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Home My WebLink About0197 ~i UNIFORM COVENANTS. Bo~rower and Lender covenant and agree as foqows: 1. Pwymeat ot P~inclpal aod Iqterat. Borrowe~ shail promptly pay when due the principal of and interest on the indcbtedneu cvidenctd by thc Note, pre~layment aad late ~harges as provided in the Note, and the ptincipal of and interest on any Futu~ Advances secured by this Mortgage. Z. I~ads for Tua and lnara~ce. Slibject to applicable law or to a written waiver by Lender. Borrower shail pay to L.ender on the day monthly installme~ts of principal and interest are payable u~der the Note. untii the Note +s paid in full, a aum (herein "Fun~") equal to ono-twelfth of the yeariy taxes and assessments which may attain priority over this Mortga,ge, and ground rertts on the Property. i[ aay, plus onatwcifth of yearly premium instalimenta for hazard insurance. plus one-twclfth af yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonabte estimates thereof. 'iT~e Funds shall be held in an institution the deposiu or accounts of which are insured or guaranteod by a Federal or state agency (including Lender if Lender is such an institution). l.e~der shall apply tl~e Funds to pay said taxes, assessments. iruurance premiums and ground rcnts. l.ender may not charge for sa halding and applyi~g the Funds, analyzing said account, or verifying and compiling said assessments and bitls. unless Lender pays Borcower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the tim~ of execution of this Mortgage that interest on th~ Funds shall be paid to Borrower, and unless such agreement is madc or applicablc law requires such interest to be paid. Lender shalf not be required to pay liorrower any interest or earnings on the Funds. Lender shall give to Borrowcr, without chargc, an a~nual accounting af the Funds showing credits and dtbits to the Funds ar~d the purpose for which each debit to the Funds was made. The ~unds are pleciged as additional security for the sums secu~ed by this Mortgage. If the amount of the Funds held by Lender, together with the future monthty installments of Funds payable prior to the due dates of taxes, assessmeots, irtsurance premiums and ground rents, shall exceed the amount required to pay said tates. assessments, insurance premiums and ground rents as they .fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower an monthly installments of Funds. If the amount of the Funds held by Le~der shall not be sufficient to pay taxes, asscssments, insurance pc~emiums and ground rents as they fall due. Borrower shall pay. to Lender any amount nuessary to make up the deficiency within 30 days from the date notice is mailed by Leuder to Borrower reyuesting paymcnt thereof. Upon payment in full of all sums secured by this Mortgage. 1_ender shall promptly refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender shall apply. no later than immediately prior to the sale of the Propert~ or its acquisition by I.ender, a~y Funds held by Lender at the time of application as a credit against the smns secured by this Mortgage_ 3. Appticatloa of Payments. Unlexs applicable law~ provides otherwise. all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by 1_ender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to i~terest payable on the Note, then to thc principal of the Note, a~d then to interest and principal on any Future Advances. 4. Cl~arges; Lkns. Borrower shall pay all taxes, asscssments and other charges, fines and impositions attributabte to the Propeny which may attain a priority+ over this Mortgage, and leasehold payments or ground ronts, if any, io the manner pmvided under paragraph 2 hereof or,fif not paid irt such manner, by Borrower making payment, when due. directly to the payee thereof. Bonower shall pmmptly furnish to Lender all notices of amounts due under this paragraph, aad in the event Borrower shall make payment directly. Borrower shaq promptly furnish to l.ender receipts evidencing such paymenu. Borcower 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 $orrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to l.ender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal ptoceedings which operate to prevent the enforcement of the lien or fodeiture of the Property or any part thereof. S. Haz~rd l~su~nce. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within ihe term "extendeJ coverage:', and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage e~ceed that amount of coverage required to pay the sums secured by this Morigage. 'Ihe insurance carrier providing the insurance shall be chosen by Borrower subject to approva) by Lender, pmvided. that such approval shat) not be unreasonably withheld. ~ All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof ot, if not paid in such manner, by Borrower making payment. when due, direcdy to the insurance carrier. All ins~rance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and i~ form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender alt renewal notices and all receipts of paid premiums. In the event of loss. Bortower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptiy by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Propeny damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economicalfy feasible or if the security of this Mortgage would be impaired, the insurance praceeds shall be applied to the sums secured by this Mongage, 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 Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender is authoriud to collect and apply t6e insuranre proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in w~riting, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments ref~tred to in paragraphs 1 and 2 hereof or change the amount o! such installments. If under paragraph 18 hereof the Property is acquired by L.ender, att right, title and interest of Borrower in aad to any insurance policies and in and to the proceeds thereof resulting from damage to the Prope[ty prior to the sale or acquisition shall pass to Le~der to the extent of the sums secured by this :~iortgage immediately prior to such sak or ' acquisition. 6. Presen~ation and ~faintenance of Propert~•; Leaseholds: Condominiums; Planned Unit Developmeats. Borrower shall keep the PropeRy in good repair and shall noi commit waste or permit impairment or deteriotation 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 development, Borrow~er shall perform all of Borrower s obligations under the declaration or covenants creating ar governing the condominium or planned unit development, the by-iaws and regulations of the condominium or pJanned unit development, and constituent documents. Jf a condominium or planned unit development rider is eaecuted by Bonower and recorded together with this Mortgage, the co~enants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. 7. Protecfion of Ixndrrs Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced w•hich materiaUy aHects Lender's iaterest in the Property, including, 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 Borrower, ma}~ make such appearances, d+sburse such sums and taice such action as is necessary to protect Lender s interest. including. but not ~limited to, disbursement of reasonable attorney's fecs and entry upon the Property to make repairs. IE Lender required mortgage insurance as a condition of making the loan secureJ b}~ this Mortgage. Borrower shall pay the premiums required to maintai~ such insurance in efiect until such time as the requirement for such insurance terminates ~n accordance with Borrower s and ~ ~ ~OOK ~+v1 PACf l ,t.. : , - - - . y - ~:k~ ~ ` ~ ~ - ~ ~