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Home My WebLink About0375` ~l• ' UNllORM COY@NAPlTS. 8orrowe~ and Lender covenant and a~ree as follows: l. l~e~t o~ lri~clMi ~i 1Ner+at. Borrower shall promp~ly pay when due the principal ot and interest on the ~ndebtednea evideaced by the Note, prepayment and late chargcc ac provided in ~he Note, aod the princip~l ot and inteeest oa ~ny Futurc Adv~nces secured by Ihis Mortgage. - _. Fr~Bt ~or Tua aai i~snrs~ce. Subject to applicahk law ~~r ~o a written wsiver by Lende~. BoROVV~r shall pay to Lender on the day mo~thly installments of principal and intcrcct an payahle unde~ the Note, until the Note is paid in (ull, a sum (herein "Fund~'7 equal to one-twel(th of the yea~l~ uxc. and assasments which may attain priority over this Mort~ase. and tround rents on the P~+operty, if a~y, plus one•~weltth of yea~ly prcmium installments [or huard insurance. plus one-twelfth of yearly premium i~stallments tor mottgage inso~ance. it a~y, all as reasonably atimated initislly and t~om time to time by Lender on the buis ot assescmc~ts and hills and reaaonable eslimata thercof. 'Il~e Funds shall be held i~ an institution ~he depoa~s or accounts ot which are insured o~ guaranteed by s Fedenl ot state agency (includi~a Lende~ if Lcnder is auch an institutionl. 1_ender ahall'apply the Funds to pay said uxa. assessmenls. inaurance premiums and ground renls. .1 ender may no~ charge tor so holding and applyiog ~he F~~nds• analyzing said account. or verifyint and compili~g said assessments and billa, unless I_ender pays BoROwer interat on the Funds and applicable law permits Lender to make such a charge. 8orrower and l.ender may agrce in writing at the time of eaecution ot this Mort~age that interat on the Funds shall be paid to Borrower, and unl~s such agreement is made or applicable law requires such intercst to be paid, Lender shall not be rcquired to pay Borrower any interat or earnings on the Funds. Lender shall pve to Borrower, without charge. an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds wu madc. The Funds are pledged as additional security tor the sums secured by this Mortaage. If the amount of the Funds held by Lender, toge~her with ~he future monthly insullments of Funds payable prior to t6e due data of taaes, assessments. ir~surance prcmiums and ground rents, shall exceed the amount requircd to pay said taza. acse:unents, insura~ce prcmiums and ground rents as they fall due, such excess shall be, at Borrower's opt~on, either pranptly repaid to Borrower or credited to Bormwer on monthly ins~allmen~s of Funds. If the amount of ~he Funds held by Lender shall not be suf6cient to pay taxes, assessments, insurance prem~ums and ground rents u Ihey fall due, Bomo~~rer shall pay to Lender any amount necessary to make up ~he deficiency within 30 days trom the date notice is mailed by Lender to Horrower requating payment ~hereof. ~ Upou paymeat in full of all sums securcd by this Mortgage, I.ender shall promptly refund to Borrower any Funds held by [.ender. If under pangraph 18 hercof the Property i~ sold o~ the Property ~s when~viu acqwrcd by Leoder. Lender shaU apply, no later than immediately prior to the sale of ~he Propeny or its acquisnion by L.ender, any Funds held bv Leoder at the time of application u a credit aga~~st the sumz secured by this Mortgage_ 3. Appikatios ot Paymeats. Unless applicable law providu otherwise, all payments received by Lender under the Note and pangnphs 1 and 2 hereof shall be applied by I_ender first in payment of amounts payable to Lende~ by Borrower uader paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and ~hen to interest and principal on any Future Advancas. . ' ' ' ~- ' _ • • 4. Cbsttes; Liens. Borrower chall pay all ta~e~, asustmrnts and other ch~rges, fines anA imposit~ons attribulable ta the PropeRy which may attain a pnorily over this Mortgage. and {easehald payments or ground rents, if any, in the manner provided under paragraph 2 hercof or. ~t n~t pa~d m such manner, by Borrower making payment. when due, directly to the payee thereof. Borrower shall promptly furn~sh to LenJer all noticea oT amounts due under this paragraph, and in the eveot Borrower shall make payment direcUy. Borrower shall pranplly furn~sh to l.ender receipts evidenciri~ such payments. Borrower shall promptly discharge any lien which has pnonry over th~c Mortgage: provided, that B~mwer shall not be rcqu~red to discharge any such lien so long as Borrov-er shall ~gree in wrdmg t~• the payment o( the obligatiun securcd by such lie~ ~n a manner acceptable to I_ender, or shafl m g«xi faith conte~t iuch lien by, or Jefend enforcement of such lien in. legal proctedings which operate to prevent the ent~-rcemen~ of ~he I~en or tortenure of the Property or any part