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Home My WebLink About2644t . UN~FORM CovFr+~NTS. Bormwe~ a~d l.ende~ cavenant and agree as tollaws: 1. hrneat of Princl~al aod laten~st. Bc~rrower +hall pmmpil~• pay v-hcn due thc principai ut and interest on ~he indebtcdneu evidenced by the Note. prepaymeot and late charge~ ~. pnwicied io the Nate, and the p~incipal of and ~~tercs~ on any Futurc /ldvances secured by this Mortgage_ 2. Funds fo~ T~a aad losurance. Subject ta applic;,hle law u~ ta a written waiver by I.ender. Borrower shall pay to I.ender on the day monlhly installments ot principal and int~rect .~re payahlc unde~ the Note, until the Note is paid in full. s sum (hercin "F~nds") equal ta one-twelfth of thc yearh ta~~. anJ accestments which may attain priority over this Mongage, and ground rents on the Pc+operty, if a~y, plus onc-twel(~h ot ~•ca~ly premium installments for hazard ~nsur~nce, plus one-twelfth of yearly premium installmenls for mortgage insurancc, it any, all as rea.cc~nably estimated initially and trom time to time by I_ender on the basis of assesemcnts anJ hills and reau~nable atimates thereot. The Funds shall be held in an ins~itu~i~m the depos~i~ or accounts of which arc insurcd or guaranteed by a Federal or state ageocy (including Lender it ~cnJer ix ~uch an institu~ionl. I.ender ~hall apply the Funds to pay said taxes, asseuments, insunnce prcmiums and ground rents 1 ende~ may ncu charge far so holding anJ TpE+lying the Fnndc. analyiing said account. or verifying and compiling said assessments and hills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrawer and I.ender may agrce in writing at ~he time of execution o[ this Mo~tgage that interest on the Funcis shall he paid to Borrower. and u~tess such agreement is made or applicable law requites such interest to be paid,l_ender shall not he rcquired to pay Borrower any interest or earnings an the Funds. 1_eoJer shall give to Borrower, without charge, an annual accounting af the Funds showing credits and debits to the Fund~ and the purpox for which eaeh debit to the Funds wa~ maJe. The Fu~ds are pledged as addi~ional ucurity for the sums secured by this Mortgage. ` If the amount of the Funds held by LenJer, together with the iuture monthly installments of FunJs payablc prior to the due data of taxes, assessments. insurance premiums and ground rent~, shall exceed the amount required to pay sa~d taxes, assessments, insurance premiums and ground reots as they fall due, such excess chall be, at Barrower s option. ~ither promPtly repaid to Borrower or credited to Borrower on monthly ~nsiallments of Funds. If the amount of thc Funds held by Lender shall not be suli'icient to pay taxes, assessments, insurance premiums and ground rents as ~hey iall due, Borrower shall pay to Ler~der any amount necessary to make up the deficiency within 30 days from the date notice is mailed by l.ender to Borrower requesting paymcnt thereof. Upon payment in full of all sums• secured by this Mortgage, I_ender shall promptly re(und to Borrower any Funds heW by Lender. It under paragraph I8 hereof the Property i~ sold or the Property is o~herwise acquired by l.ender, l.ender s6a11 apply. no later than immediately prioi to the sale of the Property or: its aoqui~Uon by [.e~der, any Funds held by Lender at the time of application az a credit against the sums secured by this Mortgagc. 3. Applicatbn ot Paymeats. Unletc applicable law provides otherwise. all payments receivod by t_ender unJer the Tiote and paragraphs 1 and 2 hereof shall be applied by l.ender first in payment ot amounts payable to Lender by Borrower under paragraph 2 hereof, then to intere~t payable on the Note, then ~o ~he principal of the Note. and then to interest and principal on any Future Advances. 