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Home My WebLink About0137 . ~ ~ UNIlORM O~Y[NANi'i. HorroMrer and Le~de~ covensnt and stroe as folbws: Z. ~w~M ~t tel~efM1 si I~Nere~f. 8orrower shail promW~) PsY when due tbe principal ot and intereq oo the indebtednas evidenoed bq tbe Nota, preQaymeot and late cha~~eC s.s ~ovided in the Note, aed tl~e pcincipal ot and interat oa aur Future Advanas secured b~? this Matsase. . 2. !ri ter '1~~s Mi I~wrrea Snbject to applicabk law or to a written waiver by Lender. eorTO~?~~ ~~i wr to Leader on the day montAly installmeots of principsl and iot~rcc~ an payaMe under the Note. uMil the Note is paid in full. a suat (l~ein "Fuadt'~ equal to on~-tweltth of ~he yeariy tax~~ snJ assasmenls which may atuin priority over this ' Mo~ase. aad ~round rena on u,e Proper~y. if any. E+lus a~c=tweltth of yeufy~ premium iastallments for hazard insursncY. ~ plus oue-twelfth of yearly prtmium itutallments tor motttage inuirancc. ii any, all as reasonably estimated initially and twan ; time to time bp Letder on tbe b~sis of assasments and I+ills and rcasonabk atimata thersof. 3 TAe Pt~nds ~all be beld in an insti~utic+n ~he deposia or •rccounts of rvhich arc insured or guar+~teed by a Feden~l ot ~ ttate aseocy (includi~~ l.tnder if Le~der is such an institution). I.eode~ shall apply Ihe Funds to pay uid taxa. assessments. ~ iawr~noa premiums and ~round tents. l.ender may not charge io~ u+ holdin~ and spplyinj the F~mda. analyzing said account. o~ vtrityinssnd oomplinj said assessments and bilh, unless Lender pays Borrowe~ intcrat on the Funds and applicabk law ' petmits I,ender to make wch a char~e. Borrowe~ aud Lender may asrcs in writina at the time of execution ot this ± Mortpse that interat on the flu~ds sAall be paid to Borrower. and ualas such agrcement is made or applicabk law ; requira such intersst to be paid. Lender shall not be requircd to pay Bonower any interat or earnings on the Funds. Lender ; slull pve W Botrower, without cbane, an annwl accounting of the Funds showina crsdits and debits to the Funds aod the purpose for which ea~b debit to tbe Funds wu made. The Funds arc pledged u additional security for the sums secured by t6is Mott=a~e. If the amount ot tbe Fund~ hdd by Lender, together with the future monthly installments of Funds payabk prior to tbe due dates of tua, assasmwts, inwrance premiums and ground rents, shall exceod the amount required to pay said taxes. aneameats, insuranoe premiwns and around rents u they fall due. such eacess shall be. at Bonower s option, either promptly repaid to Bormwer or credited to Borrower on monthly installments of Funds. If the amount of the Funds bdd by Lender shaU not be wt6ciwt to pay tues. asles.unents, insurance premiums and graund rcnts as they fall due. Bocm~?er sbaU pay to I~eader any amount nocessary to make up Ihe deficiency within 30 days from the date notice is mailed by I.eader W Bomowec toquestia6 QaYment thereof. Upon payment in full of al1 wras stcured by this Mongage, Lende~ shall promptly rcfund to Bormwer any Funds heW by Lender. If under puagraph 18 hercof the Property i~ sold or the Propeny ~s othecwise acquircd by Lender, Leoder ~ thaU apply. no later than imtnediately prior to the sale ot the Property or its acquisition by Le~der. any Funds held bv I.eoder at the time ot apptication ~ a credit against the :ums socurcd by this Mortgage. 3. A~icatia~ oE t~ers. Unkss applicable law provida otherwise. all payments receivcd by Lender under the Note and para6raphs 1 and 2 bereof shall be appliod by Lender first in payment of amounts payable to Lender by Borrower uoder parsgraph 2 6eroof. t6eu to iaterest payabk on the Note, then to the principa! of the Note. and then to interest and principa!_ on any Future Advanoea. 4. Crstze~ I.k~s. Borrower shall pay all taaa, assessments and other charges, fines and impositions attributable to tbe Property which may attain a priority over this Mortgage, and leasehold payments or gmu~ed rents, if any. in the manaer pruvided under pusgraph 2 hercof or, i[ not paid in such manner, by Borrower making payment. wha~ due, dircctly to the payee iberoof. Hotrovrar shall promptly fumish to Lender all notic~s of amouats due under this pangraph. and in the event Borrovrer shall make payment diratly. Borrower shall promptly turnish to l,ender receipts evidencing such payments. . Borrower shall promptly discharge any lien which hac p~iority over this Mortgage; providcd. that Borrower shall not be roquired to discharga any such lien so long u Borrower shall agree in writing to the payment of the obligation securai by suc6lien in a manner acceptabk