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Home My WebLink About0298 UNIF(tRM CO\'EA.\NTS. $OffOWOf 3RtI LCII/I~f COVt(1:tOl :i111I Jg~CC ,S follows: ~ 1. Psymeat ot Prlacipd aad lAterest. Borrower shall promptly pay N•hen due the principa! of and interest on the indebtedness e~idenced by the Note, prepayment and late chargec as pn~vided in the Nate, and the principal of and interest ore any Future Advances secured by this Morlgage. • ' 2. Fuads fo~ Tues and lnsur~nce. Subject to applicabie law• or to a written waiver by l.ender, Borrower shall pay to txnder on thc day monthly installments of principal and intcrc.t are payable under the Note, until the Note is paid in full, a sum (herein "Funds") equal to one-twelfth of the yearly ~ates and assessmcnts which may attain priority ove~ this _ Mortgage, and ground rents on the Property. if any, pl~~s o~e-twcltth of yearly premium installments for hazard insurance, plus one-tw-elfth of ycarly premium installments for mortgage insuranrc. if any, all as reaso~ably cstimated initially and from time ta time by 1_ender on thc ba.,is of assessmenls and hills and reasunablc estimates Ihereof. The Funds shall be held in an institution the deposits ar accotints of which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institu~i~n). I.ender shall appty the Funds to pay said taxa, assessments, insurance premiums and ground rents. I.ender may not charge for s~ holding and applying the Funds, analyzing said account, or verifying and compiling said assessments and bills, unless l.ender pays Barrower interest an the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in w~riting at the time of execution ot this Mortgage that interest on the Funds shall he paid to Borrowe~, and unless such agreement is made or applica6le law requires such interest to be paid, Lender shall oot be required to pay Rorrower any interest or earnings an th~ Funds. Lender shall give to Borrower, without charge, an annual accounting of the Fund. show~ing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The FunJs are pleJged as sdditional se~;urity for the sums secured by !his Mortgage. If the amount of the Funds held by Lender, rogether K•ith the tuture monthly inst:+llments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount reyuircd to pay said taxes, assessments, insurance premiums and ground rents as thcy fall due, such exce~s shall be, at Borrower s option, either promptl~~ repaid to Borrower or credited to Bormwer on monthly installments of Funds. the amount o[ ihe Funds held by Lender chall not be sufficient to pay tares, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender an~~ amount necessary to make up the deficiency within 30 da~s trom the date notice is mailed by Lender to Borrower requesting pa~~ment thercof. ' Upon payment in full of all sums secured by this Mortgagc. Lender shall promptly refund to Borrow•er any Funds held by I.ender. I[ under paragraph IR hereof the Propcrt~• is sold or the Propert~• is othervvisc acquired by Lender, Lender shall aootv. no later than immediatelv arior to thc sale of the Prot~:rt~~ or its acquisrtion b}• Lender, any Funds held by Lender at the time of application as a credit against the sumc secured by this ~tortgage. 3. Application of Payments. Unless appl~cable law provides other~vise. all payments recei~•ed by Lender under the Votc and paragraph~ 1 and 2 hereof shall be applieJ b~• 1_ender first in pay~ment of amounts payablc to Lendcr hy Borrower under paragraph 2 hereof, then to interest payablc on thc tio~e, thcn to the principal of thc Note, anJ then to interest and pnncipal on any Future Advances. . 4. Charges; Lkns. Borro«er shall pay all taxcs, assessmcnts and othcr charget, fines and impositions attributable to the Property which may at~ain a priority over this ~lortgage, and leasehold payments or ground ren:s, if any, in the manner provided under paragraph 2 hereof or, if not pa+d in such manner, by Borrawer making payment, when due, direcUy to lhe payee thereof. Borrower shall promptl}• futnish to Lender all notices ot amounts duc under this paragraph, and in the event Borroµ•er shall make payment dirertl}•. Bnrro.tier ~hall promptly furnish to Lender receipts evidencing such payments. Borrov?