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Home My WebLink About0181 t'r~FOaat Co~•FN~s.n. Aorrower and Lendcr co~enant and a~ree as tollows: 1. Payment o[ Principal and Inte~est. Borrower shaU promptly pay wheo due the principal o( and interest on the indebteclness e~•idencecl b}' the ~utc. ~,~rp•r}~ment aud latr cha~grs a~ ptu~•idcd iu thr ~otc. aucl the principal ot aud inter- e~t on auy Future Advances xcu~cvl by this \tortgage. Y. Fund~ tor Tazes and Insuranca Subject ~o applicablc taw ot to a written wai~er by I.rnder. Bor~ower shall pay to l.ruder on the day mo~uhly instalimenu ot ~,rinci~~al aud interest are pa~~able uiider the Notr. uutil the !`~,te it paid in (ull, a+um (he~ein "Funds') equal tu uue-twrltth o( the yearh taxes and a,u~,inru~s Mhich ma~~ attain priurity o~•rr this - \IortgaRe. and p,round rents on che Y~o~xrt~•, it any~, plus onr~wclt~h of yrarly premium i~~~tallmen~~ te,r t?aiard insurance, plus oue•twel[th of yearly premium installmentc for mortgaRe i~~.urance, if any. all at rrawnablr estimated ioitially and trom ~ime to time b~ Lender on the basis o( asse.tmeuts and bills and reas~~uable rstimatcs thctco(. "I'he Funds ~hall be hetd in an institution the de~xxiu or accounts of which are i~~turcYl ~~r Ruar.u?lcYd b~• a Federal or ,~ate agenc}• (intluding Le~~drr i( Lrnder is such an iustitutionj. t.ender ~hall apply ~he Fuuds to pa~~ wid taxes, assessments, io~urance premiums aucl R~ound rents. l.euder may not charge tor u~ holdiuR an~! apphiug the Fundc, aualv~inR ~aid ac- . cowu, or verityinq and compiling said asscismcntc aud bills, w~lris Lcnder pays BorroMer intercu on the tunds aud ap- plicablr law permiu l.ender to makr ,uch a charke. Aorrower and Lender may aRree in writinR at the time o[ execution o[ thic \tort~age that interest on the Funets,hall be paid to Borrower, and unlets such a~{reement ic made or applicable law rcquires such i~terest to be paid, l.euder shall not be requirec! to pay B~rrower an~ intere~t or carnenRs on the Funds. I.ender .liall Ri~•e to Borrower, without charRe, an annual accounting o( ehe Fwide showin~ neelitc and deltits tu the Funds and the purpose for which each drbit to the Funds wac made. 'I~he Funds are ~IMIRtYI as additirn?al securit~• (nr the sums secured b~ this ~tortgage. lf the amount of the Funds hcld by~ l.ender, t~ether with the (uture monthly installmenn Funds pa}able prior to the due dates of taxes, assruments, inwrance premiumc and t{round rents, shall exceed the amount required to pay said taxes. assessments, insurance premiumc and Rround rents as the? (all due, such excess +hall Ix~, at Rorror.er's option, either prompdy repaid to Borror+er or creditcYi to Ao~rower on mon~hh installments o( Fund.. If the amount o( the Funds held _ by I.ender shall not be su((icient to pa~• taxes, acsessments, insurance premiuma and Rround rrnts as they fall due, Borrower shall pa}' to Lender any amount necessary to make up the de[iciency within 30 da~~c (ram the date notice is mailed by Lender to BorroNer requesting pa~meot thereo[. Upon payment in full of all sums secureci b~ this ~iortRage, I.ender shall prompth• reftmd tn Ii~rrower any Funds held b}' I.ender. I[ uncler paragraph IR hereo( the Property is sold or the Property i~ otherMise acquired b}• I.ender. Lender shall apph•, no later than immediately Prior to the sale oE the Propert}• or its acquiciti~~n by Ixndcr, a~~~• Funds held by i.ender at the time o[ application as a creciit aRainst the sums securecl b~• this ~IortKaRe. 