The URL can be used to link to this page

Home My WebLink About0190 UNIFORM COVENANTS. Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest. Borrower shall promptly pay when due the pr~nc+pal of and interest on the +ndebtedness ev~Uenced by the Note. prepayme+~t and late charges as prov+ded in the N ote, and the princ+pal of and interest on any Future Advances secured by th+s Mortgage. 2. Funds for Taxes and Insurance. Subtect to applicable law or to a written waiver by lender, Borrower shall pay to Lender on the day monthly +nstaHments of princ+pa! and interest are payable under the Note, unfit the Note is t?aid in lull, a sum therein "Funds 1 equal to one-lwellth of the yearly taxes and assessments which may attain pnonty uver ibis Mortgage, and ground rents on the Property, it any, plus one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premwm +nstaltments for mortgage +nsurance. if any, all as ?easaonablyest+matedtnitially and from t+me to time by Lender on the bass of assessments and bills and reasonable estimates thereof. The Funds shall be held in an rnslitut+on the depos+ls or accounts of which are insured or guaranteed by a Federal or state agencyl+nctuding Lender +f Lender is such an inshtuhon). Lender shall apply the Funds to pay said taxes, assessments, insurance premwms and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account, or verilying and compiling sa+d 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 canting at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement +s made or applicable law requ+res such +nterest to be paid. Lender shau not be requ+red to pay Borrower any interest o?earnings on the Funds. Lender shall g+ve to Borrower. w+thout charge, an annual accounting of the Funds showing credits and debts to the Funds and the purpose for wh+ch each debit to the.Funds was made. The Funds are pledged as add+tional security for the sums secured by this Mortgage. ' If the amount of the Funds held by Lender, together w+th tine luture monlhty +nstaltments of Funds payable prior to the due dates of taxes. assessments, insurance prem+ums and ground rents. shall exceed the amount requred to pay said taxes. . assessments. +nsurance premiums and ground rents as they tall due, such excess shit pe. a1:Qorca>Ker~4glton, either_ promptly :epa:d to Borrower or credited to borrower on monthly +nstaltments of Funs. tf rye ~t the Funds held by Lender shall not be suthcient to pay taxaS. assessments, insurance premiums and~~T~t1~t~ATS~Sihey tall due. Borrower shall pay to Lender any amount nece§§ary to make up the deficiengf+~r~+RhnOQd ~ dAl~rt~e r>1 d by lender to Borrower requesting payment thereof. y,abstlA' Upon payment in full of all sums secured by This Mortgage. lender stalk fe7un~to o~~[~ILaQY held by Lender. If under paragraph 18 hereof the Properi.y+s sold or the Pro rw+se ac cared ~'Y L er shall apply. no later than +mmediately prior to the sale of the Property or its acgwsit+on by Lender, any Funds held by Lender at the t+me of application as a credit against the sums secured by th+s Mortgage. 3. Application of Payments. Unless applicable law prov+des otherw+se. all payments received by Lender under the Note and paragraphs t and 2 hereof shall•!ie 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 princ+pat of the Note. and then to interest and pnnc+pal an any Future Advances: 4. Charges; Uens. Borrower shau pay all taxes. assessments and other charges, fines and +mpositionsattributable to the Property wh+ch may attain a pnonty over this Mortgaye. and leasehold payments or gound rents, i1 any, in the manner prnv~d!'d under paragraph 2 hereof or. i! not paid in such manner, by Borrower mak+g payment, when due, directly to the payee thereof. Borrower shall promptly turn+sh to Lender all rot+r_es of amounts due under th+s paragraph. and in the event Borrower shalt make payment d+?ect~y. Borrower shall promptly turn+sh to Lender rece+pts ev+dencing such payments. Borrower shall promptly discharge any I:en which has priority over th+s Mortgage: provided, that Borrower shalt not be regwred !o discharge any such hen so long as Borrower shall agree in canting to the payment of the obhgatlOn secured by such l+en in a manner acceptable to tender. orshatt to good faith contest such hen by. ofdefend entorcementof such hen in, legal proceedings which operate to prevent the enforcement of the lien or tprtettyse-off the Properly or any part thereof. 