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Home My WebLink About0992 , ~ - ~ ~~8 ~ ~tb UNIFORM COVENANT3. 8o?~ower and Lender covena~t and agree as tollows: ~ 1. Paym~nt of Princlpsl and Int~hst. Borrower shatl promptly pay when due the p~incipal ot and.interest on the ~ ~ndeblednessevidencedbylheNole,p?epaymentandlatecha~gesasprovidediniheNote,andthep~incipalotandinterest ~ on any Fulure Advances secured by ihis Mortgage. . ' Z. Funds fo~T~x~s and lesuanc~. Subject to applicable Iaw or to a written waiver by Lender, 8o~rower sha11 pay . to Lender on the day monthly installments of principal and interest a~e payabie under the Note, untit the Note is pa~d in full, ~ sum (herein "Fundsl equal to ono-iwelfth of ihe yea~ly taxes and assessments which may attain prionty oye~ this Mortgage, and g~ound rents on 1he.Property, il a~y, plus one-iwelfth of yearly premium instaltments torhazard insurance. ~ plus one~tweltth ot yea~ly.premium instaltments for mortgage insurance. it any, all as reasaonablyestimated iniliallyand from time to time by Lender on the basis of assessments and bills and reasonable esiimates thereof. _ The Funds shall be held in an institu(ion the deposits or accounts Of which are insured or guaranteed by a Federal or state agency(inciuding Lender ~f lender is such an institutior~. Lender shall apply the Funds to pay said taxes, assessments, i~sura~ce premiums and ground rents. lender may not charge for so holding and applying the Funds, analyzing said account, ~ or veritying and compiling said assessments and bills, unless Lender pays Bonower interest on the Funds and applicable law permits lender to make such a charge. Bonower and Lender may agree in virriting at the time ot execution of this • Mortgage that interest on the Funds shall be paid to Bonower, and unless such agreement is made or appticable iaw requires such inle~est to be paid. F~~p~l@~Ft~a~l Ppt be r~q~ired lqp!~y;B WrQwer~ny~,tr~t~test p.r~pr/~ipg9~bn p~yr~s. LeRder shall give to Borrower, without charge, an annuat accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are ptedged as additional secur~ty tor the sums secured by this Mortgage. It the amaunt of the Funds held by Lender, together with the future monthly installments of Funds payable prior to . the due dates of taxes, assessments, insurance premiums andground rents, shall exceed the amount required to pay said taxes. assessments, insu~ance premiums and ground rents as they tall due, such excess shall be, at Borrowers option, eithe~ promptty repaid to Bp~ro ~r; ~qr~J ~~~eC~,StQ Borrpwer on monlhly installments of Funds. If the amount of the Funds - • hetd by Lender shalr nol b~'sUfTiCient tb ~y taxes, assessments, insurance premiums and ground rents as they tatl due. Borrower shall pay to lender anY amount necessary to make up the defic~ency within 30 days from the date notice is ma~led by Lender.to Borrow8rreque~tln~~pa'yrt1~~t tdet~CN:! `~~1?'r • Upon payment ~nat~M pf ~-.~itjr~S~se~u~(t by•tt~is Mortgag~!Lend~ ahall prqr~~y;retund to Borrower any Funds held by Lender. lf unde+~ar~r ~,8 ~~r~oi ~he~qpe~ls so1d.Q,t the Property is dthenerise acquired by Lender, Lender shall apply, no later~`h~ un~ ,a ~7j~ [~o[. tp t Q,~ !e~q~~ ~h P~ rty or its ac.qui,ition by Lender, any Funds hetd by . ~ lender at the t~me ot 2t~~l~catlo~l`a a'C~~tiTt~~g~~sftFid Silm~ s~ed by this Mortgage. ~ ~ 3. Application of Paymenb. Unless appl~cable law provides othenn+ise, all payments received by lender under the Note and paragraphs 1 and 2 hereol shall be applied by Lender firSt in p~yment ot amounts payable to Lender by 8orrower _under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note. and then ro ~nterest and , princ~pal o~'any Future Advances. ~ - 4. Charyes; Liens. Bo?rower shall pay all taxes, assessments and othercharges, fines and ~mpos~twns attr~butable to the Property which may altaina prionty over this Mortgage, and leasehold payments or gou~d rents. ii any, in the manner provided under paragraph 2 hereot or, ii Aot paid in such manner, by Bo~rower making ~Sayment when due, directly to the payee thereof. Borrowe~ shall p?omptty furnish to Lender all notices oi amounts due under this paragraph, and in the event Borrower sha11 make payment direetly, 6onowQr ShallaDr'omptly.fumish to Lender receipts evidencing such payments. Borrower shatl promptly dischar~e any I~en whiEh:h89~prioriry over this Mortgage: provided, that Borrower shall not be required to discharge any such lien so long as BbrbweT shafl agree in writing to the paymenl of tlie obligation seCUred by ~ such lien in a manner acceptabte to Lender ~Or shaNin gobtl taith eontest such lien by. or defend entorcement ot such lien in.. . legal proceedings which operate lo preven[ lhe erAOroWAeAt rif Qie.IJen or torteiture of the Prope~ty or any part thereof. 