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Home My WebLink About1701~_ . _ . _ _ . ~ -. -, . •~! . ~ ~r 4' a ~ ~ ' UNIFORM COVEN ~NTS. BOfMVYt~ ~Ild I.ttltlCt COVcnanl anJ ag~ee as tollows: 1. h~mcat of Macip~l s~d 1Merest. Borrov-~e~ shall pnxn~ly pay when due the principai ot and interest on the indebted~css evidenced by thc Note, prepaymeot and late charges as proviJed in ~he Nwe, and the principal of sr~d i~teresl oe aay Future Advances secured by this Mongage. Z. F~uds tor Tua aua I~sra~ce. Subjcc~ to applicabk larr or ~o a written waiver by ~ender. Borrowe~ shall pay to I.e~der on ~hc day monthly i~stallments of principal a~d intcrest are paysbk under the Note, until the Note is paid in tull, a sum (herein "Fu~ds") equal to one-tvrelfth ot ~he yearfy taxts and assessments which may attain priority over ~his Mongage. and grour~d reals an the P~uperly, if any, plus anc-tv-elith ot yea~ly premium installmenu fo~ hazard insurance, plus one-tvvelfth o[ yearl~ premium installme~ts for mongage insurance, if any, all as rcuonably estimated initially and from time to time by t_cnder on the basis af assa.smcnts and bills and reawnabk es~imates thercof. 71x Fund~ shall he held in an inslitu~ion the deposits or accounts of whicb arc i~sured or guaranteecl by a Fede~al or state agency (including Lender if Lender is such an institutionl. I.ender shall apply the Funds to ~ray said taxes, assessments, insurance premiums and grout~d rents. I_endtr ma~• ~ot charge tor so holding ancl applying the Funds, analyzing said account, or verif~•ing an~i compilina said asscysments am1 biils, unless l.ender pa~s Borrower interat on the Funds and applicable law pertnits i.ender to make such a charge. Borruwer ancl l.enJer may agree in writing at the time of exec:utio~ of this Mortgage that intercst an the Funds shall he paid t~ Borrowe~, a~d unkss such agreemem is made or applicable law rcquires such interest to be paid. 1_eoder shall not be rcquired ta {~:-y Borrov~•cr any intercst or earnings on the Funds. Lender shatl give to Borrower, without charge, an annual accounting o( the Fundc shov-•ing credits and debits to the Funcls and tht purpox for which each debit to the Funds vras made. The 1=un~is are E+IedgeJ as additional security for the sums secureci by this Mortgage. If the amount of the Funds heW by Lernier, together with ~he future monthl~• installments of Funds payable prior to thc due dates of taxes, asx~nts, insurance premiums and g~cwnd reots, shall excced thc amount reyuired to pay said taxes. asxssments, i~surance premiums and gruund rents as ~h~:~• fall due. such e~c~ss shrll be, at Borrower s op~iun, either promptly rcpaid to Borrovver or credited to Borrow•er on monthly installmcnts of Funds. !f the amount of the Funds held by Lender shall not be sufficient to pay ta~es, assessments, insurance premiums and ground rents u they [all due, Borrower shall pay to Lende~ any amount necess~n~ t~ make up tlx: dcfirienc~~ w~ithin 30 Ja~s from the ~1ate notice is mailed by Lende~ to Borrower requating paymcnt thereof. • Upon payment in [utl af all sums secured by this M.~rtgag~:_ l_cnder shall promptly re[und to Borrov-•er any Funds held by l.ender. 1( under paragraph l8 hereof the Propert?• ic sold or the Property ~s ahen+ise acqwred by Lender, LenJer shall apply, no later th~n immediatcl~• prior to the cale of thr Propcrty or its acquisitian by I.ender, any Funds held by Lendcr at the timc ot applkation as a crcdit agamst the sumt secured b~• this ~tortgagc. 3. Applicstan of Psymeats. Uolecs applicable law~ pro~ides otherwise. all payments received by I_cnder unJer the Note and paragraph~ 1 and 2 hereuf shall be applicd by I.cnJcr 6nt in pa~•ment of am.wnts pa~•able to LcnJer by Borrov-•er under paragraph ? hereof, then to interest payable un the \ute, then to the principal ot the Nc~te, and then to interest and principal on any Futurc Advances. 4. Charges; I.iens, B~irrowcr sh~ll pa~• all tarc+~ asks~mcnts and othcr charges. fine~ anJ imFxxitions attributable to the Propert~~ H•hich may attain a priority over this \tortgage. and leasehold payments ar ground rents, if any, in the manner pcovided unJer parag~aph 2 hereof or. if nM paid m cuch manner, by Burrow•er making pa}•ment, w~hen due. Jirectly to the payee therrof_ Borrower shall prompU)~ furn~sh to Le~der all notices o( amounts due under this Paragraph, and in the event Borrower shall make pa~•ment directl~~. Borrower chall prornptlp furnish to Lenikr receipts c~idencing such payments. Borrower zhall prompdy dix.harge an~ licn ~hich has pnonty ovcr this Alortgage: provi.led, that Borrower shall not be required to discharge an)• such lien so long as Borrower shall agree in writmg to the pa}•mrnt of ~he obligatiun secured by such lien in a manner acceptable to lxnder, or shall in gcwd faith contest such lien by, or ~{efend enforcement of such lien in, legal proceeding~ which operate to prc~em the enforcement ot the hen or furtcitore of the Property or an~- part thereof. S. Huard Insurance. Borrower shall keep thc impmvemrntc noN c~isting or her~aftcr crcctcd on the Pr.