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Home My WebLink About0951 - F~31~:~ ~ ~ . UNI~ORM COVHNAN7s. Born~wer aad l.e~dw ooveaanc and ajra as tollow:: - l. l~weN oE lri~elMl s~d INs~st. Borrowu ~all promM~Y PsY When due the priacipal ot and inlstat on tha iadeMednea evideaced by ~he Nae~ p~epayment sad late char~es u provided in the Not0. and tha ptincipal of and iaterest on aap Futuro Adv~oces socured by tha Mort~a~e. 3. 1Mi !or'llis~s s~i U~ee. Subject to applicabk Isw or to a writtea waiver by l.ender. 8orto*?er shap PaY to Lender on the day monthly instdiments of principsl and interest ate payabb under the Note, until the Nota is p~id in [uli. a sum (I~w+ein "Fbnd~") equa! to one-twelhh of the yea~ty taxes and assauneots which may , attai~ priority over tha Mortja~e. and iround reeb oa the Property. if ~ny. plus onaiwelfth of yeariy premium iratsllmeab fo~ hazard insuranoe. plus a~-twelfth of yearly premium iastallaieats to~ mortgsge inwnnce. if any. all as rea:onably estimatad initially and from time to time by Leuder oa the basis of asse:unents and bil~ and rw:onabk aNrtuta theroof. , 'I1~e F~nds ahdl be held in an institutioe the deposits o~ accouou of wbich are insund or ~uaranteed by a Federal or state a~ency (Iocluding I.eader if Lende~ is auch an institution). ~Lender shalf apply the Pu~s to pay said taxes. auasmeats. insurance premiums aad grouad rents. I.ende~ may not ch~r~e tor so holdina ana .~py~~~ the Funds. analyzins said acoount, or verifyin= aacl compilin` uid asseumenb and bilis. unleas l.eader pays Bonower interost on tba Funds aad applicabk law permits Lende~ to maka such a chuje. Borrower and :.ender may agra in writinj at the time of execution of tbit Mortgase that iaterat on the fi~nd: slwli be paid to Borrowe~. and unlas wch sareement is made or appiicabk ia~? rcquira wch interest to be paid. Lender shall not be requirod to pay Borrower any interat or earaia~ oa tbe Fuads. Leade~ shall pve to Borrower, witbout chuge. an annual acoounting of tbe Funds showing credib and debits to the Funds sad tbe purpose for which ach debit to the Fuads wa: made. The Funds arc pledgod as additioaal ~curity for the sums sxurcd ~ by this Mort~a,e. If t6e aanount of ttie Funds held by I.eader. together with the future monthly installmeats of Fuads payabk prior W the dne data of taxes~ ssses~mwts, inswaace prcmiums and g~ound rents. shall excoed the amount roquirod io pay said uxa. ssse~ments. iasurance premium: aad ground rents as they fall due. such exceu shall be. at Bonower's option, tither proanptly rcpa~d to Borrower or creditod to Bomower on monthty inscallmen~ of Fuads. lf tbe amount of the Funds hdd by Leader shall nM be aulRciant to pay taxa, asseuments. insurance premiums and gmund rents si they fall due. Borro~ver shal! pay W Lender a~y amount neassary to make up the deficiency within 30 days from the d~te notioe is mailed by I.ender W Borrower re9~n8 P~yment thereof. . • Upon paymeat ia full of all twns socurcd by this Mongage, l.ender shall promptly refund to Bormwer any Fand~ held by Lender. If under pusgraph 18 hercof the Property is spld or the Pmperty is otherwise acquired by I.ender. [.ender s6a11 apply, no later than immediately prior to the sale oi the ~ Property or its acqaisition by i.ender. any Funds held by I.ender at the time of applicatioa as a credit against the sums secured by this Mortpge. 3. A~licatio~ ot Psynewb. Unlas applicabk law provida otherwise, all payments received by Lender under the Notaaad paragraph~ 1 and 2 henof shall be ~pplied by I.ender first in payment of amounts payabk to Lender by Borrower uader puagraph 2 hereof, then to interest payabk on the Note, then to the principal of the Note. and then to interest aad ~ principd on any Future Advancxs. ' I. C~ Lier. Borrower shall Qay all taxes, asxssments and other charges, fines and~ impositions attributabk to the Property which may attain a prioriry over this Mortgage, and lezsehold paya~eats or gt~ound rents. if any. in the ananner provided uader paratraph 2 hereof or. if not paid in such manner. by Borrower makiag payment, when due, dira:tly to tbe payee theroof. Bormwu slwll p[omptly fumish to L.ender all notices of amouats due under this pangraph. and iuu ihe evwt Borrower shall make payment directly. Borrower shall promptly furnish to Lender rcoeipts ev~denciog wch paymenu. Bonower shall promptly discharge any lien which hai priority over ~his Mortgage: provided, that Borroarer ahall not be ~+equired to discbarge any such lien so long as Borrower shall agree in writing ro the payanent of the obligation secured by such liea ia a manaer aaxptable to Lender, or shall in good faith coniest such lien by, or defend enforcement of such lien in, legal proceedings whieh operate to pnvent the enforcement of the lien or forteiture of the Property or any part thereof. . S. Haz~rd I~wnrce. Borrower shall koep the improvements now existing or hereafter erected oa the Propeny insured against loss by 5re, hazards included within the term "extended coverage". and such other hazards as Lendcr may require and in wch amounts aad for wch periods u Lender may requic~e; provided. that Lender shall not requirc that the unount of such covenge exceed that amount of coverage requirod to pay the sums secured by this Mortgage. 