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Home My WebLink About0299 [ ~ ~ , ? ~ ~ UNIFORM COVEN.~NTS. Bormwer and l.ender ruvenant anJ agrre as foU~~ws: 1. Payment of Principal aad lnterest. B~~rruwe~ shap promptly pay N hen due the principal uf and intercst on the . . indebtedness evidenced by,the Not~, p~epayment and late charges as proviJed in the Note, and the principal of and interest on any Futurc Advances ~ecured by thic Mortgage. 2. Fnads for Taxes and lasurance. Subject to applicable law ar to a written waiver by l.ender, Borrower shall pay to I.endcr an Ihr day monthly installmen~s of principal and intcrest arc pa~~able under the Note, until the Note is paid in full, a sum (herein "Funds") equal to onc-tv?~clfth of the yearly taxes and acsessments which may attain priarity over this Mortgage, a~d ground rents on the Property, if an~~, plus onc-twelfth of y~arly Qremium installments for hazard insurance, plus onc-twelfth of yearly premium iostallments (or mortgage insurance, if any, all as reasonably e~ctimated initially and from time to time by I_ender on thc basis af assessmcnts and hills and reasunabtc estimates thereof. The Funds shall t+e held in an institution the depc?~it~ or accounts of which are insured or guarantet~i by a Federal or ~tate agency (including Lender if Lender is such an ins~itution). I.ender shall apply the Fu~ds to pay said taxes. assessments. insurance premiums and ground rents. . t.ender may not cha~ge for so holding and applying the Funds, analyzing s:~iJ account, or verifying a~d compiling sa~i assessme~ts and bills, unless l.ender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrowar and Lender may agree in writinfi at the time of execution of this ~lortgage that intere~t on the Funds shall be paid to Borrower, aod unless such agreement is made or applicable law rcquires such i~terest ro be paid. I_cnder shall not t~ requir~~i to p:+y Borrower any intcrest or earnings on the Funds. Lender ~hall give to Borrower, without charge, an annual accouming of the Funds showing credits and debits to the Funds and ihe purpose fc.r which each debit t~~ the Funds wa~ made. The Funds are pledged as additional security for the sums secured by this ~iortgage. If the amount of the Funds held by Lc~der, togciher M•ith thc futurc monthly installments of Funds payable prior to the due dates of taxes, assessme~ts, insurance premiums and ground rents, shall exceed the amount reyuired to pay said ta+ces, assessments, insurance premiums and ground rents as they fall dur. such excess shall be, at Borrower's option, either promptly rcpaid to Borrower or credited to Borrower on monthly inst~llmcnts of Funds. If the amount of thc Funds held by Lender shall not be sufTicient to pay taxes, assessments, in~ura?x:c premiums anJ ground rents as they fall due, Borrawer shall pay to 1_ender any amount necessar}• to make up the defiriency within 30 days from the date notice is niailed by Lender to Borrower reyuesting payment thcrcol. Upun payment in [ull o( all sums sccured by this Mortgagc. I.cndcr shall promptly refund to Bormwer :~ny Funds held hy Len~er. If under paragraph a8 hcreuf thc Pr~peirty i~ sold or thr Propcrty is otherwice acq~ured by l.ender, I'ender shall apply, no later than immediatcly prior ta the sale of the Prop~:rty or its acquisition hy -Lcndcr, any Funds held by - Lender at ~he time uf ~application as a credit against the sum, secured by this Mortgage. , 3. Application oi Payments. Unless applicable lav?• provides otFmrwise. all payments received by l.ender under the Notc and parag[aphs 1 and 2 hercof shall be ~p{~lied by Lendcr first in paymcnt of amounts pay:~ble to Lender by Borrower imder paragraph 2 hereof, then to intcre~t payable un the ~iote, thcn to the principal of the Note, and thcn to intcrest and principal on any FWurc Advances. 4. CharRes;~Liens. Borrowcr .h:ill pay aU taxes, :+ssessmrnts and other charges, fines anJ impusitions auributable to the Property which may attain a prioriry over this Mortgage, and leasehold payments or ground rents, if an}~, in the manner proviJed under pa~agraph 2 hcreot or. if not paid in such manner, by Borrower making payment, when du~. directly to the pa~~ee thercof. Borrowcr shall promptJy furnish to Lender all notices of amounts due under this paragraph, and in the event Borrou•er shall makc payment directl~•. Borrow•er shall promptly furnesh to Lender receipts e~•id~ncing such payments. Borrower shall promptlp discharge any lien which has priority over this Mortgage: provided, that Borrower shall not be required to d~scharge an~• such lien sv long as BarroHCr shall :~gree in Hriting to the pa)~ment of the obligation secured by wch lien in a manner acceptable to Lender, or shall in gcxxi laith contes~ such licn hy, or Jefend enforcement of such lien in, legal pr~kceding. ~hich o~.rate to prevent the ent~~rcement of the li~n ur tcvfeiturc of the Propcrty or any part thereof. 