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Home My WebLink About0648 ~ , ~j~'~l i: t' _ . , • ,~1i.. ;J UNIFORM COYENANTS. Bormwor and Leadu covena~t and a~ree as tollows: ~ l. hqmc4t ot Priacipd aod L~te~pt. Bo:cower ~all promptly pay when due the p~incipal of and interest on the inckbtedneas evidenced by the Note. prepayeaeot and late charges as provided in the Note, and the principal of and i~tercst on aay Futurc Advances secured by thn Mort~a~e. - 2., Fr~ for 7'ua and taara~ce. Subject to ~pplicable law or to • written waiver by I~nder. Borrowe~ shall pay to Le~der on the day monthly installments of principal and interest arc payablc u~der the Note. until the Note +s paid in iull, a sum (herein "Fundt") equal to ot~e-twelfth ot the yearly taxcs and asussments which msy attain priority over this - Mongage. anJ ground cents art the-Pe~apertY; it a~Plutooe-twelf~h a[-~ear{y-promium-installmeats-fo~hazard_inauc~__- . plus ot~e-twelfth of ye'srly prcmium installments [or mottgage insurance, if any, all as reasonablK estimated initially and from time to time by Le~fer on the basis of assessments and bilis and reasonabk estimates thercof. 'Il~e Funds shatl be held ip an institution the deposits. or accounts of which are insured o~ guaranteed by a Federnl or state agency (iecluding Lende~ if Lender is such an institution): I_ender shall apply the Funds to pay said tues. assessments. insurar~x premiums and ground rents. I.ender may not charge for so holding and applying the Funds, analyzing said accpunt~ or verifying and rnmpiling uid assessments and bills. unlas Lender pays BoROwer interat o~ the Funds and applicable law permits Lender to make such • charge.- Borrower and Lender may agree in writing at the time of execution of this Mortgage that interat on the Funds shall be paid to Barrower, and untess such agreement is made or applicable Iaw requira such interest to be paid. Lender shall not be rcquired to pay Burrowe[ eny interat or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose fot which each-debit to tl~e Fu~ds was made. The Funds are pledged as additional socurity for the sums securcd by this Mortgage. ' If the amount of the Funds held by Lender. together with the future monthly installments of Funds payable prior to the due dates of taxa, assessments. i~uu~ance premiums and ground rents, shall exceed the amount rcquired to pay said taxes. ~ assassments. insurance prcmiums and ground rents as they fal! due, such excess shall be. at Borrower's option. either promptly ropaid to Borrower or credited to Borrower on monthty installments of Funds. If the amount of the Funds held by Lender shall not be sulGcient to pay taxa. assessments, insura~e premiums and ground tents ss they fall due, Borrower shall pay to Lender any amount. nocessary to make up the deficiency within 30 days from the data notice is mailcd by Lender to Borrower requesting payrrnnt thereof. Upon payment in full of. all surns secured by this Mortgage. l.ender shall promptly refund to Borrower any Funds held by Lenckr: [f under paragrap6 18 herrof the Property is sold or the Property is otherwise acquired by Lender, Lend~r shall apply. no later than immediately prior to tht sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mongage. 3. Application of Paymeuts. Unless applicable law provides otherwise, all payments received by Lender under the ' Note and paragraphs 1 and 2 hereof shall be applied by l.ender fint in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. . 4. C6arga; I.iens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to . the Property whic6 may attain a prioriry over this Mortgage. and leasehold payments or ground rents, if any, in the maoner provided under paragraph 2 hereof or. if not paid in such manner by Borrower making payment, when due, direcdy to 16e payee thenof. Banower shall promptly furnish to Lender all notices of amamts due under this paragraph, and in the eveat Borrower shall make payment directly, Borrower shall promptly turnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien K~hieh has priority over this Mortgage; provided. that Borrower sh~ll not be requirtd to disci~arge any such lien so long as Borrower shall agree in writing to the payment of the obligation secu'red by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by. or defend `enforcement of auch lkn in. legal