'Iba iosuranoe carrier providing tbe insurance shall be chosen by Borrower subjoct to approval by Lender. providtd, that such spproval shall not be uareasonaWy withheld. All prcmiums on insurance policia shall be paid in the manner providod under pangraph 2 hereof or. if not paid in such manner, by Bonower makin~ Qaymeat. when due, directly to lhe iasurattce curier. - . AU insurance policies and renewals thereof shall be in form accep~abk to Lende~ and shall include a standard mortgage i clause in favor of and in form uceptable to Lender. Lender shall have the right to hold the policia and rcnewals thereof. ~ and Borrower shall prompUy fura~h to Lender all renewal notices and all rcceipts of paid premiums. In the event of 1oss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make. proof of loas if not made promptly E by Borrower. E Unless Lender aad Borrower otherwise agroe in writing. insurance procoeds ahall be applied to ratoration or repair of ~ the Property damaged, pmvidod such rcstontion o~ repair is economically feasible and the security of ~ this Mortgage is aot thereby impaired. If such restoration or repair is not economKally feuibk or if the security of this Mort~age would t be impaired, the insurance proceeds shall be applied to the sums secured by ttiis Mortgage, with the eaccess. if any. paid to Borrower. If the Propecty is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date noticx is mailed by Lender to Borrower that the insurance carrier oHen to settle a claim for inwraace benebts. 1-ender is authoriied to colkct and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or to the swns secured by this Mo~. ~ E` Ualas Lender and Borrower otherwise agree in writing. any such application of proceeds to principal shall not extend ~ or postpone the due date of ihe monthly installments referrcd to in paragraphs 1 and 2 hereof or change the amount of such installmenta. If under paragraph 18 bereof the Property is acquired by Lender, all right. titk and interat of Borrower ~ in and to any insurance policia aad in and to the proceeds theroof resultiog from damage to the Property prior W the sak ~ or aoquisition shall pus to Leader to the exteat of the sums securai by this Mortgage immcdiately prior to sucb sak or t acquisition. f 6. ?retervatbo aoa Maiotenance of Propedy; Leasehddi; Condomiaua~ PI*aued Udt DeveloMoe~ts. Borrower ; shall keep the Property ia goad repair and shall aot commit waste or. permit impairment or deterioration of the Property ~ ~ and shall comply with the ptovisioas of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development. Borrower shall perform all of Borrower s obligations under the declaration ~ or coveaants creatia~ or governing the condominium or planned unit developmeat, the bylaws and ngulations of ihe ~ ominium or planued unit development. and constituent documents. If a condominium or plannod unit development ~ ider is exauted by Bonower and recorded together with this Mortgage.. the covenants and agrceroents of such rider shall be incorporated into and shall aaiend and supplement the covenants and agreemeata of this Mottgage u if the rider ~ were a put hereof. ~ 7, Protectlo~ ot Le~der's Secwily. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects [.ender's interest in tha Property. including, but not limited to, eminent domain. insolvency. code enforcement, or arrangements or proceedings involving a baakrupt or decedent, ~hen Lender at Lender's option, upon notice to Borrower. may make such appearances. disburse such sums and take such action u is neceuary to protcct Lender s interest. including, but not limited to, disbursement of reasonable attoraey's tees and entry upon the Property to make repairs. If Lender requircd mortgage insurance ss a ~ condi?ion ot making the loan secured by this Mortgage. Borrower shall pay the premiums required to maintain wch ` insuran~x in elfect until wch time u the rcquirement for such inwrance terminates in aceotdanoe with Borrnwer's aad ~ ~f. ~ ~ ' ~ BOOK P~E a7cjv ~ G ~ ~~'2 _ . . ' _ -y__"_. _