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Home My WebLink About0236 . ~ ~ , UNIFpRAt Co~'ENINIS. BOffOWCf 8I11J LCDI~Cf COYe(1~Ill •rnd agrre r~ foll~~ws: 1. i'aymeat of Priacipal ~nd laterest. Borrower shall pramptly pay ~hc~ due the principrl of and interest on the indcbtedness e~~idenced hy the Notc, prepaymeat and latc charge. as pruviJcd in tho Note, and the principal of and, interest on any Future Advances secured by this Mortgage. 2. Ru~ds to~ Tua and laaurance. Subject to applicable law• or to a written waiver by I_ender, Rorrower shall pay to l.endt~ on the day monthly installments of principa! and interect are payahle under the Note, until the Nate is paid in [ull. a sum iherein "Funds") equal to onc-tw~elfth of the yearly ~axcc and assessmentc which may attain priority over lhis ~tortgage, an~ gr~und rents on the Pmperty, if any, plus one-twelith of yearly premium installme~ts for hazard insurance, plus une-twclf~h of yearlp premium installments tor martgage insurance, if any, all as reasonably estimated initially anJ from timc to time hy I.ender on the basis of assessmcnts and bills and reasonable estimates thcreof. 'R~e Funds shall he held in an ins~itution the deposits or accounts o( which are insured or guaranteed b~• a Federal or state agency (including l.ender if l~ender is such an institution). I.ender shall apply the Funds to pay said taxa, assessments. i~uurance premiums and ground rents. I.ender may not charge (or su holding a~d applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, unless I.ender pay~ Borrowe~ interest on the FunJs and applicabk law permits I.ender to make such a charge. Borrower and Lender ma~~ agreC in v?•riting at the time of execu~ion of this ~tortgage that interest un the Funds shall he paid to Borruw•er, and unless such ~greement is made or applicable law requires such interest to be paid. Lender shall not be requireci to pay Borrower any interest or earnings ~~n the Funds. 1_ender shaU give to Borrower, without charge, an annual accounting of the FunJ~ ahowine credits and debits to the Funds and the purpc~se for w~hich each debit ta the Funds was made. The Funds are pledgrd a~ additianal security for the sums secured hy this i~tortgage. . If the amount o[ the Funds held by t_ender, together with the future monthly installments of Funds payablc prior to the due dates of taxes, assessments, insurance preniiums and ground rents, shall exceed the amouat required to pay said taxes, assessments, insurance premiums and ground rentc as they fall due, such excess shall be, at Borrower's op~ion, either promptly repaid to Borrower or crcdited to Borrower o~ monthly installments of Funds, ~If the, amaW of ihe Funds held by Lender shall not be suflicient to pay taxes, assessments, insurance premiiims and ~grou~d. rents as they fall due, . Borrower shall pa)~ to t_ender any amount necessary to make up the deficiaoey within 30 days from khe date notice ~s mailed by Lender to Barrow•er reyuesting paymcnt thereof_ Upon payment in fuU af all sums secured by this Mong~ge. 1_ender shall promptly refund to Barrower any Funds held by I.enJer_ U under paragraph 18 hereof the Propcrty is sold or thc Propert~• is otherwise acquired by 1_ender, I.ender shall apply, no later than immediatel~• prior to the sale of the Propcrt}~ or its acquisition b}' I.ender, any Funds held by Lender at the time uf application as a credit against the sum+ secured h} thu ~tortgage. 3. Application of Paymeots. Unless applicable law~ pro~~iJe~ other.viu:. :~11 pa~~menis recei~•ed b~~ I.ender under the Note and paragraph. 1:~nd 2 hereof shall bc applicd by I.ender fint in payment of amounts pa~•~Mr to Lender by Borrower under paragraph 2 hereof, then to interest pa~•ablc on thc tiotc, thcn to the principal of the Notc, :+nd thcn to interest and principal on any~ Future Advances. 4. Charges; Liens. Borrower shall pay all taxes, ax~cssments and othcr chargcs. fines and impositions auributable to the Property which may attain a priority over this Mortgage, a~~d leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, b~• Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event Borrow~er shall make payment direc:Uy, Borro~~er tihall prompU~~ fumish to Lender receipts evidencing such payments. Borro~•er shall prompdy discharge any lien which has pnonty ovcr this Mortgagr, provided, that Borrower shal) not be required to discharge any such lien so long as BorroNer shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or ~hall in gocxl faith contetit such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard