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Home My WebLink About0748 Utv~patta CoveN~t+TS. Borrower and Ixoder cuvcnant a~~d agrre a~ foUuws: 1. P1ylAlp! O~ P~IIC~iI iOd ~Alt(tSl. H~xrawer ~h:sll prumptl) pay Nhcn due the principal o( and interest an the ~adebtedness evidenctd by the Note, prepayment anJ late ch:irgr. pruvided ~n the Note, and Ihe principal of and interest on aoy Futurc Advances securcd by th~s Mortgage. 2. i~u~ds tor Tues ~ad lrtsnrtace. Subject to applir:,hic lav? ..r ro a writ~en waiver by l_e~de~, Borrawer shall pay to L.ender on the day monthly installm~n~s of principal and ~n~rrr.~ .~rr ~~yable undcr ~hc Nate, until ~he Nate is paid in full. i:um (herein "Funds") equal to one-tN•el(th of Ihe yearl~ ta~r. anJ astessmentc which may attain priority over thic Mortgage, and ground «nts on the Pr~pe~ty, if any, ptus ~nc•tw•elfth of y~early premium instapments for hazard insuranca plus one-twelfth of yearly premium inst•rllmenis for mortgage incurancc. ~f any, all a~ reasonably estimaled initially and from time to time by Lender on the basis of atises~mcros and h~lls and rea~on•rble aUmales thereof. 'Il~e Funds shall t+e held in an inslilu~i~.n ~hr deFxn~~. or a~counts of which are insured ar guara~teec! by a Feciera! or state agency (including Lender if Lender is such ~n institution). l.ender ~hall •rpply the Funds to pay said ta~es, assessments. insuranCe premiums and graund rents. 1 ender may not chargc lor hoWing and applying the F~inds. analyzing zaid account. or verifying and compiling said assessments and hilla, unless I.ender pay~ Borrower in~erest on the Funds and appticable law permits Lender to make such a charge. Born~wc~ and l.ender may agree in writing ai ~he time nt exc~-ution af this Mortgagt that intertst on 1he Funds shall he paid to Borruwer, and unless such agreement ~s made or applicable law rcquires such intetest to be paid. l.ertder shall not be required to pay Bo~rower am~ interest or earning~ on the Funds. I.ender shall give to Borrowe~, without charge, •rn annual aca~unting of Ihe F=unds showing credits and debits to the Fuods and the purpose [or which each debit to tite Funds w~s made. The Fund~ are pledged as addidiina! security tor thc sums secured by this Mortgage. If the amount of the Funds held by Lende~, together wi~h the futurc monthly installmcots of Fund~ payable prior to t6t due data of taxes, assessme~ts. insurance premiums ;~nd ground rents, shall exceed tht amount reyuired to pay said taxes, assessments, insurance premiums and ground renls as they fall due. such excecs shall be, at Borrower's option, either promptly repaid to Borrower ot creditcd to Borrower oo momhly installmcnts of Funds. If the amuunt of the Funds held by Lender shall not be suRicient to pay taxes, assessments, insurancc premiums anJ ground rents u they faU due, Borrower shall pay to Lender any amaunt necessary ta make up the deficiency wethin 30 days trom the date ~otice is mailed by l.ender to Borrower requtsting payment thereof. Upon payment in full of all sums secured by this Mortgage. I.ender shall promplly ~efund to Borrov?•er any Funds held by Lend~r. If undet paragraph 18 hereof the Propcrty i, sold or the Property is otherwise acquired by t.endcr, LenJer s6a11 apply, no later tha~ immediately prior to the sale of the Property or its acquisition by 1_ender, any Funds held by l.ender at the time of application as a credit against the sums secured by this Mortgage. 3. Applicatioa of Payments. Unless applicable law provides otherwise, all payments received by I_ender under the Note and paragraphs 1 and 2 hereof shal! be applicd by I.ender first in payment of amounts payable to t_ender b~~ Borrower under paragraph 2 hereot, then to interest payablc on ihe Note, then to thc principal of the Note, and thcn to interest and ptencipa! on any Future Advances. 4. C6arEes; Lie~s. Borrower shall pay aU taxes, atiscssmcnts and othcr charges. fines and impositions attributabk to the Property which may attain a priority ovet this Mortgage, and leasehold payments or ground rents, if any, in the manner providad under paragnph 2 hereof or, if not paid in such manner, by Borrower making payment, wf~ due. directly to the payee theroof. Bonower shall promptly fumish to Lender all notices oi amounts due under this paraaraph. aod in the event Borrower shall malce payment directly, Borrower shall Promptly tumish to l.