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Home My WebLink About0706 . UNIFORM COVEn,~rlTS. Bptrowe~ and I.Cnder cuvcnanl and aRrrc •ra (oUi~ws: 1. hr~nc~t of Priacl~pal sod laterest. Horrawcr ~hall pr~~m~il~ pay when due thc princip:,l uf and intcreu on the indebtedness evidenced by the Note, prepaymenl and late char~r. a. ~ruvided in the Note, and the prinripa) ot and interest on aay Futurc Adva~ces secured by this Mortgage. 2. I~uds for Tues aad Ias~taact. Subject to appti~:,hlc law ~~r ta a N•ritten waiver by I.ender, Bon'awer shall pay to Lender on Ihe day mon~hly ins~allmems ot priocipal and ~nt~•~r.~ .~rr p~yable undcr ~hc Note, until the Notc ~s paid in full. a sum (heroin "Funds") equal to one-twelfth ot the }•r~rl~ ~a~~. anJ ~ccessmcnt~ wh~ch may attain prioriry ovcr thic Mortgsge, and ground rents on the Properly, if any. plus one-twclfih ol yearly premium instatlments for hazard insurance. plus one-twetfth of yearly premium installmeots far mo?~gagc rnsi~rancc. any, all as reas~~nably ectimated initially and trom time to time by Lender on the basis of aites~nunts anJ hills and rea~onablc a~imates thereof. The Funds shal) be held in a~ instituti~•n thr de~.u. or a~caun~s ot which are insured or guaranteecl by a Federal or siate agency (including Lender if Lender is such an institutio~ i. t.rnJer ~haN apply ~he Funds to ~ay said taxes, assessments, insurance premiums aad gmund rents I ender may~ nn~ charge tor ~c, holding and applying Ihe Fundc. analy7ing caid ac~ount. or v~rifying and compiling said auessmenls anJ hill~, unless Lender pays Barrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and I.enJe~ may agree in w~riting at the time of execution of this Mortgage that intercst on the Funds shall he paid ta Borrawer, and unltss such agreement is madc or spplicable law requires such inte~est to be paid, Leoder shal) not he reyuired to pay Borrower ao~~ interest or earning~ on the Funds. l.ender shall give to Borrower, without charge, an annual accuunting of the Funds shc~wing credits and Jehi~s to the Fund~ a~d the purpose for which each debit to the Funds was made. The Fund~ are pk~clg~d aa additional securit~• for the sums secured by this Morigage. If the amount of the Funds held by Lender, together with the i~turc monthly inctallments of Fund~ payable prior to the due dates of taxa. assessments, insurance premiums and ground rents, shall cxceecl thc •rmount reyuircd to pay ~aid taxes, usassments, insurance premiums and ground rents as they (all due, se~ch excess shall be, at Borrower's optinn, either pranptly repaid to Borrower or credited to Borrower oo manthly installmcnts of Funds. !f thc amount of thc Funds held by Lender shall not be suf~icieat to pay tares, assessments, insurance premiums anJ ground rents as ~hey fall due. Borrower shall pay to Lander any amou~t necessary to make up ~he deficieocy within 30 days from tt~e date notice is mailed by L.ender to Bormwer requesting paymcnt thereof. Upon payment in full of all sums secured by this Mortgage, I_ender shall promptly refund ~o Borrower am~ Funds held by L.ender. If under paragraph 18 hereof the PropeAy i~ sold or ~he Propertv is otherwise acqwred by [.ende~, Lender shdl apply, no later than immediately prior to the sale of the Property or its acquisition h}• I~nder, any Funds beld by l.ender at the time of application as a credit against the sums secured by this Mortgage. 3. Applicaibn ot paymeats. Unless applicable law provides otherwise, all payments received by Lender unJer the Note and paragraphs 1 and 2 hereof shall be applicd by LcnJcr first in payment of amounts payable to l.cnder by Borrower . under puagtaph 2. htreof. then to interest payable an the Note, then to thc principal of the Note, and then to interest and principal on any Future Advances, 4. Charsa; LieRS. Borrower shall pay all taxes, assessments and other chargec. fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borcower shall promptly furnish !o LenJer all notices of amounts due under this paragraph, and in the event Bornower shall make payment di~ectly, Borrower shall promptly fumish to l.