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Home My WebLink About0181 r - '~J .~,~3t 3~~ UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows 1. Psyment of Principal and Interest. Borrower shalt promptly pay when due the principal of and interest on the +ndebtedness evidenced by the Note. prepayment and rate charges as provided in the Note, and the pr+ncipat of and +nterest on any Future Advances secured by th+s Mortgage. 2. Funds forTsxes and Insurance. Subject to applicable law or to a wr+tten waiver by Lender, Borrower shall pay to L tinder r±n the day monthly installments of principal and interest are payable under the Note. until the Note is pa+d in lull 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. it any, all as reasaonablyestimated init+any and from time to time by Lender on the basis of assessments and bins and reasonable estimates thereof. The Funds shall beheld in an +nstitution the deposits or accounts of which are insured or guaranteed by a Federal or state agencyl+ncluding Lender if 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 ver+tying and compiling said assessments and b+lls. 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 o? applicable law requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shah g?ve 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 F unds was masse, The Funds ace pledged as additional security fpr the sump secured by this Mortgage. ` ' 11 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 faxes. assessments. insurance premiums and ground rents as they fall due. such excess shalt be, t Borro~~w~grs option, either promptly repa+d to Borrower pr credited to Borrower on monthly irlstallrt~l~ 6fl<f~K~r1~t~~ ~f4Y1~r>F~f Funds herd t,y Lender strait nut be Sufficient to pay taxes.,assessments. ,insurance premiums ands whey tail due. Borrower shat) pay to Lender any amount necessary to make up the~defic+encv ~ec+ttv~~Os$a~t~~~e i~r~j ~d by Lender to Borrower requesting payment thereof. b~~ - Upon payment in lull of all sums secured by this Mortgage. Lender s1p1M~iRQl~tr~~e~1~~ herd by Lender. It under para9laph 18 hereof the Property rs soltl or the Prop~~rw+seae~~ed ~ tf~ shau apply, no later than +mmediately prior to the sate of the Property or i1 ac wsition by Lender, any unds held by Lender at the time of appt+cation as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise. all payments received by t_endrtr under the Note and paragraphs t and 2 hereof shall be applied by Lender first in payment of amounts pay8bte to Lender by Borrower under paragraph 2 hereof: thin to interest payable on trio Note. then to the princ:pal of the Note. and then to interest and pnncipat on any Future Advances. 4. •Charges; Liens.. Borrower shall'pay all taxes. assessments and other charges. fines and impositions attributable to the Property which may attain a pnonry over this Mortgage. and leasehold payments or gound rents, if any, in the manner prov+deci under paragraph 2 hereof or. ii 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 amountsdue under this paragraph, and in the event Borrower shah make payment directly. Borrower shall promptly furnish to lender receipts evidencing such payments. Borrower shalt promptly discharge any lien which has priority over this Mortgage: provided. that Borrower shall not be regwred to discharge any such lien so Fong a~ f}wrower shall agree in writing tb the payrnetit of the obligation secured by such lien in a manner acceptable to lender. or shall rn good fa+th contest such I+en by, or defend enforcementof such hen in. legal iSroceedinys which operate to prevent the enforcement of the lien pr forfeiture. of the Properly oc-an+y,part,thereot. 5. Hazsrd Insurance. Borrower shalt-keep the improvements now,Qxi$trny oi; hereafter elected On 1t1e Propt:¢y insured against loss by fire. hazards included within the term"extended coverage". andsucti other hazards as Lsrider mey require and in such amounts•andTor such periods as'Lender require: provided. that Lerifddr.shall not require That the amount of such coverage exceed that amount,ot coverage required to pay the sum secured by this Mortgage.• Thp insurance carrier providKtg the insur~gce shah be ct?gs~n by Borrower st~ect toapproval by Lender: provided. that such approval shah not be Unreasonably withheld Atl premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or. it not paid in such manner. by Borrower making payment. when due. directly to the +nsurance carver. ' ~ -All insurance petioles and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage j 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 shat) give prompt notice to the insurance canner and Lender. Lender may make proof of toss +f not made-promptly by Borrower ~ ' Unless Lender and Borrower otherwise agree in writing. +nsurance 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 +rnpaired. It such restoration or repair is not economically feasible or it the security of this Mortgage would be impaired. the insurance proceeds shalt be applied to the sums secured by this Mortgage. with the excess. +f any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fares to respond to Lender within 30 days from the date eot+ce is mailed by Lender to Borrower that the +nsurance carrier offers to settle a claim for insurance benefits. lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the sums secured by this Mortgage. ' Unless Lender and Borrower otherwise agree in willing. any such application of proceeds to principal shall net extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. It under paragraph 18 hereof the Property is acquired by Lender. ail right. title and +nterest of Borrower ' ir. and to any insurance poticres and m 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 error to such sale or acgws+tion. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower shah keep the Property in good repair and shau not commit waste or permit impairment or deterioration of the Pro- perry and shau comply with the provis+ons of any lease if this Mortgage is on a leasehold. It this Mortgage is on a urnt in a condomin+um or a planned urnt development. Borrower shall perform all of Borrowers obligations under the declaration Ar covenants creating or governing the condominium or planned unit development. the by-taws and regulations of the i` condominium or planned unit development, and constituentdocuments. If a condominium or plannedyunit development rider is executed by Borrower and recorded together with this Mortgage. the covenants 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 Lender's Security. If Borrower fails to perform the covenants and agreements contained in this s Mortgage. or if any action or proceeding is commenced which materially affects Lenders interest in the Property. including. 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 attorneys tees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the Loan ser_ured by this Mortgage. Borrower shah pay the premiums required to maintain such insurance in effect unlit such time as the requ+rement for such +nsurance terminates in accordance with Borrowers and J ~ ~ g4~x342 .P~~E ig `~s'''-~'~'Y i - - ~ - T