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Home My WebLink About0524 l~r~t~oa~t CovFr,~.vrs. AorroMer and l.endcr covrnant and agree as tollows: . l, Pa~ment o[ Principal and Inte~est. AorroNer shall promptl}• ~~ag Hhrn duc thc p~incipa! ot and interest o~ the iiidebtedness e~~ide~ced by the \ote, prepaymei~t aud latr chargcs ac ~,rovid~Yl i~i the \utr, auct the princi~~al of and inter- est on any Fuwre Ad~•ances secu~ed by ~his ~lortgage. 2. Funds [or Taxes and Insuranca Subject to applicable laK~ or to a a•ritten N•ai~~er b~~ l.ender. Borrower shaU pay t~~ l.ender on the day montlily installmruts o( principal anct interest are pa~•able under thr Note, until the 1o~e is paid i~ tull, a,um (herein "Funds") equal tu uuc-tNeltth o[ thc ~•early taxes rnd a~srs,mci~ts Nhich may auain priorit~• o~•er this \lortgage. and ground ~ents on thc {'ro~xrt~~, if any, plus one-tw•clfth ot ~•carly premium in.taliments lor ha~ard iusurancc, ptuc one•tweltth ot }•early premium installmentt (or mortgage ee~+urance, ef auy. aA as rrav~i,:,bli• estimatcYl initially and Irom ~ime to time by Lender on the basis o( asseumeuts and bills and reasonable estimatrs thcreof. The Fu~ds shall be held in an instiwtion the deposits or accouuts of which are i~uurecl or guarantrrd b~ a~ecienl or ctate agency~ (i~cludiug Lendrr i[ I.ender is such au i~~stitution), i.eoder shatl appl} the Puuds to ~ay v~id taxes, assessments, insurance premiums and grouu<! reeets. l.ei~der may not tharge for w holdinR and apph•inR the Fundx, anah•tinq said ac- count, or ~•e~i[yiog and compiling said assessmenu and bills, unless I.ender pays Borrowe~ intere~st on the Funds and ap- plicablr law permies Lender to make cuch a charRe. Borrower and l.ender may agrer i~~ Nriting at the time oi execution of ~hic ~lortgage that interest on the Fuuds ,hatl be paid to BorroM•er, and unless such aRrrement is made or applicable law rcquerec such interat to be paid. Lc~~der shall not be required to pa~• Borrow•cr any interest ot carniuqs on the Funds. I.ender • shall qi~•e to Borrower, without cha~Re, an annual accounting of the Funds shoNi~~R creeiitc and debits to ~he Funds and ~he purpose (or which each debit to the Funds N•as made. The Funcis are pledged as additional sectirit~~ for the sums secuted b~• this ifortgage. It the amount of the Funds held by i.ender, together with the (uture monthl~ installments of Funcis pa~•able prior to the due data o( taxes, assessments, in.urance premiumc and Rround rents, shall excerd the amouat ~equirecf to pa~• said taxes, assessments, insurance premiums and ground rents as chey [alt dae, such excess shall be, at 8orrow•er's option, either promptly repaid to Borrow•er or credited to Borrower on monthl~~ installments of Fundt. It the amount ot the Funds held by Lxnder shall not be sufficient to pa}• taxes, a~.sessments, insurance premiums and qround reuts as they (all due, Bonower ~ shall pa~• to I.ender an}• amoune necessary to make up the deficiency within 80 da~~s trum the date notice is mailed by Lender to BorroNer requesting payment thereoL Upon payment in lull ot a11 sums secured by this \iortRage, Lender shall promptl~ retund to Borroher an}• Funds held b}• L.encter. IE under paragraph 18 hereof che Property is sold or the Property is othencise acquired b~• I.ender, Lender shall apph~, no later than immediately prior to the sale ot thc Prope~ty or its acqui.ition b}• I.ender, anY Funds held b~ l.euder at the time ot apptication as a crec it aRainst the sums securecl b}• this liortqaRe. - 3. Applicaeion of PaYments. Unless applicabte law prorides otherx•ise, all paymer?ts recei~•ec! by Lender ander the \ote at~d paragraphs ! and 2 hereof slzall bc applic~t bi• Lender tirst in paJ~mcnt of amounts pa}•able to Lender b~~ BorroNer under paraqraph 2 hereo[, then to intere+t pa~ablc on the !~ote, thcn to the psincipal o( the \ote, and then to inte~est and principal on any Future 4d~anca. 4, Chargex Liens Borrower shall pay all tares, assessments and other charRes. [ines and impositions attributable to the Propert}~ which may atcain a priority o~•er this ~tortgage, ancl leasehnld pa~~nents or qround rents, it .tn~•, in ~he man- ner pro~-ided under paragraph 2 hereoi or. if not paid in such manner, b~~ BorroMCr makinR pa}~ment. Mhen due, directl~~ to thc pa~•er thereot. Borrower shall promptl~• turnish to Lender all notices of amounts due under this paragraph, and in the e~•cnt Botrower shall make pa~inent direceh•, Borro..er shall prompth• furnish to I.ender receipts e~•iciencing such Pa~~ments. BorroMer shalt promptl}• discharge an~• licn Nhich has priority o~cr this ~lortRaRe: proti•idcci, that Bormwer st~all not be re- yuitc~f to dixharge an?~ such lien so lr?uR as BorruMer shall agree in NritinR to the pa~~meui of the obligation securecl bc such lien in a mai~ner acceptable to Lender. or shall in R«xi taith co~nest such lien by, or de(end en(orcement of such lien in, le- Ral, proceedin~s which operate to pre~•ent ehe enforcemene o[ the iien or fotfeiture of the Propertq or any part thereof. 