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Home My WebLink About0103 1 • , rit • UN~FORM CoveN~Nrs. Borrower and I.cnJcr covcnant and agrrc a~ loU~~ws: 1, Pf~me4t of PrinclpN aod Inlensl. Hurrower .h:ill p~umptly pay whin d~k ~hc prinripal uf and interest un the indebtedness evidenceJ by the Note, prepaymeM and latr chargr. a. pruvi~led m the N~te, and the princ~pal' ot and intercs~ a? any Future Advancec szcural by thic Mortgagc. 2. F'ands fo~ Taxes and 7asuraace. Subject to appliwhlc Ic~w ~~r ~o a w~itien waivcr by l.cnder, Norrowcr shall pay to I.ende~ on Ihe day moothly installmems ot pnncipal :ind in~rr~.t arc payahle undcr Ihe Note, until Ihe Note is paid in tull. a sum (herein ~'FunJs") equal to one-twclfth of the ycarl)' la~c~ aud as~cscmcntc whirh may aUain pnoriry over this Morigage, and ground rents an the Ptoperry, if any, pluc ooc-twrlNh ~?t ~~carly prcmium installmcnls for hazard insurance, plus one-twelhh of yearly premium installmen~s (or mortgage msurancr. ~f any, all as reasonably ec~imated initially and from time to time by 1_ender on thc hasis o( a~u;s.mcnts and hills and reas~~nablr ectimates lhereof. 'il~e Funds shall he held in an inslitution thc depusn~ or acc~~unts of which are insured or guarante~Yl h~~ a I=eJeral or state agency ( including Lender if Lender i> >uch an insUwti~~n 1. I.cndrr shall apply the Funds to pay ti:+id ~a~es, ascessments, insurance prcmiums and ground rents. Lender may not cfiarge Ic.r.~. holding and applying the Fi~nd.. an:~lpzing s:~iJ account, or verifying and compiling said assessments and hiUs, unless Lender ~ys Burrower interest on the Funds and applicable law• permits Lender to make such a charge. Bor~ow•er and I.enJer may agree in writing at ~he time of execution of this Mortgage that interest oo ~hc Funds shall bc paid to Borrower, and unless surh :~grcemcnt i. maJc ~~r applicable law requira such interest to be paid. I_ender ~hall not hc rcyuired to pa~~ Borrow~cr an~• inte~est or carnin~,~ on the i=unds. I.cndcr shall give to Borrowe~i without charge. an annual accuunting of thc Funds she~wing credits anJ dehitti tn the I~unds anJ thr purpose for which each debit to the Funds wa~ made. The Fund~ arc pl~~iged a+ aJditional securit~' for thc sum~ ucured by this Mortgage. lf the amount of the Funds held hy Lcndcr, togcther with thc fuwre monthly installmcnts of Fund< pay:~blc prior to the due dates of taxes, assessments, insurance premiums anJ ground rrnts, shall e~ceed the amount reyuired tu pa> ~aid taxes, assessments, insuranc~ premiums and ground rents as thcy fall due. such exce~s shall be, at B~~rr.~wer's optio~i, cither promptly repaid to Borrower or credited to Borrower on monthly installments of Fund+. I( thc amuunt e~f ~hc f~unds held by l.ender shall not be sutficient to pay tares, assessments, insurance p~emiums and ground rents as thcy f.ill duc. Borrower shall pay to Lender anp amount necessary to make up the dcficiency within 30 da~s tmm the date notice is mailed by l,ender to Borrower requesting payment thcreoC. Upon payment in full of all sums secured by this Mortgagc, Lcndcr shall promptly refund to Borrowcr any FunJs held by Lender. If under paragraph 1R hcreof the Property i~ sold or thc Propcrtp ~s othervviW; acyuircd by Lcndcr, I.rn~er s6a11 apply, no later than immediatcly prior to the sale of the Property or its acquisition by Lender, an}• (=undc held~by Lender at the time of application as a credit against the sums secured by this ~tortgage. ~ 3. Applieation of Paymeats. Unless applicable law• prm•iJes cither~itie. all payments rcceived by Lender under the Note and paragraphs ~1 and 2 hereof sh~ll bc applicd b~• Lender fint in pa~mcnt ~~f amounts pa~~ablc to I.cnder b}• BorroHCr under paragraph 2 hereof, then to intcrest payable on thc No~e, thcn u. thc principal o( thc Notc, anJ then tu intcrcct and principal on any Future Advantes. 4. C6arges; Liens. Borrower shall pay all taxec. a~sestments and other chargcs, fincs and impcwitiont auributahle to the Property which may attain a prioriry over this Mortgagc, and leasehold paymcnts or ground rents, if any, in ihe manner provided under paragraph 2 hereof or, i[ not paid in such manner, by Borrow~cr making payment, when due, direcdy to Ihe payee thereof. Borrower shall promptly furnish to Lender all notices of amounts duc under this paragraph, and in the event Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Bonower shall promptly discharge any lien which has prionty aver this Mortgage: proviJed, that Bormwe~, shall not be required to discharge any such (ien so lon~ as Borrower shall agree in writing to the payment o( the obligatiun secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legat proceedings which operate ta prevent .the enforcement oi ~he I~en or torfeiture of the Property or any part thereof. 