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Home My WebLink About0978 ~ ~ ~ , ~ 6 ' . ~ ~ ' t 1 . UNtFORi?t CoveNANrs. Borrower and Lender covenant and agree as follows: l. Paymeat ot Princlpd aad lnterat. Borrower sha11 promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the pri~cipal of and interest on any Future Advances secured by this Mortgage. Z. Fasde [or Tases snd Iaaranee. Subject to applicable law or to a written waiver by Lender. Borruwer shall pay to [..endtr on the day monthly installments of principal and interest are payable under the Note, until the Not~ is paid in full. a sum (herein "Funda") equal to one-twelfth of the yearly taxes and assessmeats which may attain priority over this Mortgage, and ground renta on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance, plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time ro time by Lender on the basis of assessments and bills and reasonable estimates thereof. , The Funds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or state agency (including Lende~ if Lender is such an institution). Lender shall apply the Funds to pay said taxes, assessments. insurance Qtemiu?ns and grouad rents. Lender may not charge for ~o holding and applying the Funds, analyzing said account, , or verifying and compiling said assessments and bills, unless Lender pays Bonower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution ot this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Lende~ shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds wa; made. The Funds are pledged as additional security for the sums secured by this Mortgage. If tho amount 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 and ground rents, sha~l exceed the amount required to pay said taxes. : assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower s option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds_ If the amount of the Funds ; held by Lender shall not be sufTcient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed ! by Lender to Borrower requesting payment thereof. ~ Upon payment in full of all sums secured by this Mortgage, l.ender shall promptly refund to Borrower any Funds ; held by Ixnder. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, I_ender shall apply, no later than immediately prior to the sale of the Property or its acquisition by L.ender, any Funds held by _ Lender at the time of application as a credit against the sums secured by this Mongage. ~ 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs. l and 2 hereof shall be applied by l.ender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to inter2st payable on the Note, thcn to the principal of the Note, and then to interest and ~ principal on any Future Advances. ~ 4. Clwrges; Lieus. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Pro rt which ma attain a riorit over this Mort a e, and leasehold a ments or roun~ rents, if an in the manner Pe Y Y P Y 88 PY B Y' ~ ~ provided under paragraph 2 hereof or, if not paid in'such manner, by Eorrower making paym~nt, when due, directly to the ~ ~ payee thereof. Borrower shall promptly fur~ish to Lender all notices of amounts due under this paragraph, and in the event i Borrower shail make payment directiy, Borrower shall prompdy furnish to Lender receipts evidencing such payments. ~ ~ Borrower shall prompdy discharge any lien which has priority ovcr this Mortgage; provided, that Borrower shall not be ~ ~ required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, ~ legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ~ ~ S. Hazard Insurance. Borrower shal! keep the improvements now~ existing or hereafter erected on the Property insured ~ ~ against loss by fire, hazards included within the term "eatende~i coverage", and such other hazards as 1_ender may require ~ E and in such amounts and for such periods as Lender may reyuire; provided, that Lender shall not require that the amount of ~ such coverage exceed that amount of coverage 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 unreasonably withheld. All premiums 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, when due, direcdy to the ~ p insurance carrier. i j All insurance policies and renewals thereof shall bc in form acceptable to Lender and shall include a standard mortgage ~ claus~ in favor of and in form acceptable to Lender. Lender shail have the right to hold the policies and renewals thereof, s ~ and Borrow~er shall promptly furnish to Lender all renew•al notices and all receipts of paid premiums. In the event of loss, ~ Borrower shall give prompt notice to the insurance carrier and Lender. LenJer may make proof of loss if not made promptly ~ t by Borrower. Unless Lender and Borrower otherW~ise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is 7 not thereby impaired. If su~h restorati~n or repair is not economically fcasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid ~ to Borrower. If the Propert}~ is abandoned h}~ Borrower, or i( Borrower fails to respond to Lender within 30 days from the ~ date notice is mailed b}~ Lender to Borrower that the insurance carrier ofiers to settle a claim for insurance benefits, Lender ~ i~ authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property ~ or to the sums secured by this Mortgage. ~ Unless Lender and Borrower othecwise agree in writing, any such application of proceeds to principal shall not extend ~ ~ or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of f ~ such installments. If under garagraph 18 hereof the Propertt is acyuired by C.ender, all right, title and interest of Borrower ~ ~ in and to any insurance policies and in snd to the proceeds thereof resufting from damage to the Property prior to the sale ! ~ or acquisition shall pass to Lender to the extent of the sums secured by this Mortgage immediatcly prior to such sale or ; ~ acquisition. i , 6. Presen~alion and :~taintenance of Property; Leaseholds; Condominiums; Planned Unit Developments. Borrower ` shall keep the Property in good repair and shall not commit v~•aste or permit impairment or deterioration of the Property and shatl comply with the provisions of any lease if this ;~'lortgage is on a leaschold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration ~ or covenants creating or governing the condominium or planned unit de~elopment, the by-Iaws and regulations of the , condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreemeots of this Mortgage as if the rider were a part hereof. '1. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or pra.eeding is commenced K~hich materially affects Lender's interest in the Property, ~ including, but not limited to, eminent domain, insnlvency, code enforcement, or arrangements or proceedings involving a ; bankrupt or decedent, then Lender at Lender'~ option, upon notice to Borrower, may make such appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of reasonable attomey's fees and entry upon the Properry to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mongage, Borrow•er shall pay the premiums requireJ to maintain suc~l insurance in ePfect until such time as the requirement for such insurance terminates in accordance with Borrower's and . . . ~ ~R " 6n~K ~ tAGE~,W~ . ~ ~ ~ ~~K ~07 P~~~ 974 . h~. _ _ _ -