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Home My WebLink About1891 sl uK SCE ji)vV . t,~ tJ UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of PHnClpal and IntensL Borrower shall promptly pay when due the principal of end 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. Z. Runde forTaxes and !t»unnoe. Subject to applicable law or to a written waiver by Lender, Borrower shall pay to Lender on theday montfaly installments of principal atxl interest are payable under the Note, until the Note is paid in full, a sum therein "Funds") equal to one-twelfth of the yearly taxes and assessor@nts which may attain priority over this Mortgage, and ground rents on the Properly, it any, plus one•iweltth of yearly premium installments for hazard insurance. plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasaonablyestimated initiallyand from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution the depc+sits or accounts of which are insured or guaranteed by a Federal or state agency including lender it lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments. ,nsurance premiums and ground rents. Lender may not Charge for so holding.and applying thg Fang aria,~yz trig said account, or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the F~nCs'and applicable law - permits Lender to make such a charge. Borrower and lender may agree in writing at the time or execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable taw regwres such interest to be paid, t~~alensh~14noGttiR ~gpirecJ,lp Ray Bprrowe~pi~terest~@t~jr{~g or~4tagFunds. Lender shall give to Borrower, without charge. an annual accounting of the Funds showing credits an~-d d__ebbd_s 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 Ih~s 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 Borrower's option, either promptly repaid to ,Bp/r~Q(p~~or, c,~~iitt~to Borrower on monthly installments of Funds. li the amount of the Funds held by lender shall n'6t ti`e sufrd'~~n~t to ~y taxes, assessments, insurance premiums and ground rents as they fall 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 Borrov~rrequea~r~j`(dtlyriltent ttieritllbt'• t.tCtc?~ Upon payment (ftt"Jdll of ~iil'ts~iRls-secGred 'this t~angalge, L'entlershall ptontpUy refund to Borrower any Funds held by Lender. if under;pp4agrap~~~8~hereof~that?r is sold the Property is otherwise acquired by Lender, Lender ear ~ . shall apply, no later th~ip imm~cfiaytgl ,py~`qr W 1Zi I Pr party or its acquisition by Lender, any Funds held by Lender at the time of ~pplicatioh as`~~r;r~cf t~get~li~ ums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments 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, 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; Uens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and feasehol'd payments or gQund rents, if any, in the manner provided under paragraph 2 hereof or, it not paid in such manner, by Borrower rtiakirig payment, wean 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 fumish 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 tong 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, ordefend 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. Haisrd Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured aga,nst 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 require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sum secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. that such approval shall not be unreasonably withheld. All premiums on 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 ~ ,nsurance carrier. All insurance~bliciesalid renewals thereof shall be in form acceptable to lender and shall include a standard mortgage clause in favor of and inform acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. and Borrower shall promptly fumish 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 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 impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired. the itl~~+rance proceeds sh~jl~t~e applied to the sums secured by this Mortgage. with the excess. if any. paid to Borrower. If the Prodeiry is abandoned by Borrower, or ii 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 ,s authorized to collect and apply the insurance proceeds at Lenders optidtrl~lfher to iestbration or repair of the Property ortall~lsutiha~8gl~f~)b~/iJ1iS-Mortgt~gat~'`.''rc;~ ;r' ~ Unless Lender and Borrower otherwise agree in writing, any such application.of proceedtxto~~cinciga) stzall not extend or postpone 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 18 hereol the Property is acquired by Lender. al! right. title and interest of Borrower ,nand 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 sale or acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unlt Developments. Borrower shall keep the Property in good repair and shall not commitwaste or permit impairment or deterioration of the Pro- perry 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 obligat,ons under the declaration or covenants creating or governing the condominium or planned unit development, the by-taws and regulations of the contlbrtluiityttr-dr:Q~ntiedi<lnitiieVeli~p~Ment, and constituent documents. If a condomirnum or planned unit development rider ,s exeOyted~~~Qorr+owef;a!r{rrggordgd~togelher wid~•this Mortgage. the covenants and agreements of such rider s 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 SecW .,,If Borrower tails to perfpJLn the covenants and agreements contained in this Mortgage or ,f any action or proceedir5 'is commenced which materiatl~'affects Lender's interest in the Property. ,nciud,ng. but not I,maed to. eminent domain. insolvency. code enforcement, or arrangements or proceedings involv,ng 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 s necessary to protexct tenders inter~st,~ipcluding, but not limited to. disbursements of reasonable attorney's fees and entry upon the Pfbperty t0 malce:fep~iry.;lf Lender required mortgage insurance as a ccnd,non of making the loan secured by this Mortgage. -Borrower shall pay the premiums requued to maintain such ;nsurance ,n effect unfit such time as the requirement for such insurance term,nates m accordance with Borrowers and , ~au~ea ~ P~ -