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Home My WebLink About1059. . { ~ :l : UNIFORM COVENANTS Borrower and Lender covenan~ and agree as fo~~ows. 1. Paym~nt of PHnClpal and Int~nst. Borrowe~ shall promptly pay when due the pr~nc~pal ot and inte~est on Ihe ~ndebtedness ev~denced by the Note, prepayment and Wle charges as p-ov~ded m the Note, end lhe pnnC~pal ot 8~d interesl on any Future Advances secured by this Mortgage. Z. Funds to~Tsx~s snd I~suranc~. Sub~ect to appl~cabie law or Io a wr~tten wa~ver by Lender, Bor~ower shall pay to lender on the day r.ionlhly installments of pnncipal and interest are payable under the Note, until ihe Note ~s paid in tull. a sum (here~n ~~Funds") equal to on~Mrelfth ot the yearly taxes and assessments wh~ch may atta~n pr~or~ty over lhls Mortgage, and ground rents on the Property, if any, plus one-twelith ot yearly premium installments tor hazard ~nsurance. plus on~twelflh oi yea~ly premium installments tor mortgage insuranCe. ~I any, all as reasaonablyest~mated ~nit~atlyand Irom time to t~me by Lender on the bas~s ot assessments and bills and reasonabie estimates thereot. The Funds sha11 be held ~n an Inst~tution the deposits or accounts of which are insured or guaranteed by a Fede-al or state agency(~nclud~ng Lender If ~ender ~s such an inst~tut~on). Lender shall apply the Funds to pay sa~d taxes, assessments. ~nsu~ance prem~ums and ground rents. lender may not charge for so holdmg and apply~ng the Funds, analyz~ng sa~d account, or venlying and comp~t~ng sa~d assessments and b~lls, unless Lender pays Borrower ~nterest on the Funds and appl~cable taw perm~ts Lender to make such a charge. Borrower and Lender may ag~ee m wr~tmg at the time. of execut~on of th~s Mortgage that interest on the Funds shall be paid to Borrower, and unless such a~reement is made or applicable law reqwres such ~nterest to be pa~d. Lender shatl not be ~equired to pay Borrower any inte-est or earrnngs on the Funds. Lender shail g~ve to Borrower, w~thout charge. an annual accountmg ot the Funds show~ng cred~ts and deb~ts to the Funds and the purpose for wh~ch each debit to ihe Funds was made. The Funds are pledged as add~t~onal security tor the sums secured by 1h~s Mortgage. ~ - It the amount ot Ihe Funds held by Le~der, togeiher w~th the future monthly mstallments of Funds payabte pnor to the due dates of taxes. assessments, insurance p-em~ums and ground ~ents, shali exceed the amount requ~red to pay sa~d taxes, ~ssessments. msuiance prem~ums and ground ~ents as they fatl due, such excess shall be, at Borrower's option, e~ther promptly repa~d to Borrower or cred~ted to Borrower on monthly ~nstaltments ot Funds. If the amount ot the Funds held by Lender sha~l not be suff~c~ent !o pay taxes, assessments. ~nsurance prem~ums and ground rents as they tail due. Borrower shall pay to Lender any amount necessary to make up the detic~ency w~thm 30 days (rom the date nouce ~s ma~led by Lender to Borrowei requesting payment thereof. Upon payment in full oi all sums secured by this Mortgage. L~hde~ shall promptly refund ~o Borrower any Funds hetd by Lender If under parag~aph 16 hereot ihe Property ~s sold or the Property ~s othervnse acqu~red by Lender. Lender sha1l apply, no later than ~mmed~ately prior to the sale ot the Property or ~ts acqws~tion by Lender, any Funds held by Lender al 1he t~me ot appl~cal~on as a cred~t agamst the sums secured by th~s Morigage. 3. Application ot Payments. Unless appt~cabie law prov~des otherw~se, all payments r Lende~ under the Note and paragraphs t and 2 hereof shaii be appl~ed by lender I~rst ~n payment ol q~ ~ e to Lende~ by Borrower under paragraph 2 hereot, then to mteresl payable on Ihe Note. then tp thaed~ af-th~~nd th ~nterest and pr~nC~pal on any Future Advances. ~ G~ ~ ~^!'•F~ ~~f~ ~~ ~ 4. Chsrges; Liens. Borrower shal I pay al l taxes. assessments and other ~hargeS, flries anti,~mpo§lti~}~at(~ylable lo the Property wh~ch may alta~n a pr~or~ty over th~s Mortgage. and Iea ot~ol8~payments or gbund rents, it any:?~ the manner prov~ded under paragraph 2 hereof or, ~f not pa~d ~n suc~h manner, b~y Borjqrvermak~ng paymenl: when due. d~rectly to the payee thereoi Borrower shall promptly furrnsh to Lender al1 not~ces dl amounts due under th~s paragraph, and ~n the event Borrower shall make payment d~rectly. Borrower shall promplly tur~oti to Lender rece~pts ev~denc~ng such payments Borrower shau prompUy d~scharge any I~en wh~c~ has pnonty over ih~s Mortgage: prov~ded. that Borrower shaii ~ot be reqwred 1o d~scharge any such I~en so tor.g as Borrower shall agree m writing to the payment ot the obl~gatlon secured by such I~en ~n a manner acceptable to Lender, or shall ~n good ta~lh contest such hen by. or detend enforcement ot such I~en m, legal ~Sroceedmgs wh~ch operate to prevent the enlorcement of the lien or