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Home My WebLink About0146 I~\IFOR~t Covr.~n~n. Borrowrr and Lendrr co~ruant aud aRree as tolloMS: l. Payment o( Printipal and lnte~est. Ror~oN•er shall prumptly pa}• wl~en due thc principal o( aud intrrest on thc indebtedness evidenced by the ;~ote. prepa~~ment and late charges as pru~•idrd in the \ute, and the priu~ipal uf aud inter- e~t _on any Future Ad~•ances secured b}~ this \lortgage. 2. Funds fot Taxes and Insurance. Subject to applicabie law or to a written r.ai~~er b}~ 1_ender. Rorrower shall pa~~ a~ l.ender o» the day monthly iustaliments n[ ~~rincipal and interest are payable under ~1~c 1ote, un[il the \otc i, paid in (ull, a sum (herein "Funds") equal to ~,~~~•-cw~eu~?~ o[ the ~earl~ taxes and a~us.mcnts whirh ma}• attaiu pri~~rit~~ o~•er this \Iortgage, and grouud rrnts on the Propert}•, it any, plus on~twalfth o[ }carly prcmium in.tallments (or h:vard insurance. plus one-twelith ot yearl~• premium installmenis (ur mortgage imurance. i( any, aU as trauu?abh estimatccl initiall~• and irom time to time by Lender on the basis ot asseuments anct bills and reasouable estimates therc~~(. The Funds shall be held in an institution ~he ete~~sits or accounts of Nhich are incureci or guarauteed bv a Federal or ctate ageacy (includiug Lender it Lender is such ao institution). l.ender shall appl~• the Funds to pa}• +aid taxes, assessmentc. insurance premiums and ~round rents: I.ei~der ma~• not charge (or sn holdiuR aud appl~inR ti?e Fuuds, anal}•iing +aid ac- count. o~ ~•eri[ying and compiling saiel assessments anil bills. unless l.ender pa~s BorroNer intere~t on the Funds and ap- ' plicable laN permits Lender to make such a charRe. BorroNer and l.ender ma~• agree ii~ writiuR at the time o( execution o[ thic ~iortRage that interesi on the Funds ,h~ll f,c paid to Borrower, and unless wch aRrcement is made or applicable law requires such inter~st to be paid, l.ender shall noc be requireci to pa~~ Borrower am~ imerest or earnings on the Funcls. Lender sl~all Ri~•e to Borrower, without charRe, an :+nnual acmunting o( the -Funds shoK•iuR crediu and dehits tu tlie Fuuds and the purpose for which each debit to the Funds Has made. 'The Funds are pledged as additional securit~~ (or the sums secured b~ this \(ortgage. lf the amount o[ the Funds held by Lender, toRether with the tuture monthl~~ installments of Fundc payable prior to thr due dates of taxes, assessments. in,urance prrmiums and p,round rents, shall exceed the amount requited to pay said taxes, assessments, insurance premiums and t{round rents as the~• tall due, such excess shall be. at RurroNer's option, either promptly repaid to Borrower or crediteci to Borrower on monthh instaUments of Fundc_ lf the amount the Funds held by l.ender shall not be su(ficient to paJ~ taxes, assessments, insurance premiums and Rround rents as the}• (all due. Aorrower shall pa}• to Lender any amount necessarv to make up the deficiency Nithin 30 da}•s [rom the date notice is mailed b~• Lender . to Botrower requesting pa~~nent thereo[. Upon payment in full of aU sums secured b~~ thic ~iortRage, I.ender shall prumptl}• refund to Rorro~•er an~~ Funds held b~• Lender. It under paragraph l8 hereof ~he Property is sold or the Propert~~ i~ othencise acquired b~• Lendcr, Lendcr shall appl~•, no later than immediateh• prior to the sale o[ the Propertv or its acqui+itiun b~• I_cndcr. au~- Funds held b~ Lender at ehe time of applicacion as a crcciit aKainst tt?e sums u•curccl b}• this \(ortRaRe. 3. Application of Pa~~nents. Unless applicable law Provides otherwise. all ~~a}•ments recei~~ed b~• l.ender under the lote and paragraphs 1 and 2 hereo[ ~hall t~e applird b}- Lender tint in pa~Tnent of amounts pa~~able to l.cnder b~~ I3orroNer under paragraph 2 hereof, thcn to interest ~a}able on thc \ote, thcn to the principal o[ the \ote, and then to interest and principal on any Future Ad~•ances. 4. Charges; Liens. Borro~cer shall pa~ all taxes, assessmrnts and other char~es, (ines and impositionc attributable to the Propert~• Nhich may attain a prioritr• ocer this \tortgage, a+id leaseholc! ~~a~~ments or.t;rou~~d rents, if am•. in the man• ner prv~ided under paragraph 2 hercof or, ii not paid in such manuer: b~• BorroHCr makinq pa~Tnent. when due, ditecd~• to the pa}•ec therrnf. Borrower shall prompth• (urnish to Lender all notices of amounts due under this ~~aragiaph, at~d in•the e~•cnt Bormwer shall make ~a}~nrnt directh•. BorroHer shall prnmpth• turnisl~ to I.ender receipts e~•idencin~ tiuch pa~ments. BorroH•er shall promptl~ discharRe am• lien w•hich hac priorit~• o~er tl~is \tortgaRe; pro~ideci. that BurroMer shall not be re- quirec! to dixharRe an}• such lien u~ IonR :is Aorro~er shall agree in Mritu~R to the paJmeut o( the obliqation secured U~• such ; lie~~ iu a mauner acceptable to Lender. or shall in K~xxl faith contest Sud? lien by, or defeuct en[orcement ot such lien in, le- Ral proceedinRs Mhich operate to precenc the enforcemenc of the lien or tor[eiture the Propert}~ or am• part thereof. I 5. Hazard Insurance. Aorrower shall keep the improvemcnts noH existin~ or hereatter eiected on the Property in- ~ sured ap,ainst loss by fire, hazards induded Nithin the term "e~tended co~eragc", and=+:~ch other hazards as Lendcr mav re- quire and-in such amounts and for such periocls as Lender ma~• require: procided. that Lender shall not require that the amount o[ such co~•erage exceed that amuunt o[ co~•eraRe requireei to pa}~ the sums srcured b~~ this \IortRaRe. The insurance carrier prociding the insurance shall be choseu by BorroMer subject t~ appro~~al b~• Lender: pro~•ided. that such appro~•al shall not be unrea.onabh• Nithheld. :111 Prrmiums on insurance policies shall be paid in the manner pro~•idrd under paragraph 2 hereot or, i( not paid in such manner. b}• Borroher mai:in~ payment, ahen ctue. ditecth• to the insurance carrier. ~ .~11 insurance policies and renew-als thereof shall be in (orm acceptable to Lender aud ~hall include a~tandard mort- Raqe clause in [a~•or of and iu form acceptable to l.ender. Lender shall ha~•e the riRht t~~ hold the policies and reneHals ~ thereof, a~id BorroMer shall prompth• [urnish to Lender all renewal notices and al! receipts n( ~~aid premiums. In the ecent of toss. BorroNer shall gi~•e Prompt nntice to the insurance carrier and Lender. I.ender ma~ make prcx~[ of l~~ss if not made ~ promptly bc Borrower. Unless Lender and Borrower othenvise aRree in H•ritinR. incurance proceeds shall be applieci to restoration or repair of ~ the Property damaged, procided such restoration or repair is economicalh- [easible and the securit~• o( thiti \ton~aRe is not ~ thereb}• impaired. If such restoration nr repair is not economicatl~• feasible or if the securit~• of this \(ort~ay,e Nould be im- paired, the insurance proceeds shall be applied to the sums secured b~~ thi~ ~IortRaRe, ~.ith the excess, i[ an}•, paid to Ror- ~ roher. If the Propert~ is abandoned b~• Borrower, or ii Borrower fails to respond to Lendcr h•ithin 30 da~~s from thc date notice is mailed bv I.ender to Borrower that the imurance carrier offers t~ settle a claim (or insurance benetits. Lender is ~ authorized to collect and apph• the insurance proceeds at Lender's option either to rest~rati~n ~r repair ot the Property or • ~ to the sums secured by this \lortga~;e. Unless Lender and Bottower othen.~ise aRree in writing, am• such application of prnceedc to principal shall not extend ~ or postpone the due date of the monthh• installments referred tr~ in paraKraphs 1 and 2 hcreof or chanRe the atnount of such inctallments. It under paraKraph 18 hereof the Propert~• is acc~uired b~• Lender, all riRht. title and interest ot Bonower in ~ and to am• insurance poiicie~ and in and to the pr~ceeds thereo( resultinR irnm damaRe a~ thc Propert~ prior tn the sale or acyuisition shall pasc to Lender to the extent ot the sums secured b~• this \iortga~{e immediateh• prior to wch sale or ~ ' acquisition. Ya 6, presen•ation and ~fain[enance of Propern•; Leaseholds: Condominiums; Planned Uni[ De.•elopments. Rorrower 'S cl~all keep the Propertv in Rooc1 repair and tihall not cotnmit ~aste or permit impairmcnt or deterioratiorT of the Property and shail compl~• M•ith the pro~~isions ot am- iease if this \IortqaRe is on a leasehold. If this ~tory{age is on a unit in a ~ condominium or a planned unit de~-elopment. BorroNer shall perform all of BormNCr's obli~ations under the dedaration or co~•enants creatin~; or go~•erning the co~~dominium or planned unit de~~elopment. the b}•-1a~s and reRulations of the condo- ~ minium or planned unit de~•elopment. and constituent documeuts. I( a condominium or plannrd unit de~•elopment rider is ~ executed b~• BorroMer and recorded toRether M•ith this \tortgaRe, the crnenants and aRreements o( such rider shall be in- ~ corporated into and shall amend and supplement the covenants and aqreements o( this \TortRaRe as if the rider Mere a part hereof. _1 7. Protection of Lender's Secvrity. If RorroNer fails to per(orm the co~•enants and aqreemenn contained in this ' ~fortRaqe, or i( am• action or proceedinR is commenced Nhich materialh• attects Lender's ineerest in the I'ro~~ert}, induding, $s but not limited to, eminent domain, inu~l~•e•nc~~, cocle en(orcement, or arranRements ur prnceedin~ im~okinR a bankrupt • - or decedent, then Lender at Lender's option, upon notice to Rorrower. ma}• make su~h appearances. disburse ~uch sums ~ and take such action as i~ necessan• to protect Leuder's interect, inchuiinR, but nnt limited u?. disbursement of reasonable attorne~'s (ees and entry upon the Propertc to make repairs. I( lxnder requirecl m~rtKay,e inwrance as a condition oE ~ makinR the loan secured bp .this \tortRaRe. Rorror.er shall pac the premiums required to maintain such insurance in ef- • iect until such time as the requirement (or such inwrance terminates in accordance Nith Borrower's and Lenders Mriuen :~l ~ 294 r.,~i 1~6 - r`~~~' - _ ,~~n-c:+'.r',av.~;t.'~":.. ~ s. a ~:.:..~..F Y. ~ . .a ~ _~rY»'.` _*„'~R~ .s::