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Home My WebLink About0645 ~ t UcvtFOatN Co~~EC~.ayrs. Borrow~cr and Lcnder ~avenant anJ agrre a~ toll~~ws: t. Payu~eaf of P~inclpal aad laleresl. B~rn~w•er shall pmmptly pay ~hcn duc thc prin~ipal of anJ interest on thc indebtedness evidcncrd hy thc Notc, prcpaymcnt and late charge, as provided in the Nate, and ~hc ~rinripal of and i~terest o~ any Futu~e Advanres sccural by this Mortgagt. 2. Runds for Taxes ~nd Insunnce. Subjecl to applicable law or to a written waiver by I.ender, Bprrower shall pay to l.ender on the day monthly installments of prinripal and interecl arc payable under the Nate, u~til the Notc is paid in lull. a sum (herein "Fund~") equal to one-twclfth ot thc yearly taxec and acsessments which may attain pric?rity aver this Mortgage. a~d ground rents on the Prnperty, if any, plus une-twcltth of ye~rly premium installments for hazard insurar~ce, plus one-tN•cltth of yearly premium installmeats for mortgage insurancc, it any, all as reasonably estimateJ initially and from time to timc by Lender on thc basis ot assessmcnts and bills and reaso~able estimates thercof. The Funds shall be helc! in an institution~the dep~nits or accounts o[ which are insured or guaranteed by a Federat or ctate agency (including Lender if l_ender is such an instituti~~n). I.ender shall apply the Funds to ~+ay said taxes, assessments. insurance premiums and ground ~ents. I.ender may not charge for so holding and applying the FunJs, analyzing said account, ~~r verifying a~d compiling said assessments and hills, unleu Lender pays Borrower interest on the Funds and applicable law pemiits Lender to make such a charge. Borrower and t_ender may agrce in wriling at the time ot execution of this Murtgage that intere.t on ~he Funds shall he paid to Borrawer, and unless such agreement is made or applicable law rcquircs such interest to be paid, Lender shall not be reyuired to pay Borrower an}• interest or earnings on the Funds. l.ender ~hall give to Horrower, without charge, an annual accounting af the Funds showing credits a~d debits to the Funds and the purpose for which eaeh debit to the Funds w•as made. The Funds are pleciged as additional sec:urity for the sums secured by this Mortgage. If the amoun~ of the Funds held by Lender, togcther w•ith thc future monthly ins~allments of Funds pay:~ble prior to the due dates of ~axes, asscssments, insurance premiums and ground rent~, shall exceed the amount reyuired to pay said taxa, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments af Funds. If the amount of thc Funds held by Lender thall not be sufficient to pay taxes, assessments, insurance prer.iiumc and ground rents as they fall due. Borrowrr shall pay to 1_ender any amount ne~~essary to m•rke up the Jeficiency within 30 days irom the date notice is ma~led by Lender to Borrowcr reyuesting paymcnt thercof. Upon payment in full of all sums secured by thic Mortga~e. Lender shall prompdy rcfund to Borrower any Funds held by Ixnder. If under paragraph 18 hereof thc Propch~~ is sold o~ thc Propcrty is otherwisc acquired by I.cnder, Lender shall apply, no later than immediately prior t~ the sale of thc Property or its acquisition by Lcnder, any Funds held by Lender at the time of application as a credit against the sums secured by thi~ I~tongage. 3. Applicalion of Pa~ments. Unlecs applicable law pmvi~lcs otherwise, all payments reccivcd by Lcnder undcr the ~ute anJ paragraph. 1 and 2 herc~f shall be applicd by Lcndcr first in paymcnt of amo~mis payahle to Lcnder by Borrower under paragraph 2 hcreoL then to interest payablc on thc Notc, then t~~ the principal of thc Note, and then to intcrest and pnncipal on any Futurc Advances. ~3. CharRe~; Liens. Borruwer tihall pay all ta~~-s, asscssments and othcr charges. fincs anJ im~x~sitions attributable to - the Propert~• w•hich may attain a priority~ over this Mortgage, and Icaschold payments or ground rents, if any, in the manner provid~d under paragraph 2 hereof or, if not paid in such manner, by Bonower making payment, when due. dimctly to the pa~~ee thcreof. Borro~•cr shall promptl~• furnish to l.ender all notices of amounts due under this pa~agraph, and in the even~ BorroH~cr sh~ll make pa}~ment direc~ly. Borrowcr shal) prompQy turnish to Le,nder rcceipts evid~ncing such papments. _ BorroH~er shall promptly Jischarge any licn N•hich has priority over this l~tortgage; providcd. that Borrower shatl not bc required to d~kharge an}• such Iicn so long as Rorrowcr shall agrec in vvriting to thc payment ~~f thc obligation serured hy ~uch lien ~n a manncr acce{+tablc to Lender, or shall in g~?ti faith contest such lien hy, or defend enforcement of ~uch lien in. legal proce~ding~ which operate to pre~•ent the enfurcemrnt of the lien or forfeiture of the Property or an}' part thereof. 