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Home My WebLink About0454 , ~ f` . UNIF(?RM C~OVrN~NIS. HO(fOWC~ 8Dd I.CIIUCf CO~Cll~ni and agree a~ (uUows: 1. Pqmeat ot P~Inclpd and lnterat. Borrower shali promp~ly psy when Jue the principal ot and intcrest ~m the ~ndebtedneu evidenced by Ihe i`ote, prepayment and late charge+ at proviJcd m the Nole, and the princ~pal ot and interct~ on any Future Advances secured by this Mortga~e. 2. Fnnd~ tor Tua a~ luwraACe. Subject to applicable law or to a written waiver by l.ender, Rorrowe~ shall pay to [.e~Jer on ~he day monthly installmeots o( principal and ~nterest are payablc under ~he Note, until the Notc is p~id in tutl, a:um~ (herein "FunJi") equa) to one-twel[th ot the yearly taxes and as~cssmentx which may at~ain p~iority over this Mort~a~c, anJ ground renu on the Property, if any. plus one-tweltth o( yearly premiur~ installmeots !or hatard insu~ance. plus one-twelf~h ot yearly premium installments tor mor~gage insurance. i( any, all as reasonably ectimated initially and trom time to time by l.ender on the lusis o( assessmcnts and bills and reax~nablc es~imates thereot. "f7~e Funds shall he htld in an institution the depcnits ar accounts o( which are insured or gua~anteal by a Rederal or state a~ency (including I.ender i[ Lender is such an institution). I.cnder sh~ll apply the Funds to pay said taxes, ustssments, insurance premiums and ground rents. I.ender may not charge (or ~o holding and applying ~he Funds, analyzing said account, or verifyin¢ and compili~g said assessments and bills, unless l.ender pays Borrower interes( on Ihe FunJs and applicable law permits Lender to make such a charge. Borrower and Lender may agrce in writing at Ihe time o( exccution ot this Mortgage that inlerest on the Funds shall he paid to Borrower, anJ unletis such agrcement i~ maJe or applicable law requires such interes~ to be paid, 1_cnder shall not be required to pay Borrower any intcrest or earnings on the I=unds. l.ender ~hall give ta Borrower, without charge, an annual accounling of the Funds showing credits and debits to the Funds and the purpose for which each Jtbit to the Funds was made., "Tlte (=unds are pledged :~s aJditiunal securi~y for ~he ~urm ururrd by this Mortgage. . If the amouM ot thc Funds held by l.emier, tuge~her wi~h the fuwrP munthly ~ntitallmcnts of Fundc payablc prior to - the due dates of Iaxes, assessments, inaurance premiums and ground rents, shall exceed the amount reyuired to pay said taxes, assessmcnts, insurance prcmiums and ground renta as they Iall due, such cxcc+s ~h•rll t~e, at f3~~rrawer't op~ion, either promptly repaid ta Berrower or credi~ed ta Borrower an monthly inuallmcmc of FunJ~. If the amoun~ of the Funds hdd ~+y 1_~r~cl~r shall not be sutRcient to pay taxes, assessments, imur~nce premiums and ground rents as they fall due, Borrower shall pay to l.ender any amount necessery to make up ~he defic~ency whhin ~0 day~ Irom the Jate ne!ice i~ mailed by I_~ader to 8orrower reyursting payrnent thercof. Upc>n payment in fuU ot all sums secueed by th~s Mortga6e. I.ender ~hall promplly re(und to Horrower any Funds held by l.ender. I( under paragraph 18 hereuf the Property i~ u~ld ~?r thc Propcrty n utherw~uu acyuircd by Lender, I.cnder ahall npply, no later than immcdiately prior tu thc tale of the Property c~r iis acywl~ti~?n hy Lender, any Funds held by Lender at the t~me o( application as a c~cdi~ again~~ the sum~ eecured hy this Mo~lgagc. 3. A~plieation ot P~~menls. Unlec~ appii~atile law pruvide~ ~IhrrwiK. atl paymentti received by Lender un~ts the Nute and paragraph~ I and 2 hrreo( ihall M: appli~d by Lender (irtit ~n r.y~n~~?n ~t arnuunlc ~yt~b,{~k? Len~l~r hy Borruwer under paragraph 2 hereof, then to interc~~ payable ~?n the Nutc. ~hen u? the principal ot the Tiute, and ~hcn ta interest and prmc~pal un any Future Advanccs. ~ - 4. Clarges; I.kns. Borrowcr shall pay all t.~xct, a.ties+mcnts and other chergct, ffoe3 sod ~m{x?tiitiens ~uribWable to the Property which may attain a priori~y over ~h~~ Mor~gagc, and leasehold payments or Sround.~lep,a. it a~y. iQ,lhe manoer provided under paragraph 2 hereof or, if not paid m cuch manner, by Borrower m:~kinY p~ymspl, wben due, JirceUy to the paya thcreof. Borrower shall promptly furnish to l.enJer ali not~ces of amounts duc under this par~dgf~h;'and ~n the event Borrower shall make payment J~recUy, NorroWC~ ~hall prumptly turnnh to I.enJer receip~s evidencing such paymentc. Borrower shall promptly disch~rge any I~en Kh~ch has pr~onry over th~c Mortgagr: prmided, that Borrowtr ~hall not be ' reqwred to dix:harge any such lirn u~ long as Burrower ~hall ~gree in wnUng tu the payment o! the ob6ga~iun secured by wch lien in a manner acceptable to L.ender, ur shatl in gcxxl faith cunte~t wch lien by, or Jefend entorcement of such lien in, Iega) proceedings whieh operate to prevent the enfurcement o( the lien or (orieiture