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Home My WebLink About0782 . • ' l f ~ ~ f . UNI~ORM COVENANTS. $ortnwer and i.cnJer covcn~nt and agrec aa follows: ' 1. hqiasat ot Prioclpl ~od Ioterest. &?rrc•w~r shali promptl~ pay whcn due thc principal ot and interest on thc ' iadebtedness evidenced by the No1e. p~epayment and late charg~~ a. ~ruvi~kd in the Note, and the principal of and iotercs~ on auy Futuro Advances secured by this Mortgagc. 2. Ftiu~ for Taxea aad ia~r~ece. Sut~ject ta spplica~k !aa ur ~o a written waiver by Lender. Borrower shall pay to I.ender on Ihc day monthly installments of pri~x;ipal and ~nn•rr.t .~n payable under the Note. until the Note is paid in full, a aum (hercin "Funcls") oqual to ono-tv?•elfth af the yearl~ ea~c. aaJ assessmeots which may attain priarity over this Mortgage, and ground renta on :he Pt+ope~ly, if any, plus o~~-twelf~h ol yeariy prcmium installments for hazard insur:,nce. plus onatwelfth of yearly Qremium installmrots tor mortgage insur~ncc, if any, all as reasana6ly estirqated initially a~J fmm timc to lime by I_ender on the basix of a?scssmc~ls and hills and rerwnable atimates thereot. The Funds shall be held in an instiwtiun tM: deposii~ or a~cuunts oi which are insurecl or guaranteed by a Frdtral or state agency (including Lender if Lender i~_such an institutionl. I.ender shall apply the Funds to pay said taxes. usessments. inturanee pt+emiums and gmund rents. I.ender ma}~ not charge for ~o hnldi~g and ap~+lying Ihe Funds. analyr.ing wid acawnt, or verifying a~ compiling said assessments :ind bills, unless 1_ender pays Borrower interest on the Funds and applicable Iaw petmits L.ender to make such a charge. ~rrowe~ and [Ander may agrce in writing at the time ~~f cxec:utiun uf this Martgage that interest ort the Funds shall be p•rid to 8orrower, aMi unless such agreement is made ~~r appli~able law ~ eequires such interest to be paid. Lcnder shall not hr required to pay Borrower any interest or earninp on thc runds. 1_endcr sha11 give to Borrower, without charge, ~n annual accounting of the Funds showing credits and debits to the Func1~ and the purpose for which each debit to the Funds was made. The Punds are pleciged ac additional security for ~he sums sccu~eci hy this Mort888e- If the amount of the Funds held.by Lendcr, toge~her with the futurc monthly installments of F~~nds payablc prior to the due dates of taxes, assessments. insurance premiums and ground rents, shall exceed the amount reyuircd to pay said taxes. assessments, insurance premiums and ground rents as they tall due, such exce.cc shall be, at Barrower s opeion, either . pmmptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of ~hc Funds heM by Lender shall not be sut6cie~t to • pay tazes, assessments, insurance premiums anJ ground rents as tM:y fall due, Borrower shall pay to l.ender any amount necessary to make up the deficiency within 30 day^s from the date notice is mailed ~ by I.ender to Borrower requesting payment ~hereof. Upon payment in full of all sums secured by this Mortgagc, l.ender shall promptly refund to Borrower any Funds held by l.ender. If under paragraph 18 hereof 1tk Property is sold or the Property is otherwise acquired by t_ender. Lender s6a11 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 agai~st the sums secured by this Mortgagc. 3. Application o[ Paymeats. Unless applicable law proviJes othen+•ise, all payments received by Lender under the Note and patagraphs t and 2 hereof shall be applied by I_ender first in payme~t of amounts payable to Lender by Borrower u~der paragraph 2 hereof, then to interest payable on thc Note, then to thc principal of the IVote, and then to inierest and principal oa any Futur+e Advances. _ 4, Chuga; Lkns. Borrower shall pay all taxes, assessments and othe~ charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage. and leasehold payments or gt+ound rents, if any, in the manner pmvided unekr paragraph 2 hereof or. if not paidinsuch manner. by Borrower makiag payment, whe~ due. diroctly to the payoe thec+eof. Borrower shall promptly furnish to Lencier all notices of amounu due under this paragraph, and in the event Boreower shall make payment direcUy, Borrower shall prompUy furnish to L.ender receipts evidencing such payments. Borrower shall promptly discharge any lie~ which has priority over this Mortgage; provided, that Borrower shali not be required to discharge any such lien so iong as Bonower shall agrce in writing ta the payment of the obligatiun secured by such lien in a manner accepiable to l.ender, or shaU in good faith contcst such lien by, or defend enforcement~of such lien in, 1egal proceedings which operate to preveM the e~forcement of the lien or forfeiturc of the Propeny or any part thereof. S. Nazud insuraace. Borrower shall keep the improvements now existing or hereafter erected on the Propeny insured against loss by fire, hazards included within the term "extended caverage", and such other hazar+ds as l.ender may reyuire and in such amounts and for such periods as zender may requim; 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. 