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Home My WebLink About0098 ~ UN~FORnt CoveH~?N~rs. Borrower and I.enJrr r~~vcnsnt :~nd aKree as tollows: l. hya~ent ot rtincipd ~od l~terosl. Hurruwer ~haU p~~~mptl~ pay whcn duc the prmcipal af and intcrcst an the ~ndebtednsss evidenceJ by the Note, p~epaymrn~ and late rhar~;r. a. ~ruvidcd ~n the Rote. and Ihe principal at and mtercst on any FuWre Advances secured by !hn M~~rtg~gc. 2. Fonds tor Tua ~ad lnsunaca Subjcct to applirahlc lav? ~.r ~o a writ~en wa?vcr by I.cndcr. Borrowcr chall pay to l.ender on the day monthly ~nctallments af pri~cipal :~nJ ~nt~•rr.t .irc payahk undr~ thr Note, until ~he Note is pa~d in full. a sum (he~cin "Funds") equal to anc-tw~~Ifth M thc ycarl~ ta~r. anJ as~es~mcnl~ which may attain prioriry over th~~ Mortgage, and grou~d rents on Ihe Pr~opcrty, if any, plus ~~ne-?wcltth ot yearly premium installments for hazard insurancc, plus one-twNfth of ye3rly premium installments (or mortgage insurancc. if :+ny, all ati rcas~~nahly cstimatcd initially aoJ (rom time to time by Lertdcr on the basis of a~scs.ments anJ h~lh and r~a~~~nablr estimatcs thercof. The Funds shall ix held in an institwian ~hr de~x~ac. ~~r .,~ruu~us M whirh are inwrtJ or guarantced hy a Fcderal or state agency (including Lender if I.cnJer is such an inctitution 1. I cnder ahall appty Ihe Funds to pay ~aid taxes, assessments, iitsurance promiums and ground rents 1 ender may~ noi charge ~ur holding :+nd applying ~he Fnndc. analy~ing ~aid arc.?unt, or verifyi~g and compiling said auessments :,nd bilb, un(ct~ t.enJer ~ys Borrow•er i~teress on the Funds and applicaMe law permits Lender to make such a charge. Horrower and l.ender may agree in K•riting al the ~imr c.f executiun ot ~his Mortgage that interest on the Funds shall be p:~id to Borrower, and unless such agrcemcnt ic madc or applicable law rcquires such interest to be paid, l.ender shall no~ he requi~ed ta pa~~ ~3orrower am~ interest or carning, un the Funds. Lender shatl give to Borrower, without charge. an annual acce~unt~ng of the Funds ~howing credils and debits Is~ the Funds and the purpose for which eaCh dtbit ta tht Funds w~as madc. The Fund~ •rre pl~~lged a+ addition•rl se~:unty for the sum> >ecured by this Mortgage. If the amount of the Funds held by Le~der, toge~her with thc iuturc monthly instaitments af Fund~ payablc prior to the due dates of taxes, assessments, inturance premiums and ground rents, shall cxrecd thc amount reyuircd to ~y ~aid laxes, assats[nents, insurance premiums and ground rents °as they fall due, such exce~s ~hall be. at Horrower's option, either promptly repaid to Borrow~r or crodited to Borrower on monthly inslallmems af Funds. lf thc amount of the Funds hetd by Lepde~ shall not be sufficieot to pay taxes, assessments, insurancc premiumc anJ ground rents as thc}• fall due. Borrower shaU pay to lender any amount necessary to make up the deficiency within 30 days (rom the date notice is mailed by L.ender to Borrower rzquestiog payment Iherrnf. Upon payment in ful) of all sums secured by this Mortgagc, Lender shall promptly refund to BorroM~er any Funds hetd by Leneier. I[ under paragraph lR hereof the Propcrty i, sold or ihe Propeny ~s otherwisc acqu;red by l.ender, I.ender shal! apply. no later than immediately prior ro the sale of th~ Properiy or i~s acquisition by l.ender, any Funds heW b~~ I.toder at the time o( application as a credit against the sums secured by this Mortgage. 3. Applieation of Paymeats. Unless applicable law• prrn•ides atherwise, all payments received by Lender under the Nott and paragraphs I and 2 heroof shall be apptied by I.cndrr first in pryment ot amounts payablc to I.cnJer by Borrower under partgraph 2 hereof, then to interest payable on thc Notr, then tu the principal of the Note, and thcn to interest and principal on any Future Advances. 4. Charges; Liens. Borrower shall pay all taxes, atisc:ssmenls and other chargcs, fines and impositions attributable to the Prnperty which may attain a priority over [his Mortgage, and Icasehold payments or ground rents, if any, in the mannsr ptuvided under paragtaph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices o( amounts duc under this parasrsph, and in the event Borrowtr shall make payment directly, Borrower shall prumptly fumish to Lender receipts evideucing such payments. Bonower shalt promptty discharge any lien which has priorrty over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in Nrit~ng to the payment of Ihe obligation secured by such lien in a manner acceptable to Lender, or shall in gocxl taith contcst