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Home My WebLink About1125 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Prlnclpal and Interior. Borrower shall promptly pay when due the prtnctpal of and interest on the Indebtedness evidenced bythe Note, prepaymentand latecharges as provided in the Note, and the principal of and interest on any Future Advances secured by this Mortgage. Z. Futnds forTanesand Insurance. Subject to applicable law or to a written waiver by lender, Borrower shall pay to Lender on the day moelthly installments of principal and interest are payable under the Note, unit! the Note is paid to full, a sum therein "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•twelfth of yearly premium installments for mortgage insurance, it any, alt as reasaonabty estimated initially and f rom ttme to time by lender 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 agency including Lender if Lender is such an institution). Lender shall aoply the Funds to pay said taxes. assessments. ,nsurance premiums and ground rents. Lender may not charge for so holding and appjying the Funds, analyzing said account, or veritytng and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permtis Lender to make such a charge. Borrower and Lender may. agree to writing at the time or execution of flits Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable !aw requires such interest to be paid, Lender sft~ll'AOtibA required to pay Borrovtrt#r an; ihtere9t or datrlirtgS Ori the Funds. lender shaft 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 pledge(i as additional security to: the sums secured by flits 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 requtred to pay said taxes, assessments. tnsurance premiums and ground rents as they fall due, such excess shall be. at eorrowers option, etcher promptly repaid to Bcxro~, Dr. Credited tg Borrower on monthly installments of Funds. It Ike amount of the Funds held by Lender shall not be sutlicient to pay taxes, assessments, insurance premiums and ground rents as they tall due. Borrower shall pay to ~gnder any amount necerss~ry,to, tm~~up the deficiency within 30 days from the date notice is marled by lender to Borrower reque~'ttng payment th' 1. Upon payment in-MI'ot ~N Sun1t3~ seC~red tfy-this MO~tgt~ljQ,lLender shall p/bniptttl refund to Borrower any Funds held by Lender. If underpgragraph t8 hereot>itie?Fropettyis sold Onthe Property is otherwise acgwred by Lender. Lender shall apply, no later than immediaEelyprior tp tie dale gt,tttg Property or its acgwsihon by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgagi. - 3. Application of Payments. Unless applicable law provides otherwise. all payrnents7,eceived 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 pnnctpal on any Future Advances. - 4. Charges; Liens. Borrower shall pay all taxes, assessments and other charges, tines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or gound rents, if any, rn the manner provided under paragraph 2 hereof or, it not paid in such manner, by 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 furnish 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 to a manner acceptable to Lender, or shall to 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. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against 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 regwre: provided. that Lender shalt not require that the amount of such coverage exceed'th8t 8rrtouht of covelage tt3quired to pa~'t~he ~unt?' ~ecu4~eci' Dy thls M6jtgage_ The tnsurance career, prowditi~'th~it'isurance shalt be. a~o~aen bX BorttrnAersubject to approval by'Lender, provided. that such approval shalt not be unreasonably withheld, All .premiums on insurance-~poltcres shall be paid tn;the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due. directly to the insurance career. E I All ,nsurance priltctes and renewals thereof shall be rn form acceptable to Lender and shall include a standard mortgage I clause in favor of and in Corm 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 premtums. 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,tnsurance 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. Ii such restoration or repair is not economically feasible or tt the security of flits Mortgage would be impaired. the inFttrance ptiogeeds shall be applied to the sums secured by flits Mortgage. with the excess. if any. paid to Borrower. It the Property is abandoned by Borrower. or tF Borrower fates to respond to Lender within 30 days from the date nonce is mailed by Lender to Borrower that the insurance carrier otters tQ,settig a clajm for tnsurance benefits. Lender ,s authorized to collect and apply the insurance proceeds at Lender s optitiii either to restorattort orrepair of the Property or to the'Sums~secur~tly flits Mortgage.' iJnless Lender and Borrower otherwise agree in writing. any such application of pioceeds to pnr>rctpal shalt 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. It under paragraph 18 hereol the Property is acquired by Lender. all right. tale 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 acqutsitron 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 d 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 Borrowers obUga6ons under the declaration e pr covenants creating or governing the condominium or planned unit development. the by-laws and regutat;cns of the g condominium or planned unit development. and constituent documents. It a condominium or planned unit development ndeF i5 exectited by:Borrbwerai~ recorded t'ogtether r61h 1F1i5 Mt~it~ag~.~the i"bvenanis and agreements of such nde? shall be Incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereol. ? 7. Protection of Lender's Security: If Borrower faits to perform the covenants and agreements contained in this ~ Mortgage or .f any action or proceeding is commenced which materially affects Lenders tnterest in the Property. ^c:uding but not limited to. eminent domain. insolvency. code enforcement. or arrangements or proceedings involving a bang rupt or decedent then Lender at Lender's option, upon notice to Borrower, may make such appearances. disburse such Burns and take such action as is necessary to protect Lenders interest, including, but not linrted to. disbursements of reasonable attorneys fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a - -.~,ndition of making the loan secured by this Mortgage. Borrower shall pay the premtums requtred to maintain such ~,surance ,n effect until such time as the requirement for such insurance terminates in accordance with Borrowers and 's. - _ _ ~t