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Home My WebLink About0465 UNIFORM COVBNANTS. 8orrowet asd 4enJ~r cove~ant and aRrec as follaws: 1• l~~aed ot Pri~clpl a~d 1~terest. 13~irrower shall ~+rumpll~ pey v?h~n Jue thc principri of and interest on ~hc ~ndebtedness evider~ced by the Notc. prepayrtxnt and late ch:~rgc~ a. pnwidcd ~n thc Notc, and the principal of and i~tercs~ on aay Futurc Advances secund by this Mortgage. 2. Fbwd~ ~or Tua a~d lnsnr~oce. Subject to applic~blc law ~~r to a N~ritten waiver by t_endu. Borrowe~ shall pay to I.e~der on the day monlhly ~nstallme~~s of principal and micrr~i .~rc payable under the Nate, until the Note is paid in fu!!. a:um (hercin "Funds") equal to one-twetfth af the yearl~ ta~~. anJ accessmen~s w•hich may attain priority ove~ this Mortgsae, and ground rents on the Property, if any, plus one-~wcltth ol yearly premium installme~ts for hazard insuranct, plus one-twdith of yearly prtmium installments tor mortgagc insurancc. if any, all ac reasonabty atimated initially anJ (rom time to time by l.ender on the Dasis o( asuscmc~ts and hills and reawnable tstimates Ihereof. The Funds shal) be held in an institut+on the depoue+ or ;~~counts of which are insured or guaranteed by a Federal or state agency (iocludirrg L.ende~ i[ Lcnder is such an insli~ution). I.ender ahall apply ~he Funds to pay said taxes, assessments. insuranee prcmiums and g~ound rcnts. l.ender may nol charge for ~o holding and applying ~F~e Fundc, anaiyzing said account. o~ verifying and compiling said assessmeats and bilh, unless l.ender pays Borrawer interest on the Funds and applicable law perntits Lender to make such a charge. Bc~rrowcr and l.ender m~y agrce in wnting at the time of cxecution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agrcement is made or applicablo law requira such i~tercst to be paid, Lender shall nat be required ta pay Borrower any interest or earnings an the Funds. l.cnder shaU give to Borrowet~ without charge, an annua! accounting of the Funds showing credits and debits to the Funds and the pupoae for which tach debit to the Funds was madc. The Funds are pleciged as additianal security (or thc sums secured by this Mortgage. If the amount of the Fumis held by [.ende~, together with the future monthly installments of Fundc payablc prior to the doe data of taxes~ asaessments, irauraoce premiumt and graund rents, shall exceed the amount required to pay said taxes, assasments. insurance prcmiums and ground rents as they fall due, such excess shall be, at Borrower s option, either pranptly repaid to Borrower or credited to Borrowar on monthly installmcnts of Funds. 1( the amount of .thc Funds t~eld by L.eader shall not be sutficitat to gay taxes, assessments, insurance premiumc and ground rsnts as they fall due, Borrower sha!! Qay to I.ender any Amount nocu.sary to make up the deficiency within 30 da~~s from the date notice is mailed by Leoder to Borrower requesting payment thereof. ~ ~ Upoa paymeat in full of all aums secured by this Mortgage, [.ender shatl promptly refund to Bo~rower any Funds heW by Lender. If under puagraph !8 hereof ihe Properiy i~ sold or the Propetty is otherwiu acquired by t_ender, I_ender a6d1 apply. no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by L.ender at the time of application as a credit against the sums secured by this Mongage. 3. Applicatioe of pa~ymeats. Unless applicable law pravj~s otherwise, alt payments received by I.ender under the Note and paragraphs 1 and 2 hereof shall be applied by l.ender first in payment ot amounts payable to Lender by Borrower under parsgraph 2 heroof. t6en to interest payable on the Nofe, lhen to the principal of the Note, and then to interest and principal on any Future Advances. 4. C6u~a; I.itas. Borrower shall pay all taxes, assessments and other chargcs, fines and impositions attributable to t6e Property which may attain a priority over this Mortgage, and leasehold payments or ground rents. if any, in the manner pmvided under para~graph 2 hereof or, if not paid in such manner, by Borrower making paym~nt, whq~ due, directly to the psyee t6eroof. Borrovrer shall promptly furnish to Lender all notices of amounts due under this para~aph. and ia the event Borrovrer shall roake payment directly, Borrower shall promptly furnish to l.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which hu priority over this Mongage; provided, that Borrower shall not be _ rcquired to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by sucb liea in a manner acceptable to Le~der. or shall in good faith contest such lien by, or defenJ enfoc+cement of such lien i~, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hua~+d Inwranee. Botrower shaU keep the improvements now• existing or hereafter eroct~d on the Property insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require . and in such amounts and [or such periods as Lender may requirc; provided, that Lender shall not require that the amount ot sucl~ coverage exceed that amount of coverage required to pay the sums secured by this Mortsage. TLe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paymeM, when due. dircctly to the insurance catrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a s!andard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. aad Borrower shal! promptly furnish to Lender atl renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give pcompt notice to the insurance carrier and Lender. l.ender may make proof of lflss if not made promptly by Borrower. • Unless Lender and $orrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Properly damaged, providad such restoration or repair is economicatly feasible and the security of this Mortgage is not thenby impaired. If such restoration or repair is ~ot economically feasible or if the securit~ of this Mortgage would bs impaired, the insurance procceds shall be 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 L.ender within 30 days from the date notice is mailed by Lender to Borrower that ~he insurance carrier offers to settle a claim for insurance benefits, Lender is authoriud to collect and apply the insurance proceeds at Lender's option either to restoration or repa~r of the Propem• or to the sums secured by this Mortgage. Unless l.ender and Borrower otherwise agree in writing, any such application of proceeds to principai shatl not extend or postpone the due date of the monthty installments referred ta in parag~aphs 1 and 2 hereof or change the amount of such instaflmeats. If uader paragraph 18 heroof the Property is acquired by l.ender, all right, title and interest of Borrower in aud to any i~surance policies and in and to the proceeds thereof resulting irom damage to t6e Property prioc to th~ sale or acquisition shall pass to L.ender to the eztent of the sums secured by this Mortgage immediately prior to such saie or acquisition. • 6. P~+esen~ation aad Maiatenance of Property; Lrasehulds; Condominiums; Planned Uuit Ikvebpmeats. Borrow~cr shall kcep the Property in good repair and shall not comroit waste or permit impairment or deterioration of the Propeny 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 coodominium or a planned unit devetopment, Borrower shall perform all of Borrower s obligations under the declaration or covenants creating or governing the condominium or planned uni~ development, the by-laws and regulations of the condominium or planned unit development, and constitoent documents. If a condominium or planned unit development rickr is executod by Borcowu and recorded together with ~his Mortgage, the covenants and agreements of such riJer shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part fxreof. ~ 7. Protectb~ of Leoder's SecnrSty. If Borrower fail~ to perform the covenants and agreements con~ained in this Mongage, or if any action ot ptoceeding ~s commenced which materially afTects Lender's interest in the Property. iucluding, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings invol~•ing a ~ bankrupt or dacedent, then l.ender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take such action u is necessary to protect Lender s interest, including, but not limited to. disbursement of rea~onabk attornoy's tees and entry upon the Propeny to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such iasurat~ce in effect until such time as the requirement for such insurance ~erminates in accordance with Borrower s and . ~~~°x?9i . - - - ~ ~ ~N~ ~ ~ { ' _ - - ~F ~ ~ ~,r~ *