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Home My WebLink About0091 : ~ UNIFORM CuvEN.~NTS. Bor[owCf and l.endcr coveoaM and agr~~c as foUuws: l. Paymeat of Priacipal aud lalerest. Horrow~r ~hall prumpll} pa)' Whrn duc thc princi~.~l u( aiiJ inlcrr~l u~ Ihc indebtedness evidenceJ by the Note, prepaym~nl and latc chargr. a. ~ruvided ~n the Note, anJ the pri~ripal uf and im«cst on any Futurc Advanccs securcd by this Mortgagc. 2. I~ads tor Tues and latersace. . Subject ta appli~ahlc law ur ~o u written waiver by I.ender, B~rrowcr sh:dl pay to I.ender on the day monthly i~uallmentc af pri~cipal and mterc.t .~re pa}~ahl^ unJer ~hc Note. until thc No~c i. paid in (ull. a sum (hercin "Funds"> equal to one-twclfth of tFx~ ye:~rly ta~r. anJ ac.cssmcnta v?hich ma}~ attain priuriry ovcr thi~ Mortgage, anJ ground renfs an the Ptnperty, if any, plus onc-tw•clf~h ol ~•carly premium installmcnts f~~r hazard imurance, plus one-twelfth of ycarly premium installmcn~s tor m~rtgagc insurancc. i( any, all ae rcasonably c~timatcd i~iitially and trom time to time by l.ender on thc t?asis of a»cs~m~nts and hillt and re:~~onabl~ estimatcs thercof. 'Il~e Funds shall t+e held i~ an institution thc depas~~~ or arcuunts ~.f which are insurcci or guar:~ntccd by a I~cdcral or state agency (including Lender if l.e~der i~ such ;in institu~ion). I.ender ahall :~ppl~• thc Funds to pay ~aid taxrs, a~~~ssments, insurance premiums and gmund rents. I.ender may not charge tor u. hc.lding and appl~~ing ~he Fnndc. :~n:~l}zing ~aid :~rcount, or verifying and compling said assessmcnts anJ hills, unlc~.s l.cndcr pa~•~ Borrowcr inlcrest on. thc F?~nd~ and applicahlc law permits l.ender to make such a charge. B~rrower and Lcnder may agr~e in writing at ~he time of r~rcuti~•n uf thi~ Mortgage that interest on ~he FunJs shall tx~ paid to Borrower, and unlcss such agrccmcnt is madr ~~r ~pplic:~hle law• requira such interest ta be paid. I.ender shall not tx~ reyuir~J to pay B~•rrower an~• interest ar earnin~, un ~hc Fundc. I.cnd~r shall give to Borrower, without charge, an am~ual accounting of Ihe F~unds ~howing rredits :~nd dehitc ~u the f=unds and th~ purpose for which each debit to the Funds was made. The Funds are pleeiged a~ adJitional securit~~ for thr ~um. secured by this Mortgage. If the amount of the Funds held by LenJer, together with the future monthly in.taliment~ of Fund. pay:~bl~ pnor t~~ the due dates of taxes, assessments, insurance premiums anJ ground rents, shaU csce~vf the :imount reyuir~d tu pa) ~aiJ ta~e~, assessments, insurance premiums and_ ground rents as they fall duc, such cxce~s .hall be, at Borrower's uptu.n, crther promptly reppid [o Borrower or creditcd to Bormw~er on monthly ins~allmcnts of Fund~. I[ the amount ~•f thc 1•ureds held by Lender shall not be sufficient to pay taxes, assessments, insurance premwms and grounJ rents ac thry f:ill due. Borrower shall pay to Lender any amount necessar~~ to make u~the Jeficiency within 30 da~s from the date notice i~ mailed by Leader to Borrower requesting paymcnt thercof. ~ Upon payment in full of all sums sccured b~• this Mortg:~ge. Lender shall prompdy refund tc~ Borra~~cr an}' FunJs held by I.enJer. If under paragraph 18 hercof the Propcrty i, u.ld or thc Propcny is otherw•itic aryu+rcd b~• Lcndcr, Lrnder shall apply, no later than immediatcly prior to the sale of thc Property or its acquisition hy l.cndcr, any Fund. he1J by Lender at the time of application as a credit against the sums secured by this 1ltortgage. 3. Application of Payments. Unletc applicable law~ provides otherwise. all p.iyments recei~ed by l.ender undcr the Note and paragra~hs 1 and 2 hereof shall bc applied by Lcnder fint in payment c.f amounts payabte tu Lcndcr b}• Borruwcr under paragraph 2 hereof, then to interest payablc on the Notc, thcn to thc principal of thc Notc, ar.~ Ihcn to intcrest and principal on any Futurc Advances. ' ; 4. C6arges; Litos. Borrower shall pay all taxes, ac~cessmcnts and other charges, fines and im~citiuns auributahle to : the Property which may attain a priority over this 111ortgage, and leasehold payments or ground rents, if any, in !he manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direcUy to the payce thereof. Borrower shall prompUy furnish to Lender all notices of amounts due under this paragraph, and in the e~~ent Borrower shall make payment directly. Borrower shall promptly furnish to Lender receipts evidencing such payments. Bonower shall prompliy discharge any lien which has priority over this Mortgage; proviJed, that Borrower shall not be requited to discharge any such lien so long as Borrower shall agree in writmg to the payment o( the obligatiun secured b~• such lien in a manner acceptable to Lender, or shall in gooci faith contest such lien b~~, or defend enforcement of such lien in, (egal proceedings which Qperate to prevent the enforcement of thc lien or forfeiture ~of the Property or any part thereof. S. Hazard I~uurance. I3orrower shall keep the improvement. no~ existing ar hereafter erected on the Property insured against loss by fire, ha-cards included within the term "cxtended co~erage", and such other hazards as I.ender may reyuire and in such am~~unts and for such periods as l.ender may reyuirc; provided, that LenJer shall not reyuire that thc amount of such coverage exceed that amount of coverage.required to pay the sums secured by this Mortgage. 