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Home My WebLink About0914 ; . ~ . ~ ~ UNIt'OItM COt~fNAN I S. [iurn?~~•~~ ancl l.rndcr ru~~rnatit and a~!rcr;~s liillo~i~: . 1. ~'A~ment o[ PrtnctpA! and Interest. t3orren~•~r ShaN prumF tly~ pa~• ahcn due the'~~rinci~~al ana intere.t in• ~ d~btcdne» c~•icirncrd tti~~ thc Nutr :+nd I,~te char~;cs :e~ pto~'ulcd in Il~~ Nutc. t' 2. Funcls [or 1'~?xe3 and lnsutAnee. Subjrct to applicablr la~~• ~~r a~t~rittrn ~~•ai~•c~ t~;• l.ende~. Sorroti~er ~hali p:?~• tu l.cnde~ un thr ciay nu~nthl~• paymenis ~~f principai and intrrest arc pa}~.~?~i< <~~~i~~ ~n~ y~~~~, untillhi Noir is paid in ful1, ; a sunl lhcrein "Funds"a cyual to imc•t~crll~th c~i' the yc,irly ta~~s =uid asscssments linrluding conciaminium and plannrd j unit dc~~cl~~pmrnt asscssmcnis. if an~~) ~~•hich rna~~ aUain ~~riurity o~•cr thiti f~1artgagc and ground renls un the Prop~rty, if ~ any, plus onc~t~~~cltth ot' ~•carly premium installmcnts for ha~a~d insuranrc, plus ~mc-t~~~~~ll'th of y~arh' prrmium in- i stallme:its ti~r mortKa~e insurance, it'any. aU as reasunahly estimated initiall~• and !~rom timr to tim~ b~~ Lendrr on th~ ' Is;~sis ~~t~ asscssmcnts and Uills .uid reasonat~lc cstimatc~ thcrc~f'. Borro~~~er shal! nat bc obiigatcd tu makc sucl~ pay+nents ~ oi' Funds to l.ender ti~ the ~xtent th:~t Borru~+•rr mal:es Such pa~•nients to the hc~ader of a prior mort~;age or deeii e~f trust il' • such holder is an institutional Irndcr. If~B~~rro~~•er pays ~'unds to Le;~dcr, the Funds sl~all be held in un institution the deposits ~~r arcou~its ot~~rhirh are in- tiurcd or guaranteed b~• a Federal e~r st,~te ,igenc~• (includi~~~; l.endrr if l.cndcr is such an i~~stit«tion). l.cndrr shall appl~~ the Funds to pap S.il(I l'a1St;S, .issessmcnts, insurancc prrmiums and ground rents. l.cndcr may nc~t char~c ti~r so holding .~nd appl~•+ng thc Funds, anal~•xing said account or ~•criij•in~ and compiling saici asscssmcnts and bills, unlcss.L,cndcr ~ ~ pays Borroirer interest on the f~unds a~~d appticable 1.:~+• }~:rmits l.~nder ta mak~ such a chr~rge. t3orrow•er and l.ender ma~~.?gree is~ ~sriting at th~: time ol~exr~ution of~this htortgage thai ~nterest ~in thc Funds shall Ue {~aid to Borro~~~er, and . ~ unlcss such a~reetnent is made or appiicabic la~~• requires such intcrest to be Faid, Len~ier shall not be rcyuircd t~~ pap Burrow~er an~• intcrest or carnings on th~ Funds. l.~:ndcr shaU gi~•c to Borro~~~cr, ~~•ithout chargc, an annual arcounting of thr Funds sha~~~ing r~edits and del~iis to the Funds and the purpose f'or ~.~hich each dcbit ta the Funds «~as maile. 7~I~e Funds are pledged as additional securitp !'ar the sums secured by this Mortgage. ~ ~ If'the amount ofthe Funds held bp Lender, togcther a•ith the future monthly~ instailmcnts of F~~i:~;s ~~a~~ablc prior to the due ciates of taxes, assrssmcnts, insurance premiums and ground renis, shal! exceed the amount required to pa}• said ~ taxes, assessments, insurance premiums and ground rents as thcy fall due, such excess shall be, at Borro~.•er's uption, j either prompti}•-rrpaid ta Borrow~er or crcdiled to•Borrow~er on manthl}• ~nsiailments ot~ Funds. It~ thc amount af the ~ Funds held by l.ender shall not be sut7icient to pa~~ taxes, assessmenis, insurance premiums and ground rents as the~~ faU due. Borro~~•er shall pay ta L.encier an}~ amount necessary to make up the deficiency in one or more payments as l.ender ma~• requirc. ~ ~ Upon payn~ei~t in t~ull of ail sums secured by this Mortgage, l.ender shall promptl~ refund to BorroH•er ctn~• Funds ~ held by Lrnder. If under paragraph 17 hereol~ ihe Property is sold or the Property is otherH•ise acquired b}• Lender, Lcnder shail apply, no later than immediatelS• prior to the sale ot~ the Yropert~• or its acquisition b~~ Lender, an~• Funds held by Lender at the time ofapplicatior~ as a credit :~gainst the sums secured by this Mortgagc. 