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Home My WebLink About0941 UNtFORh! CO~'f.NANTS BorruNrr and Lrndrr co~enant and a~;rrr t~~l{u~~,~ I. Pe~ment o[ Principal and lnterest. B.~rruwer ~h;sll prumptl~ pa~• ~~I~rn duc the ptincipal and interrct in- debtcdness e~•idenred by the Note and late chargrs as pru~ided ~n th~ Nute. 2. Funds for'Ta:a ~nd tnsursnct. Subjrct to applirable IaN or a~~~ritten waicer h?~ Lendrr. Burri~~~rr tihall pa~ tu L.erder ~~n the day manthl}• payments ot~ princip;~l and interest are pa~•able under the Note. until thr Note i~ p:~id in tlill. a sum lherein "f=unds") e;~ual to one-t~~•elfth of the }~earl~• taxes and astiessments linrludink condominium and plann~d unit devetopment assessments, iiany) which ma}~ attain pri~~rit~~ u~er this Mortgage and gruund rents un the Pmprrt~•, if an~~, pluti one-twelfih of yearly premium installments t~or fiazard insurance. plus one-t«~eltth ol~ }•earl~• premium in• st;~llments for mortgage insurance, if any, all as reasonabh estimated initial{~• and t'rom time to time b~~ L_cnder on the basis of assessments and bills and reasonable estimates thereof. Borrower shal! r.at be obligated to mak~ such pa~•mrnts of Funds to Lender to the rxtent that BorroH~er makes such payments to the hulder uf a prior mortgske ur deed uf trust it such holder is an institutiona! lender. If f3orro~•er pa~•s Eunds ro Lender. the Funds shall be held in an instiwtion the dep~~sits or acc~~unts ot ~~hirh arr in- sured or guaranteed by a Federal or state agenc}• lincluding lxnder it~ l.ender is such an institutionl. Lender ~hail appl~• ~ thr Funds to pay said taxes, assessments, insurance premiums and ground rents. Lender ma~~ not charke fur ~u h~~ldi~.k and appl}~ing the Funds, analyzing sa+d aciount or ~•eritj•ing and cumpiling said assessments and bilis, unless Lrnder pa}•s Borrow~er interest on the Funds and applicable taw permits Lender to make such a chargc. BorroWer and Lender msy agree in w•riting at the time of execution of this Mortgage that interest on the Funds shall kx paid to Borr~w~er, and unless such agreement is made or applicable law~ requires wrh interest to be pa~d, Lender shaU not bc required to pac BorcoN~er an~• interest or earnings on the Funds. Lender shall give to Borrow~er. N•ithout charge, an annual accountink of the Funds show•ing credits and debits to the Funds and the purpose for which rach debit ta the Funds H~as made. "The Funds are pledged as additional security for the sums secureci by this Mortg:ige. !f the amount of the Funds held by Lender, together N~ith the future monthly~ installme~ts of' Funds pa~~able prior to the due dates of taxes, assessments, insurance premiums and ground rents, shali exceed the ~mount required to pa}~ said taxes, assessments, insurance premiums and ground rents as the~~ fafl due, such excess shall be, at BorroH•er's option, either promptly repaid to Borrow•er or credited to Bortower on monthly installments of [=unds. tt~ the amount of the Funds held b}• Lender shall not be sufticient to pay tazes, assessments, insurance premiums and ground rents as the~• fall due, Borrow~er shall pay to Lender any amount neressary to make up the deticiency in one or more pa~•ments as Lender ma~• require. l,~pon payment in fuli ot all sums secured b}• this Mortgage, Lender shall promptly~ refund to BorruK•cr an~- Funds held by Lender. If under paragraph l7 hereot ihe Propertt• is sold or the Property is otherw•ise acyuired b}• lxnder. Lender shall appl~. no later than immediatel~ prior to the sale of the Yroperty ~r its acquisition by Lender, am~ Funds held by Lender at the time of application as a credit against the sums secused by this Mortgage. 3. Applicstion of Ps~•ments. Unless applicable law~ pro~•ides otherw•ise, alt pa~ments re~ei~~ed b}• [.ender under the Note and paragraphs I and 2 hereof shall be applied by Lender tirst in pa}7nent of amounts pa}•able to L,ender b~~ Borrow•er under paragraph 2 hereof, then to interest payabfe on the Note, and then to the principal of the Note. 4. Prior Mortgages and Deeda of Trust; Charges; Liens. BorroW~er shall perform all of Borro~~~er's obligations under an}• mortgage, deed of trust or other security agreement w~ith a lien w•hich has priority o~•er this Mortgage, in- cluding Sorrower's co~•enants to make pay~rnents w~hen due. Borrow~er shall pay or cause to be paid all taxes, assessments and other charges. tines and impositions attributable to the Propert}• µ~hich ma}• attain a priority o~•er this Mortgage. and leasehold payments or ground rents, if an}•. 