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Home My WebLink About0097 . UNIFORM CovEN.~rvTS. Borrowe~ a~d l.en~cr ruvcnant and aKrec a~ (~~Uuws: . ~ 1. Pa~meat of Priaclpal and laterest. H~~r~rw~r ~h:+ll pr~~ntptl~ pay Nhcn du~ Ihc princip:~l of uud mterest un thr indebtedness evidenccd by the Nole, prepayment and latc char~;r~ rruvi~lcd ~n thc No~e, anJ ihc principa) of :+nd in~er~s~ or~ any Futuro Advances secured by thic Mortgage. " 2. Fuads tor T~ces and lasuraace. Subject to applicahlr law ~~r to a M•riUcn v?•arver by l.cnder, Borrower ~hall pa}~ to L.endcr an thc day monthly installmcn~s of principal and ~ntrre~~ a~c pa)'ahlc un~cr 1hc Notc, until !hc Not~ i~ paiJ in full, a sum (hercin "Funds") cyual ro~mc-tw•clhh of IFx~ ~•carl~ ~a~r. ~nJ ~c.cstim~ntti which ma~~ auain prio~it~~ rncr ih~. Mortgage, and ground rents on the Pmpersy, if any, plus onc-tHClf~h ot ycarly premium installmcnts for hazard insurance. ` plus one-twelfth of yearly premium installmcros (or mortgagc in.urancr. ~f :+ny, all a~ rca+~nably c~limatcd initially aml from time to time by l.endcr on thc basi+ af a~.es.mcnts and hills and rra~~~nablc es~imatcs thereof. 'Il~e Funds shall t+e held in an institutiun thr de~»it~ or accuunts ul which are iniured or guarantecJ M• a Fedcr~l or state agency (including Lender if LenJer i. ~uch an institutionl. Lrnder ahall apply the Fundc to pa~~ ~aid ta~es, a,~cssmems, insurancc prcmiums and ground rents. 1 cnder rna}• n~t chargc lur hoWing :~nd applying Ihc Fund~. anal}•ring ~aid acc~.unt. or verifying and compiling said assessmenls anJ bills, unles~ Lendcr ~y~ Borrov?•cr intcrest on the Funds and applicahle law permits Lender to make such a charge. Hor~uwer and Lcnder may agree in writing at the timc ~~f r~ecu~i~~n of this Mortgage that interest ~~n ~he Funds shall tx paid tu Borruw•cr, and unlcss ~uch agrcement is n~adc ~~r applirahlc law• requira such interest to be paid, l.ender shall not tx rcyuired to pa)• Bormwer :~n~• intcrest or earning~ un thc I~unds. Lcn~rr shall give to Borrower, without charge, an annual accuunUng of the FunJ~ showing credits and dehilti to the Fund. and the ± putpose for which each debit to the Funds was made. The Funds arr pledged a~ additional securil)~ G~r the cum~ ~ecurrd by this Mortgage. ' If the amount of the Funds held hy Lendrr, toge~hcr with the iuturc munthl~~ intitallmrnts uf Fun.i. ~.:~y:~blr pri~•r to the due dates af taxes, asscssments, insuranre pren~iums anJ ground rent~, shall excccd th~ amount reyuircd tu pa~ .aid ~axcs. assesunents, insurance premiums and gmand rents as they (all due, such excess ehall be. ~t Borruwer'ti apt~~~n, either . prompUy repaid to Borrower or credi~cd to Borrower on mon~hly in~tallmcn~s of Funds. I( thc amount of thr }•unds held by Lender shall ~ot be sufficient to pay taxes, assessments, insurancc prcmiumti and ground rents as ihc~• fall duc. Borrower shall pay to Lender any amount necessar~• ta make up thc drficicnc~~ within 30 days trom thc datc nc~tire ~c mailcd by Lender to Borrower requesting pa~~mcnt thereof. Upon payment in full of all sums sa:ured by this Mongage. I.ende~ shall promptly refund to Borr~~w•er am' Funds held by l.ender. If under paragraph IR hcrcof the Propcrty iti sold or thc Propcrty is otherw•i~c acquircd by Lcnder, Lendcr shall apply, no later than immediatrly prior to the sale oi thc Pro~:rty or its arquisition b~~ l.ender, an)' f=undc held b}• Lender at the time of appliration as a crcJit against thc sums sccured by this Nortgagc. - 3. Application of Paymeats. l.'nless applicablc law provides otherwice, atl pa}•ments rereived by Lender undrr thc Note and paragraphc ! and 2 hereof shall be applied by I.cnder first in p:tyment ut amuunts payable to Lrnder b}• Borru~~cr under paragraph 2 hereof, then tu interest payable on the Note. then to the princip~l of the Note. ~nJ thcn ti~ interest and principal on any Future Advances. 4. C6arges; Liens. Borrower shall pay all taxcs, assestmcnts and othrr chargcs, fines and imEx~sitions attributahle tu the Property which may attain a priority oveF this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrow~er makiog payment, when due, direclly to the payce thereof. Borrower shall promptly farnish to t_ender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shal) prompUy fumish to Lender receipts evidenc~ng such payments. Borrower shall promptly discharge any licn ~~hich has priority over this Mortgage; proviJed, that Borrower shall not be required to discharge any such lien so long as Borroaer shall :~grec in w~riting to the pa}•ment of the obligatiun secured b}• such lien in a manner acceptable to Lender, or shall in gcwd faith contest such lien by, or defend enforcement af such lien in, legal proceedings which operate to prevent Ihc cnforcemem of ~hc lien or forfeiturc of the Propeny or any part thereof. S. Hazard Insurance. Botrow•er shall keep the impro~•ement~ now existing or hereafter crected on the Property insured against loss by firc, hazards includeJ within the term "extended cuverage°. and such other hazards as l.ender may reyuire and in such amounts anJ for such perials as Lender may reyuire; provided, that Lender shall not reyuirc that thc amount of such coverage exceed that amount of co~•erage required to pa~~ the tumc secured by this•Martgage. 