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Home My WebLink About0841 • , , . - : ~ ~ . , ~ t UNIFORM COVEN~NTS, Botrower and l.c~dcr covenan~ a~d :I~ft'C :1) tollaw~s: ' 1. tfUetcat ot Priacipl aad lutenst. lior~rwcr .haU prumptl~ pa~~ Nhcn du~ thc principai of and interest on th., ' ndebtedneas evidenced by the Nott. prapayment and tatu ch.~rgr~ a. pruvi~kd u~ the Note, and the principal o! and interrs~ ~ o~ any Future Advances secured by this Mortgage. Z. Irhads for Tasa aad Iniarance. Subject ta appli:a~tr law a? a w•ritten waiver by l.ender. Borrower shall pay to Lende~ on thc day monthly installments of principal anJ ~utrrc.t arc payablc undcr thc Note, until thc Note is paid in full. a aum (herein "Funcls") equal to one-tw~lfth of the yrarl~ unJ asu:suneots which may attain priority ovet thic Morlgage. and ground rentt on the Property, if any, p!t?c onc-twclfth ol ycarly premium installmcnts for hazard insurance, plus one-twelfth ot yearly prcmium installmcn~s for mo~tgage ~nsi~rancc, if any, all as reasc~nably estima~ed initially anJ ~'rom time to time by i~nder on the basis of a,.~.~ssmcnls and hi!Is and reawnable estimates thercof. ~ 'll~e Funds shall be held in an institu~~on the depo~i~~ or :~~cuunts of which are insurecl or guaranteecf by a Federal or atate agency (including Lender i[ LcnJer ~uch an in~titution). t.ender ~hall apply the Funds to pay said ta~?es, assr.ssments. insurance premiums and grout~d teMs. 1 ender may not charge tor so holding and applying the F~mdc, anal~~ing said acc.~unt. or verifying aad compiling said assessments anJ bilh, unless l.ender pay~s Borrower interest on the Funds and applicable law• permits Lender to make such a charge. lMrrov?•er and I.cnJer may agree in writing at thc timc o( exrcutiun ut this i Mortgagt that i~tterest on the Funds shall tx; paid to B~~rrower, and unless such agreement is made o~ applicable law ~ requires such intcrest to be paid. Lender shall not F~r requirecl t~i pap Barrower an}~ inlcrest or earning+ an the f~und.. I_cnder ~ s6all give to Bor!ower, without charge, an annual accc~unting of the Fumis showing credits and debits to Ihe Fund~ and the - ' purpose for which each debit ta the Funds was maJe• The Funds are pleciged as additionat securily for the sumti .ecured ~ by this Mortgage. lf the amount of the Fuads held by LenJer, tagether with ~he future monthly installme~ts of Funds payablc prior to the due dates of laxes. aaessments, insurance premiums anJ g~ound rents, shall exceed the amount reyuired to p:~}~ aaid tazes, asseuaxnts, insurance premiums and ground rcnts as they fall due, such excess shall be, a~ f3orrower s opti~~n, either . ~ pranptly repaid to Bormwer or creditcd to Borrower on monthly installmcnts of Funds. If thc amount oi thc ~unds held by Lender shall not be sufticient to pay taxes, assessments, insurance premiums anJ ground rents as thcy f~ll due, Bortower shall pay to I.ender any amount necessan~ to make up the deficiency within 30 da~~s from the date notice is mailed by L.ender to Borrower requesting payment thereo(_ Upon payment in full of all sums sccured by this Mortgage, I_ender shall promptly refund to Borrower any Funds held by I.enckr. If under paragraph 18 hereof the Property i~ sc~ld or thc Property is othervvise acquired by I.ender. I.ender ~ ~ sball apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds he1J bg 4 Lender at the time of application as a creclit against the sums secured by this Mortgage. f 3. Application of Paymeats. Unless applicable law provides othervvise, all payments received by Lender unJer the ; Note and paragraphs 1 and 2 hereof shall be applieci by I.ender first in paymeot ot arhaunts payable to Lender by Borrower• ~ under paragraph 2 hereof, then to interest payable on the Notc, then to the principal of the Note, and then to interest and ; prencipal on any Futurc Advances. ; 4. Char~es; Lkas. Borrower sh•rll pay all taxcs, assessments and other charges, fines and impositions attributable to f the Property which may attain a priority over this Mortgage, and leasehold payments or gmund rtnts, if any. in the manner ~ pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the ~ payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event ? Bormwer shall make payment directly. Borrower shall promptly fumish to I.ender receipts evidencing such payments. Bortower shall promptly discharge any lien which has priority over Ihis Mortgage: provided, that Borrower shall not be required to discharge any such lieo so long as Borrower shall agree in vvriting to the payment of the obligation