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Home My WebLink About0797 UNIFURM COYkN.~VTS. BOffOw'0~ afltl I.Cfld~~ Cu~'Cll~ill :~nd agrc~ as folluws: 1, P~ynuat of Principal and Interesl. Hurruwer shall promptly pay whcn duc thc principal ot and int~rest on the inJebtedness evidc~ccJ by the Nwc, prepaymcn~ and latc charscs a~ pruvi~led in thc Note, and the prinripal o[ and interest on a~y Future Advances secured by t~is Mortgage. 2. Fundc tor Taxes and lnsunnce. Subject ta applicable law ur to a written waiver by I.ender, Borrower shall pay to I.ender on ~hc day monthly in~tallmems of principal and intcrest are payable undcr the Ni~te, until ~he N.~te is paid in full, a sum (hercin "FunJs") cqual to onc-twel[th of the yearly ta~cs and asu;ssmcnts which may attain priority over this Mortgage, anJ ground r~nls on the Properly, if any, plus one-twclfth uf ycarly prcmium installmcnts for hazard insurance, plus on~twelfth of yearly premium installments far mortgage insurance, if any, all as rcax~nably estima~ed initially and from time to time by I.cndcr on thc hasis o[ a~sessmcros and hills and reasonable es~imates thereof. 'il~e FunJs shall !x: held in an institution the deposiu or accounts of which are insurc~el or guarantced by a Fede~al or state agenc~~ (including Lender i( l.enJe~ is such an institution). Lender shall ;~pply the Funds to pa~• s:~id ta~es, assessments, inw~ance prcmiums a~d ground rents. 1_ender may nat charge (or so holding and applying the Funds, analyzing ~aid account, or verifying and compiling said ~ssc~sments and bills, unless Lendcr pa~•s Borrowcr interest on the FunJs and applicable law permits Lender to make such a charge. Borruwer a~d l.encier mry agrce in writing at the time of execution of this Mortgage that interest on the FunJs shall be paid to Borrawer, and unless ~uch agreemen~ is made or applicable law reyuires such interest to Me ~uid, l.ender shaU nat be reyuircd to pay Borrower any interest ar carnings on the Funds. I_ende~ shall give to Borrower, without charge, an •rnnual accounting of the Funds showing credits and debits to the Funds anJ the purpose for w~hirh each debit to the Funds wai made. The F=unds are pleclg~d as additional security for the sums secured by this Mortgage. lf the amount of the Funds held by LcnJcr. tugether ~ith Ihc futurc monthly inslallmcnls of FunJs pa~~ablc prior to the due dates of ~aaes, assessments, insuranre premiums snJ grounJ rents, shaU exce~~i the amount rcyuircd to pay said taxes, assessments, insurance premiums a~d ground rents as they (all due, such excess shall be, at 8orrower's optiun, either promptly repaid to Borrower or crcdited to B~~rrower on momhly ins~allments of Funds. If the amount of the Funds _ held by l.ender shall not be sufficient to pay taxes, assessments, in~urance pret.~iums and ground rents as they faU due, Barrower shall pay to Lende~ any amount necessary tu make ~p the dehricncy within 30 da)~ti from the date notice is mailed by Lcnder to Borrowcr requesting paymcm thereof. . Upon payment in [ull of all sums scc:ured by this MortRag~. I.endcr shall promptly refund to BorroHer an}• Funds held hy Lender. If under paragraph 18 hereof the Proprrty is ,old or thc Propert~• i~ otherwisc acquimd by Lender, LenJer shall apply, no later than immediatel~~ prior to the salc of the Property or its acyu~sition h~ Lender, any Fundc held by Lendcr ~t thc timc of application as_a credit against thc s~~,s ~,:u«~i t~y thiti ~lortgagr. 