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Home My WebLink About0966 ~ i L~ti1fORM CO~E~A.~Ti Horro.ver and Lender covenant eutd egree ne followr. ~ I l. P~yeqent ot Prtacipa! and lnteres~. Borror+rer ~hsU promptly pay k•?~r,~ dut the pnr?cipel ~nd intereat ' indebtedne~e evidenced by the Notr snd lete cheteet ~s provided in the Not~: ~ 2. Fundr for T~e~ and Io~urance. Subject to applicable l~w or ~ written weiver by )..ender, Borrower ~hRll pey ta Lender on the dsy anontNy p~ymenta oi principal and intereat ue payeble urrder the Note, unti! the Note i~ paid in full, a~um (herein "Funda") equsl to on~•tw~eUth of the yeuly ta:ee and seeeeeruc nte (i~c~udin~ condominium and planned unit development aeeesemente. J nrty) which msy attain priority over thie Mortgege end ground rents on the Property, i[ eny, p1uR ane-ta•elfth of yeerl~• premium inetallment6 f~r hetard ineurence, plue one•twelfth of yearly premium instellmenta for mortgege insurar~ce, if eny, eU as reasonsbly eetimeted initielly and trom time to time b~ l.ender on the besis ot eeaeasmenta snd bille end re~sonnble e~timatet thereot. Bornower ehall not be obligeted tc malce ~uch paytnenta of Funds to Lender to the extec?t tbat Borrowet makcn such paymenta to thr holder of a prior morcgagc or deed o! trust it auch ~older is en inatitutiorul lender. U Borroaer pays Funds to Lender, the Funds eht~l) b~ held en an irutitutioi~ the depoeitn ot accounia of ahich ere ineured or guaranteed by a Federel or state agency (including Lender if Lender ie 6uch an inetitution). Lender eha)1 epply the Funds to pay aaid ta:es, essessme~ts, ~nsurence premiums and grour~d rents. Lender mey not charge for eo holding end epplying the Funds, enalyzin6 seid account ur veri[ying end compiting aeid e~aeesmenta nnd bille, untesa > l.ender pays Borrower interest on the Funds end epplicable iaw permits Lender w roake euch ~ charge. Borroaet and , Lender mey egree in v~ziting et the ti.~ne ot e:ecutiun of this MortgeQe the[ interest on the Funde ehall be paid tr.• Borrower, and unless such agreement is made or eppLicsble lew requires auch interest to be paid, Lendet shall not be required to pey Borrower any inte~est or earnings on the Funds. I,et~der shell give to Borrower, witt~out chnrge, au I annuel eccounting of the Fut~da ~howing credita and dcbits to the Funda and the purpoec for ~+hich each debit to the Funda was made. The Funds nre ~ledged as edditional security tor the s~ma secured by this Mortgege. lf the nmount of the Funds held by Lender, together arith the future montl~ly inbtallmenta of Funds peyable prior to the due dates of t.s:es, assessroents, insurance premiums nnd ground rents, shall ~::ceed the amaunt required to psy aaid tues, assessments, insurence premiums and ground rents es they feU due, such excess ehaU be, al Borrower'r option, tither pcomptly repaid to Borrower ar credited to Borroweron monthly ir,atallmer.ta of Funde. If the amount of the Funds held by Lender shap rtot be sufGcient tc~ pay taies, assessroents, inaurance Dremium~ and ground rentn ar they le~l due, Barrower ahall pey to L.ender any amount necessary to ~nnke up the deficiency in one ot roore paymentr at L.ender ma~ require. Upon payment in full of ail 6ums 6ecured by this Mortgage, Lender eheU ~.~rumptly ~efund to 8orrower any Fundr held hy Lender. U under paragraph 1~ hereoF the Property i~ aold or the Property is otherwiee acquired by Lender, i Lender ehall epply, no leter than immediately~ ~rior to the eale of the Property or ita acquiaition hy I.ender, sny Fund : , held by Lender et the time uf applicetion as a credit against the suma aecured by this Mortgege. 3. Apptication ot Peyments. Unless applirable law• provides otherwiee, ell payments received by Lender under the Note and paragraphs l and 2 hereof shall be applied by Lender Cirst in payment oi etnounte payeble to Lender by Borrower under patagraph 2 hereof, then to interest payable on the Note, end then to the principal of the Ivote. 