond to l~nder within 30 days from the ~ date notice is mailed by l.ender to Borrower that ~he iasur_ance carrier ofTers to settle a claim for insurance benefits, Lender is aut6orized to collect and apply the insurance proceeds at 1_cndcr's option either to restoration or repair of the PropeRy or to the sums secured by this Mortgage. . Unless L,ender and Borrower otherva~ise agree in writing, any such application of proceeds to principal shall not extend or pcutpone the due date of the mamhly installmentt refcrrcd to in p~ragraphs t and 2 hereof or change the amount of such installments. If under paragraph 18 hereof thc Property is acyuired by I.ender, all right. tide and interest of Borrower in aod to any insurance poli~ies and in and to the procceds thereo[ resul~ing from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the aums securec! by this Mortgage immediately prior to such sale or acquisition. 6. Preservatlon aod Maintenance of PropertS~; Ixaseholds; Condominiums; Planned Unit Devebpments. Borrower shall keep the Properiy in good repair and shall not comroit wastc or permit ~mpairment or deterioration of the PropeRy and shall cumply with the provisions of any lease i( thi~ Mortgage vn a Icaschold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower tihall perform all of Borrower's obligations under the declaration or covenants creating or g.~verning the condommium or planned unit development, the by-laws and regulations of the condominium or planced unit development, and constituent documents. If a condominium or planned unit development ` rider is executed by Borrower and recorded to~ether w~th this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amcnd and supplcment the covcnants and agreements of this Mortgage as if the ricier were a part hereof. 9. Protectjon ot Ltnder's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeJing is commenced which materially afTects Lender's interest in ihe Praperty, ineluding, but not limited to, eminent domain, insolvency, cocie enforcement, . arrangements or proceedings involving a ~ill~~ ~i~ l~ctcuci~is i~cii ~uC~ia.i at i.c:,~e:'s i.Yii~.,i, :s~,^-~. r. :~a:~^.c iiS uvii~:~~,i, Tiaj ~i~nwL' Sv~ii oYr'~"a.nin,i~.w. ui5i:uiri a~~i sums and take sueh action as is necessary to protect Lender's m~erest, including, but not limited to, disbursement of reuonable attorney's fees and en~ry upon thc Propcrty Io make rcpairc. If I.endcr reyuircJ mortgage insurance as a condition of making thc loan secureJ by this Mortgagc. Borruwcr shall pay thc premioms required to maintain such inaurance in effat until such time as the reyuiremenl for wch insurance terminates in acconlance with Borrower s and r ~5~ F+,~~ 7 1