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Home My WebLink About0983 ~ ~ =~z~~:~ ~r~ ~ UNIFORl~ CpVlNAt~12'a, Borrc~wer aad Lende~ coveaant snd s=cee ~ toliows: l. t~e~t ot hMciM! aM l~teraf. Bormwer shall P~~P~Y p~r when du0 tbe principal ot and ioterat on tbe iadebced~u evideaced by ihe Nae, prepsyrtxat and late cha~es u provided in the Nae. and the principsl of aad interest on aay P~tur+e Advaoces secured by this Mortjue. Z. !a~ ter 77ncM ~i i~an~ee. ~bje~t to spplicabk law or to a writtea waiv~ by L~nder. Bon~o+vet shap pay to Lende~ on the day monthly instaliments of priocipal and interost ue payabk under the Note. until the Note is paid in fuU. s sum (horcin "Fuad~'7 equal to one-twelhh ot the yea~ly tazea and assaunenb which may attain ptio~tj? ov~ tha 1Nortta~e. and ~round r~tts on the Pruperty. if any. plus onatwelfth ot Yearh? Pcemium installmenb tor hwrd iaturanoe. , plus onatwelfth of yearlY Premium iastallments tor mort~a~ inwr,~nc~e. it aay. sli as rea:onably atimakd initidly aad froa~ time to time by I.eader on tl~e basis of assessments amd biila and rcuonabk estimata thareof. ` 'lbe Flu~ds shall be held in an institution ihe deposits or accounb of which are i~und or suaraateed by a Fedenl or ~ state ajancy (iaciudin` Lender if Lender is such an i~utitution). •Lender shall apply the Fuads to pay uid tues. as~essm~ts. insurance premiums aad ~round nats. Lender may not char~e for so holdin` and applyins the Fundt, analyzias said svoount, or verifyinj and cQmpiliaa aaid a:sessments and bilis.. unkss I.ender pays Borrower interat on tbe Funds ud applicabk law permits Lender to make such a charteer. Borrower and *.ender may aara in writin~ st the time of e~cecution ot tbb Mortp~e that interest on the Funds shall be paid to Borrower~ a~ ualas wch a~reemeat s made or applicabk la~v requira wch inlerest to be paid. Lender shall nof be required to pay Borrower any intsrat ot earaiap oa tix Fuads. I.enda sball give to Borrower, without charge..an annual acoountina of tbe Funds showina credib and debits to the Fuads ud the purpose for which each debit to the Fuads waa made. The Funds are pledscd as additioaal security for the ;ums secured - by this Mortp,e. If tbe amount ot the Fw~ds held by l.ender. together with the future awnthly installmeats of Funds payabk prior to the due data of ta~ces. ass~ssmeats; insurance premiums and ground rents, shall exoeed the amouat required to pay said taxa. asse~nents. i~uunnoe premiums and ground rents as they fall due. suc6 excess shall be. at Borrower's option. either pranptly repaid to Bormwer or credited to Borrower . on monthly installmenu of FuAds. If the amount of the Fund~ held by Lender slull aot be wt8cient to pay tues. aa~ssments. insurar~ce pnmiunu and ground nnts as they fall dua. Borrower sball pay to Lender any amount necesury to make up the deficiency within 30 days trom the date notioe ia mailed ~ by Lendec to Borrower requestiag payment thereof. Upon paya~ent in full of all sums xcured by this Mongage, l.ender ahall promptly refuad to Borrower any Fund~ held by I.eader. If uadar puajraph 18 hereof the Property is sold or the Propeny is othenvise acquired by L.ender. I.ender s6all apply. no later than immediately prior to the sak of the Propeny or its acquisition by Lender. any Funds held by - I.ender at the time of application u a credit against the sums secured by this Mortgage. 3. A~datlo~ ot p~r~eats. Unlas applicabk law provida otherwise, all paymenis roceived by Lender under the Note and paragraphs 1 uid 2 hereof shall be applied by Lc~der first in payment of amounts payable to Lender by Borrow~er under piragraph 2 heroof. t6en to interest payable on the Note, then to the principal of the Note. and then to interat and principal on any Future Adva~cxs. ' 1• Cb~r~e~ Lie~. Borrowe~ shall pay all taxes, assessments and othe~ charges. fines and impositions aitributabk to the Property which may attain a priority over this Mongage. and kasehold payments or gmuad rcnts, if any, ia the manner provided unde~ paragraph 2 hereof or: if not paid in such manner, by Borrower making payment, when due. directly to tbe paye~ thcreof. Borrower shall pranptly furnish to Lender all notices of amounts due uader this pananph. and in the eveat Borrower shall.make payment diroctly. Borrower shall promptly furnish to l.ender receipts evidencing such payments. Borrower shall pmmptly diacharge any lien which has priority over this Mortsage; provided. that Borrower shall not be required to discharge any sucli lien so leng as Borrower shall agree in writing to the payment