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Home My WebLink About2431i i ' • ~ .*' , ~, , . UNIFORM COVENANTS. Bo-~owar and Lende~ covenant and agree as tollows. 1. Paym~nt of PHncipal and I~t~nst. 6or~ower shall promptly pay when due tne pnnc~pal ot and interest on the ~~' ~ndebtedness ev~denced by the Note, prepaymentand iate charges as prov~ded m the Note, and the pr~nc~pal of and ~nterest on any Futu~e Advances secured by th~s Mortgage. Z. Funds to~Tax~s snd I~sua~c~. Sub~ecl to appl~cable iaw or to a wntten wa-ver by Lender, Borrower shall pay to Lender on the day monlhly ~nstallments ot princ~pai and interest are payable under the Note, until the Note is paid in full, a sum (here~n ~~Funds') equal to on~twelith ot the yearly taxes and assessments wh~ch may atta~n pr~or~ty over th~s Mortgage, and ground rents on the Property, it any, plus on~twelith ot yearly prem~um Installments for hazard msurance, plus on~twelfth ot yea-ly p-em~um ~nstallments for mortgage ~nsurance, ~f any.all as reasaonabtyest~mated ~nitially and from time to t~me by Lender on the basis of assessmenls and bills and reasonable estimates thereot. The Funds shall be held ~n an institution the deposits or accounts of which are insured or guaranteed by a Federal or ~state agency(mcluding Lender it lender is such an institution). Lender shall apply the Funds to pay sa~d taxes, assessments. +nsurance premwms and ground rents. Lende- may not charge tor so hotding and applying the Funds, analyzing sa~d account, or ver~fy~ng and comp~ling sa~d assessments and b~lls, unless Lender pays Borrower interest un Ihe Funds and appl+cabie Iaw perm~ts Lender to make such a charge. Borrower and Lender may agree in wnt~ng at the time ol execution of lhis Mortgage lhat interest on the Funds shall be pa~d Io 6orrower, and unless such agreement ~s made or appl~cable law reqwres such interest to be pa~d, Lender shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall g~ve to Borrower, w~thout charge, an annual accountmg of the Funds show~ng credits and deb~ts to the Funds and the purpose tor wh~ch each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by ih~s Mortgage. It the amount of the Funds k~etd by Lender, together with the future monthly installments ot Funds payable prior to the due dates of taxes, assessments, msurance prem~ums and ground rents, shall exceed the amount required to pay said taxes, assessments, 1nsu~ance premiums and ground rents as they fall due, such excess shall be, at BoROwers option, either promptly repa~d to Borrower or cred~ted to 8orrower on monthly ~nstallments ot Funds. If the amount oi the Fus~ds he~d by Lender shall not be sult~c-ent to pay taxes..assessments. insurance premiums and ground rents as they lall due. Borrower shall pay 1o Lender any amount necessary to make up the def~aency w~thm 30 days from the date not~ce ~s ma~led by Lender to Borrower requesting payment thereot. Upon pa~ment in full of all sums securedby this Mbrtgage. Lender shalt prompity retund co Borrower any Funds held by Lender. It under paragraph 18 hereof the PropeNy is sold or the Property is otherw~se acqu~red by Lender. Lender shall apply, no later than immediately prior to the sale ot the Property or its acqwsit~on by Lender, any Funds hetd by Lender at the l~me of appl~cat~on as a cred~t aga~nsl the sums secured by th~s Mortgage. 3. ApplLestion of Psyments. Unless appl~cable iaw Rrov~des other~r~se, aU oayments recerved by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lend'er f~rst in payment of amounts payable to Lender by Borrower under paiagraph 2 hereof, then to mterest payabte on the Note. then to the pnnc~pal of the Note, and then to ~nterest and pnnc~pal on any Future Adva~ces. ~~~ 4. Charges; Liens. Borrower shall pay all taxes, assessments and other charges: (ines and impositions attributable to the Property which may atta~n a pnonty.over t~~s Mo-Igage, and leasehotd payments or gUUnd rents: ~f any, in the'manner prov~ded un~er paragraph 2 hereof or. i1 not pard ~n such manner, by Borrower mak~ng payment, when due. directly to the payee thereot. Borrower shall promptly furn~sh to Lender all not~ces ot amounts due under th~s paragraph, and ~n the event Borrower shali make payment d~rectly. Borrower shati promptty furnish to Lender rece~pts ev~dencing such payments. Borrower shall p~mptly discfiarge any I~en wh~ch has.pr~or~ty over th~s Mo~tgage: provided. that Borrower shall not be reqwred to discharge any such I~en so ~o~g as Borrower sha11 agree m writing td the payment of the obtigation secured by such hen in a manner acceptable to tender. or shall ~n good tailh contest such lien by, or defend enforcement ot such lien ~n. Iegal ~roceed~ngs.wh~ch operate to prevent the ~nforcement of the I~en or torfe~ture ot the Property or any part thereoi. 