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Home My WebLink About0972 . ~ ~ • - i . . . ~i.~~~ ~~.v~ F, ~•~Y ~ i . , 1 UNIFORM COVFNANTS. Bor~ower and Lender covenant and agree as lollows: . ~ 1. Paym~nt at P;~InclpA! and Interest: Borrower shall prompUy pay when due the principal ot and interest on ihe i indebtedness evidenced by the Note, prepayment and la,echarges as provided in lhQ Note, ard the principal ol and interest ~ on any Future Advances secured by this Mo?tgage. . 2. Funds forTaxes And Ineu~snce. Subject ta applicable law or to a writton waiver by Lender, Borrower shall pay_ ~ to LEnder on the day monthly installments of principai and intarest are payable under lhe Note, until lhe Note is paid in tull, ~ . a sum (herein "Funds") equal to ona-twelfth of thQ yeariy taxes and assessmenls which may attain priority ~vQr lhis ' Mortqage, and ground rznts on ttte Property, it any, plus one-twelfth of yearly premium insta~lments (or hazard insurance, ~ plus one-lNelfth ol year(y premium instatlrrents for mortgage ii~surance, if any, all as reasaonablyestimatec! ini!iaUyand trom . ~ . time :o tim~ by Len~ier on the basis ot assessments and bi11s and reasonable estimates thereof. ~ ~ The Funds shall be h~ld in an institution tne deposits or accounts t~f which are insured or guaranteed by a Federal ~r ; sta~e agency(including len~er it lQncPr is su~h an in~titution). Lender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender m~y not charge tor so ~olding and ~pplying the Funds, anaiyzing said account, or veritying and compilin~ said assessments and bills, unless Lender pays Borrower interest on the Funds aizd applicable law permits L~ncler to make such a charge. Borrower and Lendo~ may agree in writing at the time of execution ot lhis Morigage that interest on the Funds shall be paid to Borrawer, and u~less such agreement'is.inade or applicable law ~ ' - requires sLCh interest to be paid, Lendershall not be required to pay Borrowerany~intersst or eamings on the Funds. Lender . shall give to f3or~o~ver, wilhout chasye, an annual accounting ot the Funds showirig c~edils and debits :o the Funds and ihe purpose lor which e~ch debit to ~he Funds was made. The Funds are pledged as additional securily lor tha sums secured by this~Mortc~age. • . . - ~ . ~ ; li the amouni ot the Funds heid by Lender, togelher with the tuture monthly installments of Funds payable prior to ~ the due tlates of taxes, assessments, insurance premiums and yround rents, shall exceec! the amount required to pay said taxes, assessmenis, insurance premiums and ground rents as they lall due, such excess shall be, at Borrowels option, either piompily repaid to Borrower o; credited to Borrower on m~nlhly installments ot Funds. I( the amount o( the Funds held hy Lender shal~ not be sufticieni to pay taxes, assessments, insurance premiums and gsound rents as they tall due, i . Borrower shall pay to Le~~der any amount ~ecessary to make up the deiicierecywithin 30 days from the date notice is mailed , by Lender to Borrower requesting payment thereof. ~ ~ Upon payment in ful! oi all sums secured by this Morlgage, Lender shall prompl{y retund lo Borrower any Funds . held by Lender. li under paragraph 18 hereoi the Property is sold o~ the Property is olherwise acquirPd by Lender, Lender shall apply, no laler than immeCiately prior to the sala of the Property or its acquisitior~ by Lender, any Funds held by Lender at the time o( application as a credit against the sums secured by lhis MoRgage. F . 3. Appllcation of Psyments. Unless applicable la~v provides otherwise, all payments received by lender under the t Note and parag~aphs t and 2 hereoi shall be applied by Lender (irs4 in p~yment of amounts payable to Lender by 8orrower , i under paragraph 2 hereol, then to inte!est Rayable on the Note, then to the arincipal ot the Note, and ihen to interest and ; principal on any Futu,e Advances. ~ . • . ; A. Charges; llens. Borrower shall pay all taxes, assessments and other charges, tines and impositions attributable to ~ ~ the Property which may attain a priority over ihis Mortgage, and leasehold payments or gound rents, if any, in the manner _ pravided uncier paragraph 2 hereoi or, if not paid in such manner, by Borrower.making payment, when due, directly to the payee lhereof. Bo: rower shall prompUy fumish to Lender all notices ot a:~ounts due under this paragraph, snd in the eveM ; 6orrower shall make payment directly, Borrovrer shall promptly i:;rnish to Lender receipts evidencing such payments Borrower shall promptly discharge any lien which has priority over this Mortgag~; provided, that Borro~°~er shall nol be required to discharge any such lien so long ~s Borrower sh~ll agree in writing to the paymen! of the oaligation secttred by such lien in a manner acceptable to Lender, or shall in good taith contest such lien by, ordsfend entorr.ementot such lien in, teqai proceedings ~vhich~operate