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Home My WebLink About0412 . . ` UN~lORM CbVlNAtiT~. Bornower and 1.e~der covenant and asra u foltows: L~ ot M~cIMI aN tM~re~f. Bormwer shall promptl) pay when due the priacipal ot and intsrost oe the indebtedaqs evidenoed by tbe NWe, Rropaymeat snd late char`es ac provided in the Note, and the pri~cipal ot and interat oa aay Future Advanoes secwed by this Mort~ase. !~i ter Ta~ns Mi I~wn~ce. ~bject to applicabk law or to a written waiver by I.ender. Borro~rer shail paY to Geoder oo the day monlhip instdlments ot principal and intcrctt ~rc. payaMe under tht Note. until the Note is paid in tull. •+um (herein "Fundr'~ eqwl to one-twelfth ot ~he rearl~• ta~?~Y anJ aueasments which may attain priority over this 1~[ort~a~e. and =round cents on tbe Prupeny. it any. E?lus oM-~weltth of yearly~ premium iastallmenb [or hazud inwrance, plut oaatweltth of yearly prcmium installment: !or mortaase inu~nncc, i( aey. all as rcasonably astimated initially and troan dme to tima by I.eader on tbe buis of assa.~meots and hills and rcasonabk atimates thereof. The Funds ~all ba held in an institu~ion the deposits or ~ccounts of which are inwred or suaranteed by a Ftderal ot state s~e~xy.(includina I.eader if Lender is such an institution). I.ender shall apply the Funds to pay said taues. ss~settments. imurance premiums and Smund ronts. I_ender may na char~e for u~ holding and spplyins the F~mds. analyzinj said account, or verityin~_and complinj said assessments and bills, unlas Lender pays Botrowe~ interat on the Funds and applicable law permie~ Lender to make such a cha~se. Borrowe~ and l,ender may a~rce in writin~ at the time of execution oi thu Mortpse that intsrat on the Ftinds shall be paid to Borrower. and uakss such ajreement is made or ipplicabk law ~+equira such interat to be paid. Lender shall not be rcquired to p~y Borrower any intetest or prnings on the Funds. Lender i sba0 pve to Borrower, witl~out charge, an annual aecounting of the Funds :howina credits and debits to the Funds and the purpose for which each debit to the Funds wu made. The Funds arc pledged u additional security [or the sums secured bY tAi: Moctp~e• ~ ~ If tl~e amount of tbe Funds held by Leoder, together with the future monthly installments of Funds payable prior to tbe due data of tues. assessmeats. insurance premiums and ground rcnts, shall eaccced thc amouet required to pay said taxa. aa~eneats. ie~urance premiurus and ground rents- as they fall due, ~ such excess shall be. at Borrower s op~ion, either . protnptly rcpaid to Horrower or cteditcd to Boreower on monthly installment: of Funds. If the amount ot the Funds Ldd bp i.ender shall not be sut&tieat to pay taxes, as~asmeots, insurance premiums and ground re~ts ss they fall due, Bormaer ibatl pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by I.eoder to Borrower requesting payment thereof. - Upon paymeat in fuU of all ~ums ucurcd by this Mortgage, Lender shall promptly nfund to Borrower any Funds held by Lender. If•under pan=raph 18 hereQf the Property ia sold or the Propeny ~s othenvise uquircd by Lender, I.ender . shaU apply. no later than immediately prior to the sak of the Property or its acquisition by L.ender. any Fun~ . held bv I.eoder at the time of application ai a credit against the sums secured by this Mortgage. 3. A~piicatio~ ot l~p~e~b. Unless applicable law provida otherwise,. atl payments received by Lender under the Note and puagraphs I snd 2 hereot shall be applied by Lender first in payment of amounts payable to Lender by Borrower under para~raph 2 heroof. tben to iaterest pay:ble on the Note,- then to the principal of the Note. and then to interat and principal or~ any Futurc Advanoes, 1. Crarfer, Lieas. Bonower shall pay all taxes, assessmenis and other chargu, fines and impositions attributable to tbe Propeny which may attain a priority over this Mortgage, and lessehold payments or ground rcnts. if any, in the manoer provided under paragraph 2 hereof or, i[ ~ot paid in such manner, by Borrower making payment, when due. direcdy to ihe payee theeoof. Borrower shall promptly furnish to Lender all notices of amouau due under this para~caph. and in the event Borrower shall make ~ayment directly. Borrower shall promptly fumish to Lender rcceipts evidencing such payments. Botrower :hall pmmptly dixharge any IKO which hu priority over this Mortgage: pmyided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agrce