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Home My WebLink About0298 t.. e- , ~ UN~FOnM CovFN~N7s. Borrower and l.rn~lcr ruvcnant a;id a~;r~r a~ to11~,NS: 1. P~y111tAf O~ P~11CIp~I aOII IA1tf!!1. liurrrwcr .h:Jf ~+r~~m~~l~ pay ~hc~~ due the princip.~i ~~f and interest on thc ~~dcbtedncss evidenccd by thc Notc, prepaynxnt and I:~tr charcr. ~ruvi~kd m thi Note, and the principal of and interest on any Fuwre Advances securcd by th~s Mongagc. 2. Ftiads tor Taxes aad lnsuaace. Subjrct to appli..~t Ir 1.~~~ a w•riucn waiver by l.cnder, f3orrowe? shull pay • to i.ender on the day munthly in~lallments oi pnncipal and in:rrr.~ .~rc p.i~ahlr undcr ~Fx; Note, until the Note is p:+id in [ull. a sum (hercin "Funds") equal to one-IW~Ifth o( ~hc ycarh r,~~~. anJ a..~scm~ntc which may attain pri~~rity avcr thi~ Mortgage, and ground rents on the Properry, if any, plus onr-tarlf~h ot ~~carly premium installments for hazard imur:~nce, plus one-twclfth of yearly prcmium installmentc (ar mc~rtgaEc in~urancr. i( an}•, all as rcasunably cstimated initiaUy and trom time to time by l.ender on the b3sis i.f a..r..mcn~s an~l hi~l~ and r~.~.unabk estimates thercot. "Il~e Funds shall he helJ in an in~t~tuu~?n ~hr deFxni„ u? .~~cuunts ol whirh ure insurecl or gua~ante~Yf hy a Frderal or ~ state agency (including 1_eader if l.rndcr i. ~uch an in~ututiun 1. t.rnder ~hall apply the Funds to pay s•rid ta~~y, as+rssn~cnts, insurance premiums and gmund rent~. I ender may n~~ charge ?~.r .u? hnlding and applying thc Fun~k, an:~lyzing caid a~c.~unt. or verifying a~d compiling said assessments anJ bill., unlr~ I.cnder Borrawer interest on the Fund~ anJ applicahle law parmits Lender to make such a charge. li~~rrower and I.cnJer may agn~e in writing at ~he timr e~~tiuiiun of this Mortgage that interest on the Funds shall tx~ paid to l3orruwcr, and unless such agreemen~ is maJe or applic.~hle IaM~ ' requircs such interest to he paid. Lender shall n~~t Fx~ reyuircd to pay BurroN•er any in~erest or carnin~;~ on th~ I~und.. I.csiJcr . shall give to Borrower, without charge. an annual accuunting of the Fun~s showing crecli~s and debits to ~hc Fund~ ~nd the purpose for which each Jebit to the Fund. wa. made. The Fund~ arc pl~~lgeci as addition:?I ~cunt~~ for thc ~um, .rcureJ by this Mortgage. If the amount of the Funds held by l_endrr, toge~her Nith thc luwr~ montnly in~tallmems uf FunJ~ payable prior to the due data of taxes, assessments, insurance prcmiums and ground rrnts, sh:~ll erceecl the amount reyuircd tu wiJ ta~ec, assesstnents, insurance premiums and ground rents as the~• (all due, such excecs shall be, at tic~rrower's option. rither promptly repaid to Borrower or crcdited to Borrowe~ on monthly installmcnts of Funds. I[ the amount of thr Funds _ held by l.e~der shall not be sutficient to pay taxes, assetsments, insurancc premiums anJ ground rents as thcy fall due. Borrower shall pay to Lender any amount necessar~• t~? make up the deficiency w~thin 30 days from Ihe date notice it mailed by Lender to Borrower requesting paymcnt thercc~(. Upon payment in full of all sums securcd by this Mortgage, I.ender shall promptly refund to Borrower any runds held by I.enJer. If under paragraph IR hercof the Proptrty i. sold or the Property is otherwise acqinred by Lcndcr, 1_cndcr shall apply, no later than immediatcly prior to the sale of thc Propcny or its acquisition by [_c~der, any Fundc held by Lender at the time of application as a credit aga~nst the sums secured by this `longage. 3. Applicatioa of Paye~ents. Unletc applicable law pro~•icks otherwise. all payments received by Lender under ~he Note and paragraphs 1 and ~ hereof shall bc applied by I_endcr fint in paymcnt u( amounts pay•rble to 1_cnder by Borruw•er uneier paragraph 2 hereof, ihen to interest payablc on the Notr, then to the principal of the Note, and then to interest and principal on any Futurc Advances. 4. C6arges; Liens: Borrov?~er chall pay all ta~ec, asses~ments and ather charges, fines and impcnitions attributahle to ~ tha Property which may attain a priority over this Mortgage, ~nd leasehold payments or ground rents, if any, in the manner pmvided under paragraph 2 hereof or, if no! paid in such manner, by Borrower making payment, when due, Jirectly to the payoe thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrower shaU make payment directly, Borrov?er ahall promptly furnish to l.ender receipts evidencing such payments. Borrower shall promPtly discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agrec in w~rit~ng to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in g~x~d faith cont~~t such lien hy, or defenJ enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or (orfeiturc of the Property ar any part thereof_ S. Hazard Insurs~nce. Borrov?