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Home My WebLink About0315 I~urn,wer and l.ender cuvenant and ng~ee ue tolluv?s: l. Nayme~t of Principal and I~tereet. Burrower ahxll promptly pt~y when due the principal o! and intereet on Ihe indebteclnre?a evidenced by the Note, prepayment and late chnrgea ua pn?vided in the Note, iind the principal of and intemat un any M uture Advuncea eecured by this Mortgage. ' `l. Munde tor Taxee w~d Insur~ner. tiubject k? applicublr It~w o~ to n writlen wuiver by 1 A~nder, l~~rruwerxhall puy tol.rnderon the day monihly inatallments of principal and intereat nre peyable under the Nute, until the Note ia puid in [ull, a sum Iherrin "Funds") eyuul to one tweUth of the ~ eu~ly tnxes and ussexsmentx which muy att~iin priority uver thia MoriKt~ge, and gruund rentx un the Property, if s+ny, plus onP tw•e1Rh of yearly premium inatnllmenta for haziird insurance, plua unc~tw~elflh of yei~rly premium installmrntx for morty;age inaurance, if any, .till as renaonably estima/ed initinlly u~d fn~m lime to tiR~e by I.ender un the busis of auis~~mrntx and bills und reaxunt~ble ~wtimatc~ therc~?f. The Flinds ehaU be held in an inxtitution the depoaite or accounts of which are inaured or guaranlerd by a Federal or State agency lincluding Ixnder if l~endet ia auch an inetitution?. I.ender shaU apply the Funds to pay stiid tuxes, ax~esxmenta, inauranc~ premiume and ground renta. I.ender may not charge for ao holding and applyinq the Funde, nnalyzing said nrcount, or verifying and crompiling eaid assessments and bills, unleeis l.ender pa~ s Borrower inte~eal uo the Funda and applicuble law permitx l.rnder tu make such a charKe. Borrow•er and l.ender may agree in writing at the time of execution o[ thia MoriguKe that intereKt on the h unds shull be puid to t3orrower, and unless auch agreement ia made or applicable luw reyuires such intereat to be paid, l.ender shall nnt be required to pay E3orrower any in/ereat or earninga on the F'unda. l.ender ehal! give to Rorrower, without charge, ao annual ac~Y~untinK of the Funds ~huwing credits and debits to Ihe Funda and the purpose for which each debit to the r unde was mude. 7'he F unda are pledged as additionai eecurity tor the auma secured by thia Mortgage. If the amount of the Funda held by I.ender, together with the futurn monthly instalimenta of F unds payuble prior to the due dates of tnxea, nssessments, inaurance premiuma and gmund rents, shall excred the z~mount required to paysaid taxee, asaesaments, insurance pnmiums and ground rnnts as they fall due, such excesa shall be, at t3o~TOwer's option, either promptly repaid to E3orrower or credited to Borrower on mon~hly inatallmenta of Funda. If the amount of the Funds held by l.ender ehall not be suf~cient to pay taxea, asaesamenta, insurance pmmiuma and ground mnts as they faU due, E3orrower ahall pay to I.ender any amount neceaeary to make up the deficiency within 3U daya frvm the date_ notice is mailed by l.ender to E3orrower rnquexting payment thereof_ [i pon payment in fuil of all s~~ma !~ecured by this MortKaRe, I.ender ahall promptly refund to Borruwer any funda held by Irnder. If under paragraph lA hereof the F'roperty is sold or the E'roperty is otherwise acquired by I.ender, I.ender shaU apply, no later than immediately prior tu the sale of the Properly ur ita acyuisition by I.ender, Uny Funda held by l.ender at the time of cipplicntion .~s a credit against the sums securcd by this Mortgage. 3. Applicatian of Payments. linless applicable law pmvi~lea ntFlP~VL•~liP, A~~ ~IAVmP?~~C rw~Piva1 hy IPnder ~~n~er the Note and paragrapha 1 and 2 hereof ahall be appticd by I,ender first in payment of amounts payable to (.ender by Borrow•er under paragruph 'l hereof, then to interest payHble on the Note, then to the principal ut the I~tote, and then tu interest and principal on any Future Advances. 4. Charges; Liena. I3orn,wer shall p.~y ~11 taxes, .issessments :md other charKes, fines and impositions tittributable U? the Yroperty which may attain a priority o~•er this Alortgage, and le.~.sehold pa~ ments or Kniund rents, i f.~ny, in the m.inner provideci under par<~graph'L herrof or, if not paid in ~uch mnnner, by Borrov?er making p.q~ment, ahe~ dur, directly to the payee thereoC Rormwer shall promptl~ furnish tu I.ender all notices of amounLs due undYr this par:~Kraph, and in !he e~•ent f~~rrnwer shall make puyment directh•, Rormwer shall promptly furnish W I.e•nder receipis e~•idencing such payments_ i3orruw er shall promptly discharKe .?ny lien which has priority o~•er this MurtgaKe; pru~•ided, th~t fiurrower shall nut be requimd to discharKe any such lien so IonK .~x 13~~rruwer shaU aRr~e in N-ritinQ to the payment of fhe obliKution securtd by ,u~•h lien in a manner acreptable to (xnder, or shall in ~;~H~c1 faith cy~Mi~t such lien Uy, urdefend enCorcrmrnt of surh lien in. Ic~;al prex•r~Yfings which operate to prevent the enforcrment of the lien ur furfeiture uf the• Yroperty or xm• part thereY~{. 5. Hazard Ineurance. E3orrower shall keep the impro~ ements now existinK or hereafter erected on the Yroperty insured against loss by fire, hazards included within the term "extended cover~ige," and 3uch other hazards as I.ender may require and in such amounts and for such periodR as I.ender may require; pm~~ded, that I.ender shall not reyuire such covera~e amount exceeding the minimum, as may be reyuired by titate or federal mgulations governing aclivitiea of I.ender, or that amount of coverage required to pay the sums secured by this Martgage, w•hiche~er is the greater. The insurance c.