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Home My WebLink About0808 , ~ . ~ t,~ UNIFORM COVeN.\NTB. Bormwer and LenJer cuvenant and agrec :~s follows: 1. Psymeat of Princlpal and lntercst. Bc~truw•er shall p~omptly pay w~hen due the pri~cipal of and interest on the indebtedness evidenced by the Note. prepayment and late charges as proviJed in the Note, and the principai o( and intercst on eny Future Advances secured by this Mortgage. 1 2. fi~ads for Tiutes and lasurance. Subject to applicable !aw or to a written waiver by Lender. Borrovrer shall pay to l.cnder on ~he day moothly installmen~s of principal and interest are payable unde~ thc Note. until the Notc is paid in (ull. a aum (hercin "Fu~ds") cqual to onc-twelfth af the yea~ly tares and assessments which may attain priority ovec this f Mortgage, and ground rents on Ihe Ptnperty, if any, plus onc•twclfth of yca~ly prcmium installments for hazard insurance. ~ plus one-twelfih of yea~ly premeum installments far m~rtgage insurance, if any. all as reasonably estimated initially and from ~ ~ time to Iime by Lender on thc basis of assessmcnts and bilis anJ reasonable estimata thereof. The Funds shall be held in an institu~ion the depe~sits or accounts of which are insured ar guaranteed hy a Federal or ~ state agency (including Lender if Lender is such an institution j. l.ender shall apply !he Funds to pay said ~axes, assessments, iruurance premiwns and ground rents. Lender may not charge for so holJing and applying the Funds, anal~~zing said account, ~ or verifying and compiling said assessnxnts and bills, unless I.enJer pays Borrower interest on the FunJs and appticable faw permits Lender to mak~ such a charge. Borruwer and [.ender may agree in writing at the time of execution of ihis ~ 1~lortgage that interest un the Funds shal) be paid to Borrower, and unless such agreement is made or applicable law requira such interest to be paid, l.ender shall not bc reyuired to ~y Barrower any interat or earninb~s on the Funds. l.ender j shall give to Borrower, without charge, an anm~al acc.~unting of the Funds showing credits and dehits to the Funds and the ? purpose for which each debit to the Fu~ds wa~ made. The Funds are pledged as additional security for the sums secured ` by this Martga~tc. . If the amount o[ the Funds held by Lender, togethcr with the future monthly installments of Fundc payable prior to j the due dates of taxes, assessments. insurance premiums and ground rents, shall e?cceed the amount reyuired to pay said taxes. ` t assessments, insurance premiums and gmund rents as they fall due, such ezcess shall be, at f3orrower s option, either promptly repaid to Barrower or crediled to B~~rrower on munthly iastallmcnts of Funds. If the amount o[ the Funds held by l.ender shall not be sufficieat to pay taxcs, assessments, insurancc prer.~iums and ground rents as they fall dut, Borrower shall pay to l_ender any amount neti:essary to make up the .leficicnc~~ within ;0 days from the date notice is mailed ; by Lender to Borrower requcsting paymcnt thercof_ - T Upon payment in full of all sums secured by thic Worlgage, t.endcr shall p~omptly ~fund to Borrow~er any Funds held by l.enJer. 1[ under paragraph IA hercof the Property is sold or thc Propcrt}• is othervvisc acquired by I.ender, Lender 4 shall appty, ~o latcr than immediately prior ta the xale of thc Property or its acyuisition by Lcndcr, any Funds held by I_ender at thc timc ~f application as a rreJit against 1hr sums secured b~~ Ihis 1iar~gage. ; 3. Appliration of Payments. Unless applicable law pm.~ides otherwise, all payments recei~•ec1 by Lender under the ~ Notc and par:~graphs 1 and 2 hercof shall t>c applicd by Lender first in paymcnt of amounts payahlc to LcnJer by Barrower under paraRraph 2 h~reof, then to interest payable on thc Note, thcn to thc principal oi' ihe Notc, and thcn t~i interest and principal on any Futurc Ad~•ances. 4. Charges; Liens. Burroaer shall pay all ~a~es, :+sussm~nts and othcr chargc~, finc. and in?~~:itiuns attributable to . the Properiy which may attain a priority o~~e~ ihis Afortgage, :?nd leasehotd payments or ground rrnts, if any, in the manner provided under paragraph 2 hereof or, if not paid m such manner, by B~~rrower making payment. w•hen due, Jirectty to the payee thcrcof. Borro~vcr shail promp~ty furni~h to Len~ler aU noticcs of amounts due under thic paragraph, and in the event Borrou•er shall make pa~•ment d;recily. Borrow•er shall promptl~ fumish to Lendcr receipts cvidencing su~h . payments. Borrow~cr shall prompdy dis~:hargc any licn w•hich has priorit~• ovcr this Mortgage; pruviJcd, that Borrowcr shall not be ~ ~equired to discharge any such lien so long as Bormw~er shall agree in writing to the payment of the obligation secured by .uch lien in a manner acceptable to Lender, o~ shall in gaxt f~ith conte.t si?ch lieo by, or defend enforcement of si~ch'lien in, lega! pn~eedingt which operatc to pre~•ent the enfurcement of the 6en or forfeiture of the Nroperty or aoy part the[eof. 5. Hacard Insuraoce.. Borrow•er shall keep the ~mprovementt now c~istmg or hereaiter erec~ed on the Property insured against 1~~,; h~• firc. haz~rd~ in.ludcd within thc tcrm "~~tcnde~ co~~cragc", and such othcr hazards ac I_cnder ma~• require ~ and m s:i~h amc~un!s and fur such pcri+xts ac Lender ma~• rcyuirc; ~ru~ ided, that !