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Home My WebLink About0327 .C~ r ,+,t r . . ~ •:t j ~ • . UNIFORM COVBNANTS. Borrower and l.coder covenunt and agree as follows: t 1. Pa~meot of Pdncipal sod lalerest. Borruw•er shall promptly pay when duc thc principal of and interest on th~ ' indebtednesa evidenced by thc Notc. prepayme~t and late chargcs as provided i~ the Note, and thc prinripal of a~d iaterest t o~ apy Future Advances secured by this Mortgage. - s 2. Fbads for Tues aad iasuraace. Subject to app~icabk law o~ to a written waiver by Lender. Barrower shall pay to Lendc~ on ~he day monthly instalimen~s nf principal and iatcrest are payable undcr the Note. until the Note is paid in full, a sum (hcrcin "Funds'~ equa! to one-twelfth of Ihe yearly taxes and assessments which may attain priority over this Mortgagc. and grouod tents on the Property. if any, plus one-twelfth of yearty premium instatlments for hazard insurar~ce. E plus or~e-twclfth of yearly premium installments for mongagc insurance, if any; all as reasonably eslimated initially and fmm ~ ` time to time by Lender on the basis of assessments and bills and reasanable atimales thereof. ~ The Funds shall be held in an institution the deposits or acc~unts of which~are insured or guaranteed by a Federal or i state agency (including Lender if Lender is such an institwio~). 1_ender shall apply the Funds to pay said laxes. aueasments, ~ insurance premiums and ground rents. Lender may nat charge for sn holding and applying the Funds, analyzing said account~ o~ vetifying and compili~g said assessments and hills, unless ~e~xier pays Borrower interest on the Funds and applicable law . ; permits I.ender to mt~e such a charge. Bonower and L.ender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall bc paid to Borrower, and unless such agreement is made or applicable law ~ requira such interest to be paid. l_ende~ shall not be reyuired to pay Bor~owe~ any interest or earnings on the Funds. ~e~der shall give ta Borrower, without charge, an annual accounting of the Funds shawing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security ~for the sums secured r by this Mortgag~e. • If the amount of the Funds hcld by Lender, togcther with the future month{y installments of Funds payab{e priot to the due dates of taxes, assessments. insurance ptemiums and ground rents, shall exceed the amount required to pay said taxes. assessments, insuranco premiums and ground rents as they tali due. such e~cess shalf be, at Barrou•er's option, either promptly repaid to Borrower or credited to Borrower on momhly installments of Funds. If the amount of the Funds held by Lender shell not be sufiicient to pay tares, assessments, insurancc preraiums and ground rents as they fall due. Borrower shall pay to Lender any aniount necessary to make up the deficie~zcy within 30 da)s from the date notice is_ mailed ~ by Lender to Borrower requesting payment thereof. ' Upoo payment in ful! of all sums secured by this Mortgagc, l.ender shall promptly refund to Borrower any Funds ~ held by Lender. If under paragraph 18 hereof the Propeny is sold or thc Property is othervvise acq~~ired by l.ender, Lender ' shall apply, no later than immecliately prior to the sale of thc Property or its acquisition by I_ender. any Funds held by Lender at the time of application as a cr+edit against the sums secured by this Mortgage. " 3. Application of Payments. Unlcss applicable law provi~ a;~wi~et, all payments recci~•ed by Lender under the Note and paragraphs 1 and 2 hereof shall be applicd by 1_endcr first in paymeni o~ amounts payable to Lc~Jer hy Barrov?~er ~ under paragraph ? hereof, then to i~tcrest payablc on the Notc, thc~ to thc ~rincipal of the Notc, and thcn to intcrest and ~ principal on an~~ Futurc Advances. 4. Charges; Litns. Borrower shaN pay aN taxes, assessmrnts and oiher rharges, fines anJ impositions altnbutahle to the Property which ma}~ attain a priority over this Morigage, and leasehold paymcnts ot ground rents, if any, in the manner proviJed under paragraph 2 hereof or, if not paid in such manner, tiy Borcower making payment, when dur, directty to the payee thereof, Borrower shall promptly furnish to Lender ait notices of amounts due unde~ this paragraph, and in the event 8orruwer shall make pa~~meni direccly, Borraw•er shall promptly furnish to l.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgagc; provided, that Borrower shall not be 3 required to discharge any such lien so long as Borrow•er shall agree in writing to the payment of the obligation secured by ` such lie~ in a manne; acceptable to Lender, or shalt i~ good faith contest such lien by~ or defenJ enforcement of such.lien in, legal procrcdings which operate to prevcnt the enf~~nement of the lien or torfeitarc of the Property or ~ny part thereof. ! 