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Home My WebLink About0166, ,, UNIFORM COVENANTS. Bo-rower and Lencier covenant and agree as tollows t. P~ym~nt Of Princlpal and Int~nst. Borrower Shall p-omptly pay when due ihe pnncipal ol and interesl on ihe ~ndebtedness ewdenced by the Nole, prepaymenl and late charges as prov~ded ~n Ihe Note, and the pnnc~pat of and ~nteresl ~n any Future Advances secured by th~s Mo~tgage. Z. Funds torTax~s a~d Insurane~. Sub~ect to appl~cabte Iaw o~ to a w~~uen wa~ver by Lende~. Bo-rowe~ shali pay to Lender on Ihe day monihiy ~nstallments ot pnnc~pal and ~nterest are payable under the Note. unUl !he Note ~s pa~d ~n lult. a sum ~here~n '~Funds") equal to onetwelith o1 the yeariy taxes and assessments wh~ch may atta~n pnonty over th~s Mortgage. and clround rents on the P-operty, if any, plus one-twelflh ot yearly premium installme~ts for haza~d insurance, plus one-tweltth o! yearly premium ~nstallments for mortgage ~nsurance, d any, a11 as reasaonablyest~mated ~n~t~aliy and f~om t~me to t~me by Lender on the basis ot assessments and bills and reasonable est~mates therecl. The Funds shall be held ~n an institution the depos~ts or accounts of which are ~nsured or guaranteed by a Federol or siate agencyl~nclud~ng Lender if Lende- ~s such an inst~tut~on-. Lender shall applythe Funds to pay said taxes, assessments. ~nsurance prem~ums and greund renls. Lender may not charge tor so holding and apply~ng the Funds, analyzing sa~d account, or venfy~ng and comp~hng saidassessments and bius, uniess Lender pays Borrower interest on the Funds and appl~cabte law perm~ts lender to make such a charge. Borrower and Lender may agree ~n wr~t~ng at the t~me ot execut~on of lh~s Mortgage that ~nterest on the Funds sha11 be pa~d to Bor~ower, and unless such agreement ~s macle or applicable law requ~res such mterest to be pa~d. Lender shall not be requ~red to pay Borrower any ~nterest or ea-nings on the Funds. Le~der shall g~ve tc Borrower, w~th~ut charge. an annual accountmg of the Funds show~ng c~ed~ts and debits to the Funds and the purpose for wh~ch each deb~t to the Funds was made. The Funds are pledged as additional security for the sums secured by th~s Mortgage If the amou~t oi the Funds held by Lender. together w~th the luture monthly ~nstallments ot Funds payable pnor to the due dates of taxes, assessments. ~nsurance prem~ums and ground rents, shall exceed the amount reqwred to pay sa~d taxes; assessments, msurance prem~ums and ground rents as they latl tlue, such excess shall be, at Borrower s opt~on, e~ther promptiy repa~d to Borrower or cred~ted to Borrower on monthly ~nstal~rnents ot Funds. It the amount ot the Funds hetd by Lender shail not be sutf~c+ent ;o pay taxes, assessments. ~nsurance prem~ums and grou~d rents as they tall due. Borrower sha~l pay to lender any amount necessary to make up the del~c~ency w~th~n 30 days from the date not~ce ~s ma:led by Lender to Bo-rower requesting paymen! thereof. Upon payment ~n fulf ot a11 sums secured by th~s Mortgage, Lender shan promptly refund ~o Borrower any Funds held by Lender. It under paragraph 18 hereof the Property ~s sold or the Property ~s othervv~se acqu~re~ by Lender: Lender shan appty, no Iater than ~mmediately pr~or to the saie of the Property or ~ts acqu~s~tion by Lender, any Funds held by Lender at the t~me ot apphcat~on as a cred~t aga~nst tt~~ sums secured by th~s Mortgage. 3. Application of Paymenb. Unless appl~cabie law prov~des othena~se. atl payments recerved by Lender under the Note and paragraphs 1 and 2 hereof sha~l be appl~ed by Lender t~rst ~n payment of amounts payable to Lender by BorroM~er under paragraph 2 hereot. then to ~nterest payable oRMil~ Ai~f~~lti~it~td ta~ 6AO~:~OiD~ Note. and then to mterest and pnncipal on any Future Advances. ~;: Jy,.~, ~~u~ " 4. Charges; Uens. Borrower shall pay au taxe~~~ge~&mgr~tsandPther t~~cg~,s~r~ gs~ ~mposd~ons attr~butable to the Property wh~ch may attam a pr~or~ty over th~s Mortgage. an8 le~sehold ~a~rfl~nts or ~bu~~ents, it any, in the manner prov~ded under paragraph 2 hereot or. ~t ~ot pa~d +n sdc?1 rnann~r: by~orrower making pa~yrp~~Ol~W~ten due. d~rectly to the oayee thereot. Borrower shall promptly.fufn~sh to Lender a11 not~ces ot amounts due under ihfs patiagraph, and in the event Borrower shau make payment d~rectiy. Borrower shali promptly turn~sh to Lender rece~pts ev~denc~ng such paymenis. Barrower shall promptiy d~scharge any i~en wh~ch has pr~~r~ty over th~s Mortgage: prov~ded, that Borrower shall not be requ~red to d~scharge any such hen so long as Borrower sha~i agree m wr~ung to the payment ot the obhgat~on secured by such I~en m a manner acceptabie to Lender. or shail ~n good la~th contest such I~en by. or defend entorcemenl ot sucn hen ~n, iegal ~roceedings which operate to prevent the entoresment of the I~en or forte~ture ot the Property or any part ihereof. 