_cnclcr shall not n:yeeire that thc amount of ,uch coc•erage e~cecd thai amount of coti~erage required to pay~ the sums secur~d by this llforlgage. The insurance rarrier provid"eng the insurance shall 6~: ch~~se~~ by Bc•rrower subjeci to approval b~ Lender, provided. that such :~ppro~•al ~halt not b~. unreasonahl~~ withheld. All premiums on insurance policies shall be paid ~n the manner provided under paragraph 2 hereof or. ~f not paid in such manner, t~y Borrower making psyment, when due, dircctly to the ~nsurance carrier. All insuranre policies and reneNals thercof shall hc in form acceptablc to LenJer and shall includ~ s star,Jard morigage clause in favor of and in form acceptable to Lender. Lendcr ,hall ha~e the right to hoid the puiicies and renc«als thereof, ~nd Borro~~~er shatl prompd~• fur~ssh to Lcndcr all renrw~al notices and a!I receipts of paid premiums. In the e~~ent of loss, 8arr~H~er shal! g~ve prumpt notice to thr insurance carrier and 1_ender. Lendcr ma~~ make pruof ot loss if not made promptly hy Burr~wer. t Unless Lender and BorruWer otlurwise agree in wnting, insurance proceeds shall be appiied to resturation or repaer of ~ the Property damaged, provideJ such rrtitorati~n or reparr es economically feasible and ihe security of this Mortgage is , not thereby impaircd_ If such restoration. or rep~~r is not economicall~• (easible or it the secunty of this A1ortgage would bc: impa~red, the insurance pr~xeedt ~hall be applieJ to the sums secureJ by this Mortgage, w ith the e~cess, if any, paid c.~ Borrower. 1: the Yrupert~ is ahandoned b}• Borrower, or if Borrowcr faits to respond ta Lender within 30 da~~s from the ~iate notire is m;~ile~d bti~ I.rn.ler to Burrower that the insurance carricr olfen to settle a claim for insurance benefits, Lender » authnrized to coAe:t and app1Y the i~~surancr proctY:ds at Len~er's option either to restoration or repair of the Property ~+r to the sums xcureJ b~~ this ~iortgagc Unles. I.~:nJer and Borrow~r otheruise agrce ~n ~riting, a~} such application of prcxeeds to prir.cepal ~hal1 not eztend or postFvrte thc due date of the monthh- installments refcrred in pdragrapha I and 2 hercof or change the amount of such instal!mcnts. If under paragraph 18 hereof the Propert~• is acyuired b~~ l.endcr, all right, tiNe and interest of Borrower in and tu an}~ insurance po!icies rnd in and to the proceeds thereot resulting from damage to the Property prior to the safe or acyuisitiou ~h~ll pass to Lender tu the e~tent o[ the sunu secured b~~ thu ;?fortgagc imnted'eately prior to such sale or acyuisitiort_ 6. Preseritition aod ~taintenaocr of Properly; Leaseholdti; Condominiums; Planned Unjt De~~dopments. Borrowet shall kccp thc Propeny in good repair and shall not commit wa~te or permit impairment or deterioration of the Property ~ and shall compl~~ with the provisions of any lease if this htortgage is on a teasehotd. If this-'~fortgage is on a unit in a ~ conduminium or a Clanned unit efevelopment. Borrower shal! perform •rU of Borrower's obLgations under the declaration ; or covenams creaUng or guverning the condominium or pfanned unit development, the by-laws and regulations of ihe conuomin~um or pl„nned unit development, anJ constituent documents. If a condominium or planned unit development ~~der is executcd by Borrower and recorded together with this 1liortgage, the covenants and ag~eemeats of such rider shall be incorporated into aed shal! amend anJ supplement the co~cnants anJ agreements of this Mortgage as if the rider v?crc a ~art hereof. 7. Prdection of Lender's Secnrity. If BorroH•er fails to perform the covenants and agreements contained in this ' Mortgage, or if any acti~~n or prekeeding is commenceJ v?~6irh materially aHects Lender's interest ia the Properiy, ~ including. but n~~t Gm~ted ro. eminent domain, incolvency, code ent~~rcement, or arrangements or proceedings involving a ~ bai+krupr or de:edent, then Lender at l.ender's opiion, upon notice to F3ortower, ma~• make such appear~nces, disburse such sums and take such actiun as is nece~san• ro protect Lender's interest. including, but not lirpited to, disbursement of ~ reasonable attorney's fees and entry upon the Property to make rcpairs. If t.ender required mortgage insurance as a condition of mal:ing the laan secured br this Mortgage. Borrrwer shall pay the premiums requireJ to maintain such ~ insurance in efTect uMil such time as ihe reyuirement for s~~ch insurance terminates in accordance with Borrower's and ; pi i t F ~a~z~9 P~~ so~ ~ x