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Home My WebLink About0277 . ~ . .a:. UNIFORM COVBNANTS. BOrfOWE~ S11d 1.C11dt~ Cuvtn~lll and ag~et as follows: 1. tqiae~t ot l~iaclpl aoi Isterest. liorrower shall prumpily pey Nhcn due the p~incipal of and interest on the indebtednas tvidenced by the Note. prepayment and late charge. a. pruvided in the Note, and the ptincipal of sad interes~ on any Future Advsnces secured by this Mortgage. ~ 2. Fb~ tor 'hta asi lawrnce. Subject ~o applic:,hfc lav? ~+r ~o a written waiver by I.ender. Borrower shall pay to l.ender on the day monlhly installmen~s of prirKipal anJ mtrrc.t ~rc ~ayahlc under the Note, until the Note is paid in full, a sunt (herein "Funds") equal to one-lv?•elfth of the ye~rl~ ~a~r. and ascessmenti which may attain p~iority over this . Mort~sge. a~d ground reots on the Pr+nperly, if any. plus onc-twel(~h of yearly premium installments for hazard insurance, plus one-twel(th of yearly prcmium inslallmen~s for mongage insurancc. if any, all as reasonably es~imated initially and trom time to time by Lender on the basis at acscssmcnts and hills anJ reau~nable es~imatcs thereof. '11~e Funds shall be held in an institution ~he depcxu. or accounts ol which are insured or guaranteed by a Federal or sttte agency (including Lender if L.ender is ~uch an insl~tutionl. I.ender ahall apply the Funds to pay said taxes, assessments, insura~ce premiums and ground rents. l.ender may not charge tor sc~ holding and applying the Fi~nJc, analyzing said account. or veritying and compiling said assessments and Aill~, unless I.ender pa~~s Borrower interest on the Funds aod applicable law permits l.ender to make such a charge. Horruwer and Lender may agree in writing at the time ot executioo of this Mortgage that interest on the Funds shall he paid to Barruwer, and unless such ag~eemcnt is made or applicable law requira such intercst to be paid. l.ender shall not be rcyuired ta pay Barrower any interest or earnings an the Funds. I_snder shall give to Bonuwer. without charge, an annual accounting of ~he Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pleciged as addi~ional security for the sums secured by this Mortgage. 1f the amount of the Funds held by Lender, togethe~ with the futurc monthly installments of Funds payable prior to the due data of taxes, assasments, iruurance pre~iiums and ground rent~, shall exceed the amount required to pay ~aid tauces, a:saaments. insurance premiums and ground rents as they tall due, such excess shall be, at Borrower s op~ian, either pranptly repaid to Bormwer or credited to Borrower on monthly installments of Funds. I( the amount o[ the Funds held by I.ender shall not be suft'icieat to psy taxes, assessments, insurancc premiums and ground rents as thcy [all due, Borrovi?er shall pay to Lender any amou~t necessa~y to make up the deficiency within 30 days (rom the date notice is mailed by Lender to Borrower requesting payment thereof_ Upon payment in full of all tuttu secured by this Mortgage, 1_ender shall promptly refund to Borrower any Fu~ds held by Lender. lf under paragnph 18 hereof the Property i~ sold or the Property is otherwise acquired by Lcnde~, Lender s6d1 apply, no later than immediatcly prior to the sale of thc Property or its acquisition by Lender. any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Applicatim ot Paymeafs. Unless applic2ble law provides otherwise, all payments received by l.ender under the Note aad parag[aphs 1 and 2 hereof shall be applied by I.ender first in payment ot amounts payable to Lcnder by Borrower under pangraph 2 hercof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. -4. Char~es; Liens. Borrower shall pay all taxes, ascessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, aRd leasehold payments or ground rents, if any, in the manoer prnvided under paragraph 2 hereof or, i[ not paid in such manner, by Borrowcr making payment, when due, directly to ihe payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragrsph. and in the eveot Borrovircr shall make payment directly, Borrower shall promptly turnish to Lender receipts evidencing such payments_ Borrower shalt promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall'not be rcquirod to discharge any such lien so long az Borrower shall agree in writmg to the payment of the obligation secui+ed by suc6 tien in a manner acceptable to l.ender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Prciperty or any part thereof. S. Hazard Insuraact. Botrower shall keep the improvements now• existing or hereafter erected on~the Property insured agai~t loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may requiro . and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such rnverage exceed that amount of coverage required to pay the sums secured by this Mor~6age. "Il~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, providod, that wch approval shall not be unressonably withheld. All premiums on insurance policies shall be paid in the manner ; provided undor paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dircctly to the ~ insurance carrier. ; All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to l.ender. l.ender shall have the right to hold the policies and renewals thereof, ~ and Borrower shall promptly furnish to Lenckr all renewal notices~and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Bonower. ~ Ualess Lender and Borrower atherwise agree in wntmg, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage ic ~ not thereby impaired. If such restoration or repair is not economicatly feasible or if the security of ihis Mortgage woufd be impaired. the insu[ance procceds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Propert~• is abandoned hy 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 offers to settle a claim for insurance benefits, Lender . is authorized to collect and apply t6e insurance proceeds at L.ender's option either to.restoration or repair of the Propen}• or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monlhly installments referred to in paragraphs 1 and 2 hereof or change the amount of ~ such installments. If under paragraph 18 hereof the Property~ is acquired by L.ender, all right, title and interest of Borrower ~ in and to any insurance pQlicies and in and to the proceeds thereof resulung from damage to the Propeny prior to thc sale ~ or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. ~ 6. Preservation aod Mpintenance of Property; Leaseholds; Condomioiums; Planned Unit Developments. Borrowcr A shall kcep thc Property in good repair and shall not comrpit waste or permit impairment or deterioration of the Ptoperty ~ 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, Borrower shall pcr(orm all of Borrower's obligations under the declaration ~ or coveoants creatiog or governing the condominium or planned unit development, the by-laws and regulations of the ri condominium or planoed unit development, and constituent documents. It a condominium or planned unit Jevelopment ~ rider is executed by Borrower and recorded together with this Mortgage, the covenants and agrcements of such rider ~ shali be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider ~ were a part hereof. 7, Protectfoa of Ltoder's Secnrity. If Borrower fails to perform the covenants and agreements contained in this ~ Mortgage, or if any action or proceeding is cvmmenced uhich materially afTects I.ender's interest in the Property, ~ including, but not limited to. eminent domain, insolvency, code enforcement, o~ arrang~ments or proceedings involving a ~ baakrupt or decedent, then Lender at Leader's option, upon notice t~ Borrower, may make such appearances, disburse such sums and take such ution as is necessarY to protect I.ender's interest, including, but not limited to. disbursement of ~ r~.asonabk attomey's tegs and entry upon the Propeny to make repairs. If Lcnder required mortgage insurance as a condition of making the loan secured by this Mongage. Borrower shall pay the premiums required to maintain such ~ ioswance in etfect until such time as the requirement for such insurance terminates in accordance with Bormwer s anJ ~ ~ . ~ ~ ~ ~j ~Y,~ ~ ~ , 8oa~~ _ - - - -y~ ~ ,:4