5. Hazard Insu~nce. Borrower shall keep the improvements now existing ar hercafter crccted on the Propcrty insured ? against lcx~ hy fire, ha7ards included within the tem~ "c~tcnded coveragc", and such othcr hazards s?s Lcnder may require ; and in ~cch amounts and for su.h periods as Lender may require; pmvided, that Lcnder shall not reyuire that the amount of ; ,uch coverage exceed that amount o( co~•erage required to pap the sums secured hy this l~tortgage. ~ "Il~e insurance carrier praviding the insurance shall be chosen by Borrow•er subject to approval b~~ Lender, provided, that surh approval shaU not be un~+e3sonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof ur. if not paid in such manncr, by Borrower making payment. when due, dirrctly to the ~nsu~ance carrier. • All insurance poticies and renewals thereof shall be in form acceptable to Lender and shall include a s~anJard mortgage clause in favor of and in form acceptable tu Ixnder. Lender shall have the right to hold the policies aad renewais thereof. and Bormwer. shall promptly furnish to [.ender all renewal notices. and atl receipts of paid premiamc. In the event of loss, Sorruwer shall give prompt notice to the insurance carrier and Lender. LenJer ma}- make provf of loss if not made promptly ` hy $orrower. Unless Lender and Borrow•er otherwise agree in writing, insurance proceeds shall be applied to restoration or repait of ~ the Propeny damaged, p~ovieied such restoration ur repair is economically fcasible ar~d the securily of this Mortgage is ~ not thereby iropaired. If such re~toratinn or repair is not economi~all} feasible or if the security of this Mortgagc wouid ~ be impaired, the insurance proceecls shati be applied to the sums secured by this Mortgage, w•ith the excess, if any. paid ; to Borrow~r. tf the Pro rt is abandoned b Borrower. or if Borrower fails ro res # Pe Y ? pond ta I_ender within 30 days from the g date notice is mailed by Lender to Borrow•er that the ins;~rance carrier offers ~o settle a claim fa; insurance henefits, Lender ~ ±s autharized to ce~!lect and apply the insurance proceeds at Lender's ~ption either to testoration or repair of the Propert~~ ~ or to ihe suns sccured by this rlortgage. ~ Unless Lende~ and Borrovv~r otherwiu; agree in writing, any such a~plicati6n of proceeds to principal shali not eatend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of ~ such installments. If under paragraph 1$ hereof the Property is acyuired h~~_Lender, all right, title and interest of Botrower ~ in and to an~• insurance policies and in and to the proceeds thereof resulting from damage to the Properfy prior to the saie or acquisition shall pass to Lender to t4e extent of the sunu secured by this ?1lortgage immediately prior to such sale or acquisition. 6. Presenalion aad 1~faintenanct of Property; Le~seholds; Condominiums; Planned Unit De~elopments. Borrow~cr shall keep the Properiy in good repair and shall nut commit w~aste or permit impairm~nt or deterioration of the Property . and shall comply with the provisions of any lease if this Mortgage ~s un a teasehotd. tf this Mortgage is on a unit in a conJominium or a planned unit development. Borrower shatl perform all oF Borrower's obligations urider the declaraiion or covenants creating or governing the condominium or planned unit development, the by-laws and regula?ions of the condominium or planned unit de~•elopment, and canstitueat documents. If a crndominium or.planned unit development ~ riJer is executed by Bonower and recorded together with this Mortgage. the covenants and agreements of such rider shall be :~~corporated into and shall amend and suQpfement ihe covenants and agreeme~~ts of this Mortgage as if the rider ~ wetc a part hereof. 7. PrMection of Leader's S~curity. If Barrower fails to periorm the covenants and agreements contained in this Mortgage, or if any action or proceeciing is commenced which materially afiects Lender's int~rest in the Property. including, but not limited to, eminent domain, insalvency, cc~de enforc~ment, or arrangements nr proceodings invol~ing a bankrupe or daedent, then I~nder at Leudtr's option, upon notioe to Borrower, rnay m~ke such appearances, disburse such sums and take such act~~`a~~et~ssary to prwect Lenders interest, including, but not limited to, disbursement of reuonable attorney's fees and entry upon the Property to make rcpairs. I[ Lender r~quired mortgage insurance u a cond~tion of making t6e ban sec.ured by this Nortgage, Borrower sha!! pay the premiums required_ to maintain such ~ ; insurance in e~tect until such tirm as the reyuirement for sucl~ insurance ter tes in accordance with Borrov?ers and - ~ ~ - ~ ~ ~ F i ~ ~ ~ . ~ ~ _ " ~1~1`9~_-~i~tiV'''A..C ~`Z KST.~yF .z+~..._ . . s ~.+"."~"v«...~.....~~rxY ~L