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Home My WebLink About0877 . - " • : . UNIFORM COVEN~N7S. Bpfrowtf aqd l.t~dcr covenaM and agrre foll~~ws: 1. hymeat o~ Priacfpal aod latenst. Bi?rr~~we~ ~haU pn~n~p~l) pay v?hcn due thc principal and imcreu on the i~debtedness ovideneed by the Note, p~epayment and late cA:u~;r~ a. ~~uvided m the N~te, and the p~incipal of and +mereu on aay Futu~e Advances sccurcd by this Mortgage. 2. Pw~ds tor Tues aad Iawraece. Subjcct ~o appli~ahlc law ~.r t~ a N•ritlen waiver by I_ender. BoROwcr shall pay to [.ender on the day monthly installmenls af principal anJ ~nt~•~r.t .~~c p:?yahle unJrr the Note, until the Note is paid in fufi. a sum (herein "Funcls") equa) to onatwelEth of ~he yearl~ ta~r~ anJ ~s~s~menlx which may attain priority over th,s Motigage, and ground rc~ts on the Properry, if any, ptus onc-ta•clfth ot ~~early premium installments for hazard insurance. plus one-twelfth of year}y premium ins~allmcnis (~~r mortgagc insuranrc. ~f rny, all ac rea~onably estimated initially and (rom time to time by Lender on thc basis a( a~scs~mems and h~Us ~~d rea.anable estimates ~hercof. 71~e Funds shall t+e held i~ an insti~u~ian ~he de~n~~~ or a~cuunts of whirh are insureci or guarant~eei by a Federal or state agency (including Lender if ~ender is auch an insUtution>. Lender ~haU apply Ihe Funds to p:iy said taaes, assessments, insurance premiums and ground rents. I ender may n~t charge I~r ~o holding and applying the Fimdc. analyzing caid acc.~unt. or verifying and compili~g said as.ussments and hills, unlrss I.endcr pays Barrower interest on Ihc Funds and appl+cable law permits Lender to make such a charge, t3orrower and t.ender may agree in writing at ihe time ot execution of this Mortgage that inter~st on the Funds shall be pa~d to Borrower, and unless such agreemen~ is made or applicable law requires such interest to be paid. Lender shall not t~e required to pay IIo~rowcr any inlerest or earning+ nn the Funds. I_endcr shall give to Borrower, without charge, an a~nual accounting of ~he FunJs showing credits and deb~ts to the Funds and the purpose for which each debit to the I~unds was m•rde. The FunJs arc plcdged as addi?ional sec:uri~}• for ~hc sums secured by this Mortgagc. . , If the amouM of the Funds held by Lender, together with the futurc monthly installment~ uf Funds payable prior to the due dates of taxes, assessmcnts. insurancc premiums and ground rents, shall cxeced the amounl requimd to pay said taxa, iasauments, insurance premiums and ground rents as ~hcy fall due, such excess ~hall be, at B~rrower's option, either pranptly repaid to Borrower or crodited to Borrower on monthly installments of Funds. If the amount of thc ~unds held by l.ender shall not be sutficitat to pay taxes, assessments, insurance premiums and ground rents as thcy fall due, Borrawer shall pay to Lender any amount necessa~y to make up the deficiency within 30 daya trom the date notice is mailed by Lender to Borrower requesting payment thereof. Upon paytnent in full of all sums secured by this Mortgage, I.ender shall promptly refund ta Borrower any FunJs held by Lender. If under paragraQh 1R hereof the Property is u~ld or the Property is otherwise acquired by I.e~der, !_cnder shali apply. no iater than immediately prior to the sale ot the Propeny or its acquisition by Lender, any Funds held by Lender at the timt of application as a credit against the sums secured by th~s hlortgage. 3. Applicatim of paymeats. Unless applicable law• provides otherwise, all payments received by I_ender under the Note and paragtaphs 1 and 2 hereof shall be applicd by I.cnder 6rst in payment amounts payabte ta I_cnder hy Borrow•er u~der paragraph 2 hereof. t6en to interest payable on ihe Note, then to the principal of the Note, and then to interrst and principal on any Future Advanoes. C6atges; i3e~. Borcower shall pay all ta!ces, ascessments and othcr charges, finet and impositions attributable to the Property which may atlain a priority over this Mortgage, and leasehotd payments or ground rents, if any,.in the manner provided under paragraph 2 hereof or, i[ not paid in such manoer, by Borrower making payment, whea due, directly to the psyu thereof. Bormwer shall promptly furnish to Lender all notices of amounts duc under this paragrsph. and in the event Borrower shall make payment directly. Borrov?er shall promptly furnish to Lender receipts evidencing such payments. Bonower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be nequired to dixharge any such