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Home My WebLink About0964 UNIFORM COVEhAnTS Borrower and Lender covenant and agree as follows: 1. Payment ot Principal and Interest. Borrower shail promptly pay when due the ~ al and ~nterest ~n- debtedness evidenced by th¢ Note and late charges as provided in the Note. 2. Funds for Taxes aod Insurance. Subject to applicabie law or a wntten waiver by Len:. ~:rower shal) pay to Lender on the day monthly payments of principal and interest are payable under the Note, unti~ ~ote is pa~d m full, a sum (herein "Funds") equal to one-twe{hh of the yeariy taxes and assessments (including conao:-~~nium and planned unit development assessments, if anyl which may attain pnoriry over this Mortgage and ground rents on the Property, if any, plus one-twelhh of yearly premium installments for hazard insurance, plus one-twelhh of yearly premium in- stallments for mortgage insurance, if any, all as reasonably estimated initially and from timc to tirtte by L¢nder on the basis of assessments and bilis and reasonable estimates thereof. Borrower shalt not be obligated to make such payments of Funds to Lender to the extent that Barrower makes such payrnents io th¢ holder ot a p:so: mortgage or deed of trust is such holder is an institutional 1¢nder. If Borrower pays Funds to Lender, the Funds shall be held in an institutlon the deposits or accounts of which are in- su~ed or guaranteed by a Federal or state agency (including Lender if l.¢nder is such an institution). L¢nder shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. Lend¢r may not charge for so holding and applying the Funds, analy~ing said account or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall b¢ paid to Borrower, and unless such agr~ement is made or applicable law requires such interest to be paid, Lender shall not be tequired to pay Borrower any interest or eamings on the Funds. Lender shall give to Borrower, without chargQ, an annua~ accaunting of the Funds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes. assessments. insurance premiums and ground rents, shall exceed the amount required to pay said taxes. assessrnents, insurance premiums and ground rents as they fall due. such excess shall be, at Borrower's op- tion, either promptly repaid to Bonower or credited to Borrower on monthiy installments of Funds. If the amount of the Funds held by Lender shail not be sufficient to pay taxes. assessments, insurance premiums and ground rents as they fall due. Borrower shall pay to Lender any amount necessary to make up the defitiency in one or more payments as Lender may require. Upon payment in full of all sums secured by this Mortgage. Lender shall promptly r¢fund to Borrower any Funds held by Lender. !f under paragraph 17 hereof the Property ~s sold or the Property is otherwise acqu?red by Lender, Lender shall appiy. no later than ~mmediately prior to the sale of the Property or ita a: ~uisition by Lender, any Funds hefd by Lender at the hme of appl~cation as a credit against the sums secured by this Mo:: ~ge. 3. Application of Payments. Unless appiicable law provides otherwis~. ai~ ~ay; ~ts received by Lender under the Note and paragraphs 1 and 2 hereof shali be applied by Lender fitst in payment ot a:~ ounts payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note, and then to the principal o~ the Nate. 4. Prior Mortgages and Deeds of Trust; Charges; l.iens. Borrow¢r shall perf;.':r~: Borrower's obligations under any mortgage. deed of trust or other security agreement with a lien which has prioriry over this Mortgage, in- I ciuding Borrower's covenants to make payments when due. Borrower shaD pay or cause to be paid all taxes, assessments and other charges, fines and impositions amibutable to the Prop¢rty which may attain a priority over this Mortgage and leasehold payments or ground rents. if any. 5. Ha=ard Insurance. Borrower shall keep the improvements now existing or hereaher er¢cted on the Property insured against loss by fire, hazards including within the term "extended coverage", and such other hazards as Lender may require and in such amounts and for such periods as Lender may require. The insurance carrier providing the insurance shall be chosen by Borrow¢r subject to approva) by Lend¢r, provided, I that such approval shail not be unreasonably withheld. All insurance policies and renewals thereof shaU be in a form ac- ceptable to L.ender 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 and renewals thereof, subject to the terms of any mortgage, deed of trust or other : securiry agreement with a lien which has priority over this Mortgage. ~ ln the event of loss. Borrower shall give prompt notice to the insurance carrier and Lender. [.ender may make proof of loss if not made promptly by Borrower. If the Properry is abandoned by Borrower, or if Bonower 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 f~r insurance benefits. Lender is j authorized to collect and apply the insurance proceeds at Lender's option either to restoTr-~~n or repair of the Property or C to the sums secured by this Mortgage. ~ 6. Preservation and Maintenance of Property; Leaseholds; Conouminlums: Planned Unlt ~ Developmenb. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or detenoration of the Property and shalf comply with the provisions of any lease if this Mortgage is on a leasehold. If this ~ Mortgage is on a unit in a condomir.ium or a planned unit development, Borrower shail perform all of Borrower's obliga- p tions under the ~edaration or covenants creating or goveming the condominium or pianned unit development, the by- ~ laws and regulations of the condomin;um or plann~ unit development, and constituent documents. 7. Prolection of Lender's SecuHty. If Bfirroti7ver tails to perform the covenants and agreements contained in this i Mortgage. or if any action or proteeding is commenced which materially affects Lender's interest in the Property. then s: Lerder. 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 ini¢rest. If Lender 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 time as the requirement for such insurance t¢rminates in accordance with Borrower's and L.ender's written agreement or applicable law. Any amounts disbursed by Lender pursuant to this paragraph 7, w~th interest thereon, at the Note rate, shaU become additional indebtedness of Bonower secured by this Mortgage. Unless Borrower and Lender agree to other terms of pay- ment. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof. Nothing con- ta~ned in this paragraph 7 shall require Lender to incur a~y Qxpense or take any action hereunder. F InspeeNon. Lender may make or cause to be made reasonable entries upon and inspections of the Property, ~ Groviding that Lender shall give BorTOwer notice prior to any such inspection specifying reasonable cause therefore ~ reiated to Lender's interest in the Property. ~ 9. Condemnation. The proceeds of any award or claim for damages, direct or consequentia?, in conner -n with ~ an condemnation or other takin of the Pro ert or art thereof, or for conve ance in lie • condemr are ~ y 9 P y• P y ~ hereby assigned and shall be paid to Lender. subject to the terms of any mortgage, deed of tr~ other secL• ~gree- ment u,~~th a lien which has priority over this Mortgage. ' . Pao, Two of Four _ ~ ao~~ F:~~~.F - ~ -~4 . ~_wx_ Y x~