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Home My WebLink About0528 ~ - , UNIFORM COVENANTS. Borrower aad Lender covenant and a~~a as follows: 1. ~eat ot Frincipal asd loterat. Sormwer shall p~omptly psy when due the pri~cipal of and interest on the iadebtedneu evide~ced by the Note. prepayment and late charga as provided in the Note. and the principal of and intercst o~ aay Fwun Adv~nces securai by this Mongage. . 2. FYsas tor Tua ~ai inair~ce. SLbject to applicabk law or to a writtea waive~ by Lender. Borrower ahall pay to Lender on the day monthly installments of principal and interest arc payable under the Note. until the Note is paid in full. a:um (herein "Funds") equal to ot~twelhh of the yearly taxes and assessments which may attain priority over this Mort~agc. and ground n~ts on the Property. iE any. plus one-twelfth of yeady pnmium inataliments tor hazard insurance. plus one-twclfth of yea~ly premium installments [or moctgage inscuaoce. if any. all as reasonably estimated initially and fron time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. '17k ~Funds shall be held in an institution the deposits or accounts of which are insured or guarantced by a Foderal or state agency (~ncluding Leader if Lender is such an institution). Lender shall apply the 17unds to pay said taxes, asxssmeats. insuranca premiums and grouad rents. Leader may not charge for so holding and applying the Funds. anslyzing said accou~t, or verifying and compiling said assassments and bills. unless Lender pays Borrower interat on the Funds a~ applicable law permits Lender to make such a ciurge. Borrower and Le~?der may agree in writing at tl~e tlme of execution of this Mortgage that i~terat on the Fuads s6a11 be paid to Borrower. and unless such agreement is made or applicabk law requira such interest to be paid, I.eader shall not be requir~d to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge. an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Fuads wu made. The Funds are pledged as additional security for ~e sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the futuro monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents. shall exceed the amount required to pay said taxes, asses~nents, inaurance premiums and ground rents as they fall due, such excess shall be. at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If !he amount of the Funds held by Lender shall not be suti~icient to pay taaces, as~ssments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requeiting payment thereof. Upon payment in full of all sutns secured by this Mottgage, l.ender shall promptly refund to Borrower any Funds held by L.ender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender sball apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mongage. 3. Applkatioa oE Payments. Unless applicable law provides otherwise, aU payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender 6rst in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal af the Note, and then to interest and principal on any Future Advances. 4. Charges; Lkas. Borrower shall pay all taxes, assessme~ts and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. in the maoner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the payce thercof. Borrower shall promptly furnish to Lender aU notices of amounts due under this paragraph, and in 1he event Borrower shall make payment diroctly, Borrower shall prnmptly furnish to Lender receipts evidencing such payments. Bonower shal! promptly discharge any lien which has priority over this Mortgage: provided. that Borcowu ahall not be required to discharge any such lien so long as Borrower shall agree in writing to the paymeat of the obligation secured by s~h liea in a manner acceptable 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 fodeiture of the Property or any part ihereof. S. Hszard Insurance. Borrower shall keep the improvements now existing or hereafter erected on ihe Property inwre~ against loss by fire, hazazds included within the term "extended coverage', and such other hazards as Lender may requir~ and in such amounts and for such periods az Lender may require; 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 Mortgage. ! 'Ibe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. that such appmval 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, directty to the insurance carrier. I , 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. Lender shall have the right to hold the policies and renewals thereof, ~ and Borrower shall promptly fumish 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 proof of loss if not made promptly ~ by Borrower. - Unless Lender and Borrower othen+~ise agree in writing, insurance proceeds shall be applied to restoration or repair ef the Propeny damaged, provided such restoration or repair i~ economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage. would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess> if any. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurance benefits. Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. - Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of ihe monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragrap6 18 hereof the Property is acquired by I.ender, all right~ titk and interest of Bonower in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Propeny prior to tbe sale or acquisition shall pass to Lender to t6e extent of the sums secured by this Mortgage immediately prior to such sak or acquisition. 6. Preservation and Nninfenance of Property; Leasehelds; Condomiaiums; Planned Uait Devebpments. Borrower shall keep the Property in good repair and s6a11 not commit waste or permit impairment or deterioration of the Property and shall comply with the provisiona of any lease if this Mortgage is on a leasehold. lf this Mongage is on a unit in a ~ condominium or a planned unit development, Borrower shall perform all of Borrower s abligations under the declaration ~ or covenants creating or governing the condominium or planned unit development. the by-laws and regutations of the condominium or planned unit development, and constituent dceuments. If a condominium or planned unit development ~ rider is executed by Bonower and recorded together with this Mortgage, the covenants and agreements of such rider ~ shall be:incorporated into and s6a11 amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. _ ~ 7. Protcetion oE I.eader's Security. If Borrower fails to perform the covenants and agraments contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, ~ including, but not limited to, eminent domain, insolve~cy~, code enforcement, or arrangements or proceedings involving a ~t bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower. may make such appearances, disburse such ~ sums and take such action as is necessary to protect Lender s interest, including, but not limited to, disburument of reasonable attomey's fees and entry upon the Propeny to make repairs. If Lender required mortgage insurance as a condition of making the {oan secured b}• this Mortgage. Borrower sha11 pay the premiums required to maintain such ~ insurance in ef~ect until such time as the requirement (or` sych iniutance terminates in accordance with Borrower s and ~ ~ EQR':~~J PA:E J~7 ~ ~ ~ - ~ 4~ . , ~ - -