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Home My WebLink About2579 • ~ - ~~i~ ~ ~ ~?rta t~~ s~~s UNIFORM COVENANTS. Borrower and lender covenant and agree as follows: 1. .Payment of Prinelpal and Interest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and late charges as providedin tt?e N ote, and the principal of and interest on any Future Advances secured by this Mortgage. 2. Funds forTaxes and Insurance. Subject to applicable law or to a written waiver by lender, Borrower shall pay to Lender on the day mouthy installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein "Funds'? equal to one•lwelRh of the yearly taxes and assessments which may attain priority over this Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments fa hazard insurance, plus one~tweltth of yearly premium installments for Mortgage insurance, ii any, all as reasaonablyestimated initially and from time to time by Lender on the basis of assessments arld-Dills and reasonable estimates thereof. The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency including Lender if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments, insurance pl'emiums and ground rents. Lender may not charge for so holding arxi applying the Funds, analyzing said account, or verifying and com~,iling said al5sessments and bills, unless lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paiEl, lender shall) pot be required to ply. jorrower any jnterestprparnings ot~,the FundS• Lender • shall give to Borrower, without charge, an annuSl accounting of th@~unds ~howtng credlts-anii debits to the Funds andtfie purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the luture 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 taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrowers option, either prompty repaid to Borrower, or retfi~ed to Borrower on monthly installments of Funds. If the amount of the Funds held by lender shall ndt be sufii~ent to day taxes, assessments, insurance premiums and ground rents as they tall due. Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment Rhe,~ot. - Upon payment rn ~ull.pf al4 su~ms•secured tzy this tylo[ipagQe, Lender shall Q[otnptly refund to Borrower any Funds held by Lender. If unde~t ~ra91aR~.181iereot the. Prgp~rly is ~qld or~lie Property rs otherwise acquired by Lender, Lender shall apply, no later i_han Immedratey prior to tKe sa of the property or its acquisition by Lender, any Funds held by lender at the time Of applicetbn~as a'credit against the srumti §ecured by. this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs t and 2 hereof shall be applied by lender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. o.,~ cPe++ - conk' fit' t'~ Cd" tci* 4. Charges; Liens. Borrower shall pay all taxes, assessments and ot~er ~fl•yk e , i impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payf44f~~ents, it any, in the manner provided under paragraph 2 hereof or, ii not paid in such manngrf.bpBorlAwer9tlgtir~~tfirf5bd~e; directly to the payee thereof. Borrower shall promptly furnish to lender all notippg pftam~ts duegp(.~~pis~ ps7ragre~~td in the event Borrower shall make payment directly, Borrower shall promptly furhrsh'to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priorityjaver 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 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 erected on the Property insured against loss by tire, hazards included within the term'~extended coverage",and such other hazards as Lender may require and in suCM amounts and for such periods as Lender require: provided, that Lender shall not require that the amount of such coyer;;)ge exceed.,thal artrqunt of coverage require~to Pay the s m secured by. (his1Mo~gage. The in§ilrence carrier prowdmglheln~uranc ';hall t~.ch¢~`!;n bX~orrOw r_~t[bJect'to ~provat;by, Le~deT provided. that such approval shall not~be Cinreasorial~ly wit held:-All pr~niums on msu~erice ~oli~ies shall t5e paid iri the manner provided bnaer paragrabh'2 hereof or, it not paid in such:rhadner, by Borrowier makiflfgpaymerrt, when tiue, directly to the i insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage I clause in favor of and in form acceptable to Lender. 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 premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of toss if not made-promptly by Borrower. f 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 impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would tie impaired, the insurance proceeds shat! tie applied to the sums secured by this Mortgage, with the excess. if any, paid to Borrower. It'ttle Property is abandafted by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender 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 Lenders option either to restoration or repair of the Property oc to~ ~~!!e Sums secured py thi~,Mongage.., Unless Lendei'and Borrower otherwise agree inWirriting.`any such applicatiori_ of proceeds to principal shall not extend or postpone the due date of the monthly installments referred !o in paragraphs 1 and 2 hereof'br C#fange the amount of 1 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 policies and in and to the proceeds thereof resulting from damage to the Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sate or acquisition. 6. Pressryatlon and Maintenance of Property; Leaseholds., Condominiums; Planned UnR Developments. 1 Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Pro- party and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit ~n a a condominium or a planned unit development, Borrower shall perform all of Borrowers obligations under the declaration s or covenants Creating or governing the condominium or planned unit development. the by-laws and regulations of the ~ condominium or planned unit development. and constituent documents. It a condominium or planned unit development rider is executed_4y Borrower and recs~rded together with,~his (ulort~age. th,e~Cgvenants 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 hereof. 7. Protection of Lenders Security. If Borrower (ails to perform the covenants and agreements contained in this ~ Mortgage. or if any action or proceeding is commenced which mater?ally affects Lenders interest in the Property. rncluding. but not limited to, eminent domain, insolvency. code enforcement, or arrangements or proceedings +nvolving a bankrupt or decedent, then Lender at Lenders option, upon notice to Borrower, may make such appearances. disburse such sums and take such action as is necessary to protect Lenders interest. including, but not limited to, disbursements of reasonable attorney's fees and entry upon the Property to make repairs. It Lender required ~?~ance as a condition of making the. loan secured by this Mortgage, Borrower shalt pay the premiums r r t `rfi9(ntain such - insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrowers ar~d r. ~ I n