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Home My WebLink About0950 UNIFORM C~Ot'ENIN'1'S. BOf1'OWt~ :1RlJ ~.CI1/IC! C1~1'~IIJIl1 anJ agr~tie as follows: 1. Psymrnt ot Prl~clps! and lnteresl. Fior~uw~r shall p~omptly pay whcn duc thc principal uf and intcrest on the ~ndebted~ess evidenc~J by ~he Nut~, prcpaym~nt anJ late cha~gr~ a~ pruviJed ~n the Note, and the p~incipal ot and interest on a~y Future Advances :,ecured by this Murlgage. . 2, Fuods tor Taxes and Insurance. Subject to applicabte law or to a written waiver by l.encier. Bc~rrower shaii pay ta I.ende~ on the day mon~hly instailmcnts af ptincipal and inttmst arc p•ryable unJcr the Note, u~til the Note is paid in lull, a sum (herein "Fundi') equal~to ane-tW~cltth of thc yearly taxcs AnJ asussmcntc which may attain pnorily over this Mur~gage, anJ ~~uund r~nts an th~ Prapcrty, if an~~, pl::s ene-twelfth ~f yearly prcmium instattments for hazard insurance, plus o~e-twelfth of yearly premium installmcnts (or mortgage insura~ce, +f any, a!1 as reas~~nably eslimaled initially and from time to time by I.eader on !he basi. of asscssn~cnts anJ hills and reasonable estimatcs thereof. The Funds shall he helJ in an i~stitution the deposits or accaunts of which are insured or guaranteed h~ a Federal o~ state agency~ (including Lender if Lender is such an institution). I.ender shall appty ;he Funds to pay said taxes, assessments, insurance premiums and ground rents. I.ender ma}• nat charge for ~o hold'eng and applying the FunJs, ;~nat~•ring said account, or verifying and campiling said auessments and bilis, unless t.eoder pays Borrowe~ interest an the Funds and applicable law permits l.ender ta make such a charge. Borrawar and l.enJer may agree in wriling at Ihe time ot execution of this ~lortgage that i~terest un the FunJs shall he paid to Borrower, and unless such agreement is made or applicable law requires such interesl to he paid. Lencier shall not be reyuirc-~i 1~ pay Bnrrower any interest or earnings on the fiunds. I_ender ~ ~hall give to Borrower, without charge, an annual acc~~unting of the Funds showing credits and dehits to the Funds and the purpose for whici~ ~ach debit to the Funds was made. The Fund~ are pledged as additional security for the sums secured by' this lllortgage. lf the amount of the Funds held by Lendtr, together w ith the (uwre monthly installments u[ Funds payable prior to the due dates o( taxes, assessments, insurance premiums and ground rent~, shall exceed the amount reyuired to pa}• said taxes, asussments. insurance premiums and ground rents as the~• fall due, such excess shall be, _ at 8orroa~er's option, either promptly repaid to Borroa•er or credited to Borrower on monthly installmcnts af Funds. If the amount of the rundt ~ held by Lender shall not be suEi'icient to pay taxes, assecsments, insurance pn:miums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficie~cy within 30 da~s from the date notice is maited by Lender to Bnrrower rrquesting payment ~hereo(. Upon payment in full of all sums secured by this Martg:~ge, I.ender shall promplly re[und to BorroWer any Funds held by Lender. If under paragraph 18 hereof the Propeny ic u,ld or the Property is othetwi~c acquired by Lender. Lender shall apply, no late~ than immediatcl~ prior to !he sale of the Pruperty or .its acquisition by l.ender, any Funds hetd by Ltnder at the time of appliration as a credit against the sums secured hy th~s t4fortgage. 3. Appliraiion of Pnyments. Unleu applicable law~ proveJes otherwisc. all plyments re~cived by l.cnder undrr the . Vote and par:~graphs I and 2 hereof shall b~: applicd by 1_cnder first in pa}•mcnt of amuunts payahle to Le~dcr by Borrower undcr paragraph 2 hereof, then to interest payable on the Note, then to thc principal of the Note, and thcn to intcrest and pnncipal on an~• Fulurc Advances. 4. CEwr~es; Lkas. $orrower shall pay all taxec, assessmrnts and other charges, fines anJ imEx~sitions auributabk to the Property which may attain a priurity over this 114ortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2.hereof or. if not paid in such manner, by Borrower making payment, when due, directl~r to the . payee thereof. Borrower shall prompUy furnish to Lender all notices of amountt due undcr this parngraph,`ared iR~the eveAt Borrower shalt make payment directly, Borrow~cr shall promptly furnish to l.ender rereipts evidencing such payments. Borrower shall promptly discha~ge any lien Nhich has prionry over this Mortga,ge; provided, that Barrower shall not be required to discharge any such lien so long as Borrower shall agree in wrihng t1~ the payment of the obligation secured by , ~uch lien ir a manne~ acceptable to Lender, or shall in &ooei faith contest such tien by, or Jefe~d enforcement of such liehin; legal proceedings which operate to prevent the en(urcemeni of the Len or forte~ture of ~ne rroperry or atiY ~ii ih~,:~. ` 