in writing to the payment of the obligation securcd by suc6lien in a manner acceptabk to Lender, or shall in good taith contat such lien by. or defend enforcement of :uch lien in. legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thercof. - S. Huud taw~~ce. Borrower shall keep the improvements now existing or htreafter erected oa the Property insured against lou by fire, hazuds included within the term "extended coverage", and such other hazards u Lender may rcquire and in such amounts and for such periods as Lender may requirc: provided, that Lender shall not requirc that the amount of such coverage exceed that amourtt of coverage required to pay the sums securcd by this Mort6aae. ' The iasurance carrier providing the insurance shall be chosen by Borrower aubject to apQmval by LenAer. provided, ~ thu wch approval shall not be unreasonably withheld. All prcmiums pn insurance policia shdl be paid in the manner i provided under paragnph 2 hereof or, if not pai~ in such maaner. by Borrower making payment, when due, directly to the ~ iosunnce carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage i clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policia and renewals thereof, { and Borrower shall promptly furnish to Ltnder all renewal notices and all receipts of paid prcmiums. Tn the event of lo~..s. i Boaower shall give prompi_notice to the insurance carrier and Lender. Lerrder may make proof of loas if not made promptly ~ by Borrower. . . Ualeu Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to ratoration or repair of ~ the Propeny damaged, provided such restorat~on or repair is economically feasible and the security of this Mongage is ~ not thereby impaircd. If such restoration or repair is not economically feasible or if tht security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the ea~cess. if any. paid ~ to Borrower_ lf 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 chat the insurance carrier ofters to settla a claim for insurance benefits. Lender is autborizod to coqect and apply the insurance proceeds at Lender's option either to restoration or repair of the Propeny or to the sums secured by this Mortgaga ~ Unlas l.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend _ or postpone tht due date of the monthly installments referrcd to in paragraphs I and 2 hereof or change !he amount of suc6 installmeots. If under paragraph 18 hereof the ProE,erty is acquired by L.ender. all right, title and interest of Borrower in and to any k~surance poTicies and in and to the proceeds thereof resulting from damage to the Property prior to th.: 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. preserratioo and :~taintenance of Prope~ty; [.easeiwlds; Condominiums; Planned Udt Devdopments. Borrower . ~ shall keep the Property in good repair and shall not comroit yvaste or permit impairment or deterioration of the Property ~ and shall comply with the provisions of any lease if this Mortgage ~s on a leasehold. !f this Mortgage is on a unit in a coodominium or a planncd unit development, Borrower shall perform all of Borrower's obligations under the dalaration ` ~ or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the ~ condominium or planoed unit development, and constituent eiocuments. If a condominium or planned unit development ~ rider is executed by Borrower and recorded together with this Mongage, the covenanis and agreements of such ridcr . ~ shall be incorporated into and shall amend and supplement the coveoants and agreements of this Mongage as if the rider ~ were a part herwf. ~ • ~ 7. Protectbo of Leade~'s Security. If Borrow•er fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially aBects Lender's interest in the Property, ~ including, but not lim~ted to, eminent domain, insolvency, code enforcement, or arrangements or proceedings invol.•ing a ~ bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ~ sums and take such ac~ion u i: necessary tu protect Lender's interest, including, but not limited to. disburument of ~ reasonabie auomey's (ees and en~ry upon the Property to make repairs. lf Lender requircd mortgage insurance as a ~ :ondition of making thc loan securai by this Mongagc. Borrowcr shall.pay the premiums requireJ to maintain such ~ inwrance in eBect until such time as the rcquirement for such insurance terminates in accords~nce with Borrower s and 4 - ~ . . sU~~ 295 PAGf " 41i _ _ , . - - _ . _ _ - - . ~ ~