uf the Propeny or any part ~hereof. S. Nuud Insnrance. Borrower shall keep ~he improvementti nuw czicUng or hercafter erecled on the Pru~xrty ins~ued against loss by firc, ha~atds included wilhm the terni "cxtendeJ coverage", and such other hazards as Lender may reyuire and in such amounts anJ for surh periaic ac I_ender may require; provideJ, that Lene)er shall not reyuire ihat the emount of sunc ~overage exceed that amnunt ut cuverage reywred to pay Ihe sum~ secured by this Mortgage. The ~nsurance carrier providing the imurance tih~ll be chosen by Borrower subject to approval by Lender, provided, that such approval shalt not be unreasonatfly wilhheld. All prcnuums on insurance policies shall be paid in the manner provided under paragraph 2 hemof ur, if nut p•rid in such manner, by Borrower making payment, when due, d~rec:Qy to the msuraoce carrier. ~ All lnsurance policiet and renewals thercof shall tk in lorm acceptable to Leneler and shall includc a titandard mortgage clause in favor of and in form acceptable to l.enekr. Lender sh•rll have the right ta hold ~he ~x~ticiex and renewalti thereof. . and Borrower shall promp~ly furnish to t.enJer all rcnewal notices and all receipts o( paid premium,. In tbe cvcnt of bt~, Borrower ~hall grve prumpt not~ce to ~he insurance c~rner and Lender. I.enJer mey make prcx?f ot loss it not made promptly ~ by Borrower. Unlest I.ender and Borrower otherw~se agree in wnt~ng, insurance prc~ceeJs shall be applied to restoration or rep:~ir of the Property damaged, proviJeJ such re+toratwn or repair is economically teasible and the security of ~h~s Mortgage is not thereby impaired. I( such re~wratu>n or repair is not econumically featiible or i( the security of ~his Mortgage would ~ be impaired, the insurance proceeds tihall be applieJ to the sums ucured by ~his Mongage, w~th the excecs, if any, paid ~ to Borrrnver. I( the Property is ahandoned hy liorrower, or if Borrower fails ro respond to Lcndcr within 30 days from the ~ date notice is maded by Lender to Borrower that the insurance carner o(ters to set~le a claim for ~nwrance benefits, l.ender is authorized to collect and apply the inwrance proceeds at I.ender's optivn either to rptoration or repair of the Properiy ~ or to the sums sccureci by this Mortgage. Unless I.ender and Borruwer otherwi+e agree in wnting, any such application ~~f proceeds to pnncipal ~hall not extend ~ or pcntpone the due date of 1he monthly instalimems rcferred to in paragrapbs I and 2 hercot or change the amuuM of such installments. It under paragraph 18 hereo( the Praperty is acyuired by lxnder, all right, title and interest ot Borrower ~ in and ro any in9urance policies anJ in and ~o the prcx:eeds thereof resulting from damage to the Property prior to tht sale ~ or acyuisition shall pass to Lender to the eatent of the sums secured by this Mor~gege immediatcly prior ~o ~uch sale or ~ acquisition. ~ 6. Pnservation and htaintenance o( Property; I.essehulds; ('ondominium~; Planned Uni! Ihvelopments. Borrowcr sball keep the Property in good repair and shall nn~ commit waste or permit impairmem or ckterioratiun o( the Properry and shall comply with the provisions of any lease ~f th~s Mnrtgage i+ ~~n a leauhuld. 1f this Murtgage is un a uni~ ~n a - concbminium or a planned ~mi1 develc?pment, Borruwer ~h~ll perform all i?f Borrower's ~~bl~gabons under the declarah~~n ~ or covenants creabng or govermng the condc~mimum or planned umt development, the by-laws and regulatiorx u! the ' ~ condominium ur planned unit developmem, and constiwent Jocuments. It a conduminium or planned umt Jevelopment # r~der ~s executed by Horrower and recorJeJ tugether with this Mortgage, the c:ovenants anJ agreemen~s ~?t ~uch r~der ' ~ shall be incorporated ~nlo and shall amcnd ~nd cupplcmcnt the covcnants and agrecmcnts of this Mortgagc ati it thc riJer ~ were a part hereof. ~ 7. Protection ot I.ender's ~iecurity. I( Rorruwcr fa~h ~n perforni the covcnantti an~l agreements conlained in this ~ Mortgage, or if any acUon ur prexeeding n commenced which materially :~Hec~ti LenJer'~ intereti~ in the Pmperty, ~ including, but not limited to, eminent dom:~in, imolvency, coJe rntorcement. ~~r :ur~ngements or proceedings ~nvol~ing a ~ bankrupt or Jeiedent, then I ender at I.ender'~ ~rptiun, upon notice ~o Borrowcr, ma} make such appearances, Jishurse auch ~ sums and take such acUun :~t ~s nece+sary to pmtect I.ender's interest, includ~ng, but nM IimrteJ to. Jisbursement of ~ rc~sonable at~urney's fec+ and entry u~xm the Prc~F.erty to make rcpairti. If Lender reyuired mortgage inwrance a~ a - ~ conJrt~on of mak~ng thc loan ~ccured b} ihi~ M~~rtgaRc. H~~rr~~wcr shall pay ~hc prcmiums requireJ t~ maintain such L=- inwrance in efTect until wch Ume ati ~he reyuirrmenl for ~uch ~nsurance terminates ~n accordance with Borrower's and ~ ~ . n~kr 2;7~ FAtF ~~3 ~ ~ ~ ~,_:;F~~$ µ ~ ~ ~ - - ~ A~~_> ~ ~ - ~ ~ _ - , s.,~,~