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Home My WebLink About2603c~ ~ ' ~ ~ ~ ~ ~ ~- ~.~ - _ . UNIF~M~/ CbvkN~HTS. &urawer ~nd I.endrr c~~venanl :m~l a}~~cc a~ (ullows 1. raya~ept ot Pripci'N ~ad laleresl. Hutr~~wnr ,n:+il ~nm~ptl~ p~y v-hcn duc Ihc principal ul sud inlerest on Ihe indebtedness evidenced by the Notc, p-epaymen~ and latc cha~gc~ ~. ~mvidcd ~n ~he Notr. and the principal at and interett on anp Future Advances secured by ~h~c Murlg~ge 2. Fbsds /o~ Tua aad I~unace. Subjecl lo applir.~hlc I~w ~~r ~o a wrillen warver by I.endet, Borrowet ~hal) pay to I.ende~ on ~he Jay monthly in~tallmemc ot principal asiJ ~na•re.~ .~rc rayablc under thc No1e, until Ihe Note ~s paid in (ull. a tum (herein "F;::cls") rqual to c~ne-twelf~h o( ~hc ycarh ~a~r. an~l a«rs,mcm~ v-hich may attain pri~~rily aver thn Mortgsge, and 6round reot: on the Proper~y, it a~y. ~lu~ ~+ne-~wrll~h ~-t ycarly premium inslallments tor hazard incurance. plus one-twel(th of yearly premium instailmemc (or m~~r~gagc unurancr. ~t any, all a~ rcAS~~nablY C~timated initially :~nd trom time to time by I.endc~ on thc basi~ c~t a~+c~.n~rmt ,-nd ~~!!~ a~~d re.~~~mahlr ec~imalcc thereat. 'il~e Funds shal) 6e held io an in~~~~uti~m ~Fn de~~.~~. ~~~ .~rcaun~~ ut which are insurecl ot ~uarantcal by a Fcderal or stale agency (irnluding l.ender ~f l.cndrr ~~ ~uch an in~~itutii~nl. 1 ender ~haU apply Ihe Fund~ lu pay .a~d taAes. assessmcnts, insuran~:e ptemiums end gmund renls 1 cnder n~ay n~H rhargc lor t~. hi~ld~ng and applying thc i•lmd~ analyting ~aid ac~:~~~nt. or verifying and compiling saiJ assc«mcnt. .uid bill., unks~ I cndcr pa~+ Norn~wer intcrctt ~.n the F=tu~dt anJ applicahle law permits Lender to make such a charge B~~nuwe~ and IAnder may agre: in writing at Ihe time ul execuliun uf this M~~*osae that iMere;t on Ihe FunJs shall hc pa~d t~i Harruwr~, and unless wch agrccmcm i~ -n:~dc or appl~rahlc law rcquires such interest to be paid, I.ender shall n~~t Fx reyuireJ t~~ {+:~y B~~-row•cr :iny imcrest ~~r carninE+ ~m thc Funds. I.endcr shall 6ive to Barrower, without charge, an annu~l accuuming ~~t the l~undt ~h~~wing credils and debit~ t~~ ~he f und• anJ the purpose for which tach debit to the I~unds wa~ maJe. "Il~t Fur.d~ are pledgrd a~ addi~i~~nal ~ecuri~y fnr the aums ~ecured by this Mortgage. it the amoum of the Funds held by 1_enJcr, N-gclher ~ith thc fulure monlhly inctallmenlt ot i=imd~ pay:+blc prior to the due data of ta~es, assessments, msurance ptemwm~ and ground renh, tihall exceed Ihe amount reyuired ~o pay ~aid taxes, assessments, insurance premiums and ground rents as ~hcy tall due. ~uch etceti~ tihall be, at tiorrow•er'~ ~~p~u~n, eilher proropUy rcpaid to Borrowei ar credued tu Rorrower un mon~hly im~allmen~c ot f~unds. If the amuunt c~t the I•unds held by Lender shall not be sufficient to pay taxrs, assettments, imutance premium~ and gro~mJ reMc as they fall due, Borrower shall pay to l.ender any amount necessa~y to n~ake up ~he deficiency within 30 da~ti trom Ihe date n~Nice is mailed by Lender to Borrower requesting paymcnt thercot. Upon paymcnt in full ot all sums scrurcd by th~s Mortgagc, Lcndcr shall promptly re(und ~o Borr~-wcr any f~unds held by Lender. It under paragraph IR hereaf ~he Propeny i, sold ~~r thc Propcrty~ is othenvi~c acquircd by I.ender, I.ender shall apply. no later than immedia~rly prior lo the ~ale i~( the Yroperty or its acquisition hy I.endcr, any Funda helJ by Lender at ~he time of appliralion as a credit against the sum~ secured hy ~his rle~rtgage. 