'R~e insurance carrier providing the insurance shall be chosen by Bortower subject to approval hy Lender; provided. tnat such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner i provided under paragraph 2 hereof or, if not paid in such manner, by Borrow~er mal~ing payment, when due, directly to the ! insurance carrier_ ' I All insurance po6cies and renewals thereo( shall tx; in forni accep~able to Lender and shal! includc a~tandard mortgage I clause in favor of and in farm acceptable to Lender. Lender shall have the right to hold the policies and renew~alti thereof, ; and Borrow•er shall prompdy furnish to Lender all renewal notices and all receipts of paid premiums. In the e~~ent of lotis. ' Borrower shall gi~~e prompt notice to the insurance carrier and Lender. LenJer may make proc~f o[ loss if not made pmmpth• ~ by Borrower. ~ Unless Lender an~ Borrow•er otherv?is~: agree in w•riting, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provided such rcstora~ion or repair is economically feasiMe and the security of this Mortgage it ~ ~ot thereby impa~red. !t such restoration or repair is not economically fcasihle or if ~the securit}~ of this ~tortgage w~uld * be impaired. the insuranee pra-eeJs ~hall be applied to the sums secureJ by this Mortgage. w~ith the excess, if an}~, paid ~ to Borrowcr. tf the Property is abandonctii hy Borrower, or i( Borrc?wer (ails t~~ res~nd to 1_enJcr within 30 days from the ~ Jate notice is mailed by 1_ender to Borrower that the insurance carrier ot~en ta seule a claim for insurance henefits, Lender is authorizeei to collect and apph• the insurance proceeds at Lender's option either to restoration or repair of the Pr~pen~ ~ or to the sums sec ured by this Alortgagc. ~ Unless Lender and Borrower otherwise agree in writing, any such application ~~f prcx:eeJs to principal shall not e~tend ~ or postponc the duc datc of thc monthly~ installments rcferred to in paragraph~ I and 2 hcrcof or changc thc amount o( ~ such installments. If unJer parag~aph I S hereof the Property is acyuired hy l.enJcr, all right, title and interes? of Barr~~w~er in and to any insurance policies and in and to the proceeels thereot n:sulting from damage to the Property prior to th~ ~:~le or acyuisipon shall pass to L.ender to the extent of the sums securec! by this Mortgage immediatel} prior to such ssle or acquisitiori. 6. Presen~atioa wd Maiatenance of Properiy; [.easeholds; Condominiums; Planned Unit Developmenls. Borroucr ~ shall keep the Property in good repair and shall not comnpit wastc or permit impairment or deterioration of ihe Property " ~ and shall comply with thc provisions of any lease if this Mortgagc i~ on a Icaschuld. If this Mortgagc is on a unit in a . ~ condominium or a planned unit dcvclopmenl, Borrow•er shall pcrform all uf Borrower's obligations under the dcclarati~~n ~ or covenants creating or g~~verning the condominium or planned unit development, ~he by-laws and regulations ~f the ~ wndominium or planoed unit development, and constituent document.. If a cor?~lomini~m or planned unit developnzent ~ rider is executed by Borrower and recorded together with this Mortgage. ~he covenants and agreements of such rider ~ shall be incorporated into and shall amend and supplement the covenams and agreemcnts of this Mortgage as if the riJcr ~ were a part hereof. ~ 7. Profection of Leoder's Security. If Borrower fails to perform the covenanls and agreements contained in this Mortgage, or if any action or proceeding is rqmmenced which materially atiects Lender's interest in the Propert}. ~ including, but not limited to, eminent domain, inu~lvency, code enforcemem, or arrangements or proceedings involving a ~ ~ bankrupt or decedent, then Lender at Lender's aption, upon notice to Borrower, may make such appearances, disburse such ~ sums and take such action as is necessary to protect l~nder s interest, including. but not limited to, disbursement o( ~ teuonable attorney's tees and entry upon the Property to makc rcpairs. If I~ndcr rcyuircd mortgage insurance as a condition of making the loan secureJ by this Mortgage. Borrowrr shall pay the premiums requireJ to maintain such ~ iasurance in efiut uMil such time as the reyoirement for such insurance terminates in accordance with Borrower's and ~ ' ~ ~ Q~ ~ ~DDl~~ f~~` v!i s _ - ' - - - - - - ~ - x d ~