The URL can be used to link to this page

Home My WebLink About0938 UNIFURM Co~E~~!v7s. HorroHe~ :tn~l LenJer ~ovtn~nt and agree as fd4~~s~ L1~~ l. Payn~ent of Pirinclpal and lnterrst. Borrowrr shall prumptl} pay whcn duc the prin~ipal of :~nd interest on ~he indebtedness ev~denced by the Note, prepayment anJ late charge. a~ pro~~ided in the Note, and the prinripal of and interest on any Future Advances sc;~ured b~• this Martg~gc 2. Funds far Tues and la4urauce. Subject tu applicable law or to a written Haive~ by 1_ender, Borrower shall pay to Lender on ihe day monthly instalimem~ of pnncipal a~d interrst ar~ pa}•able under the Note, untii the Note ?s paid in full, a sum (herein "Funds"? equal to onatN~elfth uf the yearly ta~~c an~ ~ssessments which ma~ attain priority ovrr thic Mortgage, anc~ ground rents un the Prupert~, if an~~, pluc one-tHetfth of ~earty premiuin installments for hatard ~nsi~ran.:e. ph~s one-twel(th af yearly premium inst:~llme~iis (or mortgage ~nsu:ance, if any, all as rcasonably estimated initiall~ anJ from time to time b~ Lender on thc hasi~ ol a.sessments and bills anJ rcationable esl~mates thereof. The Fun~~ sh~ll tx: held i~~ an imtiu~ti.,n the de~sit~ .,r :i~c.~ums uf which are in~ure.i or guar:+ntred b~ ~ Federa! or state agenc} 1 includ~ng Lender if LenJYr surh .iri instituti.~n ~ Lrnd~r ~hall .,ppl~ the Funds to pa~~ ~ai.l ta~es, assessment~, insuran~~ prrmiums and graund rents. Lender ma~ ni~t ~harge Iur hul.~ing an.1 appl~ing thc FtinJ,, anai}'zing said acrount. or verifying anJ compiling sai~i as;es~ments arn1 hillti, ur.ies~ Lcn.ler p~~~ Borr~~w~r interest un ~he Fun~is and appGcahte l~w permib I_ender t~ make such a charge Burruwer and Len~iri may agr~c in writing at th. t~m•_ of execution of thu titortgage that ~ntcre~t en th~ FunJ. shall be paiJ t~~ BurruHe~, and unlr.s such agre~ment ia maJe or ~p~lirablc la~+• reyuires such interest tc~ tx: pa~J, L~ndcr ihall not be reyuir~~9 n~ pa~ Rorrowcr an~ in~ereit or carn~ng, ~~n the F?ind~. l.ei;Je~ shail g?~~e to Borrower, withuut charge, an annua! a~cuunting uf the Fun~i~ ~h~~wing credits an~l ~ebit, to thr Fun~is an~! thr purpose fe~r which each deb;t tu the ~=unds Ha> m~dr. The I~und~ ~rc pfedged a~ a~ditional secunty for the sums ~ccurr~l by ihi. ~lortgagc. lf the amount of the Funds held bJ• Len~er, together Hith the futur~ monthly instatlmrots ut Fun.i~ ~~~~~~htc pnor tc~ the due dates o! taxca, asxssmrnt~, insurancc premiums and gruund rents, shall cxreed the amuun~ rcyuired ~o pa~ saiu ca~es, assessments, ~nsurance premium. and ground rent~ as thr~ fall due, such ~~crss ~hall b~, a! 13orroue~'~ ~puon, either prompd~• rcpaid to BorroHer ur credited to Barrower .m monthl~ insta~lni~nts of Fund. !f the am~unt of the Funds held b}• Lendrr sha!! not be suflicient to pay ta~es, asscssments, inwrancr premiums anc~ ground rents ~s the~ fall due, Borrower shall paq to Lender an} amount neces~ar~ tn makc up the ~cfici~nc~ w~ithin 30 d:~~~ froni the date notice i~ maileii by Lender to Borrower requesting payment thercof. Upon payment in full of all sums secured by this lllortg~gr. l.cndrr ,hal! prompth~ refund tu Borrotier am• Funds held by (,enJer. If unJer paragraph 18 hereof the Property ic suld or thc Proprrt} is otherwise arquir~d by Lendcr, L~nder shall apply, no later than immediatcly prior to the sale of thc Yropert~ or its acqu~sition b~• Lcnd~r, an}~ Fund, hel~ b~~ Lender at the time of application as a credit against thc sum~ secured by thi, iiortgage. 3. Application of Payments. Unless applicable law~ provides other~~isr. all payment~ reccived b~• 1_ender un~cr the Note and paragraphc 1 and 2 hereof shall be applied b}~ I.ender first in payment of amounts pay~ble tv l.~nder by Borrow~~r under paragraph 2 hereof, then to interest payable on thc Note. thcn to th~ principal of the hotc, and then tn int~rest and principal on any Future Advances. • 4. C6arges; LkRS. Borrower sh~ll pay all taxes, assessments and uther charges, finec and impositians aurihutahle to _ the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. directly to the j payee thereot. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph, and in the event i Borrower shall make payment direcdp. Borrow~er shall promptiy furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrow~er shall agree in writing to the payment of the obligation secored by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or dzfend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part theceof. I' S. Hazard Insurance. Borrower shall keep the improvcments noH existing or hereafter erected on the Property insured i against loss by fire, hazards included within the term "extended coverage", and such other hazards as Lender may require ~ and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of I such coverage exceed that amount of rnverage required to pay~ the sums secured by this Mortgage. I The insurance carrier providing the insurance shall be chosen by Borro~ver subject to approval by Lender, provided, i that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner I provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the ~ ~ insurance carrier. ~ All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renew~als thereof, E and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. In the event of loss, ~ Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made prompdy ~ b}• Borrower. f Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property damaged, provi~ed such restoration or repair is economically feasible and the security of this Mortgage is ~ not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would € be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid ~ to Borrower. If the Property is abandoned b} 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 offers to settte a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property ~ 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 installments referred to in paragraphs 1 and 2 hereof or change the amount of ~ such installments. If under paragraph 18 hereof the Property i~ acyuired b~~ Lender, all right, title and interest of Borrower in and to any insu~ancc policies and in and to the proceeds therec~f resulting from damage to the Property prior to the sale ~ or acquisition shall pass to Lender to the extent of the sums secured b~~ this Mortgage immediately prior to such sale or ~ acquisition. ~ 6. Presenalion and 1laiotenance of Propert}~; Leaseholds; Condominiums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property ~ and shall comply with the provisions of any lease if this Mortgage is an a leasehotd. If this Mortgage is on a unit in a ~ condominium or a lanned unit develo ment, Borrower shall P p perform all of Borrower's obligations under the declaration or covenants creating or governing the condominium or planned uni: developm2nt, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Borrouer and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the co~•enants and agreements of this Mortgage as if ihe rider f were a part hereof. 7. Protection of Lendtr's ~ecurity. If Borrow•er fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is cummenced which materially afTecis Lender's interest in the Property, including, but not limited to, eminent domain, insol~•ency, code enf~~rcement, or arrangements or proceedings involving a k bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, dishurse such sums and take such action as is nec$ssary to protect l.ender's interest, ~ncluding, but not limited to, disbursement of ~ reasonable attomey's fecs and entry upon the Property to make repairs. If I.ender required mortgage insurance as a ~ condition of making the loan secure~i b~~ this Mortgage. Borrow~er shall pay the premiums required to maintain such ins~rance in efiect until such time as the reyuirement for such ~nsurance terminates in accordance with Borrower s and ~ ~Q~'~ ~ _ - _ - - ,x.~ : ~ _w~=~ ~ ¢ ~