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Home My WebLink About0955 . ~ • ~ UNtFORat CovEN~[v7s. Borrower and LcnJcr cuvcriant and agrrc as folluws: 1. Paymeat of PrinciPal sad latcnst. Horn~w~r ~hall pr~~mptl~~ pay when duc thc principal ~~f and interest <~n Ihc isd~btedness evidenced by the NotC, p~epayment and latc chargr~ a~ pruviJed in Ihe Nrne, and ihe principal of and iMrrcst o~ aay Future Advances secured by th~s Martgage. . 2. Fbnds tor Tues aad lasurance. Subject to applicaMc law ~~r ~o a w•rit~en waiver by l.endtr. Borrower shall pay to Le~der an ~he day monthly instaltments of principal anJ ~aa•~r.~ arc payahle unJcr ~hc Note, until the Note ix paid in full. s sum (herein "Funds") equal to one-twclfth of tM: yearl~ ta~~. :+nJ asa,-s+ments v?~hich may attain prioriry ovcr thi. Mortgage, and ground rents o~ the Pcnperry, if any, plus one-tw•c1(th of ycarly premium installments for hazard insuraoce, plus ooe-twel[th of yea~ly premium installmen~s f~~r mortgagc insur:.ncc, if any, aU as rcas~mably cstimated initially and from time ta time by 1_endcr on the basis of a..es.inrnts anJ hills and newnablc estimales Ihereaf. The Funds shall be held in an inslitu~ion tFx: de~•sit. or accuunts of which are insured or -guaranteed hy a FeJeral or state agency (including Lender if Lcnder i~ such an insiitutionl. I.cnJer ~hall apply the Funds to pay saidtaxes, ass~ssmcnts, insurance premiums and gmund rents. 1 ender ma}~ nrn charge tor u. hc~lding and applying the Furidc, analyzing caid acc ~unt. or verifying and compiling said assessmentc ~nd bilh, unle~c l.c~de~ paps Barmwer interest on the Funds and applicahle law permits L.ender to make such a charge. l3or~ower and I.ender may agree in• writing at the time ~~t exe~ution af this Mortgage that interest on the Funds shall he paid t~~ Borrower, ancl unless such agreement is made or applirable law rcquires such interest to be paid, 1_ender shall not tx rryuirc~i t~~ pay Borrowcr any iotcrest ar earnings on thc Fundc. I.rndrr shall give to Bortower, without charge, an annual accounting ~~f the FunJs showing creciits and debits ta the Fund~ and the purpose [or which each debit to the Funds was maJe. The F~unds are pleeigrd as additiona! security for thc sum~ serured by this Mortgagc. . If the amount of the Funds held by LenJer, toge~her with thc fuwrc monthly installments of Funds p•ryablc prior to the due dates of taxes, auessments, insurance premiums and ground rrnts, shall exceed the amount reyuired to pa~• said taxes, assessments, insurance premiums and ground reots as they fall duc, such exress shall be. at tiorrower's op~ii•n. rither promptly repaid to Borrower or credited to Borrow~er on monthly installmcnts of Funds_ lf the amount of thr i•unds held by Lender shall not be suflicient to pay taYes, assessmen~s, insurancc premiums and ground rents as the}• fall due. Borrower shall pay to Lender any amaunt necessary to make up the defiriency within 30 da~•. from the Jate notice rs m~iled by l.ender to Borrower requesting payment ~hereof. . Upon payment in full of all sums sccured by this Mortgage, Lcnder shall prompdy rcfund ro BorroWcr an~• Funds held by Le~Jer. If under paragraph 1R hereof the Propcrty is sold or thc Propert~• is otherwise acquircd by I.cnder, Lcnder shall apply, no later than immediately prior to the sale of thc Propcrty or its acquisition by I.ender, any Fundc held by l.ender at the time o[ application as a credit against the sums secured b}• this Mortgage. 3. Application of Paymenfs. Unless applicablc law provides otherwise. all payments received by l.ender under the Note and paragraphs 1 and 2 hereof shall be applied by I.rnder first in payment of ambunts payable to Lender by Borruwer under paragraph 2 hereof, then to interest payable on the Note, thcn to thc principal of t.he Notc, and Ihen to interest and principal on any Future Advances. . . 4. Charges; Lie~. Borrower shall pay all taxes, asscssmcnts and othcr rharges, fines and impositions altributable to the Properiy which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided 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 I_ender all notices of amounts due under this paragraph, aod in the event Borrower shall make payment directl~, Borrower shall promptly furnish to l.enckr receipts evidencing such payments. Bonower shall promptly discharge any lien ~vhich has priority over this Mortgage; pmviJed, Ihat Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured b} suc6 lien in a manner acceptable to Lender, or ahall 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 forfeiture of the Properiy or any part thereof. 