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Home My WebLink About0701 , i, `.2 Borrower and Le~der rnvenenl euid a~ree as foqowr 1. P~ymeat o! Priacipal and Interes~ $orrower shall promptly pay whe~ due the principal of and interest on the indebtednew evidenced by the Note, ptepayQ?ent and latecharges as provided i~ the Note, snd the prir~cipal otand intereat on eny blture Advancee eecured bY thia Moaigags. 2 F1u~d~ for Taues sad Ia~uranoe. Subject to applicable lavr or to a written waiver by l.ender. Borrower ahall pay to I,ender on ihe day monthly uutalLaents of principal end inte~eat are p~yable under the Note. until the Note ia paid in fuU, a sum (herein "FLnda") equal to one twelfW otthe yearly. taues and asaesementa which may attpun priority over thia Morlgage. and ground renta on t}ie Property. if any, plus one~ twe1M of yearly pre~nium inatallmenta for hazard inaurance. plue onetwelRh of yearly premium installmenta for mortgage inaurarue, if any. aU as reasonably eatimated initially and irom time to time by I.ender on the baeis of aseeesments and billa and reaaonable eatimat~ thereot. The P~nd~ shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or State agency ` (including Lender it Lendes is such an inatitution). Lender shall apply the F~nds to pay aaid tases. aeseeamente, inewance premiums and ~ ground nnt+s. Lead~ may noL charge fot so holding and applying the Funde. analysing eaid account, ot verifying and compiling said ~ essessmeats and bills. unl~s Lender pays Borrower interest'on the ~nda and applicable Iaw permite I.ender to make auch a charge. Borrower and I.endec may agree in wrriting at the tims of execution o[ this Mortgage that interest on the ~nde ehall be peid to Borrower, and unlees auc~ agrcemant is made or applicable law reqairea such interest to be paid, I.ender shall not be required b pay Borrower any interest or earainga on the Fl~nda. I.eader shall give to Borrower. without charge, an annual acoountit~g of the fl~nds showing credita and debits to the ~nda aad the pnrpose for which each debit b the Funde was made. The ~nds are pledged ae additional eecurity for thesuaoe secuted by this 1 Mortgege. If the amount of the ~nde held by I.ender, together with the future monthly installmenta of Funda payable prior W the due datea of tazea. asaessmenta, insaranoe premiums and ground renta, shall eacaaed the amount required to pay said taxea, aeaesamente, inaurance premiuma ; and ground reats ea they fall dae. aach ea~ceas shaU be. at Borrower's option. either promptly tepaid b Borrower or credited b Borrower on monthly installmenta of P1~nds. If the amount of the Funds held by Leader. ehall not be aufficient to pay tasea~ aeeeesmente. inaurance premiums and gro~wd renta ae they faU due. Borrower ahalt pay to I.ender any amount neceasary to make up the deficiency within 30 days from the date notice is msiled by [.eader to Borrower requesting payment thereof. _ , Upoa payment ia full of all sume secnred by thee Mortgage, Lender ahall pmmptly refund to Borrower any funda held by I.ender. If under paragraph 18 hereof the Property ia sold or the Property is otherwiee acquired by Lender, l.ender ehaU apply, no later than immediately prior to the sale of the Property ar ite aoquieition by I.ender, any FLnda held by Lender at the time of applicatjon as e credit a~ainst the sums secured ` by this Mortgage. . € 3. ApplYeation of Paymente. Unless applicable law~provides otherwin~ a11 paymenta received by I.ead~t uy~de= the Note and , paragraphs 1 and 2 hereof shall be applied by Lender firat in payment of amounta payable to [.endet by'BorCower under paragraph 2 hereof, then to interest payable oa the Note, thea to the principal of the Note, and tlien to interest and prinripal on any Future Advancea. 4. C6arges; I.iens. Borrower shall pay all taxea, essessments and otherrhsrges, fines and impositions attributable to the Property which may stta.in a priority over thie Mortgag~ and leasehold paymenta or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such menner. by Borrower making payment, when due, directly to the payee thereof. Borrower ahall promptly furnish to I.ender all notices of amounta due under this paragraph, and in the eveni Borrower shall make payment directly. Borrower shall pramptly furnish to Lender receipts evidencing such payments. Borrower. ahall promptly discharge any lien which has priority over this Mortgage; provided, that Borrow~ ahall not be required to diacharge any such lien ao long as Borrower shall agree in writing to the paymenl of the obligation secured by auch lien in a manner aoceptable to Lender, or ahall in good faith contest auch lien by, or defend enforcement of such lien in,.legal proceedings which oparate to prevent the enforoement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insuranoe. Borrower ehall keep the improvementa now ezisting or hereafter erected on the PropeRy insured against losa by fire, hszarda included within the term "~tended ooverage," and auch otherhazatda as Lender may require and in such amounta and for such penods ea I.ender may require; pmvided. that Lend~ shall not require such ooverage amount exceeding the minimu m, as mgy be reQuired by ' state or federal regulatione goveming activitiea of Lender, or thst amount of coverage required to pay the suma secured by this Mortgage, . - whichever ia the greater. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval ' shall not be unreasonably withheld. All premiums on insurance policies shali be paid in the manne~ provided under paragraph 2 hereof or, if ' not paid in such manner. by Borrower making payment, when due, directly to the inaurance carrier. All inaurance policiee and renewals thereof ahaJl be in form soceptable to I.ender and ahall include a standard mortgage clauae in favor of and in form aooeptable to Lender. Lender ahall have the right to hoW the poliries and renewala thereof, and Borrower shall prompt[y fumieh to i..ender al~ r~ewal notices and ell receipta of paid premiuma. In the event of loss, Borrower shal! give prompt notice to the insurance carrier and Le~der. Lendez may mal~e proof of loea if not made prompUy by Borrower. Unleea I.ender and Borrower otherwise agree in writing. insurance proceeda ehall be applied to reatoration or repair of the Property damaged, provided auch restoration ot repair ie economically [eaeible and the eecurity of thia Mortgage is not thereby impaired. If auch reabration or repair is not eoonomically feasibte or if the aecurity of thie Mortgage would be impsined, the insnrance prooeeds ahall be applied to the aume eecured by thia Mortgage, with the e:cees, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faile to respond to Lender within 3Q days from the date notice is mailed b3 I.ender to Borrower that the insurance carrier offere to settle a claim for insurance benefite, I.ender ia authorizedio oollect and appty the inaurance pmceede at Lender's option either to restoradon or repair of the Property or the anme eecured by Lhis Mortgage. Unleee Lender and Borrowcr otherwiee agree in writing, any such application of proceeda to principal shall not ~tend or poetpone the due date of the monthly inetaUmenta referred to in paragrapha 1 and 2 hereof ot change the amonnt of euch inetallmente. If under paragraph I8 hereof the Property is soquired by Lender. ali right, title and interest of Borrower in and to any ineuranoe policiee and in and to the proceeds thereof resulting from damage to Property prior to the sale or soquisition ehall paae to Lender to the e:tent of the aums eecured by thia Mortgage immediately prior to such sale or soquisition. 6. Preeervation and Maintenanoe of Property; Leseeholde; Coadominums; Planned Unit Developmente. Borrower shall keep the Property in good repair and shall not cammit waste or permit impairment or deterioration of the Property and ahall oomply with the provisions of any lease if thie Mortgage ia on a leaeehold. If this Mortgage ie on a unit in a oondominium or a planned unit development, Borrower shall perform all of Borrower's obiigationa under the declaration or rnvenanta creatingor governing the rnndominium or planned unit development, the by-laws and regulationa of the oondominium or planned unit development, end oonstituent docnments. If a. condominium or planned unit development rider ie e:ecuted by Borrower and recorded toget}ier with this Mortgage, the covenants and agreemeola of auch rider shall be incorporated into and ahall amend a~d aupplement the covenanta and agreements of thie Mortgage as if the rider were a part hereof. 7. Protcetion of Le~er'~ Sec~rity. If Botrower fails to perform the ooveaanta and agreemente ooatained in thi~ Moztgage. or if any action or prooeeding is oomweaoed which materially affec~s Lender's interest in the Property, includine. but not limited to. ea~ineat domain, insolvency, oode eaforcement, or arrangementa or pmoeedings involving a banlcrupt or deoedent, thea Lender at I.endds option.apon notice to Borrnwer m~y r~al~e sach eppearano~. diebnree such suma and take euch action as is neoessary to protect Lender's inte~est, indnding, but not limited to. disbnrsemeat of reewnable attorney's fees and entry npon the Property to mal~e repairs. It Leades reqnired mortgnge insnrance as a oondition of making the loan secured by thia Martgege, Borrower shall pay the preminms reqnired to maintain snch insnranae in effect nntil ench time as the reqniremeat for sucl~ insurance ttrminatee in aooordance with Borrower's and Lender's written.agteement or applicable I.aw. Borrower shaU pay the amount of all mortgage ineurance preminms in the manner provided nnder FaresraPh 2 hereof. My amounte diabursed by Lender persuanc co thia parsgraph 7, with intereat thereon, ehall beoome additional indebtednesa of Borrower secnred by this Mortgage. Unless Borrower and Lender agnx to other terms of payment, ench amounta shall be payable npon notice fmm I.enda W Borrower requeeting payment thereof, and ahall bear interest from the date of diabureement at the rate payable irom time to time on outstensling principal under the Note anleae payment of interest at euch rate would be oontrary to applicable law, in which eveat such amounts shall bear intere~t at We highest rate permiseible under applicable law. Nothing contained in this paragraph ahall reqnire L.ender to inc~v any expenee or take any action hereunder. ~~~2~ _ 8i?rt raGf _ ~ _ _ - - - - - - - u,~~ _ s_J`; - _ -