thereof. S. Ha~rd Insurance. Borrower shall keep the ~mprovemen~~ n~~~ etisung or hereafter erected on the Property insored against loss by fire, hazards induded withm thc term "externled cuveragc", a~d such o~her hazards as Lender may requ~re wd in such amounts and for such periods as t_ender may reyuire: pr~vided, that 1_enJer shall not require that the amount of such coverage eacceed that amount of coverage required ~o pay ~he tumt tecured ~by this Mortgage. The insurance carrier providing the insur~nce shall be chosen by Borrower subject to approval by Lender; provided, t6at such approval shall not be unreasonably withheld. All prem~um~ on insurancc poliaes shall be paid in the manner providod under paragraph 2 hereof or, ~f not pa~d in such manner, by B~rrower mak~ng payment, when due, directly to the iosurance carrier. All insurance pulictec and renewals thenof shall be in farm acceptable to Lender and shall include a standard mortgage clause in favor of and m form acceptable to Lender. Lender shall ha.e the right to hold the policies and renewals thereof, and Borrower shalt promptly furo~sh to Lender all renewa) notices and all receipts of paid premium~. In the event of lots, Borrower shall g~ve prompt notice to the ~nwrance carner and I.enJer. 1_ender may make pr~x~f ot loss if not made prompdy by Bortower. Unless Lender and Borrower otherw~u agree m wnt~ng, inwrance proceeds shall be applied to restoration or repair ot the Property damaged, provided such retitoranon or repa~r ~s e~unomically (easible and the security of this Mortgage is not ~hereby impaired. It sixh restorat~an or tepa~r ~s ni,t rconom~cally fcasible or ~t ~he secunty of this Mongage would be ~mpaired, the insurance proceeJs shall be applieJ to the sums k.cureJ by th~s Mottgage. wi~h the excess, if any. paid to Borrower. If the Proper~~ is abanJoned by Borrower, or ~t Borrower fa~ls to respond to l_ender within 30 days from the da~e noUCe is ma~led by l.ender to Borrower ~hat the insurance carrier otien to settle a claim for insurance benefits, Lender is authonzed t~- collect and apply Ihe ~nsurance proceeds at Lendcr's opUun e~ther to restorauon or repa~r of lhe Propertv or to the sums securecl by this ;Nortgagc. Unless Lender and Borrower otherv-~~e agree in v-ntmg, any such applicauon of pr~eeds to pnncipal shall not extend or p.~stpone the due date of the mc~n~hl} imtallmentc refcrred t~~ in paragraph. I and 2 hereof or change the amount of such installmeots. I( under paragraph 18 he~eof the Property iti acywred h} l.endcr, ali nght, t~tle and imerest of Borrowcr in and to any tnsurance pohcies and in and to thc prcxeed~ thcreut resulung from damage to the Property prior to thc sale or acquisition shall pass to Lender to the extent uf the tium~ secured b~ this :~tortgage immediately pnor to such sale or acquisition. ~ 6. Presen~ation and Vtinlen~nce of Properly: 1_eauholds: ('ondominiums; Planned Unit Developments. Borrow•cr shall kcep thc Propert}• in ga~d repair and shall not comrpo y-a~tc or permit impairment or deteriorahon of the Property and shall comply with thc proviswn~ of any lease ~t th~~ Mortgagc ~. un a Ic•rschuld. If this Mortgage is on a unit in a condominwm or a planned onit Je~e~opment. B~,rrower ~h-rlt Fxrl~xm all ot Borrower's obLgat~ons under the declarat~on or covenants creat~ng or gor•ernmg tFn condom~mum or planned um~ de~•elopment, ~he by-laws and regulationc of the conJominium or planned unit Jevelo~,ment, and canstituent dcxument~ If a conJominium or planned unrt development nder ~c executed by E3orrower anJ rec~rdeJ t~~gether with ihi~ Mortgage, the covenants and agreements of such nder shall be incorporated mto and sh~ll amend anJ wpplcment thc co.rnants and agreements of this Mortgage as it the nJer v-ere a pan FereaL ' 7. Proteetion o( I.ender's tiecurity. I( F3arru~er t:ul~ t~~ ~xrf~~rm the covenamc and agreements contained m thic Mortgage, or it any actiun ~~r pnxceding i~ ci~mm~nre.t ~hi~ii malrrialh ntirct~ LenJer'ti mteretit in the Proper~}~, includ~ng. bu~ n~~t I~mrted.ti~. cmmc~t doma~n. im~.hcnc~. «x1r cnt~.rrcmrnt. ~~r arranRrmrnts ~r prucccdings ~m•ol~•mg a bankrupt or deceJent~. ~hen Lender at 1 enJer'. oph~m, u~~n n~~hce ~~- B~rrowrr, ma} m:~ke such ap~xarances, dishurse such sums and take such a~~~un r~ ~s nccc~~ar~ t~~ pr~~~cct 1_cndcr'c intcrccl. inclu~hng. but . not I~m-tcd to, dnburscmcnt o( reasonablc auomey~'~ tec~ and entry u~m Ihe ProExrt} t~~ ma{.c rep,iir.. If Lrnd~r reynired mortgage in~urance ati a condilion uf makmg thc loen ~ccure~t b} th~ti ~t~utgagc. Horrr.HCr ih dl pay~ thr prcmwnts rcquireJ to mai~tta~n such ~nsurance in ette~ 1 uni~l ~uch t~me .~t the reyuiremen~ for ~uch ~n,uran;r t~rmmate~ in :~~~ordance K'11F1 BOfR~N'Cf 1 anJ ~ a~~~ix346 Pact 373 , _ _ _ ~ _.~ :, _ , ~ ._ .. _~