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Home My WebLink About0405 • - Uaifona Covtraaats. Borrower and Lender rnvenant and agree as follows: 1. PAYMENT OF PRINCIPAL AND INTEREST. Borrower shall promptly pay rhea due the prirtapa) of and interest oa the indebttdntss evidenced by the Note. nay prepayment and bee charges provided is the Note cad aQ other wms secured by this Inurement. t FUNDS fOR TAXES. INSURANCE AND OTHER CHARCt~ Subject a appliabk law a to a written waiver by Lender, Borrower shall pey a Lender on the day monthly instaQmeats of prinapal a interest arc payable under the Note 1 a oo another day designated ut writing by Leader uaW the Note is pad a fuB, a wm 1 herein "Funds") equal a oeatrtifth of (a 1 the yearly water and sewer rata and taus and assessments which may be levied oa the Property, l b) the yearly ground oats, if any, Ic) ~ Yc~Y prcauum iasullments for fire and other based iasuraaoe, rent loss imurance and such other inwrance coveting the Property u Deader may require pursuant to puagnph S hereof, (d) the yearly prcautrm ittuaUmeots for mortgsge inwraaoe, if any. cad l e 1 if this Insirttateat ri oa a leasehold, else yYatly fed rents, if any. under the ground lease, all u reuonably estimated iwttaUy and from time to time by Lender oe the basis of assessments and bills and reasonable esumata thereof. Aay waiver by Lender of a regtriremeat that Borrower pay such Foods may be revoked by Lender. is Leader's sole discretion, at any time upon notice io writing so Borrower. Leader may require Borrower w pay to Leader. b advance. such other Funds for other tea, charges, premiums, assessnteats and imposition is aooaectioo with Borrower or the Properly which Lender shall reasonably deem accessary to protect Lender's ietetests i herein "Other Impositions" Unless otherwise provided by applicable bw, Leader may require Funds for Other Impositions to be paid by 8orrosrer in a lump wm a iu periodic installments, at Lender's option. The Funds shall be held is as institutionls) the deposits or aooounts of which arc inwred or guuanteed by a Federal or sate agency (iadudteg Leader if !.ender is such as institution Lender shah apply the Funds to pay said rates, rents, rues, assessments, tasurance premiums and Other Impositions w bag as Borrower is na is breach of any eovettaat or agreement of Borrower io this Instrument. Lender shall make ao dsarge for so hddiot atd applying the Funds. analyzing said aoooum or for verifying and compiling said assessments and bills, unless Leader pays Borrourer wterest, earnings or profts oa the Funds and appbcabk br permits Lender to make such a charge. Borrower and Lender may agree is westing at the tune of execution of this inuument that iateress os the Funds shall be peed to Borrower. and unlrss such agreement is made or appliubk bw requires interest, earnings a profts to be paid. Lender shall rest be rtequirtd to pay Borrower any interest, earnings or profts oo the Funds. lttdcr shall gire to Borrower, without charge, an annual aooountiag of the Funds b Lender's normal format showing credits and debits to the Funds and the purpose for whtch each debt to the Foods wu nude. 'ilte Funds are pledged u additioeal security for the wms secured by this Imtrumeot_ If the amount of the Funds held by Lender at the time of the aaauai acooueting thereof shall a:Deed the amount deemed necessary by Lender b provide for the payment of water and sewer arcs, taxes, assasettess. inwnnoe premiums, rears and Other Impositions, u they fall due, such exotss sbaB bt credited to Bortower oo the aeu monthly intallmeat or insuUmeets of Funds due. If at nay time the amount of the Funds held by Lender shall be less than the amount deemed eeassary by !.ender to pay water and sewer rata. taxes. assessmeets, insunaoe premiums. rears and Other Impositions, u they fall due. Borrower shall pay w Lender aey :moues necessary to make up the defdeacy within thirty days after notice from Lender to Bomorer requesting payment tbetsof. Upon Borrower's breach of any ooverunt or agreement of Borrower is this laurument, Lender may apply, in any amount and in any order u Lender shall determent in Lender's sole discretion. nay Funds heed by Leader at the time of application l i) to pay rites, rents, rues, assessments, utsunnoe premiums and Other Impositions which are cow or .rill hernfter become due, of I ri) u a credit against vats sesvred by this Inswment_ Upon payment io full of all wms secured by this Instrument, Lender shall promptly reload to Borrower nay Funds held by Lender. 3~. APPUGTION OF PAYMFMS. Unless applecabk law provides otherwise, all paymemY received by Lender from Borrower under the Note or this Instrument shall be applied by Lender b the fdbwiag order of priority: 1 i) amounts payable to Lender by Borrorer under pangnph 2 bercd: l u 1 interest payable oa else Notr, l ui ? principal of the Notr. l ev) interest payable on advances made purwaat ro pangnph 8 hereof: (v ) primapai of advances made purwaat a pangnph 8 hereof: (ve ? interest payable oo any Future Advance, provided that if more than one Future Advance is outsuoding, Lender may apply payments reanved among tbt aootrnts of entcrest payable oa the Future Advances in such order u Lender, in Lender's sok discretion. may deterratae: 1 vu ? prwapal of any Future Advance, provided !best if more than one Future Advance is outsuoding, Leader may apply payments received among the principal balaeoes of the Future Advaeoes in such order u