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Home My WebLink About0300 . ' ~ . ~ . 1 • ~ 1~ .~~..i UNIFORM COVHNANTS. BOfrOWCt 8fll~ LCIIIICf COYCO:1Dl alltl ag«C ~S IOIIOWS: • 1. P~ymeat ot Pdaclp~d and laterest. t3orn?wer shall proniptly pay whcn due thc priocipal o( and interest on the in~kbtedneas evidenceJ by the Note. pr~payment and latc cha~ges as p~uvicied in the Notc, and the principal of and interest o~ aay Futurc Advanccc sccured by this Mor~gagc. 2. Ftiaa~ fo~ Ta~ca aad lowrsace. Subject to applicabk law or to a written waive~ by Lender. Borrower shall pay to Lendcr on thc day monthly installments ot principal and interest arc p~yable under tht Notc, until the Notc is paid in [ull, a:um (herein "Funds") equaf to ano-twelfth of ~he yca~ly taYes and assessments which may attain priority over this Mortgage, anJ ground rents on the P~+opcrty. if any, plus onatwelith ot yearly premium installments for hazard insura~cc. plus onc-twelfth of yearly premium inslallments for mongage insurancc, if any, all as reawnably estimated initially and from time to time by Lender on the basis of assessme~ts and bills and reasonabk estimatcs thercof. 71~e Funds shall be held in an institution the deposits or accounts of whieh are insured or guaranteed by a Federal or state agency (including Le~dor if Le~der is such an institution). Lender shall apply thc Funds to pay said taxes, assessments. insurance premiums and ground rcnts. Lender may nat cha~ge for so holding and applying the Funds, analyzing said account, or verifyi~g and compiling said assessments and bill;, unless Lender pays Borrowe~ interest on the Funds and applicable law permits LetK1e~ to make such a charge. Borrower and Lencle~ may agree in writing at the time of execution ot this i?tortgage that interest on the Funds shall he paid to Borrowe~, and unless such agrecment is made or appticable law requires such interest to be paid. Lende~ shall not be required to pay Borrower any interest or earni~gs on the Funds. I.ender shalt gi~c to Barrower, without charge, an annual accounting of the FunJs showing credits and debits to the Funds a~d the . purpose for which each debit to the Funds was made. The Funds are pleciged as additional security for the sums socured by this Mortgage. ~ If the amount of the Funds held by Lender, together with the futurc monthly installments af Funds payablc prior to the due dates of taxes, assessments. insurance premiums and g~ound rents, shall exceed the amount required to pay said taxes. assessments, insurance premiums and ground rents as the~~ (all due, such excess shall be, at Borrov?er's option, either - promptly repaid to Borrower or credited to Borrow•er on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficicat to pay taxcs, assessmcnts, insurancc prcr.~iums and ground rents as they fall due, ~ Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 da~~s from the date notice is mailed by Lender to Borrower requesting paymcnt thereo[. ' Upon payment in ful) of all sums secured by this M~r~gage, t_ender shall promptly refund to Borrower any FunJs held by l.enckr. If under paragraph 18 hereof the Property ic sold or thc Properry is otherwise acquired by Lender, Lender shall apply, no later than immediatcly prior to the sale of thc Propeny or its acquisition by l~nder. any Funds held by Lender at the time .~f application as a credit against the sums secured by th~s Mongage. 3. Applicalion oi Paymeats. Unless applicable law proviJes otherwise, all payments received by Lender under the Note and par:~graphs I and 2 hereof shall be applird by Lender first in pa~•ment o[ amuunts payable to Lender by Borrower under paragraph 2 hcreof, lhen to interest payable on the I~ote, thcn to~ the principal of the Note, and then to interest and principal on any Future Adva~ces. ~ ~ 4. Cfiarges; L1ens. Borro~~cr shall pay ~lt ta~es~ assessmcnts and other charges. fines anJ impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided u~der paragraph 2 hereut or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thercof. Borrowef shall promptly fumish to Lender all notices of amounts due under this paragraph, aad in the event Borrow•er shall make pa~~ment direcUp, Borrower shaq promptly fumish to Lender rcceip~s e~•idencing such payments. ; Borrow~er shall promptly dischargc any lien w~hich has priority ovcr this Mortgage; proviJcd. that Borrower shall not be i required to discharge any such }ien so long as Borrower shall agree in writing to the pa~ment ut the obligation secured by . such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defenJ enforcement of such fien in, legal prcx~ed~ngc t~hich oper~te t~• prevent the enforcement of the lien or forfeiturc of the Property or any~ part thereof. 