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Home My WebLink About0088 UNIPORM C~YENANTS. Borrowtt and l.en~ier rnvecunt and agtce as folbws: 1. h~~e.M ot Tei~clMl a~i I~hnd. Bormwcr shall promE+tty pay whco duc thc principel of and inte~cst oo the indebtedness evide~x~ed by the Note. ptepaymeat and late chargrc :~c p~oviJed in ~he Note, aod tht principal of sod interesl • on any Future Advances securod by this Mcxtgage. I~~ds tor Ta~a aei L~wra~ee. Subjtct to applicabk law ar to a written waiver by I_endec. Borrowe~ shall pay to [.eader o~ thc day mot~thly installments of pri~cipal and intcrcct are ~yahk unde~ Ihc Note. uotil tt~e Note is paid in full. ~ a sutn (herein "Funds") oqual to one-twelfth of the yca~ly ~axcs anJ assessme~~s which may attain oriority over this Mortgage. and ground renb on the Prapeny, if any. F+lus ooe-twelt~h of yearly premium installments for hazani insurance. plus oue-twelfth of yeuly premium iastallments fo~ mortgage insuraoce, it any, all as reuanably cstimated initially and froni t~me to time by I.eader on the buis of aues~mcnts and bills ~nd reawnable estimata Ihercof. 7he Funds st~afl heFd in an institu~ion the deposita or acc~ur.ts ai which a~e insured ur guaranteed ~y a Federal or state agency (including Leader if I.eoder is such an institulion). 1_ender shall apply the Funds to pay said taxes. assessn~ents, iruupaoe premiums arnl gmund rc~ts. l.ender may not cha~ge for sn halding and ap{+lying ~he F~mdc, analyzing wid account, or verifying aad oon.piling said assessments anci bills, unkss Lender pays Borcowcr interest on the Funds and applicablc law ~ ptm~its I.ender to make such a charge. Bonowe~ and I.e~x1e~ may ag~ee in writing at Ihe time o! execution o[ this ~ Mortgsga tl~at interest o~ the Funds shall bc paid to Borrorver. and uniess such agrcement is made or applicable law ~ roquirss such intetrst to be paid.l.ender shall not be required to pay Borrovrer any interest or c3rnings ~n the Funds. I~nde~ , shall give to Burrower~ without charga, an annual zecounting of the Funds showing crcdits and c~ebits to the Funds and the putpoae fo~ which each debit to the Funds was made. The•Funds are pledged as additional security jor the sums secureci by tbis Mortgage. If the amount of the Funds held by [.ernler, together with the future mo~thly installments of FunJs payablc prior to the due dates af taxes, auess~~~ents. insurance premiums a~d ground rents, shall exceed ~he amount requireii to pa~• said tares. ' sss~sa~ents. insurance prr;miums and ground rents , as they fall due, such excess thall be, at Horrower s option, either promptly repaid to Borrower or credite.i to Bornower on moathly inslallments of Funds. If the amou~t of thc Funds hdd by Lender shaQ not be sulficitat to p~?y taxes. assessments, insurance premiums and gmund rents as they fall due, Borrower shall. pay ,o Lender any amount nocessary to make up thc deficiency withi~ 30 days from the da[e notice is mailed by Lender to Borrower reqnesting payment thereof. ' tipon paytnent iit fuU of all swns securod by this Mortgage, l.endcr shall promptly refund to Borrower any Funds he~d by Lender. If vnder puagnph 18 hereof the Pmpeny u sold or the Propeny is otherwisc acquired by I.endc:r, Lender shall apply. no later than immediately prior to the sale of the Pmpe~ty or its acquisition by l.ender, any Fundc held by Len~er at the time af application as a credit against the sums secured by this Mortgage. 3. A~pijcatiw~ of P~raeols. U~less applicable law provides othen~rise, all payme~ts received by Lender under tht Note and paragrsphs 1 and 2 h,errof stiall be applied by Lender first in payment of amou~ts payable to Lcnder by Borrawe~ under puagraph 2 hercof. t6en to interest payabk on the Note. then to the principal of the Note, and then to interest and ~ principal on any F~~ture Adyances. 4. C6srse~ Lie~. Borrower shal! pay all taaes, a.csessments and othcr char~es, fines and impositions attributabk to ths Prc~perty which may attain a priority over this Mongage, and leasehold payments or groun~ renu, if a~y, in the manner pmvided under paragraph 2 hemof or, if not paid in such manner, by Borrower making payment, when due. direcdy to the pay~ee thereof. Borrower shall pranptly furnish to Lender all nutices of amounts due under this paragraph, and in the event Boroower shal! make payment diroctfy, Borrov~tr shall prompdy fumish to Lcnder receipts evidencing such payments. Borrower shall promptly discharge any _lien which has priority uver this Morigage: pr+ovided, that Borrowcr shall not be ~ required to discharge any such lien so long as Borrower shaJl agree io writing to the payme~t of the obligation secured by such liea in~a manaer scceptabk to I.ender. or shali in good faith contest such liert by. or defend