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Home My WebLink About17721 UNIFORM COVENANTS. BOffOWt~ 3I11I I.Cn~Cf CovCnanl and ~grre as (ollows: l. P~ymeat ot Priaciwl and lale~est. Hurrow~r shall prompNy pay Nhcn duc the principal o( and interest an the indebtedness evidenced by the Notc, prepayment anJ latc rh:~rgc. a. pmvided ~n the Notc, and thc principal of and intercs~ on aay Futurc Advances secured by this Mortgage. 2. I~bads for Taxes aad I~~rance. Subject ta applir~hic law ur a~ a wril~en waiver by I.rnder. Bortower shall pay to I.endcr on thc day monthly installmen~s o( principal a~~d ~n~rrc.t arc p~yahlr unJer Il~c Note, until Ihe Note is paid in tull. a sum (herein "FunJs") equal to one-twrlfth ot the ycarl~ ~a~~-. an:l a~~es.mcnt. v-hich may attain priority over ~hic Morigage, and grou~d rents on the Properry, if any. plus ~nc-~M•cl(th ~~t ycarly premium installments for hazard insurance. plus one-twelfth of yearly premium inslallmcnts tor mortgagc insurancc. ~( any, all as reasonably cctimated inilially a~d irom time to time by [.ender on the basi~ af a~ccs~mcros and hill~ and reawnablc estimates thereof. 'il~e Funds shall t+e held in an insUtuhan the dep~~it. ur acruunu ut which are insured or guaranteed by a FcJeral ur state agency (including Lende~ ~f l_cndcr i. aurh an institutionl. Lender ~hall apply ~he Fundc to pay ~aid taxes, assessments, insurance premiums and ground rents. 1 ender may n~t charge ~or ~~• holding and applying ~he F~~ndc. analy~ing caid account. or verifying and compiling said asse~smems and hill~, unlesc Lender p:+y~ Bormwer interest on the Funds and applicable law permits Lender to make such a charge. Borrowcr and i.cndcr may agrce in writing at thc timc ~f executiun ot this Mortgage that interest an the FunJs shall he paid t~~ Borrower, anJ unless such agreement is maJe or applic:+hle law rcquires such interest to be paid, 1_ender shall n~t he required t~ {+ay Borrower any imerest or carning~ ~~n thc Fui~d:. I.ender shall give to Borrower, without charge, an an~ual accuunting o( the Fu^•~~ ~!±n+u~~g credits and debits to Ihe Fund~ and the purpost :or which each debit to the Funds was made. lhe Funds are pleciged as additiunal secunt~~ for the sum~ secured by this Mortgage. If the amount of the Funds held hy Lender, together with thc iuturc monthly in~tallments of Funds payablc pnor to lhe due data of taxes, assessments, insu~ance premiums and groun:: rent~, shall exceecl the amount reyuired ~u pa~~ +aid ta~es, assessments. insurance premiums and ground rents as they fall due. tiuch eticetc ~hail he, at Horrower's opt~~~n, either prompUy repaid to Borrower or credited to Borrower on monthly ins~:illments of Funds. If the amoum of ~hc Funds held by Leader shall not be sufTicient to pay taxes, assecsments, imurance premium~ anJ ground rents as they fall due. Borrower shall pay to Lender any amount ~ecessary to make up the deficiency within 30 days from ~he date notice is mailed by l.ender to Borrower requesling paymcnt therec~f. Upon payment in full of all sums sec:ured by this Mor~gage. I.ender shall p~omptly re(und to BorroN•er any Funds held by I.ender. If under paragraph 18 hereof the Property i, tiold or thr Pruperly is otherwice acquircd by Lender. I.ender shall apply. no (ater than immediatcly prior to the ialc of the ProEx:ny or i~s acyuis~tion by Lender, any Fundt held by Lender at the timt of application as a rredit aga~nst the sums cecured hy th~s Mortgage. 3. Applicatiun of Payments. llnless applicahlc law proviilcs o~hera~ite, all pay~ments rcceived by I.cnder unJer the Note and paragraphs 1 and 2 hereof shall bc appfied by LenJrr finl in pa}•ment of amuunts pay•rble ta LenJer b}~ Borrower under paragraph 2 hercof, then to mterect payablc on thc Notc, thcn to thc principal o( the Note, and then t« inicrest and principaF on any FWurc Advances. 4. C6arges; Litas. Borrower tihall pay all taxc~, a,scssmrnts and othrr chargcs, fines anJ ~mFxnitions attributahk to the Property which may attain a pnoriry ovcr this Mortgagc, and leasehuld payments or ground rents, if any, in the manner provided under paragraph 2 hereof or. if not paid ~n such manner, by Borrower making payment, when due, directly to the ~ayee thereof. Borrower shall prompUy furnish ro Lender atl notices o[ am~unts due u-nfer this paragraph, and in ihe event Borrower shall make payment directly, $orrower shal! promptly furnish tu Lender receip~s evidenci~g such payments. Borrower shall promptly discharge any lien which has priority over thit Mortgage; provided, that Borrawer shall not be required to discharge any such lien so long as Borrower shall agree in wrrting to the payment of the obligaliun secured by such lien in a manner acceptable to Lender, o: shall in g~x~d faith come+t ;uch lien hy, or defenJ enforcement of such lien in, legal proccedings which operate to prevent the enforcement of the I~cn or forteiwre of the Property or any part thereof. 