to prevent the 2ntorceme~~t ot the lien or forfeiture oi the Prope~ty or any part thereof. ~ 5. ti~lazard Insurance. Borrower shall keep the improvC~rents now existing or hereafter erected on the Property insured ~ i against loss by (~re, hazards included within the term "extended coverage", and such other hazards as Lender may require ~ ; and in su~h amounts and (or such peri~ds as Lender require; provided, that Lender shall not require that the amount of . ? sucFi coverage exceed that atnount o1 coverage required to pay the Sum secured by this Mortgage. The insurance carrier pro~~iding the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shalt not be unreaso _~~~ly wilhiield. All premiums on insuranCe policies shall be paid in the manner _ - provided under paragraph 2 hereo( or, if not paid in such manner, by Borrower making payment, when due, directly to ihe ~nsurance carrisr. . ~ - ~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall inclu~+e a standard mortgage ? clause in favor e( and in brm acceptable to Lender. Lender shall have the right to hofd the policies and renev+afs thereof, t : and Borrower shal! promptly furni;h to Lender all rene~val notices and all receipts of paid Fremiums. In the event of loss, ; 8orrower shall give prompt notic~ to the insurance carrier an~ Lender. Lender r*~ay make prcrof of loss if not made-promptly . > ~ by Borrower. ~ ~ ~ ~ Unless Lender and Borrower othen+vise agree in writ~ng, insurance proceeds shall be appl~ed to rest~ration or re~air oi ~ ~ - the Property damaged, provided such restoration or repair ~s ecnnamicaliy feasibfe and the security o( this Morlgage is ~ not thereby impaired. If such restaration or repair is not econom~~a!!y feasible or if the securi!y ot this Mortgage rvould : be impai;ed. ihe insurance proceeds shall be applied to tha surns secured by this Mortgage, with ihe excess, i( any, paid ~ ta Borrovier. li the Property is abandoned by Borrower, or if Borrower fail~ to respond to Lender within 30 days from the ~ date notice is mailed by Lender to Borrower that the ins~~rance carrier oifers to settle a claim tor insurance benetits, Lender ~ is authonzed to collect and apply ihe insur~nce proceeds ~t l.ende~s oplion either to restoration or reFair oi the F~roperty ~ or to the sums secuJ~d by this Morigage. ~ ~ Un12ss Lender and Borrower othenvise agree in ~~~iting, any such application of proceeds to principal shall not extend ~ c~r postpone the due date oi the monthly insiallments re(erred to in paragraphs 1 and 2 hereof or change the amount of - such installments. If under paragraph 18 t~~ereof ihe Property is acquired by Lender, all right, title and interest oi Borrower in and to any insurance policies and in ar,d to the proceed5 lhereot ~esultir~g from damage to the F'roaerty prior to ~he sale or acquisition sh2ll pass to Lender to the extent ot the sums secured by this Mortgage immediateiy prior to such sale or acquisition. . 6. Preservatlon and Niaintenance oi Rroperty; Leaseholds; Cnndominiums; Planned Unit Gevetopments. ~ Borrower shall keep ihe Property in govd repairand snall not commit waste or permit imaairment ordeterioratian ot the Pro- ~ perty and shali comply v~ith the provisions ot any lease if this tvtortgag~ is on a leasshold. I( this Mortgage is on a unit in a • condoni~ium ~r a planneci ~~nit devel~pment, Borrower sha!I pe~rm all oi 9orrowers oblig~tions under the deciaration _ or c:ovenants crea!ing or govemir~g the condorninium or pla~ne~ unit development, the by-laws and regu'atiuns oi the ~ con~omir,ium or Qianned unit development, ar.d constituent documents. If a condominium or pianned unit development ~ rider is executed~by Borrower and recorded toc~ether with lhis ~.!lortgage, the covenants an~t agreements of such rider . sr~all be ~~corporated intc and shafl amPnd and s~ppiement the covenants and agreements of this Mortgage as if the rider ~ were a ~art hereof. . _ - • - . 7. Protect3on of Lend~r's Security. . Ii Borrower Iails to perform ttie covenants and agreements contained in lhis Mortyage: ar if any ac6or. or proceeding is commenced which rnaterialiy aitects Lenders interesi in ihe Property, includ~ny, but not limited to, eminent domain. insolvency, code ~ntorcement, or arrangements or proceedings involving a : bankrupt or decedent, then Lender at Lendels option, upon notice to Sorrower, may make such appearances, disburse such ~ : surns and take su~h acti~n as is necessary to p.otect ~ende~s iMerest, inc?uding, but not iimited to, disbursements oi ~ reasonable attorneys (ees and entry upc;n the Qroperh~ to inek.e repairs: If Len~er required mortgage insurance as a condilion of making ihe loan serured by this Mortgage, Borrower shall pay the orerriiums required to maintain such ; ~ . insurance in ef~ect until such time as the re~uiremen~ tor such insurance termi ates in accordance with 8orrowers and ~ i _~f;?~I.~~~ ~ ~i ~ ~ - - _ ~ a~~.-~~c r~ : . ~