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Home My WebLink About0983 . /'ibstract 8~ 7i~le Cor , ' - P Qt Fldrid ~ , ` ~ t ' ~ ~1NIFORM COVENANTS. (3orrower and Lender covenant and agree as follows: 1. I~yme~t of Princlpt~l end Inte~st. Borrower shall p~ompity pay when due the princ~pal of and interest on the ~ indebtedness evidenced by the Note, prepaymentancJ late charges as providecf in the Note, and the principal ol and inieresl on any Fulure Advanc~s secured by this Mortgage. 2. Funds forTax~s an~i Insutance. Subject ta applicabte law or to a written v?~aiver by Lender, Borrower shall pay + to Lender on the day monthly installments oi principal and interest are payabie unde~ the Noto, until the Note is paid in tull, , a sum (herein "Funds") equal to one-twelfth ot th~r yearly taxes and assessments which may attai~i priority over this Mortgage, and ground rents on the Property, if any, plus one-twel(th ot yearly premium inslailments !or haza~d insurance, plus ane-1wRllth oi yearly premium installments (or mortgage insurance, if any, all as reasaonablyestimatsd iniliullyand frorn = , lime to time by Lender on the basis of ass~ssmerts and bills and reas~nable estirnales thereot. ~ The Funds shall be held in an institution the deposits or accounts ~f which are insured or guara_nteed by a Federal or ~ state agency(including Lender if Lender is such an institution). Lencier shall apply the Funds to pay said taxes, assessments, ~ insurance premiums and yround rents. Lender may r,ot charge tor so holding and applying the Funds, analyzing said account, or veritying and compiling said assessments and bills; unless Lender pays Borrower interest on the Funds and applicable law pErmils Lender to make suCh~ a charge. 6arrower and Lender may agree in writing a1 the lime oi execution of this Mortgage that interest on lhe Fu~ds sha~l bp paid to Borrower, and unless such agreemeM is rtlade or applicable favr requires such interest to be paid, Lender shall not be required to pay gorro~verany interestoreaminqs on the Funds. Lende~ j ~ shall give to Borrower, without charge, an annual accounting ot the FunUs showing credits and de~~?s to the Funds and the purpose for which ~ach debit to the Funds was made. The Funds are ptedged as additior>a! sec~r~ty (or the sums secured by this Morgage. : ~ • ~ ~ . ~ : t - - . ; If the amount ot. the Fu~ds, held by LQndgr, tagether with the tulure moMhly installments of Funds payable priflr to ~ the due dates of laxes, assessments, insurance premiums and ground rents, shall exceed the amounl required to pay said ;axes, assessinents, insu~ance premiums and ground rents as they (all due, such excess shall be, at Borrowers option, either ~ prompUy reps~ti,to Borrower or credited to Borro~ver on monihly installments oi Funds. Ii lhe amount ot the Funds ~ held by Lender shall not be sul(icient to pay taxes, assessments, insurance premiums and ground renls as they fall due. ; Borrower shall pay to Lender any amount necessary ta make up the de(iciencywithin 30 d~ys irom the dale notice is mailed by Lender to Borrower requesting payment thereof. ' ~ Upon payment in full ot aIl sums secured by this Mortgage, Lender shall promplly retund to Borrowe~ any Funds ; held by Lender. ;t under paragraph 18 hereaf the Property is sold or the Properly is othervrise acquired by Lendet, Lender shall apply, no later than imm2diately prior to the sale of the Property or its acquisition by Lender, any Funds held 5y , ~ ~ Lender at lhe time oi application as a credit against the sums secured by this Mortgage. ~ 3. Appllcation of Paymenta. Unless applicabfe law provides othenvise, ait payments received by Lender under the Note and paragraphs t and 2 hereot shall be applied by lender tirst in payment ol amounts payable to Lender by Borrower ~ under pa~agraph 2 hereot, then to interesi payable on the Note, then to ttie principa~ ol the NQte, and then to interest and principai on any Future Advances. _ Charges; Liens. Borrower sF~all pay all taxes, assessments and olher charges, tines and imposit+ans atiributable to the Property which may attain a priority over this Mortgage, and leasehotd payments or gound rents, if any, in the manner - provided under paragraph 2 hereof or, i( not paiq in such manne~, by Borrower making payment, when due, direcily to the payee ihereof. Borrower sF~all promptly lurnish to Lencier all nolices ot amounts due under this paragraph, and in ihe event Borrower shall make payment directly, Borrower shall prompily turnish to lender receipts evidencing such paymer~ts. ; Bor~ower shall prpmptly discharge any lien whicli has proriiy over this Mortgage; provided, that Borrower shall not be - required to discharge any such lien so long as Eiorrower shall agree in writing to the paym~nt oi the obligation secured by ~ . sucl~ iien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defe~d enforcement of such lien in. legal proceedings which operate to prevent the enforcement o1 ihe lien or forie~ture ot the Property or an~r part thereof. 