to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in. kgal proceedings which operate to prevent the enforcement o( the lien or fodeiwre of /he Property or any part thercof. S. Hazsrd Iar~ra~ce. Borrower shall kcep the improvemeots now• existing or hereafter erccted on the Property insured j against loss by fire, huuds included within the term "extended coverage", and such other huards as Lender may r~quire wd in such amounts and for such periods u Lender may require; provided, that Lender shall not require that the amount of ~ such coverage excced that amount of coverage required ro pay the sums secured by this Mort6age. l 'IUe iasurance car[iei providing t6e insurance shall be chosen by Borrower subject to approval by Lender. provided, ; t6at wch approval sha11 not be unreawnably withheld. All premiums on insurance policies sha11 be paid in the manner ~ provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment. when due, direcdy to the ; insurance carrier. ~ All insurance policits and renewals thereof shall be in form acceptable to l.ender and shall include a standard morigage i clause in favor of and in form uceptable to Lender. Lender shall have the right to hold the policia and renewals thereof, ; and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid prcmiums. In the event of loss, j Borrower shall give prompE notice to tht insurance carrier and Lender. Lertder may make proof of lass if not made promptly ! by Borrower. . 5 ~ Unlas Lender and Borrower otherwise agree in writing, insurarrce procceds shall be applied to restoration or repair of ~ the Property damaged. Qrovided su~:h restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. If such restoration or repair is not economically fcasible or if the security of this Mongage would bc impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess. if any, paid ~ to Borrower. lf the Propeny is abandoned by Borrower, or if Borrower fails to respond to l.ender within 30 days from the ~ date notice is mailed by L.ender to Borrower that the insurance carrier offers to setUe a claim for insurance benefiis, Lender is autborized to collect and apply the insurance procceds at Lender's option either to restoration or repa~r of ihe Propertv ~ or to the wms secured by this Mortgage- ~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend ~ or poatpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount ot ~ suc6 installmeots. If under paragraph l8~heroof the Property is acquired by Lender, all right, title and interest of Borrower ~ in aod to any insurance policies and in and to the pra:eeds thereof resulting (rom damage to the Property prior to thc sale ~ or acquisition shall pass to L.ender to the extent of the ~ums secured by this Mortgage immediately prior to such sale or - ; acquisition. ~ 6. Pic+eserv~tbo aod Maiotenance of Property; Leasehulds; Condominiums; Plsnned Unit Devebpments. Borrowcr shall koep the Property in good repair and shall not comro~t ~vaste or permit impairment or deterioration of the Property ~ wd shall comply wich the provisions of any lease i[ th~s Mortgage ~s on a leasehold. I( this Mortgage is on a unit in a s condominium or a planned unit development. Borrower shall per(arm all of Borrower s obligations under the declaration or covenan~s creating or governing the condominium or planned unit development, the by-laws and rPgulations of the i condominium or planaed unit development. and constiwent doc;umenis. It a condominium or planned unit development rider is executed by Borrower and recorded together w~th this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend anJ supplement the covenants and agreements of this Mortgage as if the riJer werc a part hereof. ~ 7. P~aec~ioo of Leader's Securfry. If Borrower fa~ls a, perform the covenants anJ agreements contained in this > Mongage, or if any action or proceeding is commenced which materially afiects LenJer's interest in the Property, ~ including, but not limited to, eminent domain. in~lvency. code enforcement, or arrangements or proceedings involving a ~ bankrupt or decedent. ~hen Lender at l.ender's op~ion, upon notice to Borrower, ma}~ make such appearances, disburse such ~ sums and take such ac~ion as is necessar~• tu protect Lender's mterest, incluJmg. but not limrted to, disbursement of ~ reasonable attomey's fccs and en~ry upon the Propcr~y~ to makc rcpairs. If l.cnder reyuircd mortgage insurance as a ~ cond~Uon o( makmg thc loan xcureJ by this :~tortgagc. Bornr,~cr shrll pay thc premiums rcquireJ to maintain such ' rtuurance in efiect until such time as ~he reyuiremem for .uch insurance terminate~ m accordance with Borr~wer's and r . ~10 ~37 ~ ,