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Home My WebLink About0945 0 ! ~ .~,t~ • ~ ~ UNIFORM COVENAyTS. Borrowar and lende? conv~nani and agree as lollows: 1. Paym~nt ol Prlnclpal and tM~rest. Bor~ower shall promptly pay when due the prinCipal of end interest on the indebtedness ev~denced by the Note, prepayment and late chargee as provided ~n the Note. 2. fu~~~ lo~ Taxes ~nd In~uranc~. SuD~ect to appticaDla law or to a written waiver by Le~der, Borrower shall pay to lender on the day rt~onthty installments of principal and interost are payable under the Note, until the Note is paid in lull. a aum (herein "Funds") equal to one-twelfth of thA yearly taxes end assessments which may attain priority over this Mortgage, and yround re~ts on the Property, il any, plus one-twellth of yearly premium installments for hazard ineurance, plua one-twelilh of yearly prerri~m installments for mortgage insurance, it any, all as reasonably estimated initially and from time to time by Lender on th~basi:pf . assessments and bills and re~soneble estirnates thereof. - The Funds shell be hald in an institution the deposits or acc~unts ol which are insured or guarenteed by a Fedetal or stete agency (including lender il Ler.der is such an i~stitut~on). Lendar shall apply the Funds to pay said taxes, asses8ments. lnsura~ce premiums and groun~ rents. Lender may not charge for so holding end applying the Funds, enalyzinfl aaid account, o~ verifying and compiling said assessments and biils, unless Lender pays Borrower interest on the Funds and appliceble taw perr~its Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution oi this Mortgage that interest~ the Funds. shall be paid to Bor~ower, and unless sucA agreement is made or applicable iaw requires such interest to be paid, Le~dor S~all not be required to pay 8orrower any interest or ear~ingsSn the Fu?sds. lende~ shall give to Borrower, without charge; @~ ~nnual ~f accounting ot t~e Funds showing credits and debits to the Funds and the purpose tor which each debit to the Funds was made. TMe~~.~ Funds are pledged as additionaf security tor thg sums secured by this Mortgage: - It the amount of the Funds held by lender. together with the luture monthly installrr?ents of Funds payable pnor to the due dates ot taxes, assessments, insurance premiums and ground rents, s~all exceed the amount required ta pay said taxe3, assessments, ~nsurance premiuma end ground r~nts as ihey t011 due, such excess shal~ be, at Borrowor's option, either promptly repaid to 80: rov~r~r or credited to Borrovreron monthly installment of Funds. lf the amount of the Funds held by Lendershatl not be sulficient to pay taxes, assessments, ins~:ance premiums and ground rents as lhey fatl due, Borrower shall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is maited by lender to Borrower requesti~g payment therrot. Fa~lure to pay any amounts hereunder may be treated as a default under this Mort9age and the related Martgage Note. Upon payment in fuil of all sums secured by this Mongage, ~ender shall premptly ref und to Bortowar eny Funds held by l.ender. If under paragraph 19 ~ereot the Property is sold or the Property is otherwise acquired by lender, Lende~ shall apply, no later than ~mmediately prior to the sale of the Property or its acquisition by lender, any Funds he?d by Lende~ et the time of application as e credit against the sums secured by this Mortgage. 3. Appllc~tlon ot Parments. Unless applicable It'rw provides otherwise, atl payments received by Lender under the Note and paragraphs t and 2 he~eoi shall be applied Dy Lender tirst in payment ot amouMs payable to lender by 6orrower under paragreph 2 hereof, then to the interest payable on the Note.end ~then to the principat of the Note. 4. Chsrges; Llens. Bor~ower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may atiain a priority over this Mortgage, and leasehold payments or ground rents, it any, in the manner provided under paragr: ~h 2 hereoi or, i( not pa~d in such manner, by Bor;ower maki~g payment, when due, directly to the payee thereoi. Borrower shall promptly furnish to Lender all notices ol amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly turnish to L~nder receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not he required to discharge any such lien so Iong as Borrower shall agroe in writing to the payment of the obtigation secured by such lien in a manner acceptable to Lender, or shall in good taith contest suCh lien by, or defend enforcement oi suc~ lien in, legal proceedings which operate to prevent tha entorcement oi the lien or forfeiture ol the Property ar any part thereof. 