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Home My WebLink About0314 , ~ ~ [3orrower and I.ende~ covenant end agre~e as fulluwa: 1. P~yme~t ot Principal and Interest. E3urrower shall pn,mptly pxy when ~1ue the principal of and interret un the indebt~rJnc~se evidenced by the Note, prepeyment and lalechargee ae provided in the Note, and the principal otand intereet on any FLture Advancee aecured by this Mortgage. 'l. i~tit~ds !or Ta:ea and lnsurance. Subject to applicuble law ur tu a writtrn waiver by I.ender, fiurn~wer ehull pay tu I.ender un the day munthly i~etallmenta of principal and intereat are payable under the Nute, unti) the Note ia pxid in full, a eum (herein "Runde") equal to o~e twelRh of the yearly taxes and aesesamrnta which may attain priority uver thie l~tortgage, a~d gn~und ~entx un the Yropcrly, if any, plue a~e twelRh of yearly premium instalimenta [or htezard inau~ance, plud onatwelRh of yearly premium installmen W for mortgage inaura~ce, if any, all as reAeooably e8timated initially and from time to time by I.ende~ on the bxeis of ~xsexsmenta und bille ~nd reasont~ble ee~timutes thereof. The ~nda shal) be held in an institution the deposits or accounte ot which are insured or guaranteed by a Federal or State agency (including l.ender i[ Lender ie such an institution). l.ender ehall apply the Funda to pay said taxee, aasesxmenta, inaurance premiuma and ground rents. I.ender may not charge for eo holding and applying the Funds, analyzing said account. or verifying and compiling euid aasesaments a~tid bills, unless I.ende~ paye BoROwer intereet on the Funda and applicable law permita [.ender to mAke auch a charqe. E3orrower and Lender may agree in writing at the time of execution of this Mortgage that interest un the Fundsahull be paid to Borrower, and unleae e~h agreement is made or applicable law requires auch interest to be paid, i.ender shall not be requireci to pay Borrower any interest or earninga on the ~nds. l.ende~ ahall give to E3orrower, without charge, an annual accounting of the Funds ahowing rtedits and debita lo the Funds and the purpose ior which each debit to the Funds waa made. The F unde are pledged aaadditional eecurity fortheauma secured by thie Mortgage. I[the amount of the Funds held by l.ender, together with the future munthly instaUmente of h unda puyable prior to the due datca of taxea, aeeeaements, inaurance premiume and ground renta, shall excred the amuunt required to p~y said taxea, aexesefinente, insurance premiums and ground rents as they fall due, euch e:cese ahall be, af Borr~wer'e option, either promptly repaid to E3orrower or crrdited to Rorrower on monthly inatallmenta of Funds. If the amount of the Funda held by I.ender shall not be aufficient to pay taxea, asseasmente, inaurance premiums and ground renta ae they fall due, Rorrower ahall pay to l.ender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by [.ender to E3orrower requeuting payment thereot. [Jpon payment in tull of aD euma eecured by thia Mortgage, I.ender ehall promptly retund to E3orrower any funda held by I.ender. If under paragraph 18 hereot the Properiy ie aold or the Property ie otherwise acquired by l.ender, I~ender ahall apply, no later thr?n immediately prior to the eale otthe Propeirty or ite acquiaition by Lender, any Funda held by I.ender at the timeofapplicptioq ~s a credit againat the sume secured by this Mortgage. ' ' . 3. Application of Payments. Unlesa applicable law providea utherwiee, all payments received by Lender under the Nute nnd peragraphs 1 and 2 hereof shall be applied by I.ender fimt in payment of ~mounfs payable to I~ender by I3orruwer under paragraph 2 hereof, t!~ interest payable on the Note, then to the principa) o[ the Note, and then to interest and principal an any Future Advances. A. Charges; Liene. E3orn~wer ahall pny all taxea, Eiasesxments ~nd uther rhargea, fines nnd impositions uttributable to the Property which • mny nttain a priority over this Mortguge, and lrasehold puyments ur gn~und rents, if anyAn the mnnner pruvided under pan?graph'l herc~,f ur, if not paid in auch manner, by fiorrower muking payment, v?hen due, directly to the payre thereoL Rorrowershall promptly furniah to l.ender ~ e~ll notices of amounts due under thia paraKraph, and in the event Borrower ahall make puyment directly, Eiorn,wer ahull pr~,mptly Curnish to [.ender receipts evidencing such paymenta. E3orrower shall promptly di~ harge any lien which h.~s priority uver this Mortgage; prc?vidcd, that Borrower ahal) not be required W discharge any such lien su long as Korrower shall ~gree in writinK to the pa~yment ~f the obligatiun secured by such lirn in a manner acceptabte to I.ender, or shall in g«xl faith contest such lien by, ordefend enfi~rcemrnt ~?f xuch lien in, lc~al pn?ceeclings which operate to prnvent the enforcement of the lien or forfeitum of the Property or any part thercY,f. 5_ Hazacd Insurance. Borrower ahall keep the impmvementa now eaiating or hereaftet erected on the Yroperty insured against luxs by fire, hezarda ihcluded within the term "extended coverage; ' and euch other hazards as Lender may require and in such amounts and forauch perioda aa Lender may require; provided, that Lender shall not require such ooverage amount e:ceedinq the minimum, as mey be required by atate or federal regulationa governing activities of Lender, or