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Home My WebLink About0932 3 i ! ~i• UNIFORM COVENANTS. Borrower aad l.endtr covenant ar~d agree u follow:: l. Pqmed ot hiacip~l aad literal. Bormwer st~all p~omptly pay when due the principal of and interest on the iadebtedneu evidenced by the Note. prepaymeat and late charges u. provided in the Note, and the principal of and interest on any Futuro Advancts secured by this Martsa~a. 3. Ftiwds tor Tua a~d Iwn~ce. Stibjcct to applicabk law or to a written wsiver by Lender. Borrower .sball paY to Lender on the day monthly iratallments of principal and intercst arc payabte under the Note. until the Note is paid in tuU, a sum (hercin "Fund~"~ equal to on~-twelfth of the yearly taxes snd assessmenta which may attain priority over this Mort~a~e. and ground rents on the Property. if ~ny. plus oao-twelfth of yeuly pnmium installme~ts for hazard insurance, plus ooc-twelfth of yearly premium instaliments for mort~age insurance, if any. all as reasonably estimated initiaily and fmm ~ tirra to ticne by Lender oa the basis of assessments and bilis and rcasonabk estimates thereof. 'Ibe Funds shall be held in an institutio~ the depoaits or accounts o[ which are insurod or guaranteed by a Federal or state age~cy (including Lender if Lender is auch an i~titution). Le~der shali apply the Funds to pay said tua. astasments. , insuraace pnmiums aad ground rents. Lender may not chuge tor w holding and applying the Funds. analyzing said account, or verifying and compiling said assessme~ts and bills. unless Leader pays Borrower interat on the Funds aad applicable law permits Lender to make such a charges. Borrower aad I.eader may agree in writing at the time of execution of this Mortgage that iaterest on the Funds shall 5e paid to Bonower. and ualess such agreeme~t is made or applicable law requira such interest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Fuads. Lender shall aive to Bomower. without chuge, aa annual avcounting of the Funds showing credits and debits to the Funds and tht purpose for which each debit to the Funds wu made. The Funds are plodged as additional socurity for the sums secured by this Mortgage. If t6e amount of the Fuads held by I.ender, together with the future monthly installments of Funds payabk prior to the due dates of taxes, asxessments. insurance premiums and ground rents. shall exceed the amount requitod to pay said taxes. asseasments, insurance premiuros and ground rents as they fall due, such excess shall be, at Borrower's option. either prompdy repaid to BQrmwer or crodited to Borrower on monthly installments of Funds. If th~ amount of the Funds hetd by I.ender s6a11 not be sufficieat to pay taxes. assessments, insurance pnmiums and ground rcnts as they fall due, S~rc3wer s:ta!! pa}~ to Lcn~tr any sr.t~usi rtcr~sa.ry to make up tht defic~ency within 30 days from the date notice is mailed by Lender to Borrower rcquesting payment thereof. - Upon payment in full of all sums secured by this Mortgage, t.ender shall promptly refund to Borrower any Funds held by l.ender. 1f under paragraph 18 hereof the Property is sold or the Property is othenvise acquired by Lender. Lender shall apply. no Iater than immediately prior to the sale of the Property or its acquisition by Lender, a~y Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Appllcatbn of Paymeats. Unless applicable law provicies otberwise. all payments received by I.ender unckr the Note and paragraphs 1 an~ 2~ereoi shali be appiied by LenJer fint in pa}~ment :,f amvu~is payable ta Ler.~r: by Borrowtr under paragraph 2 hereof. t6en to interest payablc on the Note, then to the principal of the Note, and then to intercst and principal on any Future Advances. 4. Charges; Leos. Borrower shall pay all ~axes, assessments and other charges, fines and impositions attributable to tt~e Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. dirocdy to tUe payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and io the event Borrower shall make payment directly. Borroveer shall promptly furnish to Ixnder rcceipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contect such lien by, or defend enforcement of such lien in. legal proccedings w~ich operafe to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Huard Insnnnce. Borrower shall keep the improvements now~ existing or hereafter erected on the Property insured ' against loss by Sre. ha7uds included with~n the term "extended coverage", and such other hazards as Lender may require ; and in such amounts and for such periods as Lender may require; provided, that Lender shall not rcquire that the amount of . j such coverage excced that amount of _coverage required to pay the sums securcd by ~his Mortgage. ! 'Ibe insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, ; that such approval s6a11 not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner j provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paymeot, when due, direcdy to the insurance carrier. ~ AU inwrance 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 Lender. Lender shall have the right to hold the policies and renewals thercof, i and Borrower shall prompUy furnish to Lender all renewal notices and all raxipta of paid premi~ms. In the event of loss, f 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 Borrower otherwise agree in writing, insurance proceeds shall be applied 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 impaircd. If such restoration ~or repair is not economically feasible or if the security of this Mortgage would ~ be impAired, the inaurance proceeds shall Fse applied to the sums secured by this Mortgage. with the excess, if any. paid ~ to Borrower. If thc Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 3U days from the q date esotict is mailed by Leoder to Borrower that the insurance carrier offets to settle a ciaim for insurance bene6is, Lender ~ is authorized to collect and apply the insurance proceeds at Lender's option either tu testuration or repair of iht Property ~ or to the sums secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or pcntpone the due date of the monthly installments referred to in paragraphs t and 2 hereof or change the amount of such installments. If under paragraph l8 hereof the Property is acquired by Leader, all right, tide and interest of Borrower ~ in and to any insurance policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisidon shall pass to Lender to the extent of the sums securod by this Mortgage immediattly prior to such sale or ~ acquisition. 6. Prcservatbn aad Mainttnaace of Property; Lease6olds; Condomiaiumx Planaed Uait Developments. Borrower ~ shall Iceep the Property in good repair and shall aot commit waste or permit impairment or deterioration of the Property 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 regulations of the ~ condominium or planned uait development, and constituent ciocumems. If a condominium or planned unit development ~ ri~kr is executed by Borrower 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 agreements of this Mortgage as if the rider ~ were a part heroof. , 7, Protectioa of Leoder's Security. If Borrovrer fails to 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 Property. ~ including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ bankrupt or decrdent, thea Lendtr at Lender's option, upon notice to Bortower, may make such appearan~, disburse such ~ sums and take such action as is nccessary to protect Lender s interest, including. but not limited to. disbursement of reasonable attomey's fees and entry upon the Property to make repairs. It L.ender requircd mortgage insurance as a a condition of making the loan xcureJ b}• this Mongage. BorroKCr shall pay the premiums required to maintain such insurance in efiect uMil such time as the reyuirement (or such insurance terminates in accordance with Borrower s and ~ Q D ~lA w