of the obliEation socurcd by such liea in a maaner acoeptabk to L.ender, or shall in good faith contest such lien by, or defend enforcement of such lien iq legal proceedings which operata to preveat the enforcement of. the lien or forfeiture of the P~operty or any put theroof. s• Hszard Iswrance. Borrower shall koep the improvements now existing or hereafter erected oo the Property insured againat lou by ~oe. hazards included within the term "extended coverage". and such other hazacds as Lender may require and in such unounts and for auch periods as Lender may require: provided. that Lende~ shall rat require that the amount of such rnverage exoxd that amount of coverage requircd to pay the uims socurcd by this Mongage. T6e inwraaoe carrier providing tbe uuurance shall be chosen by Borrower subject to approval by Lender, provided, that wch approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner ' provided uader puagrap6 2 hereof or. if not paid in such manner. by Borrower making payment. when due. di~ectty to the ! insurance carrier. k All inwrance policies aad renewals thereof shall be in form acceptable to Ltnder and shall include a standard mortgage ~ clause in [avor of and in form acceptabls to Lender. Lender shall have the right to hold the policia and renewals theroof. ~ aad Borrower shall promptly fura~h to I.ender all ronewal notica and all receipts of paid premiums: In the event of Wss. Borrower shall give prompt aotice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Horrower. . Unlea~ Lender aad Borrower otherwise agree in writing. insurance proceeds shall be applied to restoration or npair of the Pmpetty damaged, pmvided such restontion or repair is economically feasibk and the security of this Mortgage is not thereby impaircd. If such rcstoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the in:urance proceeds shall be applied to the swns securcd by this Mortgage, with the excess. if any, paid to Borrower. If the Propeny is abandonod by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier often to settle a claim for insuranoe bene6b, I.tnder is autborized to colkct and appty the insurance proceeds at Le~der's option eitber to ratoration or repair of tbe Pmperty or to the sums.secured by this Mortgage. Unless Lender and Borrower otherwise agree in writing. any such application of proceeds to principa! shall not extend or postpone the due date of the monthly iauallments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragrap6 18 t~eroof the Property is acquired by Len3er, all right~ titk and intuest of Bonower in and to any inaurance policia and ia and to the procoeds thereof resulting from damage to t6e Property. prior to the sak or acquisition shall Qass to Lender ta the extent of the sums secured by this Mortgage immediately prior to such sak or acquisition. 6. Praervatlo~ add Mai~tenasce of Property; Leaseholdi; Condomldums; Manned Uait Devebpmeots. Borrower shall keep the Propeity in good repair and s6a11 nat commit wute or permit impairment or deterioration of the Property ~ and shall comply with the provisions 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 covenants creatina or governing the condominium or planned unit development, the by-laws and regulations of the ~ condominium or planned uait developraent, and constituent documents. If a condominium or plannod unit development E rider is exceuted by Borrower and recorded together with this Mortgage, the coveoants and agreements of such rider j shall be incorporated into and shatl amend and supplement the covenants and agreements of this Mortgage u if the rider ~ were a part hereof. . , ~ -7. Protectio~ of Lende~'s Sec~ If Borrower fails to perform the covenants and agresments~ contained in this Mortgage. or if any action or procetding is commenced which materially aHects Lender i interest in the Property. including, but not limited to. eminent domain, insolvency. code enforcemenl, or arrangements or proceedings involving a bankrupt or decedent, then L.ender at L.eoder's option~ upon notice to Borrower. may make such appearanca. disburx such sums and take wch action u is neceuuy to protect Lender's interest, including. but aot •limited to. disburKment ot ~ reasonsble attorney's [oa and eotry upon the Property to make repairs. If Lender requircd mortgage insurance as a ~ condition of making the loan secured by this Mortgage, Borrower shall pay the premiums rcquired to maintain wch insuranoe in eHcet until such tiux u ~he requirement for such inwrance terminata in acoordance with Borrower's and ~ . AQ~ ~ . PJ~F ~~v ~ _