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Home My WebLink About0889 . ' UN~FOItM CovFrr~Nrs. Borrower a~J l.cndcr cuti•en~~~t and agrre a~ to!l~~wc: 1. Pa~ment of Prlacipal snd lalerest. Hurri~WCr .h:~u ~«•~,~~iy pay whrn duc Ihe priocipal uf and intcrest ~~n Ihe ~adebttdness evidenced by the Note, prepayment anJ latc chargc. a. p~uvidrd ~n the Notc. and Ihe principal ot and ~ntercsl on any Futuro Advanccs xcured by th~s MartRagc 2. Fbnds tor Tues and lasurtdtt. Subject ~o appli.ahlr law ~+r to a N•ritten waive~ by I.ender, Borrower shall pay to L,ender on the day monthly inStaUmenls of principal anJ inirrr.t .,rr ~ayahlc unJer Ihc Note, until the Note is paid in full. a sum (herei~ "Funds") equa) to one-tweltth i.t the ycarh ta~~~ and ascessmentc which may attain pnority over thic titortgage, and ground rents :.n the Prnper~y, if any. plus onc-iwel(th ot ycarly premium i~stallmen~s for hazard insurance, plus one•twelfth of yearly premium installments (or m~~rtgagc insurancr. if aoy, all ati rcasonably ectemated initially and from time to lime by Lender on the basis ot a,ses,n~rnis ~nu hilh and rea~unable CclimatCS lhCfCO(. The Funds shall be held in an instituti~~n ~hc de~x~~u. or a~cuums ol which are insuretii or guaranteeci hy a~ederal or state agency (including Lender if Lender is auch an institutionl. Lender ~hall apply the Funds ta pap iaid ta~es, ascessments, insurance prcmiums aod ground rents. 1 ertder may not charge tor hoWing and applying the Pundc. analy~in~ said acc~unt. or verifying and compiling said auessments and hills, unless I.ender pay~ Borrower interect on the Funds and applicable law permits Lender to make such a charge. E3orrower and Lender may agree in wnting at ~he time of e!cecution of this Mortgage that interat on tBe FunJs shall he paid ta Borrower, and unless such agreemertt i~ maJe or applicable law rcquires such intertst to be paid, Lender shall nc?t he required to pay Borrower any intcrest or carniog~ on the Fundi. 1_ender shall give to $orrower, without cha~ge, an annual acc~~unting of the Funds showing credi~s and debi~s to the Funds and the purpose for which eaeh debit to the Funds was made. The f=unds are plc~fged a~ additionaf securitp for the sums secured by this Mortgage. If tho amount of the Funds held by Ltnder, tagether with the future monthly installmcnts of Funds payrble priar to the due dates of taxes, assessmtnts, iruurance premiums and ground rents, shaU exceed the amount reyuired to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such exce~s shatl be, at Borrower's option, either Qromptly repaid to Borrower or cradi~ed to Borrower on monthly installments of Funds. If the amount af thc i-unds held by Lender shall not be sufficient to pay taxes, assessments, insu~ancc premiums and ground rents as thcy tall due, Borrower shall pay to l.ender any amount necessary to make up the deficiency within 30 da~-s from the date natice is maited by Lender to Borrower requesting paymcnt thereof. Upon payment in full of all sums secured by this Mortgage, Lender shall prompUy re[und to Borrower any Funds held by L.tnder. If under paragraph 18 hereof the Property u sold or the Propcrty is otherwisc acqu~rcd by (.ender, Lender s6dl apply. no later than immediately prior to thc sale of thc Propeny or its acquisition by 1_ender, any Funds held by Leader at the time of application as a crrdit aga+nst the sums secured by this blortgagc. 3. Appficatioa ut paymenfs. Unless applicable law provides otherwise, all payments received by 1_ender unJer thr Note at~d paragraphs 1 and 2 hereot shall be applied hy I_cnder first in payment of amuunts payable to l.ender by Borrower under paragraph 2 hereof, then to interest payable on the No~e, then to thc principal of the Note, a~d then to interest and principai on any Future Advances. 4. C6arges; Lie~, Borrower shall pay al! ~axes, assessmrnts and other charges, fines anJ impasitions altributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided un~er paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, directly to the payee therrof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragrsph, and in the event Borrower shall make payment directly, Borrower shall promptly fumish to l.ender receipts evidencing sueh payments. Borrower shall promptly dixharge any lien which has priority over this Mongage; provickd, that Borrower shall not be rcquired to discharge any such lien so long as Borrower shall agree in writing to the paymen[ of the obligation secut+ed by suc6lien in a