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Home My WebLink About0369 UHIFORM CovcN~xn. Borrower and Lender covenant and agree as [ol{ows: 1. Paraent of Prindpl and Internt. Borrower shall prompdy pay when due the principal o[ and interest on the ind~btedness evidenced by the Note, prepayment a~d late charga u ptovided in the Note, and the principal oi and iater- est on any Future Advanca secured by this Mongage. 4. Fuads Ea~ Taxa aad Inwnnce. Subject to appliable law or to a written waiver by Lender. Borrower shall pay to Lender oa the day monthly installmenu ot principal and intere:t are payable under the Note, until the Note is paid in tull, a sum (herein "Funds"~ equal to onc~twelith of the ytarly taxes and assesunents which may attain priority over this Aiortgage, and ground renu on the Propertr, it any, plus onatwel[th oE yearly pnmium i~stallments [or hazard insunnce, plus onatwet[th ot ytarly prewium insuliments [or mortgage insurana, i[ any, all as reasonably estimated initially and from cime to time by I.ender on the basis ot assessments and bills and reasonable atiaw~a thereof. The Funds shaA be held in an institution the depoaits or accounu o[ which are insured or guaranceed by a Federal or state ageacy (intluding Leoder it Lendtr is such an institution). l.endcr shall apply the Funds to pay said taxes, assesstnents, inwnnce premiums and ground renta. Lender may not charge for so holding and applYing the Funds, anatyzing said at- count, or verifyit?g and mmpiling said assessmenu and bills, unlas Lender pays Borrower interest on the Funds and ap~ plic~ble la~v permits Lender to make such a charqe. Borrowet aad Lender mar agree in writiog at ttie time o[ execution of this Mortgage that interat on the Funds shall be paid to Borrowcr. and unless such agreement is made,.or applicable law requires wch int~rest to be paid, Lender shall not be required to pay Botrowet any interest or earnings on the Funds. Ltnder shall give to Borrower, without charge, an annual accounting o[ the Funds showing credits and debiu to the Funds and the purpose tor which each debit to the Funds was made. The Funds are pledged as additional secvrity for the sums secured by thia Mortgage. - I[ the amount oE the Funds held by Lender. together with the [uture monthly installmenu o( Funds payable prior to the due dates oE taxes. assessmenu, insurance premiums and ground rents, shall exteed the amount required to pay said taxes, assessments, insunnce premiums and ground renu u they fall due, such excess shall be, at Borrower's option. tither promptly repaid to Bortower or credited to Borrower on monthly installments of Funds. 1[ the amount of the Funds held by Lender shall not be suf[icient to par taxes. assessments, insurance premiums and ground rents as they Eall due. Borrower shall pay to Lender any amount necessary to make up the de[iciency within 30 davs trom the date notice is mailed by Lender to Borrower requcsting payment thereo[. Upon payanent in tull of aU sums secured by this Mortgage, Lender shall promptly re[und to Borrower any Funds held by Lender. If under paragnph 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 Property or its acquisition by L.ender, any Funds held br Lender at the time of appliption as a credit against the sums secured by this ltortgage. 3. Application of Payments. Unless applicable law provides otherwise. all payunenu received by Lender under the 2 Note and paragraphs 1 and 2 hereoi shall be applied by Lender iirst in pa}Tnent o[ amounts payable to Lender by Borrower under paragraph 2 heteoE, then to interest payable on the Note, then to the principal ot the Note, and then to interest and principal on any Future Advances. 4. C.harge~ Liens. Borrower ahall pay all taxes. assessments and other charges, [ina and impcnitions attributable to the Property which may attain a priority over this Mortgage, and leasehold paymenu or ground rencs, if any, in the man- ner pro~•ided under puagnph Y hereof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the payee thereof. Borrower shall prompcly furnish to L.ender all notices of amouncs due under this paragraph, and in the event Borrowet shall make payment directly, Borrower shall promptly turnish to Lender receipts evidencing such paymenu. Borrower shall promptly dixharge any lien which has priority o~er this ~fongage: provided, that Borrower shall not be ra quired to dixharge any such lien so long as Borrower shall agree in writing to the paymene of the obligation secured by such lien in a manner acceptable to I.ender, or shall in good faith contest such lien by, or de[end enforcement of such lien in, le- qal proceedings which operate to prevent the enforcement o[ the lien or forEeiture of the Propeny or any part thereof. 