lien so long as Borrower shall agree in writing to the payment of the obligatiun securtd by such lien in a manner aeceptable to l.ender, or shall in good faith conte~t such lien by, or defend enforcement of such lien in, #egal ptoceedings which operate to prevent the enforcement ot the lien or torieiture of the Property or any part thereof. S• Hozard losurance. Borrower shall keep the improvement~ now existing or hereafter erected on ihe Property insured against ioss by fire, hazards includ~d within the term "extendeJ coverage", and such other hazards as Lender may require " and in such amounts and [or such periods as Lender may reyuire; provided, that Lender shall not require that the amount of , such coverage exceed tha~amount of coverage required to pay the sums secured by this Mortgage. "ILe ituu~ance carrier providing the insurance shall be chosen by Borrower subject to ap~rova! by Lender, providtd. that such approval shall not be unreasonably withheld. A!1 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 iosurance carrier. All insurance policies and renewals thereof shalt be in form acceptable to Lender :~nd shall include a standard mortgage clause in favor of and in form acceptable to Lender. I~nder shall have the right to hold the policies and renewals thereof. and Borrower shall promptly furnish to Lender all renevral notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and l_ender. Lender may make proof ot tos3 if not made promptly by Borrower. , Unless Lender and Borrower othetwise agree in w~riting, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restorat~on or rcpair is economically feasible and the security of this Mortgage ic not thereby impaired. If such restoration or repair is not economicatty feasibie or if the security of this Mortgage would be impaired, the insurance proceeds shaH 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 ~hat the insurance carrier offers to settle a claim for insurance benefits, Lender is aut6orized to collect and apply the insurance proceeds at i_ender's optivn either to resroration or repalr ot the Propem~ or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, an~ such application e~f prcxeeds to principal shall not extend or postpone the due date of the monthly installmcnts rcfcrred to in paragraph+ I and 2 hereof or change the amount of such installmeuts. (f under patagraph 18 hereof the Prope~ty is acyuireci by l.endcr, al! r+ght, title and interest of Borrower ia and to any insurance policies and in and to the proceeds thereof resulung from damage to the Property prior to thc aale or acquisition shall pass to Lender to the eztent of the sums secureci by this Mortgage immediately prior to such sale or acquisition. 6. Preservatioo snd Maintenaace of Propert~: (xauholds; Condominiums; Phnned Unit Derelopments. Borrow•cr shati kcep the Property io good repair and shall not comro~t waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Me~rtgage is on a leaschold. If this Mortgage is on a unit in a condominium or a plan~ed unit development, Borrower shall pcrform all of Borrower's obligations under the declaratiun or covenants creating or governing the condominium or planncd unit development, the by-laws and regulations of the condominium or planced unit development, and constituent d~umems. lf a condominium or planned unit devclopment rider is executed by Bonower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall am~ad and supplcment the covcnants anJ agreements of this Mortgage as if the riJcr were a pan heroof. 7. Ptotectioo ot I.ender's Securfty. If Borrow~er fails to perform the covenants and agreements contained in this Morigage. or if any action or proceeding is commenced w•hich materially atiects LeoJer's interest in the Propeny, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings invol~•ing a bankrupt or dtcedent. then Lender at 1_ender's option, upon notice to Borrower, may make such appearances, Jisburse such sutns and take such action as is necessary ti~ ~rotect l~nder's inte?est, including, bus not limited to, disbursement of reasonable attomey i f~es and entry upon the Proper~y to makc rcpairs. If I,endcr reyuircJ mortgage incurance as a eondition of making the loan secureJ by this Morigage.- Borre~wer shall pay the premiums requireJ to maintain such inwranee in efiect until such time as the reyuiremem for tiuch msurance terminatcs ~n :~ccordance with Bormwer's and ~ • 60RK ~9+G PAGE S~ _ - • - ~ - _ _ ~ ~ ' ~ . ~ • : Y ~ ~ ' ~ - . ~ ~ ~y'~~~ R .2" $ -.Y~~,.a~., ~ ~ .f - i °ti-