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Home My WebLink About1018UNIFORAI COVFN~NTS. HOfMN'Cf and l.endrr c~~vcnant a~xl :~g~re a~ (olluws: 1. P~yment of P~inclpd aad Inferesl. H~~~ruwrr shaH pn~mp~l~• pay whcn duc thc princip•rl af ~nd intcrest on the indebtedncss evidcnccd by ihc Note, prcpaymen~ anJ late chargc~ a. pruvided in ~hc Note, and ~hc prinripal oi and in~ercs~ on any Future Advances cecured by th~x Mortgage. 2. Funds tor Tues and lnsuance. Subjcct ta applicable law ar ta a writ~en waiver by l.ender, BaROwer shall pay to I.enJer on ~hc day monlhly installments af principal and io~ercu arc payahle under the Nate, unlil the Nale is paid in full, a sum (hercin "Funds") equal to ~~ne-twelflh o( thc yea~ly taxec anJ as~escmcnls which may attain prinrity avcr ~hic Mo~tgage, and ground rents on the Properry, if any, plus onc-tN•cU~h of ycarly premium ins~allmcnts to~ haza~d insu~ance, plus anc•twelflh af yearly premium inslallments far martgage insu~ancc, ~f any, all a~ reasonably e~tim~ted initially anJ from timc to time hy l.endcr on thc t~asic ot acsessmems and hills and rea~onablc estimatcs Ihereof. 'Tl~e Funds shall he held in an institution the deposits or accounts ot which are insurtd or guaranletd hy a Federal or s~ate agency (including Lender if I.eoJer is such an ins~i~ution-. Lender shall apply the Funds to ~-ay said taxes, assessments. insurance premiums and ground renls. I.ende.r may nof charge tor ~i~ holding anJ applying Ihe Funds, analyti~g said accaunt, or veritying and compiling said assescments a~d bills, unless l.ender ~~•s Borrower inlerest on the Funds and applicable law permits I_ender to make such a charge. Borrower and l.ender may agree in wnting at the tinte o( execution of this Martgage tha~ interest on ~he Funds shall he paid to Bormwer, anJ unless such agreement is made or applicable law requircs such interest to he paid, l.ender shall not hc reyuircJ to pay Bc~r~ower any imcresl or earnings on the Funds. I.ender shall gi~~e to Borrower, without charge, an annual accuunting of tht FunJs ~howing creJits and debils to the Funds and the purpose for which each debit to Ihe Funds was madr. The F=und~ arr ple~lged as adJilional securit}~ tor the sums secureJ by this Mortgage. If the amount of the Funds held hy I.enJer, luge~hcr with ~hc fuwre monthly inctallments of Fundc payrble prior to the due dates of taxes, assessments, insurance premiums and gmunJ rents, shall ezceed the amount reyuired to pay said taxes, assessments, insurance premiums and ground rentc ac ~hey (all due, such exce~c shall be, at Borrower'c option, euher prompdy repaid to Borrower or credited to Bormwer on monthly installments of Fund~. If thc amount of thc Funds held by Lende~ shall not be sufficie~t to pay ~ates, assessmcros, incurancc premiumc and ground rent+ as thcy fall due, Borrowe~ shall pay to Lender any amount nece~sar}• to make up the Jeficirnry within ~0 Ja}~s trom the da~e notice is mailed by Lender to Borrower reques~ing paymcn~ thereof. Upon payment in full of all sums se~:ured by th~c Mor~gage, I.cnder shall promptly retund to l~rrow•er any Funds held by l~nder. If under paragraph 18 hercot the Propcrty ~~ u~ld ~~r the Propcrty is othen~vice acquired by Lcndcr, I_enJer shall apply, no later than immediately prior to the tiale of thr Property or its acquisition hy l.ender, an}• I~undt helJ by~ Lender ~t the time of application as a creJit against the sumc secured by this !~1ortgage. 3. Applicntion of PaYments. Unless appl~cahle law p~c~viJes otherwi~e, all payments reccived by I.ender under the Note and paragraphs 1 and 2 hereof shall be applicJ h}~ Lender fir~t in payment ot am~~unts payable ~o Lender by Bormwer undcr paragraph 2 hercot, then to imcrett payablc on thc Nutc. Ihcn ~o thc principal of the Note, and thcn to interest and Pnncipal on any Futurc Advanccs. a. Charges; Lkns. Borrov-er shall pay ~II t~~rti. a~~ssmcnts and othcr chargcs. fine~ and im~x.tit~ons aunbu~ahle to the Propeny which may attain a priority over this Mortgage, and leasehold payments ar ground ren~s, if any, in the manncr provided under paragraph 2 hereof or, if not paid in such m•rnner, by Barrower making payment, when due. directly to the payee ther~eof. Borrower shall prompUy furnish to LenJer all not~ccs of amounts duc under this paragraph, and in the event Borrower shall make payment direi:tl~•, Borrow•er ~hall promptly furn~sh to I.ender receipis evidencmg such paymentc. Borrower shall prompUy Jischarge any lien ~~hich h:~s prionty c.ver thic Mor~gage: proviJed, that Borrower chall not be required to discharge any such lien so long as Borrower thall agree in writing to ~hc pa}~ment ot the obliga~ion secured b}• such lien in a manner aceeptable to Lender, or ~hall in gcxxl faith conte~t such lien by, or defenJ enforcement of such lien in. legal proceedings which operate to prevent ~he enfurcemen~ o( the I~en or torieiturc uf the Property or any part thereof. S. Hazard Insurance. Borrower shall I.eep thc impruvcmemc now cri~ting on c~rcaftcr crected on ~he Pruperry insured- against loss by fire, hazards included withio the term "e~tendeJ c~wer~ge", and such other hazards ac I.ender ma~• reyuire anJ in such amounts and for such pcriods as Lcnder may rcyuirc; pri.vided, that Lcn~icr ~hall not reyuirc that thc amaum of such coverage ecceed that amount of cmerage required to pay the wm~ ~erured hy this Mortgage. 