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Home My WebLink About0949 _ ~ ~ ~ . ~ . UNIFORM COVFNANTS. Borrowcr and_l.ender covcnant and agree ac follows: ~ . 1. PEyrrient ot Princlpa! Kad lnkrtst. DOffOwer shall p~omptly pay w~hcn due thc pri~cipal of and intcrest an the ~ indebtednESS evidenced by th~ Note, prepayment and late charges as pr~vided in the Note, and the principal of and interest _ . on any Futu~c Advances secured by this Mortgage. 2. Funds tor Taxes And Insur~nce. Subjec! so applicablo law or to a written waiver by I.ender, Dorrowe~ shall pay ta Lendcr an the dap monthly installments of principa) and intcrest arc payahle under~thc P:otc, until Ihe Note is paid in (uil, . a sum (herein "Funds") equal to one-?~~clfth of thc yearly ~xes ancl assessment~ which may attain priority over this Mort~age, and ground rents o~ !he Property, if any, pius on~-twelfth of yearl~~ premium insta~lments for hazard insurance, plus one•twclfth of pearly premium installments for mortgagc insurancc, if any, all as reasonably estima!ed initially and frorn time to time by Lender on thc basis o[ assessmenti and hills and reasonable eslimates thereof. . The Funds shall•trr held in an institutian the dsposits or accounts of which ar~ insured ar guaranteed by a.Federa! or ~ state agency (including Lender if l.ender is such an institution). I.enJer shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. [.ender may not charg~ for sa halding and applying Ihe Funds, analyzing said acc~unt, or verifying and compiling said assessments and bills, unless Lfnd'er pays Borrower interest on the Funds and applicable law psrrnits Lender to make such a charge. Bartower and Lender may agree in writing at ~he zimc of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless such agreement is made or applicable law requires such interesl to be paid, l.endcr shall nat bc required to pay BorroH~er any intcrest or earnings on the Funds. I_ender shall give ta Borrower, without charge, an annual accaunting of the Fur~ds showing credits and debits ta the ~unds ~r.~± the purpose for which each debit to ttie Funds was made. : he Funds are pledged as additional security (or the sumt secured by this Mortgage. If the amount of the Funds held by Lender, logether with the future mon;hly installments af Funds payable prior to thc due dates of taxes, assessments, insurance premiums and ground ~ents, shall exceed the amount reyuired to pay said taxes, assessments, insurance premiurins and ground rents as they fall due, such excess shall be, at 8nrrawer's option, either promptly repaid to Borrower or credited io Barrower on manthly ins~allments of Funds. If thc amaunt of the Funds held by Lender shall not be sufficient to pay taxes, assessmenls, insurancc premiums and ground rents as they fatl due, - Borrower shall pay to Lende~ any amount necessary ta make up the deficie~cy within 30 days from thC date natice is mailed _ by Lender to Borrower requcsting paymcnt thereot. - Upon payment in full of all sums secured by this Mor~gagc. Lcndcr shall promptly ref?ind to Borrow~er any Funds held by I.ender. Ii urder paragraph 18 hereof the ProFerty is sold or thc Property is atherwisc acquired by l.endcr. I.ender shall apply, no later than immediately prior ta the sale of the Property or its acquisition by I_ender, any Funds held~ by Lender at the time of application as a credit against the sums secur.ed by this Mortgage. . 3. A~pllcation of Payments. Unless applicable laEV pro~~ides otherN•ise, all payments received by Lender un~ler the Note and paragraphs 1 and 2 hereof shall be applicd by 1_endcr first in pa~~ment of amounts payable to I.ender by Horrowcr under paragraph 2 hereof, then to interest payab;c on the No~c, then to thc principal of the Notc, anci thcn to interest and principal on any Future Advances. ' 4. Ctwry~es; Lkns: Borrow~er shall pay all taxes, assessments and other charges. fincs and imp~~sitions attributahle to . the Property which may attain a priority over this Mortgagc, and leasehold payments or ground rents, if any, in the manner _ provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, whee du~, directly to the - payee thereof. Borrower shall promptly furnish to Lender all noficcs of amounts due under this paragraph, and in the event Borruwer shal) make payment directly, Borrower shall promptly furnish to I.ender receipts evidencing such payments. Borrower shall p[omptly discharge any lien which has priority avcr this Mortgage; provided, that Borrower shall not be required to discharge any such lien so ~ong as Boriower shall agrec in writing to th~ paymcnt of ihe obligation secured by such lien in a manner acceplable to Lender, or shall in goad faith contest such lien by, or defend enforcement of such lien in, ~ legat proceedings which cperate to prevent the enforcement of ~he lien or forfeiture of the