proceedings which operate to provent the enforcement ot the lien or forfeilure of the Property or any part. thereof. S. Hazard Iasuraace. Borrower shall keep the improvements now ezisting or hereafter erected on the Property insured . against loss by fire, hazards included. within the term "extendeJ coverage", and such other hazards ac Lender may require ~ and in such amounts and for such periads as Lender may require; 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. The insurance carmr providing tbe insurance shall be chosen by Borrower subject to approval by L.ender. provid~d, tbat such approval shall not be unreuonably withheld. All premiums on insurance policies shall be paid in the manner provided uader paragraph 2 hereof or, if_ not paid in such manner, by Borrov~er making payment, when due, direcdy to the - i insura~e carrier. ~ f All insurance policies aad renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage 4 clause in favor of and in form acceptable to Lender. Lender shal! have the right to hold the policies and renewals thereof. and Borrower shall promptly furnish to I.ender all renewal notices and all receipts of paid prcmiums. In the event of loss, ~ Borrow•er shall give prompt notice to the insurance canier and Lender. Lender may make proof of loss if not made promptly ~ ~ by Bocrower. ' ~ Unless Lender and Borrower otherwise agree in v?riting, insurance proceeds shall be applied to restoration or repair of ~ ~ the Ptoperty damaged, provicied such restoration or repair is economically feasible and the secueity of this Mortgage is ; not thereby impaieed. It such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance procoeds shall bt applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, 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 offers to settle a claim for insurance benefits, I.ender ~ is authoriud to cullect and apply t6e insurance prooeeds -at Lender's option either to restoration or repair of the Property or to the sums secured by this Morigage. ~ Unless Lender and Bormwer otherva•ise agree in writing, any such application of proceeds to principal shall not extend or pcutpone the due.date of the monthly installments referred tu in paragr:.phs 1 and 2 hereof or change the amount of such installmtnts. If under paragraph 18 heroof the Property is acquired by Lender, all right, tide and interest of Borrower . ~ in and to any insurance policia and in and to the proceeds thereof resulting from damage to tbe Property priot to the sale ~ or acquisition shall pass to Lender to t6e extent of the sums socured by this Mortgage immediately prior to such sale or ~ ~ acquis~tion. . 6. Preservatjon swd ~faintenance of Property; Leaseholds; Condominiums; . Planaed Unit Devtlopmeats. Borrower ~ shall keeQ the Property in good reQair and shall not commit waste or permit impainnent oi deterioration of the Property z and shalf comply with the ptovisions 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 perform all of Borrower s obligations under the declaration ~ or covenants creating or governing the condominium or planned unit development, the by-laws and regulauons of the ; ~ condominium or planned unit development, and constituent documents. if a condominium or planned unit development . ~ riekr 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 rovenants and agreements of this Mortgage as if the rider ~ were a part heteof. 3 ~ 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 atTects Lender's interest in the Property. ~ ~ induding, but not limited to, eminent domain, insolvency. code enforcement, or arrangements or proceedings involving a ~ bankrupt or decedent, then Lender at Lender's option, upon notice to Borrawer. may make such appearances, disburse such ~ ~ sums ae~d take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of , ~ realon~blo attoc~Uey's fees and entry upon the Properry to make repairs. If Lender required mortgage insurance as a i coAdition of ihaking the loan secured by this Mortgage. Borrower shal! pay the premiums required to maintain such ? ~ insuratKx in effxt until such titne as the rcquirement tor such insurance terminates in accordance with Borrower s and ~ t ~ a~~~ ~89 ~~cE 645 : : . ~ ~ ~ ~ ~ t, k ~ 6GJK PACi.~O~ - ~ ~ - - - - ~ _ . ~1: ~-.-L*' ~ y~ . . . 1 .-,+Y^'~~P ~ ~ ~ . S. -c~'~ +r*Y~ Y'Y-1J ~ ~vn 5+ - I ~df~~ ~ ~ ~ ~ w~. = ~s~:: t -