5. Hazard lnsurance. Borcow•er shall keep the impro~~ements now~ existing or hereaher erected on the Propert~ insured against loss b}~ fire, hazards included a~ithin the ter.m "extended co~~erage", and such other hazards as Lender ma~~ require and in such amounts and for such periods as Lender may require. The insurance carrier providing the insurance shall be chosen by BorroN~er subject to appro~•al b~• Lender, pro~ ided. that such appro~al shall not be unreasonabl~~ w-ithheld. All insurance policies and renew~als there~,t~ shall be in a t~~rm acceptabte to Lender and shall include a standard mortgage clause in favor of and in a form acceptable tu L.ender. ~ L,ender shaU have the right to hold the policies and renea•als thereof, subject to the terms of anr• mortgage, deed of trust or other security~ agreement w~ith a lien w•hich has prioritr o~•er this Mortgage. In the e~~ent of loss. Borrower shall give prompt notice to the insurance carrier and Lender. Lender ma}• make ~ proof of loss if not made promptly by Bortow~er. ! If the Property is abandoned by Borroµ~er, or if BorroWer fails to respond to Lender w•ithin 30 da~~s from the date € notice is mailed by~ Lender to Borrower that the insurance carrier offers to settle a claim for insurance benetits. Lender ~ ~ is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair ot'the Prop- ; erty er to the sums secured by this Mortgage. ~ 6. Pressrvation and Maintenancr of Property; Leaseholds; Condominiums; Planned Unit De~~elopments. Borrow~er 6 ~ shatl keep the Property in good repair and shall not commit w~aste or permit impairment or deterioration of the Propert~~ ' and shall comply with the provisions of any lease if this Mortgage is on a?easehoid. If this Morigage is on a unit in a con- ~ dominium or a planned unit development, Borrow•er shall perform all of Borrov~~er's obligations under the declaration or ~ covenants creating or governing the cot~dominium or planned unit development, the by~-taw~s and regulations of the con- ~ dominium or planned unit development, and constituent documents. ; 7. Protection of Lender's Seeurity. If Borroµer fails to perform the co~~enants and agreements contained in this f Mortgage, or if any action or proceeding is commenced w•hich materially affects l.ender's interest in the Praperty. then ` Lender, at Lender's option, upon notice to Bonoµer, may make such appearances, disburse such sums, including reasonable attorneys' fees, and take such action as is necessary to protect Lender's interest. lf Lender required mortgage insurance as a condition of making the loan sec~red b} this Morigage. Borrow~er shail pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance Nith Borrower's and Ixnder's written agreement or applicable law~. Any amounts disbursed by Lender pursuant to this paragraph 7, w~ith interest thereon. at the Note rate, shall become additional indebtedness of Borrow•er secured b}• this Mortgage. l.~nless Borrou•er and Lender agree to other ~ terms of par~ment, such amounts shall be payable upon notice from Lender to Borrow~er requesting payment thereof. ~ Nothing cantained in this paragraph 7 shail require Lender to incur any expense or take any action hereunder. ~ 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Propert}~. pro- k vided that Lender shalR give Borrow~er notice prior to an~~ such inspection specif}~ing reasonable cause therefor retated to g € Lender's interest in the P~operty. ~ , 9. Condemnation. The proceeds of an}~ aw~ard or ciaim for damages, direct or co~zsequential, in connection w~ith anr~ ~ condemnation or other taking of the Property. or part thereof, or for conveyance in lieu of condemnation, are hereb~~ ~ assigned and shall be paid to Lender. subject to the terms of any mortgage, deed of trust or other securit}• agreement a w•ith a lien w~hich has priority ocer this Mortgage. ' QK ~ L g t;~~±~ ~V'../ {~.1~JC ~ a ~ : ~ -s= ~ _ . - - -cr-== ~t= ,y~s~ s°°=~`,~,~°^~'t;~, ~