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Home My WebLink About0747 UNIFORM COVEN,NTS. Borrower anJ l.cnder covenant anJ agree as follows: 1. Payment of Principal and Interest. 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. 2. Ftitads for Taxes and lasuraace. Subject to applicable law or to a written waiver by Lender. Borrower shall pay to Lender on the day monthly installments of principal and interest arc payahle under the Note, until the Note is paid in full, 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, 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 reasonably estimated initially and from time to time by Lender oft the basis of assessments and hills and reasonable estimates thereof. The Funds shall he held in an institution the deposits or accounts ~~f which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply the Funds to pa}• said taxes, assessments, insurance premiums and ground rents. Lender ma}• not charge for so holding and applying the Funds, anal},zing said account, or verif}•ing and compiling said assessments and hills, 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 an the Funds shall he paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid. Lender shall not he requirexl to pa}• Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Fords 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 for the sums secured by this 1lortgagc. If the amount of the Funds held by (_ender, together with the future monthl}• installments of Frmds 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 Borrower or credited to Burrower un monthly installments of Funds. if the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums anJ ground rents as they fall due, Borrower shall pay to Lender any amount necessan• to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower rcyucsting payment thereof. Upon payment in full of all sums secured by this Mortgage, Lcndcr shall promptly rcinnd to Bormwcr any Funds held by Lender. If under paragraph IR hereof the Property is saW or the Propcrq• is othcrw•isc acquired by Lcndcr, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition h}• Lcndcr, 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 ;`Tote and paragraphs 1 and ~ hereof shall be applied by 1_ender first in payment of amounts payable to Lcndcr b}• Borrower under paragraph 2 hereof. then to interest payahle on the Nute, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges; Liens. Borrower sh:dl pay all taxes, asxssmcnts and other charges. fines and impexiitiuns attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if an}•, in the manner provide) under paragraph 2 hereof or. if nut paid in such manner, by Bormwcr making payment. when due. directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due tinder this paragraph, and in the event Borrower shall make payment directh•, Harrower shall promptly furnish to Lcndcr receipts evidencing such payments. Borrower shall pmmptl}• discharge any lien which has priority over this Mortgage; provided, the+t Burrower shall not be required to discharge any such lien so long as Horrow•er shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lcndcr, ar shall in gcxKl faith contest such lien hy, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the I+en or forfeiture of the Properq• or an}• part thereof. 5. Hazard Irnurance. Borrower shall keep the impro+ements na.+ exiving ur hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage". anJ such other hazards as Lcndcr may require and in such amounts and for such periexls as Lcndcr may reyoire; prusidcd. that Lender shall nut require that the amount of such coverage exceed that amount of coverage required to pac the vims ,ecured M• this Mortgage. The insurance carrier providing the insurance shall he chosen h}' Harrower subject to approval by 1_ender; provided, that such approval shall not be unreasonabl}• withheld. All prrmiumc on insuranrc policies shall F*e p:+id in the manner provided under paragraph 2 hereof or. if nut paid in such manner, h}• Burrower making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptably to Lcndcr and shall include a standard mortgage clause in favor of and in farm acceptable t.. Lcndcr. Lcndcr shall have the right to hold the policies and renewals thereof. and Borrower sh:dl promptly furnish to Lcndcr all renewal notices and all receipts of paid premiums. In the event of loss, Harrower ,hall give prompt notice to the insuruue carrier and Lcndcr. Lender may make pnx~f of loss if not made promptly b}• Borrower. Unless Lcndcr and Borrower otherwise agree in writing. insurance prexeeds shall be: applied to restoration ur repair of the Property damaged, provided such restoration or repair is ecunomicalh• feasible and the security of this :Mortgage is not thereby impaired. If such restoration or repair is not ecunurnically fyasihle or if the securit}• of this Mortgage would be impaired, the insurance prexeeds shall b+: applied to the sums secured by this Mortgage. with the excess, if any, paid to Borrower. If the Property is abandoned h} Borrower. ar if Horrower fails to respond to Lender within 30 days from the date notice is mailed by Lcndcr to Hormw•er that the inwrance 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 ur to the sums sycurcd h}• this Mortgage. Unless Lcndcr and Borruw•cr otherwise ague in writing, am' such application of pn.cceds to pnncipa) shall not extend or postpone the due date of the monthl}' imlallments referred to in paragraphs I and 2 hereof or change the amount of such installments. 1( under paragraph l8 hereof the Propcrq~ is acquired h}• Lender, all right, title and interest of Borrower in and to am insuranrc policies and in and to the proceeds thereof resulting tram damage to the Property prior to the sale or acquisition sh:dl pass to Lcndcr to the c~tcnt of the sums secured h}• thu Mortgagy immediately prior to such sale or acquisition. 6. Preservation and ~laiotenance of Properi}; Leaseholds; Condominiums; Planned Unit Developments. Borrow•cr shall keep the Property in gaud repair and shall not commit waste ur permit impairment or deterioration of the Property and shall rnmply with the provisions of any lease if this Mortgage is un a leasehold. If this Mortgage is on a unit in a cunduminium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration ur covenants creating or governing the cunduminium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider rs executed by Horrow•er and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend anJ supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. 7. Protection of Lenders Security. If Harrower fails to perform the covenants and agreements contained in this Mortgage. ur i( any action or proceeding is commenced which materially :+tfects Lender's interest in the Property, including. but n~~t limited to. eminent domain. insoh~enc}, code enforcement, or arrangements or pn~ceedings im•oh~ing a banknipt or decedent, then Lender at Lender's option, upon notice to Borrower, ma} make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest. including, but not limited to. disbursement a( reasonably auorne}•'s (yes and entry ufx-n the Propcrn• M make repairs. 1f Lcndcr required mortgage imuranre as a cunditivn of making thy loan secureel by this Mortgage. Burrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement fur ,uch insuranrc terminates in accordance with Borrower's and `s 8~x 344 PM~E ?47 ,~ __