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Home My WebLink About1796UNIFORM COVEN~NTS. BOROWtf 1nd LCnde~ C~w~nant and •agrce ~~ follaws: 1. hymeal ot Princlpd soa laterest. Borr~~wer .haU pn•m~U~ pay Nhrn Juc thc princip~l o( ~nd intcrest un thc indebtcdness evidenced by the Notc, prcpayment and latr ch:~r~;~. a. ~ruviJcd ~n ~he Notc. aod the principal of and in~ercst 0o any Future Advancec secured by this Mortgage. 2. Ft~ads to- T~:ex su~ )~sunwce. Subject to applir:hlc l;,w ~•r ~c+ a wr~tten waiver !+y I.rnder, Borrc-w~r sh~ll pay to l.endtran ~he day monthly instaUments of p~incipal and ~na•rc.t .,rc p.-yablc unJe~ thr Note, until the Note is paid in full. a sum (herein "Funds") equal to onc-twrt(th o( the ycarl~ ta~r. anJ ~s~cs~mentc which may aUain prioriry over thn Mortgage, and ground rents on the Proprrty, if any, plus ~.natwrl(~h ot ~•ca~ly prcmium installments for hazard insurance. plus one-twel[th of ytuly premium inclallmcn~s (or martgage i~iturancc. ~( any, all as reasonably ecrimated initially and from time to time by I.ender on the basic of a~ces~mentc anJ hills anJ rea~unable ectima~es thereof. The Funds shall he held in an instiw~u•n thr Jtpu~n. ~~r .,ccuunts ut which are insured or guaranteed by a Federal or state agency (including Lender if I_cnder ~~ ~uch an institution 1. I rndcr ~hal! appl}• Ihe Fundc to p:~)' +aiJ taxe~, as~essments, insurance premiums and ground renta 1 ender m~y n~~i charge tor .o h~td~ng and applying Ihe Fiind~ analy~ing ~aid acc~-unt, or veritying and compiling said asseti~ments and hilh, unlrs~ I_ender pay~ Borrower interest on the FunJs and applicable lav- permits Lender to make such a charge B~~rrower and I.enJer may agree m writing at the ~imr ~~1 exrcuti~-n ot thi~ Mortgage that interat an the Funds shall hc paid to Borruwer, and unles~ such agreemen~ i~ madc ~-r appl~rable law requircs such interest to he paid, I.ender shall not be reyuired to pay Bnrrowcr am intcrest or earning, on Ihe Funds. t_ender shal) give to Borrower, without charge, an ann~wl acc~wntmg af the Funds ~how~~ng credits anJ debil, to ~hr FunJti and the purpose for which tach debit to the Funds was madc. The Fund~ ~r~ pleciged a~ adJitional ~ecurity (~~r ~he sums secured by this Mortgage. It the amou~t of the Funds held by LenJe~, toge~her with the futurc monthly installmrnta uf Fund. payable prior to the due dates of taxes, assessments, insurance prem~ums and ground rrnts, shall exceed the ~mount rrywn-ci tu pay aa~d taxes, assessments, insuranee premiums and ground rents as they lall due, such e~~e« shall tm, ~t BorroKer'~ opt~c~n, e~ther pranptly repaid to Borrower or credned tu Borrower on m~~nthl~~ ~nctailments of Funds. I( the amount o( the Funds held by Lender shall not be sufficient to pay taxes, assessments, ~nwrance premuim~ •rnd ground rents as ~hcy fall due. Borrawrer shall pay to Lender any amount necessar}• to make up the deficiency within 30 da}•s irom the date notice is mailed by L.ender to Borrower requesting.payment thercof. Upon payment in full of all sums secured by th~s Martgage, I.endec shall promptly re(und to Borrower any Funds held by I.ender. If under paragraph 18 hereof the Property ~, cold or ~he Property ~s otherwiu acqwrcd by Lendcr, Lcnder shall apply. no later than immediately priur to the sale o( the Property or its acquisition by I.ender, any FunJs held by Lender at the time of application as a credit aga~nst the sums secured by this Atortgage. 3. Application of Payments. Unless appl~cable law provides otherwix, all p~ymrn~s received by l.ender unJer the Note and paragraph~ I and 2 hereof shall bc applicd by I.cnder fi~t in payment uf amuunts payable to Lrnder by Borr~wcr under puagraph 2 hercof, then to intrre~~ payahle on the Notr, then to the principal of the Note, and then to intercst and principal on any Futurc Advances. 4. Charges; Lieas. Borrower tihal) pay all t:~xet, a~ties~mrn[s and othcr charges, fineti anJ im~~tiitions atlributable to the Property which may attain a priority over ~his btortgage, and leasehold paymenls or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid m cuch manner, by Borrower making payment, when due, direcNy to the payee thereof. Borrower shall promptly furnish to I.ender all notices of amaunts.due under this paragraph, and in the event Borrower shall make payment directty, Borrower shall promp~ly furnish to Ixnder receipts evidencing such payments. ~iia:ti'di SF1dII piJI11~tI~ Six.La~gC suy iicn which has priunry uver this Mortgagc: provided, that Horrower shail not be requircd to discharge any such lien u~ long as Borrower shall agree in wri~~ng to the payment ot the abligatiun secured by suc6 lien in a manner acceptable ~o Lender, or shall in good faith contcu such li~n by, or defend