secured by such lien in a manner accep~able to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or [odeiture of the Propeny or any part thereof. S. Hazsrd Insn~ance. Borrower shall keep the improvements now cxisting or hereafter erccted on the Property 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 ac Lender may requirc; provided, that LenJer shall not require that the amount of such coverage exceed that amount of coverage required to pay ~he sums secured by this Mongage. TLe 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 premiums on insurance policies shall be paid in the manner i provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to thr insurance carrier. • - ; All insuran~e policies and renewals thereof shall be in form acceptable to LenJer and shall include a standard mortgage f clause in favor of and in form acceptable to l~nder. Lender shall have the right to hold the policies a~d renev?~als thereof, ; and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of lo~s. ~ Borrower shall give prompt notice to the insuranre carrier and Lender. Lender may make proof of loss if not made promptl}~ ~ by Borrower. ~ . Unless Lender and Borrow~er otherw•is~; agree in w•riting. insurance proceeJs shall be applied to restoralion. or repair of ~ the Propeny damaged, provided such rcstoration or repair is economically feasible and the security of this Mortgage ic not the~eby impaired. If such restoration or rcpair is not econc~mically feasible or if the security of this Mortgage w~r,~td be impaired, the insurance proceeds shall tx: applied to the sums secureJ by this Mortgage, with the excess, if an~•, pa~d to Borrower. lf the Propert}• is abandoncd h}~ Borrow•er, or i( Borrower fails ta respond to Lender within 30 days irum ihc ~ Jate notice is mailed by Lender io Borrower that the insurance carrier offers to seule a claim for insurance benefit5, Le:.:irr is authorized to collect and apply Ihe insurance proceeds at Lender's option eithcr to restoration or repair ot the Prnpen•. ~ or to the sum-~ secured~by this Mortgage. - Unless Lender and Borrower otherwise agree in writing. any such applica~ion uf prcx:eeds to principal ~hall nut c..~r~:d or postpone the due date of the monthly installments referred to in paragraph~ 1 ancl 2 hercof or change the amount .~f such installments. 1f under patagraph 18 her~f the Property is acyuirecf b~ l.enJer, ali nght, title and interest of I3orrou~cr . in aod to any insurance policies and in and to the procceds thereof resulhng from damage to the Property prior to th~ ~aic ~ or acquisition shall pass to Lender to the extent of the sums secured by this ~lortgage immediately prior to such ~:~Ie or acquisition. ; - 6. Presenation and lllaintenance of Properi~~; Leaseholds; Condominiums; Planned Unlt Devdopments. Rc~rro~~rr ~ ~ shall keep thc Property in good repair and shall not comrpit waste or permit impairment or deterioration of the Property # ~ and shall comply~ with Ihe provisions of any lease if this Mor~gage it on a Icaschold_ If this Mortgage is on a unit in a ~ ~ conJominium or a planned unit development, Borrow•er shall perform all of Borrower s obligations under the declarati~m • ~ or covenants creating or governing the condominium or planned unit devel~~pment, the by-laws and regulations of the ~ condominium or planned unit development, and constituent dixumemc. If a condominium or planned unit Jevelopment ~ rider is executed by Borrower and recorded together with ~hi~ Mortgage, the covenants and agreements of such ri~::r shall be incorporated into and shall amend anJ supplement the covenant~ anJ agreements of this Mortgage as if the nder i ~ were a paR hereof. ~ 7. Pmtectioo of Lende~s Security. If Borrower fails to perform the covenants and agreemenis contained in this ~ Mortgage, or if any action or proceeding is commenceJ which materially affects I.ender's interest in the Propertr. ineluding, but not limited to, cminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then I~nder at Lender s option, upon notice to Borrower, may make such appearances, disburse such } sums and take such arlion as is necessary to protect l~nders interest, including, but not limited to, disbursement of ~ reasonable attomey's fees and en~ry upon the Properry to make rcpairs. lf [_ender requircd mortgage insurance as a ~ condition of making the loan secured by this Mongage. Borrower shall pay ~he premiums required to maintain such inswance in efiect unlil such time as the reyuirement for such insurance terminates ~n accordance with Borrower s and ~ B00~(~7s PACE 8~ , ~ . ~