3. Applicrtion of Pa~menl+. Unless applicahle law provides othcrwise. all pavments recci~~ed by l.ender unJer the Nutc and paragraph~ ! and 2 h~rrof sh:~ll bc applied by f.enJer first in paymem of amoums pa}'ahle to l.cnJcr by Borr~~w~er undcr p..ragraph 2 hrreo(. then to imrrest payablc on thc Nute, then to thc prinripal ot thc Notc. and lhen to interest and principal on an~• FWure AdvAnces. 4. Ch3r~es; Liens. BorroN•er shall pay all tax~w; a~a:~smcnts and ~~ther rharg~,. finec anJ imr.~siti~?nc auributahle to the Propett~~ which may attain a priority o~~er this ~foitgagc, a~d Icasehnld paymen~s ~~r ground renta, if any. in thc manner prov~ded ~in.lcr paragraph 2 hereo[ or. if aot paid in such manner, by t~urrower m~king pa~'ment. ~-hen du~, directly to the payee thereof. Borrower shail promptly furnish to Lender aU notices of amounts duc under this paragraph, and in the event BorroH~er shall make pa}~ment d~recU~, BorroH•cr shall prompQy furnnh to Lender reccipts e~•idencing such p~yments. Borrow~er shal! promE~tl}• Jis~:harge any lien ~~hich has pnority~ over this 1~lortgage: prov~.ieJ, th:~t Borrow•cr ~hatl not b~: reqwred to dix:harbe :+m• .uch lirn so long as BorroHCr shall agree in «riting to the pa)~ment uf the ~~bliga~iun securcd by ~ wch lien in :s manner acceptahle to Lcnder, or shall in go.Kl faith cuntest such lien by, or ~lefen~i enforcement of such lien in, legal pr~kccding~ which opcr.~t~. to prevcnt thc cn(urccmcnt of thc lien or forfcilure of thc Propcrty or an~• part thcreof. 5. Hazard In~urancr. Horrow~er shall l.eep :he unpro~ement. n~H rxi~ting ~~r her~after crrcted on the Pn~~xrty insured against loss h~- firc, h:+zard. incle~ded within the term "c~tendeJ c.»•erage~~. anJ such other hatards a~ I.endcr ma~• reyuire and in surh amuunts and lor su.:h pcrials a~~LenJrr ma~ r~yuirc: pmvidcJ, that Lcn~~r chall not rcyuirc that thc amount of eil:h co~•~rage ~se:eed [hai ami~um rf co~crage reqwrcd to pa}~ lhe .um~ ,ecur~d h}• ~h~s ~~lortgage_ "il~e insurance rarrier providi~ig the insurance shaN be choxn by BorroWCr subject to ~pproval by l.ender, provided, that su~h appro~al .hall nut M: unreau~nubly ~vithheld. :~II premiums on insurance policies shall be paid iii the manner pro~;ded under p.~ra~;raph 2 herrot or, ii :~ut paid in such manner, by BorroK~er making.payment, when due, dirccdy to the insur~nce carncr. All insuranre policie; anJ ren«+als thereot .hall tw m form :,ccept.,bl~ to LenJ~r and s}?all includr a~t:u~.fard mortcage i :lau~e in fav~r of arxl in form acrc.~~tahie tu lxnder. L~ndcr .hall ha~e the right to hold thc policies anJ rencwalti there.~f, ~ .+nd Borruwer sh~ll promptl~• tun:~sh ro I cnder all reneW al notices anJ all rcceipts of paid premiiunc. In Uie event ot lo.s, ~ Borr~~wer sh~ll gi~•c pmmpt notire ~o the insur.~~re carrier and Lender. 