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Home My WebLink About0434'~~~.i1~J~C `':F c~r' _ ~.r ~ ~•)~~ UNIFORM COVENANTS. Borrower and Lender covenant and agree as lollows: 1. Paym~nt of Principat a~d Intehst. Borrower shall promptly pay when due the pnnc~qal of and interest on the ~ndebtedness 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. Funds fo~ Tax~~and Insun~c~. Subjecl to applicabie law or to a wr~t~en wa~ver by Lender, Borrower shall pay to lender on the day monthly ~nstallments ot principal and inte~est are payable under the Note, until the Note ~s paid ~n Iu1i. a sum (herein "Funds") equal to one-tweltth oi the yearly taxes and assessments which may attain pr~onty over this Mort9age, and ground rents on the Property, if any, plus one-Mrellth ot yearly premium installments for hazard insurance, plus one~tweltth ot yearly premium installments for mortgage insurance, it any, all as reasaonably estimated init~ally and from t~me to time by Lender on the basis ot assessments and bills and reasonable estlmates thereof. The Funds shall be held m an institution the deposits or accounts of which are ~nsured or gua~anteed by a Federal or state agency~~ncluding Lender il Lender is such an inslitution). Lender shatl appty the Funds to pay sa~d taxes, assessments, ~nsurance premiums and ground rents. Lender may not charge for so hotding and apply~ng lhe Funds, analyzing said account, or ver~y~ng and compiling said assessments and biNs, unless Lender pays Borrower ~nterest on the Fun~s and appl~cable taw perm~ts Lender to make such a charge. 6orrower and Lender may agree in wnting at the time o~ execution ot th~s Mortgage that ~nteresl on the Funds shall be pa~d to Borrower, and unless such agreement ~s made or appticabte iaw requ~res such ~nterest to be pa~d, Lender shall not ~e requ~red to pay Borrower any mterest or earn~ngs on the Funds: Lender shatl g~ve to Borrower, w~thout charge. an annuat accounting oi the Funds show~ng cred~ts and deb~ts to the Funds and the purpose for wh~ch each debil to the Funds was made. The Funds are pledged as addit+onal secur~ty to; the sums secured by th~s Mortgage. It the amount of the Funds held by Lender, together w~th the luture monthly ~nstatlments ot Funds payable pr~or to the due dates of taxes. assessments, ~nsurance prem~ums and ground reMs shall exceed the amount requ~red to pay sa~d taxes. assessments ~nsurance premiums and ground rents as they fall due, such excess shall be. at Borrower s opt~on, e~ther promptly repa~d to Borrower or c~edited to Borrower on monthly ~nstallmenis ol Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, ~nsurance prem~ums and ground rents as they fali due. Bor:owe! shall pay to Lender any amount necessary lo make up the deticiency within 30 days from the date not~ce ~s ma~led by lender to Borrower requesting payment thereot. Upon payment +n tu~~ of all sums secured by th~s Mortgage, Lender shatl promptly retund to Borrower any Funds held by Lende~. If under paragraph 18 hereof 1he Property ~s sold or lhQ Property ~s otherw~se acqu~red by Lender, Lender shall apply, no later than immediately pnor to the sat~,pt 1hQ Property or ~ts acqu~sit~on by Lender, any Funds held by Lender at the time of applicat~on as a credit against the sums secured by this Mortgage. 3. Application of Payms~ts. Unless appi~cable law prowdes othen+v~se. al1 payments rece~ved by Lender under the Note and paragraphs t and 2 hereof shall be appl~ed by Lender f~rst in payme~t ot amounts payabie Io Lender by Borrower under paragraph 2 hereot. then to interest payable on the Note. then to the pr~~c~pa~ of the Note. and then to ~nterest and pr~nc~pal on any Future Advances. 4. Charges; Uens. Bo~rower shall pay a11 taxes, assessments and other charges. f~nes and ~mpos-t~ons attnbutable to the Property which may altain a pnonty ove~ this Mortgage, and leasehold payments or gound -ents. ~f any. ~n the manne~ prov~ded under paragraph 2 hereot or, it not paid ~n such manner. by 6orrower mak~ng payment. when due. d~rectly to the payee thereoi. Bo-rower shall promptly turn~sh to Lender all not~ces ot amounts due under th~s paragraph, and ~n the event Borrower shall make payment directly. Borrower shall promptly furn~sh to Lender receipts ewdenc~ng such payments. Borrower shall promptly d~scharge any Ilen wh~ch has pnonty over this Mortgage: prov~ded. that Borrower sha~l not be reqwred to discharge any such lien so long as Borrower shall agree in wr~ting to the payment of the obligation secured by such i~en in ~ manner acceptable to Lender. or sha11 in good fa~th contest such lien by. or defend enforcementot such ~~en ~n. ~egal proceedings which operate to prevent the entorcement of Ihe I~en or forfe~ture ot she Property or any part thereof 