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Home My WebLink About0324 , UtvtFORUt CoVEN~tvTS. Barrower and l.enJer cuvcnant and agrrc a~ follc,ws: 1. Pa,ynuat ot i'riocl~al aod lnterest.. &~rmv?rr .h:~~l ~+rumptl~ pay Mhcn duc thc ~rinripa) ot and ?ntercst on the ~adebtedneu evidenced by the Note, prcpaymrnt and late ch:~r~;r. pruvided ~n ~he Note. and the p~incipal of and imercst on aay Futorc Advances stcured by this Mortgage 2. Fmnds tor Tua aad I~unnce. Subjcct Io appli~~hic taa ~~r to a writtr~ warvc~ by l.cndtr, Borrower ihall pay to Gender on the day moruhly installments ot principal anJ ~n~rrr.~ .~~c payable undrr thc NMe, unUl the Note ic paid in (ull. a sum (he~ein "Fundt") equal to c,ne•twelfth o( the yearl~ ta~r• and ~ccessmenls W hrch may attain priority aver this Mortgage, aod gtound rents on the Properry, if any. plus ~~nc-twclhh ol ycarly prem~um ~~stallmcnts for hazard insura~ce, p(us one-~welfth of yeariy premium instaltmcnis for mortgagc +if+arancc. ~t any, all as rcas~~nahly t'~timated initiaUy anJ from time to time by I_ender on the basis ot a.ses.mcnts and h,ll, and ?r.,~~mable est~mates thercof. 'i?~e Funds shall be held in ~n institution ~he deFxxu, ~.r ~cc~~un~s at which arc insureJ or guaranteed by a Federal or state agency (including Lender if l.ender is iuch an inst~uition I cnder shaN apply the Funds to pay ~aid taxes, asstssments, insurance prcmiums and ground ren1~. 1 ender may nn~ charge tor ,n hoWing and applying the Fnndc. anal~•zing caid account, or verifying and compiling said assessments anJ b~ll~, unle+s I.ender pay~ Borrower interest on the Funds and applicable law permits Le~der to make such a cha~ge. Borrower and I.ender may ag~ee i~ wriling at the timr of executiao of this . Mortgage that interest o~ the Funds ~hall he ~?aiJ to Borr~~wer, and unless such agreemen~ is made or applicahle law rcquires such interest to be paid, l.ender shall ~ot bc requiretil to pay Borrower am~ interest or carning~ on the Fundc. "I.ender shall give to Borrower, without charge, an annual accounting of the Funds showing credils anJ dehi~s ta the Funds and the purpost for which each debit to the Funds wa~ made. The I=tmJ~ arr plcYJged as add'etional srcuril~ f~~r the sums secured by this Mortgage. - IE the amount of the Funds h~ld by ~ender, togelhe~ uith the fuwre monthly in.tallments of Funds payable pnor to the due data of taxes, assessments, insurance premiums and ground rents, shall exceed the amount reyuired tu pa>• said iaxa. aase.ssments, insurance premiums and ground rents as lhey tall due, such exces~s shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on mon~hly installments of Funds. lf the amount of the Funds held by Leader shall not be sut6cient to pay taxes, assessments, insurancc premium~ and ground rents as thcy tall due, Borrower s~all pay to Lende~ any amount necessary to make up the defiriency within 30 days from ~he date notice is mailed by l.ender to Borrower requating payment thereof. Upon payment in full of d) sums securcd by this Mor~gage, I,ender shall promptly refund to Borrow•er any Funds held by l.ender. If under paragraph 18 hereof the Property i. sold or the Propcrty~ is otherwise acqwred by t.endcr, l_enclcr shall appty. no tater than immediate~y prior to the sale of the Propetty or its acquisition bv 1_ender, any Funds held by Lender at the time of application as a credit against Ihe sumc secured by this Morigagc. 3. Application ot Payments. Unless applicable law~ provides otherK~ise, all payments rcccived by Lender under the Note and paragraphs 1 and 2 hereof shall be apphed by I.cnJcr first in payment of amounts payabtc tu Lencter by Borrower under puagraph 2 hercof, then to interest pa)~ablc on the Nutr, then to the principal of the Note, and then ta interest and principsl on any Future Advances. . 4. C6arga; I.ie~u. Borrower sh•rll pay all taxec, asscssmcnts and other ch~rges, fines and impositions attributable ta the P~operty which may attain a priority over this Mor~gage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereaf_ Borrower st~all pmmptly furnish to l.ender all notices of amounts due under this paragraph, and in the event Borrower shatl malce payment directly, 8orrower shall promptly furnish to l.ender receipts evidencing such payments. Borrowe~ shall promp~ly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be rcquired to dischargt any surh lien so long :es Borrower shaU agree in writmg to the payment of ihe obligation secured by such lien in a manner acceptable to l.ender. or shall in g«xi faith conte~t such lien by, or defend enforcement of such lien in. legal proceedings which operate to prevent the enfqrcement of thc I~en or forie~ture of the Property or any part thereof. ' S. Hszud I~urance. Borrower shall keep the improvements now~ existing on c~reafter erected on tht Property insured against loss by fire, hazards ~included within the term "extendeJ coverage", and such other hazards as Lender may require and in such amounts and for such periods as L.ender may reyu~rc; provided, that Lender shall not requirc that the amount of such coverage exceed that amount of coverage required to pay the sums cecured by this Mortgage. 