~er shall prompdy discharge any~ lien ~hich has pnorit}• o~•er this Mortgage: provided, that Borrower shall not be required to discharge any such lien so long as Borrower shaU agree in writing to the payment of the obligation secured by such lien in a manner acceptable to 1_ender, or shall in goocl faith contest such lien by, or defend enforcement of such lien in, lega! proceedings which operate to prevent the enforcemcnt o( the lien or forfeiture of the Property or any part thereof. S. Hazard lnsurance. Borrower shall kecp the ~mpro~emcntc now existing or hereafter erccted on the Property insured against loss by fire. hazards included w~ith~n the term "e~tendtd roverage". and such other hazards as Lender may require and m such amounts and for such periodc as Lender mry reyuire: pruvideel, that Lender shall not reyuire that the amount of such coverage exceed that amount of cm•erage required to pa~~ the ~umt secured by this Mortgage. The insurance carrier providing the insurance shall be chosen h}• Borrow•er subject to approval by Lender, provided, - that such approval sha11 not be unreasonably withheld. All premiums on insurance policies shall t?e paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrow•er making payment, when due, directly to the ~ insurance carrier. ; All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standa:d mortgage ~ clause in favor of and in form acceptable to 1_ender. Lender ,hall have the right to hold the policies and renew•als thereof. ~ and Borrower sh•rll prompQy furnish to Lender all rencwal noti~es and all receipts of paid premiums. In the event of loss, ~ Borrower shall g~~~e prompt notice to the inaurance carrier and l.ender. 1_ender ma}• make pr~~f of loss if not made prompd~• ~ t+v Borrower. ~ Unless Lender and Borrow•er otherw iu; agree in w riting, insurance proceeds shall be applied to restoration or repair of the Property JamageJ, provided such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereb}~ impaired. If such restor:+t~on or repair is nut e.unomicall~• frasible or if the security of this ytortgage would ~ tx impaired, the insurance proceeJs shall be applied to the sums secured by this Mortgage. w~ith the excess, if any, paid ~ [o Borrower. If the Propert~• is abandoned b}~ Bormwer. or it Bormw•er fails to respond to [.ender within 30 days from the- ~ Jate notice is mailed b}• Lender to Borrower that the insurance carrier o(Tera to setUe a claim for insurance benefits, Lender ~ ~s authorized to collect and appl~~ the ~nsurance proceeds at LenJer's option either to restoration or repair of the Pr~Eeri~ ~ ur to the sums ,ccured by this 111ortgagc. ~ Unless Lender and Borrow•er otherwise agree in wnting, an~ such application of proceeds to pnncipal shall nut e~tend ~ or postpone the due date of the monthly~ installments referred te~ in par~graphc 1 and 2 hereof or c::a:.g~ the amount of such installments. If under paragraph IS hereof the Property ~s acqu~red by Ixnder, all right, title and interest of Borrower ~ ~ ~n and to an~ ~nsurance pnlicies and in and to the proceeds thereof resulting from damage to the Property prior to the sale ~ or acauis~tion shall ~ass to Lender to the extent of the wms secured by th~s ~tortgage immediately prior to such sale or ~ acquisition. ~ 6. Presenation aad ~faintenance of Propert~: I.easeholds; 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 compl}' with thc provis~ons of any lease if this 1lortgage ~s on a leasehold. If thic 1lortgage is on a unit in a condominium or a planned un?t de~~elopment. BorroHCr ,hall perform etl of Borrower's obl~gations under the declaration or covenants creating or governmg the condominium or planned unit developmcnt, the by-laws and regulations of the ~ conduminium or planned unit development, and constituent documents. If a condominium or planned unit Jevelopment ~ nder is executcd b~• Borrower anJ rerorded together K~th th~s 1lortgage, the co~•enants and agreements of such rider ''r± shall be incorporated ~nto and shall amend and supplement the co~enants and agreements of this Mortgage as if the rider Here a part hereof. ' ' 7. Protection of I.enders Security. If Borruwer fa~ls to Exrform the covenants and agreements contained in this ~x Mortgage. or if any achon ~?r proceeding ~s commenced wh~ch materiall~• afiects I.cnder's interest in the Property. = including, but n~it I~mited to, eminent domain. insol~enc~, c.xie ~nforcement. or arrangements or proceedings invoh•ing a bankrupt or deceJent, then I.ender at Lender's option, upon notice to Borrowrr, ma} make such appearances, d~sburse such ~ ' sums and take such acuon as is necescar}• to protect Lender's mterest, including, but not limited to, disbursement of T-~ reasonable attorney's tecs and entry upon the Propert~• to makc repairs. lf Lcnder required mortgage insurance as a ~onduion of mal:ing thc loan secured b~ this ~fortgage. Brrm~er shall pa}~ the premiums required to maintain such inwrance in effect until ~uch time as the requirrment for wch inwrance terminates in accordance w~th Borrowers and ~ ti . . uK gooK290 ~acE 2~8 ~ ~ - - - - ~ _ ~ ` ~ ~ ~ ~ ~ ~ .a~-„~ ~ - : . ~ ` _