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Home My WebLink About2760 UNIFORAt COVF.NANTS. BOffON'e~ af1(I I.CI1~IC~ C(~vcnam ;~nJ ag«~c as foll.~w•s: et { ~ 1 1. Payment of P~incipal nud late~est. liurrowcr sh~ll p~umpUy pay when Jin; thc principal of and intcrest un the indebtedncss eviJerncd by thc Nolc, prepaymrnt and late charg~s ac proviJcd in thc Nate, and thc principal of and inlerest on a~y Futu~e Adva~ccc sccurecl by Itiis Mottgagc. 2. Fuads tor Taxp and losuraece. Subject to applirable law .~r ta a written waiver by I.ender, Horrowe~ shall pay to I.c~dcr an thc day mon~hly inctallmcros of principal and intcrr.t are payable undc~ thc Note, until ihe Notc is paid i~ [ull. a sum (hercin "FunJs"- rqual to une-twelfth ot the ycarly ta~ec and assessments which may attain priority over this Mortgage, a~d g~ound rents an the Pn>peny, if any, plus one-tv-•cl(th of ~~ca~ly prcmium installments fo~ hazard insura~ce, plus onc-tw•cllth of yearly premium i~stallmenls for mortgage insurancc, if any, all as rcasonably eslimatcJ inilially and trom time to time by l.ender on the basis of asses~mrnts anJ bills and reazanable eslimates thereof. The Funds shall be held in an institu~ion the deposits or accounts o( which are insureei ar guaranteeJ b~~ a Federal or state agency 1 including Lender if Lender is such an i~stitution 1. I.cnder shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. l.ender ma~• n~~t rharge lor ~o holding and applying the Funds, analyzing saiJ account, or verif)•ing and compiling said assessments and bills, unless Lcndcr pays Borrawcr interest on the FunJs and applicable law permits I_ender to make such a charge. Bormwer anJ Lcndcr n~ay agrrc in writing at thc time at exccution ot this Mortgage th•rt interest un the Funds shall be paid to Borruwer, and unleas such agreement is made or applicahle law requires such interest to be paid. Lcnder shal) not hc rryuircd ta ~~~ Borrower am• interest or earninFs on the Funds. Lender shall give to Barrower, without charge, an annual acc.+unting of ~hc Funds shuN•ing creclits and debits ta the Funds a~d ihe purpose fur which each debi~ to the Funds w•as ma~r_ The f=unds are plydgrd as additional se~:uriry for the sums secured by thia 111ortgage. 1[ the amoum of thc Funds held by t_enJcr, tugether Hith the futurc mon~hly in~tallments of Funds payablc priar to thc due dates of t:~xes, assessments, insurance prciniums and gro~ind rents, shall excerd the amount reyuircd to {~:~y said taxes, assessments, insurance premi~~ms and ground rents ac thr~• iall due, such excess +hall be, al B~~rrov-•er's ~ption, eitfier prompdy rcpaid to Borrower or crcditeci t~ B~~rrower un munlhly installmcros of Fund~. If thc amount of thc Funds held by l_~nder shall not be sufl~icient to pay ~a~es, assessments, in+urance premium~ and ground rents as ~hey (all due, Borrower shall pay to Lendcr any amount necessarr to makc up ~hc dcficicncy within 30 da}s trom thc date noticc is mailed by lcnder to Borrow•er rcyuesling pa~~ment thereol. Upon payment in full of all sums securcd by thi~ Mortg•rge, Lender shall promptly ref~mJ to BorroW~er any Funds held by t.cnder. 