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Home My WebLink About0646 UNIFORM COVENANTS. Borrower and Lende~ coveoant and agree as follows: 1. P~'IDl111 OE PI'ItIC~ ~ I111tftSl. Borrower shall promptly pay when due the principal ot and interest on the indebtedness evidenced by the Notc, prepayment and late charges as provided in the Note. and ttie principal of and interest on any Futuro Advances securod by this Mortgage. 2. Fwds Eor Tua and Ies~uance. Subject ta applicable law or to a written waiver by Lender. Borrowu shall pay to Lendor on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a:um (herei~ "Funds") equal to one-twelfth of Itk yearly taxes and assessments which may 9ttain priority over this Mortgage. and ground rcnts on the P[+opcrty. if any. pli~s onc-twelfth of yearly premium instaUments for hazard insurance. plus oae-twelfth of yeuly premium installments for mongage insurancc. if any, all as reasonably estimated initiaily and fmm time to time by Lender on tht basis of assessmems and bills and rcasonable estimates tbereof. ~ 'I7~e Funds shall be held in an institution the depoaits or accounts of whiclt are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). l.ender shall apply the Funds to pay said taxes. assessments. insuranve premiums and ground rents. Le~der may not charge for so holding and applying the Funds, analyzing said account~ or verifying and compiling said assessments and biils. unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a chargc. Borrowrr and Lender may agree in writing at the time of executio~ of this Mongage that i~te~est on the Funds shall be paid to Borrower, and unless such agrcement is made or applicable law rcquires such interest to be paid, Lender shalt not be required to pay Borrower any interest or earnings on the Funds. I.ender shall give to Borrower, without charge, an annuai accounting of the Funds showing c~~its and debits to the Funds and the pitrpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. lf the amount of tt~e Funds held by Lender, together with the future monthly instaliments of Funds payable prior to the due dates of taxa. assessments, insurance premiums and ground rents. shall exceed the amount required to pay said taxes. assessments, insurance premiums and ground rrnts as they fall due, sucti excess shall be, at Borrower s option. either promptly repaid to Bormwer or credited to Borrower on monthly installments of Funds. If the amou~t of the Funds held by Lender shall not be sut6cieat to pay taxes, assessments, insurance premiums a~d ground rents as they fall due, Borrower shall pay to Lender any amount nocessary to make up the deficiency within 30 days from the date notice is mailed by I.ender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, l.ender shall promptly refund to Borrower any~Funds held by L,enckr. If under paragraph 18 hereof the Property is sold or the Property is othenvise acquired by Lender. Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. ApplicAlioa of Paymeats. Unless applicable law provides otherwise, all payment~ received by Lender under the Note and paragraphs 1 and 2 hereof 'shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, lhen to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Futurc Advances. . ~ 4. C6arges; Lieas. Borcower shall pay all taxes, assessments and other charges, fines and impositions attributable to ihe Property which may attain a priority over this Mortgage. and leasehold payments or ground rents, if any. in the manner provided under paragraph 2~ereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall proatptly furnish to Lender all notices of amounts due under this paragraph. and iQ.the event Borrower shall make payment directly. Borrower shall promptly furnish to L.ender receipis evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; pro~ided, that Borrower shafl not be required to discharge any such lien so long as Borrower shall agree in writing to ihe payment of the obligation secured by suc6 lien in a manner acceptable to l.ender. or shall in good faith contest such lien by. or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter crected on the Propcrty insured against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may rcquire; provideJ, that Lender shall not require that the amount of such coverage eYCeed that amount of coverage required to pay the sums secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Bonower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums pn insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage ~ clause in favor of and in form acceptable to C.ender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pr~emiums. In the event of loss. ' Borrower shall give prompt notice to ihe insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. • ~ Unless Lender and Borroa~er otherwise agree in writing, insurance proceeds shall be applie~l to restoration or repair of ` the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. If such restoration or repair is not economically fcasible or if the security of this Mortgage would ' be impaired. the insurance proceeds shall be applieJ 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 mailed by I.ender to Borrower that the insurance carrier offers to settle a claim for insurance benefits, Lender ~ is authorized to collect and apply the insurance proceeds at Lender's option either.to restoration or repair of the Property ° or to the sums secured by this Mottgage. . Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments rcFerred to in paragraphs I and 2 hereof or change the amount of ~ such installments. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower ~ in and to any insurance -~olicies and in and to the proceeds thereof resulting from damage to the Propeny prior to the 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. Presen~alion and Maintenance of Property; Leaseholdc; Condominiuou; Planned Uait Developments. Borrower , ; shall keep the Propeny in good repair and shall not commit waste or permit impairment or deterioration of the Properry ~ and shall comply with the provisions of any lease 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 declaration = or covenants creating or governing the condominium or planned unit development, the by-laws and cegulations of the - condominium or planned unit development, and constituent documents. If a condominium or planned unit development ~ rider is executed by Borrower and recorded together with this Mortgage, the covenants ahd agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider wcre a part hereof. 7. Protection of Leode~s Security. If Borrower fails to perform the covenants anJ agreements contained in this f Mortgage, or if any action or proceeding is commenced which macerially afiects Lender's interest in the Property, y ~ including. but not timited to, eminent domain, insch~ency~ code enforcement, or arrangements o~ proceedings involving a " ~ bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ~ sums and take such action as is necessary to protect Lender's interest, including. •but not limited to, disbursement of reasonable attorney's fees and en~ry upon thc Propcrty to make repairs. If Lender required mortgage insurance as a ~ condition of making the loan secured by this Mortgage, Borrow~er shall pay the premiums requireJ to maintain such ~ insurance in effect until ss~ch time as ~he reyuirement for such insurance terminates in accordance with Borrower s and t ~ _ , 2~ + ! ~?~?1LSrC1 r . < . ~ . - ' . :aY~~i.l!? - bC- . ~ ~ ~ - , Y . ~ g~~~ 3U8 ,a~~ 64S ~ ~ ~ Y _ 'S~~ - ~7~~