enforcement of such lien in, legal proceedings which operate to ptevent the enforcement of the lien or torteiturc of the Property or any part thereof. S. Hazard I~urance. Borrower shall keep the improvement~ now c!cistin.g or hercafter crected on tha Pmperty insured against loss by fire, hazards induded with~n the term "extended coverage", and such other hazardc as Lender may reyuire wd in such amounts and for such periods ac Lender may reyeisrc; provided, that Lender shall not reyuire that the amuunt e~f such coverage eaceed that amount of coverage reqwred to pay the sums seci~red ~by this Mortgage. '!t~ ~nsurance carner providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. that such approval shall not be unreauwnably withheld. All premiums on insurance policies shall he paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcdy to the inwrance carrier. All insurance policies and'renewals thereot shall he in form acc~p~:~blr to Lender and shall include a titandard mortgage etause in favor of and in form acceptable to Lender. l.ender thall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender all rencwal nuticec and all receipts of paid premium~. In the event of lo~s, Borrower shall give prompt notice to the insurance carner and I.ender. I.en~3er may make prcx~f of loss if not made promptl~ by Borrower. Unless Lender anJ BorroNCr otherN~tie agree in w•nting, inwrance proceeds shall be applied to restoration or repair ~f the Property damaged, prov~ded Such retitorauun or repair is ec~nomiwlly frasible and Ihe security of th~s Mortgage is not thereby impaired. !f such re~torat~c,n or mpau is nut ecunumically featihle or ~[ the security~ of th~s Mortgage wruld be impaired, the insurance proceeds shall be applied to the sums lecureJ by ~h~s Mongage. with the exceu, if an~-, paid to Borrower. If the Propert} is abandc~ned by Borrawer, or ~1 Borrc~wcr ta~ls to re~~nd to 1_ender within 30 days from the date ~otice is mailed by Lender to Borruwer that the ~nsurance carricr ofien to tieule a claim for ~nsurance benefits, I.ender is aut6orizec! to collect and :,pply the imurance pruceeds a~ LenJer's opti~~n rither to restorat~on or repair of the Propen~ or to t6e sums sccureci h~~ this Morigagc Unlesc Lender and Borrower otherwix ~gree m wnnng. any such applica~ion of prcxeeds to pnncipal tihall not ~ttend or postpane the due date of the monthly initallmcnts referred tu ~n paragraph~ I and 2 hereaf or change the amount of such installments. If under paragraph IS hereof thc Properry n acymred hy Ixnder, ali nght, tiUe and interest of Bormwer in and to any~ insurance polic~es and in and to thc pr~ceds thcreot resulUng trom Jam~gc to the Property prior to th~ s:,lr or acquisiUon shall pass to Lcnder to the extcnt of the sums aecured by th~s l~tortgage immed~ately prior to ~uch s~le or acquisition. ~ 6. Preservatioo wd Mstiatenance ot ~PropeAy: l.esacehulds; ('onduminiums; Planoed l.'nit I~velopments. Korrowcr shall kcep the Property in good repair and shall not comroit waste or permit impairment or deterioration ot the Pn,~erty and shall comply with che provis~on~ of any lease ~f thi, Mortgagc i~ ~,n a Icasrhold. If thi: Mortgage is on a~mit in a condomimum or a planned un~t developmenl, Borrower tihall perf~~rm all of Sorrower's obligadons under the declrration or corenants creaUng or governmg the condum~nu~m or planned unct development, the by-laws and regul~tionti of the conJominium or planned unit Jevelopmem. :~nd constitueM dcxumeni~. li a condominium or planned unrt devel~~pment rickr is executed by Borrower and recorded together with ~hn Mortgage, the covenants and agrcements o( wch ridrr shall be incorporalec! ~nto and shall amend and wpplcment the covcnamti and agreemems of thi~ Mortgage as if the riJ« were a part heroof. • 7. Profectioo of Lender's Security. If Borrower fail~ to perfurm the covenams and agreements contained in th~c Mortgage, or if any action or proceeding is commence~l which matcrially alircts Lender'~ interest in the PruFxrty. including, but not limited to, emment domain. inK~lvency, a~de enf~~rcemem, or ~rrangrments or proceedings invol~ing a bankrupt or decedent, then I_ender at 1 ~nder's opt~on, uEx-n no~ice to Borrower, ma~~ m.~ke such appearanres, duhurx wch sums and talce such ac~ion as ~s necetitiary tu protect l~nder's ~merest, inclu~ing, but m-t lim~red to, d~cbursement nf rtuonabie attorney's (ees and emry upon the Property t~~ makc repa~rs. If Lcndcr reyuired marigage incurance a~ a condition of making the loan secured by~ ~h~s Mungage. B~~rmwcr sh:~ll pay ~he prem~ums reywred to mainta:n ~u~h iwurance in eBect until such time as ~hc reyuirement (or wch insurance tcrminatr~ in ac~ordancr with Burruwer'. anJ ~ ~~ ~=: ~. ' ' ~ ~~nK 349 f~AUE ~. ~~ _~ FS