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Home My WebLink About0391 ~ ~ ~r UN~FORnt CovEN,?Nrs. Bor~ower and l.ende~ rnvenant and agrrc as foUows: 1. Paymeat of Pdaclpai and Intenst. Borrower shall prump~ly pey when due 1he principal of and inte~est on the indebtedness evidenceJ by the Note, prepayment anJ late ch;~rges a. rrovided in Ihe Note, and the principal uf and intercs~ on any Futuro Advances sa:ureci by ~his Mortgage. 2. F~ads for Tuea aad ltasunoee. Subject to applicable law i,r to a written waiver by l.ender, Borrower ~hall pay to I.ender on the day monthly installments of principal and intc~rst arc payablc unJcr thc Note, until the Natc is paid in (ull, a sum (herein "Funds") equal to one-twelfth of the ycarly tarc~ and asccssmcnts which may attain priority ovcr this Mortgagc, and ground ~enu on the Property, if any, plus one-twclfth af ~~carly_ prcmium iostallments far hazard insurance, plus one-twelfth of yearly premium i~stallments For mortgagc insurancc, if any, all as rcasonably cetimatcd initially aud from time to time by Lender on thc basis of assessmcMs anJ bills and rea~onablc estimates thcreof. 'il~e Funds shall he held in an institution the deposits or •rca~unts of which are insureJ or guaranteeci hy a Federal or state agency (including Lender if Lender is such an institutionl. I.ender shall apply the Funds to pay +aid taxes, assessments, insurance premiums and gmu~d rents. l_ender ma~~ not charge lor s~. hoWing and applying the F~ind~, analyzing said acrnunt. or verifying and compiling said assessments anJ bills, unless Lender pays Borrower interest on the Funds and app~icable law permits Lender to make such a charge. Borrower and l.enJer may agree in writing at the time of e~cecution o[ this Mortgage that interest on the Funds shall~ be p:.id to Borrower, and unless such agreement is made or applicahle law rcquires such interest to be paid, !_ender shall nM be reyuired to pay Borrower any intcrest or carnings an the F~mds. I.ender shall give to Borrower, without charge, an annual accaunting of the 1=unds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pleJged as additi~~nal securit~•~ for the sums secured by this Mortgage. , If the amount of the Funds held by Lender, together with thc futurc manthly installmcnts of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rrnts, shall exceed ~he amount reyuired to pa}~ said taxes, assessments, insurance premiums and ground rents as they (all due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or crcdited to B~rrow•er on m(onthly inslallmcnts of Funds. If thc amount of thc F unds held by Lender shall not be sutficieat to pay ta~es, assessments, imurance premiums and ground rems as they fsll ciue. Borrower shatl pay to L.ender any amount necessary to make up the deficiency within 30 da~•s from the date nntice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of a11 sums secured by this Mortgage. l.ender shall promptly rcfund t~ Borrower any Funds held by L.ender. If under pazagraph 18 hereof the Property is sold or thc Property is othenvisc acquired by Lcndcr. Lendcr shall apply, no later than immediately prior to the sale of thc Property or its acquisition b}• l.cnder, any Funds held by Lender at the time of application as a creJit against the sums secured by this 1~lortgage. 3. Applicatioa of Paymeats. Unless applicable law provides Mherwite, all payments received by 1_ender unJer the Note and paragraphs 1 and 2 hercof shall bc applied by l.endcr first in payment of amounts pay.iblc to Lcnder by Borrower . under paragraph 2 hereof, then to intcrest payable on the No~c, then to the principat of the Note, anJ thcn ta interest and principal on any Fuwrc Advances. 4. Charges; I3eas. Borrower shall pay all t~xes, ass~:ssments and othcr chargcs, fines'and imEwsitic•ns attributable to the Propertp which may attain a priority over this Mortgage, and leasehold payments ur ground rents, 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 payce thet+eof. Borcower 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. Borrower shall promptly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be required to discharge any such lien so long as Borrowcr shall agree in w~riting to the payment of the obligatiun secured by such lien in a manner acceptable to Lender, or shall in gooci 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 Property or any pari thereof. S. Hazard Insurance. Borrower shall keep the imFrovemcnts now cxisting or hereafter erected on the Property insured ~ against loss by fire, hazards included within the term "extendeJ coverage", and such other hazards as Lender may require ; and in such amounts and for such periods as Lender may reyuire; provided, that Lender shall not require that the amount of ~ such coverage exceed that amounl of coverage required to pay the sums secured hy this Mortgage. ~ The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. ~ that such approval shall not be unceasonably withheld. AI! 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, directly to ihe 3 ; insurance carrier. ~ All insurance policies and renew~als thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, ~ and Borrower shall promptly furnish 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 t_ender. t_ender may make proof of loss if not made promptly a by Borrower. ~ Unless Lender and Borrower otherw•iue agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, proviJed such re~toration or repair is economically feasible and the securiry of this Mortgage is ~ not thereby impaired. If such restoration or repair is not economically feasihle or if the security of this Mortgage would ~ be impaired, the insurance proceeds shall be applied to the sums secured b}' this Mortgage, w~ith the excess, if anp, paid ~ to Borrower. If the Propert~• is abanJoned by Bormwer, or if Borrower fails to respond to Lender within 30 days from the ~ date notice is mailed by l.ender to Borrower that the insurance carrier oflers 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 secureci by this Mortgage. ~ Upless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shsli not extend ~ or postpone the due date of the monthl}• installments referred to in paragraphs 1 and 2 hereof or change the amount of ~ such installmenls. If under paragraph t 8 hereof the Property is acyuired by Lendcr, aU right, title and interest of Borrower in aod to any insurance policies and in and to thc pra:eeds thcreof resulting (rom damagc to the Property prior to the sale . ~ or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. z; 6. Presen•ation and Maintenance of Property; Leasehulds; Condominiums; Planoed Unit Developments. Borrower shall keep the Property in good repair and shall not comro~t wastc or permit impairment or deterioration of the Property - and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a ° condominium or a planned unit devclopment, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned unit development, the by-laws and reg~dations of the condominium or planned unit development, and constituent documen~s. I( a condominium or planned unit development rickr is executed by Borrower and recorded together with this Mortgagc, thc covenants and agreements of such ridcr shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider r~ were a part hereof. ~ _ 7, protection of Lende~s Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects l.ender's interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcemenl, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender s option, upon notice ~o Borrower, may make such aPpearances, dishurse such sums and take sueh action as is necessary to protect Leoder's interest, including. but not limited to, disbursement of . ~F~ ~ reasonable attomty's fees and entry upon the Property to makc repairs. If Lcndcr reyuircd mortgage ~nsurance as a condition of making the loan secured by this Mortgage. B~~rrow•er shall pay the premiums required to maintain such insurance in eftcet until such time as the reyuirement for such insurance tcrminates in accordance with Bormwer s and ~ '?Y~ ~ - ~ eoa~286 r~~f 3~9