'il~e insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, th:t such approval shal! not be unnasonab{y withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the inwrancc carrier. . All insurance policies and renewais thereof shall be in form acreptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. I_ender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premium~. In the evcnt of loss. Borrower shall give prompt noiice to the insurance carrier and t_ender. Lender may make proof of loss if not made promp~ly by 8orrower. Unless Lender and Borrower otherwise agree in wnt~ng, insu~ance proceeds shall be applied to restoration or repair of the.Property damaged, provided such restorat~on or repair ~s economically feasible and the securiry of ihis Mortgage ic not thereby impaired_ if such restoration or repair is not rrnnomically teasible or ii the security of this Mortgage would be impaired, the insurance proceeds shaU be applied to the sums secured by this Mortgage, with the excess, if any, paid to Bo~rower. If the Propert}• is abandoned bv Borrower, or if Borrower fails to respond to L.ender within 30 days from the date notice is mailed by Lender to Borrower that thr insurance carrier o(iers to settle a claim for insurance benefits, 1_ender is authoriud to collect and apply the imuranre proceeds at l.ender's option either to restoration or repair of the Propert~• or to the sums secured by this Mortgage. Unless Lender and Borruwer otherwise ~gree in writing, any such application of proceeds to prineipal shall not extend or postpone the due date of the monthly installments rcferred to in paragraphti 1 and 2 hereo( or change ihe amount ot such installmepts. If undrr paragraph !S hereof the Propeny is acyuired hy Lender, all right, title and interest of E3orrower in and to any insurance policies and in ancl to the proceeds thereof result~ng from damage to the Property prior to th~ aale or acquisition shall pass to Lender to the extent of the sums secured by th~s Mortgage immediately prior to such sale or acquisition. 6. Prrsenation and ~fainte~ance of Properiy: l.easebolds; ('ondominiums; Planned Uait Uevelopmenls. Borrowcr shall keep the Property in good repair and shall not comruit waste or permit impairment or deterioration of the Property and shall comply with the provisions of a~y lease if thrs Mortgagc un a Icaschold. If this Mortgage is on a i~nit in a condominium or a planned unit development, Borrower shall perfc,rm all of Borrowers obligations under the declaratiun or covenants creating .ot governing the condominium or planned unit clevel~~pment, the by-laws and regulations of the condominium or planaed unit development, and constiwent document~. If a condominium or planned umt development rider ~s executed by Borrower_and recorded together w~th ~his Murtgage, the covenants and agreements of such rider shall be incorpotated into and shall amend and supptement the co~enants and agreemenis of this Mortgage as if the rider were a part hueof. 7. Protectioa ot I.eeder's Securfty. If Rorrower fa~lc t~~ perfarm ihe covenantc and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially afTccts l.ender's interest in the Property, including, but not (imited to, eminent doma~n, in~lvency, c~xie enfeircement, or arrangements or proceedings invol~ing a bankrupt or decedent. then l~nder at Lender's option, upon n~~tice to Horrower, ma}• make such appearances, dishurse such sums and take auch action as is nececsary to {~rotcct Lender's ~nterest, incluJmg. bct not limued to, disbursement of reasonable attomey's fees and emry upon the Propeny to makc rcpairc. If Lcnder reyuired mortgage insurance as a condition of making the loan xcureJ by this l~fortgage. BnrruKCr shal! pay the premiurns ~equireJ to maintain wch insuranco in ttTect until such time as the teyuirement for wch insurance terminatr? in accordan~c with Borrower's anJ ~ ao~K 29~' ~ PA~~ 3?4 - ~ _ ~ . _ ~ - , . _ _ . ~ s_~