3. Applintion of Payments. Unlest applicable law provides othenvise. all pa~•ments recei~•ed by I.ender under the ' '~ote and para~aphs 1 and 2 herrnt ~haU bc applied b}~ I.ender first in ~~a~mem ot amuunts ~a~•able to I.euder b~• &~rroNer undcr paraRraph 2 hereo(, thcn to interc~t E~avable ~n the ?~otc, thcn to the principal of the tiote, and the~~ to interest and principal on an~ Fuwre Ad~•ances. 4. Chargex Liens. Borroher shall pa~ all taxes, assessmrnt, and other charRec, fines and impositiom attributable to the Propert}• which may attain a priorit~ o~cr this \lortj{age, and leaschold pa~~rt?cnt~ or ground rents, i( au~~. in the man- ner pro~•ided under paraRraph 2 hercof or, if noc paid in such manner, b~• BorruNCr makinq pa)'ment, e.heu duc, directl}' to th~• pa~ee thereoL BorroMer sl?all pmmpth• (urnish Lender all notices of amounts duc• under this paraRraph, and in the e~uu RarroNer shall make pa~ment directh•. Borrorcer shall prompth• turnish to l.ender receipts e~•idencinK such pa~ments. Borrow•cr shall promptly diuhar~;c an}• Iirn Nhich has priority mcr this ~tortRaRe: pru~idcd. that Rorrower shall not be te- yuired to dixharKe aup such lien u~ IouR a+ Rnrrow~rr ti}~all a~;rer in writin~ to the pacment o( the obliRatirn~ secured b~• such lien in a manner acceptable to Lender. or shall in K~NKt (aith tnntru suth lien b}•, or defend e~i(~~rcement ot such lien in, le- Ral proceedinRs which operate to pre~~ent the en(orcement of the lien or (orteiture nf the Propert~• or an}• part thereof_ 5. Haurd Insurance. BorroNCr shall keep the impro~emruts n~w• existing or hereafter ereceed on the Pmperty in- sured against loss by fire, harards induded ~ithii~ the term "extended co~~era~". and +uch other haiards as Leneter ma} re- yuire and in such amounts and for such ~~cri~xl. ac Lender ma~- r~yuire: pro~•ided, that Lender shal{ not require that the amount o( such co~~eraqe exceed that am~~unt of coceraRe reyuireci tu pac the sumc .ecured b~• this \(ortRaRe. The insurance carrirr pro~~iding the insurance shall be ch~ceu b~ BorroNCr subjeu ~o apprm~al bc l.ender: pro~•ided, ! that such appro~•al shall not be unreaw~nal~I~• N~ithheld. :Vl prrmiums ~~n insurance Fx?licies shall be ~~:~id in the manner procidrd under para~;raph 2 hereof or. ii not paid in such manne~, bv BorroNer ma{:inq pa~•ment, when due, directl~ ta ~ - . the insurance carrier. ~ .all insurance policies and reneN•als theren( ~hall be in torm acceptable to Lender a~id ~hall inclucle a uandard mort` RaRe clau+e in fa~•or of and in form acceptable to Lender. Lender shall ha~•e the riRht tr~ hold thr ixilicies and reneMals f thercot. and BorroNer ShaU E~romptk (urnish to Lendcr all rrnrNal n~,tices and all reccipts paid premiums. In the e~~ent ~ o( lou. BonoMer shall Rice prnmpt n~tice to ~he insurance carrier and l.c•nder. I.ender ma~ make pr~x~t of luss i( not made promptly b~• Borrower. linlecs Lender and Borrah•er otherMi~e a~ree in N•ritinR. i~»urance procecYis shall t,e applied to rectoration ~r repair of the Propert}• damaRecl, pro~-ided such restoraeinn ~~r repair is ecrnu~micalh (ratible and the u~curit~~ uf this \IortRa~e is not thereb~• impaired. If such restoration or repair i. not economically feasible ~r if the securit~• o( this ~inrtga~e Hould be im- paired, the insurance proceed~ shall be a~~plicd t~i the sums securecl b~ thic \(~~rtRaRe. Mith the excess, i( am~, paid to Bor- roH~rr. If the Propert}~ is abandoned b~• Rurr~?wer, or if Borro~cr fails t~? rrsFxmd to Lender M•ithin 3~ da~s trom the date nc~eice ic mailed b~• l.ender ~o BorroNer that the inwrance carrier ~~f(erz to settle a claim f~~r insuran~e bene(its, Lender is authorired to collect and apph• the insurance pr~KCeds at L.ender's opti~~n either to rect~rati~~n ~r re~air ot the Propert~ or to the sums setured bv thic ~fort~aRe. ~ Unless l.ender anci Borrower otherNise aRrer in ~.ritinR. am• such apE~lication of pr~ceed~ to principal shall not extend or postpone the due date o( the monehlc instailments reterred t~~ in paraRraphs 1 and 2 hrreo( or chanKe the amount o( such inctallmentc. I( under paraRraph IR here~f the 1'ropert}- is acyuired bc I.ender. all riyht, title and interest of Borrower in ~ and to auv insurance ~licict and in and to thc proccrds ihere~?f re+ultin~ (rom dama~,c t~? thc Propert~~ prior to the sale or acyuisition ~hall pasc to Lendrr to the extcnt the sums ce~ured b~~ this ~i~rt~{aKe immecliateh• prior to such sale or ~ acquisition. ~ 6. Presm•ation and ~faintenance of Propert~•; I.easeholds; C~?ndominioms; Planned tinit De~•elopments. Borrower ciiall keep tt~e Prc~pert}• in K~xxi repair and ~hall ~iot commit ~•acte ~~r permit impairment ~ir dereriorati~~n ~f the ProPert~• ~ and shall complr~ with the pro~-i~i~~nt ~~f an~ Ica.c if this ~(ortRaRe ic on a lcasehold. If this \TortRaRe i~ ~n a unit in a ~ condominium nr a plannecl unit de.el~pment. Korrower shaU ~x•rf~~rm all of B~rr~~hrr'< <rbliqations under the declaration ~ nr co~•enantc creatinq or Ro~erninR the cond~,minium or plauned unit de~elopment, the b~~-laN•s and rr~ulations ot the conda ~ minium ~r planned unit de~~el~,~m~nt, and c~nuituent documeuts. If a condominium or plrnned unit deceln~ment rider is ~ executed b~~ Bnrmwcr and recnrded tu~r~her w•ith thit ~(ortRaKc, thc cmenau~s and a~{reements of such ridcr shall be in- ~ rnr~rated into and shall amend and wpplcmrnt thc cocenan~~ and a~recmcntc uf thic ~(ortRaRe as if ~he ridcr ~•ere a part ~ hercof. 7. Protection o( Lender's Sein~rit}. If Rorr~?NCr fails t~ pert~rm the cm-enants anci aRreemente contained in thit ~(~rtRaRe. ~?r if am• actian ~r proceedinK ic r~~mmenced ~+hich materialh• affect~ Lencter'. interest in the Pmpcrtc. includinR. but not limitrd t~~, eminent domain, inW~h~•nc}. uxtr enforcement, or arran~emen~s ~~r pr«eedinRs inc~l.inR a bankrupt ~ or dececlen[. then l.ender at Lrnder'~ opti~n. uEx~n notice to Rorrower. may make such ap~xarance~. disburse snch sums and take such acti~~n as i. necessarc to protect l.rnder's intere~t. includinR. but n~~t limited u~. disburu-ment of reasonable attorne}~'s (ccc and entr~• u~n thc F'ropert~~ tn make repairs. If I~nder rc~~uircd mortKaRe iuwrancc as a cnndition o[ makiuR the loan securect b}~ this \turtRaRe. RorroKer shall pa~~ the premiums required to maintain such insurance in ef- fec[ until such time as the reyuirement (or wch inwrance terminates in aunrdance ~ith $orroNer's and l.ender's rcritten ~ Q OR EOOK ;ri i ...0~