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Home My WebLink About0149 Borrower and I~nder rnvenaat and aYree as follows: 1. Payweat of Principal snd Intere~t. 13orrower shall prompqy pay whe~ due the principal of and ineereet on the in~iebtedneas evideoced by the Note. prepayment and lete chargee as provided in the Note, and the principal of and intereet o~ any Future Advancea eecured by this Mortga~e. 2. Ftind~ [or Taues and In~urance. Subjecl to applicable law or b a written waiver by l.ender, Horrower shall pay to I.ender on the day monthly installments of principal and intereat are payable under the Note, until the Note ia paid in full, a eum (herei~ "Funds") equal to one twelRh of the yearly taxes and asaeaements which mey attain p~iority over this Morigage, and gruund rents on the Property. if any, plus one tweifth of yearly premium inatallmenta for hazard ir?eurance, plus onetwelRh otyearly premium inatallments for mortgage ineuranc~e, if any. all es reasonably eatimated initially and from time to time by l.ende~ on the baeia oI asseasmenta and billa and reasonable eatimatee thereof. The ~Lnds shall be held in an institutioo the deposifa or account~ of which are inaured or guaraateed by a Federal or 3tate agency (including Lender if Lender is such an institution). Lender ~hall apply the F~nds eo pay said ta:ea, aasesaments, insuranoe premiume and ground rents. I.ender may ~ot charge for so holding and applying the ~?nda, analysing said accoun~ or verifying and compiling said aesesaments and bills, unleas l.ende~ pays Borrorrtr interest on the F~nda and applicable law permits t.ender to maice euch a charge. Borrower and Lender may agree in writing at the time ot e:ecution of this Morigage that inter~t on the ~nde ~hall be paid to Borrower, and unlees such e~roewent is made or applicable law requires such interest to be paid. Lender ehall not bc requie+ed to pay Borrower any intereat or earnings on the Pltndi. I.ender shell give to Borrower, without charge, an annual amounting ot the Funds ehowing credite and debits to the F~nde and the purpose for which each debit to the Fuads was made. The Funds are pledged as additional security for the euma eecured by this Mortgage. If the amount of the ~unds held by I.ender. together with the future monthly installmente of Funds payable prior to the due detes of taxes. aeseaaments, inaurance premiuma end ground rente. shall exered lhe amount required to pay eaid ta:es. aeeeaaments, insurance premiums and ground rents es they fall due, auch excess sheU be, at Borrower a option. either prompdy repaid W Borrower or credited to Borrower on monthly instaUmenta of ~Lnds. I[ the amounl of the Funds held by Lender ahall not be eufficient to pey t~es, aaseaaments, inaurence premiums and ground renfs ae they fall due, Borrower shall pay to I.ender any amount neceseary to make up the de6ciency within 30 days from the date ootice is mailed by Lender to Borrower reqaeating payment thrreof. Upon paymeat in tull of aU sums eecured by thia Mortgage, Lender shall promptly refund to F3orrower any fuude held by Lender. Uunder pasagraph 18 hereof the Property is sold or the Property is otherwiee acquired by Lender, I.ender shaU apply, no later than immediately prio~ to the sale of the Propedy or ite aoqnisition by Lender, any P~nde held by [.ender at the time of application ae a credit againat the aume aecured by this Mortgage. 3. Application of Payments. Unleas applicable law providea otherwise, all payments received by I.ender under the Note and paragraphs 1 and 2 hereof shall be epplied by Lender firat in payment of amounta payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principa! o[ the Note, and the~ to intereat and principal on any Future Advances. 4. (;hargea; Liens. BorrowerahaJl pay all taxea, neseesments and other rharqea, fines nnd imp~itions attributable to the Property which may attain a priotity over this Mortgage, and leasehold.payments orground rents, itany, in the manner provided underparagc+aph 2 hereofor, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower ehall promptly furniah to l.ender all noticea of amounta due under thia paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly tumiah to l.ender receipla evidencing auch payments. f3orrower ahall promptly diacharge any lien which has priority o~ er this Mortgage; provided, that Borrower shall not be required to diacharge any auch lien so long ae Borrower ahall agree in writing to the paymenl of the obligation se~cured by such lien in a manner acceptable to Lender, or shell in good faith contest auch lien by. ordefend enforcement of auch lien in, legal prceeedingx - which operate to prevent the enforcement of the lien or forfeiture of the Pn,perty or any part thereof. 