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Home My WebLink About0965 l I • ' 1 - ~t . ' ~ r. . - . ' ~ 1~ • ' . ' , ~ ' UN1FORht COVENANTS. Borrower and Lender.covenant anci agrcc as f~3lows: _ 1. Payment of Yri~cip~l Aad Interest. Barrawer shall promptly pay when due tl~e principal of and inte~est on th~ ~ indebtedness evidenced by the Note, prepayment ~nd late charges as provided in the Note, and thc: princi~~al of and interest ~ on any Futurc Advanccs secured b}r this~Mortgage. ~ ~ Fnads for Tuxes ~nd lasunurce. Subject to applicabie law ~r to a written waiver by Lender, Borr~wer shall pay - to L.ender on the day monthly installments of j~rincipal and interPSt are payable undr,~ thc Note, until the Note is paid in full, , a sum (herein "Fuuds") equAl to onc-twelfth of the yearly taxes and assessrnents whicfi may attain priority over this P.iortgage, and ~ground rents on lhe Property. if any, pli+s one-twclfth of yearly premium installments for hazarc: insurance, plus ene-twellth of ycarly premium installments [or mortgage insurancc, if any, all as ~easonably ~stimate8 initially and from time to time by Lendcr on the basis of assessments anci bills and reasonablc estim~tes thereof. . ~ _ _ The Funds shall be held in an instiwtion the deposits or accaunts of wrhich ate insurect or gua~a~tee~ by a Ftdera[ or state agency (including Lender if I_endsr is such an institution). [_ender shall apply the Funds to pay said taxes~ assessments, ~ insurance premiums and ground rents. Lender may not charge for so halding and applying the Funds, analyzing said account, ; or verifying and compiling said assessments and bitls, unless Lender pays Borrowe~ interest on thc Funds and applicablg !aw ` permits I.ender ro make such a charge. Borrower and I.endcr may -agrce in wrifitig at thc time of executian of this Mongage that interest on tne Funds shall b~ paid to Bor~awer, and unless such agreement is made ~r applicable law ; requires such interest to be paid, Lender shall not t~e required to pay Bor~owcr any inte~est or earnings on the Funds. Lender . shatl give to Barrower~ without charge, an annua! accounting of the F~~nds showing credils anJ debits to the run~s and the _ - parpc~se for which each debit to 1he Funds was made. Tf~~ Funds arc pledged as additional security for the sums secured . by this Mortgage. - ~ ~ If the amount of ~the Funds held by Lender, together with the future monthly installments of I~unds payable prior to the due dates of taxes, assessments, insur~nce premiums and ground rents, shall exceed the amount required to pay said taxes~ - ~ - assessments, insurance premiums and g~ound rents as they fall due; siich excess shall be, at Borrowee's option, either ; promptly repaid to Borrower or credited to Borrawer on monthfy installments of Funds. If 1he ~mount of the Funds ~ held by Lender shalt not be sufficient to pay taxes, assessm~nts, 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 maited i by Lender to Borrower requesting payment. thercof. ~ i Upon payment in full.of all sums secured by this Mortgage, I.ender shall promptly refund to Borrower any Funds ? held by I.ender. If under paragraph 18 hereof the Propeny is sold or the Pro~erty is otherwise acquired by Lender, Lendcr ~ ? _ shall apply, no later than immediately prior to the sale of the Propetty or its acquisition by Lender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. ~ z 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender un~er the j Note and paragcaphs 1 and 2 hereof shall be applied by I_es~~der first in payment of amounts ~ayab!e to Lender by Borrower under paragraph 2 hereof~ then to interest payable on the Note, thcn to ihe principal of the Note, and then to interest and - principal on any Futurc Advances. - _ ' ~ ~ ~ 4. Charges; Lieas. ~orrower shall pay all taxes,'assessments and other charges, fines and impositions attributabfe to : the Property which may attuin a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manncr - ~ ~ provided under paragraph 2 hereof or, if not paid in such manne?-, by Borrower making payment, when due, direc:tly to the ~ payee thereof. Borrower shall promptly furnish t~ Lender all notices of amounts duc under this paragraph, and in the event . Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any Iien which has priority over this Mortgage; provided, that Borrower sball not be required to discharge any such lien so long as Borrowcr shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to L.ender, or sball in good faith contest such li~n by, or defend enforcement of such lien in, _ legal proceedings which operate to prevent the enforcement of tl~e lien or forfeiture of the Property or any part thereof. # - S. HAZard Insurance. ~orrower shall kcep the improvements now cxisting or hereafter erected on the Property insured ? against loss by fi~e, haz:.rds included within the term "extended r:_:=~.