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Home My WebLink About1054 UNIFORM COYEN.~Nrs, BOrrpWer and Lender l'O\'enanl and agree as follows: 1. Payment of Princ[pal sad Interest. Borrower shall-promptly pay when due the principal of and interest on the indebtedness evidenced by the Note. prepayment and late charges as provided in the Note, and the principal of and interest on any Future Advances secured by this Mortgage. Z. Funds far Taxes and insurance. Subject to applicable taw or to a written waiver by Lender, Borrower shall pay to Lender on the day monthly installments of principal and interest are payable under the Note, until the Note is paid in full, a sum (herein "Runde") equal to one-twelfth of the year)}• taxes and. assessments which may attain priority over this Mortgage, and ground rents on the Property, if any, plus one-twelfth of yearly premium installments for hazard insurance. , plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. s The Funds shall t+e held in an institution the depc?sits or accounts o: which are insured or guaranteed by a Federal or state agency (including Lender if Lender is such an institutitan). [.ender shall apply the Funds to pay said taxes, assessments. 1 insurance premiums and ground rents. Lender Wray not charge for so holding and applying the Funds, analyzing said account, ur verifying and compiling said assessments and bills, unless tender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this !Mortgage that interest on the Funds shall t?e paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Lender shat! not be required to pay Burrower any interest or.earnings on the Funds. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purposgg {or w~,ich Fach;~ebit .to t~ef;]Fanr<1~w~n)akl~ The Fuu~s ~rerplcdg~~~~s ac~ditiopaltsecur~ty for the sums secured i by this'~Idrtgage. ' ' If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pa}• said taxes. assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrowers option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance preriums and ground rents as they fall due. ! Borrower shall pay to Lender any amount necessary• to make up the deficiency within 30 daps from the date notice is mailed by Lender to Burrower requesting payment thercc?f. Upon payment in full of all sums secured by this Mortgage, I.endcr shall promptly refund to Borrower any Funds held by Lender. I[ under paragraph lb hereof the Propcrtp is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Propcrt}• or its acquisition by Lender, any Funds t?eid by Lender at the time of application as a credit against the sums secured by this Mortgage- 3. Application of Pa}mauls. Unless applicable law provides otherwisx, all payments received by [_ender under the \'otc and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower r under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and q principal on any Future Advances. 4. CharKec; Liens, Borru?+cr shall pay all rase;, asscssmcnts and other charges. fines and impositions attributable to the Properly which may attain a priority c?ver this ,'lfortgagc, and leasehold payments ur ground rents, if any, in the manner provided under paragraph 2 hereof ur. if not paid in such manner, by Burrower making payment, when due, Directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event ~ Borrower shall make payment directly, Burrower shall promptly Tarnish to Lender receipts evidencing such payments. Burrower shall promptt}• Discharge any lien which has priority over this 1lfortgage; provided, that Burrower shall not be required to dischargerny such lien so long as B:~rruwer shall agree in writing to the payment of the obligation secured by ,uch lien in a manner acceptable to Lender, or shall in gcx?d faith contest such lien by, or JefenJ enforcement of such lien in, legal pro.ecdrngs which operate W prevent the enforcement of the lien or forfeiture of the Propert}• or any part thereof. 5. Nazard Imurance. Borrower shall keep the Impn?\emcnts now existing ur hereafter ere.-ted on the Property insured against ?us; by fire, hazards included within the term "r\tcndcd coverage". and such other hazards as l_cndcr ma)' rcyuire and in such amuunU and for such periods as Lender may rcyuire: provided, that I_en.ler shall nut rcyuire that the amount of ;uch cuver.rgr exceed that amount of coverage required to pay ?he arms secured by this Mortgage- The insurance carrier providing the insurance shall be .:hasen by BOfrUwef subject to approval hp Lender; provided, t that such approval hall not lx unre:?sonahly ,vithheld- All premiums on insurance policies shall tx: paid in the manner pruv+ded under paragraph 2 hereof or, if not pard in such manner, by Borrower making payment, when due, directly to the Insurance earner. - All insurance pc?lic+cs and ren.wats thereof shall be in form aecepr,cble to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. 1-ender shaft have the right to hold the policies anu' rr+icNbl; thirer:f, and Borrower shall prompth' furnish to [_ender all renewal notices and all receipts of paid premiums. In the event ut loss. Burn,wer shall give prompt notice to the irourance carrier and Lender. Lender ma} make proof of loss if not made promptl}- hy Burrcnvcr. Unless Lender and Born>wcr otherwise agree in writing, insurance prcxeeDs shall be applied to restoration or repair of nc~ Property damaged. prov+DeD such restoration or repair is economically feasible and the security of this ;•tortgagc is not theroh\• impaired. It such restoration or repair is nut economicalh• feasible or ii the security of this Mortgage would h< impaired, the insurance proceeds shall be applied to the sums secured b} this Mortgage. with the excess, if any, paid ro 8orruwer- If the Pn~perty- is :rhandoned by Harrower. c?r if Borrower fails to respond to Lender within 30 days from the Date notice is mailed by [.ender to Borrower that the insurance carrier oilers to settle a claim fur insurance i,cuciii~, :_~r..;::: is authorized to collect anJ apply- the imurance pruceeda at t_ender•s option either to restoration or repair of the Property ar to the sums secured by this ~turtgage. Unless I_rndcr and Borrower othen\ixr agree in w++ting, am such application of prc?cceds to principal shall not extend 3 •?r postpone the due date of the monthly installments referred to in paragraphs I and 2 hereof or change the amount of such installments. If under paragraph t8 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to and insurance policies anc+ m and ro the proceeds thereof resulting from damage to the Property prior to the sale - ur acquisition shall pass to Lander to th•: extent of the auras secured by th+s Mortgage immediately prior to such sale or acquisition. 6. Preservation and Maintenance of Property: Leaseholds; ('ondominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit waste ur pccmit impairment or deterioration of the Property and shall comply- with the provisions of any lease if -th+s Mortgage is un a leasehold. If this Mortgage is on a unit in a cundominn+m or a planned unrt cie\•elopment, Borrower shall perform all of Borrower's obligations under the declaration or covenants creating ur governing the condonnium or planned unit development, the by-laws and regulations of the r f condc•minrum or planned unit development, and constituent documents. I[ a condominium or planned unit development riper is ~\ecuted by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall i.e +ncorporated +nt~ and shall amend and supplement the covenants and agreements of this Mortgage as if the rider •c were a part hereof- , 7. Protection of Lenders Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, ur if any acUan ur prcxeeDrng Is commenced which materially attests Lender's interest in the Property, lust!+d+ng, but not iim,ted ta. eminent domain, insoh•ency, c~x1C enforcement, or arrangements or proceedings invoh•ing a s bani;rupt or decedent. then Lender at Lender's option, upon notice to Borrower, map make such appearances, disburse such sums ::nd take such -action as is necessary to protect Lender's interest, including, but not limited to, disbursement of reasonahlc attorney's tors and entry upon the Property to make repair. 1f Lcndcr required mortgage insurance as a wnditian of making the loan x:cured b\ this Mortgage, Borrower shall pay the premiums required to maintain such insurance in eticct until such tithe as the requirement for .uch insurance terminates in accordance with Borrowers and a~~tr. F~I;F 1[l7 _ •_.a: eeoK3~8 p~1Q53 ~e-Recnrd {