lasurance. Borrower shall keep the impro~•ements naw existing or hereafter erected on the Pmperty insured against loss by fire, hazards induded withm the term "c~tended coverage", and such other hazards as Lender may require and in such amounts anJ for such ~periods as Lender may reyuire: provideJ, that Lender shall not reyuire that the amount of such rnverage exceed that amount o[ corerage reqwred to pa}' the ~tiums secured by this Mortgage. ~ The insurance carrier providing the insurance shall be chosen by Borrow~er subject to approval by Lender; provided, i 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 Borrower making payment, when due, directLy to the ! insurance carrier. ~ ~ ~ All insurance policies and renewals thereo[ shall be in form acceptable to Lender and shall include a standard mortgage ~ i clause in favor of and in form acceptable to Lender_ Lender shal! have.the right to hold the policies and renewals thereof, ~ ~ and Borrower shall pr~mptl~~ furnish to Lender all renewal notices and all receipts of paid premium~. In the event of loss. t Borrower shall gice prompt notice to the inwrance carrier and I_ender. l.ender ma~• make prcx~f of loss if not made promptly ' by Borrower. ~ Unless Lender and BorroH•er other.~•iu agrce in w npng, insurance pmceeds shall be applied to restoration or repair of ~ the Property damaged, proviJed such re~toration or repair is economicall}' feasible and the security of this Mortgage is ~ not thereb}• impaired. If such restorauon or repair is not economicall~~ (easible or if the security of this Mortgage would ~ be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid ; to Borrower. If the Pmpertt is abandone~ h~ Borraw•er, or it Barrower fails to respond to Lender within 30 days from the £ date notice is maited b~~ Lender to Borrower that the insurance carrier of~ers to settle a claim for insurance benefits, Lender ~ is authorized to collect and applq the insurance proceeds at Lender's option e~ther to restoration or repair of the Property ~ or to the sums Secured by this Mortgage. ~ lJnless Lender and Borrower otherKise agree in w~riting, am~ such application of proceeds to principal shall not extend ~ or postpone the duc date of the monthly installmcnts referred to in paragraphs 1 anJ 2 hereof or change the amount of y such ~nstallments. If under paragra~h 18 hereof the Property is acyuired by Lender, all right, title and interest of Borrower # ~n and ro an} insurance policies and in and to the proceeds thereot resulting fmm damage to the P~operty prior to the sate ~ or acquisition shall pass to Lender to the extent of the sums secured by this ~lortgage immediatel~~ prior to such sate or _'F ~ acquisition. " 6. Presenation and ~t~intenance of Properl~; Leasehulds; Condominiums; Planned Unit Developments. ,Borrow~er shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property ~ and shall comply with the provisions of any lease if th~s Mortgage ~s on a leaschold. If this Mortgage is on a unit in a = condominium or a planned unit development. Borrower shall perform all of Borrowei s obl~gations under the declaration or covenants creating or guverning the condom~nium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a conJominium or planned unit development . n~er is executed by Borrower and recorded -together w~ith ~his Mortgage, the covenants and agreements ot such rider shall be ?ncorporated ~nto and shall amend and supplement the covenants and agreements of this Mortgage as if the rider wcre a part hereof. 7. Protection of I.enders Security. If BorroNer f~ds to perform the covenants an~i agreements contained in this " ;~tortgage. or if any action .~r proceeding is commeneed Khich materiall}~ a(iects Lender's interest in the Propen~~. incluJmg, but n~~t limited to. eminent domain. insolvenc~~, code enf~rcement. ~~r ;~rrangements or prc~ceedings invol~~ing a bankrupt or de~rdent, then 1_ender at Lender's option, upon notice to Borrower, ma~ make such appearances, disburse such ~ sums aod take such action as ~s necessan~ to protect Lender's interest, mduding, but not limited to, disbursement of reasonable attomey's fccs and entry upon the Propert}• to makc repair~. If Lcnder reyuircd mortgage insurance as a ~ ~s condition of making the loan tiecureJ b~ this :11~~ngage. B~~rn~wer shall pay the premiums required to maintain such - inwrance in effect until such time as the requirement for such ~nwrance t~rminates in accordance with Borrower's and ~ ~ _ p, - 290 Y; ~E 236 - _ - , ~ _ ~ x T~~ ~ _ ~ ~ : : ~ ~ ~ ~ ~ . ~