ma~ner acceptable to Lender, or shal! in goad faith contest such lien by, or deftnJ enforcement of such lien in, legat proceedings which operate to prevent the enforcement of the I~en ~r forfeiture of the Property or any part thereof. S. Hazard Insuraace. Borrower shall keep the improvements nov? existing ar hercafter erected on the Propcrty insured against loss by fire, hazards included within thc term "extended coverage", a~J such other hazards as Lender may reyuire and in such amounts and for such periods as I_ender may reyuirc: provided, that Lcnder shall not require that the amount of such coverage exceed that amount of coverage required to pay the ~ums cecured ~by this Mortgage. "Ihe insurance carner providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, t6at such approval shall not be unreasonahly withheld. All premiums on insurance poticies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by $orrower making payment, when due, directly~to the insurance carrier. All insurance policies and renewals thereo[ shall be in forni :~cceptable to Lender and shall include a standard mongage clause in favor of and in form acceptable tu Lender. t_ender shall have the right to hold the policies and renew~als thereof, and Borrower shal! promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carncr and Lender. Lender ma}~ make proof of loss if not made pramptly by Botrower. Unless Lender and Borrower othen+•ise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property ~famaged, provided such restorat~on or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not ccunomically feasible or if the security of this Morigage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, i[ any, paid to Borrower. If the Ptoperty is abandoned by Borrower, or if Borrnwer fails to respo~d 1o Lender within 30 days from the date natice is mailed by I.ender to Borrower that the insurance carrier o{iers to setde a claim for insurance benefits, Lender is authoriud to collect and apply the insurance proceeds at 1_ender's option either to restaration or repa~r of the Propert~• or to the sums secured by this Mortgage. Untess Lender and Borrower otherwise .~gree in writing. any such applica~ion of prcx:eeds to principal shall not extend or postpone the duc date o[ the monthly inatallments referred to in paragraphs I and 2 hereof or change the amount of such installments. If under paragraph I8 hereof the Propert} is acyuired by l.ender, all right, title and interest of Borrov~•er in and to any insurance policies and in and to the proceeds thereof resutting from damage to the Property prior to ih~ sale or acquisition shaN pass to l.ender to the extent of the sums secur«i by this l~fortgage immediately prior to such sale or acquisition. 6. Preatnatioo and Maiutenanct of Property; Leaseholds; Condominiums; Planned Unit Developmenls. Borrowcr shall kcep the Property in good repair and shall not com~pit waste or permit impairment or deterioration of the Property and sha11 comply with the provisions of any lease if this Mortgage is on a lcaschold. lf this Mortgage is on a unit in a ' condominium or a planned unit Jevelopment, Borrower shall perform all of Borrower s obligations under the declaratiun or covenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent Jocuments. If a condominium or planned unit Jevelopment rider is executed by Borrower and recorded together w~th this Mortgage, the covenants and agreements of such rider shall b~ incorporated into and shall amend anJ supplement the covenams and agreements of this Mortgage as if the rider were a part hereof. 7. Protection of Leodtr's Securffy. If Borrow~er fails s~ perfc.rm the covenants anJ agreements cvntained in this Mortgage, or if any action or proceeding is commenecJ K•hrch materially atTerts 1_enJer's interest in ihe Property, ineluding, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings invol~•ing a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such sutns and take such action u is necessary to protect Lender'z interest. including, but not limrted to, disbursement of reasonable attomey's fces and entry upon the Property to makc repairs. If l.cnder reqaircd mortgage insurance as a condition of making the loan secured by this Mongage. B~rre,wcr shall pay thc premiums rcquireJ to maintain such iatwance in effat until such timt as the reyuiremen~ for such insurance tcrminates in accprdance with Borrower's and _ p'~~~ 292 PArE 887 , _ . _ - , - - - - ~ - a ~t ~ ~ ~ ~ ,r ~ .F - ~ ` ~~~a~.-~-..~~~;~~ ~'".~',tix. , ~ ~ + ~