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority aver this Mortgage; provided, that $orrower shall not be required to discharge any such lien so long as Borrow•er shall agree in wri~~ng to the payment of the obligatiun securod by suc6 lien in a manner acceptable to l.ender, or sha11 in good faith contest such lien by, or defend enforeement of such lien in, legal proceedings which operate to prevent the enforcement of the I~en or forfeiture of the Property or any part thereof. S. Hazard Insuraace. Botrower shall keep the improvcments now existing or herealter erected on the Property insured againat loss by fire, hazards inciuded within the term "extendeJ coverage", and such o~her hazardc as Lender may require and in such amounts and for such periods as Lender may reyuire; 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. 'I1~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, thst such approval shall not be unreasonably withheld_ Al! 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 payment, when due, directly to the insurance carrier. A!I insurance policies and renevvals thereof shal( be in form accepsable to Lencier and sha11 include a standard mortgage clauu in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender atl renewal notices and all receipts of paid premiums. ln the event of loss. Borrower shall give prompt notice to the insurance carrier and t_ender. Lender may make proof of loss i[ not made promptly by Borrower. Uoless Lender and Borrower otherw~se agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such rcstoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is nat economica((y feasihle or if the security of this Mortgage woold be impaired, the insurance proceects shalt be applied to the sums secareJ by this Mortgage, with the excess, if aqy, 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 ofiers to settle a claim for insurance benefits, Lender is authorizod to collect and apply ihe insurance proceeds at Lender's option either to restoration or repa±r of the Propent• or ta t6e sums secureci by this Morigage. Unless Lender and Borrower otherwise agree in writing, any such application of pra:eeds to principal shall not extend or pastpone the duc date of the monthly installments referred to in paragraphs 1 and 2 hercof or change tF~e amount of such installments. If under paragraph 18 hereof the Pcoperty is acquired by txnder, all r~ght, title anJ interest of Borrower in and to any insurance policies and in aad tn the proceecis thereof resulting from damage to the Propeny prior to th~ sa{e or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediatefy prior to such sale or acquisition. 6. Presen•ation and Maiptenance oi Property; Leasehoids; Condominiums; ~ianned Ueit Uevebpments. Borrow~er shall reep the Property in good repair and shall not comrpit waste or permit impairment ot deterioration of the Propetty and shall compl) 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, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or pianned unit devetapment, the by-laws and regulat+ons of the condominium or planoed unit developmeni, and constituent documents. I( a canJominium or planned unit development ridet is extculed by Boaower and recorded together with ~his Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the riJer wcre a part hereof. 7. Protectioe of Ltoder's Security. If Borrow~er fails to pertorm the covenants and agreements contained io this Mortgagt, or if any aepon or p~ocetding is commenced w•hich materially afiects 1_ender's interest in the Property. including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involring a baakrupt or decedent, ~hen l.ender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take :uch action as is necessary to prrnect lxnder's interest, including, but not limited to, disbursement of reasot~abk attorney's fets and entry upon the Property to make rcpairs. If Lcndcr required mortgage insurance as a condilion of making the loan secured by this Mortgage. B~,rrowrr shall pay the premiums required to maintain such iaturanee in eftect until sueh time as Ihe reyuirement for tiuch msurance terminates in accorda~ce with Bormwer's and ;~~K 292 e,~~E 748 ~ - - - - - ~ - ~ ~ • i - '~~-c~,..a. 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