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Home My WebLink About0073 l3orruwer nnd I.ende~ cuvena~t and ugree aa fulluwa~ 1. Payment ot }'rincipal and 1ntPrret. Rorrow~e~ ahiJl prumpdy p:?y whcn due the principal of n~d inte~cxt un thr indeht~Ylnraa evidenced by the Note, prepayment and late chargc~ ae provid~i in the Note, and the princip~l of nnd interrat o~ t~ny Future Ad~•uncea aecured by this Mort{Tage. Y. bltnda tor Taxee and I~eurwnce. Subjr~~t 4~ appliciible law or G? n written waiver by IA•nder, li~,rruN•rr ehull puy tu IAnder un the duy mu~thly instalimrnta of principal xnd interest ure pa>•ublr undrr thc hute, until thc Nutr ie pu~d in [ull, a Hum lhcrrin "Fu~de"? eyual tu onP tweihh of the ycarly t~xre and usarsbmentx whirn muy ntt:iin priurity over this MartK:?ge, .?nd Kruund rentx un the f'ruprrty, i[ciny, plua one twrlfth of ycarly premium instullments for haza~d inru~~u?~r, plua un~~twelfth ufyrurly prnmium mstullmrnla for mortKiiKe in~uri~nce, i[uny, nll tus rnt~nont+bly estimut~r! initially und fmm time to time by Ixnder on the bnaiK of :igarasmenta .~nd biUs und reaxun.~blc rstimates thereof. The Funde~ ahaU be held in an institution the de~wsits or acn?unis of which are inaured or guaranteed by a Fede~al or State agency iincluding Lender if l.ender ia such an inetitution). Irnder shall apply the Funde to pay sHid wxea, uaxexxmentx, inaurnnce premiuma xnd Kround rente. Lendrr may not charge for so hulding and applying the Funds, analyzing said a~rounl, or venfyinK and cumpiling e~aid asaeasmentx and bille~, unleeie [.ender pays E3orrowe~ interest on the F unda nnd applicable law permitri l.rnder to make Buch a rhxrge. fiorruwer and l.ender may agree in wriling at the time of executioo a[ thia Mortgage that interee?t un the hunds ehull be pnid to Born,wer, and unleas auch agreement ia made or appiicable law requirea auch intereat to be paid, l.ender ahull not be requin~d to pay E3orrower any inlerest or earnings on the F~nds. l.ender ehaU give to Borrawer, without charge, an annunl acrounting of the Fundx showing crcdits and debite to the E unda and the purpuse fur which each debit tc~ the F unda was made. The N unda are pleeiged as addi?ional xec-urity for the auma secured by this Mortgage. If the xmount of the hlinds h~ by Lender, together with the future monthly inatallmenta of F unds pi+yable prior to the duedatea uita?ces, fissesamenta, inaurance premiuma and ground mntx, ahall excred the amoant required to pay sxid tuxes, assrxamente, insurunce prnmiums ~~nd ground renta as they fall due, such exceas sh~ll be, tit Eiu~TOwer's option, either promplly repaid to F3orrower or credited to f3orrower on monthiy inslatlments oi Funde. If the amuunt of the Funds held by Lender ahaU not be suffcient to pay taxes, uasenamrnta, inaurance premiums and ground renta as they fall due, Borrower ahail pay to Lender any nmount nece~ary to make up the deficiency w~thin :;0 day~ from the date notice ia mailed by Lender to &~rroNer reyuesting payment thereof. t)pon payment in full uf aU suma secured by thia tllortgage, I.ender shall promptly refund to Rorrower any funda held by I,ender. If under paragraph Iri hereof the Property is aold or the Properlp ie othemise acquired by l.ender, l.ender shall apply, no Inter than immrdiately prior tc~ the aale of the Property or ita acquisition by I,ender, any Flinds held by [,e~der at the time of epolication as a credit against the sums secured hy thie Mortgage. 3. Application of Payments. Unleas applicable law provides otherwise, atl p:?ymenta rc~-eived by Irnder under the Nute nnd paragraphe 1 and 2 hereof shaD be applied by [.ender firxt in payment of amounts paynble to I,ender by fiorruwer under paragraph 'L hereof, then to intereat payable on the Note, then to the principul of the Note, and then to interest and principa) on any 4~ uture Advances. a. Charges; I.iens. Borrovrershall pt~y all ta~xes, ~qses.~menGti and uther charKes, fines and imp~~sitions attribut.+ble G~ the }'roperty Mhich mav attain n priority over this :11ortKaKe, and Ie~4Yehuld puymen~~ or ~n~und rrnts, if t~ny, in the mi~nner pruvicled under pxraKrtsph'L hereof or. if not pnid in such mnnner, by Rorroveer m:~kinK payment, v~•hen due, directly to the pa~•ee thernd Rormw~er shall prompth• furnish tu I.rnder :ill noticr+of amountx due under thia paraKr.iph, nnd in the event l3orrower vhali mukr puyment dir~~tly, I3urn~wer ~hall prumpth• furnish to Lc•~~der rc~~rip~ti evidencinK such pa~ me~?