3. Application of Payments. Unless applicable law• pro~~ides othen~•ise, ail pa}~n~ents recei~~ed b~~ l~nder under the Note and paragraphs 1 and 2 hcreot~shali be applied by~ Lender first in payment of amounts payable to I.endcr b~~ Borro~ser undcr paragraph 2 hercof, thcn to interest pa~~able on the Note, and then to the principal of thc Notc. ~ ~t. Prior Mortgages and Deeds of Trust; Charges; Llens. BorroK•er shall pcrform all of Borro~cer's obligations ~ under an}• mortgage, dee~i of trust or other security agreemcnt H•ith a lien w~hich has priarity cn•er this M~~rtgage, in- ~ cluding Borrow~er's co~~enants to make pa}~ments «•hcr~ due. Borrow•er shall pa~• or cause to be paid aU taxes, assessments and other charges, #ines and impositions attriUutable tc? the Propert}• H•hich ms~ attain a priorit~~ o~'er this Mortgage, and leasehold pa~•ments or gmund rents, if an}•. - ~ S. Hazard Insurance. BorroH-er shall kee~ the im~ro~~ements now• existing or hercaFter erected on the Propert~~ insured against loss by fire, hazards included w•iihen the term "extended ca~•err+ge". and such other hazards as Lender - may require and ir+ such amot~nts and fur such periods as l.ender ma~• require. ~ - The insurance carricr pro~~iding the insurancc shalf be choscn b}• Borro~~~cr subject to appro~•al b~~ ~ender: pro~•idccl, that such appro~•al shall not be unreasonabi~~ ~cithheld. ~~li insurance policies and rene~rals thereol~ shall be in a form - acceptable to Lx:nder and sha(I include a standard mortgage rtause in f:z~•or of and ir~ a fi~rm acceptahle to Lender. ~ Lender shall ha~•e the right to hold the policics and re~ew~als the:eof, subject to the terms of an}• mortgage, deed of trust ~ or other securit}• agreement w•iih a lien w~hich has priori:}• over this Mortgage. In the e~~ent of loss, BoneH•er sY.all gi~•e prompt notice ta the incurance carrier and Lender. L,ender ma}' make proof of loss if not made promptl} by BorroH•er. - i If the Propert}~ is abandoned b}~ $orrow~er, or if BorroH~er fails to resEiond to Lcnder H~ithin 30 da~s from the date ~ notice is'mailed 6y L.ender to Borron•er that the insurance carrier offers to settle a claim for insurance beneiits, Lender ~ is authorized to collect and appl~ the insurance proceeds at Lender's option either to restoration or rel~air of the ~'rop- ert5 or to thc sums secured by this Mortgage. _ 6. Presenation and Maintenance of Property; LeasE~olds; Condominiums; P[anned Unit D¢~~etopments. Borro«•cr shall keep the Property in good repair and shall not commit H•aste or permit impairment nr deterioration of the Propert~- ~ and shall comply w•ith the pro~~isionS of any (ease if this Mortgage is on a leasehold. if this Mortgage is on a unit in a con- dominium or a planned unit deveiopment, Borrow•er shalt perform a~l of Borrow•er's obligat~ons andcr the declarat~on or ~ ~ co~•enants creating or go~•erning the condominium ur planned unit. de~~elopment, the by-la+cs and regulations of the con- dominium or planned unit de~•etopmeni, and constituent documenis. . 7. Fratection of L,ender's SecuritJ~. If Borrow•er fails to perForm the ca~•enants and agreements contained in this Mortgage, or if an~• action or prxeeding is commenced Which materially affects Lender's interest in the Propert~, then Lender, at Lender's option, upon notice~to Eorrow-er, ma} make such appearanres, disburse such sums, including' reasonable attorneys' fees, and take such action as is necessar~ to protect Lender's interes[. If Lender required mortgage insurance as a condition of making the loan secured b} this Mongage. BorroH•er sha11 pay thc premiums reyuircd to ~ maintain such insurance in effect until such time as the re~uirement for such insurance terminates in accordance ~~~ith f _ BorroH~er's and Lender's w~ritten.agreement or applicable law•. - An}• amounts disbu~sed by Lender pursuant to this paragraph 7, w•ith interest thereon, at fhe Note rate, shall ~ become additional indebtedness of Borrow•er securcd by this Mortgaae. Untess ~orrow•er and l;ender ag:ee to other ~ terms of pa}~ment, such amounts shai( be pa~able upon notice frarn [.ender to Borroa•er requesting payment thereof. - Nothing contained in this paragraph 7 shafl require L,ender to incur an}• expense or take an} action hereunder. ~ 8. Inspection. Lender may make or cause to be ma.ze reasona~le entnes upan and ~nspcctwns of ihe Propert}•. pro- ~~ided that Lender shall give Borrow•er notice prior to any such inspection specif}ing reasonable causc therefor rclated ro L.ender's interest in the Property. - ~ ~ 9. Condemnation. 7'he proceeds of anc aw•ard or claim for damages, direct or consequential; in conneciioi~ w~ith any condemnation or other taking of the Propcrty. or part thereof, or For com~eyance in lieu of condemnation, are hereb~ assigned and shall be ~~aid to I.ender, s~bject to the ierms of an~ mortgage, deed of trust or other securit} agreemrnt w~ith a lien w~hich has priority o~•er this Mortgage. • . ' BOOK cJ V ~ PAGE ~14 - - -