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Home My WebLink About0923 . . • t?ntsoa~r CovcN~xn, Sorrowe~ and l.eoder covenant and a~te as tolbws: I• Panneat d Priadpal and latena. Bortower shall promptiy par wheo due the principal ot and inte~at on the inciebtedotss evide~ced bp the Notc. prtpayment and late charga a~ provided in tht Note, and the principal o( and i~ter- est o~ anr Future Adv~nca secureci by this ~tortgage, 2 tLada [or Tua aad Iawnnce. Subject ~o appliublc law or to a writte~ waive~ by Lender. Borrower shall par ~o Leader on the day aanthly i~stallmenu of principal and interest are p~yable under the Note, w~til the Note is paid ia (ull, a sum (herein "Funds~ equal to one-tweltth ot the Yearlr taxes aod asxa~ments which may atuin priority over thu ~lorcqagc, and ground rents on the Property, i[ any. plus onatKel[th o( yearly prcmium insullments tor ha~ard iniunnce, plus onatwel[th of yearly premium installments for mortgaqe inwnnce, it anY. all as rrasonably estimated initiallY and trom time to time by l.ender on the basis ot asseumtnts and biUs a~d reasouable estitaata thertoL t The Funds shall be held in an institution the deposits or accounts ot which are imured or guaranteed by a Federal or uatc agenc~r (induding Lender i( I.ender is such an inatitution). l.ender shaU apply che Funds to pay said uxa, asseument~. ~ insurance prtaaiums and ground rents. L.ender may not charae tor so holding and applying the Funds, analrzing uid at- cou~t, or rerifying and compiling said assessments and bills, unless Lcnder pays Bormwer interest on the Fuods and ap~ plicable law permits Lender to make such a charge. Borrower and l.eader map agree in writing at the time o( exetution of ~ this ~fortga~{e that inte~at on tht Funds shall tx paid to Bonower, atid uoleu wch agrecment is made or applicable la~r i requires wch interest to be paid, I.ender shall not be requited to par Bonower any interest or earninps on tht Funds. I.tader ~ ~haU gi~e to Borrower, without charge, an annual accounting ot the Funds ihowing crcdiu and debits to the Funds and the purpose (or ~vhich each debit to the Funds was madt. The Funds are pledged as additional secarity tor the sums secured b~ this ~fortgage. I[ the amount ot the Funds held br Lender, toqether rvith the (uture monthly installments of Funcls payable prior to the due dates of taxes, asseaunents, insurance premiums and gruund rents, shxll exceccl the amount required to pay uid taxes, asseumenu, insurance ptcmiums and grou~d rents as thcy (all due, such excess shall be, at BorroNer's option, tither promptlv repaid to Bortower or credited to Borrowcr on monthl}• installmenu o[ Fund~. It the amount of the Funds held by Lender shall not be wf(icient to pay taxa, assessmenu, insu~ance premiums and ground rents as they fall due, Borrorver shall pay to Lender any amount netessary to makt up the deticiencY within 30 days tr+om the date notice is mailed by Lendtr ` to Borro~ret requesting payme~t thereoL ~ Upon payment in [ull o[ all suuu securM by this Mortgage, Lender shall promptly retund to Borrower any Funds ~ htld by Lendt~. IE under paraqraPh IB hereot the Property is wld or the Propeny is othen?ise acquired by Lcnder. L.ender , shall apply, no later than immediately prior to the sale oE the Property or its acquisition br I.ender, any Funds held br ~ Lender at the time ot applintion as a crcdit against the sums secured by this ?Nortgage. 3. Applicatan ot Payments. Unless applicable law provida othenrix, all p~~ments teceived br l.ender under the t Note and pangnphs 1 and 2 hereo( shall tx applied by Lender tint in payment of amounts payable to Lender b} BorroMer f ~ under panqraph 2 herchl, then to interesr pa~•able ou the Note, then to the principal o[ the Note, and then to intetest and ! principal on any Futun Advances. ` ~ C6arge~ Lieni Borrower shall par all taxes, assessmrnts and other charges, fines and impositions attributable to i ' che Property which may atuin a priority o.•er this ~lortgage. and leasehold payments ot ground rents, it any, in the man- ~ ner pro~•ided under paragraph 2 hereof ot, i[ rwt paid in such manner, br BotroMer makinq payment, when due, ~tirectly to + th~ payee thereof. Borrower shall prompd} turnish to Lender all notices of amounu due under this Paraqraph, and in the ~ j e~•cnt Aormwer shall makt payment directh•. Borrower shall pmmpdy furnish to Lendcr receipts e~•idencinR such payments. ' ~ Borrower shalt prompttr discharge any lien which has priority ocer this :ltortqage: pro~•ided, that Borrower shall not be re- ~ yuired to dixharge any such lien so loug as $orrower xhall aqree in writing to the pa~~nent of the obligation secured by such ~ ! lieu in a manner acceptable to Lender, or shall in g~wd faith contest such lien by, or dc(end entorcement o( such lien in, le- ! Ral proceedinRs which opente to prcvent the enforcement. of the lien or (orfeiture of the Property or any part thereof. S. Hanrd Inwnnce. Borrower ahall kecp the improvtments now existing or hereatter erecttd on the Propert~ in- j sured ~gainst lou by tire, hu~rds induded within the term "ex[endecl co~•enge", and such other haz~rds as Lender may re- i ; quire and in such amounts and (or such periods as Lender may rcquire: provided, that I.ender shall not require that the a ; amount of such covenqt exceed that amount of covenge rcquired to pav the ~ums sccured by this ~tortqaRe. 