4. Prior Mortgages and Deede of Truet; Charges; Liens. Borrower shall perform aIl of Borrov+•er's obligntione ~ under any mortgage, deed of trust or other aecurity egreement with a'ien arhich has priority over this Mortgage. including Borrower s co~~enants to meke peymenls when due. Borroa~er shall pay or cauae to be paid nll tluea, ± , assesaments and other charges, fines and impoeitions attributeble to ~he PropeRy wh:ch may ettain a priority over this ~iortgege and leeaehold payments or grow~d rents, if any ! b. Haaard Insurance. Borrower shall keep the improvements now e:;sting or hereafter erected on the Property insured egainst loss by Cue, hezards included within the trrm "estended coverege". and such other hezards ae Lender may require and in euch amounta nnd tor auch periods es I.ender may require. The insurance carrier providing the insurance shall be chosen by Borroa~er subject tv epprovsl by i,ender, provided, chat such appmval shall not be unreasonably withheld. A11 insurance policiee and renewals thereof shall be in a form ~ ecceptable to Lender and shall include a stendard mortgage clause in favar of and in e fomn ecceptable to Lender. Len- der shal! have the right to hold the policies end renewals thereof, subject to the terms of any mortgage, deed of wst or other security egreement with a lien which has priority over this :~tortgagr. In the e~ ent of loss, Borrower shall give prompt notice tc~ the inaurancP ~arrie~ and t.ender.l ender may make praaf of loss J not mede promptly by B~rrower. If the Property is abandaned by Borrower, or if Borrower faiia to re6pond to Lender aithin 30 daye from th~ dete notice ia mailed by Lender to Borrower that the insurance carrier offers W aeide e cleim for ineutance beneCts, Lender ~ i~ suthorized to collect nnd apply the insurance proceeda et Lender'a option either to reatoration or repeit of the ' Property or to the auma secured by this Mortgage. 8. Preservation and Maintenance of Property; Leaseholds; Condomiaiums; Planntd Uait Develop- ments. Borrower ehall keep the Property in good repair and ahnll not commit wsate or permit impairment or 'i deurioretion of the Property and shnll compiy a~th the provisions of any [esee if thia Mortgage ia an a leaaehold. U thia Mortgage is on a unit in a co~dominium or a ptanned unit devetopement, Horroaer shaU perform all of Borrower'e ( obGgetions under the dectaration or covenents creating or governing the condominium or plenned unit developmeni~ the by-l~ws and regulationa of the condominium or planned unit development, nnd constitucnt documenta. 7. Protection of Leader's Security. If Borrowerlaile to Derform the covenants and e~eements contained in thi~ Mortgage, or if any action or proceeding ie commenced which meterially affecta Lender'e intereat in the Property, then Lender, at I,ender's option, upon notice to Borrower, may meke such appearnnces, diaburse euch sums, including reasonable ettorneys' fees. snd teke such action as is necessery ta protect Lender's interesG lf Lender tequired mortgage in~urance as a condition oi meking the loen secured by this Mortgage, Borrower shall pay the premiums requved ta maintain such insurance in effect ~intil such time es the requirement for such insurance terrainates in accordence witn Borrower's end Lender's KTitten agreement or applicable law. Any amounts disbursed b~ I.ender pursuent to this paragraph 7, witt, intereat thereon, at the tiote rate, shal; become additional indebtedness o! Borrower secured by this :~lortgage. L'nless 8orrower end Lender agree to othEr terms o[ pa>•~ent, such amounts shell be payable upon notice irom Lender to Borrower requesting paymeot thrreof. tiothing conteined in this paregraph 7 shall require Lender to incur any e:pense or take nny action hereunder. 8. Inspection. Lender may meke or ceuse to be mede reasonable entries upon and inspections ot the Property, provided thet Lender shetl give Borrower notice prior to any such inspection specifying reasonable ceuse therefor I releted to Lender's interest in the Property. 8. Condemnation The proceeds ot any eward or cteiwn for damages, direct or consequentinl, in connection w~th ' any condemnetion or ~~ther teking of the Property, or part thereof, or for conveyance in lieu of condemnation, are hereby essigned and s}~all be peid to Lender, subject tv the terms of any mortgage, deed of Wst or other security egreement with e l~en which has priority aver this Mortgege Pege Tw~o of Fo~:r ~ 568 P~~E 966 BOOK ~ - _ . ; ..,,~.,r,f . :