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Home My WebLink About0021 Borrower and I.e~der covenant and agree as followa: 1 l. Payment of Princlpal e~nd Interest. E;orrower shaU promptly pay when due the prencipal of and intereat on the indebtedneas evidenoeci by the Note. prepayment and late charges ae provided in the Note, and the principal of P:~a intereat un a~y Future Advancee aecured by this Mortgage. 2, bl?nde [or Tesee and Ineurance. Subject W applicable law or to a writte~ waiver by l.:nder, E3orrowershnl) pay tu I.ender on the day monthly instaltments of principal and intemst a~e paye?bte under the Nute, until the Note is p~~id in full, a sum (herein "Funde") equNl to one twelfth of the yeasly ttuces and assessments which may attxin priority ove~ this Mortgage, a,~d gruund renta un the I'roperiy, if any, plua one twelfth of yearly premium instulimenta far huzard inaurAnce, plus ~netwelfth ofyearly premium installments for murtgnge inaurance, if any. all ~s reaxonably estimated initially und from time to time by i.ender on the bnsis of assessmente and bills u~id re:~sonable estimatrs thereof. The FLnds ehall be held in an inetitution the deposita or accounte of which are insured or guaranteed by a Federal or State agency (including Lender if I.ender ia euch an inatitution). I.ender ahall apply the F~nd.s to pay eaid taxea, seseasments, inaurance pmmiums and gronnd renfs. I.ender may not charge for so holditig and applying the Ftinda, analyzing said acrnunt, or verifying and compiiing said aesesamente and bills, unieas [,ender paya Borrower interest on the Funds and applicable law permita L,ender to make such a charge. Borrower and I.ender may agree in writing at the time of execution of this Mortgage that interest on the ~nde ahall be paid to Borrower, and unlesa such agreement is made or applicable law requirea such interest to be paed, I.ender shall not be required to pay Borrower any intereat or earnings on the ~nda. Lender shall give to Borrower, without charge, an annuai accounting of the Funda showing credits and debits to the Funda and the purpose for which each debit to the Funda was made. The Funda are pledged as additional security for the auma secured by this Mortgage. If the amount of the ~nda held by I.ender, together with the future monthly inatallmenta of Funds payable prior to the due datea of taaea, assessments, insurance premiuma and ground rents, ehatl eac~zed the amount required W pay said taxes, asseaements, insurance premiuma and ground rents as they fall dae, auch excesa shpll be, at Bo~rowei a option, either promptly repaid to Borrc,wer or credited to Borrower on monthly inatallments of Funde. If the amount of the Funda held by Lender ahall not be sufficient to pay taxes, asseBaments, insurance premiuma and ground renta ae they fall due, Borrower ahall pt?y to Lender any amount neceasary to make up the deficiency within 30 days from the daGe notice is mailed by Lender to Rorrower requesting payment thereof. Upon payment in fu11 of all sums eecured by this Mortgage. Lender ehall promptly refund to Borrawer any funda held by Lender. If under paragraph 18 hereof the Property is sold or the Ptoperty is otherwiee acquired by Lender; Lender shall apply, no later than unmrciiately prior to the sale of the Property or ita acquisiUon by Lender, any Ftinda held by L.ender at the time of upplication c~s a credit xgainat the sums secured by this Mortgage. ' 3. Application of Peymenta. Unless applicable law pmvides otherwise, all paymanta received by I.ender under the Note an~ paragraphx 1 and 2 hereof ahal! be applied by Leader firc+t in payment of amaunta payable to Ixnder by Borrower under paragra_r.:, 2hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future A~'vances. 4. Charges; Liene. Borrowershall pay al) taxes, assessments and other clsarges, fines and impositions attributable W the Property w hich may atttiin a priority over this Mortgage, and leasehold paymcnts or Kmund rnnts, if any, in the manner pm~ ided under paraRrnph 2 hereof or, if not paid in such manner, by Bortower making payment, when due, directly to the payee thereoL Borrower shalt pro.nptly furnish to I,ender all noticea uf amounts due under this paragraph, and in the event Borrower shall mnke payment directly, I3orrower shnli promptly fumish to Leader receipta evidencing auch payments. E3orrower shall promptly dischargr any lien which has priority over this Mortgage: provided, that Borrower ahall not be required to discharge any such lien se long as E3orruwer shall aRree in writing to the payment of the obiigation secured t~y such lien in a manner acceptable to I.ender, or shall in good faith contest such lien by, or defend enfurcement of snch lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the f'roperty or ~ny part thereof. 5_ Hazard lnaurence. Borrower shaii keep the improvements now rxiatiug or hEreafter erec.t~ an ihe Proaerty insurrd asainsi loss hy fire, hazarde included within the term "extended coverage; ' and such other haaards as I.ender may require and in such amounts and for such I periods as Lender may require; provided, that I.ender ahail not require such oovera~e amouni exceed'eng Ltie minimem, ns may berequired by i state or federal regulationa governing aclivitiea of Lender, or that amount of coverage require.