5. Nazard Insurance. BorroMer sl~all keep the imptovemruts noM existing or hereafter erected on the Property in- sarecf against loss by~ (ire, hazards includecl M•ithin the term "extendrei corerap,r", and wch other hazards as Le~ider ma~ re- yuire and in such amounts and for such periods as Lender may require: pro~~ided, that Lender shall noe require chat the amount o[ such coeerage exceed thae amoune of coverage required to pa~• the sums seturecl b}~ this \(ortRaRe. The insurance cartier pm~•iding the insurance shall be chosen b~ Borrower subject to appro~•al b~• I.ender; prorided, that such appro~•al sha11 ieot be urireasonabl~• withheld. .~11 premiums on insurance policies shall be paid in the manner pro~•edecf under paragraph 2 hereof or. if not paid in such manner, by Borrower makin~ pa}~nent, when due, direcdy to thc insurance cartier. :lll insurance policies and renewals thereof shalt be in form acceptable to Lender at~d shall include a standard mort- Rage clau+e in (a~-or of and in form acceptable to Lender. Lender shall ha~•e the tiRht to hold the policies and reneMals thereof, and $ortower shall promNth- (urnish to Lender all teneNal notices and all reccipts o( paid ~remiums. In the event of loss. BorroMer shall gi~•e prompt notice to the insurance carrier and Ixnder. Lender ma~• make proof ~f loss ii not made promptly by Borrower. Unless Lender and Borsor+er othetwise aRree in NritinR, insurance proceeds shall be applied to restoration or repair o[ the Propert~ damaged. provided such restoration or repair is ec~nomicall~- [easible and che securit~• of this ~fortRaqe is not thereby impaired. If such restoration or repair is not economically [easible or the securit~• of this Jlor[Ray,e would be im- Paired, the insurance proceeds shall be applied to the sums secured b~• this JtortRaqr, ~?ith the excess. if an?•, paid to Bor- ro~•er. I( the Propert~ is abandoned by Borroher, or if BorroM~er (ails to respond to Lender Mi~hin 30 da~~s from the date notice is maileci by Lender to Borrower that the insurance carrier o(fers to settle a daim for insurance benefits, Lender is authorized to collect and applt the insurance proceeds at Lender's option either to restoracion or repair ot the Property or to the sums secured by this ltortgaRe. Unleu Lender and Borrowet othen?ise agree in w-riting, any such application of pr~xeeds to principal shall not extend or postpone the due date of the monthly installments re[erred a. in paraRraphs 1 and 2 hereof or cl~anqe the amount of such in~tallmcnts. If under paraRraph 18 6ereof the Property is acquired b~• Lender, all riRht, tide arid interest ot Borrower in and to an}• i~sarance policies and ir~ and to the procerds thereof resul~in~ from damaRe to the Propert~• prior co the sale or acyuisition ~hall pasc eo Lender eo the extent ot the sums tecured b}• this \iortqaqe immediatel}~ prior to such sale or acquisition. 6. Presenation and :1(aintenance of Property; I,easeholds: Condominiums; Planned Unit Developments: Borrower thall keep the Property in gooci repair and shall not commit waste or permit impairment or deteriorateon of the Property and shal! comp)~• w•ith the pro~~isions of an)• lea.se if this \iortRaRe is on a leaschold. If this ~IortRaRe is on a unit in a condominium or a planned unit de~•elopment, Borrower shall pcrtorm all of BorroMer's obliRations under the dedaration or co~•enanu creatin~ or gorerning the cnndominium or planned unie de~•elopment, t6e b.•-laws and reRutations of the condo- minium or planned unit decelopment, and canstituent docuruer~ts_ If a cor~domi~tiom nr planned ur~it de~~elopment rider is executed bc BorroNer and recorded toRether Kith this ~fortgage, the co~•enaots and aqreements o( such rider shall be in- corporated into and shall amend and supplement the covenants and aqreements of this ~tortqaRe as i( thr rider N•ere a pan hereof. ~ i 7. Protection of Lender's Securitq. If BorroMer fails to Pertorm t~e co~•enants and agreements contained in this i(ortqage, or if an~~ action or proceeding is commenced which materially at(ects I.eiider's interest in the Propett}•, including. bui not limite~! to, eminent domain. insohenc}•, c«fe enforcement, or arran~ements or pr~xeedin~rs im•ol~~inq a bankrupt or decedent. then I.ender at Lender's option, upon notice to Borrower. ma} make wch appearances, disburse such sums and take such action as is necessar~• to protect Lender's intereci, includinR, but not iimited to. disbursement ot reasonable attornev's fees and entn• upon the Pro~ert~• to make repairs. It I.rnder reyuired mortRaqe insurance as a condition of makinq the loan securecl bc this \Iortgay,e. Rorrower shall par the premium• requirecl to maintain such insurance in e[- fect until such time as the reyuirement tor wch insurance termi~~ates in accordance v?ith Borrower's and Lender's written BGuK ~ / O PA6E 523 ~ v= _ . - _ . , ~