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Home My WebLink About0796 , UNIFORM Cov~tv.aNTS. Borrowef and 4Cndcr cuvCnant and agrce :?s follows: 1. Paymeat of Principd ~ad lateresl. .13c~rrower shall prc~mptly pay when due the principa! of and interest on the indebtedness evidenced by the Note, prepayment and latc charges as proviJed in the Note, and the principa! of and interest on any Future Advances securcd by Ihis Mortgage. 2. Fnnds tor Tsxes ~nd lasuraace. Subject lo applicablc law ar to a written waiver by 1_ender, Borrower shall pay to l.ender on the day monthly installments of principal and interest are payable undcr the Note, until the Note is paid in full, a sum (htrein "Funds") equal to one-twelfth af the yearly taxcc and assessmenls which may attain priority over this Mortgage, and ground rents on the Property, if any, plus a~e-twelt~h of yearly premium installments for hazard insurance; plus one-twelfth of yearly premium i~stallmcnts tor mortgage insurance, if any, all as rcasonably es~imated initially and Irom time to timc by i_ender on thc basis ot asscssments and hills and reasunable estimata thereoi. 'il~e Funds shall be held in an institution the deposits or accounts at which are insured or guara~teai by a Feder,al or state agency (including l.ender if Lender is sucFi an institution). 1_ender shall apply the Funds to pay said taxa, assessments. insurance premiums and ground rents. I_ender may not charge tor su holding and ~pplying the Funds, anal~~zing said account, ur verifying and compiling said assessments and bills, unless l.ender pay~ Borrower interest on ihe Funds and applicabte law permits Lende~ to make such a cha~ge. Borrow~r and [xnder may agree in writing at the time of execution of this Mortgage that intorest on the Funds ahall be paid to Borrower, and unless such agreement is made or applicable law rcquires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. I.ender shall give to Borrower, without charge, an annual accounting of the Funds shawing credits and debits to the Funds and the purpose for which each debit to the Fund~ was maJe. The Funds arc pledged as additional security for the sums secured by this Atortgage. If the amount of the Funds held by Lender, together v?•ith the future monthly installments_uf Funds payable prior to the due dates of taxes, assessments, insurance premiunu and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Bor~ower s option, either promptly rcpaid to Borrower or credited to Borrowet on m~nthly installments of Funds. lf thc amount of the Funds held by Lender shall ~ot bt suf~'icitnt to pay taxes, assessments, insurance premiums and ground rents as they fall due. Borrower shalt pay to Lender any amount necessary ta make up the deficiency withi~ 30 days from the date notice is mailed by Lender to Borrower requesting payment thereot. Upon payme~t in full o! all sums secured by this Mortgage, t.ender shall promptly refund to Borrower any Funds held by !_cnJer. lf under paragraph IK hereof the Property is x~ld o~ ~hc Proper~y is otherwisc acquircd by Lender, l.ender shall apply, no later than immediatcly prior to the sale of the Property or its acquisition by l.cnder, any Funds held by Lender at the time o[ application as a crcdit against the sums secured by this Mongage. - 3. Application of Payments. Unless applicable law provides otherwise. all payments received b~~ I_ender unJer the Note and paragraphs 1 and 2 hereof shall bc applicd by l.cnder fir~t in ~a}~ment af amounts payablc to LenJer by Borro~rer under paragraph 2 hcreof, then to interest pa~~able on the Note, thcn to the principal of the Note, and ~hen to intcrest and principal on any Future Advances. 4. Charges; [.kns. Borrower shall pay all t•rxes, assessments and othcr rharges. fines and imEwsitions attributable to the Property w~hich may attain a priority over this Mortgage, and leasehold paymcnts or ground rents, if any, in the manner provided unJer paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Bormwer shal! promptly furn+sh ta I ender all noticec of amni~nts due imder this paragraph, and in the event Borrower shall make payment direc:tl~•, Borrowcr shall promptly furnish to LenJer receipts evidencing ~uch payments. Borrower shall promptly discha:ge any lien which has priority aver this Mortgage: providcd, that Borrowe~ shall not be' required to discharge any such lien so long as Borrovver shall agree in writing to the Pay~ment of the obligation secured by such lien in a manner acceptable to Lender, or shall in gcx?ci laith contest such lien b~, or defend enforcement of such lien in, legal pnxecdings which operate to prevent the enforcement of the licn or forf~~wrc of the Propeny or any part thereof_ 5. Hazard Insurance. Borrower shall keep the impru~ementt noa e~i~ting or herrafter crected