1f under paragraph 18 herco( thc Proprrt~• it sold ~~r the Propcrty is otherw•itie acquired by l.cnder, Lender shall •rpply, no latcr th;~n immediatcly prior to thc ~alc of thc Propcrty or its acyuisition hy Lcndcr, any Funds hclJ by LenJcr at thc timc ~~t application as a crcdit against thc sum~ sccurcd hy thi~ blortgagc. 3. Applicalion of Payments. Unlecs applicable lav-• pmvidcs othcrwisc, all payments rercived by I.cndcr unilcr the Note and paragraph~ 1 and 2. hereo( shall b~: applird bp 1_enJer firct in p~~•ment of amounts payablc to Lender by BorroHer under paragraph 2 hercof, then tu interest pa~•ablc on the Nute, thrn tu the principal of the Notc, and then to interest :~nd principal on any Futurc Advanccs. 4. CharRes; Lkns. Borrov-~cr shall pay all I:1XCC~ :+~w;~~mcnts anJ o~her charges, fine~ an~ im~xailiuns auributable to the Property which may attain a priority over this hlortgagc, and IeascholJ paymcnts ar ground renls, if any, in thc manner provided under paragr:~ph 2 hereof ar. if not paid in such manner, h~• Borrow•er making payment, tihen duc. direcUy to the pa}•ee thcreof. Borrow•er shall prompdy furnish to Lender all noticcs of amounts duc under this paragraph, and in the event Borro~ver shall m~ke pa~•ment dir~~cth•, Borrowcr shall promptly furnish to Lendrr rerri~u et•idencing such pa~•menty. l3orrow•er shall promp~l~• Jischargc any licn Nhich has priority u.•cr ~hi~ Murtgage; p~ovi.icJ, tha~ Bormwcr shall not bc rcquired to dischargc any such lirn tio long :~s Borrower shall agree in wriUng to Ihe pa~~ment ~~f thr obligatiun securcd by such lien in a manner acceptablr ~o Lender, ur shall in good faith contr~t such lien by, or defenJ enforcement of such lien in, legal proce~:dingc which oper:~te to prevent thc enforcement of the licn or [or(eiturr uf the Property nr am• part thereof_ 5. Hazard Insurance. Bvrrow~er shall kecp thc impro~rmrnt+ no-~ c~ititing ur her~af~cr crected on the Pm~xrty incured against loss h}~ fir~, hazards inrlu:led withm the term "~~tcndrd coecrag~"_ and ,urh other ha-tards ac I.endcr ma}• reyi~ire and in such amounts anJ for surh ~xrioclc ati 1_cnder ma~~ rcyuirr; pru~idc~l, that Lcn~lcr ~hall not rcyuirc that thc rmount of such co~•cragr crcecd that :.mount c-f co~cragc rcyuirrJ tr pa~ ~hr ~um, ,rcurcd h~• thi~ ~torlgag~. The insurancc carricr providin~ thc insurancc shall hc ch~s~n b~• Borruwcr subjcct ro appro~~al b~~ 1_cndcr, provided, that such appra~~al `hall nut bc ~mrcaLOnahly withh~~d. rVl prcmium~ un in~urancc ~licics ~hall tk paid m thc manner provided unJer p:~ragraph 2 hereof or. if n~t paid in such manner, M~ BurroHer making payment, when due, directl~• to the insurance carrier_ All insurancc policics and rencHals thcrcuf ehall tx in forni arccpr.~blr to Lcn~lcr ~nd shall includc a~tanJard mor~gagc cla~se in fav~.r of and in form acceptahle tu (xnd~r. Lend~r ,hall ha~e thr right ti- hold the polirics and rencw~als thercof. and Borrow~er sh:ill promptl~• [urnish to I_ender all r~n~wal noticec and •rll receipts of paid premium,. In the e~•ent af loss, Borrower .hall gi~~e prompt notirc to ~he in~uran~c carri.:r :,nd I.ender. Lendrr ma~~ make pruul c~f loss i( not made pr.~mpd}~ by Borrower. Unless LcnJcr and Borruwcr oth~nsi~c agrcc in wnting. incurancc pnxccJs shall bc applicd to rettoration or repair of the Propert)• Jamaged, provi~ed such re,toratiun or repa~r u economicall}' feasible and the tiecurity of this Mortgage is not thereb~• impaired. If such restoration or repa~r is n~~t ~run~~mirall}~ fcatiihle or if the security of this ~lortga~e w•ould be impaired. the insurance pr~x;eeJs shall be applicd t~• the sums sec~aeJ b~• this Mortgage. w•ith the exeess.