1_ender may mak~ prcMf of toss if not made Pmmptly ~ ' hy Borrowcr. , Unless 1_ender and Borrow~~r othcrwis~ agrre in w nting, insurance pnxe~Js shall be applied to restoration or repair of the Property ~lan~ageJ, pr~+viJed such r~.torat~on or repair is economically leasible and the ,ecurity of this Mortgage ic ~ not thereb} impaired. If such -e,torahur or r~pa~r is n~~t econrmi~ally t~asible or the security of this ;1lortgage w•ould be impaired, the msurance proceed~ shall be: applied to the ~ums s~:cureJ b~ this Mortgage, with the excess, if any, paid ~ to Burrow~~r. li the Propert~• is ab:in.loaed h~ Burrowcr, ~r if B~~rr~~wer fails to respond to I.cnder within 30 days from the iate notice is mailed b}• l_ender to Burr.:a•er tt~at the insurance :ar. ier otTers to ~etUe a claim for insurance benefits, Lender ` authorized to collect anJ appl~• the im:~rxnre proceeds at Lendcr's ~•ption either to restoration or repair of the Property or to thc sums ~ccureJ by this ~fortgagc. Unless I ender ar.d Borrower other~i~e agree in writing, an}• such npplica~ion of pruceeds to principal chall not extend ar pcxtpune the duc date uf thc monthly~ installmcnts refcrrcd tr in paragraphti 1 anJ 2 hereof or change thc amount of su.:h imtallmcnts. If under paragr•rph Is hereof the Prop:rt~~ i+ ary~urcd ht Lender. all right, tide and interest of Borrow~cr ~ ~n and to am i~~surance policies artd in and ±o thr proceeds thereo( r~~sw~ing from damage to the Property prior to the sale or acquisitioi? shall p:iss to l~nJer to the e~tent of the sums ~ecared by th~s ~lortgage immediately prior to such sale or ~ acquisition. 6. Preser~ation and ~Itinlen~nce of Property; Lease6ulds; Condominiums; Planned L'nit Developments. Borrow•er ~ shall kcep th~ Pmperty ~n good repair and shall not commit wastc ~•r 4~crmit impairmc~t or dctcrioration of the Property and shall compl~ ~ith the provis~ons of any lease if this 1~lortgagc i~ on a Icasehuld. If this Nortgagc is on a~init in a ~ condominii:m ur a planned un~i Sav~lopment, Borrower shall pcrform all of Borrower's obLgations under the declaration ~ or covenants creating or go~•erning the condominium or planned unit develnpment, the by-laws and regulations of the - con~fuminium or planned unit development, anJ canstituent documents. If a condominium or planned unit de~•elopment iider ~s executed by Borrower and recorded together wi~h this M~r.tgage, the covenants and agreements of such rider ~ shall be incorporate~i into and shall amend and supplcment the covenants and agreements of th~s Mortgage as if the riJer ~ were a part hereof. 4 Prolection of Lenders Security. If Borro.~•er fails to perf~~rm the covenants and agrecments contained in this ~ Mortgage. or if any acbon or pro:eeding is comwienced whirh materially~ afiects Lender's interest in the Property. inrlud~ng, but not lim~[ed to, eminent dom~in, inxolvertcv, code entorcement, or arr~ngements or proceedings invoh~ing a ~ bankrupt or decedent. ~hen Lender at Lender s opUOn. upon notice to Borrowrer, may make such appeuances, disburx such ~ sums aod take such ac~i.m u is necessary to protec~ Lender's interes:, inc~uJing: but not limited to, disbursement of ~ ~ nasonable auomey's fecs and en~ry upc•n the Propert~• t~ m•ake repairs. If I.ender reyuired mort6age insurance as a ~ condition of making the loan secured b~~ this Iliongage, Bormwet shall pay the premiums required to maintain such ~ insurance in effect umil such time as the requiremem for such insurance terminates in sccordance with Borr+qwer's and ~ r ~ 80~ ~n~/1 ~ ~ ~ r ~:~~,Y. ~ - - - - - a~:.- S.'r'~,u.r`t'"-` a,„,,.-`„ " ~I '~~'.5;r ~ „r ' `.t' s 5» ,r a. .w z~ ~ ~ ~ i w~' ~