on the ProExrty insured against loss hy fire, ha-tards included within the term "~~tended roveragc". and such rnher hatards a~ Lender ma~~ reyuire and in such amounts anJ for surh periodc as Lender may rcyuire: pro~•ideJ, that I_cn~er chall not require that thc amount o[ ;uch coveragr exceed that amouM of co~~erage required to pa}~ the sumc secured b~• this ;~tortgage. The insurance ~arrier providing ttx: insurance shall be chosen by Borrower subject to approvat by Lender, provided, that such approval shall not be unreasanahty withheld. All premium~ on insurance policies shall tk paid ~n the manner provided under paragraph 2 hereof or, if not paid in surh manncr, b}• Borrower making payment, when due, directly to the i insurancc carricr. ~ All insurancc policies anJ renewals thereM shall tx: in form ;~cceptablc to Lender and shall indude a titanJard mortgage r clause in favor c•f and in f~rm acceptable to Lender. Lcnder shall ha~•e the right to hold the policies anJ reneN•als thereof, ; and Borrower ,hall"promptly furnish to Lender all ren~ual nouces and all receipts of paid premium.. In the event ef loss. € Borrow~er sh:ill gh~e pron~pt notice ~o the insurancc rarrier and LenJer. Lender ma}' make proof of loss if not made prompUy ; b~• Borrower. ~ Unless Lender and Borruwer othervrik; agree in H~riting, insurance prcxecJs shall be applicd ro restoration or repair of o the Property damagcd, provided such restoration or repair is ernnomically feasible and the security of this Mortgage is ~ not thereby impaired. If such re~toration or repair is nut ~conomically fcasible or if the securiry of this Mortgage would q be impaired. the insurance proceeds shall be applied ro the sums secure.l by this Mortgage, v?~iih the excess, if an}•, paid = to Borrower. If the Propert}~ is ah;~nJ~~ncd h~ Bormwer. ~~r il Bormwet fails to respond to Lender within 30 da)~s from the ~ date notice is mailed by I.ender to Burrower that the insurance carrier ofiers to setlle a claim for insurance benefits, I~ender ~ i~ authorized to collect and apply the insurance pruceeds at Lender's aption either to restoration or repair of the Property ~ or to thc sums xcured b}' this Murtgagc. _ ~ Unless 1_ender and BurroNCr ~~then~iu: agrec in wnting, am~ such application ~d pmceeds to principal shall not extend ~ or pustpone the due Jate of the munthh• in~tallmcnts refcrred t~~ in paragraphs i and 2 hcreuf or change thc amount of ~ ~uch installments. If under paragraph Ili hereof the Propertti~ is acyuired b} l.ender. all right, tide and interest of Borrower ~ in and to an~ insurance policies and in and to the proceeds thereof resufting (rom damage to the Proper~y prior to the ~ale y or acyuisitiun sball pa~s to Lender to the extent of the sums securcd by this ;~tortgage immediately prior tu such sale or a 3CyUiSiltOtl. ~ 6. Presenalion and ~taintenance of Propert~; I.eateholds; Condominiums; Pianned l~'nit De~•elopments. Borrowcr ~ shall keep thc Property in good repair and shall not commit w•aste or permit impairmcnt or deterioration of the Property ~ and sh~ll comply ~~ith the provisions of any lease ~f this ~lortgage is on a Icasehold. If this `tortgage is on a unit ~n a ? ~ cundominium or a planned un~t Je~rlopment, Borrow~er ,iiall perform sll of Borrower's obligations under the declaratiun ~ =j ur covenants creating or go~•erning the cond~~minium or planncd unrt development, the by-laws and regulations of the " condominium or planned unit de~~elopment. and constituent da:uments. If a condominium or planned unit de~~elopment < n~er is rxeruted by Borrower and rerorded tugcther w•i~h this Mortgagc, the rnvenants and agreements of siich rider Shall be incorpurated into and shall amend anJ supplement the co.enants and agreements of this 1?lortgage as if the riJer Hcrc a ~+art hcreof. ~ ~ 7. Prolection of Lenders Security. If H~rrower fa~ls to perfe•rm ~he covenantc and agreements contained in this ~ htun~;~gr. or if an~~ action or prcxeed~ng i~ commcnccd whirh m:dcrially alT~cts I.ender's interest in the Pro~Crty~, mclud~n¢. but n~~t limi~ed to. eminent domain. in«I~~ency. c~x1e enfor~ement, or arrangements or proceedings in~~olvirrg a ~ bankrupt or de~rdent. thrn I.ender at LenJer, option, upon notice to Borroa~rr. may make such appearances, disburse such ~ sums .ind take such ac~ion a~ is nece~~an to prote~t Lender's mt~:est. incluciing. but not limited to, disbursement of ~ reasonaMr :~ttorne~~'s fccs and en~ry up<~n thc Yropcrt~• to makc rrpair~. If [.endcr reyuired mortgage inwrance a~ a ~ ~ondih~~n of making the loan xcured b~• this ~1~~ncage. Bi~rmu•er shall pa}' thc premiums required to maintain such ~ insuranc~ in efTect until such time as the reyuirement for such msurance termin~tes ~n accordance w~~th Borruw•er's an~ ~ r=i ' ~ " ~n~'~3V5 795 ~ - ~ _ _ , . . , ~