5. Hazard Insuranes. BoROwer sl5alt keep the improvements now existmg or herearier erected on the Property irisured against loss by (ire, hazards included within the term ~'extended coverage', and such bther hazards as Lender may requ~re and in such ~Qrits ntld i~i' SdCh pefiod~ 1~~~ender ~qwre; prov~ded, lhat Lender shall not require that the amount ot such coverage:egceec~thaqamoyRl oh44~ve~~ge~-reqt~d ~q~ay_~s~}~Cqr_e,d @~this~otigaQe. = - I The ~nsu~ a<< <o id~n9 ~ u1s s~ ce ¢~I oseMh~y c a oval er, prov~ded. tnat sucha ~t~ . f~~ X. ~ ~l. ~'Sp ~ P~ : p ppr~o al S9al~ noj-~e,~ ~~nr'ea~~ ably v~tttihel-~.~tl ~emi~S qn~ns ~R Fg p~~~C~~hall ~e pa~d In lhe yanner I' rovided u~der ~ara raph2 her+~'of or, if`not p9i~ in sUCfl manrieF; b-68iro~i~hYak'n ~i ~t: w~en due, d~recll to the { insuranCe carrier: - . ~ - All ~nsurance p0licies attti r@newals thereof shall be In form acceptable to Lender and shall include a standard mortgage - clause in favor of and in torm acceptable to Lender. Lender sha11 have the nghi to hold the policies and renewals thereof, ~ and Borrower shall promptly furrnsh to Lender all renewal not~ces and all receipts of paid premiums_ In the event oi loss. Borrower shatl give prompt notice to the insurance carrier and Lender. Lender may make prooi ot loss it not made-promptly ~ by BoROwer_ - . • Unless Lender and Borrower otherw~se agree in writing, msurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restaation or repair ~s economically feas~t5le and the secur~ty of this Mortgage ~s . not thereby ~mpa~red. N such restorat~on or repair ~s not econom~cally feasibte or if the secunty ot this Mortgage would be ~mpa~red, the ~n ~~nce.~R~oceeds s,h~tl,~e appfled to the sums secu.red bytnis Mo~tgage, with the excess. it any, pa~d to Borrower. It the' ~ier~q fs abandonetf by Borrower, or if Borrower fails to respond to Lender w~thin 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier ofters to settle a claim (or ~nsurance benetits. Lender is author~zed to collect and apply the insurance proceeds at Lender's optiot~~tth~r ~o'reslos~t~bn or repair ot the Property orto~ih~~u,ms~;Qqlrred~qoyth?s~lv~ort~ge.~:~~ i~ tiF, y~; ~ ~ f.~~ ~ . . - Unless Lencfer and Borrower otherwise agree in writing, any such applicaUprl o.f proceeds t4 prtc~ipa~ Shall not extend • { or postpone the due date of the monthly ~nstallments reterred to in paragraphs t and 2 hereof or change the•amount of such ~nstailments. If under paragraph 18 hereoi the Property ~s acquired by Lentler, ali nght, title and ~nterest of Borrower ~n and to any insurance policies and ~n and to the proceeds thereof rasufting from damage to the Property pnor to the saie ~ or acqws~tion shall pass to Lender to the extsnt of the sums secured by th~s Mortgage immediately pnor to such saie or acqwsdwn. ~ . • . 8. Preservstion and Maint~nsnce of Props'ty; Lsaseholds; Condominiums; Plannsd Unlt Developments. ~ Borrower shall keep the Property m good repair and shall not commit waste or permit ~mpa~rment or deteriorat~on of the Pro- - ~ perty and shall compty w~th the provis~ons ot any lease if this Mortgage is on a leasehold. If th~s Mortgage ~s on a unit ~n a cond~m~n~um or a p~anned unit deve'opment. Borrowershall perform all of Borrowers obligations under•!he declaration i or covenants creating or govemmg the condominium or planned unit devetopment, the by-laws and regulat~ons of the condominium or planned unit develo~men~ and constituent documents. N a condomm~um or planned unit development nde! i~~cecute~d py, ¢prrq~ve~c+~d recp~¢ed t~geth,QE ~~{a g~s~s [ylortg~ge, tR?e:covenants and agreemerSts of such nder ; shall be mcorporated into and shall amend and supplement the covenants and agreements of this Mortgage as il the r~der ` ~ were a part hereof. . ~ ~ . 5 7. -Protsction of Lsnder's Secu~t~.: ,~,t Borrower iails to pe~QSm the cov na~ts and agreements conta~ned in th~s . Mortgage. or if any action or proceeding ti~' commenced wh~ctfi ~riateri9l(Si a~ects Lenders mterest m the Property. mcludmg. but not limited to. eminent domain, insolvericy, code enforcement, or arrangements or proceedmgs invotving a ` ~ bankrupt or dececfent, lhen ~ender at Lende~s option, upon not~ce to Borrower, may make such appearances. d~sburse such - sums and take such action as ~s necessary to protect Lenders interes~ inctuding, but not I~m~ted to, d~sbursements of • reasonable attorney's lees and ~ntry upon th~ Proparty [o make repairs: It Lender requ~red mortgage insurance as a _ cond~tion of making the loan secured by thi~ Mortgege. Borrower Shall pay the prem~ums required to mamtam such insurance in eflect until such time as Ihe requ~rement for such insurance termmates ~n accordance with Borrowers and f ' l•'y ~ . ~ ~t~~ . - ~°~~~~E ~r . 1 - - _ _ _ .J