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Home My WebLink About0972 . : ~ 'c~t~?~ UNIFORM COVENANTS. So~rower and Lender covenant and agre~ as lollows: 1. P~yment oi Filncipal a~d intenst. Borrower shal~ promptly pay when due the principai oi and interest on the indeb!edness evidenced by ths Note, prepayment and late charges as provided in the Note, and the principai o( and iniQres! ~ on any Future Advances secured by ti~is P~urtgage. . ~ . ~ ~ i Funds for Texes and Insurance. Subject to applicabte law or to a~vritten waive~ by Lender, Borrower shall pay to Lender on the day monthly installments of pnncipal and interest are Fayabla under Ihe Note, until the Ivote is paid in tull, ? a sum (he~eln "Fund~') equal to one~twelfth of the yearly taxes and assessments which may attain priority over this Mortgage, and g~aund,rents on the Property, if any, plus one-twelflh of yearly premium installments for hazard insu~ance, plus one-t~vsl(th of yearly premium inslallments tor rnortc~age insurance, itany, alI as reasaonably.estimated initia~ly and irom . lime to lime by Lender on the basis ct assessmenis and bills a~d reasonable estimates thereot. ~ The Funds shalt be held in an institution the deposits or accounts of whicl~ are insured or guaranteed by a Federal or slate agency(including Lender il Lender is sucl~ an institution). Lender shall apply lhe Funds to paysaid taxes, assessments, ~ insurance premiums and ground renis. Lender may not ct~arge (or so holding and a~p;ying the Funds, analyzing said accounl, or verilying a~d compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a cha~ge. Borruwer and Lender may agree in vi~iling at .the tima of execution ot this Mortgage~that in!r;::st on the Funds shall be Qaid to Borrower, and unlsss such ~sgreement is ma~l~ or applicabte law ~zquires such interest to be paid, Lender shall not be required to pay Borrower any inte~est or earnings on lhe Funds. Lender . shall c~ive to Borrewer, without charge, ah annual accounting of the Funds showing credits and debits to the ~unds and the purpose tar which each debit to the Funds was made. The Funds are pledged as addilional security for the sums secure-~ ; by this Morigage. , . I{ the amou~tt oi lhe Funds held by Lender, togethe~ with the luture monthly installments of Funds payable prior to the due dates o1(axes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes. assessments, insurance premiums.and ground rents as they fall due, such excess shall be, at Borrowers option, either promptly re~aid to Borrower or credited to Borrower on monthly inslallments o! Funds. II the amount ot Ihe Funds held by Lender shall not be sut(icient to pay taxes, assessments, insurance premiums and ground renls as they fall due, Borro~ver shall pay to Lender any amount necessary to make up the deiiciency within 30 days trom the date nolice is mailed by Lende~ to Borrower requesting payment thereoL ~ ~ Upon payment in iull ot all sums secured by this Mortgage, Lender shall promptly retund to Borrower any Fun~s held by Lender. If under paragraph 18 hereoi the Property is sold or ihe Properly is otherwise acquired by Lender, Lender sha~l apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by ~ Lender at the time oi applicalion as a credit against the sums secured by this h4ortgage. 3. Applleatton of Payments. Unless 2ppticabie law provides otherwise, all payrrZer.ts received by Lender under the Note and paragraphs t and 2 hereof shall be applied by Lender iirst in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and ; principal on any Future Advances. - i 4: Charges; Liens. Borrower shalt pay alI taxes, assessmc ~ts and olher charges, tines and impositions attributable to ~ the ProFe~:y which may attain a priority over this Mortgage, and leasehold paymenis or gound rents, ii any, in the manner ' provided under. paragraF`~ 2 hereol or; it not paid in such manner, by Borrower making payment, when due, direcily to the payee thereot. Borrower shall promptly turnish to Lencter atl notices of amounts due ~nder this paragraph, and in the event ~ Borrower shall make payment ciirecilY, Barrower. shall promptly (urnish to Lender reCeipts evidencing such paymenls. