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Home My WebLink About0992 i ~ ~ ~~,4 ~UL I . • t~,s~~ R!V • I UNIFORM COVENANTS. Borrower and Lender covenant and ag~ee as toitow5: I'~' 9. Paym~nt ot Pri~clpal and Intsnst. Borrower sha11 prompity pay when due 1t~e principal ot and intarest on tt~e ~ndebtedness ev~denced by the Note, prepayment and late charges as provided in the Note, and the pr~ncipal of and interest on any Future Advances secured by this Mortgage. ' Z. Funda fo~Tax~s snd Insuranc~. Subject to appticable law or to a written waiver by lender, Borrower sha11 pay , to Lender on the day monthly instaNments of principa~ and interest are p8yable under the Note, unt~l the Note is paid in full, j a sum (herein "Funds°? equal to on~twelfth of the yea~ly taxes and assessments which may attaiR priority over this Mortgage, and ground rents on the P?operty, if any, plus one-twe~nh ol yearly premium installments lor hazard i~surance, plus on~twetfth ~f yea~ly prem~um ~nstallments tor mortgage insurance, if any, all as reasaonably estimated initially and from ; Ume to time by lender on the bas+s of assessments and b~lls and reasonabfe estimates thereot. j The Funds shalt be held in an institution the deposits or accounts of which are insured o~ gua?anteed hy a Federal or ~ state agencylincluding lender it Lender is such an institut~on). Lender shall apply the Funds te pay said taxes, assessments, ~ insurance premiums and ground rents. Lender may not charge for so holdmg and applying the Funds, analyzing said account, or venfying and compiling said assessments and bi~ls, unless lender pays Bonower interest on the Funds and applicabfe law ~ perm~ts Lender to make such a chargs. 8orrower and Lender may agrse in w~+iing at the i+me ot executio~ of ihis Mongage that interest on the Funds shalt be paid to Borrower, and uniess such agreement is made or applicable law f +cC{uiica 5uci~~ i~+ie~~~i iu t>e pdid, Lender shaii not be requ~re~ to pay t3orrower any interest or eamings on the Funds. lender i shall g~ve to Borrower, withoul charge, an annual acco~nting of the Funds showing c~edits and debits to the Funds and the ~ n~_~rnntP fnr whirh pa~h rip~iit tc tho F~~n~y ;~~c mu~a ~;g p;edged as ad~~ti~rat se~ur~ty to~ t~~e surr~s 5ecured ~ by th~s Mortgage. If the amount of the Funds hetd by Lender, together with the future monthly installments oi Funds payabte p?~or to ! tne due dates ot taxes, assessments, insurance premiums and grcund rents, shall exceed the amou~t required to pay said taxes, ~ assessments, insurance premiums and ground re~ts as they fall due, such excess shall be, at Borrowers option, either promptly repaid to Borrower or credited to Borrower on monihly installments of Funds. If the amount ot the Fur~ds held by Lender shall not be sufficient to pay taxes, assessments, +nsurance premiums and ground rents as ihey taN due, Borrower sha~t pay to Lenderany amount necessary to make up the deficiency within 30 days trom the date notice is mailed ~ by Lender to Borrower requestiny~ payment thereoi. Upon payment in tul4 of af{ sums secured by th~s Mortgage. Lender shall promptly retund to Borrower any Funds i he~d by Lender. If under paragraph 18 hereoi the Prope?ty is sald or the Property ~s othenvise acqu~red by lender. Lender ~ shall apply, no later than immediatety prior to the sale of t~e Property or its acquisition by lender, any Funds held by ~ ~ender at 1he time ot application as a credit against the sums secured by this Mortgage. ~ 3. Application of Payments. Unless applicable law provides othen+vise, all payments received by Lender under the Note and paragraphs 1 and 2 hereot shall be apptied by Lender t?rst in payment ot amounts payable to lender by Borrower under paragraph 2 hereof, then to interest payabte on the Note, then to the pr~ncipal of the Note, and then to interest and pr~nc~pat on any Future Advances. , . 4. Charqes; Uens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attnbutable to the Property wh+ch may atiain a pnonty over this Mortgage, and Ieasehold payments or gound r~rrts, if any. in the manner provided under paragraph 2 hereoi or, if not paid in such manner, by 8onovrer makiseg payrtieaK wt?en due, directly to the ~ -°.-R~,~.~.,nar ~s. a ~v iiiv cvci . paY~ (hQfQO}. BOffOWPf Sh~II MATnfly /~~?11ich tn 1 anrinr 711 nnt~nnc ni`e~.~~nw ~::y~r:~~, t + Sorrower shall make payment d~rectly, Borrower shall p!ompt~y furnish to Lender receip:s ~videncing such paylnents. ! 8orrower shalt promptty discharge any Iien wh~ch has priority over this Mortgage; provided, that Borrower Shal! not be ~ ~equ~red to discharge any such lien so long as Borrower shall agree in writ~ng to the payment of the obligation secured by such lien ~r. a manner acceptabte to Lender, or shall in good taith contest such lien by, or detend enforcement of such lien in, Iegat proceedings which operate io prevent the entorcement ot the lien o? forteiture of the Property or any part thereof. 