such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of thc I~en or [orfeiture of the Property or any part thereof. . S. Huud lasurance. Borrower shall keep the ~mpravemcnts now exiscing or hereafter ereC~ed on the Pmpcny insured , against loss by fire, hazards included within the term "e~tendeJ coverage", and such other hazards as Lender may reyuire and in such amounts and for such periods as Lender may reyuire; pravided, that Lender shall not reyuire that the amount of such coverage exceed that amount of coverage required to pa~• the soms secured ~by this Mortgage. The insurance carrier providing the insurance shal! be chosen by Borrower subject to approval by Lender; provided. Wat such approval shall not be unreasonably withheld. All premiumc on insurance policies shall be paid in the manner provid~d 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 thereot shall be in forn~ accept~ble to Lender snd shall include a standard mo~tgage clause in favor of and in form acceptable to Lender. I_en~er shall have the right to hold the policies and renewals thereof, and Borrower shall prompt{y furnish to Lender all renewal not~ces and all receipts of paid premiums. In the event of loss, Borrower shal( give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prompQy by Borrower. Unless Lender and Borrower othervvi~e agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is ec~~nomically feasibte and the secarity of this Mortgage i~ npt thereby impaired. !f such resroration or repa~r is not economically feasible or if ~he security of this Mortgage would be impaired, the insurance proceeds shall be applied tu the sums secured by this Mortgage, with the excess, if an}•, paid to Borrower. It the Property is abandoned hy Borrower, ar if Borrower fails ro respond to Lender within 30 days from the date notice is ma~led by L.ender to Borrower that the insurance carrier otiers to set~te a claim for inwrance benefits, LenJer is authorized to collect and apply the insurance proceeds at l.ender's oplion either io restoration or repacr of ihe Propertc or to tbe sums secured by this Mortgage. Unless Lende~ and Borrower othervvise agree in writing, any such applica~ion af prckeeds to principal shall not ertend or postpone the due date of the monthh~ installmcnts refcrred to in paragraph, t and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property i~ acywred by l.endcr, all right, tide and interest of Borr.~wer in and to any insurance policies and in and to the proc;eeds thereot resulting from damage to the Property prior to th~ aale or acquisition shall pacs to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preservatfon and, hfaintenAnce of Propert}; l.easeholdc; Condominiums; Planned Unit Developments. Borrow~cr sha!! keep the Property in good repair and shall not comroit waste or pcrmit impairment or deterioration of the Properry aad shal) camply with the provisions of any lease if this Mortgage i~ on a Icaschold. If this Mortgage is on a unit in a condominium or a planned unit development, ~orrouer shall perform all of Borrower's obligations under the declaraticm or covenants creating or governing the condommium or pl~nned unit development, the by-laws and regulations of the condominium or ptanned unit development, and constituent document~. It a condominium or planned unit development ~ rider is executed by $orrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shal( a~rtend and supplcment the covenants and agrcements of this Mortgage as if the riJer were a part hereof. .~7. Protection ot Lea~er's Security. If Borrower fails tc, perform the covenants and agreemeots contained in this Mortgage;-or, if any action or proceedmg is commence~l which materially afiects Lende~'s interest in the PropeCtti•, including, but nM limited to, eminent domain, insolvency, c~x1e en(orcement, or arrangements or proceedings invol~~ing a bankrupt or decedent. (htn Let~der at Lender's option, upon ~~Gce to 8orrower, may make such appearances, disburse such sums and lake sueh action as is necessary to protect l.ender's mterest, inchiding, but not limited to, disbursement of ' reasonable attorney's fees and entry upon the Property to makc repa~rs. It Lendcr reyuircd mortgage insurance as a condition of making the loan secured by this Mongage. B~~rn~wcr shall pay the premiums requireJ to mainta~n such ~ iniurance in etfut until such time as the requirement for such msurance terminates in accordance with Borrowcr's and - k 292 PA~E ~98 Ev« ~ , -:c ~t-r~ ' ~~'Q~a ~ s~- --~~.a ~ ~ - I w ~ ~ . . _ ..s4~:.~. 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