5. Hazard Insurance. Borrower shall keep the impro~•ements n~~N e~isting ur hercafter crccted on the Pru~xrty insured ,s;ainst loss h~• firc. hazard. in~ludrd w•ithin the term °~~tenJeJ cu~~cr:~g~", and such other halards a~ Lender may reyuire anJ in surh am.~unts and [or such pcrioeis as Lcnderma~~ rcyuirc; pruvidcd, that I.cn~ler shall not rcyuire thal thc amount of ~uch ~os~ra~c esce~d that amuunt of co~~crage required tr ~a}• the sum~ secured b~• this ~tortgage. The insurance earrier pr~viding the insurance shall be chou:n by Borrower subject to approval hy Lender; provided. that surh apprrnal shall nof be unreasonahly uithheld. All pr~miums on insurance policies shall t?e paid in the manner prrn~ded under paragraph 2 hereof or, not paid in such. manner, by Borrower making pay~nent. when due, direcUy to the ' ~nwrance carncr. ; Al! insuranre p~licie~ and renr~~als thercof shall tk in form :+c~eptable to Len~er and shall in~ludc a stan.lard mortgage ; .lau~e :n fa~•or and in furm ar~~ptable w Lender. Lrnder thall havc the right to hold th~ puli~irs a~d rene~?als thereof. ! snd Bormw•cr ,hal! promptlp furnish to I_ender all renew•al notices and all receipts of paid premiums. In the event of loss, j B~~rruu•er shall Ri~•c pmmpt notice to the inaurancc rarricr and Lender. Lendcr may make proot of loss if not made promptly by Burrower. Unless (_ender and Barruw•er otherN~iu; agrec in writing, insurance proceeds shall be applied to restoration or repair of ~ the Property ~amageJ. provi~ed such resturation or repair is economicaU)~ feasible and the security of this Mortgage is ~ not thereb~ impaired. 1( su~h resroratiun or rcpair is not cr:momi~alh' fcasihle or if the seeurit~ of this 1Nortgage would ~ be ~mpaired, the insuranre prv.;eeds tihall be ~p~lieJ to the sums secured by this Mortgage. ~~ith the excess, if any, paid ~ to Burrowrr. !f the Property is ahan~ioned h~• Buriower. or if BormN•er fails to respond to Lender within 30 da}s from the Jate notice is mailed by Lender to Borrower that the insurance carrier otTers to settle a claim for insurance t~enefits, Lender : ~u~hurized io collect anJ apply the insurancc proceeds at Lcnder's uption either to restoration or repair of thc Propen~~ ~ er to the sums u~ured b~~ this ~tortgage. ~ Unlesti I.ender and Borruwer otherwise agree in w~riting. am~ such application of pnxeeds to principal shall not extend~ ~ or postpone ~he due date o( the monthly installmcnts rrferred t~~ in par~graphti 1 and hereof or change the amount of ~ such in,tallnients. If under paragraph 18 hereof the Propert~~ is acyuired h~• Lendcr_ all right, tide and interest of Borrower ~ ~n and ~o an~ insurance policies and in and to thc proceeds thereof resulting from damage to the Property prior to the sale ~ or acyuis~tiu i~halt pass to Lender to the e~tent of the sums secureJ b}• this Aiortgage immediately prior to such sale or ~ acquisition: > ~ 6. Presenation and ~taintenance of Property: Leasehuldc; Condominiums; ~Planned Unit De~-elopments. BorroW~cr : shalt keep thc Property in good repair and shall not commit w•aste or permit impairment or deterioration of the Property a and shall comply with the provi~ions of any lease i( this Mvrtgage is on a Ieaschold. lf this Mortgage is on a unit in a ~ con~ominium or a planned unit development. BorroN~er shall perform all oi BorroN•er's ubligations under the declaration ~ ur rovenams creaung or governing th~ rnndominium or planned ~~nit devclopment, the by-laws and regulations of the conJ~~m:nium or planncd unit develcpment, and constituent documems. If a condominium or planned ?mit development ~s nJer is e~e~uted by l3orrower and recorded together with this hfortgage, the covenants and agreements of such rider ~ ~hall tx: incorporated into and shall :unend and supp{ement the co~•enants and agreements of this Mortgage as if the riJer ~ were a part hereof_ ~ _ 7. Protection of Lender's Security. If Borrower failc to perf~rm the covenants anJ agreements contained in this , ~ Mortgagc, or if any action or proceeding is commen.:ed which n~aterially •rffects Lender's interest in the Property. , = including, but nut lim~ted to. eminent domain. insolvency, code enforcement, or arrangcments or proceedings mvol~•ing a bani,ruPt or decedent, then Lender at Lender's option, upon notice to Borrow~er, may make such appearances, disburse such sums and take such actioo ac is necessar~~ t~ protect Lender's interest, mcluJing. but not IimiteJ to, d~sbursement of d reasonahle attome)•'c fccs and cmry upon the Property to make repair4. If I_ender requircd mortgage in~urance as a ~ condrtion o( making the loan ~:cured by this Mortgage. B~rroNCr shall pay the premiums requireJ to maintain such ~ insuranee in etiect ur.til such time as the rey~iirrment (or such ~nsurance terminates in accordance with Borrow•ers and ~ , 0 R~ ~~rF 6~5 ' j = BOOK ~ k ~ Y.f "-f ~+~z - ~ t W - ~,~'~'3'PFx;Y~ ~ ~ ~ ~ '~+tc ~r . . .F~ ~ _ . ? ~ ~ ~ , r _ _ - _ ~ ,