~rrier pro~•idinK the insur.?nce shall ix• rhu,rn by liurruw•er ~ubjecK to approval b~ la ndrr; pru~•idcd, that such appro~•al .hall not be unreas~~nablt~ withheid. All premiwns nn insuran~•e p~~licii~ sh.iil tx~ paid in the m:?nn~~f NI7ri'1lIP(I Ufl(IPi ~araKraph herer~f or, if n~~t paid in such manner, b~~ 13orrow•er makinK p:iyment, w•hen du~, dirc~cth• to the insur.?nce carrier. ~ All insurance pc?licies and renewals thereof shall be in [orm acceptable to I.ender and ahall include a standard mortKagP clauxe in favorof ! and in form acceptable to Lender. I.ender shall have the riKht tc, hold the ~wlicies and renewals thereof, and Borrower shall prumptly furnish to ~ i.ender all renewal notices and all receiptti of paid premiums_ In the event of loss, Borruwer shall give prompt notice to the insurance carrier t and Lendec I.ender may make pr~f of loss if not made prompQy bv f3nrrow•er. 3 Unless I.ender and ~3orrower otherv~•ise agree in writing, insurance proceeds shal) be applied to restoration or repair of the F'roperty ~ damaged, pmvided auch restoration or tepair is economically leasible and the security of this Mort~age is not thereby impaired. If such s restoration or cepair is not economically feasible or if the security ot this Mortgage K•ould be impaired, the insurance procerds shall t?e applied € to the sums secured by tbia Mortgage, w~th the excess, if any, paid to Borrower. If the E'roperty is abandoned by Borrower, or if E3orrow er fails to ~ respond to l.ender within :30 days from the date nntice is mailed by I.ender u~ E3ormwer that the insurance carrier offers to settle a claim [or ~ insurance benefits, I.ender is authorized to collect and appl}• the insuran~e proceeds at I.ender's option either to restoration or repair nf the Yroperty or the sums secured by this Mortgage. ~ lTnless Ixnder and I3onower otherwise agree in writing, any such ~pplication of proceeda to principal ahall not extend or postpone thedue ~ date of the monthly installments referred to in paraKraphR i and 2 here~~f or change the amount of such instaUments. If under paraQraph 1R ~ hereof the Property is acquired by Lender, aU right, tide and interest of Borrower in and tn any inaurance policies and in and to the proceeds thereof reaulting from damage to Property prior to the sale or acqwsition shall pass to I.ender to the extent of the aums secured by this ~ ~lortgage immediately prior to auch sale or acquisition. 6. Preaervation and Maintenance of Property; Leaseholds; Condominums; Planned Unit Developmente. Borrower shall keep ~ the Property in good repair and ahall not commit w•aste or permit impairment or deterioration of the Property and ahall rnmpl~~ with the proviaions of any lease if this Mortgage is on a leasehold. If thia Mortgage is on a unit in a condominium or a planned unit de~elopment, Rorrower shall perform all of I3orrower's obligations under the declaration or covenants creatin~;or governing the condominium or planned ~ unit development, the by-laws and regulations of the condominium or planned unit development, and conatituent documents. If a ~ condominium or planned unit development rider is executed by Korrower and recorded together with this Mortgage, the oovenant8 and aQreements of such rider shall t~e incorporateel into and shall amend and supplement thecovenants and agreements of this MortgaKeas if the " nder ~+ere a part hereof. ~ 7. Protection of Lender'e 3ecutity. If Borrower fails to perform the eavenanta and agreementa contained in thie Mortgage, or if any ~ action or proceeding ie commenced which materially atfecte Lender'a interest in the Property, including, but not limited to, eminent domain, ` ineolvency, oode enforcement, or arrangementa or proceedinge involving a bankrapt or decedent, then Lender at Lender'e option,upon - notice to Borrower may make euch appearancee, dieburse euch sume and take such action ae ie neceseary to protect Lender'e intereat. including, but not limited to, diabureement of reasonable attorney's feee and entry upon the Property to make repaire. If Lender required mortgage ineurance ae a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain ~ auch ineurance in effect unti! such time as the requirement for auch ineurance terminates in accordance with Borrower'a and I.endei e - written agreement or applicable [aw. Borrower ahall pay the amount of all mortgage inaurance premiume in the manner providea under paragraph 2 hereof. ~ My amounta disbureed by I.ender perauant to thia paragraph 7, with intereat thereon, ahall become additional indebtedneae of ~ Borrower secured by thie Mortgage. Unless Borrower and I.ender agree to other terrus of payment, auch amounta shall be payable upon , eq g payment thereof, and ehali bear interest fmm the date of diabursement at the rate payable from ~ notice from l.ender to Bormwer r ueatin time to time on outetanding principal under the Note unleea payment of intereet at such rate would be contrary to applicable law, in which event euch amounts ahall bear interest at the higheat rate permisaible under applicable Iaw. Nothing contained in lhis paragraph 7, shaU ~ require Lender to incur any expense or take any action hernunder. ,-1 ~`~.3 ~c „Y Aj ',jN!~ 290 ~A~~ 315 l;*_ • ~ - - - ~ ~ ~ _ - - ~ ~z . . s.Yk_.v..... . . . _ _