that amount of coverage required to pay the sums secured by thie Mortgage, whichever ia the greater. The inaurance carrier providing the iosurance ahall t?e chusen by F3orrower subject to appr~n~al by Ixnder, pmvided, thnt tiuch ~p~roval shal) not be unreasrmabty withheld. All pmmiuma on insurance puliciex ahall t?e paid in the mzinner pr~,vidcri under p:vaKr:~ph l herc+if or, if not paid in such manner, by F3urruwer making payment, when due, directly tc~ the insurance carrier_ All inaurance policiea and renewals thereof sha11 be in form acceptable to I.ender and ehall include a standard murtgageciause in favor of ' and in form acceptable to [.ender. I.ender ehall have the righl to hold the policiea and renewale thereof, and Rorrower shall promptly furniah to i.ender al! renewal noticea and all receipte of paid premiume. In the event of lose, I3orrvwer ahall give prompt notice to the insurance carrier and l.ender. Lender may make proof of loes if not made prompUy by E3orrower. I Unleee Lender and Borrower otherwiee agree in writinq, inaurance proceede ahall be applied to reatoration or repair of the Property ~ damaged, provided such restoration or repair ie economically feaeible and the eecurity of this Mortqage is not thereby impaired. If auch ~ reetoration or repair is not er_-onomically feasible or if the eecurity of thie Mortgage would be impaired, the inaurance proceeda ahall be applied ~ to the eums secure~ by thia Mortgage, with the excess, if any, paid to Borr~wer. If the Property ie abandoned by Borrower, or if E3ormwer faila to reepond to Lender within :;0 daye from the date notice is mailed by Lender to Eiorrower that the inaurance carrier offers to settle a claim for ~ inaurance benefite, Lender ie authorized to collect and apply the inaurance proceeds at Lender a option either to reetoration or repair of the ~ Yraperty or the auma eecured by this Mortgage. Unleas Lender and Borrower otherwise agree in writing, any aucfi appiication of proceeds to principal ahall not extend or postpone the due ~ date of the monthly inetallmente referred to in paragrapha 1 and 2 hereof or change the emount of auch inetallmenta. If un 3er paragraph IR ~ hereof the Property is aoquired by Lender, all right, title and intereat of Bornower in and to any insurance policiee and in and to the proceede thereof resulting from damage to Property prior to the sale or acqu~eition ahall pasa to Lender to the eztent of the aums aecured by thie ~ Nortgage immediately prior to such eale or acquieition. ~ 6. Preeervation and Maintenance otProperty; Leaseholde; Condominume; Planned Unit Developmente. Borrower shall keep ~ the Property in qood cepair and shall not commit weiate or permit impairment or deterioration of the Property and ahal) comply with the proviaiona of any lease if this Mortgage ia on a leaeehold. If thie Mortgaqe ie on a unit in a oondominium or a planned unit development, ~ Rorrower ehall perform all uf Borrower'e obligations under the declaration or covenants creatingor governing the condominium or planned unit development, the by-lawe and regulations of the condominium or planned unit development, and conatituent documente. If a ~ condominium or planned unit development rider ix exerated by Borrower and recorded together with thia Mortgage, the. oovenante and agreements of auch rider ahall be incurporated into and ahall amend and eupplement the covenanta and agreemente of thia Mortgage as if the rider were a part hereof. 7. Protection of I.ender•s $ecurity. If Borrowe~ teile to perform the oovenante and agreementa rnntained in this Mortgage, or if any ~ action or proceeding is commenoed which materially affects I.ender's interest in the Property, including, but not limited to, eminent domain, ~ insolvency. oode enforcement, or errangements or proceedings involving a bankn~pt or decedent. then L.ender at I.ender's option,upon noticx to Borrower may mate euch appearances, dieburse such suma and take euch action as ia neceasary to protect Lender's interest, ~ including, but not limited to, disbursement of reasonable attorneyb fees and entry upon the Property to make repairs. If Lender required y mortgage insurance as e condition of making the loan eecured by this Mortgage, Borrower shal) pay the premiums reqaired to maintain ~ euch insurance in etfert until such time as the requirement for euch insurance terminates in accordance with Borrower's and Lender's ~ written agreement or applicable Law. Borrower shall pay the amount of all mortgage ineurance premiums in the manner provided under ; paragraph 2 hereoL ~ My amounte disburoed by I.ender persuant to this paragraph 7, with intereat thereon, ehall become additional indebtedneee ot f = E3orrower eecured by this Mortgage. Unleae Borrower and Lender agree to other terms of payment, auch emounts shall be payable upon ~ notice fmm Lender to Borrower requeating payment thereof, and shall bear intereet from the date of diebureement et the rate payable trom ~ time to time on outatanding principal under the Note unleee payment of interest at euch rate would be wntrary to applicable law, in which ~ event euch amounte ahall bear intereet at the highest rate permiasible under applicable law. Nothing contained in this paragraph 7, shall ~ require Lender to incor any expenee or take any action hereunder. ~ ~ ~ F~~ 3i4 ~ ~ ~~r~~ ~ _ ~ _ _ x ~ - ~ : ~ - r~ . ~