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Home My WebLink About0872 r UN~FOxM CoveN~Nts. Borrower and l.eader co~enant and a~ree as fottows: ~ l. Payment ot P~iacipai aad Iatecat. Borrower shall promptly pay when due the princlpal of and interest on the . indebtedntss evidenced by the Note. prepayment and late charges as provided in the Note, and tho principal of and interest on any Future Advences secured by this Mongage. 2• Fbnds to~ Tua aad lasrraace. Subjecl to applicable law or to a written waiver by Lender~ Borrower shall pay , to Lcnder on the day monthty inst~llments o[ principai and interest are payable unde~ thc Note. unti) the Note is paid in full. a sum (herein "Funds") equal to one-twclfth ot ~Ihe yearly taxcs and assessments which may attain priority ove~ this Mortgage. and ground ce~ts on th~ Pmperty. if.any. plus onatwelfth of yearly premium installmcnts for hazatd insu~ance. plus one-twelfth of yea~ly premium installments [or mortgage insurance, if any. all as reuonabty estimated initially and trom time to time by Ltader on the basiz of assessmeots and bills and reasoRable tstimates thereof. • The Funds shall be held in an institution the deposits or accounts of which are insurtd or gwranteed by a Fedenl or state agency (including Lender if Lencler is such an institution). 1_ende~ shall apply the Funds to pay said taxes. asxssments. ~ insurance pnmiums and gro~ rents. Lender may not charge for so holding and applying the Funds. analyzing said accoun~ or verifying and compiling sai assessmenta and bills, unless Lender pays Borrower interat on the Funds and applicable law permits Lender to make such a charge. Borrower and I.ender may agree in writing at the time ot execution of this Mortgage that interest an the Funds shall be paid to Borrower, and unless such agrcement is made or applicable law rcquires such interest to be paid. Lende~ shall not be rcquired Jo pay Borrower any interest or earnings on the Funds. Lender shal! give to Borrawer, without charge. an annual accounting of the Fu~ds showing credits and debits to the Funds and the purpcue for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortaage. If the amourtt of the Furtds held by Lender, together with the fwure monthly installments of Funds payable prior to ~ the due dates of taxes, assessments. insurance premiums and ground rents, shall exceed the amount required to pay said taxa. assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option. either pro:aptly repaid to Borrower oi credited to Borrower on monthly instaflments of Funds. If the amount of the Funds held by l.ende~ sha!! not be suf6cient to pay taxes, assessments, insurence premiums and ground rents as they fal) due. - Borrower.shall pay to l.ender any amount necessary to make up the deficiency within 30 days from tt~e date notice is mailod by Lender to Borrower requating payment thereof. ~ Upon payment in full of all :ums secuced by this Mortga,ge. t.ender shall prompily refund to Borrower any Funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender. Lender ~hsl~ apnly; no tater than immediatelp orior to the sale of the Property or its acquisition by Lender, any Funds hcld by - Lender at the time of application as a credit against the sums secured by th~s latongage. • 3. Appl~Cn~pp O~ Py'OIlO~S. Unless applicable law provides otherwise, al! payments received by Lendtr under the Note and paragraphs 1 and 2 hereof shalt be applied by Lender first in papment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to i~tereu payable on lhe Note, then ta the principal of the Note, and then to interest and principal on any F~ture Advances. - 4. C6ar~es; Liens, Borrower shail pay atl taxes, assessments and other charge~, fines and impositions attributable to ti~e Propetty wnirh may atiain a priority uver ihis M~rigage, ar.d lcascha:d F:.ys:~t-ns ez grs~r:x! rt~!~, if any, i~ the manner pmvided under paragraph 2 hereof or, if not paid in~ such manner, by Horrower. making payment. when due. directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph. and in t6e event Bornnwer shap make payment directly, Borrower shaN promptly furnish to Lender receipts evidencing such payments. Borrow~r shail promptly discharge any lien w•hich has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shalt agree in writing to the payment of the obligation s~cured by such lien in a manner acceptable to I.ender, or shalt in good faith contest such lien by, or dofend enfor~cement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thercof. ~ S. Hazard Insurance. Botrower shall keep the improvcmcnts now cxisting or hereafter erected on the Property insured against loss by fire, hazards included within the term "eatended coverage", and such other hazards as Lender may require and in such amou~ts and for such per:ods as Lender may require; provided, that Lender shall noi require that the amount of . such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage.. 'Ihe insurance carcier providing the iasurance shall be chosen by Borrower subject to approval by I.ender, provided, - that such approval shall not be unreazonably withheld. All premiums on insurance policies shall be paid in the manaer . ' provided under paragrap6 Z hereof or, if not paid in such manner, by Borrower making paymeat. when due, directly to the +nsuranee ~arrier. Ail insurance policies and renewals thereof shall be in form acceptable to Lender and shall inelude a standard mortgage clause in favor of and in form acctptable to Lender. l,ender shall-have the right to 6old the policies and renewals theroof, and $orrower shali promptly furnish to Lender all renewal notices and all receipts of paid pnmiums. 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 Borrower. . Unless Lender and $orrower otherwise agree in writing. insurance proceeds shali be applied to restoration or rtpair of : che Propeny damaged. provided such restoration or repair is economically feasible and the security of this Mortgage is ' ~ot thereby impaired. If such restoration or repair is not economically [easible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, 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 mailod by Lendtr to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender is authoriud to coUect and apply tl~e insurance proceeds at Lender's option either to restoration or repair of the Pmperty } or to the sums securod by this Mortgage. ; Unless Lender and Bonower othervvise agree in writing, any such application of proceeds to principal shall not extend Ot pOStpoRC ttfC dUe (jBIC ot Ine montniy instaiimenis ~ci2iic~i iv iii 'yaia^6iayi:i : o^d 2 h~:~~E ~i ~~~^_o 3t?.2~~int Of suc6 installments. If under paragraph i8 hereof the Property is acquired by Lender, ~all right, title and interest of Borrower in and to any insuraoce policies and ia and to the procceds theroof resultiag from damage to t6e Property prior W ihe aale or acquisition shall pau to Lender to the extent of the surra secured by this Mortgage immediately prior to such sak or acquisition. ; i 6. Preservation and Maintenance of Property; l.es~seholds; Condominium~ Plaaned Uait Devdopmeots. Borrower ~ shall kcep the Property in good repair and s6a11 not commit waste or permit impairment or deterioration of the Property and shalt compty with the provisions of any kase 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 declazation or covenants creating or governiag the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development. and constituent documents. If a condominium or planned un+t devdopment rider is executed by Botrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants.and agrcements of this Mortgage as if the rider were a part hereof. • ~ 7. Protectlon of Leode~s Security. If Borrower fails to perform the covenants and agreementa contained in this } Mortgage, or if any action or proceeding is commenced which materi~ly afiects Lender's interest in the Property. ~ ine)uding, but not limited to, eminent domain, insalvency, code enforcement, or arrangements or proceedings involving a ' banlcrupt or decedent, then l.ender at Lender's option; upon notice to Borrower, may make such appearances, disburse such ~ sums and take such action as ia necessary to protect Lender's interest, including, but not limitod to, disbursement of = reasonable attomey's fees and entry upon the Proper~y to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shal) pay the premiums required to muntain such insurance in effect until such time as the requirement for such insurance terminates in accocdance with Borrower's aad - f ~:.GK ~9s7 IAGE C7~~ i . ` ~ . . - - . - . , x.. ~ - - ~ 1 _ _.a:~:~