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Home My WebLink About2601 • '~~5~ UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Prllnelpal 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 provided in the Note, and the principal of and interest on any Future Advances secured by this Mortgage. - 2. (Funds torTaxis and Insurance. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender On the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein "Funds' equal to one-twelfth Of the yearly taxes and assessments which may attain priority over this Mortgage, and ground rents on the Property, it any, plus one•twelfth of yearly premium installments for hazard insurance, plus one~tweltth of yearly premium installments for mortgage insurance, if any, all as reasaonablyestimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. The Funds setall beheld in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agencylincluding Lender it lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments. insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account. or verifying and compiling said assessments 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 interestto be1~~ r)¢igf I not~r~ufired to paty,Borrp~eraQy intore$t,preartlings Rt` the Funds. lender shall give to Borrower, without Ch~r~a; e'r~nuel 2fCC 1~nting of the f unds sftoviiing credits and debits to the Funds and the 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 future 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 promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender sha0 nit ~ siifticlenf cd pay 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 regt~slutf;p>iymeptlhe~of,~ ' Upon paym~ tut f a14 f~ r~ by:thi&, y~ortyage, I.ren~r shall p4Qr7tptly refund to Borrower any Funds held by Lender. If ut(~'r ra~f(~pti'1 $per f the~Prop~rty,is ~gtdor the Property is otherwise acquired by Lender, Lender shall apply, no later. ~ 8 ' rt~edia~el pr' r to the safe of the j~roperty or its acquisition by Lender, any Funds held by Lender at the tim0 tlfrapplii~tioh`-~'s ~~Ci$~1it'a~a`ir{9f1N~ ~ms~§ecured by this Mortgage. 3. Application Of Payments. Unless applicable law provides othervvise, all payments received by Lender under the Note and paragraphs t and 2 hereof shall tie applied by Lender first in payment of amounts payable to Lender by Borrower underparagraph 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. 4. Charges; Llsns. Borrower shall pay all taxes, assessments and othercharges, fines and impositions ariributable to the Property which may attain a priority over this Mortgage, and leasehold payments or Bound rents, it-any, in the manner provided under paragraph 2 hereof or, it not paid in such manner, ?xy_Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to lender all~notices of amounts.due.under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly~tumish to Lender receipts 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 tepayment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contestsuch 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 fire, hazardsincludedwfthin the term "extended coverage",and such other hazards as Lender may require - and in such_amQ~ls and for such periods as lender require: provided, that Lender shall not require that the amount of such co~e{age e~C~egd that arf+ourlt of covets rg44yced.ip Pay the, ~eFured kty this (~lortga9e..~ . ! , The uranc carver provi~jm~ the instirrce'gh'alf be~Chds>rn by~orrower stiJb-jeclto apffrova~ bX Leoder~ provided. that such a~pidval shalfK+bt t~ i)nreaslinaf5~}rwPlh't+eld.~Atl-premiums on +nsur'aiiC~ policies shal~be"paid in they manner provided trhdet p~rag~pK12~ hereog IX: ii rtiot'p8idin such maiiAne~. by f3'OirbVver rfiakih~ payrhAlit,' wttasn dt~e.`dli~tl~i to the insurance carrier. All insurancfe pokcjes arM renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and iri foam acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly famish 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 loss it 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 impaired. If such restoration or repair is not economically feasible or it the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any. paid to Borrower. If ~e PrdjSerty is'abandont3dbjrBorrowor, or if Borrower tails 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 eitlt+er.to•resWr,~.tion or repair of the Property j OftQ~~t~h Su~j C4f~~Y,~~~ ~~ge:~:, rl~,~ . I -t-tih~ess C~eratid.'Btfrrow~otheNvise agree ~n venting: any such application of proceeg~ to principal shall not extend or postpone the due date of the monthty installments referred to in paragraphs 't and 2 tiere'df'dr Cf+ange the amount of such installments. It under paragraph 18 hereof the Property is acquired by Lender, all right. title and interest of Borrower in and to any +nsurance 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 sale or acquisition. 8. Preservation end Maintenance of troperty; leaseholds; Condominiums; Planned Unit Developments. 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 it this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development. Borrower shat! perform allot Borrowers 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 unit development, and constituent documents. If a condominium or planned unit development n~gjris executed by Boo{rowgr and r~gjdgd~together_y~rith t~~ Mort~a~e.fthe rinvenants and agreements of such rider shall•be incorporated in and ~t+ali a en `and supplerrrent't a covenants ahd agreements of this Mortgage as if the rider t were a part hereof. _ 7. Protection of Lenders Security. If Borrower faits to perform the covenants and agreements contained in this , Mortgage, or it. any action or proceeding is commenced wgfCh `tfteterialiy affects Lenders interest in the Property. including, but not limited to, eminent domain, insolvency, code enforcement. or arrangements or proceedings involving 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 attorneys tees and entry upon the Property to make repairs. if Lender required mortgage insurance as a condition of making the loan secured by this MortgB.ge, B~ROwer shalt pay the premiums i tP~r aintain such insurance in effect anti! such time as the requirement for such insurance terminates in acco nC~ t rrowers and _ ES JrKt ~.~zg ~~,2~00~0