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Home My WebLink About1863'; : 3 ~il '' '' J ~'.U ~ Y ~ ~^.:.:.:. .. . .. ..~~.'+':%~,.;:.:.. '~`, . -. UNIFORM COVENANTS. Borrower and Lender covenant and agree as Iollows: 1. Paym~nt of PHncipal and Int~hst. Borrower shall promptly pay when due the pnnc~pal ot and ~nterest on ihe mdebtedness evide~ced by the Note, prepayment and late charges as provided in Ihe Note, and the pnnc~pal of and ~nterest on any Futu~e Advances secured by Ihis Mortgage. 2. Funds forTax~~ ied tn~uanc~. Subject to aPpl~cable law or to a wntten wa~ver by Lender, Borrower shail pay to lender on the day monthly installments of principal and interesl are payable under the Note, until the Note is pa~d ~n tul1, a sum (herein "Funds") equal to one~tweltth of the yearly taxes and assessments which may attain pr~or~ty over th~s Mortgage. and ground rents on the Property, d any, plus one-twelflh of yearly premium instaNments (or hazard ~nsurance. plus onetwettlh ot yea-ly premium installments for mortgage ~nsurance, if any, all as reasaonablyestimated init~allyand trom t~me to time by Lender on the basis ot assessments and bills and reasonable est~mates thereot. The Funds shall be held in an institution ihe deposits or accounts of which are insured or guaranleed by a Federal or state agency(~ncluding lender it Lender is such an inst~tut~on-. Lender shall apply the Funds to pay sa~d taxes. assessments. ~nsurance premiums and ground rents. Lender may not charge for so hotdmg and applymg the Funds, analyz~ng sa~d account. o~ verifymg and compiling sa~d assessments and bills, unless lender pays Borrower interesl on the Fun~s and appi~cable taw perm~ts Lender to make such a charge. Borrower and Lender may agree ~n wnting at the t~me o~ execution o1 th~s ~~!c^gage th.a! ~~terest e~ !hs F~~tls sha!! !~ ~6~+ t~ Ser~~wer. a^d ur.Eess such agreement is made or applicabte taw reqwres such ~nterest to be pa~d, L~nd~i sh811 ~ot b~ reqbiteti to p~~- Borrow6Y~ny inigrest or ea-nings bn thA FuhUs. l~~iclet ~ shali g~ve to Borrower, without charge, an annual account~ng ot the Funds showing credits and deb~ls to the Funds and the purpose for wh~ch each debit to the Funds was made. The Funds are pledged as add~t~onal secunty fo: the sums se~ured by th~s Mortgage. If the amount of the Funds held by Lender, logether w~th ihe future monthfy ~nstallments of Funds payabte pr~o~ to the due dates ot taxes, assessments, ~nsurance prem~ums and ground rents, shalt exceed lhe amount requ~red to pay sa~d taxes. assessments. ~nsurance prem~ums and ground rents as ihey fall due. such excess shall be. at Borrower:s opt~on. e~ther promplly repaid to Borrower or;credited io Borrower on monthly installments ol Funds. If the amount of the Funds heid by Lender shall not be sutticient to pay taxes. assessments, ~nsurance prem~ums and ground rents as they fali due. Borrower shall pay to ~ender any amount neces~a.ry to q-ake up the def~c~ency w~thin 30 days trom the date not~ce ~s ma~ied by Lender to Borrower requesting payment thereot. ~ Upon payment in futl oi a'N sums secur'ed by this MoAgag'~, ~Lender ~shall pibmplly refund to Borsower any Funds held by Lende~. If under paragraph 18 heteof the f'ropeny is Sold Or the Property ~s oihenw~se acqu~red by Lender. Lender shaii apply, no Iater tha~ immediatelypnor~to the•sale ~f the Property or ~ts acqu~s~t~on by lender. any Funds held by Lender at the t~me of appl~cat~on as a credit against the sums secured by th~s Mortgage 3. AppUcation oi Peym~nts. Uniess appl~cabfe law prov~des olherw~se. af1 payments rece~ved by Lender u~der the Note and paragraphs 1 and 2 hereof shall be applied by Lender t~rst m payment ot amounts payable to Lender by Borrower under paragraph 2 hereof, then to ~nterest payable on the Note. then to the pr~nc~pa- of the Note. and then to ~nierest and prmc~pal on any Future Advances. 4. Char~es; Uens. Borrower shall pay all taxes. assessments and other charges. tmes and ~mpos~tions attr~bu2able to ~ne Property which may attam a pnonty over th~s Mortgage. and teasehold payments or gound rents, rf any. m the manner prov~ded under paragraph 2 hereof or. ~t not pa~d ~n such manner. by Borrower making payment. when due. d~rectiy to the payee thereof. Borrower shall promptly furnish to Lender all not~ces of amounts due under this paragraph. and in the event Borrower shall make payment d~rectly. Borrower shall promptly furrnsh to lender rece~pts ev~dencing such payments Borrower shall promptly d~scharge any lien wh~ch has pr~or~ty over this Morlgage; prov~ded. that Borrower shalt not be reqwred to discharge any such I~en so long as Borrower shall agree m wr~ting to the payment of Ihe obl~gat~on secured by such i~en ~n a manner acceptable to Lender, or shall ~n good ta~th contest such I~en by. or detend eniorcement ol such I~en ~n. Iega1 proceedings whlch operate to prevent ihe enlorcement o! the I~en or torteiture of the Property or any part thereof. 