4. CAarges; Lieas. Borrower shall pay all ~axes, atscssments and other charges, 6nts and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rcnts, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, dircctly to ihe payee thereof. Horrower shall promptly furnish to Lenckr all notices of amounts due under this paragraph, and in the event Borrower shall make payme~t directly, Borrower shall promptly furnish to Lender receipts evidencing sueh payments. Borrower shall promp~ly discharge any lien which has pnority over this Mortgage; provided, that Borrower shall not be requ~red to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligatiun secured by such lien in a manner acceptable to Lender, or shall in good faith contes~ such lien by, or defend enforcement of such lien in, tegal proceed~ngs which operate to prevent the enforcement of the I~en or [orfeiture of the Propeny or any part thereof. S. Hazard I~uurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by 6re, hazards included with~n the term "extendeJ coverage", and such other hazards u Lender may reyuirc and in such amounts and for such periods as Lender may requirc; provided, that Lender shall not require that the amount o[ such coverage exceed that amount of c~verage required to pay the sums secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender. provided, that such approval shall not be unreawnably withheld. All premiurris on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, vrrhen due, directly to the insurance carrier. All insura~~ce pol~cie~ and renewals ther~of shall be in form ~cceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. l~nder shall have the right to hold the policies and renewals thereof. and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums_ In the event of loss. E3orrower shall give prompt m~tice to the inaurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Unless l.ender and Borrower othen.•ise agree in writing, insurance proceeds shall be applied to restorateon or repair of the Property damaged, ~;:ovided such re~toration or repair is economically feasible and the security of this Mortgage is not thereby impaired. 1t wch re,toration ur repair is not ecenumic~lly (easible or if the security of this Mortgage would be impaired. the insurance pr~eeds shall be applied to tbe sums secured by this Mortgage, with the eacess, if any, paid to Borrower. If the Propert~~ is ahandoncd hy Rorrower, or if Borrower fails to respond to Lender within 30 days from the Jate notice is ma~lecf by Lender to Borrower that the insurance carrier ofTers to settle a claim for insurance benefits, Lender is aut6orized to collect and apply the insurance proceeds at Lender's opt~on either to restoration or ropair of the Propem or to the sums secured by this Mortgage. Untess Lender and Burrower otherwise ag~ee in w~iting, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphc 1 and 2 hereof or change the amount of such installmeau. If under paragraph 18 hereof the Property is acyuireci by Lender, all right, title and interest of Borrower in aad tu anp insurance policies and in and to the proce~:ds thereof resulting from damage to the Property priAr to th~ sale or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. ~ . 6. Prcscn•ation and Maintenance ot Property; Leasehulds; Condominiums; Plaaoed Udt Devdopmenfs. Borrowcr shall keep the Property in good repair and shall not comro~~ waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on ~ Icasehold. If this Mortgage is on a unit in a condomimum or a.planned unit Jevelopment, Borrower shall perform all of Borrower s obligations under the declaratiun or coveoants creating or govetning the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documen~ti. If a condominium or planned unit development riJer is executed by Borrower and recorded tog~ther v-•ith this Mortgage, thc covenants and agrcements of such rider shall be incorporated ~nto and shall amend anJ supplement the covenants and agreements of this MoRgage as if the rider were a part hereof. 7. Protection of Leoder's Security. If Borrower fails to perform the covenants and agrecments contained in this Mortgage. or if any action or proc:eeding is commenced ~ which materially atTects Lender's interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums and take auch action as is necessary to pratect Ixnders imerest, including, but not limited to, disbursement of reasonable attomey's fees and entry upon thc Propeny to make rcpairs. If Lender required mortgage ~nsurance as a condition of making the loan secured by this Mortgage. Borrower shaN pay the premiums requireJ to maintain such insurance in effect until such time as ~he requirement for such insurance terminates in accordaneP with Borrower's and . . :•,::.~ ~ ~ ~ ' 6R~K348 eN~E2S42 ~ ~. ' - _.~~- ~ ~ .z_~ _ ~ = -_ - ~~~ . _ ~