~ to pay the sums secured by this Mortgage, ; whichever is the greater. j The insurance carrier providing the +.nsurance shall be chosen by Rorrower subject to approvai by [xnder; provided, th.it such .ipproval i s6ail not be unreasonably withheld. Alt premiums on insuranoe policies sha!! be paid in the manner prvvided under paragraph'? hereof ur, if ~ not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. ! All insurance policiea and renewals thereof s1?ail be in [orm acceptaofe io i.enaer an~ eriaii u-~ciuuc a ata~:::a.:; :;::;::~Qa~ c:a;:~ ;;::3 ~::F i:~ i and in form acceptable to Lender. I.endershall have the right to hold the policies and renewata thereof, and Borrower Khail premptly turniah to ~ i.ender ali renewal notices and all reoeipts of paid pmruiums. In the event of 1oss, Borruwer shall give pmmpt notice to the insurance carrier and Lender. Lender may make proof of losa if not made promptly by Borrower. f Unleae I,ender und Borrower o.therwise agree in writing: inaurence procc.~eds shaU be applied to restoration or repair of the Property ' damaged, provided such restoration or repair ia economically feasihte and the security of iltis Mortgx~e is nvt thernby impaired: If such f restoration or repair ie not ecoaomically feasible or if the security of this Mortgage would be impaired, the insurance proce~~s shall be applied _ , to the aums secured by this MoRgage, with the ezcess, if any, paid to fiorrower. lf the Property is ab~ndoncd by Bc~rrnwer, ~r if Bormwer faita to ~ respond to Lender within 30 days from the date notice is mailed by LendeT to Borrower that the inaurance carrier offers to settle a claim for insurance benefita, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restaration or mpair of the Property or the enms secured by this Mortgage. i Unleas I.ender"and Borrower otherv?1se agree in writing, any such application of proceteds to principal shall not exten.d or postpone the due ~ date of the monthly inatallments referred to in paragrapha 1 a~d Z hereof or change the amount of such instaltments. If under paragraph 18 hereof the Property is acquired by Lender, al) right, title and interest of Borrower in and k? any insurance policies and in and to the proceeds ~ thereof resulting from damage to Property prior to the sale or acquisition shall pasa to Lender to the eatent of the suma secured by this Mortgage immedistely prior to such sale or aoquisition. ' 6. Preaervation and Maintenance ofPro rt Leaseholde; Condominums: Planned Unit Developmente. 8orrowershall keep ; ~ r; ; the Property in good repait and shall not commit waste or permit impairment or deterioration ot the Property and shall comply w~th the `t provieiona of any lease if this Mortgage ia on a leasehold. If this Mortgage ie on a unit in a condominium ur a plannc ~ unit development, ~ Borrower ahall perform all of Borrower's obligations under the declaration orrnvenanta creatin~or governing the candominium or pianned unit development, the by-lawe and regulations of the condominium or planned unit development, and constituent documenta. If a ~ condominium or planned unit development rider is ezecuted by Bonower and recorded together with this Mortgage, the oovenante and ~ agreements of such rider shall be incotporuted into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider were a part hereof. _ 7. Protectio~of I.ender's 3ecurity. If Borrower fails to perform the oovenante and agreemente contained in this Mortgage, or if any action or proceeding ia commenced which materially affecte Lender'e interest in the Property, including, but not limited to, eminent domain, ineolvency, aode enforcement, or arrangementa or proceedings involving a bankrupt or decedent, then I.ender at Lender e option,upon notice to Borrower may make such appearancee, dieburse euch euma and take such action ae ie nece8eary to protect I.ender's inter~t, including, but not limited to, diaburaement of reasonable attomey'e fees and entry upon the Property to make repairs. If Lender required i mortgage inenrance ae a condition of making the loan secured by thie Mortgage, Borrower ahaU pay the premiume required to maintain such ineurance in effect nntil such time se the requirement for auch insurence terminatee in accordance with $orrower'e and Lender e ; written agreement or applicable Law. Borrower ahall pay the amount of a!1 mortgage inenrance premiuma in the manner provided under paragraph 2 hereof. • My amounte diebursed by Lender pereuant to thie paragraph with intereet thereon, ehall become additional indebtedneee of Borrower eecured by thie Mortgage. Unleas Botrower and Lender agree to other terms of payment, such amounte ehall be payable upon notice from Lender to Borrower r~equesting payuieni thereof, and ahall bear interest from the date of disbur8ement at the rate payable from time to time on outetanding principal under the Note unleea payment of intereat at auch rate would be rnntrary to applicable law, in which event euch amounta ehal! bear intereat at the highest rate petmissible under applicabie law. Nothing contained in thia paregraph 7, shatl require Lender to incur any eapenee or take any action hernunder. ? ' r R ~ z&s z~ . ~