- if an~•, pa~d to Borrowcr. If thc Propert~ is aband~•neJ h~~ Borrawrr, or it Borrowcr (ails to res~nd to Lender within 3U daps from thc Jate notice is maileJ by 1_ender to Borrow~er that (}ie insurance carrier otTen to settle a claim for insurance henefits, Lender is authorized to collect anJ appl~ the in+urancc proceeJs at I.ender's optiun either W restoration or repair of the Property or to thc sum~ sccurc~i b}• this ~fortgagc. Unless Lender and Bormw•er othen~iux abree in writing, any~ such ap~tication uf pracceds to principal shall not extend or pustpone ~hc Jac date of thc munthh~ inti~allments rcfcrred t~~ in paragraph~ I anJ 2 hercuf or change Ihe amount of such installments. If under paragraph l8 hereof the Properl~~ is acyuired h~ Lender, all right, tiNe and interest of Borrow•er in and to am insur~nre policies and in and to the proceeds thereof re~ult~ng from damagc to ~he Property prior to the sale or acyu~~ition sh.~ll pass ro Lender to the e~tent of the ~um~ secured b~• thi~ ~fortgag~ immediately prior to such sale or acquisition. 6. Presenation and ltaintenance of Propert~; I.easeholds; Condominiums; Planned Unit De~•elopments. Borrowcr shall krep the Properry in good repair and shall not commit waste or permit impairment or deterioration of the Pro{+er~y and shall compl~~ with the provisions o[ any lease i( ~his ~1ortgage i~ un a Icasehuld. If this Mortgage is on a unit in a condominium or a planncd unit Jcvclopmrnt. Borrow•er ~hall perform all uf Borrower's obl~gations under the declaration or covenants creaUng or g~~vcrning thc a~nJ~~minium or planncd unit dcvclupmcnt, thc by-laws and regulatione of the con.lominium or planned unit Je~•elopment, :ind constituent documents. If •r rondominiom or pl~nned unit Jevel~~pment nder is executed b}• Botrow~cr :+nd rerorded together w~th this Mortgage, ~he covenants and agreementx u( such ni!er shall be incorEx~rated into and shall sm~nd and tupplement the cm•enanls and :+grcements of th~s Morlgage as if the riJcr ~rrc a part hercof. 7. Proteclion of Lender's Security. lf Bc~rrc.wer fail~ to ~xr~rrm the coven•rnts and agreements contained in this lturtgag~, or if any actian or procceding i~ c~~mmcnceJ which materially afic~ts LenJer's interest in the Propertp, includ~ng. but nc~t hmi~cd to. cmincnt domain_ im~~h•cnc~~, ccxlc cnfi~rrcmcnt, or arrangcmcnts or procecdings im~ol~~ing a bankrupt or derrdent. Ihen 1_ender at I_enJer's option, upon notice to Borrow~cr. m-r}• make such appearances. dishursr Sizch sums anJ ~akc such action a~ is neces~ary t~. pro~eet Lender's m~erest. incluJing, but not limited to, d~sburcement i,f rcasonaMc atiomc}~'t tces and emry upon thc Propcrty to m~kc rcpair~. I( Lcndcr requircd mor~gagc in~urance as •r condm~~n of making thc laan secure.l by this Atnrtgagc. B~~rmwcr shall pay thc prcmiums rcquircJ to ma:ntain such insurance in etTecl until such time as.the reyuirement fur wch insurance terminates in accordance K~th Borr~~wer's anJ Bn~iK348 P~r,E2~~J~ F~-t'~c^~~ ' ~U~•JJO P~Gt ~',•3 ~~ ~~..~~, _~ n~;:. _,.,.~.... . . . .. ~ ~~'3~