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Home My WebLink About0784 UNIFORM COl'EN.tNTS. BOffpWE~ J711J I.CI1t~C~ CO~~enant and agree as foUows: ~ 1. Psyment of Princlpsl and Interesl. liorrower shall promptly pay whcn due the principal o[ a~d interest on the indebtedness cvidcnccJ by thc Note, prcpaymcnt and late chargcs a, provi~ed in Ihc Nate, and the principal uf and i~tcrest on any Future Ad~~ances secureJ by this Mortgage. 2. FWads for Taxts And iasuradce. Subject ta applicable law to a H~ritten waiver by I_ender. Barrower shall pay to I,ender an 1he day monthly installmenls of principal and intcrest are payable under the Note, until thc No~c is paid in full, a sum (hercin "Funds") equal ta ane-twelflh ot thc yearly ta~es and assessments H•hich may~ auaio priority over this Mortgage, artd ground rents on the Pr+npcrty, if an~•, plus one-twclfth .~f yearly prcmium instatlmcnts far hazard insurance. plus c~ne-twetfth ai ycarly prcmium instaHmeat~ f^r n?nrlt~$QC insu~~nCC, if any. all as reasonably estimated initially and from time to timc by Lcndcr on thc basis af asscssm~nts and hills a~d reas~~nable estimates thereof. The Funds shall be held in a~ institutian thc deposits ar accuunts of which are insured ar guarant~ti~i by a Federal or state agency (ir~:,luding Lender if Lender is cuch an insti~utioni. 1_ender shaN appty the Funds to p:~y said taxes, assessments, insurance premiums and g~ound reni~. 1_ender ma~• not charge !or so holding and applying thc Funds, anal~~~ing said account, or verifying artd campiling said asscssments and bills, unless l.ender pays Borrower interest an the Funds and applicable law permits Lcndcr to makc such a charg~:. 13orrawer and Lcnder may agrce in writing at ~hc time ot execution of this htortgage that interest ~~n the FunJs shall be paiJ ro Borruwec, and unless such agreement is made or :,pplicable law . requires such interest to be paid, l.cnder shall not be mquind to pa~~ Bormwer any interest or earnings ~in the Funds. l.ender ahall give to Barrower, without charge, an annual a~counting af the FunJs showing credits and debits tc? the Funds and the purpose for which each debit ta the funds was made. The 1=unds are pledged as additionai security for the sums secured by this Mortgage. If the amount of the Funds held b~~ Lendc~. 1u~ethcr with thc futurc monthh~ installmcnts of Funds payablc prior to. the due dates of taxes, assessments, insurance premiums and ground rents, shall exccecl the amount reyuired to pay said taxes. assess~nents, insurance premiums and ground rents as the~• fall due, such exce~s shaH be, at Borrower s option, either promptly repaid to Borrower or creditcd to 8ormwer on monthly installments of Funds. If the amount o[ thc Funds held by Lender shal) not be sutTicient to pay taxes, assessments, insurance preraiumc and g~ound rents as they fall due, Borrower shall pay to ~ender any amou~t necessar~~ ~o make up the Jnc~iency within 30 da~~s froni the date notice is mailed by 1_cnder lo Borrower rcquesting paymem thercof. Upon payment in full of al) sums sccured b}~ this Mortgagr. l.cndcr shall promptiy r~hind to BorroH•er an~~ Funds held by I,en.lcr_ If uoder paragraph IR hereof Ihc Propeny ~s sold or the Propcrt~~ is otherwisc acquired by Lender, LenJer shall apply, no latcr than immediatcly prior ta thc salc of thr Property or its acyuisition hy t.ender, anp Funds held by Lender at the time of application as a creJit against thc sum~ secureJ b~~ this Mortgage_ 3. Applicalion uf Payments. Unless applirahle !aw• provides othenvise, all payments receivecl by Lender un.ler the lutr and par:~graphc 1 and 2 hereoi shall be app6ed hy I.cnder first in payment of am~unts payable to I_ender hy BormHer ~nder paragraph ? hcreo€. then to interest payable on the Nwe, then to ihe principal of the Note, an~l thcn t~ intcrest and principal .,n any Future Ad~anccs. 4. Cbarges; L[eas. Borro~.rr tihati pay all tax~e~ acscssmcnts and othcr charge~. fines anJ impusitions attributahle to thc Prope?t j which ~r..3y attain a priority ovcr this Tlortga~e, and Icaschold paymentc or ground rents, if any, in thc manner ~ provide~l und.,r paragr~ph 2 hereaf or, if not paid in such manner, hy Borrower making payment. ~~hen d?~~, direct{y to the payee ~hc~of. Borrower shall prompdr furr.ish to I.ender all notices of amounts due under this paragraph; and in thc e~•ent Bornr,~~er ti~alt make pa~~ment directty, Borro~~•er shall promptly futnish !o Lendcr rcccipts evidcncing such payments. Borrou~er shall prompU~• discharge any lien which has priority over this Murtgage; provi~ed. that Borrouer shall not be requored to discharge an}~ such lien so lung as Borrower shall agree in writing t~ thr papment oi~ thc obligation secured bp ,uch lien in a mann~r acccptablc to Lender, or shall in goa! faith contest such lien by, or defen.f enforcement of such lien in, lega{ proccedings tichich operate prcvent the enforcement of thc li.n or forfeiturc of the Propert}~ or an~~ part thereof. 