Leader. en Lender's sole disceetton, may determuse: and 1 sw 1 aey other wms secured by this Instrument m such order u Leader, at Leader's option, may determine: provided. however. than Lender may. at Lender's optsoa, apply nay wms payable pursuant so paragraph 8 hereof poor to interest on and principal of the Note. but wob applicatioe shall not otherwise atTect tbt order of priority of application specified a this paragraph 3. CHARGES: UENS. Borrower shall pay all water and sewer rates. rents, taxes, assessments, preatiums. cad Other Impositions attribuubk to the Property at Lender's option m the meaner provided under paragnp6 2 hereof or, if not pad is such manner. by Borrower making payment. whrn due. directly ro the payee thereof. or m wch other manner u Lender may desrgrute m wnting_ Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph 1, and in the event Bonower shall make payment directly. Borrower shall promgly furnisis to Leader receipts evdeoaog such payments. Borrower shall praoptiy discharge aoY hen which bas. or may have. priority over or equality wtth, the lien of this lastrumen4 and Borrower shall pay. when due. the claims of all persons wpptytng labor or materials to a io oonnectioa with the Property. Without Lender's prtot warren petmesston. Borrower shall not albr any lien iefenor w thts lourumeat to be perfected against the Property I S~ HA2:ARD 1NSl;1tM1CE Borrower shall keep the improvements now exestmg or hereafter erected on the Property tncrred by amers at all times satisfactory to Leader agamu loss by fire. hazards included within the term "extended coverage", rent bss and such other hanrds, casualties. habiWies and coatingeaots u Lender 1 and, if this Instrument is oo a kasehdd. the ground lease 1 shall require and is such amounts and for wch periods u Lender shall require. All premiums on insurance policies shall be paid, at Leader s opuoo_ en the manner provided under paragraph 2 hereof, or by Borrower making payment. when due, directly to the arrier, or in web other manner a Lender may designate in writing. AB enwraeoe polices and renewals thereof shall be in a form sooepubk to Lender cad shall include a standard mortgage clause in favor of and in form aocepubk to Lender Lender shall have the right to hob the pohdes. ahd Borrower shall promptly furnish to Lender all renewal notices and all reonpts of pad prcrriiums. At kart thirty days prior w the expiration date of a policy, Borrower shall deliver to Lender a renewal policy io form utisfictory to Leader. If this Itstrument is on a ksehold, Borrower shall furnish Lender a duplicate of all policies, renewal notices, renewal poliries cad reoapts of paid premiums if, by virturof the ground lease, the originals thereof may not be supplied by Borrower to Lender. In the event of bss. Borrower :hall give rmmtdiate mitten notice to the iownnoe carrier and to Lender. Borrower hereby authorvn cad empowers Lender u attotrtey-in-fact for Borrower to make proof of bss, to adjust and compromise any claim under inwnnot policies, to appear en and proseavte any action arwng Gorr such inwnnoe polines, to ooBea and receive interlace proceeds. and to deduce therefrom Lender's expenses inetirred in the oollcttioo of such proceeds: provided however. that eothiog eoauioed is this pangnph S shall require lender to incur coy expense or eke nay actioe hereunder. Borrower further autiwreses Lender, at Lender's option, l a 1 to bold the balance of such proceeds to be used to reimburse Borrorer for the oust of reeoristrtictiori or repair of the Property or I b) a apply the balance of such proceeds to the payment of the fcims starred by this Instrument. rbether or not then due. in the order of application set forth in paragraph 3 hereof (wbjeet, however. to the rights of the lessor under the ground kale J this Iriururoent is oa a kaseboid If the inwranoe proceeds arc htW by !.ender a reimburse Borrower for the cost of testoratiai and repair of the Property. the Property shall be restored to the equivakat of its original mnditiori or such other oooditeoe u lender may approve b writing. Lender may. at I.endtr i option. eaditeoo disburxmeot of said proceeds oo Lender's approval of such pbas cad sptciicatibns of an arthitecY utisfsctory to Lender, contractor's cost estimates, architect's otrtifata, wavers of liens. sworn uatemeats of mahaoia and materialmen and such other evideooe of costs. pereeatage eompktioo of ooosutictioo, app4atioo of payments. and utisfauioo of liens u Lender may reasonably require. tf the iawranoe proceeds arc applied to the payment of the wms seared by this Inuumeot, nay such application of pooeeds to princpal shall not arced or postpone the due data of the monthly uistallmcots referred to io paragraphs I aed 2 hereof or change the amount: of such insuUmenis. If the Property is sold putwaot so paragraph 27 hereof or if Leader aoquires utk a the Property. leader shall have all of the rtgbt, title and euterest of Borrower in and to asy mwranoe polices and uaearntd ptcauueu thereon and r cad to the prooeods restiitiog from any damage to the Property prior to such uk or ~q- L PRESERVATION AND MAINTENANCE OF PROPERTY: tFASEHOUIS Borrower (a) shall cot commit waste or permit impairment or deterioration of the Property. I b) shall not abandon the Property,! c) shall restore or rcpatr promptly cad in a good and workmadike manner all Uaiforar Cartrnaats-Multifamily- I /77-FNMA/FHL1?1C Uaifor>. Iastnttttxat /vQge 3 cI d oagrsl aoo c340 Pst~ 4~i .T _ _ _