3. Applicstiun of Payments. l)nlecs apphcable law praviJes olherweu, all payments rcceived by I.ender unJer ~he Note and paragraphs I and 2 herc~~t shall-bc appficd hy I cndcr fir~l in pa~ment ~+( am~~~ints pay.~~+lc to Lender by Bormv-~er under pazagraph 2 herrof, then to intrrest payablc ~m thc No1c, thcn to thc principa) o( thc Note, and Ihen to intcrest and principal on any Futurc Advances. ~. Char~es; L1ent. Borrower thall pay all taKrc, a~ses~rnents and other charges. finea and impc.sitions aUnbwahle to the Properiy which may attain a priority ~ver ~his 111~,rtgage, and lea.seho::; y.a~~~~~is or ground rents, i[ any. in the manner pruvided under paragraph 2 hcreot or. ~f nut paid i~~ ~uch manncr, by Borrower making paymenl, when due, directly to the payee thereof. • Borrower shall promptly furn~sh t~~ I.ender all nMices o( amounts duc under this paragraph, and in the event Horrower shall make payment di~ectly. R~rrowcr shail promplly (urnish to LenJer rcceipts evid~ncing such payments. Borrower shall promptly discharge any lien wh~ch has pnority over this Mortgage: provickd, that Borrower shall not be rcquircd to dischargt any such lien so long rs Bc~rrower shall agree in wri~ing to the payment ot tht obligalion secured by such lien in ~ manner acreptable to I.ender, ~-~ shall in gaxi (aith cu~ite.i wch lien by, or defend enfarcement of such lien :~, legal procecef~ngs which operate to prevent the cn(orcemem o( ~fie lien or (orfeiture o( the Property or any part thereof. S. Hmrd i~aranee. Borrower shall keep the ~mprc~vement. nc.W etiicting or hereatter erected on the Propeny insured against loss by fire, hazards included withm the term "rvended coverage". and such nther hazardc as I.ender may reyuire and in such ama~nts and for stxh period~ at Lender may rcywrc: provided. that Lcnder shall not reyuire that the amount of such coverage exceed that amount of crnerage required to pay~ rhe cums ucured ~by this Morlgage. 'Il~e insurance carrier providing the insurance shall be chosen hy Borruwer subject to approval by 1_ender: provided. tbat such approval shall not be unreawnahl}~ withheld. All premium~ on insurance policies shall t-e paid ~n the manner provided under paragraph 2 herc~f or, i( rwt paid in cuch manncr, h}• BorroKer making payment, when dut, dircctty to the insunnce carrier. All insurancc pulicies and renewals there~~i sh~ll he in form :~c~ep~.~61c to Lender aod shall include a ctandard mortgage elause in favor of and in form acceplabk ~~~ I.ender_ Lrnder ~hall ha~e the right to hold the ~licies anJ renew-als thereof. and Borrower shall prompdy furoish to 1_ender all renewal notices and all receipts of paid premiums. In the event of Icxs. Borcower shall g~ve prompt notice ro the imurance rarnrr and I.enJer. Lender may make prcMf ot loss if not made promPtly by Borrower. Unless Lendcr and Borru~•cr ..th~rN~~r agrec ~n ..n1~ng, imurance pnxecJ~ shall bc applied to restoration or repair of the Propeny damaged, pr.