5. Hazard lnsuraace. Borrower ahall teep the improvementa now exiating or hereaRer erected on the Property insured againat loas by fire, hazarde inclnded within the term "e:tended coverage," and uuch other hazarde as I.ender may require and in auch amounta and for such perioda ea Lender may require; providtd. that Lender ahal! not require euch rnverage amount exceeding the minimum, as may be required by state or federal regulations governing activitiea of I.ender, or that amount of coverage required to pay the suma secured by this Mortgage, whichever ia the greater. - 'Che inaurance carrier providing the inaurance ahall be chosen by Eiorrower aubject to approval by Lender, provided, that such approval ehell not be unreasonably withheld. All premiuma on inaurance policies ehall be paid in the manner provided under paraRraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the inaurance carrier. All ineuraace policies and renewala thereof ahall be in form aocepteble to I,ender and ahall include a atandard mortgage clauee in favor of and in form aoceptable to Lender. Lender ehal) have the right to hold the policiea and renewals thereof, and Borrowet shall promptly furniah to i.ender aU renewal noticee and all receipta of paid premiums. In the event of loes, Borrower ahall give prompt notice to the insurance carrier and Lender. Lender may make proof of loes if not made prompdy by Borrower. Un{esa I.ender and Borrower otherwiae ag~ee in writing, inaurance proceeda ehalt be applied to reatoration or repair of the Property dam ed rovided auch reatoration or sir ie economicall f ibl an a8 , p rep y eaB e d the eecurit of thia Mo a e is not thereb im ired. f Y rt8 8 y pe I auch restoration or repair is not economicaUy feaaible or i[the security of this Mortgage would be impaired, the ineurance proceeda ehall be applied i to the suma eecw~ed by thie Mottgage, with the e~cceas, if anY. paid to Borrower. If the Property ia abandoned by Borrower, or if Borrov?er faila to reapond to Lender within 30 daya from the date notice ie mailed by Lender to Borrower that the ineurance carrier offrrs to settle a c{aim for insurance benefits, Lender ie authorized to oollect and apply the insurance proceede at Lender's option either to reetoration or repair of the Property or the eume secured by thia Mortgage. Unleea [.ender and Borrower otherwiee agree in writing, any euch epplication of pmceeds to principal shall not eztend or postpone thedue date of the monthiy inetallmente referred to in paragrapha 1 and 2 hereof or change the amount of such installmente. If under paragraph 18 hereof the Property ie aoquired by Lender, ali right, title and intereat ot Borrower in and to any ineurance policies and in and to the proceede thereof resulting from damege to Property prior to the eale or aoquisition shall pase to Lender to the e:tent of the sums eecured by thie Mortgage immediately prior to such sale or aoquisition. 6. Preaervation and Maintenaace otProperty; l.eaeeholds; Coadominum.; Planned Unit Developmente. Borrower shall keep the Property in good repair and ehall not commit waste or permit icnpeirment or deterioration of the Property and shall oomply with the proviaione of any leaee if thie Mortgage ia on a leasehold. [f thia Mortgage ie on a unit in a condominium or a planned unit development. Borrower ahall perform all ot E3orrower's obligatione under the declaration or covenante creatingor governing the condominium or planned unit developmen~ the by-laws and regulationa of !he rnndominium or planned unit development, and conatituent documenta. If a rnndominium or planned unit development rider ia e:ecuted by Borrower and recorded together with thia Mortgage, the oovenants and - agreementa of euch rider ehall be incorporated into and ahall amend and supplement the covenants and agreemente of thie 1liortgage as if the rider were a part hereof. - ~ 7. Protection ot Leader's Security. If Borrower fails to per[orm the oovenanee and agrcemenls oontained in thia Mortgage. or if any action or proceeding is vommenaed which materially affccts I.ender s interest in the Property, including, bul aot limited to. eminent domain. ineolvency. oode enforceaaen~ or arrangements or proceeding~ involving a banksupt or deoedent, then I.ender at Lender's option,upon notice to Borrower may make such appearancea, diaburee anch eums and take such action as is neoe~eary to protect I.endei's interest, $ inclnding, but not limited to, disbureement ot reasoneble attoroey's fees and entry upon the Propedy to make npairs. If Leader required mortgage insurance as a condition of making the loan secured by this Mortgage.. Borrower ehall pay the premiums required to maintain such insurance in effect until euch time es the requirement for such insurance terminates in aooordanoe with Borrow~'~ and I.endds ' written agreement or applicable I.aw. Borrower ahall pay the amount of all mortgage insurance premiuma in the manner provided under ~ ~ paragraph 2 hereof. . My amounte diebureed by Lender persuant to thie paragraph with intecest thereon, sheU beoome additional indebtedne~s of Borrower secured by thie Mortgage. Unleee Borrower and i.ender agree to other terma of paywent, wch amounte shall be payable upon noticx from Lender to Borrower requeeting payment thereof, and ehall bear interest from the date of diabursement at the rate payable from time to time on outetanding principal under the Note unless payment ot intenst at euch rate would be oontrary to applicable law, in which event euch amounte eha1) bear intereat at the higheet rate permiasible under applicable law. Nothing contained in this paragraph 7. shall require Lender to incur any expense or take any action hereunder. # BO~K 2~~ FACf 14~ ~ _ _ _ . ; . _ _ ~ ~ . . ~