3. HaYard Insurance. Borrower shalt keep the improvements now existin~ or hereafter erected on the Property insured against ~ Ioss by fire, hazarCs included within the term °extended caverage", and such other hazards as Lender may require and in such 'i amounts and tor such periods as Lender may require; provlded, thet Lender shall not require that the amount of such coverage ' exce2d that amount ot coverage required to pay the sums secured by thls Mortgage_ The insurance carrier providing the i~;;urance shall be chosen by Borrower subject to approval by lender; provided, that such approval shall not be unreasonabty v+r?thheld. ~II premiums on insurance polEcies shall be paid (n the manner provided under ' paragraph 2 hereot or, if not paid in such manner, by Borrowsr making payment, when due, directly to :he insurance carrier. AII ~nsurance policie~ and renewals thereof shall be in form acceptabte to lenderandshalf includeastandard mortgegeclause ! ~n tavor ot and ~n form acceptable to lender. Lender shall have the right to hotd the policies and reRewals thereof, and Borrower shatl promptly turn~sh to Lender all renewal notices and all receipts of paid premiums. in the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender_ Lender may make proof ot loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shait be applied to restoration or tepair of th~ ~ Property dar~aged, pr~ vided such restoration or repair is eCOnomically feasible and the security ot this Mortgage is not thereby ` ~mpaired. It ,uch restoration or'repair is not economically feasible or if the security oi this Mortgag~ wos~ld be impaired, the ~ ~nsurance proceecis shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to 9orrower. It the Property ~ is abandoned by Borrower. or it 8orrower lails to respo~d to Londer within 30 days irom the date notice is mailed by Lender to ~ Borrawer that the insurance carrisr otiers to settle a claim tor insurance benefits, Lender is suthorized 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 otherwise agree in writing, any such epplication oi proceeds to prir.cipa: shall not extend or postpone the due date ot t~e monthly installments ~eterred to in paragraphs 1 and 2 hereoi or change the amount of such :nstallments. Ii under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any insurance polic~es and in and ±o the proceeds thereot resulting trom damage to ihe Property prs~r to the sale or acquisition shatl pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. ~ 6. Preservstlon snd Malntenance ol Property; Lassehold~; Condominlums; Planned Unlt Developments. Borrower shatl keep the Property in good repair and shall not commit wa~te or permit impairment or deterioration oi the PrOperty and shatl compty with the provis~ons o( any lease if this Mortgage is on a leasehold. II this Mortgage is on a unit in a condominium or a planned unit deveiopment, Borrower shall pertorm all ot Borrower's Obligations under the declaration or Covenants creating or governing the condominium or pla~ned unit devetopment, the by-laws and regulations oi the condominium or pla~ned unit development, and constituent documerets. If a condominium or planned urif development rider i~ executed by 8orrower and recorded toflether wlth th?s Mortg~ge, the covenants and eg~eements ol such rider shell be incorporated into and shall emend and supplement the covenants and agreements ot this AROrtgage as ii the rider were e~art hereot. Prot~cllon ot L~nd~r's S~curlty. II Borrowsr falla to perform the Covenante and agreements contalned In thle Mortgage, or If any action or procesding IS comme~ced which materially affscts lendar's Interest In the Prooerty, Including, but not limited to, ~ em~ner.t domain, insolvency, code entprcement, orarrsngementsor proceedi~gs invalving e bankrupt ordecedent, then Ler~derat Lender's opt~on, upon notice to Borrower, mey meke such appeerences, disburse such aums end take such action a31s necessary ~ ~ fd protect Lender's interest, including, but not limited to, disbur~9ment oi rQasonabla attorney's fees and entry upon the Property E to make repairs. if Le ~der required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shell ~ pay the premiums requ~red to ma+ntain such insurenCe in elfeCt until such time as the requlrement tOrsuCh Insurance terminatesln accordance with 8orrower's and Lender's written agreement or epplicabie law. 8orrower shell pay the emount of ~II mortgag9 ~ ' insuranca prem{ums in the menner provide~ under paregraph 2 hereot. ~ Any amounts d~sbursed by lender pursuant to this pa~agraph 7, with interest thereon, shalt beCOme edditionel indebtednessof ! Borruwer secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts sheil be payable ` upon not~ce trom Lender to Borrower requesting peyment thereof, ancf shall bear interest irom the date ot disbursement at the tate payable f~om time to time on outstanding prinCipai undo~ the Note unless payment of interest at such rate would be contrary to appl~cable law, in which eve ~t such amounts shall bea~ interest at the highest rale permissible under epplicable law. Nothing contained in this pa?agreph ' shalt require Lender to i~CUr any ezpense or take any acticn hereunder. 8. Insp~ctlon. Lender may make or cause to be made reasonabte entries ~pon and inspections of the Property, provided that ~ Lender shall give Borrower notice prior to any such inspection specifying reasonable ceuse therelo~ related to lender's interest in ~ Ihe Property. 9. CondemnaUon. The proceeds of any awar~ o~ cleim (or damages, direct or consequential, in connection with any condemnation or other taking of ihe Properly, or part thereof, or for conveyance in lieu of condemnetip n are herebyassigned and sha11 be Paid t4 i}ender. ~ (rg A J~ L~ . , • ~l?:',K ~'3~ P.a_ t7`~•J ~