~veded surh rc~torau~m ~~r re~air is ec~~m~mically feasible and the ucunty of thds ~lortgage ~~ not thereby impaircd. It surh reatoratu~n or rcpa~r is nnt rc~~ni~micall~~ frasihle or if Ihe security of this Mortgage wnuld be impaired. the insurance proceeJs shall be applied to the sums secureJ by thit Mortgage. with Ihe eac~ss, if any, paid to Borrower. If the Propertc iti ahand~neci hy Iiormwer, or it Borrower (ails to res{xmd tc- I.ender within 30 days (rom the date notice is maded b}~ Lender ~o Bormwer thal ~he insurance carner ~~ITer~ to sc~tle a claim for insurance benefits, 1_ender is autfxx~zed to collect and apply the insurance proceeds at LenJer's uptwn either to restoration or repair of the Pr~pert~• or to thc sum~ securod by this Mortgagc. Unless l.ender and Borrower otherv-i~e agree in ~cnting, an~ si~ch appliration of prcr~etds lo ~+r~ncipal shall nM ertend or pculpone the due date of Ihe me-nthl}~ installment~ referred t~• m paragraphc 1 and 2 hereof or change tht amount of such install~ents. lf under paragraph i 8 hereof thc Propert}• :s acyuired hy I.cnder, all right, tiNe 4nd interest of Bor~~wer in and to any insurance policies and in and t~ the pnxeeds thereo( resulung trom damage to the Property prior to th~ sale or acquisition shall pass to Lender to the ertem of thc sums ~ccured by this Mortgage immediately prior to such sale or acguisition. 6. Preservatioo aad :Naintenance ot Property; l.easehulds; ('ondominiums; Planned Unit Devebpments. Bcirrow•cr ahall keep the Ptoperty in goc~a repair and shall not comroit waste or permit impairment or deterioration of the Property aod shall comply with the provisions of any lease ~t this Mur~gage i~ un a Ieaseh~~ld. It this Mortgage is on a unit in a condominium or a planned unit ckvelopment, Borrower ~hall ~rtixm all of Borrower's'obligations under the declaratiun or coveoants creating ot govermng the cond~~minium or planned umt develupment, Ihe by-laws and regulation~ of the condominwm or planned unit development, and constituent J~umentti I( a conJominium or planned unrt devel~pment ruier ~s extcuted by [iorrower and rerorded rogcther v-~~h thic Mortgage, the covenants and agreements of ,+uh n~ter shall be incorporated ~nto and sh~ll amcnd anJ wpplcment the covcnams and agreements of this Mortgage as if tht rider were a part hereot. ~. Protectio~ ot Leode~'s 5ecurfty. If Borrow•er (aits t~. per(orm the covenants and agreements cuntained in this Mortgage, or if any act~on or proceedmg is commenced which materially atiects Lender's interest in t~ Pruperty. ineluding, but not lim~ted to. eminent domain. incc~lvency, c~x1e enfi,rcement, ~~r arrangements or proceedings ~nvolving a banlcrupt or decedenl, then l.ender at LenJer's op~~on, upon notice lo Bi~rrower, may make such appearances. Jishurse su~h swns and take ~uch action as ~s necessary W prolect Ixnder's interest, iqcludinR, but not limited to, Jisbursement of reasonable attorney's tees and emry upc~n the Properry to make repair~. I(" LenJrr reybireJ mortgage insurance as a condiUOn of mak~ng the loan secured .by ~his Mortgage, Borrower shall pay ~he premiums requ~red to maintam wch inwrance in eBut until such t~me ~s the reyuiremem for such ~nsurance terminate~ m accordanc~ with Bormwrr s and ~.~~~K 349 e~~;E~602~ ~