5. Ha~ud Ina~ranae. Borrower shall keep the improvements now existing or hereafter erected on the Propetty in- sured against loss by fire, huards induded within the term "extended coverage", and such other hazards as Lender may rt- quite and in such amounts and [or such periods as Lender may require: provided, that Lender shall not require that the amount of such coverage exceed that amount oE rnverage required to pay the sums secured by ehis ~fort~age. ' The insurance carrier providing the insurance shall be chosen by Borrower subjece to approval by Lender; provided. ' i that such approval shall not be unreuonably withheld. All premiums on insurance policies shall be paid in the manner ; ~ provided under paragnph Y hereof or, if not paid in such manner, by Borrower making paymenc, when due, direcdy to ` ~ thc insurance nrrier. ~ All insurance policies and renewals thereoE shall be in form acceptable to Lender and shall indude a standard mort- ; gage clause in fa~or of and in form acceptable to I.ender. Lender shall have the right to hold the policie3 and renewals ` thereof, and Borrower shall promptly furnish to L.ender all renewal notices and all receipu ot paid premiums. In the event ~ of loss. Borrower shall gi~•e prompt notice to the insurance carrier and Lender. I.ender may'make proof of loss iE not made prompdr by Borrower. ~ Unless I.ender and Borrower otherwise agrce in writing, insurance pr«eeds shall be applied to restoration or repair oE ~ the Property damaged, provided ruch restoration or tepair is economically feasible and the security of this '.?tortgagt is not thereby impaired. If such restoration or repair is not economically feasible or i[ the security of this ~tortqage would be im- paired, the insurance proceeds shall be applied to the sums secured b}' this Atortgage. with the excess, i[ any, paid to Bor- roher. If the Property is abandoned by Borrower, or iE BortoNer fails to respond co Lender within 30 days from the dace n~tice is mailed by I.ender to.Borrower that the insurance catrier oEEen to settle a claim for insurance benetiu, Lender is authoiized to rnllect and apply the insurance proceeds at I,ender's option either to restoration or repair o[ the Property or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application ot proceeds to principal shall not extend or postpone the due datt of the monthly installments reEerrM t~~ in paragraphs 1 and 2 hereof or change the amount of such . installmenu. If urider patagraph 18 hereo[ the Property is acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to che proceeds thereo[ rtsultinq from damage to the Proper[y prior to the sale or acquisition shall pass to Lender eo the extene of the sums secured by this \tort!{age immediately prior to such sale or ~ acquisition. 6. Presetvation wd Maintenance of PropertY; I.ea~eholds; Condominiums; Planned Unit Devdopmenu. Borrower - sl~all kcep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property t _ and shall comply with the provisions of any lease ii this l~tortqage is on a leasehold. If chis Mortgaqe is on a unit in a ~ condominium or a planned unit development, Borrower shall perform all o[ Borrower's obligations under the dedarauon ' or co~•enants creating or governing the condominium or planned nnit developmenc, the by-laws and regulations ot the rnndo- ~ minium or planned unit development, and constituent documenu. If a condominium or planned unit development ridet is ~ executed by Borrower and recorded togeeher with chis Mortgage, the covenants and agreements of such rider shall be in- ~ corporated into and shall unend and supplement the covenants and agreements o[ this Mortgage as if the rider were a part hereof. ~ 7. Protection of Lender's Securiq. If Borrower fails to pertorm the covenants and agreements contained in this Aiortqage, or i[ any action or ptoceeding is commenced which materially af(ects Lenders interest in the Property, including, ~ ~ but not limited to, eminent domain, insolvency, code enforcement, or arrangements or pr«eedings im•olcing a bankrupt ~ or decedent, then I.ender at Lender's option, upon notice to Borrower, mar make such appearances, disburse such sums _ and take such action as is necessary to protect Lender's interest, indudinq, but not limited to, disbursement of reasonable ~ attorney's fees and entry upon the Property to make repairs. I[ Lender required mortRage insurance a: a condition of : ~ making the loan xcured br this Mortgage, Borrower shall pay the premiums required to maintain such insuranct in ef- ; fccc until such time as the requirement for such insurance terminates in accordance with Borrower's and Lender's written : ~ ~ , ~ ~ ~ 2~1 ~ 1~r 36~ ~ y ~ t~v. -s--t : .T° _ . ~ -~'~'ti '~,.a:. ~ ~ 4 . ~ x _ _ ~ur - _:jr_i