5. HazaM Insuranoe. gorrower shatl keep the ~mprovements now ex~st~ng or hereafter erected on the Properly ~nsured agamst loss by t~re, hazards inctuded w~thm the teriY- ~~extended coverage", and such other haza~ds as Lende- may requ~re and m such amounts and for such penods as Lender seqwre: prov~ded. that Lender shafl not requ~re that the amount oi such coverage exceed that amount oi coverage requ~~ed to pay the sum secured by th~s Mortgage. The ~nsurance carr~er prov~d~ng the ~nsurance Shall be chosen by Borrower sub~ect to approval by Lender; prov~ded. that such approval shall not be unreasonably w~tnheld. Ali prem~ums on ~nsurance pot~cies shall be pa:d m the manner provided under paragraph 2 hereof or. ~t not pa~d ~n such manner. by Bor~ower making payment. when due. directly to the ,nsurance carner Ail msurance poi~c~es and renewais thereot shaii be in torm acceptab-e to Lender and shall -nclude a standard mortgage clause ~n favor ot and ~n form acceptabie to Lender. Lender shatl have the nght to hold the pol~c~es and renewats thereoi. and Borrower shali promptiy turn~sh to Lender ail renewal not~ces and atl rece~pts of pa~d prem~ums. In the event et ioss. Borrowe~ shall g~ve prompt not~ce to the ~ns~rance carr~er and Lender. Lender may make proof ot loss ~t not rr.ade-promptly by Borrower. Unless Lender ar.d Borrower othen~v~se agree ,n wntmg. msurance proceeds shall be applied to restorat~on or repa~r of the Property damaged, prowded such restorat~on or repa~r ~s econom~caiiy feas~bie and the secur~ty of th~s Mortgage ~s not thereby ~mpa~red. If such restorat~on or reoa~r ~s not econom~caliy feas~bie ur ~f the secur~ty of th~s Mortgage wouid Ge ~mpa~red. the ~ns~rance proceeds shatl be app~~ed to the sums secured by th~s Mortgage. w~th the excess. ~f any, pa~d to Borrower. It the Property ~s abandoned by Borrower, or ~f Bo+rowe~ ta~ts to respond to Lend2r w~th~n 30 days trom !he date noUce ~s mailed by Lender to Borrower tfiat the ~nsurance carner otfers to setue a cia~m for msuiance benet~ts. Lender ~s authonzed to collect and apply the msurance proceeds ai Lender's opt~on e~ther to restorabon or repa~r ot the Property or io the sums secured by th~s Mortgage Unless Lende~ and Bo-rower otherw~se agree ~n wr~t~ng. any such appl~ca~~on ot proceeds to pnncipat shali not extend or postpone the due date oi the monthiy ~nstaiiments referred to ~n paragraphs ~ and 2 hereot or change the amount ot such ~nstaliments. If under paragraph 18 hereof the Prope~ty ~s acqu~red by Leruer ail ~~ght, t~tle and mterest of Borrower m and to any ~nsurance pol~c~es and ~n ar,d to tne proceeds thereof +esuit~ng from damage to the Property pr~or to the sate or acqu~s~UOn shalt pass to Lender tc the extent of the sums secured bv th~s Mortgage ~mmediately pnor to such sale or acqu~s~t~on. 6. Preservation and Maintenance of Property; Leaseholds; Condominiums; Planned Unit Developmsnts. Borrower shall keeo the Property ~n gooci repa~r and shall r,ot comm~t waste or pe~m~t ~mpa~rment or detenorabon ol the Pro- perty ard shall compty w~th the prov~sions ol any iease ~t th,s hior?gage ~s on a teasehold. II th~s Mortgage ~s on a umt ~n a ~ondom~rnum or a~,~anned urnt developmenl, Borrower shall pe~torm a1t of Borrower s obhgaUOns under the declarat,on or covenants creat~ng or govern~ng ~the condom~n~um or planned urnt development, the by-Iaws and regulahons of the condominwm or planned urnt development. and constitue~t documents If a condominium or planned unit development nder ~s executed by Borrower and reco!ded together w~th th~s Mortgage. the covenants and agreements of such nder shall be ~ncorporated ~nto and shall amend and supptement the covenants and agreemenls of th~s Mortgage as ~f the r~der were a part hereoi. 7. Protection of lende~'s Security. If Borrower ta~ls to perform the coverants and agreements contained in th~s F:lortgage. or ~f any act~on or proceed~ng ~s commenced wh~ch matenatty affects lende~s ~nterest :n the Prope-ty. ~ncluding. but not lim~ted to, em~nent doma~n, msotvency. code enforcement, or arrangements or proceed~ngs ~nvotving a bankrupt or decedent, then Lender at Lerxie~s opt~on, upon not~ce !o Borrower. may make such appearances, d~sburse such sums and take such act~on as is necessary to protect Lenders interest, including, but not I~mited to, disbursements of reasonabie attorneys fees and entry upon Ihe Property io make ~epairs. If Lender required mortgage ~nsu~ance as a cond~t~on of makmg the toan secured by th~s Mortgage. Borrower shall pay the prem~ums required to ma~nta~n such ~nsurance ~n elfect unhl such t~me as the requ~rement for such msurance termmates m accordance w~th Borrowers and ~~~~~~r`p~~~ sss ~ ..-Y ~ ~ .- _ ~~ x ~:~~._r~ ._ _ . - . . _ E ~.... _ ..~ ~~