5. Hazan! Insursncs. Bonower shall keep the ~mprovements now ex~st~ng or hereafter erected on the Properry,nsured agamst lossby fire. hazards included w~thin the term ~~extended coverage'. and such other hazards as Lender may requ~re and ~n such amounts and for such per~ods as lender reqwre; prov~ded. that Lender sha~i not requ~re that the amount of such coverat,~ ex~e~'d lhat ~mount'of cAverage requ+red t0 pay the §um secured by th~s Mortgage •• The ~nsurance c~rier provid~ng the ~nsurahce~shall be choseh by BorroVv~r st~bject to approva: by Lender: provided: that such approval shall not be unreasonably w~thheld. All prem~ums o~ ~nsura~ce Qot~etes shall be pa~d ~n the manne- prowded under paragraph 2 hereot or. il not paid ~n such manner by Borrower mak~ng payment, when due. d~rectly to the ~nsurance carne-. AII msurance pol~c~es end renewats thereo( si~all be in form acceptabte to Lender and snall ~nclude a standard mortgage clause in favor ot and in form acceptable to Lender Lender shall have the r~ght to hold the pol~c~es and renewals thereot. and Borrower shall promptly turn~sh to lender all renewal not~ces and all rece~pts of pa~d prem~ums. In the event ot ~oss. Borrower shal~ g~ve prompt not~ce to the ~nsurance carr~er and Lender. Lender may make p-oof ot ioss ~f not made-promptiy by Borrower . ~ Unless Lender and Borrower otherw~se agree m wr~t~ng. ~nsurance proceeds shan be appi~ed to restorat~on or repa~r o! tne Property damaged. prov~ded such restoration or repair ~s econom~caliy (eas~ble and the secur~ty of th~s Mortgage ~s not thereby ~mpa~red. If such restorat~on or repa~r ~s not econom~cally feas~bie or ~t the secur~ty of th~s Mo-tgage wouid be ~mpa~red, the msurartce proceeds shall be applied to the sums secured by th~s Mortgage. w~!h the excess. ~t any pa~d to Borrower. If the Property ~s abandoned by Borrower, or ~1 Borrower ta~IS to respond to lender w~th~n 30 days from the date not~ce ~s ma~ied by lender!o Borrower that the ~nsurance carr~er ofiers to settle a cla~m for ~n$urance benef~ts. Lende~ ~s authonzed to collect and apply the ~nsurance proceeds at Lender s opt~on e~ther to resto-ahon or repa~r ot the ProFerty or to the'sums secured by this Mort~age " ~ ~ Unless Lender and Borrower otherw~se agree ~n wr~tmg. any such appl~cat~on ol prbceeds to princ~patshalf not extend or posipone the due date of the monthly mstaitmenis reterred !o ~n paragraphs t and 2 hereo! or change the amount of such ~nstaliments. If under paragraph 18 hereof the Property ~s acqu~red by Lende-. a!~ r~ght. t~!!e and ~nieres! of Borrower ;n and to any ~nsurance pol~aes a~d 1n and to the pfoceeds thereof result~ng from damage to the Property pnor to the sate or acqu~s~t~on shaH pass to lender to the extent of the sums secured by th~s Mortgage ~mmed~ately pnor to such sale or acqu~s~t~on. 6. Prssenratlon and Maintenance oi Property; leaseholds; Condominiums; Plsnned Unit Dsvelopme~ts. Borrorre- shail keep the Property m good :epa~r and shall not commit waste or perm~t ~mpa~rmem ~-~etenorat+on ot Ihe Pro- perty and shall comply w~th the prows~ons o1 any lease ~f th~s Mortgage ~s on a leasehold. If th~s Mortgage ~s on a un~t ~n a condom~nium or a planned urnt development. Borrower Shalf pe~form all of Borrower s obligat~ons ::nder tne deciarat~on o~ covenants creating or govern~ng the condomin~um or planned un~t development. the by-taws and regulat~ons of the condomin~um or plenned urnt development, and constduenl documents If a condoirmwm or ptanned unit development r~der ~s executed dy Bo~rower a'nd reCdrefed together w~th this Mortgage. th'e covenants and agreements of such r~de± shall ~e ~ncor~orated ~nto and shalt arrend and supplement the covenants an~ agreements of th~s Mortgage as ~t the r~de+ ~+vere a part hereof. 7. P~otection of Lsnders Security. If•8orrower tails to perform the covenants and agreements conta~ned m th~s !~dortgage or ~f any act~on or proceed~ng ~s Commenced which matenally affecis Lenders ~nterest ~n the Pr~perty ~r,riuding but not Iim~ted to. emmern domain, msolvency. Code enforcement. or arrangements or proceedmgs involvmg a r;arkrupt or decedent. then Lender at Lenders opt~on, upon notice to Borrower. may make such appearances. d~sburse such s~,rr~s and take such act~on as ~s necessary to protect Lenders ~nterest, mc~ud~ng, but not t~m~ted to, d~sbursements ot ~~aso~ahfe atto~ney s fees and entry upon the Property to make tepairs. If Lender requ~red mortgage ~nsurance as a ~~:r~drr~on ot mak~ng the loan secured by rhis Mcrtgage. Borrower shall pay the prem~ums requ~red to ma~nta~n sucn :+ ~urance m effecf ~nhl such t~me as the requ~rement !or such msurance termmates ~n accordance w~th Borrower s a~c] {~ ~+~ !~r(1`.3i~ l 8~~ PxGEI~.~V1 : . _ ... ' _ " .. . ' . _ "'sY