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Home My WebLink About0428 UNIFORAf COVEN.~~1TS. BOf(OM'C~ a~1A (,CIIIICf COYe(~:1n1 'Jtld a$fCC ~S fOIION~s: 1. Paymrnt af P~i~cipal aod Intrresf. Bo~rower shatl prc?mptly pay when due the principal of and interest on thc indebtcd~ess evidanced by the Note, prepayment artd late cha~ges as provided in the Nate, and the principal of and i~terest on any Future Advances secured by this Mortgage. 2. Funds for Taxes and lnsuranea Subject to applKabic law or to a Nritten waiver by Lcndcr. Borrower shall pay to Lsndcr on thc day monthly i~stallments of principal and intcrest are payable under thc Note. u~til the Notc is paid i~ full. a sum (herein "Funds") equal to ooe-twelfth o[ the ycarly taxes and assessments which may attain priority over this l~tortgagc, anJ ground re~ts oo the Property. if any. plus onatWetfth of yearly premium installments for haza~d insurarne. plus on~titKelfth of yearly premium iastaNments for mortgage insi?rance, it any, all as nasonably estimated initially and from timc to time by Lendcr on the basis of assessmc~ts and bills and reawnablc estimates theceof. 'Ihe Funds shall be held in an institution the deposits or accounts oi which are insured or guaranteed by a Fedcral or state agcnc~• (including Lender if Leoder is such an institution). Le~der shatl apply the Funds to pay said taxes, as.ussments. insurance Qremiums and grour~ rents. Lendcr may not chargc for sa holding a~d applying thc Funds. analyzing said account, or ~erify~ing and compiling said asscssments and bills. unl~ss Le~der pays Borrower interest on the Funds aad applicable law permits Lendec to make such a charge. Borrower a~d I.ender may ag~ce in writing at the time of execution o[ this hlortgage that i~terest on the Fut?ds shalt be paid to Borrower, and unless such agrccment is made or applicable law requirts such interest to be paid. Lender shall not bc requirec! to pay Bo~rower an~• interest or wrnings on the Funds. L.ender shall gi~•e to Borrower~ without charge. an annual accounting of the Funds showing crafits aad debits to the Funds and the purpuse for which eaeh debit to the Funds was made. Tne Funds are pledged as additional security for the sums secured by this itortgage. lf the amount of the Funds held by I.ende~. together with the tuture monthly installments of Funcls payable prior to the due dates of taxa. assessmeats. insurance premiums and g~ouod rents, shall exceed the amount required to pay said taxes. assessmznts, insurance premiums and gt+ound rents as they fall due. such eYCess shaU be. at Borrower s option. eittier promptly repaid to Borrnwer or creditod to Borrower on monthly installments of Funds. If the amoont of the Funds held by Lender shaU aot be suf6cient to pay tares. assessments. insurance premiums and groond rents u they fall due. Borrower shall pay to Lender any amount nocasary to make up the deficiency within 30 day~s fmm the date notia is mailed by Lender to Borrower. requesting paymeot thereof. ' Upon payment ia full of al! sums secared by this Mortgage, Lender shall ptomptly refund to Borrower any Funds held by Lender. If under paragraph 18 heieof the Prope~ty is sold or the Property is otherwise acquitrd by Lender, I.e~der shall apply. rto Iater than immediately prior to the sale of the Property or its acquisition by Ltnder. any Funds held by Leader at the time of application as a cr~dit. against the sums securcd by this Mortgage. 3. Appiicattou of Pwments. Unless applicable law provides athenvise. all payments received by Lender undsr the Note and paragraphs ] and 2 henof shap be applied by Lender first in payment of amounts payable to Le~de~ by Borrower uader paragraph 2 hereof, thea to interest payable on the Note, then to the principal of tbe Note, and then to inte~est aad principal on any Future Advances: 4. Charges; Lkns, Borrow-er shall pay all taxes, assessments and other charges, fines and imppsitions attributable to t6e Property whicl~ may attain a priority over this Mortgage, and leasehold payments or grou~d rents, if any. in the manaer provided under paragraph 2 hereof or, if not_paid in such manner, by Borrower making payment. when due. direcdy to the paye~ thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shalt make payment directly. Borrower shail promptly furnish to Lender receipis evider?cing such payments. Borrow•er shall pmmptly discharge any lien which has priority ovcr this Mortgage; pmvided. that Borrower shall not be required to dixh~rge any such lien so long as Bormwer shall agree in writing to the payment of the obligation secu~ed by such liea in a manner aoceptable to Lender. or shall in good faith contest such lien by, or defend enforcement of such liea in~ legal proceedings which operate to prevent the enforcement of the lien or forfaiture of the Properiy or any part thereof. 