^e", and such uther hazards as Lender may require and in such amounts and for such periods as Lender may require; pro:ided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to ~ay the sums secur~d by this Mortgage. . - ~ The insurance carrier providing the insurance shall be-chosen ~y Borrower subject to 3pproval by Lender; provided, ~ - that such approval shall not be unreasonably v~ithheld. All premiums on insurance~policies shall be paid in the manner _ . provided undPr paragraph 2 hereof or, if not paid in such manner, by B~rrower making payment, when due, directly to the . . - insurance c~~rier. . ~ All insurance policies and reneH•als thereof shall be in form acceptable to Lender~and shall include a standard mortgage ~ - clause in favor of and in f~,m acceptable to Lende:. Lender shal! have the right to hold the policies and renewals thereof, ~ and Borrow•er shall pronpQy furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, i Borrower shall gi~~e prompt notice to the insurance carrier and Lender. Lender may mak~ proof of loss if ~ot made promptly by Borrower. - . Unless I.Pnder and Borrower.otherwise agree in writing, ~insurance proceeds shall be applied to res?oration or repair of the Property damaged, pravided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this 14i~rtgage would i be impaired, the insurarece" proceeds shall be ap~lied ~to the sums secured by this yfortgage, with the ex;.ess, if. any, paid ~ to Borrower. lf the Pro~ rty is abandoned by BorroK~er, or iC Borrowcr iails to respond to Lender within 30 days from the ; date notice is mailed by Lertder to~Bo~rower that.tne insurance carrier ofiers to settle a claim for insurance benefits, Lender is authorized ta collect and appiy the insurance proce~ds at Lendcr's option either to restoration or repair of the Property ~ j or to the sums secured by this Mortgage. - Unless Lender a~d Borrower otherH~is~ agree in writing, any such application of proceeds to principa) shall not extend € or postpone the due date of the monthly insiallments ref.erred to in paragraphs 1 and 2 hercof or change the amount of £ ~ such instaliments. !f under paragraph l8 hereof the Property i~ acquircd b}• Lender, ail right, title and interest of Borrower _ _ in and to any insurance policies and in ar.d to the proceeds~ihereof resutting from damage to the Property Friar to the sale t~ or acquisition sFali pass to Lender to the extent of the sum~ secured by this~htortgage immediately prior to su~h sale or . ~ acquisition. . - 6. Presen~ation aod ~iainleuanee ef Property; I.easettolds; Condominiums; Plstnned Unit Development~. Borrow•cr ~ shall keeQ the Property in goc~d repair and shafi not commit waste or permit impaii-mef~t or deterioration of the Property and shall comply with th~ provisions of any lease if this ]~lortgage is on a leasehold. If this Mortgage is on a unit in a I- condominium or a planned unit development, Borrower' shall perform al! of Borrower's obligations under the declaration ~ or covenants creating or governing ti~e condominium or planned unit de~etopment, thc by-laws and regulations of the ~ condominiurn or planned unit.development, and constituent documents. If a condominium or planned iinit developrt~~nt ~ ria;.r is executed by Borrower and recorded together with this Mo~tgage, the co~~nants an~ agreements of such rider shall be incorporated into and shall amend and supplement thz covenants and ~greements of this Mortgage as if the rider ~ were a part hereof. - . . - ~ 7. ~ Protcction of Ti.ende~s Security. If. Bonower fails te p:rform the covenants and agreements contained in this f biortgage, or if any action or proceeding is commenccd Khich materially afiects Lender's interest in the Property, _ ~ inclUding. but not limited to. eminent domain, insolvenc~•, code ~nforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrowcr, may make su=h appearances, disburse such ~ sums and take such action as is necessary to protect Lender's interest, including, but not limited to, ~isb;~rsement of ' reesonabte attorney's fees and entry upon the Property tc make re~airs. If I.ender requi:ed mortgage ii~surance as a _ con~iiion of making the loan secured by this l~iortgage, Borrow•er ~hall ~ay the premiums required to rnaintain such . ~ insuranee in cffect until such time as the requirement for such insurance terminates in accordance with Borrower's and ! = ~ - g~~~3 P~~E ~3 . ~ . - - - -