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower sha!I not be required to discharge any such tien so long as Borrower shalf agree in Yiriting to the payment ot the obligation secured by such lien in a manner acceptabie fo Lender, or shal~ in goad iaith contest such lien by, ordefend enforcementot such lien in, tsgat praceedings which operate to prevenl the enf~rcement oi !he lien or forieiture oi the Property or any part thereot. i 5. Hazarci Insurance. Borrower shall keep the improvements r~w existing or hereafter erected on the Properiy insured ~ against loss by iire, hazards included within the term "extended coverage", and such other hazards as Lender may require _ ! ~ and in such amounls an~ for such periods as Lender require; provided, that Lender shall not require that the amo~nt of F such coverage exceed that amount oi coverage required lo pay the sum secured. by this Mortgage . . The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by l.ender; provided, that such approval ,hall not be unreasonably withheld. All premi~ms on insurance policies shall be paid in lhe manner provided under paragraph 2 hereof or, if not paid in such manner, by B~~rower making payment, when due, directly to the _ insurance carrier. ~ - All insurance policies and renewals thereof shail be in form acceptable to Lender and shatl include a standard marfgage clause in tavor ot and in torm acceptab~e to Lender. Lender shatl have the rigr~t to hold th~e policiss and renewals thereof, t ~ and Borrower shall promptly furnish lo lender all renewal notices and all receipts oi paid premiums. In the event of loss, Borro~~er shalt give prompt noti~e !o the insurance carrier and Lender. Lender may make proof o( lo~s it not rr~ade-promptly by Borrower. - - l3nless Lender and Borrower otherwise agree in writing, ins~rance proceeds shall be app!ied to resCoration or repair of - the Propeny damaged, provided such resloration or repair is ecc,~omicaliy teasible and the security ot.this Mortgage is ~ not thereby impaired. :f such_ restoration or repair is not economically feasible ar if the security of lhis Mortgage would ~ M be impa~red, ihe insurance proceeds shall be applied to the s~ms secured by this Mortgage, with the excess, it any, paid . ~ tc~ Borrower. If the Property is abandoned by Borrower, or if Borrower fails to responci f~ Lender within 3~ days from thp ; date nelice is mailed by Lender to Borrower that ihe insu:ance carrier otfers to seltle a cla~m tor insurance benetits, Lendnr _ ; is authorized to collect and apply the insurance proceeds at Le~ders option eilher to ~restoration ar repair of the Property ; or to the sums secured by this Morigage. ~ _ ' ` : Unless ! ender and Borrower othenvise agree in writing, any such application ot proceeds to principal shall rat exiend . or postpone the due date oi the monthty installments refzrred to in. par2graphs ! and 2 hereol or change the ~mou~t of j _ - such installments. If under paragr~ph t R hereol the Property is acquired by Lender, atl right, title and interesi of Borrower ~ in and to ~ny insurance policies and in and io the proceeds there~i ~esulling from damage to the Property prior to ihe sale # or acquisi±ion shall pass to Lender to the extent of t~e sums secured by this Mortgage imrnediately prior tc such sale or ~ ~ acqu~sition. • ~ 6. Presgrvation and Maintenance of Property; Laaseholds; Condominlums; Planned Unlt ~evalapments. Borrow~r sha'I keep the Property in gooc~ repairand shali not commitwaste or permit impairmeMor deterioralion of the Pro- aerty and shatl comply with tt~e ~rovisions of any leass if this Mortgage is on a leasehold. If this ~,~ortgage is on a unit in a ~ condominium cr a planned unit developrnent, Borrcwer shall pe~torm all ot Borrowers oblig2tions under lhe declaration •or covenants creating or governing !he condominium or planned unit development, the Cy-laws and regulations of the - ~ cor,dominium or planned unit development, and constituent documer~ts. If a condcminium cr planned unil development rider is executed by Borrower and recorded Iogether with this PAortgage, ths covenants and agreeme~ts of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this rA~rtgage as if the rider ` were a part hereoi.. ~ : _ _ . _ - 7. Proteation oi Lender'a Security.- If Borrower fails to perform the covenants and agreemenis conta~n4d in this Mortgage, ~r ii any action or proceeding is commenced which materially a(fecls Lenders interest in the Property, ~ncluding, but not limited to, eminentdomain, insolve~cy, code entorcement, ar arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upo~ n~tice to Borrower, may make such appearances, disburse such sums and take such acti~r~ as is necessary to protect Lende~s ~nterest~ inctuding, but not limite~ to, disbursements of ~ reasonable attorne~s tees anc! entry upon ihe Property to make repairs. If Lender required mortgage insurance as a condition oi making the toan secured by this Mortgage, Borrower shall ~?ay the premiums required to maintain such , insurance in eifect until such time as the requirement tor such insurance terminates~~~~with Borrowe~s and ~ , ~1 ~ ` . . . . ' g~t~ P1I~ ~