•pcrty msured against loss h~~ fire, hazards inciuded w•ithin the term "~ctendeJ ~ov~rage", anJ such other hazardc ac Lender may reyuire anJ in surh amounts and tor such periodt ac Lender ma}• rryuin:: pru.id~:d. that Lend~r ,hall not reyuirc that the amuunt o( such roverage e~ceed that amount o( co~erage reywrrci to pac ~ix sum. .ecurcd b~• th~s ~tong•rge. 'tl~e insurance ~arrier providing the insurance shall be choxn b)~ Borruwrr cubject to •rpproval by I_enJer, pro~ided, that such appro~•al shall not be unreawnahl~• withhrld. All prrmiumti .•n insurance polic~es ShaU tk paid in the manner provided under paragraph 2 hcrcof or, if not pa~J in wch manncr, b~~ Borrower mahing payment, when due, direcdy to the insurance carrier. All insurance policiec and renew•rls there~~f shall t~r in furm acceptablr to Lender and s:~all inclndc a StanJard mortgage cleuse in fa~•or ~~f and in form acceptable to Lender_ 1_endcr ,hall ha~•c thc right to hold the p~~li:ies and rcnewals thereof. and BorroK~er shall prompth• (urnish to Lendcr alf renev-al noteres and all receipts of paid premiums. In the e~•ent of loss. Borrow•er ~hall g~~~e prompt notirc to the insurancr carnrr and I.enaier_ Lender ma~~ maAe pr«.E of loss if not made prompUy by Borrower. Unless Lendcr and BorroWer othcrv-~x agr~ti in writing. inw~ance pr.~ec~1s shall be applied to resturation or repair of the Proper~}~ damageJ. proviJeci such restorauon or repa~r ~s econ.~micall~• feasible and the security of this Mortgage is not thereby impaircd. If surh rc~toration or reprir is nut cconumi:~ll~• fcasiblc or if the securiq• of th~s :~tortgage v-ould be impaired. the insurance praceeds shali be app1KJ m thr sums secured b~- this Atortgage. v-ith the exceu, if any, paid to Borrower. If the Property is ~banJoned hy &.rroWer, or if Borrower fails to respnnd to I_ender within 30 da~s from the date notice is mailed b~~ Lender to Borrow~er tha~ ~he ~nsurance carrier aHers to seule a claim for insurance benefits, 1_ender is authoriud to collect and appl~ the ~nsurance proceeJs at I_ender's option either to restoration or repair of the Propert~• or to the sum~ securec! by this ~fortgage. Unlest Lender and Borrow•er othen+ise agree m wnting. am~ wch application of proceeds to principal chall not extend or postpone the duc date of the monthlc ins~allments referred t.• in paragraphs I and 2 hereof or change the amount of such installments. If unJer paragraph l8 hercof the Property is acywreci bt• Lender, ali nghi, titk and interat o[ Borrower in and to an} insuranre policies and in and to the pra:eeds thcrmf resulting from damage to the Property prior to the sale or acyuisition shall pass ta Lender to the e~tent of the sums securni b~ this Mortgrge immediately priot to such sale or acquisition. 6. Presen~lao and ~laintenaace of Propert~: I~aseholds: (ondomioiums; Planned L~nit De~-rbpments. Borrow•er shall kcep the Properly in good repair and shall not cummi~ waste or permit impairment or dcterioration of the Property and shal! comply v-ith the provis~ons of any~ lease if this ~fortg:~ge n un a Ieaschuld. If this ~tortgage is un a unit in a condomimum or a planned unit de~•elopm~n~. Borruwer shall perform all of Borrower's obligat~ons under the declaration or covenants crrahng or governing the cond~~mmium or planned unit development, the by-laws and regulations of the conJominium or planned unit Jevelupment, and constitue~t document~_ If a condominium or planned unit de.•elopment riJer is executed by Borrower and recordeJ t~~gether w~th this Mortg~gC, the covenants and agrcements ot such riJer shall be ~ncorporated mto and shall amend and supplement ttx covenants and agreements of th~s Mortgage as if the riJer Nere a part hereof. 7. Protection of Lenders Secnrity. 1f Borrower faik to ~rform the covenants anJ agreements contained in this Mortgage. ~~r if an~• action ..r pr~eed~ng ic commcnced wh~ch materially~. rfiects Len~fer's int~rest in the Propert}•, includ~ng. but n.H I~m~ted ta eminent domain. m.ol~enc~~. ~ude enforcemrnt, or arrangements or proceedings invol~~ing a bankrupt or de~rdent. then Lender at LenJer'~ option. upon notice to Bonowcr, ma~ make such appearances, disburse such sums and take such action as ~s nece~sarc to proteet I.ender's mtertst. ~nclodmg. bat not limited to. disbursement a( reasonaMe attcme~'c ices and en~ry u~n thc Propem• to make rcp~ir~. It Lender reyuired mortgage insurance a~ -r conJiuon of ma3:ing the loan secureJ bc this ~lortgace. Borr~•w~r shrll pay the premiumc -rrqu~reJ to maintrin such insurance in eBect until wch time as thc reyuirement tor such msurance ~erminates ~n accurdance w•ith Borrower s and 8~345 P~169.9 ~