forte~ture of the Property or any part thereot 5. Hazard Insurance. Borrower shall keep the ~mprovements now ex~st~ng or hereafter erected on the Property msured aga~nst ioss by fire, hazards ~nciuded w~th~n the lerm ~~extended coverage". and such other hazards as Lender may requ~re and ~n such amounts and lor such penods as ~ender reqwre. prov~ded, that Lender shali not requ~re that the amount of such coverage exCeed that amount of coverage requ~red to pay the sum secured by this Mortgage. ` The ~nsurance carr~er prov~d~ng the ~nsurance shall be chosen by Borrower subject to approval by lender, prov~ded, that such approval shall not be unreasonably w~thheld. AII prem~ums on ~nsurance pol~c~es shall be pa~d ~n the manner prov~ded under paragraph 2 hereof or. ~f noi pa~d ~n such manner. by Borrower mak~ng payment, when due. d~rectly to the ~nsurance carr~e~. AII ~nsurance pol~c~es and renewals fhereof shall be ~n torm acceptable to Lender and shall ~nclude a standard mortgage ctause ~n favor of and in torm acceptable to Lender. Lender shall have the r~ght to hold the pot~c~es and renewals thereof. and Borrower shatl promptly furmsh to Lender atl renewal not~ces and ai~ rece~pts ot pa~d prem~ums. In the event ot loss, Borrower shall g~ve prompt not~ce to the ~nsurance carr~er and Lender. Lender may make proot of loss ~f not made-promptly by Borrower. Unless Lender and Borrower othervv+se agree ~n wr~t~ng. ~nsurance proceeds shall be applied to restorat~on or repa~r ot the Property damaged, prov~ded such restorat~on or repa~r ~s econom~caily teas~bte and the secur~ty of th~s Mortgage ~s not ihereby ~mpa~red. If such restorat~on or repa~r ~s not econom~cally feas~bte or ~i the secur~ty ol th~s Mortgage wou~d be ~mpa~red, the msurance proceeds shall be appi~ed to the sums secured by th~s Mortgage, w~ih the excess. ~f any, pa~d to Borrower. If the Property ~s abandoned by Borrower, or ~f Borrower fa~~s to respond to Lender w~th~n 30 days trom the date not~ce ~s mailed by Lender to Borrower that the ~nsurance carr~er ot(ers to settle a cla~m (or ~nsurance benef~ts. lender ~s author~zed to collect and apply the insurance proceeds at Lender s opt~on e~ther ~o restorat~on or repa~r ot the Property or to the sums secured by th~s Mortgage - ~ Unless Lender and Borrower otherw~se agree ~n wnUng. any such appl~cat~on of proceeds to prmapat shatl not extend or poslpone the due date of the month-y mstai-ments referred to ~n paragraphs t and 2 hereof or change ihe amount oi such mstauments. It under paragraph t 8 r~ereot Ihe Property ~s acqwred by Lender. a!I nght. bUe and ~nterest of Borrower ~n and to any ~nsurance pot~c~es and m and to the proceeds thereol-esuit~ng Irom damage to the Property pr~or to the saie or acqu~s~t~on shall pass to Lender to the extent of the sums secured by th~s Mortgage ~mmed~atety pnor io such sale or acqws~UOn. 6. Preservation and Maintenance oi Property; Leaseholds; Condominiums; Plsnned Unlt Developments. Borrower shall keep the Property m good repa~r and shall not comm~t waste or perm~t ~mpa~rment or deter~orat~on of the Pro- perty a~d sha11 comply wdh the prov~s~ons ot any lease ~t th~s Mortgage ~s on a leasehold. If th~s Mortgage ~s on a urnt ~n a cor.dom~nium or a~,~anned urnt development. Borrower shall perform all ot Borrower s obl~gat~ons under the declarat~on or covenants creat~ng or govern~rig the condomm~um or planned un~t development, the by-laws and regutat~ons oi tne condomimum or planned unit devetopment. and constituent documents. It a condom~n~um or planned urnt development r~der ~s executed by Borrower and recorded together w~th this Mortgage. the covenants and agreements of such r~der shall be ~ncorporated ~nto and shall amend and suppiement the covenants and agreements ot th~s Mortgage as ~f the r~der were a part hereot. 7. Protectlon of LendePs Security. If Borrower fa~~s to pertorm the covenants and agreements conta~ned m th~s Mortgage. or ~f any act~on or proceed~ng ~s commenced wh~ch mater~aliy allects Lenders ~nterest ~n the Property. ~nclud~ng, but not lim~ted to, emine~t doma~n, insolvency. code enlo-cement, or arrangements or proceedings involving a bankrupt or decedent. then lender at Lende~'s opt~on, upon not~ce to Borrower, may make such appearances, d~sburse such sums and take such action as is necessary to protect Lenders interest. ~ncludmg, but not limited to, disbursements of reasonable attorneys fees and entry upon the Property to make repairs It Lender reqwred mortgage insurance as a cond~t~on of makmg the ioan secured by th~s Mortgage, Borrower shail pay tt~e prem~ums requ~red to ma~nta~n such ~nsurance ~n etfect unt~f such Ume as the requ~rement for such ~nsurance term~nates m accordance w~th Borrowers and i ~ ~ ,~.::;~~ _ _ `°'~ ~~-f.~"'~~;~ ~ . ~ _ ~~3~7 o~s ' ~ . '.: i ! E~~ K. PaGE1 ~ - ,~..~°~ - ~.~~v~-