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Home My WebLink About0540 l':~~roa~t Co~•es~w~.n. Aocrower and Lendrr co~~cnant aud aRree as (ollow~s: 1. Payment o( Prinsipal and Intereu. Boria»er +haU ptomptly }>ay when due ~hc princiNal o( a~id inte~rst on the indcbteclncss evidenced br the Notc, prcpayme~u aud latc charges as providrd i~~ tt~e ~ute, a~~d ihe priuii~,~l and iu~er- + est o~ any Future Advanca xcurctil b}• this Mortgage. Y. I~Lnds for'Taxea and Iasurance. Subject co applicable law or to a writteu wai~•er by l.ende~, BarroNer shall pay to Lender on the day monthly installmena of principa! and iruerest are payat~le uncier the N~te, untii the Note is paid i~ tull, a sum (herein "Fundi') equal to one-tMeltth ut the yearl~• taxes and asscssmei?ts :•hich may attain ptiority over this ilortgage, and ground rents o~ the Pro~xrty, if any, plus one-twrlfth ot yearly pnmium insullments (or harard insurauce. plus onrtwelith ot yearly premium installme~?ts iu~ mortgage insurance, if any, all as rrax,nably estiawted initially and trom teme to time Dy Lender on the buis ot asscsscnents and bills and reasonable estimatrs ihe~eof. The Funds shall be held in an institution the dcposits or accounts oi which arc insured or guarantecd by a Federai or state agency (i~duding Lender iE Lender is such an institution). l.eoder shall apply the Funds to pay said taxrs, assessments, iu~urance premiums and ground rents. Lender may not charge tor so holding and apph•ing the Fuuds, aualyring said ac- cou~t, or veri[~ring and compiling said assessmeou and bills. unlcu I.ender pays Borrower interest on the Funels and a~ plinble law permiu Lender to make such a chargt. Borrower and Lender ma~ agree in writing at the time o[ execution of thic 1ltortgage that interat on the Funds shall Ix paid to Borrower, and unless such agreement is made or applicable law requires such ir?terat to be paid. I.~nder shall not be required to pay Borrower any interest or earnings on the Funds. Lender shall gi~~e to Borrower. without charge. an annual accounting o[ the Funds showinR crediu and debiu to the Funds and the purpose~(or ~vhich each debit to the Funds was mada The Funds are pledgeci as additional secunty ior ~~~t yccured by chis Mortgage. ~ lf the amount of the Funds held br Lender, together with the [uture monthly installments of Funds payable prior to the due data o[ taxes, asxssme~u, insu~ance premiums and gsound tenu, shall exceect the amount required to pay said taxes, assesunents, insunnce premiums and ground re~ts u they Eall due, such excess shall be, at Borcowei s option, either promptly repaid to Borrower or aedited to Borrower on monthly installments oE Funds. 1! the amount o[ the Funds held by I.ender shall not be suf[icient to pa} taxes, assessmenu, insura~ce premiums and ground rents as they tall due, Borrower shall pay to L.ender any amount necessary to make up the de[iciency within 30 daya trom the date notice is mailed by L.endet : to Borrower requesting payment thereof. Upon payment in full oE all suuss secured by this liortgage. Lender shall promptly refund to Borrower any Funds held by I.ender. IE under pamgraph 18 hereoE the Property is sold or the Property is otherwise acquired by l.ender, l.ender shall apply. no later than immediatel~ priot to the sale of thZ Property or~its acquisition by Lender, an~ Funds held by Lender at the time of appliation as a credit aqainst the sums secured by th'is ~tortgage. 3. Applintion o[ Paymeats. Unless applicable law provides otherwise, all pa~Tnents recei~•ed by Lender under the Note and paragnphs 1 and 2 hereot shall be applied by l.ender (int in pa~Tncnt of amouncs pa}able to I.ender by Borrower under patagraph 2 heteof, then to interest pa}able on the Note, then to the principal o[ the ~ote, and then to interest and principal on any Future Advanca. • , 4. . Chargex Lien~. Borrower shall pay all wxes, assessments and other charp,es, fines and impositions attributablt to the Property which may attain a priority over this ~tortgage. and leasehold pa~~ments or ground rents, if anv, in the man- ner pro~~ided under paragraph 2 hereo[ or, i[ not paid in such manner, b} Borro~er making payment, when due, direcdy to the pa)ee thereoL Borrower shall prompd}' furnish to Lender all notices ot amoui~u due under this paraqraph, and in the ; event Borrower shall make paymene direcely, Borrower shall prompdy f~rnish to Lender receipts e~•idencing wch payments. . Borrower shall prompdy discharge any lien which has priority a~•er this ~tortgage: pro~•ided, that Borrower shall not be m quired to discharge any such lien so long as BonoNer shall agree in writing to the pa~~ment ot the obligation secured by such lien in a manner acceptable to Lendtr. or shall in qood faith contest such lien by, or de(end entorcement of-wch lien in, la Ral proceedings which operate to prevent the enforcement oE the lien or forieiture ot the Propetty or any part thertof. 