Property nr any part ihcreof. ~ , S. Hazard Insurance. Bonower shall keep thc improvemcnts now• existin~ or hereafrer erccted on the Property insi~red . ~ against loss by fire, hazards included within the terrt~ "extended cavera~e", and such other hazards as 1_ender may reyuire - and in such amounts and for such ~_riods as L~nder m3y reyuirc; provided, that Lender sizall nct reyuirc that tne amount of _ such coverage exceed that amount of coti~erage required to pay the sums secured by ~his Mortgage. - Th~ insurance carrier providing tife insuranse shall be chosen by Aorrower subject to a~+proval by ~en~ier; pioWided, that such approval shal! not L~e unreasonably withheld. All prem:ums on insurance policies shall be paid in the mann~r ~ provEded under paragraph 2 hereof or, if not paid in such manner, by Borrow~er making payment, whAn due, directly to the , insurancc carrier. . Al) insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a stanJard mortgage ~ clause in favor of and in form accepiable to I_ender. Lender shall have lhe right t~ hold the policies and renewals thereof, - - and Barraw~er shatl prort~ptty furnish to Lender aU renewal n~tices and all receipts of paid premiumt. ln the e+~e~t of lo~.s, - Borrewer shall give prompt notic~ to the insurance carricr and l.ender. 1_e.r.der may make proaf of loss if not made promptly j ~ by Eorrower. ~ _ ~ I Unless Lender and ~orrower othen~vise agree in wrihng, insurance, proceeds shall be applied to testoration or repair of ~ i # the Praperty damaged, provided such restoration or repair is economically feasible and the securi~y of this I~tortgage is ~ not thereby impaired: If such restoration or repair is not ecanomically feasible or i[ the security of .this Mor~gage would be impaired, the insurance proceeds shall be applied to the sums secureJ by this Mortgage, with the excess, if any. paiJ ~ to Borrower. If the Property is abandoned by Borrower, or il Borro~~er fails to respond to Lender within 30 days from the ' date notice is mailed by Lender to Borrower that the insurance carrier affers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at 1_ender's option either to restoration or repair of the Propeny . ~j or to the sums secur~d by this Mortgage. , ~ ~ - Unless Lender and Borrower aiheraise agree in writing, any such applicalion of proceeds to principal shall not extend ~ or postpone the due date of the monthly installments referred ta in paragraphs 1 and 2 hcrcof or change ~hc amount of such installments. If under paragraph 18 hereof the Property is acquired by l.endcr, all right~ title and interest oI Borrower in and to any insurance poiicie~ and i~ and to the proceeds thereof resulting frofi darnage to the Property prior to the sate or acquisition shall pass to Lender to the extent of the sums secured by this 1~4ortgage immediately prior to suclh sate or acquisition. . . ~ ~ E. Presers~aiiun A~d Ms~ntenance of Properlf~; Le~seholds: Condominiums; Flanned Unit Developments. Borrower shall keep the Property in good repair and st?all not commit waste or permit impairm~-nt or deterioration of the Properry ~ and shall ccTnply with ihe proY~sions of any lease if this Mortgagc is on a[casehold. IC !his I1~Iortgage is on a unit in a _ condominium or a planned unit dewelopment, Borrower shall pertorm afl of Borrower's obligations undec the dec:aration I~ or covenants creating ar governing the co~dominium or planned unit developrr,enE, the by-laws and regulations of the ~ condominium or ~lanned unit development, and constituent Jocumems. If a condominium or planned unit Jevelopmei~t rider is txecuted by Borrower and recorded together with this Mortgage. the covenants and agreemenis of such rider shall be incorporatea into and shall amend and supplement the coven4nts and agreements of this Mortgage as if the rider j were a part hereof. - " ( 7. Protection of Lender's Security. If E30ffON~er fails _ to ~ perform the co•~enants and agreements contained in this Mortgage, or if any action or ~proceeding is commenced which material{y aftccts [.ender's interest in the Property, ~ including, but not limited to, °minent domain, iosolvency. cude enforcement, or arrangements or proceedings involving a . bsnkrupt or decedent, then Lender at Lender's option, upon notice to Sorrower, may make such appearances, disburse such _ sums and take suc:i action as is necessary to protect i.ender's intzrest, including, but not limited to, disbursement of reasonable attor~~ey's fees ~nd entry upon th~ Property to make repairs. lf Lender required mortgage insuran~e as a ~ i" tondition of making tht loan secured by this Mortgage; Borro•~+er shall pay the premiums required to maintain such , ipsurance in eftect u~til such tit~ne as the r~quirement for such insurance terminates in aecorda~ce with Sorrewer s and - : ~ ~ . 37~ f~~~ ~ ~ ~ ~ g~ ~~377 _ - - Re•~ecai . -