'Ilx insurance carrier providing the insurance shall be chosen by Bor~ower subject to approval by Lender; provided, that such approval shall not be unreasonahly withheld. All premiums nn insurance ~licies shall he paid ~n the manner provided under paragraph 2 hereof or, if not paid in such manner, by Bcrrower making payment, when due, dircctly to the insurance carrier. All insurance policies anJ renewals lhereof shall he in form accrpt.ible to I.enJer and shall include a~tandard mortgage clause in favor of and in form ac~eptable ~a l.ender. Lender .hall h~~e the right t~~ hotd the policies and renevralc thereof, and Borrower shall promptly furnish to Lender all renewal no~icec rnd all receipts of paid premium.. In the event of locc, Borrower shall give prompt notice to the in~urance carnri ~nd Lender. I.enJrr may make proof of loss i( no! made pmmptl~~ by Borrower_ Unless 1_ender and Borrower otherv-i~c agrce in Hriting. imuranrc pnxccJc shall bc applied to re~t~~ratian or repair of the Propert~• JamageJ, prov~Jed such restoration or repair is econ~~micalh (casiblr and the security of th~s Mortgage ~c not thereby impa~red_ If such restorat~on or repair is rn~t rcun~~mi.ally (ra~ihle or ~t the secunty of this Mortgage would be impaired, the insurance pr~ceeds shall be applieJ t~ the wms secured b~~ thic Mortgage. wi~h the e!ccess, if any, paid Zo Borrower. If the Property is abandoned b~ Borrower. ~r il Borrowcr (a:ls U~ res~xmd to I.endcr within 3U dats from thc date notice is ma~led by Lender to Borrower that the ~nsurance carricr .~tfers ~o ~culc a claim for insurance benefits, Lender i~ :.Whoriud to collect ~nd apply the insuranc~ proceeds at 1_en~icr'i uphan e~ther te~ restorahon or repair ot the Propert~ or to the sums secured by this Mortgage. - Unless Lender and Borrower otherv-ise agree m wnting, •rn~• such application ~~f pr~~e:eeds to pnnapal ~h~ll not e~tend or postpone the due date of the monthly- installmcmt refcrrcd t~~ in paragraphti 1 and 2 hcrco( or change thc amount ot such installments. If under paragraph 18 hereof the Propert~• is acywred M~ I.ender, -rll right, tiQe and interest ot Borsower in and to any insurance policies and in and to the prcxeeds thereot re~ult~ng from dam:~ge to the Property prior to the sale or acymsition shall pass to Lender to thc extent ot the ~ums secured by th~s ~tortgagc immeJiatel~• prior t~• wch sale or acquisition. 6. Praenation and ~tainten~nce of Properl~; I.ezsehulds; ('ondominiumc; Planned l,rnit Ue~•elopmenls. Borrowcr shall keep the Property in good repair and shall not commit waste or pcrmit ~mpairmcnt or deterioration of the Propert~• and shall comply with thc provis~ons of any kase ~f th~~ M«~tgagc i~ un a Ic~schold. If th~~ ~lortgagc ic un a unit in :~ conJomin~um or a planncd unit Jrvclopmcnt, Borrov-•cr tihall Exrtorm all ~~f t3orrowcr's obligaUOns undcr thc dcclaraUon or covenants creat~ng or governing the condominii~m ur plenned umt developmcnt, the by~-laws and regulatio~. of the ;:ondominium or planned unit Jevelopment, and cons~i~uen~ documen~c. If a cundc~minium or planned unit Je.rli~~ment nJer is executed by Borrow•er and recorded together N i~h thi~ Mortgage, the covenants and agreement, ~.f wch nder shall be incorporated ~nto and shall amend and supplcment ~hc co~cnants and agreemcnts of ~h~ti Mortgagc ac ~t thc rid~r v-ere a part hereof. 7. Proleclion of I.ende~s Seeurity. If Borrower fa~k to ~x rf~~rm the covenantc and agreements cuntained m thic Mortgage, or if any action or proceed~ng ic commenceJ wh~rh m~t~riall}• aiTrcts Lender's interes~ in ~he PmExn~~. including, but not limited to, eminent domain, insol~~enr}•, cixle en(arrement, or airangements or proceedings m~ol~ing a bankrupt or decedent. ~hen Lender at I.ender's option, upc~n notice tc. Rormwer, ma}~ make auch ap{karance~. Juhurse such sums and Iake such ac~ion at is nece~tiar~• to protec~ Lender'c mterecl. ~ncludmg. but not limiled to, disbursemem ~~f reasonable attomey's fces and emry upim the Proper~}• to makc rrpairc. I( Lender reyuired mortgage in~ur~nce a+ a condiuon of making the loan secured b~• this Mortgage. R~~rrowrr shall pay ~he premiums req~nred tc. mainta~n ~uch insurance in eflect until sucn t~me as the reyuirement tor such msurance terminatrs ~n accordance w•~th Borrower's and an~K 346 Pact ~~1 F - _. Fu _ -~.-