5. Karsrd Ins~rance. ~Borrower shall keep the imprevements now existing or hereafter erected on the Property ins~:r~;d ayainst loss by tire, hazards included within the term ~'sxte~ded coverage", and such other hatards as Lender may require and in such arr~ounts and for such periocis as Lender require; pr~vided, that Lend~r shall nat require that the amo~nt oi ' sucK coverage exceed that amount of coverage required to pay the sum secured by this Mort~age. . The insurance carrier providing the insurance shall be ch8senby Bo[rower s~'iject to approval by lender, provided, that such ~ppror•al shall not be unreasonably~vithheld. All premiums on InsuranCe palicies shall.be paid in the manner prodided under paragraph~2 hereof or, ii not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. , , . All insurance policies and ~enewals thereot shall be in torm acceptable to Lender and shall include a slandard mortgage clause in favor of and in form acceptab~e to L~nder. Lencier shall F~ave the right to hold the pol;ciss and renewals thereot, and Borrower shall promptly furnish to Lender all renewal notices and alf receipls o( paid premii.~ms. In ihe ~vent o( loss, Bc~rrower shall gi~e prompt nolice to the insurance ca~rier an~ Lender. Lender may make proof o~ loss ii not mada-prompUy - by Borrawer_ _ ~ Unless tender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restaralion or repair oi - the Properly damaged, provicied such restoration or repair is economicaliy feasible and the security of this Mortgage is ~ ~ not thereby impaired. tf such restoratio~ or repair is not ~conomically (easible or if the security of this Mortgage would - ae impaired, the insurance proceeds shal! be applied to ihe s~ms secured by this MoR9age, wiih the excess, if any, paid to Borrower. If the Property is a~andoned by Borrower, or it E3orrower fails to respond to Lender within 30 days from the ~ date notice is mailed by Lender to Barrower that the insurance carrier ofters tosettle a claim tor insurance benefits, Lender ~ is authorized to coilect and appty the insurance proceeds at Lenders option ~ither to restoration or repair of the Property ~ or to the sums sec~rc;d by this Morlgage. ~ ' linless Lender and Borrower otherwise agrEe in writing, any such application of proceeds to princ+pal shall not exiend ~ ~ or postpone ihe due date of th2 mo~lhly installrnents ~eferred to in paragraphs 1~nd 2 hereof or change the amount of . ~ such installmenls. If under paragraph 18 hereo! !he Propert;~ is acquired by Lender, all right, tiile and interest of Borrower in and to any insurance policies and in and io ths proceeds thereof resulting from damage to the Property prior to the saie - or acquisition shall pass lo Lender to the exient of the sums ~ecured by this Mortgage immediately prior to such sale or ; ''i - acquisition. _ - - 6. Preservatlon and Maint~nance of Propetty; Leaseholds; Condom(nlums; Ptanned Unlt Derelopm~nts. _ Borrower shall keep the Prope~ty in good repair and shall not commitwasteor permit impairment ordeterioration oi the Pro- ; perty and shall comply with the provisions of any lease if ihis Mortgage is on a leasehold. If this Mortgage is on a unit in a j condominium or a planned unii development, Borrower shall perform all of Borrowe~s oblig~tions under the dec~aration or cove~ants creating or governing the con~omir~ium or plannPd unit developmenl, the by-laws and regulations oi the condominium or planned unit develo~ment; and constituer~t documents. !f a condominium'or planned unit development ? - rider is executpd by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider ~ i shall be incorporated into and shatl amend.and supplement the Cavenants and agreements of ihis Morigage as if the rider ~ were a part hereoL # ~ 7. Protection of Lende~s Securfty. If gorrower tails to pe~fOrm the covenants and ag~eements cantained in this ~ hlorigage, or if any action or proceeding is commenced which materially ai(ecis Lendets interest in the Property. ~ ~ inciuding, but not IimitE~ to, eminent ciomain, insolvency, code en(orcement, or arrangements or proceedings involving a _ bankrupt or decedent, then ~ender at Lenders option, upon notice to Borrower, may make such appearances, disburse such ~ sums and take such action as is necessary to protect ~ende~s interest, including, but not limited t~, disbursements of . reasonable attorneys (ees and entry upon the Property to make repairs. It Lender required mortgage insurance as a condition of making the ioan secured by this Mortgage, Borrower shail pay the premiums required to maintain such insurance in effect until such time as the requirement (or such i^surance terminates in accordanc~ with Borrowers and ~ PflQR P~ . ~ ~ - ~