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Home My WebLink About2891 Borrows: and Lender ooveaant sad agree e. follows: 1. Payment of Princiaai aril Lntereat. Borrower shall promptly pay when dw the principal of sad interest on the iadebtedaea widsnosd by the Note, prepayment sad latechargp a. provided is the Note. sad the prindpal of and interestoa any Future Advances secured ~ thi. Mmk~ - s. Femdafor Ta:eaand Inauranos. Snbjed b applicable law or to a written waiver by Lender. Borrower shall pay b Lender on the day monthly instaUmeats of principal and interest are psyable wader the Note, until the Note is paid in full, a sum (basic "Fltads'7 equal b oars twelRh of the yearly lases and assessments which may attain priority over this Mortgage. and ground rents oa the Property, stagy. plus aae• twel!!lr of yearly premium indalhneats for hasard insnranos. Plus oastwelRh of yearly premium iastatimeata for mortgage iruaraaoe, if any. all as reasonably estimated initially sad ltiom time to time bty Lender oa the basis o! aaessma~ta and bills and reasonable estimates thereof. Ths Fends shall 1» held ip an institntioa the deposits a aooounb of which are.insured or gaarantsed by a Federal or State ageaq (including Leader if Curler is such as iastitation~. Leader shall apply the Fends b pay said lazes, aaessmants, irunrmce premiums sad gronad rests. Lades rosy rwt charge for so holding sad applying the Funds, ana)yrsing said aoooant. os verifjring end camnpiling said assessments and biW, Hulas Leader pays Borrower iatsrpt oa the Funds and applicable law permits Lender b mare sack a charge. Borrower sad Leader may ages in wilting at the time o[ euartion of this Mortgage that inured on the Funds shall bs paid b Borrower. and amass such agreemsat is made os apPticxbie law regaires such iatecest b be pedd, Lender shall not be required b pay Borrower say interest a earnings ~ the Fonds. Lades shall give b Borrower. without charg0. an annual aooonnting of the Funds showing reedits sad debits to the Funds and the purpose for which each debit b the Feeds was made. The Fends are pledged a. sdditiaaal security for the awns secured by this Mortgsde. Ttthe amount of the Funds held by Lender, together with the future monthly installments of Faads payable prior b the due dates of taxes. apesamenb, inunrance ptaminms and ground rents, shall azoeed the amount required b pay said lases, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option. either Promptly repaid b Borrower or ceedilsd b Borrower oa monthly installments of Funds. If the amount of the Funds held by Lender shall not bs sutsdant b PAY taus, assegments, insurance peeminms and ground recta ore they fall dns, Borrower shall pay b Lender any_ amount necessary b make up the deficiency within 80 days frrom the date notice is mailed by Leader b Borrower requesting payment thereof Upon payment is fall d all sums secured by this Mortgage, Lender shall promptly refwrd b Borrower aqy lands held by Leaden. $wades paragraph 18 hereof the Property is sold or the Propaq? is otherwise acquired by Lender. Lender shall appljr, no later than immediately prior b the sale of the Property arribaognisition by I.ender, any Fw~ds held by Leader attbe time of application as a credit againstthe some secured by this Mortgage. 3. Applkation of Payments. Unless applicable law provides otherwise, all payments received by lender Hader the Note and paragraphs 1 sad 2 hereof shall be applied by Leader first in payment of amonnta payable b Curler by Bon+ower nudes paragraph 2 hereof. then b iatered payable on the Note, then b the principal of the Note, and then b interest end principal on any Future Advaaoes. 4. Chargesti Liens. Borrower shall pay all fazes, assessments and other charges; fines and impositions attribntabk b the Properly which may attain a priority over this Mortgage, and leasehold payments or ground yenta, if any, in the manner provided under paragraph 2 hereof or. if sot paid in inch manner, by Borrower making payment. when due, directly b the payee thereof. Borrower shall promptly tnraish b I:eader all notices of amonnfa dw+ under this paragraph, and in the event Borrower shall make payment directly, Borrower shell P~PBY furnish b Lends receipts evidencing sndr payments. Borrower shall Promptly discharge any lien which has priority over this Modgage; Provided, that Borrower shall not berequired b discharge arty such lien so long as Borrowerahall agree is writing b the payment of the obligation secured by arch lien in a manner aooeptable b Lay,der. or shall in good faith contest inch lien by, or defend enforcement of such lien in, legal proceedings which operate b prevent the enforcement of the lies or forfeiture of the Property or any part thereof 5. #la:ard Insaranoe. Borrower shall keep the improvements sow eziating or hereafter erected on the Property insured against lop by fine, hazards indaled within the term "eutended coverage," and such older hazards as Lender may require