5. Husrd Insurance. Borrower shall keep the improvements now existing or hercafter erected on the Property insured ' against loss by fire, hazards included within the term "extendeJ coverage", and such other hazards as Lender may reyuire ' and in such amounts and for such periods as Lender may rcquire; pmvided, that Lemier shall not reyuire that the amount of 's, such coverage exeeed that amount of coverage required to pay the sums secured by this Mortgage. ; i 'Il~ insurance carrier providing the insurance shall be chosen by Borrower subject to apnroval by Lender. provided, t ~ that such approval shall not be unreasonably withheld. All premiums on insurance policies shall.be paid in the manner ~ provided under paragraph 2 hereof or, if noE paid in such manner, by Borrower making payment, when due, directly to the j insurance carrier. _ All insuran~e policies anJ renew~als thereot shall be in forn~ arceptable to Lender and shall include a standard mortgage j ~ clause in #avor of and m form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. ~ ~ and Borrower shall promptly furnish to LenJer all renewal notices and all receipts of paid premiums. In the event of loss. ~ Borrower shall give prompt noiice to the insurance carrier and L_ender. 1_ender may make proof of loss if not made promptl}• by Borrower. - . . Unless I.encler and Borrower othervvix agree in writing, insurance ~+roceeds shall be appliect to restoration or repair of ~ the Property damaged, provided such rcstoration or repair is economically feasible and the security of this Mortgage i~ ~ not thereby impaired_ If such restoradon or repair is not economically feasible or i( the securiry of this tifortgage w~•~dd be impaired, the insurance proceeds shall be applied to the sums ~ec:ured by this Mortgage, with the eacess, i( an~•, paid ro Borrower. If the Property is abandoneci by t3orrowcr, or il Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Bvrrowrr that the insarance carrier otiers to setUe a claim for insurance benefit., Ler:Je: is authorized t~ collect and apply the insurance proceecls at l.ender's option eithcr to restoration or repair ot ihe Pr~pert~ ur to the sums securcxi by this Mortgage. • ; Unless Lender and Borrower othenvise agree in writing, any such application af prcx:eeds to pnncipal sha)1 nut .:~tend ~ or postpone the due date of the monthl~ instaUments referred ~o in paragraph. I and 2 hereof or change the amo~mt ot ~ - such insta0ments. If under paragraph IS hereof the Property is acyui~ed b}~ LenJer, all right, title and interest of Borr~~wer in and to any insurance policies and in and to the proceeds thereot resulting from damage to the Property prior to th~ ~aic ~ or acquisition shall pass to Lender to the extent of the sums secureci by this Mortgage immediately prior to such sale or acquisition. ~ 6. Pnservatioo and hfaintenance of Property; Ix~se6olds; Condominiuras; Planued Uait Devebpments. Borro~~cr { shall keep the Properiy in good repair and shall noi com~pit wastc or permit impairment or deterioration of the Property ; ~ and shall comply with thc provisions of any lease i[ this Mortgage is on a Ieasehold. IF this Mortgage is on a unit in a ~ condominium or a planned unit dcvelopmcnt, Borrower ~hall perform all of Borrower's obligations under the declaratirn ~ or covenants creating or governing the condominium or planned unit development. the by-laws aqd regulations of the ~ condominium or planoed unit development, end constiwent dt~cuments. If a conJominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider ~ shall be incorporated into and shall amend and supplement the covenants and agrcements of this Morigage as if the ri.fer were a part hereof. - - ? 7. PrMectioo of i.eader's Security. If Borrower fails to perform the covenants and agreements contained in ihis ~ Mortgage, or if any action or proceeding is commenced which materially - affects LenJer's interest in the Pmperty. ~y including, but not limited to. eminent domain, insoh•ency, code enforcement, or arrangements or proceedings involving a banlcrupt or decedent, then l.ender at L.ender's option, upon notice to Borrower, may make such appearances, disburse such ~ suros and take such action as is necessary to protect l.ender's interest, including, but not limited to, disburseme~t oi ~ reasonable attomey's fees and entry upon the Properly to makc rcpairs_ If I.ender reyuircd mortgage insurance as a ~ condition of making the loan secured by ihis Mortgage, Borrower shall pay the premiums required to maintain such insurance in etiect until such time as Ihe reyuirement for such insurance terminates in accordance with Barmwer. and ~ . : i~ ~ ~ ~C?M ? ~ P~E . ~ Y~~ ~ ~ ~