5. Hatard In~urance. B~~r.ower shall kccp the improventents no.+ ~~isting or her~after crccted on the Pr~~pcrty insured against loss ti~• firc, h:.zards includ~d withm the term "~ztended cov~rage". and such other hazards a. 1_ender may reyuire and in such :~mon~ts and tor such periods as Lender may ~~yuin;; pr.~vided, that Lender shall not reyuire that the am~~i~nt of ~uch co~•erage ecceed tflat amount of coverage required tc~ pa~ the cums ~ece~rcd by this ~lortgage. The ~nseirance carrier providing the insurance shall be chosen by Borrow~r sub;ect to approval M~ Lender; provided, that s:~ch appruval ,hall n~t b.: unreasunahh~ withheld. All prem~ums on insuranee polieies chall be paid in the manner pr~vided under par:+~rapl~ 2 hcrcof ur, if not paid in such manncr, by BorroHer mai:ing payment, when due, directly to the incurance carrier. AI! insurance policies a~~~ renew~als thereof ~hali lk ~n forni acceptablr to LenJer and ~hall includc a.tanJard mortgage clause in favor of and in (orm acceptable t.~ Leuder. Lcnder .hall ha~c the right ta hold the policiec and rcnew•als ther~of, and Borruw~er ~h;ill pren?pth• furnish to Lender all rencwa[ notices and atl receipts of paid prrmium.. ln the e~~ent of loss, Burrower shali gire prompt nuuce to the insurance carrier and 1_ender. Lender ma}• make p:~x~f ot loss it no! made promptl}' b~~ Borrower. . Unless l.cndcr and Borrower otherv?~ise agrcc in w~riting, insurance prcxecds shall be applied to restoration or repair of the Propert~- damaged. pmviJed such rest~ration ur repair is economicaily feasible and the se.urity of th~s Mortgage is not thereb.• impaireJ. if surh restoratic.n or repair is n~~t cconrmicalh• feasible or if the security of this Mortgage would tx; impaired, the insurance procee.ls shai: be appl~rJ to thc sums secured by this Mot'tgage. w'ith the exeess, if any, paid ' w Borrow~cr. If Ihc Prc,perty is :~handoned b~ Bvrrower, or if Bormwer fails to res~nd to Lendcr within 30 days from ihe ••:!r•± ti~ t,p;;~A~ iZnrr~urgr ~h_~~ fhP incurance carrier offers to settle a claim for insurance benefits, Lender uqaa, iav~~~~. ...u. i~ auchorized to collect and apply the insur<ince proceeds at I_ender's option either to r~toration or repair oi the Nr~pert)• - j ~r to the sui~~s secured b)' this Mortgage. Unlesc Le~der and Borrower othen+ise agree in writing, am• such a~plication of pr~eeds to principat shall not extend ' or postpone the due date uf the monthly instal(ments refcrred t~~ in paragraphs 1 and 2 hcreof or change the amount of ' such instaHments. li ui~der paragraph !8 hereof the Aroperty is acyuireJ b}• Lender, all right, title and interest of Borrower ~ in and to an~~ insurance policies and in and io the proceeds therc~f resulting f~om damage to the Property prior to the sale j or acqu~~itio~i shall pass to Lender to the extent of the sums secured by this :~tortgage immediately prior to such sale or ~ acquisitio~. 6, Presenalion a~d ~taintenance oi ~ropert~•: Leaseholds; Condominiums; Planned Lnit Developments. Borrower shall keep thc Property in good repair and shall not commit waste or pcrmit impairmcnt or deteriotation of the Property :?nd shall comply with the provisions of any lease if this Mortgagc is un a leasehold. I( this itortgage is on a unit in a conJominium or a:~lann~~d unit ~+evelopment, Borrower shali perform 311 of Borr~w•er's ob)igations under the declaration or covenants creatrob or gc:vern~ng thc rondominium or planned unit devrlopmcnt, the by-laws and regulation~ of the cnnd~miniuni or planued unit deveiopment, and :-onstituent documents. If a conJominium or planned unit e1e~•elopment nder u cxecuted bp Borrower and recorded together wi~h this Mortgage, the covenants and agreements of such rider ' shail be in_orporatcci into and shali ame.-~d ard supptement the c~+•er•~nts artt agreements of this Mortgage as if the rider Ncr~ a part hereof. 7. Protection of I,euder's Security. If Borrow~er fails to perform the covenants and agreements contained in this Mortgage, or if any ~~tion or procred~ng is commenceJ which materiall~~ afiects ~ender's interest in the Property. _ , including. but .xit lir-utrd tu, emincnt domain, insolvency, code cnforcement, or arrangements or proceedings involving a I ban;:,-up; or decedent, chen Lender at Lender s o~ion, u~wn notice to Sorrower, ma~~ make wch appearances, disburx such sums aod »1ce suth ~ction as is necessary to protect Lender s interest, inctuJing, bui not limited to, disbursement of reasonable atlorne~'s fr.es and entry upon the Propert~• to make rchairs. If (.ender required mortgaEe insurance as a condit~on of making the loan se~ured b}~ tf~is Mongage. Borrowcr shall pay the ~+remeoms required to mainlain such ' insurance in el(ect unhl such [ime as the rey~~ircment for y~ch insurance terminates in accordance with Borrow•er s and ~ I ' R~` . K~~" I'1 f ~ 7~t f ~ . I