5. Hazard Insurancs. Borrower shall keep the ~mprovements now exist~ng or hereafter erected on the Property msured aga~nst ioss by t~re. hazards ~ncluded w~th~n the term ~~extended coverage". and such other hazards as Lender may requ~re ar,d ~n such amounts and for such penods as Lender requ~re: prov~ded. that Lender shall not requ~re that the amount ot such coverage exceed that amount of coverage requ~red to pay the sum secured by th~s Mortgage. The ~nsurance carner qrovid~ng Ihe ~nsuran~e ghall be chosenbyBorrowe~ sub~ect to approval by Lender; prov~cied. that such approval shall not be unreasonabty withheld. All premwms on ~nsurance pol~c~es sha~t,be paid in th~ manner prov~ded under paragrap~ 2 hereot or. ~f not paid ~n such manner. by Borrowe- makcng payment. when due. directly to the ~nsurance carr~er. Ali insurance policiesend renewals lhereof shatl be m form acceptab~e to Lender and shatl ~nclude a standard mortgage clause m tavor of and in form acceptable to Lender. Lender sha!! have the nght to ho:d the poficies and renewa~s thereof. and Borrower shall promptly furn~sh to Lender ai1 renewa~ noUces and au rece~pts ot pa~d premwms. In the event of loss. Borrower shau g~ve prompt not~ce to the ~r.surance carr~er and Lender. Lender may make proof ot ioss ~f not made-promptiy by Borrower. Unless Lender and Borrower otherw~se agree ~n wrinng. ~nsurance proceeds shalt be appl~ed to restoration or repa~- of the Property damaged. provided such restorat~on or repair ~s econom~caliy feas~bie and the secur~ty of th~s Mortgage ~s not thereby ~mpa~red. If such restorat~on or repa~r ~s not econom~cally feas~ble or ~f the secu++ty of th~s Mortgage would be impa~red. the ~nsurance proceeds shall be appl~ed to the sums secured by th~s Mortgage. w~th the excess. ~f any. pa~d to Borrower. If the Property is abandoned by Borrower, or ~f Borrower fa~IS to respond to Lender within 30 cfays from the date rot~ce ~s ma~led by Lender to Borrower that the ~nsurance carr~er otiers to settie a cla~m tor ~nsurance benetits. Lender ~s author~zed to cotlect and appiy the ~nsurance proceeds at Lender's opt~on e+ther to restorat~on br repa~r of ;he Property or to the sums secured by th~s Mortgage. • ~ Unless Lender and Borrowerotherw~se ag~ee ~n wnt~ng. any such appl~cation of procee~s to pnnc~paf shall not extend o- postpone the due date of the m~nthly ~nstaltments referred to ~n paragraphs t and 2 hereof or change the amount ot such mstatlments. It under paragraph 18 hereot the Property ~s acquired by Lender ali nght. htle and ~nterest of Borrowe- ~r, and io any ~nsurance polic~es and ~n and to thP proceeds thereot resulting from damage to the Property pr~or to the sale or acqu~s~tion shall pass lo Lender to the extent ot the sums secured by th~s Mortgage ~mmed~atefy pr~or to such sale or acquisft~on. 6. Preservatlon and Msintsnance ot Property; Lesseholds; Condominiums; Plsnned Untt Developments. Borrower shall keep the Property m good repa~r and shail not comm~t waste or perm~t rmpa+rment or detenorat~on ot the Pro- perty and shall comply w~th the prov~s~ons ot any Iease ~f th~s Mortgage is on a Ieasehotd. it th~s Mortgage ~s on a ur.~t m a conctom~n~um or a planned urnt development. Bo~rower shall pertorm al1 0( Borrower s obligat~ons under the declarat~on o~ covenants creat~ng or goverrnng the condom~n~um or planned unit development. the by-taws and regulations of the condom~nium o- planned umt development. and constiluent documents. It a condominium or pianned urnt developmenl r~der ~s~executed by Borrower and recorded together wyh th~s Mortgage. the covenaMS and agreemenis o~ such r:de- shall be ~ncorporated ~nto and shall amend and supplement the covenants and agreements of this Mo-tgage as ~I the r~~:e- wer~ a part hereOt 7. Protectlon of Lender's Security. If Borrower fa~ls to perform the.cover~ants and agreements conta~ned m th~s Mortgage or ~t any act~on or p-oceed~ng is commenced wh~ch matenatly at(ects Lenders ~nterest ~n the Property ~nc!uding but not ~im~ted to. eminent domain. msolven~y. code enforcement. or arrangements or p-oceed~ngs ~nvolv~ng a bankrupt or necedent. then Lender at Lende~'s opbon. upon noUce to Barrower. m~ make such appearances d~sburse such sums and take such act~on as ~s necessary to protect Lenders mterest. ~nctutling. but not timited to. disbursements ot «~asonabie attorney's fees and ernry upon the Property t0 make repairS. It Lender requ~red mortgage msurar,ce as a ~.~~ncLl~on of mak~ng the loan secured by this Mortgage. Borrower shalt pay Ihe p-emiums requued -o ma~ntain such ~~^s~rancP ~n ellect um~1 such hme as the -eqw~ement for such msurance terminates ~n accordance w~th Bonower s and ~ ij l ll;~i~ t r ~ 1 L~~~~~~ P~ ~~ ~ • - - -- ~ _ ~, _~ t~ ~ ~.;~._.~-•-~.~ : ~~ _- - •- -