'il~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, t6at wch.approval sha11 not be unreasonably withheld. All prcmiums on iusurance policies shali 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 the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to LenJer and shail 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 Boriower shall proroptly furnish to Lender all renewal notices a~d all receipts of paid premiums. In the event of locs, Borrower shall give prompt notice to the insurance carrier and Lender. L.enJer may make proof of loss if not made pramptly by Borrower. ~ Uoiess Lender and Borrowcr otherwise agree in writing, insarance proceeds shall be applitd to restoration or repair o[ the Property damaged, p~ovicled such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such rcstoration or rcpair is not economically feasible or if the security of this Mortgage woutd be impaired, tbe insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Prc~pe~tp is abandoned by Sorrower, or if Borrower fails to respond to Lender within 30 days from ihe ~ date notice is mailed by Lender to Borrower that the insurance carrier ofiers to setUe a claim for insurance benefits, Lcr.de: is authoriud to collect and apply the insurance pro~eds at Lender's option either to restoration or repair of the Propert~• or to the sums secured by ihis Mortgage. . . Unless Lender arrd Borrower othenvise agree in wriling, any such applic:~tion of prckeeds to principat shall not c~und ~ or postpone thc due date of the monthly installmems referrcd to in paragraphs 1 and 2 hercof or change ~he amoum ot such installments. lf under paragraph 18 hereof the Property is acquired t~y L.enJcr, all right, title and interest of Borrow~er in and to any insurance policies and in and to the proceeds thereof resuldng from damage to the Properiy prior to ~h~ safe or acquisition shall pass to Lender to ihe extent of the sums secured by this Mortgage immediately prior to such sale or acquiaition. 6. Preservation a~d 1?Iaiutenance of Properly; Leaseholds; CondomiRiums; Planaed Uait Derdopaxnts. Borrow•cr shalt keep the Property in good repair and s6ali not comcnit waste or permit impairment ar deterioration of the Property and shalt comply with tt~e 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 development. Borrower shall perforin all of Borrower s obligations under Ihe declaration ~ or coveoants creatiag or governing the condominium or planned unit devel~pment, the by-laws and regulations of ihe condominium or planned unit development. and constituent.documents. If a condominium or planned emit development ricler is eaecuted by 8orrower and tecorded together with this Mortgage, the covenants and agreemenis of such rici~r shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the riJcr were a part hereof. 7. Protectioo of Lender's Secnrity. If Borrower fails to perform the covenants and agreements contained in th+s ; Mortgage. or if any action or proceeding is commenced which materially affocts l~nder's interest in the Propeny. iacludeng. but not limited to; eminent domain, insolvency, code enforcement, or arrangements or proceedings invo{ving a banlcrupt or docedent, then l.ender at Lender's opiion, upon notice to Borrower, may make such appearances, disburse such . sums and take auch action as is n~ary to protect [.ender's interest. inciuding, but not limited to. disbursement of . reasonabk attorney's fces and entry upon the Properly to make repairs. If Ixnder required mortgage insurance as a condition of making the loan secured by this Mortgage. Borrowcr shall pay the premiums required to maintain such inswa~ce in eticet until such time az the requirement for such insurance terminates in accordance with Borrower s and . aoo~28? ~ ?79 G ~ ~ _ _ _ _ _ . _ ~ ~ ~_~_r _ ~.n.~==~