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Home My WebLink About0936 ~j~y#i W~ UNiF~ORl~1 CbvBNMri'S. Hat~o~rer aad Lender covenant aad agh! l~follows: 1. P,ys~t ~t Pei~cip~l a~d Is~~trst. Bocmvrer shall promptly psy Mhen due the Qriacipal and interest in- debtedness eridenced by the Note snd Iste charges ss provided ia the Note. i~~ he ~~s ari Lwea~a. Subject to applicible !sw or a writtea waiver by Lender. Borrower shall pay to Leade~ oa the day montht~r pa~nents of principa! and interest are payabk under the Note. unNl the Note is paid in full. - a suun (haein "~ads") equal to oaatvrelR6 of the y~euly taxes and sssessmeats (including oondoniiaium sad planaad unit dtvelopsuent sssessmeats. if sn~r) whieh may attsin ptiaity o~er this Mortgsge and gcound rents on the Pcoperty. if any. plus oae-twxlRh of ~readr ~mmium installmeats for hazard insuraace. plus oae-twelRh of yeuly premium in- _ stalimeats foc moctgage insurance. if an~, all as reasonably atimatcd initially ud from time to tune by Leader on the ; basis of assasments snd bills and ceasonsbk estimates thcreof. 8orrovrer shall not be obligatod to make such ~layments ~ of Fuads to Lender to the ertent that 8osro~w~er makes such payments to th~ holder of a prioc mortgage or deed of ttust if = such hoWer is aa iastitutional lender. If Borro+ver pays Fuods to Lender. the Fuads shall be beld in aa institution the deposits or accounts of which are in- sured or guuaateed by a Federal or state agency (including Lender if Lender is such an institution). Lender shall apply ~ the Funds to psy said tazes. sssessments, insurance premiums and ground rents. Lender may not charge for so holdiag ' and applying the Funds. analyr.ing uid account or verifying and compiling said assessments and bills. unless Lender } pays Borrow~er interest on the Fuads and applicable law permits Lender to make such a charge. 8orrowec and Lender may agroe in ~rriting at the time of e:a~ution of this Mortgage ffiat interest on the Funds shall be paid to Borrow~er. aad ualess such agreement is made oc applicable laa requires such interest to be paid. Lender shall not be required to pay Borrower any interest or earuings on the Funds. Lender shall give to Botrower. without charge, an anaual accounting of the Funds showing credits and debits to the Funds and the purpou for which each debit to the Funds was made. The Funds are ptedged as additional securitjr for the sums secared by thu Mortgage. . If the atnount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments~ ins~uance premiums and ground rents. shall e:ceed the amount required to pay said tazes, assessments. insurance premiums and ground rents as they fall due. such e:cess shall be, at Borrower's option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. lf the amount of the Funds held by I.ender shall not be sufficient to pay t~es. assessments. insutance peemiums and ground redts as they fall due. Borrower shall pay to Lender any amount necessary to make up the deficiency in one or more payments as Lender may require. - Upon payment in full of all sums secuced by this Mottgage, I.ender shall promptly refund to Borrower any Funds. held by Leader. If under paragraph 17 hec+eof the Property is soW or the Property is otherwise acquired by Lender, Lender shall apply. no later than immediately prior to the sale of the Yroperty or its acquisition by Lender. any Fuads held by Lender at the time of application as a credit against the sums secured by-this Mortgage. 3. Apptkatbe of Pa~meab. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied-by Lender first in payment of amounts payable to Lender by Borrower under.pazagraph 2 hereof, then to interest payable on the Note. and then to the principal of the Note. 4. Prtor Mortgasa and Deed~ of Trast; t~arses; Leas. Borrower shall perform all of Borrower's obligations under any mortgage. dced of trust or other security agr~ement with a lien which has priority over this Mortgage, in- cluding Borrow~er's covenants to make payments when due. Borrower shall pay or cause to be paid all taxes, assessments and other charges. fines and impositions attributable to the Property which may attain a priority over this Mortgage. and leasehold payments or ground rents, if any. . S. Hazard Ias~aanoe. Borrower shall keep the improvements now eaisting or hereafter erected on the Property insuc~ed against loss by fite. hazards included within the term "extended coverage", and such other hazards as Lender j may require and in such amounts and for such periods as Lender may require. ; The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, j that such approval shall not be unreasonably withheld. Atl insurance policies and renewals theteof shall be in a form acceptable to Lender and shall include a standard mortgage clause in favor of and in a form acceptable to Lender. ~ Lender shall have the right to hold the policies aad renewals thereof, subject to the terms of any mortgage, deed of trust ~ or other security agreement with a lien which has priority over this Mortgage. ~ In the event of loss, Botrower shall give prompt notice to the insurance carrier and Lender. Lender ma~ make ' proof of loss if not made ptomptly by Borrower. If the Propert' is abandoned 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 offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at I.ender's option either to restoration or repair of the Prop- , erty or to the sums secured by this Mortgage. 6. Praecration and Maintenaaoe of Propert~; Lease6ofds; Condominiams; Planned Unit De~dopmenb. Borrower j shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property = ~ and shail oomply with the provisions of any lease if this Mortgage is on a leasehoW. If this Mortgage is on a unit in a con- ~ ~ dominium or a planned unit development. Borrower shall perform all of Bonower's obligations under the declaration or covenants creating or governing the condominium or planned unit development. the by-laws and regulations of the con- ~ dominium or planned unit development. and constituent documents. { 7. Protectbn of Lender's Secadt~. If Bon~ower fails to perform the covenants and agreements contained in this ~ Mortgage, or if any action ot proceeding is commenced which maferially affects Lender's interest in the Property, then ~ Lender. at Lender's option, upon notice to Borrower, may make such appearances, disburse such sums, including ~ reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. If L.ender required mortgage ~ insurance as a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to ~ maintain such insurance in effect until such fime as the requirement for such iesurance terminates in accordance with ~ Borrower's and I.ender's written agreement or applicable law. . ~ Any amounts disbursed by Lender pursuant to this paragraph 7, with interest thereon, at the Note rate, shall become additional indebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts shall be payable upon notice from L,ender to Borrower cequesting payment thereof. Nothing rnntained in this paragraph 7 shall require Lender to incur any eapense or take any action hereunder. 8. Inspectbn. Le{der~'i~~ ptalct or cause to be made reasonable entries. upon and inspections of the Property, pro- vided that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to ~ Lender's interest in the Property. ~ 9. Coademnstbn. The proceeds of any award or claim for damages, direct or consequential, in connection with any k condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby ~ assigned and shall be paid to Lender, subject to the terms of any mortgage, deed of trust or other security agreement ~ with a lien which has priarity over this Mortgage. ~ - ~Y 410 ~~~E 93~ ~ m . -