'il~e insurance carrier providing the insurance shall be rhosen by Borrower subject to approval by l.ender; provided, that such approval shall not be unreasonably withheld. All premiumc on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrow~er making payment, when due, direcUy to the , E insurance carrier. ~ All insuranrr policie~ and renew•als thereof shalf be in forn~ aceeptablr to Lender and shall include a titandard mortgage ~ c(ause in favor of and in f~rm acceplable to Lender. Lender shall have the right to hold ~he pc~licies anJ rene~•alti thereof. and Borrower•shalt promptly furoish to Lender all renev?al notiees and all receipts of paid premiumti. In the e~•ent of lorc. ~ Borrower shall give prompt notice to the insurance carrier and Lender. LenJer may make proof of loss if not made pmmpth ~ by Borrower_ ~ Unless Lender and Borrow•er othen+~•iu~ agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such re~toration or repair ~s economicall~- feasible and the security of this Mortgage ~t ~ not thereby impaired. If such restoratii~n or repair is not eronomically feasible or ii the securily of this btortgabe v?•~.uld ~ be impaired. the insurance prix:eeds shall be applied to the sums secured b~~ this Mortgage. with the excess, if an}•, ~aid p to Borrower. If the Propert~~ is ah~ndoned h~ Borrowcr. ur it Borrowcr fails to res~nJ to Lender within 3U da}~s trom thc date notice is maileci by Lender to Borrc~wer that the insuranee carrier o(Ten to settle a claim for insurance benefits, I.ender is authorized to collect and apply the insurance proceeds ~t Lender's optiun either to restoration or repair of thc Pmpen~ or to thc sums sccured by this Mortgagc. ' _ • Unlesc I_ender and Borrow~er othen.isr agree in writing, any such applie:ation of pnxeeds to principal ~hall nut e~tend or postpone the due date of the monthly installments rcferred t~• in paragraph. 1 an~l 2 hereof or change the amount uf such installments. If under paragraph 18 hereof the Property is acyuired b}• Lendcr, ali nght, title and interest of 13orr~~HCr in and tu an}~ insurance policies and in and to the pr~:eeds thereof ra~ulting froin damage to the Property prior to th~ ti:~le or acquisition shall pass to Lender to the extent of the sums secured by this Alortgage immediatet}• prior to wch ~alc or ~ acquisition. ~ 6. Presen'stion and ~taintenance of Properly; I.easehulds; fondominiums; Planned Unit De~elopmenls. Borm~ccr sha11 keep the Property in good repair and shall not comro~~ waste or permit impairment or deterioration of the Propcrtp ~ and shall comply with the provisions of any lease it this Mortgagc is on a Icaschold. I[ this Murtgage is on a unit in a - condominium or a Qlanned unit development, Bormw~er shall E+erform all of Borrower's obligations under the declaratnm ' or covenants creating or governing the condominium or plannrd unit development, the by-laws and regulationc of the condominium or planoed unit development, and conslituent d~-uments. If a condominium or planned unit devclopment ; rider is exec~ted by F3orrower and recorded together with this Mortgage, thc rnvenants and agreements of cuch ridcr j shall be incorporated into and shall amend and supplcment the covenants and agreements of th~~ Mortgage as if the rider d were a part hereof. ~ 7. Protectioa of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this , ~ Mortgage, or if any action or proceeding is commrnced which ma~crially atiects Lender's interest in the Pn,~xr~~, ~ induding, but not lim~ted to. eminent domain, insolvency, code en(orcement, or arrangements or proceedings invohing a ~ bankrupt or decedent, ihen Lender at Lender's option, upon nalice ro Borrower, ma~~ make such appearances. dishurse such ~ sutns and talce such action as is necessary lo pmtect I.ender s interest, incl~~Jing. but not limited to, disbursement of reasonable attorney's fees and entry upon thc Propcrty to makc rcpairs. 1f l.cndcr rcyuircd morigage insurance as a ~ condition of mal:ing the loan secureJ by this Mortgage. Borrower shall pay the premiums require~ to maintain such ~ insurance in eBect until such time as the reyuirement for wih insuranre tcrminate~ ~n :~ecordance wrth Borrov?~er's anJ ~ ~ ! ~ R ~ ~~3P~285 ~~,~J 97 kry . a x~k. _'w ~ ..s.,s. ~ ~ _ _