5. Hazard Insurance. Korroaer shall k~~ep thc impro~~emcntti now ~~isung rn c~r~af~cr crrctcd on thc Pmpcrry instired against lot~ h~• firc. hatards inrluded within the term "e~tended cuvrrage", an~l sunc ~ither hazardc ac I.ender ma~' reyuire anJ in surh am~~unts anJ for su~h Fx ri~xis at Lendcr ma~• rcyuir~: pruvideJ, that l.rndcr ~hall not rcyuirc that the amount of ~ .uch coecrage c~ceed that amuunt of co~rrage required to pay the .umti securcd h~• this ~tortgage. . ; The insurance ~arrier providing thc insurance shall be chosen by Barrowcr s~ibject to appro~~al by I.ender: provided. E that such appro~~al shall not b~: unreasonahly withheld. All premiumc on insuranrc policies shall t?e paid the manner ~ pruvidcd unJcr paragraph 2 hereof or. if not paid in such manner, by Borro~~•er ma~:ing payment, when due, Jirecdy to the , nnurancc rarncr. ~ ; All insurancc policies an~ rene~als thereaf sh:~ll tx: in form acceptablr to Len~rr and shall indude a stan~l•rrd mortg~ge ; rlause in [;~eor of and in form acreptahlc t~~ l.ender_ I.cnder .hall ha~•e the right tu hoid ihe policies and reneNalti thereof. ~ and Borm~~~er shall promptl~~ furnish ta I.endorr all r~nrwal nutfces ~nd all rcceipts of paid premiun~~. In the e~~ent of loss, Borruw•er ~hall gi~e prompt nauc~ tu the inaurance carrirr and I_enJer. Lendrr msy make pra~f of loss if nut msde prumptly ? b~• Burrawer. : Unless Lendcr and Borrow~cr otherwi.e agree in w•riting. insurance pnx-ceds shall be applied to restoration ur repair o[ ` the Propert~~ damaged, prov~ded such restoration or repair is economic.illy feasible and the securiry of this l~tortgage is i not thereb}~ impaired. It surh restor:ition or repair is not ccunumirall)~ (casihie or if the security of this Mortgage wouW ~ be impaircd, the insurance pra:eedi shall be ap~lir~i to the sums tiecure.l by this Mortgage. N~ith th~ escess, if any. paid ~ to Borr~~wer. If the Propert) is abanJoncd h~ B~~rr~~wer, or iC B~rmw~er fails t~. respond to l.endcr within 30 da)'s from the date notice i, mailed h~~ Lender tn Borrow~cr that the insurance carrier otfers to setUe a claim for insurance benefits, Lender ~ i~ authorized to collect and applt the intiurance proceeJs at l.ender s option either to restoration or repair of the Properi)' 5 . ur to thr sum..rcurcd b}• this Mortgag~. ~ Unfes~ L~ndcr and Borruwer othrrHi,e :~grer in ~~~nting, an} such appliration ~~f proc:eeds to pr~ncipal ~hall not e~tend ~ or postpone the due date of the munthh~ in~tsllmcntc referrcd tu in paragraph~ 1 and 2 hcreuf or change the amount of ~ ss~ch inst:~llments. It under paragraph I S hereof the Propert~ i5 acyuired h~~ Lender. all right, title and interest of Borrower ~ in snd to an~ insuran~e policies anJ in ~nd to thc pro::ceds thereof resulting from damage to the Property prior to the tiale ~ or acyuisition ~hall prss to Lender to the e~tent uf the sums securui by this Atortg•rgc immediatel}• prior ta such sale or ~ acquisition. ~ 6. Presenalion and ~taintenance of Propert~; Lea~eholds: Cundominiunis; Planned Unit De~•elopments. Bosro~+cr - shall krep thc Yropcrty in g~d repair and shall not commit wastc vr permit im~airmcnt or Jeterioration of the Property and shall roropl~~ aith the provisions of an)' lease ~f this Mortgabe i+ ~~n a Icasrhuld. If thi~ '~tortgage is on a unit in a - cundomin~um ar a planncd unrt ~cvrlupmcnt. KorroHer tihali ~:rform all uf Borruwcr's oblig:~tions under thc dcclaratiun :3 ur ro~•er~ant~ crr~ting or guverning thc cond~~mmium or planned unit devclopment, thc by-laws and regulations of the cun.lominium i~r planncd unit d~vclopmcnt, .~nd constitacnt da:umcm~. I( a condcrminium or planncd unit dc~~clnpmcnt ~ n~er is e~eci~ted by Borrower and record~d tagether with thi~ Morlgage. the covenanCs and agreements ot such nder ; ~hall be in~iuExirate~ into anJ ~h:~ll amcnJ ~nd ;upplcment thr co~cnants and agreemcnts of th~s Murtgage a. il thc ridcr ~.cr~ a part h~rcof. 7. Protection of I.enders Security. If B~rrower fails t~ ~rf~~rm the covenants anJ agreements coritained in thi~ 5 ~t~~rtga~r. or if an)~ action ar prcxcedmg is rommcncc~l wh~ch ma~crialh afic~~s l.en~er's interest in thc Prapcn~, _ includin~,. hut n~u limitcd to. cmincnt dom~in. insukcncy, r~xlr rnf~~r.rmcnt. ~~r arrangcmcnts ar pr.kccdings in~~ol~ ing a " hankrupt ur d~c~dcn~. then Lender at LenJer'~ option, upon notice to Bnrrow'er, ma~ m:~ke such ap(x:arances. Jitihur.~ ~u~h ~ wm, and ~akr such artian a~ is nccc~.ar~ t.• pr.~tcct Lcndc~ ~ imrrest. including, hut n~t limitcd to, d~~bursemrnt uf fl'JS0I1:1I~I~ attornc}~~. t«+ and cntry' upon thc Yn?pcrt}~ to makc rcpairti. I( Lcndcr rcyuircJ mortgagc in.ur.~nce a. ~ run~litirn rf mak~ng th~ loan >ecureJ bc this ~1or~Fagc. Bi~rr~~~?~r shall pa} thr premiums reqwreJ to,maint:un wch ~ insurancc in cttc.t unti! such tim~ :~ti ~hc reyuircmcnt for wch ~nsurancc t~rminates m accordance with B~~rr~~~cr'~ an.l ~ ' R - _ ~ ~~q. ~ cnC.3~U ~•JJ ~ ~ ~ ~ T~. ~r, ~ . u