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority aver this Mongage; provided, that Borrower shali not be requirod to discharge any such Iien so long as Borrowcr shalt agree in writmg to the payment of the obliga~ion ucured by such liete in a mariner acceptable to Lendor, ar shall in good faith contes~ such lien hy, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of ~he Prop~rty or any part thereof. S. Huud lawraun, Borrower shall keep the improvements nov? ezisting on c~reafter erected on the Property insured againtt loss by fire, hazatds included within the term "extendeJ coverage", and such other hazards as Lender may require and in such amouots and for such periods as Lender may require; provided, that Lender shall not reyuire that'the amuunt ~f such coverage exceed that amount of coverage required t~ pay the sums secured ~by this Mortgage. "Il~e insurance carrier providing the insurance shall be chosen by Botrower subject to approval by Lender, provided, t6at such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided uader paragraph 2 hereof or, if not paid in such manner, by Aorrower making payment, when due, directly to the insurance carrier. ~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shali inciude a standard mortgage clauu in favor of and in form acceptable to Lender. Lender chaN have the right to hold the poliries and renewals thereof. and Borrower shall promptly furnish to l.ender all renewal nouces and all receipts of paid premiums. In the event of loss. Borrower shall give prompt notice to the insurance carrier and I_ender. Lender may make proof of loss if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restorat~on or repair is economically feasible and the sec~rity of this Mortgage ic not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impafred, the insurance proceeds shall be apptied to the sums secured by this Mortgage, weth the excess, if any, paid to Borrower. If the Property is abandoned hy Bnrrower, or i( Borrower fails tu respond to Lender within 30 days from the date notice is mailed by l.ender to Borrower that the insurance carrier offers to settle a claim for insuradce benefits, Lender is authorizad to colleet and apply the insurance proceeds at Lender's option either to restoration or repa~r of the Pmpertc- or to the sums secured by this Mortgage. - Unless Lender and Borrower otherwise agree in writing, an~~ such application af proceeds to principal shall not extend or postpone the Jue date of the monthly installments referred to in paragraphti 1 and 2 hereof or change the amount ot suc6 installme4ts. If under paragraph 18 hereof the Property is acqwred by Lender, alt nght, titie and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resulung from damage to the Property prior to th~ sale or acquisition shall Pass to Lender to the extent of the sums secureci by this Mortgage immediately prior to such sale or acquisition. 6. Prtaenation and 1lsintenance of Properts; Leaseholds; Condominiums; Planned Uaif Devetopments. Borrowcr shall kap the Propeny in good repair and shatl not comcpit waste or permit impairment or deterioration of the Property aad shal! comply with ihe provisions of any lease if this Mortgage is on a leasehold. 1( this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall per(orm all of E3orrower s obligations under the declaration or covenants creating or governing the condominium or p{anned unit development, the by-laws and regulations of the condominium or planned unit development, and cons~ituent documen~s. If a condomi~ium or planned unit development rider is executed by Borrower and recorded together wilh this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supptcment the eo~•enants and agreements of this Mortgage as if the ri~er were a part hereof. 7. Protectioo of Lende~'s Security. If Borrower faits to perform the covenants and agreements contained in this ~ Mortgage, or if any action or proceeding is commence~l vrhich materially afiects Lender's interest in the Property, inciuding, but not limited to, eminent domain, insolvenc}~, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such ,swns and take such aetiOn. as 4: neCessary to protect l.ender's interest, incli~ding, but not limited to, disbursement of rcasottable attomey's fees and entry upon the Property to make rcpairs. If Lender required mortgage insurance as a condition of making the loan secured by this Murtgage, Borrower shal) pay the premiums required to maintain such insutance in eftcct until such time as the royuirement for wch insurance terminates in accordance with Borrower s and BGQI( 292 FACE ~ - - ? - - - - - t _ ~1 ~ ~ ~ ~ ,~,rc, rr.r,~_,~.,-~~ ~e~T, y ~ `~c ..y~~~~ - ~ ""~~'~w~ -~~'~a-'~~ . ~±x ~u'a'"y ~ ~ ~ _ a° : . t'~~ s~ ~ - ~ - . ':c`~"~`'"r .c~. .w~ y . . . ~_~a,x.~c~hrx`~"~~i.~.+: