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Home My WebLink About0938 Borrower and Lender a~venant and a~res a~ followr t. Pa~s~t ot I'~-3nc#{sai a~ Iniersst. Iiarm~er shall pramptlY paY when due thr ~cipal ot and intered o~ the indebted~ew svidenoed by the Nots, prepsyme~t and late chuQe~ a~ pcovided i~ the Note. and the principal otand iaterest on eny ~ture Advance~ ~ecured by ehis Mo~a~e. ~ 2. [+tiads tor T~ses aad In~ursnce. 3ubject b applicable law or b s written waiver by l.ender, Aormwer shali pay to l.ender on the day ` • ' ' • d • - - ---:i' i.`~,'~t-*ir u paid in tul! a wmlherein "i~nds'7 a9ual b ons ~liVl~WI~yUMW~U310U~OYl`lf~Ul'ijlY~Yl~ U~?tlR?WC`lOiQU10Y~~YC~Y{Ql\VW~Yi~ • 4• ~ twelRh of the y~rly taxer and as~es~menta which mey attain priority over this MortQeige, and ground rents on /he Propecty. if any. plu~ oae twel[Ih of yearly premiutn initallme~t~ for hszard insuranoe, plus onatwe![th ofyeer~y premium installmenta [or moirtgaQe i~urance, if any. all ai reawnsbly estimated initially and tran time to time by l.ender un the basis of a~aeasments and bilb and reasonable estimate~ thereof. '11se I~Lnd~ ~h~ll be Mld in an iaditutioa the deposits or acoount~ ot ~rhich an insnred or ~uarauteed by a Federd or State ageacy (incl~din~ Lsnder if Lendsr is such an institution). Lender shall apply tAe ~nda to pey said taxw. a~se~sraeAts. inaurance premiuma and Qround renb. I.~~der may not char~e for ~o holdin~ aad applyin~ the Ftind~. annlysin~ said accounR or verifyin~ and oompiling said as~aament+r and bilb. unle~s Lender pay~ $ormMrer i~ter~eat on the Funda aad eppGcable lew pennib Leader b make ~uc!? e cherge. Borrower and I.eader may agree in writiag at the tims of e:ecution oi this Mortsage ehat iatereK oa the PLnds shall bs p~id b 13orrower, and unkw such asreemeat u msde c- applicabk law require~ such intaest eo be paid. Lender ~ha11 aot be required to p.y Hocrower any intered o~ earninQe on the [~Wnd~. Lender ahall give to Borrower. without cherae. an annual aooounting of the Fund~ ehowina credita and debib io the Ftind~ aad tha pnrpo~e for which ~ch debit to the Ftinda wai made. The Fundi sre plcdged as additional ~ecurity for the ~w~ ~e~vred by this Mortga~e. - - If the amount of the I~ada held by Larder. together arith the future aw~thly in~tallment~ ot F~nds payabk prior to the due date~ of t~e~. as~damenta, inavrance premiuau and Qrqnnd renta, shall euazed the amount required to pay said taaea. as~ebsment~. inauraace preaoiums . and ~round nnb a~ they tell dne. ~uch exoess shell be. at Botrower ~ optioa. either promptly npeid b Borrower or crcdited to BorroweroA monthly inatallment~ oi Fti~nds. If the amount of the Runds held by Leader ~l~aU not be sutfcient to pay taxa, es~es~aenb. insurancs premiums and ground rents as they faU due. Borrower shall pay to I.ender any amount neceaary to make up the deficiency wiWin 30 days firom the date notice is m~,led by Lender to Borrower requesting Payment thereof. Upon payment in full of aU sums secured by thia Mortgage. I.ender shall pmmpdy refund b Borrower any funds heW by Lender. V under paragraph 18 hereof the Property is wld or the Property is otherwise acquired by lender. Lender ahall apply, no laler than immediatdy prior to the aak of the Property or ita soquiaition by Lender, nny PY~nds held by Lender at the time of epplication aa a credit against the snms recured by this Mortgage. • ~ 3. Applicadon ot Paymenta. Unleas applicabk law provides otherwise. all payments received by Lender under the Note and paragraphs 1 aad 2 hereof shall be epplied by I.eadtr C~rst in payment of amounta payable to [.ender by Borrower under paragraph 2 heTeof. theu to int~erest payable on the Note. then to the principal of the Note, and then to interest and principsl on aay Future Advencea. 4. Charg~; Ltens. Bor~nwer shall pay a!! taxes, aseessmente and otherchargea. finea ass~ smpositions attributabte b the Property which may attain a priority over this Mortgage, and leasehold paymenfa or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in euch manner, by f3orrower making payment, when due, directly to the payee thereof. Borrower shaU promptly fumish to I.endet all notices of amounte due under thia paragreph, and in the event Borrower ahall make payment directly, Borrower ahall promptty furnish to [.end~ receipte evidem~ing euch paymente. Borrower ahall promptly discharge any lien which has priosity over thia Mortgagr, provided. that F3orrower ahall noi be required to discharge any auch lien ao long aa Borrower ehall agree in writing to the payment of the obligation secvred by euch lien in a manner aoceptable to Lender, or shall in good faith conteet such lien by, or defend enforcement of auch lien in, le~al proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any pari thereof. 5. Hazard Iasqranoe. Borrowrr shall keep the improvanents now exieting or hereafter erected on theProperty insured againat loss by fire, hazerda included within the term "eutended coverage," and such other hazarda aa Lender may require and in auch amounta and for such ~ri~ ~c~dc-~ uwey reyuifr; p~,vide~i, U?ni Ixnlrr s1~n;i ~~ut re~yuirr euch coverage amount ezceeding the minimum, as may be required by etete or federal regulations governing activities o[ Lender, or that amount of coverage required to pay the sums eecwed by thia Mortgage. whichever is the greater. • ~ The inaurance carrier providing the insurunce ahall be choaen by fiorrower aubject to approval by I.ender, provided, that auch approva) - ehall not be unreaeonably withheld. Al) premiuma on insurance policies ahaJl be paid in the manner provided under paragraph 2 hereof or, it not paid in euch manner, by Borrower making payment, when due. directly to the inaurance carrier. All insurance policies and renewals thereof shell be in form aoceptsble to Lender and shall include a atxndard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower ehaU prompcly furnieh co i.rnver au renewai nouc~ ana aii receip~e oi paia premiums. in tne even "s oi iues, o„~ ruwer shall give prompt notice to the inaurance carrier and Lender. I.ender may make proof of loss if not made pmmptly by Borrower, li Unlesa Lender and Borrower otherwise agree in writing, ineurance praceede shall be applied to reatorat~nn or repair of the Property i damaged, provided ench restoration or repair is economically feaaible and tl~e security of this Mortgage is nd thereby impaired. It auch ~ restoration or repaiT ia not economically feasible or if the security of this Mortgage would be impaired. the insarance prooeede ahall be applied ~ to the suma secured by this Mortgage. with the e:ceas, if anY, paid to Borrower. If the Property is abandonedby BoTrower. or if Borrower fails to reapond to Lender within 30 days from the date notice is mailed by I,ender to Borrower that the in+~rance carrier offers to eetde a claim for ; insurance benefite, Lender is authorized to collect arid apply the inauranoe proceeds at Lende~e option either to restoration or repair of the Property or the sume secnred by this Morlgage. ~ Unlesa Lender and Rotrower otherwiee agree in writing, any sach applicetion of proceeds to principal ahall not pctend or postpone the due E date of the monthly inataUments reterred to in paragrapha I and 2 hereof or thange the amount of euch instaliments. V nnder paragraph 18 ~ ; hereof the Property is aoquired by Lender, all right, title and interest of Bormwer in and to any insuranoe policies and in snd to the pmceeds ~ thereof resnlting from damage to Property prior to the aale or acquisition ahall pass to I.ender to the e~Lent of the snms secured by this Mortgege immediately prior to such aale or soquiaition. 6. Preaervation and Naintenance of Property; Lease6olds; Condomiaums; Planned Unit Developmenb. Borrower ahall keep ~ the Property in good npair and shall not commit waate or permit impairment or deterioration of the Propecty and shall wmply with the proviaions of any lease if this Mortgage ia on a leaeehold. If this Mortgage ia on a unit in a oondominium or a planned unit development, ~ Borrower ahall perform all of Borrower a obligationa under the declaration or covenants creatingor governing the oondomininm or planaed ~ unit development, the by-lawa and regulations of the rnndominium or planned unit development. and constituent documents. If a ~ ~ condominium or planned unit development rider is euec~~ted by Borrower and recorded together with this Mortgage. the oovenants and agreementa of auch rider ahall be incorporated into and ahall amend and aupplement the covenanfa and agreements of thir Mortgage ae if the rider were a part hereof . ~ 7. Protection of Lender'~ Secnrity. If Borrower taila to pertarm ths ooveaanta and agreemeats oontained in this Mortgage, or if any ection or prooeeding is commenoed w}uch materiaUy affects Lender~ inter~t in the Property~ including, but not limited to. emineat domaiq ; insolvency~ oode enforoe~oent, or arrangemenb or pmoeedings mvolv~ng a bankrupt or deoedent, theu LeAder at Lendds option.uyon notiee to Borrower may make each appearanoes. disburse snch snmt and f$ke snch action ai.i~ neoe~sary to protect I.mdds intere~t, - incloding. bat not limited to, disbursem~t of nasoaabk attorney's fees and m!ry npon t6e Property to mate repenr~. It L~der reqaired ? mortgage ins~anoe aa a eondition of mal~ing the loen secnred by this MorteaBe, Bormwer shall pay the pnmiums reqaired to maint~in 8 ~nch insuranoe in effect nntil ~uch time as tbe requirement for ~nch insurancs tarminate~ in aecordanoe wiW Borrower's sad Lmde~~ ! written agseement or applicabk I.aw. Bormwer shall pey the amount of all mortgege insnranoe ps~ninm~ in t6e manna provided anda F paragraph 2 hereof. € My amoanN disbursed by I.endez persuant to this paragraph 7, with intereat thereon, shall beoome additional indebtedne~s of ~ Borrower ~ecared by this Mortgege. Unless Borrower aad Lender agree to other trnas ot payment, such amonnte ~hall be payabk upoa t a notioe from I.ender to Borrower requesting payment lhereof, atid shall bear interat from the date of disbursement at the rate payabk tmm ~ time to time on outstanding principal under the NoLe unlea~.payment of interest at such rate would be oontr ~ event such amounts ahall bear in~t at !he hi hest rate 81TY ~ applicable law. in w6ich : ~ g permisaible under applicabk law. Nothiag contained in thi~ paragraph 7, eha]1 ` require Lender to incur any ezpense or take any actior. hereunda. ~ ~ !i ~ ~ ~ ~~4K 2~9 ~?r~ 938 ~ ~ , . , . ~ - - , „~;-~;`~-~X s..~": _ . ~a~„~~t»~."~'~'"~"-~~ w - _