5. azaM Insurance. Borrower shall keep the +mprovements now ex+$ting 0? hereafter erected on the Property insured againsrlo9s by fire, hazards included within the~term "extended coverage'. and such other hazards as Lender may require and +n such amounts and for such periods as Lender require: provided. that lender shall not requae that the amount of such coverage exceed that amount of coverage regwred to pay the sum secured by this Mortgage, The +nsurance carrier prov+d+ng 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 rn the manner prov+ded under paragraph 2 hereof o?.:t not pa+d +n such manner. by Borrower mak+ng payment, when due. directly to the insurance carver. ! All +nsurance pohc~es and renewals thereof shall be ~n form acceptable to Lender and shalt include a standard mortgage ~ clause in favor of and +n form acceptable to Lender. Lender shall have the right to hold the pol+cies and renewals thereof, ~ and Borrower shat) promptly furnish to Lender aft renewal notices and all receipts of paid prem+ums. In the event o1 loss. ~ Borrower shall g+ve prompt notice to the insurance carrier and Lender. Lender may make proof of loss +t not made-promptly by Borrower Unless Lender and Borrower otherw+se agree +n writing. +nsurance proceeds shaft be applied to restorat+on or repa+r of the Property damaged, provided such restoration or repair :s economically feasible and the security of this Mortgage +s n.,e thorob...m..~~r~4. If ~u~h .o~tr~,.3t~nn n..nnn,r ~c nAt er.~~nnm~~ally }oac~iiln nr fho Co~w~ty n} thug Mnrtn~nu 4yn„~I11 I be +mpa+red the insurance proceeds shall be applied to the sums secured by this Mortgage. with the excessyit any, paid to Borrower. f! the Property is abandoned by Borrower. or +f Borrower faits to respond to Lender v:~ithin 30 days from the date nonce +s ma+led by Lender to Borrower that the insurance career offers to settle a clam for insurance benefits. Lender ~s authorized to collect and apply the insurance proceeds at Lender's option a+ther to restoration or repa+r of the Property or to the sums secured by th+s Mortgage. Unless Lender and Borrower otherwise agree in writing. any such appt:cat:on of proceeds to princ,pal shall not extend or postpone the due date of the munthly :nstaltments referred to in paragraphs 1 and 2 hereof or chang:? the amount of such installments If under paragraph f 8 hereof the Property ~s acqu+red by Lender. all right. title and interest of Borrower in and to any insurance pohc~es and in and to the proceeds thereof resulting from damage to the Property poor to the sale or acgws+t+on shall pass to Lender to the extent of the sums secured by this Mortgage tmmed+ately prior to such sale or acqu+s:tion- 6. Preservation and Maintenance of Property; leaseholds; Condominlums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impa+rment or detenorahon of the Pro- , perty and shat) comply w+th the prov~s:ons of any tease if lh+s Mortgage +s on a leasehold. If this Mortgage +s on a unit in a ~ ecndomin:um or a planned ur•,of deve'.cpmenf, Borrower shall perform all of Borroviref5 obi+gations under the declaration or covenants creating or govern+ng the condominium or planned unit development. the by-taws and regulations of the condominium or planned urnt development, and conslituefn documents. if a condominium or planned unit development rider :s executed '~y Borrower and recorded together wrth this Mortgage. the covenants and agreements of such rider shalt be ;ncorporated +nto and shall amend and supplement the covenants and agreements of this Mortgage as it the nder ~ were a part hereof. ~ 7. Protection of Lender's Security. If Borrower tails to perform the covenants and agreements contained in th+s ~ Mortgage. or it any action or proceeding +s commenced which materially alfects 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 Lender's interest, including, but not limited to, disbursements of reasonable attorney's tees and entry upon the Property to make repairs. If Lender requ+red mortgage insurance as a . condition of making the loan secured by tins Mortgage. Borrower shall pay the premwms required to maintain such insurance m effect until such time as the requ+rement for such insurance terminates in accordance with Borrowers and • ~ `.ir ~ts~~ E~~~~ 342 Q4~E 190 ~ ? _ ~ . . _ ~ ~ - ~x~3 ~ ~ ~ - -,_s- 's