5. Hazard Insurance. Borrower shall kcep thc improvcmemti now cxisting or hercafter erccted on the Property insured against loss by fire, hazards included within the term "ettendcJ ~nverage'~, and such other hazards at Lender may reyuire aad in such amoun~s and for such periods as t_ender may reyuirc; provideJ, that Lender shall not reyuire that the amount of such coverage exceed that amount of coverage reqwred to pay the sum~ secured ~by this Mortgage. 'ihe insurance carrier providing t6e insurance shall be chosen by Borrower subject to approval by I_ender, provided. that such approval shall not be unreasonably withheld. All prem~umc on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, b}• Borrower making payment, when due, directly to the insurance carricr. All insucance pol~cieti anJ renew~~ls therrof shatl he in form acceptable to LenJer and shall include a standard mortgage clause in favor of and m form acceptahie tu l.ender. Lender thail have the right to hold the policies and renewals thereof. and Borrower shall promptly furnish to 1_ender all r~newal no~ices and all receipts of paid premiumc. In the event of loss. Borrower shal~ geve prompt nodce to the insur.~nce carner and !_ender. I_ender may make prcx.f of loss if not made prompUy by Borrower. Unless Lender and Borrower othcr.~~w: agree in writ~ng, inwrance pr~xeedc shall be applied to restoration or repair of lhe Property damaged, prov~ded such rc,torah~~n or repau ~s ecanomically feasible and the cecurity of this Mortgage ic not ~hereby impaired. lt such reuorat~on or repair ~s n~n rr~~n~~miwlly (~atiible or it the security of this Mortgage would be impaired, the insurance pru~:eeJs shall be applieJ to the sums secured by this Mortgage, w•ith the excess, if an~•, paid to Borrower. lf the Property is abandoned hy Borrower, ur it Borrower f~ik to respcmd to I.ender within 30 days from the Jaie notice is ma~led b~~ LenJer to Borrowc~ that ~he insurance carrier otien to settle a claim for inwrance benefits, Lender is authoriud to collect and apply thc imurance pmceeds at Lender'~ option either to restoration or repair of the Pmpem~ or to the sums secured hy this Mortgagc. llnless I.ender and Borrower otherwise agree m wnting, any such applic~tian i~f pn~eeJs to principal shall not extend or postpone the due date of the momhl~~ installmcnh rcfcrrcd to in paragraphti 1 and 2 hereof or change the amount o( such instalimenu_ If under paragraph IS hereof the Propert~ is acywred h~ Lender, ali nght, title anci interest of Rorr~~wer in and to any insurance pclicies and in and to thr pr~~ceeds thereof re~ulung from damage to the Property prior to th~ ~ale or acquisition shall pass to Lender to the extent of the sum~ secureJ b}~ th~s titortgage immediately prior to wch s~le ~r acquisition. 6. Preser•ation and lfaiotenance uf Propert~; I.eateholds; Condominiums; Planned Unit Ue~elopments. Borrowcr shall keep the Property in good repair and shall not comrpii wastc or permit impairment or deterioration of the Property and shall comply with the provisions of any lease it th~~ Mongage ~, un a feasehold. If this Mortgage is on a unit in a condomimum or s planned unit developmen~, Borrow~er shall p~ r!urm all of Borrower's obligations under ~he declarati~m or coveoants creating or governing the condominu~m or planned unit develupment, the by-laws and rSgulati~nc of the condominium or planned -mit development, and constituem Ja:umem~ I( a condominium or planned ~mit development rider is exec~ted by Borrower and recorded t~~gether w~th thic ;Nongage, the covenants and agreements of such rider shall be incorporated into and shall amcnd rnJ supplcment thc covcnams and agreements of ~his Mortgage as if the ridcr were a part hereof. 7. Protectioa of Lender's Securfty. if Borrower fail~ to perform the covenants and agreements contained in this Mortgage, pr if any action or proceedmg ~t commenced uhich materially afTects I.ender's interest in the Proper~~•. including, but not lim~ted to, eminent domain. inu~h•ency, a-de enforrement. or arrangements or proceedings invol~~ing a bankrupt or decedent, then l~nder at I.ender's optinn, upon notice to Bormwer, ma}• make such appearances, d~shurse such sums and take such action as is necessary tu protec~ Lender's mierest, ~ncluding. but not limrted to. Jisbursement ot reasonable attomey's fees and entry upon the Propcr~y to makc rcpairs. I( Lcndcr reyuire.l mortgage in~urancc ac a condition of making the loan secured by th~s M~~rtgagc. Borrowcr shall pay ~hr premiwns requireJ lo maintain such iosuranee in efiect unti) such time as the reyoirement for wch insurance terminates in accordanc~ w~th Borrower's anJ ` ~ ' ~~~K349 PaGE1772 ; - ~ . ~ ~ . _-- : _ ~_~ :