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Home My WebLink About0733 UNIFORM COVBNANT3. Borrower and L.encier rnvena~t and agree as follows: 1. ~ateat ot PAecfpal asd 1Wered. Borrowc~. ahail promptly pay when due the priacipal of and interat on thc iadebtedneu ovidericed by tt~e Note. pnpaymeat and I~tc charga as provided in the Note. and the principal of and interest on any Future Advances socured by this Mortgage. 2. IrhNds tor•7'~a and Iewia~ce. Subject to spplicAbk law or to a written waiver by I.ender. Borrower shall pay ~to I.ender on the day mot~thly installments of principal and interest are payable under the Note~ until the Note is paid in full. , a tum (henin "Funds") equs! to one-twelfth of the yesriy tanes and asseasments which may attain priority over this • Mortgage. and grouad rentt on the Ptopecty. if say. pius onatwelfth of yearly pnmium installments for haurd insurance, ` ptus onc-!welfth of yenrly pnmium installments for mortgage insurana, if aay, all as reasonably estimated initially and from time to time by Lender oa the basis of assettsments and bills and reaso~able estimates tbereof. 'I~e Ftinds shail be held in an institution the deposits or accounts of which are insured or guarantood by a Foderal or state agency (inciuding Lender if Lender is such an institution). Ler~der sbal! appiy the Flu~da to pay said taues. asussmcats. insuranoe premiums and grouod rents. Lender may ~at charge for so holding and applying the Funds. a~alyziag said accou~t, . or verifying and compiling said assessme~ts and bills. unless Lender pays Borrower interest on the Funds sad applicabk law permits Lender to mak~ such a charge. Borrower aad i.eader may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to $orrower. and unless such agrcemeht is made ar applicable law requirts such iaterest to be paid. Lender shall not be requirod to pay Borrower any interest or earnings on the Funds. Lendet shall giva to Borrower~ without charge, an annual accounting of the. Funds showing credits and debits to the Funds and the purpose for which each debit to t6e Fuads was made. The Funds are pledged as additional security for ths sums secured by this Mortgage, If the amour~t of the Fuach held by Lender, together with the future monthly instal{ments of Funds payable prior to the due dates of taxes~ assessments, insurance premiums and ground re~ts, s6ai1 exceed the amount required to pay said taxes, assessR?ents, insurance premiums and ground rents as they fall due, such exress shal! be, at Borrower s option. either promptly repaid to Bormwer or credited to Borrower on ry~onthly installments of Fuads. If the amount o[ the Funds held by Lender shall not be su~cieat to pay taxes, assessments, insurance premiums and ground rents as they fal! due, Borrowec shall pay to Lender any amount neoessary to make up the deficiency within 30 days from the date reotice is mailed ~ by l.ender to Borrower rcquestiag payment thereof. Upon payment in full of all aums socured by this Mongage, Lender shall ptomptly rcfund to Borrower any Funds held by L.ender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by L.ender, Lende~ s6a1! apply, no•later than immediately prio[ to the sale of the Property or its acquisition by l.ender, any Funds held by I.ender at the time of application as a credit against the sums secured by this Mortgage. ; 3. Applicattoa of Payments. Unless applicable law provides otherwise, aU payments received by Cender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower - und~r paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and theo to interest and principal on any Futune Advances. - . . % 4. Cbarga; Lieas. Bonower shall pay a1! taxes, assessments and other charges, fines and impositions attributable to ; the Pmperty which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. in the manner ~ pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. direcdy to thc payee thereof. Borrowcr shall prompdy furnish to I.ender all notices of amounts due under this paragrapb. and in the event Bormwer shal! make payment direcUy, Borrower sha:l promptly fumish to L.ender receipts er+idencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. thai Borrower shall not be required to discharge any such lien so long az Borrower sha(I agree in writiag to the payment of the obligation secured by such lien in a manner acceptable to I.ender. or st~all in goai faith contest such lien by, or defend enforeement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. - S• Hazard Insurance. Borrorrer shall keep Ihe improvements now existing or hereafter erected on the Property insured againat loss by fire, hazards included within the term "extended coverage", and such other hazards az Lender may requirt and in such amounts and for such periods as i..ender may require; provided, that Lender shall not require that the amount of such coverage eaceed thai amount of coverage required to pay the sums secured by this Mortgage. '1Le insurance cartier- 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 poiicies shal! be paid in ttee manner ' provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due. directly to the ~ insurance csrrier. ~ ~ All insurance policies and renewals thereof shali be in form acceptable to Lender and shall include a standard mortgage clause in fa~or of and in form acceptable to I.ender. Lender shatl have the right to hold the policies and renewals thereof. and Borrower shall prompdy fumish to Lender al1 rertewa! notices and all receipts of paid ptemiums. In the event of loss, ~ Borrower shall give prompt_notice to the iacurance carrier and I.ender. Lender may make proof of loss if not made promptly ~ by Bortower. ~ Unless Lender and Borrower otherwise agree in wriring, insura~ce proceeds shall be applied to restoration or repair of f the Pmperty damaged, provided such restoration or repair is economicaUy feasible and the security of this ~ortgage is ~ not thereby unpaired. If such restoration or repair is not economically feasible or if tht security of this Mortgage would be impaired, the insurance proceeds shall be appiied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Bonower fails to respond to Lender wiihin 30 days from the ~ ' date aotice is maited by I.ender to Borrower that the insurance carrier oKers to settle a claim for insurance benefits, Lender is authorizod to coTlect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property i or to the sums secured by this Mortgage. ~ Unleu I.ender and Bonower otherwise agree in writing, any such applicalion of proceeds to principal shall not extend or postpone the dut date of ihe monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such instaltmenis. If under paragraph 18 hereof the Property is acquired by Lender, all right~ title and interest of Borcower in aod to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Leader to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Pceservation and Mainteaance of Property; Lsssel~olds; Condomiuiums; Planoed Unit Devdopments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any tease if this Mortgage is on a leasehold. If this Morigage 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 planned unit development, the by-laws and regulations of the + condominium or ptanned unit development, and constituent documents. tf a condominium or planned unit deveiopment ~ rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorpoiated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a~part hereof. 7. Protectioo of Lender's Secnri If Borrower fails to i ty. perform the covenants and agreements contained in this ~ Mortgage, or if any action or proceeding is commenced which materially afiects Lender's interest in the Propetty, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ bankrupt or decedent, then Lender at Ixnder's option, upon notice to Borrower, may make such appearances, dishurse such ~ sums and take such action as ia aeoessary to protect Lender's interest, including, but not limited to, disbursement of ~ reasonable attomey's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of mak+ng the loan secured by this Mongage, Borrower shall pay the premiums required to maintain such ; insurance in ef~ect until such time as the requirement for such insurance terminates in accocdance with Borrowers and ~ ~ -73z ~ ~ E~~ 295 ~ ~ ~ _ - ~ _Y F x _ y a, ~k _