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Home My WebLink About0592 e~~ t.m~ UNIFORM COVENANTS. Borrower and lender covenant and agree as follows: 1. Payment of Prlnalpal and Intenat. 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. - ~ Z. Furxls for Taxes and Insturanoe. Subject fo applicable law or to a written waiver by lender, Borrower shat l pay to Len~gr on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum therein "Funds"? equal to one-twelfth of the ye~riy taxes and assessments which may attain prioriy over this Mortgage, andground rents on the Property, if any, plus one-twelfth 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 Lerxler on the basis of assessments and bills 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 agencytincluding 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 aril applying the Funds, analyting 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 al 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 law regwres such interest to be paid, Ldnder~shallhot bbriagdired to pay B'drroweranyiftterest'oi ~larhfh~s Defile Kends. Lender shall give to Borrower. without charge, an annual accounting of the Funds showing 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 to: 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, shalt exceed the amount required to pay said taxes. assessments, insurance ptrerrtiums ahd ground rents as they tall due, such excess shall be, at Borrowers option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. It the amount of the Funds held by lender shall,ppt be suUiGent t0 payllare@s, assessments, insurance premiums and ground rents as they fall due. Borrower shall pay to Lender any amount necessary' to make t!p jhe deficiencywithin 30 days from the date notice is mailed by Lender to Borrower requestMg pdyrtient thereof. Upon payment in tutl;W a~1`~urri ~SeCtired L~y1Mig Mort~ac,~e.'Lender shall promptly refund to Borrower any Funds held by Lender. if unddr paragraph i:8 hereof the Ptbperty is sold Oritle Property is otherwise acquired by Lender, lender shalt 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. 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 1h6;DrJ~i~l~he Note, and then to interest and principal on any Future Advances. u ?J' rrs:~;;,• ~o.. 4. Charges; Liens. Borrower shall pay all taxes, assessments and other charggees, ffdlAipgyions 8ttributabte to the Property which may attain a priority over this Mortgage, and leasehold payl'SAe~RS•bF'tg0ertd tQr~: ~~t~ tide manner provided under paragraph 2 hereof or, it not paid in such manner, by B~'ttlvirl,+f d>oicing~a~p(~, ue if to the payee thereof. Borrower shall promptly furnish to Lender all notices of a~plyiye undec.thiS p,~r~r~lfii~h~ent Borrower shall make payment directly, Borrower shall promptly furnish to Lender repeipts evid biHl~+l~tt:IDp~ytigSrtis. Borrow~et 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 shat) 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 firs, hazards. inC~dec~ within the term "extended coverage", and such other hazards as Lender may require and in such a?~ouhts •and for such periods as Lender.require; provided, that Lender, shall foot require thaat the arrtgynt of such coverttg~'eirceed`thai^arftoulrlt of'~b~Jt9~lequired to pa~t~~ sum'3~curted by thjs`'~bitgage; - ~ ~ ` ' ' - The insurance'carriertprovidingitte irrsuradce shaltt~cltosehtiy BOrfovlr6r?subjedto approval tlll.l~de}: Qfovided. that such approval shall nal be ur?reaspRably,~jtJiheld.sAll grettaiuras on insur~ece pgliciss_shah;¢~^~Kf in the manner Rrovided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the insurance career. All insurance policies gild ?~newals thereof shall be in form acceptable to Lender and shalt 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 thereof. and Borrower shall promptly iumish to Lender alt 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 I 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 kle impaired, the insurar~,Ce:pgopeec~shall be appljeSi to the sums secured by this Mortgage. with the excess, it 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 Lender to Borrower that theinsurance carrier offers ip sgtlle a claim for insyr~nce benefits, lender ~s authorized to collect and apply the insurance Qroceeds at Lenders option eithler to restoratibiti or repair of the Property orYO ttfe'surrtis 3esuf~d bythis tulo~t~t3tje:.°.•:t , , . ; , , ~ . Unless Lender and Borrower otherwise agree in writing any such applicaliort of proceeds to principal shall 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 hereof the Property is acquired by Lender. al! right, title and interest of Borrower ~n 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 sale or acquisition. 6. Preservation and Maintenance of Property; 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- - perry and shall comply with the provisions of any lease ii this Mortgage is on a leasehold. If this Mortgage is on a unit in a F condominium or a planned unit development, Borrower shalt perform all of Borrowers obligations under the declaration i 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 tlocuments. li a condominium or planned unit development rider is executed by Bor~Owet and l'I~Cbrded together'~rith t'hj9 Mbhga~~ tha ciwenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as ii the rider } were a part hereof. ; g 7. Protection of Lenders Security, If Borrower tails to perform the covenants and agreements contained in this j Mortgage. or it any acUOn or proceeding is commenced which materially affects Lenders interest in the Property. ~nc~udmg. 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 attorney's fees and entry upon 1he~Property t4 make repairs. If lender required mortgage insurance as a r,;,ndmon of making the loan secured by this'Morfgage, Borrower shalt pay the premiums required to maintain such 3 nsurance in etiF:c1 until such time as the requirement for such insurance fermi ales in accordance with Borrowers and ' ~~~~~f~~ r - BOOK ~.J~D ~6E _