1 ~ The insurance carrier pro~iding the insunnce shap be chosen by Borrower subject to approval by Lender, provided. ~ tlut such appro~~al shall not be unreasonably withheld. Al) prrmiums on insutanct policia shall be paid in the tnanner procided under paraqraph 2 hereo( or. if not Paid in such manner, by Borrower makinq Payment, when due, directly to ; the insunnte carritr. , F All insurance policits and reneNals thereof shall bt in (orm acceptable to Lender and shall include a standard mott- ~ Rage dauu in fa~or of and in (orm acceptable to l.endcr. Lendtr shall ha~•e the riRht to hold the policies and renewals theteo[, and Bonower shall promptl~• (urnish to Lender all reneNal notices and all receipts o( paid Premiums ln tht e~ent ! o( loss. Borrower shall gi.•e prompt notice to the insurance carrier and Lender. Lender m~7 make proo[ ot loss i( not made ' promptly by Borrower. _ Unltss Lender and $orrower othernise aqrtt in writinR, imur~nce proceeds shall be applied to restoration or repair o( ; thc ProPerty damagcd. Pro~•ided such restoration or repair is economic~lly feasible and the security of this ~fortqaqe is not i thereby impaired. I( such ratoration or repair is not cconomicall} fnsible or if the sccurit}• of this ~fortgaqe ~.ould bt im- ' paired, the insunnce pr«eeds shall be applicd to the wms xcured b~ this ~tortqage. with the exceas, it any, paid to Bor- f rower. It the ProPerty is abandoned by Borrower, or i[ Borrower tails to respond to Lender within 30 da~s from the date ~ ~ notice is mailed by I.endtt to Borrower that !he insuranct nrritr ot(trs to xtde a chim (or insurance ben~fiu, Lender is authorited to c~lltct and appl? the iniurance procetds at I.ender i option either to ratoration or repair ot the Property or - j to the sums secured by this ~tortgar{e. - ~ Unlezti I.ender and Borrower otherwise aRree in writing, any such application of prrxetds to principal shal! not extend or postpone the due date o( the monthlv installments referted t~~ in paraRraphs 1 and 2 hcreof or thanRe the amount ot such ~ in+ullments. If under para~{raph 18 hereof the Property is acquired br l.ender, aU riqht, title and inter~st o( Borrower in ~ and to any insurrnce policits and in ~nd to the procecds thereof resultinR from damaqe to tht Propert~~ prior to the sale or acyuisiti~n shall pas~ to Lender to the extent of the sums xcured by this ~fortRage immediatd} prior to such ule or acquisition. , 6. Presenatioo and Afaintenaace of Propertt: Lease6olds: Condominiums; Planned Unit Derdopmenta. Borrower . d~all keep the Property in goal repair and shall not cotnmit waste or permit impairment or deterioration of the Property and shall comply with the provisions o( any lea~e if this tior~qaqc is on a leasehold. If this \iort~{aqe is on a unit in a condominium or a planned unit de~~elopment. Borrower shall per(orm all of Borrower's obliRations under the declantion or co~•enants creatinR or Ro~•erninR the condominium or planned unit de~elopment, the by-laws and regulations of the condo- ~ minium or planned unit de~•tlopment, and tonstitutnt documents. If a condominium ot planned unit decelopment rider is i executed by Borrower and recorded toqether with this ~tortgaqe. the co~•enants and agreements ot such rider shaU bt in• ; corporated into and shall amend and supplement the covenantti and agrtements o( this ~iortgagc as if the rider Nere a part ~ hertof. _ : 7. Protection of Leader's Securitr. If Borrower (ails t~ perform the co~•enants and aqreements contained in this ; ~tortj{age, or it any action or procetdinq is commenced which materially a(fects Lender'~ interest in the Propert}•. including, ~ bw not limitecl to, eminent domain, insnlvencp, cal~ entorcement, or arranRem~nts or prncetdinRs im•oh•inR a bankruPt = or decedent. ~hen Lender at l.ender's option, upon notict to liorrower, may make such appeannces, disburse wch sums , a aod take such action u is necessary to protect I.enJer's interni, indudinR, but not limited to, disbursement of rtasonabk attorneY i(e~s and entry uprx~ the Prop~rty to make repairs. I( Lender required mortRage iosunnce as a condition o( ' making the loan xcured by this ~IortRaRe. Borrower shall p~y the pr~miums requirrd to maintain such inwnnce in e(- ~ tac until wch time u the requirement tor such insurante terminates in accordance with BorroNtt s and L.endefs written : 3 . d~oK ?r;7' ~ 921 ~ _ _ . _ x~~-