5. Hazard lnsurance. Borrower shaU keep the imprrn•ements now c~iaing <x hereafter erected on the Property insured # ~gainst loss h~• fire. hazards included within the term "e~tended coverage", and surh other hazards ac Lender may reyuire anJ ~n such amoimts and for such periods as Lender msy reyuire: provided, that t.rnder shatl not require that the an~ount of tiuch cu~~erage esce~d that amuunt uf coverage required to pay the s~~ms cecured h~• this ~fortgage_ The insurance carrier providing the insurance shall be chc~sen by Borrawer stebjeet to approval hy Lender, provided, that such approval shall not be unreasonahly withheld. All premium. on insurance policies shall be paid in the manner provided onder p~ragea~:,i ~ ua.i~a,i J:. Y:.:~ ..,:C~' ~+v ~~~~we~ makine oavment, when due, directly to the inluraoce carrier. ~ Al) insurance policies and renewals thereof shall b~: in form acceptable to LenJer and shall include a stanJard mortgage clause in favor of a~d in form acceptable to Lender. 1_ender ~hall ha~~e the right to hold the policies and renewals thereof, snd Borrower shall promptl}• furnish to Lender all r~ncw•al not~ces anJ all receipts of paid premium.. In ihe e~~ent of loss, Borrower shall gi~•e prompt notice to the insuran~e carrier and Lender. 1_ender ma~~ make prout of loss if not made promptly ~ b}• Borrower. f Unless ~endcr and Borrow~er othcrwisc agrec in w riting, insurance prureeds shall be applied to restoration or repair of ~ the Property damaged, proviJed such restoration or repair is economically feasible and the security of tbis Mortgage is not thereby impaired. If such restoralivn or repair is not economically frasiMe or if the security of this Mortgage would be impaired, the insurance proceeds ~hall be applied to the sums secureJ by this Mortgage, w~ith the excess, if an}•, paid ta Borrower. If the Propert~ is abandoned h~ Borrower, or if Borrower faih to respond to Lender within 30 days from the Jate notiee is mailed b}• I.ender to Borrower that the insurance carrier ofiers to setde a claim for insurance benefits, LenJer i~ authorized to co!lect and apply~ the insurance pr~ceeds at Lender's option either to restoration or repair of the Property or to thc sums sccureci by this Mortgagc. Unless Lender and Borrower othen+ise agree in writing, an~• such application of proceeds ta principal shall not extend or postpone the duc date of the monthh~ imtallments referred 1o er~ paragraphs 1 and 2 hcreof or change the amount of such instalfmcnts. If under paragraph I8 hereof the Propcrty is acyuireJ by Lender, all right, title and interest ot Borrower in and to an~~ insurance policies anJ in and to the proceeds thereof resulting from damage to the Property prior to Ihe sale or acyuisition shatl pass tv Lencier to the exte~~i of .F~e sun:s sccu:ec! by this !4iortgage immediatel~~ prior to such sale or acauisition. 6. Presenation aad lfaiaten~nce of Properl~: [.easeholds; ('ondominiums; Planned Unit De~•elopments. Borraw•er _ shall keep thc Property in good repair and shall not commit wastc or Qcrmit impairment or deterioration of the Property - and shall comply with the provisions of any lease if this Mortgage i~ on a(easeholJ. If this Mortgage is on a unit in a condominium or a planned unit development, Borrow•er shall perform all of Borrow•er's ob6gations under the declaration or cove~ants creating or gur•erning the rnnd~~nunium or planned unit dcvelopmcnt, the by-laws and regulations of the conJominium or planned unit development, and constituent da:uments. If a condominium or planned unit Je~•elopment rider is executed b}• Borrower and recorded together w~th th~s Mortgage, the covenants and agreements ot sirch rider shall be incorporated ~nto and shall amend and suppten~ent the cotienants and agreements of this Mortgage as if the rider werc a part hcrcof. ' a 7. Prolection of Ixnder's Securit3. if Borrovrer fails to {x rform the covenants and agreements contained in this ~turtgrgr, or if an}• action ~~r proceeding cummenceJ v?hich ma~erially atTects Lender's interest in the Pmperty, includ~ng. but nut limited to. eminent domain, insolvency, code enfur~enTCn~, or arrangements or pn.ceedir~gs in~•olcing a - bankrupt or de~rdent. then Lender at Lender's option, upon notice to Barrower, ma~ make such appearanceti. disburse such sums arrd taL.e such action as is nece«ar~• to protect l.ender's intrrest, including. but not limhed to. d~.bursement i~f reasonahlc attorne~~'s fe~s and emry u~~n thc Property to makr rcpairs. If Lcndcr reyuired mortga~e incurance .t ~~nJ~linn of niak~ng the foan secare.i b~ this ,~t~~rtgagc. Bor:~~uer shall pay~ the premiums requireJ to meintam such insurance in cfTe~t i~nti! ~uch time •rs the reyuirement for tiuch insurance trrminatcs in accordance with Born•wer's and ~?~R 282 F~~:E 942 6,,rlc _ ~ - i - ~ . ~ ~3 'r~r~t'c~ ~ _~s?!-^ 'u'--.~ ~ . Wr ~ Y _ S ' . . '?:+y. ""~~?s~