5. Huard Insurance. Borrower shall keep che improvements now existing or hereafter erected on the Property in- sured against loss by tire, ha~rds included within the term "extendeci cocerage", ar.~ such other hazards as Leuder may re- yuire and in such amounes and [or such periods as Lender ma~~ require: provided, that Lender shall not require that the amount o[ such coverage exceed that amount o[ co~•erage required to pa}• the sums secured by this \(ortRaqe. The insurance carrier providing the insurance shall be chosen by Borrower subject to approcal b~ Lender: provided, ' that such appro~~l shall not be unreasonably r.iehheld. All premiums on insurance policies shall be paid in th~ manner ~ proa~ided under pangnph 2 hereof~or. if not paid in such manner, by Borrower makinR payment, when due, direcdy to j the insunnce carria. E All insurance polities and renewals thereo[ shall be in {otm acceptable to Lender and shall include a standard mort- ~ gagr dause in fa~•or o[ and in form acceptable to Lender. Lender shall ha~•e the right eo hold the policies and renewals thereo[, and Borrower shall promptl~ furnish to I.ender all renewal notices and all receipts o[ paid premiums. In the event ` of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss iE not made promptly by Borrower. - Unless Lender and Borrower otherv?ise aqrce in writing, insurance proceeds shall be applied to mtoration or repair of the Property damaged. provided such restoration or repair is economically feasible and the security of this ~tortgaqe is not chereby impaired. If such restoration or repair is not economically Eeasible or if the secutie} of this ~tortgage would be ifln- paired, the insunnce proceeds shall be applied to the sums secured by this ~tortgage, with the excess, if any, paid to Bor- roMer. If the Property is abandoned by Borrower, or if BorroMer [ails to respond eo Lender Nithin 30 days [rom the•date notice is mailed by Lender to Borrower that the insurantt nrrier often to settle a claim for insurance benefiu, Lender is authorired to tollect and apply the insurance proceeds at I.ender's option either to ratoration or repair of the Propeny or to che sums secured by chis ~tortgage. Unless I.ender and Borrower otherwise agree in writing, any such application of ~roceeds to principal shall not exter.d or postpone the due date o[ the monchly installmenu re[erred n~ in paraqraphs 1 and 2 hereof or change che amount of such insullments. If under pangraph 18 hereoE the Property is acquired by Lender, all right, title and interesr oE Bonower in and to any insunnce policies and in and to the proceeds thereof resuttinq from damage to the Property prior to the sale or acyuisition shall pass to Lender co the extent o[ the sum~ StNiCd bY this 4tortgage immediaeelr prior to such sale or acquisition. ~ 6. Preeer~ation and Maintenwct of Property: Ixaseholds; Condominiums; Planned Unit Dt~dopmente. ~ Bortower sl~all kcep the Property in good repair and shall not commit waste or permit impairment or deterioration o( the Property ? ~ and shall comply with the provisions oE any lease iE this \fortRage is on a leasehold. I[ this ~tort~ge is on a unit in a ! 1 F condominium or a planned unit development, Borrorrer shall perform all oF Borrower's obligations under the declantion ~ ~ or cocenants creating or governing the condominium or planned unit development, the by-laws and regulations of the condo- ~ minium or planned unit development, and constituent documents. If a condominium or planned unit development rider is ~ ~ exetuted by Borrower and retorded together with this :1(ortgaqe, the co~enants and agreements ot such rider shall bt in- f corporated into and shall amend and suppiement the covenants and agreements of this ~tortgage as it the rider were a part ? hereof. i 7. Protection oE Leader's Securitp. If Borrower (ails to per[orm the covenants and agreements contained in this :lfortgage, or if any action or procceding is commenced which materially a(fec[s Lenders interest in the Propert}. including, but not limited to, eminent domain, insol~ency, code eaforcement, or arrangements or proceedings in~•olving a bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearanca, disbune such sums and take such action as is necessary to protect Lender's interest, includir.R, but not limited to, disbursement o[ reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance u a condition of . ~ making the loan secured by this ~tortgage, Borrowet shall pay the premiums requireel to maintain such insurana in ef- j [ece until such time as the requirement for such insurance terminaees in accordance with Borrower's and I.ender's written ; U,k Q .n ( ~ e~~x 2~~9 PItCE ~'!U t ~ ~ _ - - r, ~ ~ g~ ~ ; ~ ~ ~ • . < ~