5. Hazard Inwrance. Barruwer shall keep the miprovemenu now cxisuing an c~reaftcr crccted on the Prupcrty insured against loss b~~ firc, hazards included M~ithin Ihe term "c~tended coverage", anJ such other hazards as Lcnder may reyuire ~ snd in such amuunts and (or such periocis ac Lender may require: provided, that l.ender shall not n;yuire that the amount oi such a~veragc exceed that amount of co~•erage required t~~ pa~• the ,ums secured by th~s .4~ortgage. ~ The insurance carrier providing the insurance sh~ll be chusen by Borrower subject to apprnval h~ LenJ~r. provided, that wch approval shall not bc unreasonahh~ withheld. All premiums vn insurance poiicies shall ~tx. paid in the manner provided under paragraph 2 hemot or. if not paid in such manner, by Burrower making payment, when due, direcdy to the insurance carricr. • ~ ~ ~ i AI{ insuranre palicies anJ reneW als thereof shall tx in form acceptable to LenJer and shall includc: a standard mortgage clause in fa~~ar of and in form acceptable ~o l.ender. Lender shall ha~•e the right to hold the policics and renewals thereof, ; .,nd Borruwer shall promptlp furnish to Lender aU renewal notices and all receipts of paid prcmiumt. In the e~ent of loss, ~ ~ Borruwer shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Bormwer. ; ~ Unless 1_ender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ~ ~ the Property damageJ, pmvide;d such rextoration or repair is ecunomically feasible and the security of this Mortgage is ~ ~ not thereby impaired. lf such restoration or repair is no1 econ~mically feasible or if the securety~ of this Mortgage would ~ € be impaired, the insarance proceeds shall be app;ieJ to the sums secured by this Mortgage, with the excess, if any, paid 3 ~ to Borrowcr. If the Propert)- is abaudoned hy Borrower, or if Borrower fails to respond to Lender within 30 days from the ; ~ .iate notice is maifed by Lender to Borrower that the insurance carricr ofiers to settle- a claim for insurance benefits, Lender ~ ~ is authorized to colicct and apply the insurance proceecis at Lender's option either to restoratioo- or repair of the Properiy or to the sunu ~eeured by ~his ~iortgage: ~ Unless Lender and Borrower oth~n+ise agree in wnting, any such application of proceeds to principal shal) not extend ~ or postpene thc due date of tF?c monthl~• installments ref~rrcd tb in parag~aphs 1 and 2 hereof or change the amount of ~ such installments. It under garagraph 18 hereof the Propen~• is acy~:ired h~• Lender, all right, title and interest ot Borrower in and to an} insurance p olicies and in and to the proceeds thereol resultin g from dama g e t o t h e P r o p e n y p r i o r t o t h e s a l e ~ or acyuishiou ~hatl pass to Lender to the extent of the sums secure~i by th;s riqrtgage immediately prior to such sale or p acquisitian. . ~ ~ 6. Presen~alion and 4laintenance of Property; Leaseholds; Condominiums; Planned IJaft Devebpmeats. Borrower a shall keep the Property in good repair and shall not commit wastc or permit impairment or deterioration of the Property { ~ and shall comply with the provisions of any lease if this Mortgagc is ~n a leasehold. If this Mortgage is on a unit in a ' conJominium or a planned unit development, BorruN~er shall perform all of Borrow~r's obligations under the declaration or covenants creat~ng or govern~ng the condom;nium or planned unit development, the by-laws and regulations of the conJominium or planned unit development, ~nd constituent da:uments. If a conJominium or planned unit development nder is exec;uted by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall tk; incorporated into and shall amend and supplcment the .;ovcnams and agreements of this Mortgage as if the riJer . ~ werc a part hereof. 7. Protectioo of Lender's Securify. If Borrov+er fails to perform the covenants and agreements contained in this ; f Mortgage, or if any action or proceeding is commenced wh~ch materially affects Lender's interest in the Property. ' including. but not limited to, eminent domain, in5olvency, code enforcement, or urangements or proceedings involving a ~ bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearanca, disburse such ~ sums and take such action as is necessary to protect 1_eoder s interest. including, but not limited to, disbursemeot of ~ reasonable auomey's fces and entry upon the Property~ to make repairs. If Ixnder required mortgage insurance as a ~ cundi~on of making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such ~ ~ insuranc~it~el~aAsuntibaudt~D'os:the rey~irement for such insurance terminates in accordance with Borrower's and ~ ~ YE~iliy~2 t Llli[ ~t~ti!? 4! LfY _M. K i ~I: sc:t,.i.u ' Y:siatL iA " . ~ ~ ~ ~ ~ 3 = , . . . ~~,,,r ~E oo a ~O~ i 4~~ ; ~ ~~t-~~-~: ~ ~ ; - ~ ~ - . t ~;~~",...n_ . . ~:.,~.._.r