5. Ha=ard Insucance. Borrower shatl keep the ~mprovements now existing or hereafter erected on 1he Properry insured aga~nst loss by fire, hazards included wrth~n the term'~extended coverage', and such other hazards as lender may require and ~n such amounts and for such per~ods as lender require; provided, thai Lender shall not require that the amount of , such coverage exceed that amount of coverage required to pay the sum secured by this Mortgage. I~ The insurance carrier providing the insurance shall be chosen by Borrower subject to approva4 by Lender. provided. i that such apFroval shaft not be unreasonably wrthheid. All premiums on insurance pol~cies shall be paid in ihe manner ; provided under paragraph 2 hereof or. ~f not pa~d ~n such manner, by Borrower mak~ng payment, when due, directly to the ' ~nsurance camer. 1~ All insurance pot~c~es and renewals thereot sha~~ be ~n form acceptabte to Le~der and shaU ~nctude a standard mortgage ; clause ~n favor of and ~n form acceptable to Lender. Lender sha~~ have the nght :o hold the policies and renewals thereof, ` and 8orrower shalt promptly lurnish to Lender ail renewal notices and al~ receipts of paid prem~ums. In the event of lass, Borrower shaif give prompt notice to the insurance carrter and tender. ~ender may make proot of loss iF nat madeprompity i by Borrower. ~ Unless Lender and Borrower otnerw~se agree ~n wr+t~ng, ~nsurance proceeds shall be applied to restorat~on or repair of ~ tne Property damaged, prov~ded such restorat~on or repa~r ~s economicaliy feasible and the secunty of fh~s Mortgage is F not thereby ~mpa~red. It such restorat~on or reRa+f ~s not econam~caNy feas~ble or ~f the security of this Mortgage would ~ be ~mpa~red. the insurance proceeds shall ~e appl~ed to the sums secured by thfs hlortgage, w~th the excess, if any, ~a~d ~ to Borrower. If the Prcperty is abandoned by Borrower, or if Borrower fails to respand to Lender within 30 days from the ~ date notice is maifed by lender lo Bonower that the lnsurance carrier offers to settle a claim for insurance benelits, Lend2r i ~s authcnzed to coilect and apply the ~nsurance proceeds at ~enders option either to restoratron or repair of the Property ~ or to the sums secured by this Mortgage. ~ Unless Lender and Borrower otherw~se agree m wnt~~g. any such appl~cat~on of proceeds to pr~ncipal shall not exiend ~ or postpone the due date of the monthly mstallments referred to In paragraphs 1 and 2 hereot or change the amount of ~ such ~nstallments It under paragraph 1$ hereof the ?roperty ~s acquired by Lender. ati nght, title a~d interest oS So~rower ~n an~ to any insurance polic~es and ~n and to the proceeds thereof result~ng from damage to the Property pr~or to the saie ~ or acqws~t~on shaii pass to Lender to the extent of the sums secured by th~s Mortgage ~mmediatety pnor to such sale or ~ acqu~s~t~on. 6. Preservation and Maintenance oi Property; Leasshofds; Condominfums; Piannsd Unit Oevblopments. Borrower shall keep the Property ~n good repa~r and shaU not comm~t waste or perm~t ~mpa~rment or detenorat~on o( the Pro- perty and shai~ comply w~th the prov~s~ons of any lease ~f th~s Mo~tgage ~s on a leasehold. It th~s Mortgage ~s on a ur.~i m a con~om~n~um or a planned un~t development. Borrower sha!1 periorm all o( Borrowers ~blig~t~ons under the clecfa?at~on or covenants creating or governir~g the condom+nium or p;anned ~n~t development, the by-laws and regulations of ihe condom~n~um or planned un~t development, and constituent d~~uments. If a condom~nium or ptanned unit development ! nder !s executed by Borrower and recorded together w~th this Mortgage, the covenanis and agreements of such rider ;na!~ a~ ~ncorpor2ted ~r,~c and shall amend and supp~ement the covenants and agreements ot th~s Mortgage as if the r~de~ were a part hereof. 7. Protection of Lende~'a Security. If Borrower fails to pe~torm the c~venants and agreements conta~ned ~n th~s ~.lortgage. or rf any act~on or proceed~ng ~s commenced wh~ch matenatly affects Lenders ~nterest in the Properly. y inctuding, but not lim~ted to. em~nent domain. ~nsolvency. code enforcement, or arrangements or proceed~ngs ~nvo~wng a hank~ upt o~ decedent. then Lender at tenders ophon. upon nobce to 8orrower, may make such appearances. disburse such ~ sums and take such acUOn as ~s necessary to protect lende?'s interest, inctud~ng, but not lim~ted to. disbursements ot F reasonable a~torneys fees and e~try upon the Property to make repa~rs. If Lender required morigage ins~rance as a cond~Uon of mak~ng the ioan secu?ed by th~s Mortgage, Borrower shall pay the prem~ums requ~red to ma~nta~n such ~nsurance ~n ettect ~.~r,t~~ such t~me as the requrement for such +~ssurance termmates in accordance w~th Borrowe~s and _ n~ 9~ ~ ~E ~ ~ ~ ~ -