and in arch amounts and for such periods ores Leader may regnir+~ Provided, that Leader shall not require arch coverage amount exceeding the minimum. p may berequired by estate or federal ,regulations-governing activities of Lender. or that amount of coverage required to pay the awns secured by this Mortgage. whichever is the greats. The insurance carrier providing the insurance shall be choeea by Borrower anbjed b approval by Lender, provided, that such approval shall not be unreasonably withheld. All preminma on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in arch manner, by Borrower making payment, when due, directly to the insurance carrier. _ All suspense policies and renewals thereof shall be in form aooaptable b Lender and shall include a standard mortgage clause in favor of and in form acceptable b Lends:. Leader shall have the right b hold the policies and renewals thereof, and Borrower ahaU promptly furnish b lender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice b the Insurance carrier and Lender. Calder may make proof of lop if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied b restoration or repair of the Property damaged, provided such reebratioa or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such resbration err repair is not economically feasible or if the security of this Mortgage world be impaired, the Insurance proceeds shall be applied b the soma eecsred by this Mortgage. with the exoep. if any. Paid b Borrower. If the Properly is abandoned by Borrower. or if Borrower fails b F respond b Lendez within 30 days from the date notice is mailed by Lender b Borrower that the insurance carrier offers b setae a claim far insarancee bene5ts, Lauder is authorized to collect and apply the insurance prooeeda at Lndda option either b restoration or repair of the Property or the swans secured by this Mortgage. Unlap Lender and Borrower otherwise agree in writing, any such application of proceeds b principal shall not a:tend err postpone the due date of the monthly installments referred b in paragraphs 1 and 2 hereof or change the amoaat of such installments. If wader paragraph 18 hereof the Properly is acquired by Larder, all right. title end interest of Borrower in and b any insurance policies and in and b the prooeeda thereof resulting from damage b Property prior to the sale or aoquisitioa shall pass b Lander to the eztent of the soma secured by this Mortgage immediately prior b such sale a aogmsition. 6. Preservation and l[aintenaerce of Property; Leasehokla; Eondominums; Planned Unit Devebpmenta. Borrvwerahall keep the Property in good repair and shall not commit wrests or permit impairment or deterioration of the Propertj and shall comply with the provisions a[ any lease if this Mortgage is on a leasehold. Tf this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all ~ Borrower's obligations under the declaration or covenants ereatingor governing the oondominiam or planned unit development, the bylaws and regulations of the condominium or planned snit development, and oonstitnent docurnenta. If s condominium or planned unit devebpment rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenantor and agreements of this Mortgage as if the rider were a part hereof. 7. Protedba of Le~'a 8ecarity. Tf Borrows fails b perform the ooveaants and agreements contained in this Mortgage, or if any action or proceeding is oommenoed which materially affects I.mdds intered in the Property, including, but not limited to, eminent domain. insolvency, node eaforoemaat, or arrangements or proceedings involving a banlornpt or deosdeat, thew Loader at Lenders optiou,npon notice to Borrower may make such appeanaoss, disbnrae swch suau and take such action es is neoeaeary to protect I.eudds iateeeat, indnding, but not limited b, diabnrsemeat of reasonable attorney's fees and entry upon the Property to make repaire. If Lender required mortgage insmanoe as a condition of making the loan secured by this Mortgage. Borrower shall pay the preeninms required to maintain such insurances in eQect nntr~ such time p the requireanent for each iasnranoe terminates in aooordance with Borrower's and Lender's - written agreement or applicable Law. Borrower shall pay the amount of all. mortgage insurance premiums in the mdnaer provided under paragraph 2 hereof. - ~Any amow?ts disbursed by Lender perruaat b this Paragraph 7. with interest thereon,-shall become additional indebtedness of. Borrower secured by this Mortgage. Unlep Borrower and L~der agree b other terms of Payment, sack amounts shall be payable upon notice from Leader b Borrower requesting payment thereof; and shall bear interest from the date of disbursement at the rate payable from time b time oa outstanding principal Hades the Note unless payment of iatered at such rate would be contrary b applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7, shall require Lender b incur any ezpense or take any action hereunder. f nn(n1 qQQpO BOOKeril~ ~a~c2008