enfotrement of such lien iq ; legal proccedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ~ S. Hazard lawraace. Borrower shall keep the improvements now existeng or hereafter erectod on the Property inwred against loss b~- 6ve. 6azards inclt~ded within the term "extended coverage". and such other hazards as Lender may require ` and in such amounts and for such periuds as Lender may roquir~c; provided, thai Leoder shall not reguire that the amount o~ s such rnverage eaceod that amount of covarage required te pay the sums secured by t6is Mortgage. ~ 'ILe imwrance carrier providing the inwrance shall be chosen by Barrower subject to approval by Lender, provided, . ~ t6at such approval shall nat be unitasonably withheld_ A!! premiums on insurance policies shall be Qaid in the manner ~ providod under paragraph 2 heroof or. if not paid in such manner, by Borrower making payment. when due, directly to the insurance curier. ~'I All insurance policies aud renewals thereof shall be in fotm acceptable to txn~ler and shall include a standard mortgage I clause in favor of and in form acceptable to Lender. l.ender shall have ihe right to hold the policies and renewals thereof, ; and Borrower shal! pranptly furnish to Lender all renewal notices and all receipts o: paid p~+emiums. In the event of loss, ~ Borrower shall give prompt notice to the insurance r.arrier and Lender. Lender may make proof of loss if nat rs:s~e ptiomptly s by Borrower. ~ Unless L.ender aad Borrower otherwise agree in writing. insurance proceeds shall be applied t~ restoration or repair of ~ the Property damaged, provi~ied such restoration or repair is economically feasible and the security of ihis Mortgage is . :iot thereby impaired. If such restoration or repair is not e~onomically feasible or if the security of this Mortgage would i be impaired, the insurance proceeds shafl be applied to the sums secured by ~his Mortgage, with the eaccess, if any, paid to Bor:ower. If the Propeny is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the ~ date notice is mailed by Lender to Borrower that the insurance carrier ofters to settle a claim for insurance bene6ts, Lender ; is authorizod to collect and apply tt~e insurance praxeds at Lender's option eit6er to testoration or repair of the Property s or to the sums securod by this Mortgage. ~ Unless Lender and Borrower oiherwise agree in writing. any such application of proceeds to principal shall not eitend ~ or postpone the due date of~the monthly iostallments referred to in paragraphs I and 2 hereof or change the amount of such installmenu. If under paragraph 18 hereof the Property is acquired by Lender, all eight, title and interest of Borrower 4 in and to any insurance policies aad in and to the proceeds theteot resulting from damage to the Property prior to th.: sale ~ or acquisition shall pass to Lender to 1Le extent of the sums serured by this Mortgage immediateiy prior to such sale or ~ acquisition. ~ Treservatbn aad Maieteoance of Properiy; I.e~e6olds; Condominium~ Planaed Uait DerdoF~ueets. Borrowcr slsall kcep the Properiy in good repair aod s6alt not comipit wasie or permit impairment or deterioration of the Pro~erty ~ and shal! comply with the provisions of aoy lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit deve~opment, Borrower shal! pcrform all of Bomowers obligations under the declaration ~ or covenants creating or govemiog the condominium or planned unit development, the by-laws and reguladons of the condominium or planned uait development, and constituent eiocuments. 1( a condominium or ptanned unit development ~ rider is executed by 9ocrower and rec:orded together with this Morigage. the covenants and agreements of such rider ~ shall be iRCOtporated into and s6aq aa~end and supplement ihe covenants and agreements of this Mortgage as if the riJer ' wsre a pazt heroof. = ~ 7. Protect~w of I,esdets Secaritr. If Borrower fails to perform the covenants and agreements contained in this r Mortgage, or if any action or proceeding is commenced which materiaUy affects [.ender s interest in the Pr~perty. ~ ineluding, but not limitod to. etninent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or daodent, t6en Lender at Leader's option, upon notice to Borro~rer, may make such appearances, disburse such s sums aad take such adiao u is oecessary to protect Lender s interest, including, but not limited to. disbursement of ~ rrasonabk attorney's fees and entry upon the Property to make repairs. If Lendei reguired mortgage insurance as a ~ coaditioa of making the ban soeured by this Mortgage. Borrower shal! pay the premiums required to maintain such inwrauoe in eQact until such time as the requiremeot for such irtsurance terminates in accord~nce with Borrower s and ~ - ~ i 300K~77 pqCE ~ , ~ ~