•er shall keep the imprcwementc now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "c~tended coverage", anJ such other hazardc as l.ender may require and in such amounts and for such pcriods as Lcnder me~=reyuirc; provideJ, that LenJer shall not require that the amount o[ such coverage exceed that amount of coverage required to pay the sums secured hy this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lencier, provided. that such approval shall not be unreasonably withheld. All prcmiums on insurance policies shall 6e paid in the manner provided under paragraph 2 hereoF or, if not paid in such ma~ner, by Borrower making payment, when due, directly to thc ~ insurance carrier. i All insurance policies and renew~als thereof shall be in form acceptable to Lender anJ shall include a standard mortgage ! clause in favur of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof. ~ and BorroK•er shall promptly furnish to Lender aU renew•al notices and all rcceipts of paid premiums. In the event of lo~e_ f , Borrower shall give prompt notice to the insurance carrier and Lender. Lender map make proof of loss if not made promptly by Sorrower. ~ l Unless Lender and Borrowcr othen+~iu: agrcc in w~riting, insurance proceeJs shall bc applied to restoration or repair o~ i ~ the Property damaged, proviJed such rctitoration or repair is economicall~• (easible and the security of this Mortgagc i~ ~ not thereby impaired. Ii such rcstor~h~~n or repa~r is not Lconomically (easiblc or if the security of this hlortgage wr+_stJ - be impaired, the insurance procceds shall be applieJ to the ~ums se~:ured by this Mortgage. W~i~h the excess, if any~, paid ~ to Borruw•cr. If the Propert~~ is ahanJc•ned h} Borrower, or if Borrowcr fails ti? responJ Io 1_ender within 30 days fr~~m ihr ~ date notice is mailed b~~ Lender to Borrower that the insurance carrier oiTen ro settle a claim for insurance benefit~, Le:..i~r ~ is authorized to collect and apply the insurance procet:ds at Lender's option either to restora~ion or repair of the Prc~pers~- ~ or to the sums secured by this Mortgagc. Unless Lender and Borrower otherwiue agree m writing, any such appliration of prcx:eeds to principal shall nut ~..ir~.d s ~ or postponC the dae date of the monthly jnztallments refcrrcd to in paragraphti I and 2 hereof or change the amount of ~ such installments. If under paragraph t8 hereof the Propeny is acyuired h~ LenJer, all right, title and interest oi [3orrr.wer ~ in and to any insurance policies and in and to the proceeds thereof r~ultmg from damage to the Property prior to th~ ~aic ; or acquisiuon shall pass to Lender to the extent of the sums secureci by th~~ Mortgage immediately prior to such tale or ; ~ acquisition_ 4 ~ 6. Presen•atioa 9nd 11aiotenance of Property; l.easeholds: Condominiums; Planned Unit Derebpments. Horro~+cr ~ shall keep the Property in good repair and shall not comroit waste or permit impairment or deterioration of the Propcrty ~ and shall comply with the pro~isions of any lease i[ this Martgage is on a Icaschold. I( this Mortgage is on a unit in a ~ condominium ur a planned unit development, Borrower ~hall per(orm all o( Borrower s obligations under the declaratirn . z ur covenants creating or governing the condominium or planned unit development, the by-laws and regulations of ihe condominium or planoed unit development, and constituent dex~umentc. !f a conJominium or planned unit cievelopment ~ rider is executed by Borrower and recorded together with this Mortgage. ehe covenants and agreements of such ri~!:r : shall be incorporated into and shall amend anJ supplement the covenants and agreements of Ihis Mortgage as it the nJcr were a part hereof. ~j 7. Protectioo of Lende~s 5ecurity. lf Borrower fails to perform the covenants anJ agreements contained in ihis Mortgage, or if any acUon or proceeding is commcnced which materially affects Lender's interest in the Properry. ~ including, but not limited to, eminent domain, insolvency, code en(orcemcnt, or arrangements or proceedings involving a ~ bankrupt or duedent. Ihen (.ender at Lender's optinn, upon notice to Bc~rrower, may~ make such appeatances, disburse such v= ~ sutns and take such action as is neces~ary to protect Leoder's interest, incluJing, but not limited to, disbursement of ~ reasonable attomey's fces and entry upon the Property to makc rcpairs. If l~ndcr requircJ mortgage insurance as a ~ condition of making the loan secureJ by this Mortgagc, Borrowcr shall pay the premiums requireJ to maintain such ituurance in efiect until such time as the rcquirement for such insurance Ierminates in accordanee with Borrower s anJ ~ ~ a r ~ 800~1( 202 PAGE ~ ' ~ ~ ~ _ _ _ - ~ _ ` ~~..'y'„"` fi ' ~ ~ _ f"'°F-,~"~~.;~» > "'rv.~'~°~T'd~~~r6~w~. ~ . _ ~ _ . . -~,..s~_°U r..s..~. . . . . ~ . _