5. Hazard Insurxnce. Borrow•er shall kcep the impro~eme~t~ now cxisting or hereaftcr erccted on the Property in~urcd against loss by fire, hazards inclucied w~i~hin the term "extende~i coverage". and si~ch other hazards as Lendcr ma~• reyuire and in such amounts and for surh periods as 1_ender may rcyuirc; pro~ ided, that Lendcr shall not reyuirc that thc amount of such coverage exceed that amount of co~~erage required to pay the sums securcd by this Mortgage. 'I7~e insurance carrier providing the insurance shall be chosen by Borrov?•er subject to approval hy 1_ender; provided. that such approval shall not be unreasonahly withheld. All premiumc on insurance policies shall be paid in the manner . provided under paragraph 2 hereof or, it not paid in such manner, by Borrower making payment. when doe, directly to the i insurance carrier. ' ; All insurance Ewlicies arrJ renewals thereof shall be in forni acceptable to Lender and shall include a ttand:~rd mortgage ~ clause in favor of and in form acceptable to Lender. l.cnder shall have the right to hold the poliries and fCOCK':l~4 thereof. s and Borrowcr shall promptl~• furnish to LenJer all rencwal notires and all reccipts of paid premium~. in the e~~cnt of loss, ' Borrower shall give prompt notice to the insurance carrier snd Lender. LenJrr may make pnx~( of loss if not made promptly ~ ~ by Borrower. , ~ Unless Lender and Borrower othen+iu: agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Properry damaged, proviJed such rcstoration or repair is ernnomically feasible and ihe security of this Mortgage ~s ~ not thereb~• impa~red. It such restoration or repair is not econamicrlly feasiblc or if the security of this Mortgage would ~ be impaired, the msurance proceeds shall be applied to the sums seci~reJ b}• this Mnrtgagc. ~ith the excess, if an}', paid ~ to Borrowcr. !f the Propert~ i5 ahandoned h~ Borruwer, or if Bormwcr fails to resEx~nd to Lender within 3U days from the Jate notice is ma~led by Lender to Born•w•er that the insurrnc. carrier o(Ters to set~le a claim for insorance benefits, l.ender is authorized 1~ collect and :?pply the insurance proceeds at LenJer's opti~~n eithcr to restoration or repair of the Propen~ or to thc sums secureel by this Mortgage. - Unlesc Lender and Borruwer otherwi.c agree in wriling, any such appliration i~( pnkeeds ro principal shall not cxtend $ or postpone 1he due date of the monthl~~ installmcnts rcfcrrcd t.. in paragraph~ 1 and ~ hcrcof or change thc amount of ~ such installn~ents. lf under paragraph 18 hereof the Property i~ acyuired h} LenJer, ali nght, title and interest of Bormwer in and to an~ insurance policies and in and to the pnxecds thcrcof result~ng from damage to the Property~ prior to th~ sale ~ or acyuisition shall pass to l.ender to the e~tent of the sums ~ecured by this hlortgage immediately prior to such sale or acquisition. ~ 6. Presen~ation and ~faintenance of Properly; Leasehulds; Condominiums; Planned Unit Developments. RorroHCr ~ shall keep the Property in good repair and shall not comrpit w~aste ar pcrmit impairment or detcrioration of the Propert~• ~ and shall comply with the provisions of any lease if th~s Murlg:tge i~ .?n a IeasehoW. If thic Mortgage is on a unit in a ~ condominium ur a planned unit development. BorroN~er ~hall perform all of Bormwer's obligations under the declaratirn or covenants creating ~r govern~ng the condomioium or planned unit developmrnt, the by-laws and regiilationti of the conJominium or ptanned unit development, and conslituent document~. If a condominium or planned unit de~~elopment riJer is e!cecuted by Borrow~er and recorded tugether with this Mortgage. thc covenants and agreements of wch rider ~ shall be incotporated into and shall .unend and supplement the covenants anJ agreemenis of this Mortgage as if the riJer w~ere a part hereof. ~ ~ '7. Proteciion of Ixnder's Security. If~ BorroN'er fa~ls to perform the covenants and agreements contained in thic Mortgage, or if any action or proceeding is commcnced w•hich materially afiects LenJer's imerest in the Propert}•. ~ including, but not limrted to, eminent domain, inu,1~•ency, cude enfarremem, or arrangements or pmceedings im~oh ing a bankrupt or decedent. then Lender at Lender's option, upon notice to Borrower, ma} make such appearances, disbursc such cf sums and take such action as is necessar~~ to protect I~nder's imerest. including. but not limited to, disbursement of reasonable attomey's fees and entry upon the Property_ to makc repairs. If Lender rcyuired m~~rtgage insurance as a condition of making the loan secured by this Mortgagc. Be~rro~cr shall pay the premiums required to maintain such ~ insurance in efiect until such time as the reyuirement for such insurance terminatrs in nrcordance N'11F1 BOfft~K~er's and ~ . ~ .''.JL~~V ~ J p 5 1p~3 ~ 1 ~ ; ; - - - - ~ - . w.r~~S.~~~i`3`~' ^a._.r . _