5. Hazard Insarance. Borrower steal! keep the improvements now existing or hareafter erected on the Properry iasured against loss byfire, hazards included wit6in the term "eztended coverage', aad such other hazaids as Lender may require and in such am~unts and for such periods as Lender may require; provided, that Lender shall not require that tbe amount of such coverage exceed that amount of coverage required to pay the sums securrd by this Mortgage. T6e insurance carrier providing the insurance shall be choxn by Borrower subjoct to approvat by Lender. provided. that such approval shall not be unreasonably withheld. Ail premiums on insurance policies ~shall be paid in the maoner provided under paragraph 2 hereof or, if not paid in such mannet, by Borrower making payment, w6en due, direcdy to the insurance curier. AR insurance policies and renewals thereof s6a11 be in form acceptable to Lender and sha11 include a standard mortgage clause in favor of and in form acceptabte to Leader. l.znder s6a11 have the right to hold the policia and renewals thereof. and Borrower shall promptly furnish to Lender all renewal notioes and all raxipts of paid premiums. In t6e e~eat of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if ~oi made promptly by Borrower. , Unkss Lender and Borrower otherwise agree in w~ting, insurance proceeds shall be applied to restoration or repaic of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaircd. If sueh restoration or repair is not economicalfy feasibte or if the seeurity of this Mortgage would be impaired, the insarance proceeds shal! be applied to the sums secureci by this Mortgage, with the excess, if any, paid to Borrower. If the Propert) is abandoned by Borrower. or if Borrower fails to rapond to Lender within 30 days from the date notice is mailed by I.endec to Borrower that the insarance carrier offers to settle a claim for insurance benefits, Lender is aut6orized to collect and appty t6e iosurance proceods at i.ender's option either to rtstoration or repair of the Property or to t6e sums secured by this Mortgage. Unless l.ende~ and Borrower othotwise agree ia writing. any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs i and 2 hereof or change the amount "of ~ - such installmenu. If under paragraQh 18 6ereof t6e Property is acqairod by Lender, a!1 right. tiile and interest of Borrower in and to any insuraace policies and in and to the proceeds thereof resultiog from damage to the Property prior W the sale or acquisition shall pass to Leader to the extent of the sums secured by this biortgage immediately prior to such sale or acquisition. 6. Preservatioa and 111aintenance of Property; Lease6otds; Coadaminiums; Planaed Unit Developments. Borrower shall iceep the Property in good repair and sha!! not comcnit waste or permit impairment or deterioration of the Ptoperty and shall compljr with the provisions of any leax if this Mortgage is on a leasehold. !f this Mortgage is on a unit in a . condominium or a planned unit developmeni, Borrower shall perform all of Borrowera obligations under the decta~ation or covenants creating or governing the condominium,or planned unit development, the by-laws ar~d regulations of the condominium or planned anit derelopmeat, and constituent documents. If a cortdominium or planned unit ckvelopment rider is executed by Borrower and recorded together ~with this Mortgage. the covenants and agreements of such rider shall be incorporated iato and shall amend and supplement the covenants and agreements of this Mortgage as if tf~e rider were a part hereof. 7. Protection of Lender's Security. If Borrower fails to perform the covenants ancf agreements contained in this Mortgagc. or if any action or procceding is commenced which matcrially aftects Lender's interest in the Property, including. but not limited to, eminent domai~, insolvency, code enforcement. or arrangements or proceedings involving a bankrupt or decedent, th~n l.ender at Leoder's option, upon notive to Borrower~ may make such appearances. d'uburse such sums and take :uch action as is necessary to protect i.ender's interest, including, bui not limited to, disbursement of reasonable attomey's fees and entry upon the Property to make repairs. lt Lcnder required mortgage insurance as a condition oE makiog the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain such insurance in ef~ect until such time as the requirement for such insurance terminates in accordanee with Borrower's and . OR $oo~z75 PAC~ 9~ 5 ~ 4?.~8 . R~- R~coArd