5. Hazard Ins~~rance. Botrower shall keep the ~mprovemenjs now ex~sting or hereafter erected on the Pro4erty nsu~ed aga~nst loss by tire, hazards included within ihe term "extended coverage"; and such other hazards as Lender'may reqwre and ~n such amounts and tor such penods as lender r~qwre: provided, that Lender shall not require thaf the amcunt ot such coverage exceed-that amount ot co+r~rage required to pay the suYn secured by this Mortgage. The ~nsurance carr~er prowdmg the ~nsurance shatl be chosen.by Bonpwer subject to approvai by Lender, provided. that such approval shall not be unreasonably w~thheld. Ai1 prem~ums on ~nsurance pol~c~es shall be paid ~n the manne: prov~ded under paragraph 2 hereot or. if not pa~d ~n such manner, by Borrowei mak~ng payment. when due, d~rectly to the msurance carrier. All insurance po6c~es and renewals thereot shall be m torm acceptabte to Lender and shall ~nclude a standard mortgage ciause m favor ot and ~n torm acceptabte to Lender. Lender shall have the nght to hold the pollc~es and renewals thereof. and Borrower sha11 promptly furn~sh to Lender all renewal not:ces and atl rece~pts of pa~d premlums. In the event of loss. Borrower shall g~ve prompt not~ce to the ~nsurance carr~er and Lender. Lender may make proot oi loss ~t not made-promptly by Borrower_ Unless Lender and Borrower othenv~se agree m writ~ng. ~nsurance proceeds shall be applied to restoration or repair oi the Property damaged, prov~ded such restorat~on or repa~r ~s economically feas~ble and the secur~ty ot this Mortgage ~s no? thereby ~mpaired. If such restorat~on or repa~r ~s not economically feas~ble or if the secur~ty of th~s Mortgage wou!d be ~mpa~red. the ~nsurance proceeds shali be appl~ed to the sums secured by this Mortgage, w~th the excess, ~f any, pa~d to Borrower. It the Prope-ty ~s abandoned by Borrower, or ~t Borrower fa~ls to respond to Lender wilhin 30 days from the date notice is mailed by Lender to Borrower that the insurance carr~er of(ers to settle a claim for ~nsurance benef~ts. Lender ~s authorized to collect and apply the ~nsurance proceeds at LendePs opt~on either to restorat~on or repa~r of the Property or to the sums secured by th~s Morigage. Umess Lender and Borrower othenN~se agree ~n w~ ~t~ng, any such appl~cat~on ot proceeds to pnnc~pal shail not extend or postpone the due date of the monthly mstaliments reterred to ~n paragraphs t and 2 hereof or change the amounl of such ~nstallments. It under pa-agraph 18 hereof the Property ~s acqu~red by Lender, all r~ght t~11e and ~nterest ot Borrower ~n and to any msurance potic~es and in and to the pro~:eeds thereot result~ng lrom damage to the Property pnor to the sale or acqws~tion sha~l pass to Lender to the extent of the sums secured by th~s Mortgage immediately prior to such sale or acqwsit~on. 6. Preservation and Maintenance of P~operty; Lesseholds; Condominlums; Planned Unlt Developmsnts. Borrower shall keep the Property m good repa~r and shall not comm~t waste or perm~t ~mpa~rment or deter~orat~on ot the Pro- perty and shall comply w~lh the prov~s~ons of any lease ~i th~s Mortgage ~s cn a Ieasehold. It th~s Mortgage ~s on a unit m a condom~mum or a~.~anned unit development. Borrower shall perform all of Borrower s obl~gat~ons under the declarat~on or covenants creating or govern~ng the condom~rnum or planned unlt development, the by-Iaws and regulat~ons of the condominium or planned unit developmen~ and const~tuent documents. It~a condom~nium or planned urnt development nder ~s executed by Borrower and recorded togetr~er w~th Ih~s Mortgage. the covenants and agreements of such r~der shail be ~ncorporated ~nto and shall amend and supplement the covenants and agreements ot th~s Mortgage as ~f the nder were a part hereot. ~ . . 7. Protection of Lendsrs Security. If Bo~rower fa~ls to periorm the covenanis and agreements conta~ned m th~s Martgage. or ~f any act~on or praceedmg ~s commenced wh~ch mater~a~ly affects Lenders interest ~n the Propehy. ~nclud~ng, but not I~mited to, eminent domam. ~nsolvency, code enlorcement, or arrangements or proceedings ~nvolv~ng a bankrupl a decedent then Lender at Lenders opt~on, upon notice to Borrower, may make such appearances, d~sburse such sums and take such action as is necessary to protect Lender's interest. mcludmg, but not limlted to, disbursements ot reasonabie attorneys tees and entry upon the Property to make repairs. If l.ender required mortgage insurance as a cond~t~on of maki~~g the loan secured by th~s Mo-Igage. Borrower shall pay the prem~ums requ~red to mamtam such ~nsurance ~n e!fect unt~l such t~me as the reqwrement for such msurance term~nates ~n accordance w~th Borrowers and ~ , -- - - - ~- ~ ~ - __ '~: - -_r "K 34~ ~~~f 242? 6t1~K ~ `~~ .~ ~ ~~~f _ S . ~_~~_.~ ~