~i. li~~rruwer shall pmmptly disch.irKe an~• lien ~•hich ha~ priorih• o~~er this MortKaKr; pru~~idecl, that fi„rn~M er shall nut t~e required to digcha?rKe any such lien su IonK .iti Itorruwer shuU .~Krt~ in w ritinK to thr paymen t uf t h~~ ubliKation secunK~ by :uch lien in n manner accept~ihle to l.ender, or shall in K~K~d faith c~mtewt such lien hp, ordrfend enfc,n•e•ment uf such lien in, l~ytal pr~K~eedinKs ~.hich oper.~te to prevent the enforceme~t uf the lifm ur forfriture of the Pruperh• nr ainy part ther~~c~f. i. Hazard Insurance. E3orrower ahall keep the improvements nuw ex~sting or hemafter erected on the I'roperty insurrd against luss by fire, hazanla included within the term "extended coverage," and auch other hazards as l.ender may require and in such amounta and forsuch ,~riods as I.ender may requirn; provided, that I.ender ahall not reyuere such cc?verage amount exceedinK the m~nimum, as may be required by ~t~te or fc~der.~l regulations Koveming activities uf I.ender, or that amount of coverage required to pay the sums aecured by this 41ortKage, whichever is the ~Creater. "I'he insur.~n~~c• carrier pruvidinK thr insurann• shall tie eh~~sell Il~' f~~~R11N'er ~ubjE~•t tu appro~•al by I.e•nde~r, pr~n•ideci. that ,uch appruvul <h.ill nut t~ unre.~sunabh• withheld. All pretniums ~~n inwramY• Ew~li~•ie~ sha11 Ix• p.iid in the~ mann~•r pry~v~dtrl under par.~Kr.,ph ht•rcy~f+~r, if nut paid in such manner, by F3orrow~er makinK p:~>•ment, wht~n due. din~c•tly t~~ thr ~nsuranc~t• carrier. ' All ineurance policies and renewals therrof shall he in form accept~ible u~ l.ender and shall include a standard mortgaKeclause i~ favor of j <tnd in furm acceptable to I.ender. I.ender shall have the right to hold the policies and renewals thercof, and }3orrower shall promptly furnish to ` i.ender all renewal noticea and aU receipts of paid premiums. In the e~ent of Iuss,l3orn~K•er shnll gi~•e prampt notice to the insurance carrier i and Ixnder. I.ender may make pruof of loss if not mnde promptly by 13orrower. j Unless l.ender and &~rruwer othervvise aKree in writinK, inaurance proceeds shall br applird tc, restoration or repair of the F'roperty ~ damaged, provided auch restoration or repair is economically [easible and the security of thia MortQage is not therebv impuirrd. If such i restoration ~~r mpair is not economically feasible or if the security of this Mortgage would be impaired, the ineur.ince proceeda shall be applied s to the aums secured by this lllortgage, with the exc~ss, if an~~, paid to Borrower. lf the f'roperty is abandoned by $orrower, or if F3orruwer fails tc~ respond to I.ender within :i0 days from the date notice is mailed by I.ender to E3orrower that the inswance carrier offers to settle a claim for ~ ineurance benefits, l.ender is authorized to collecl and apply the insur:ince proceede at I.ender's uption either to restoration or repair of the ~ E'roperty or the sums secured by this Mortgage. ~ Unless I.ender and E3orrower otherwise agree in w•ritinQ. am• euch application of proceeds tn principal shall not extend or postpone thedue ~ date nf the monthly instaUmentx referred to in para~traphs 1 and `l hereof or change the amount of such installmente. If under pnr:~gr~+ph 18 hereof the Property ie acquired by I.ender, aU right, title and interest of E3orrower in and to any insurance policies and in and to the proceeda ~ thereof resulting ftom damaKe to Property prior to the gale or acquisition shall pass to I.ender to the extent of the sums secured by this ~ tilortqage immediately prior to such sale or acqaisition. ~ fi. I'reservation and Naintenance of Property; I.easeholds; Condominuma; Planned llnit Developmenta. Borrowershall keep the Property in good mpair and shall not cummit waste or permit impairment or deterioration of the Property and shall comply with the ~ provisiona of any lease if this Mortgage is on a lesisehold. If this MortgaKe is un a unit in a condominium or a planned unit development, ~ Borrower ehall perform all of E3~rrower's obligatiuns under the declaration or cuvenan~g creatiny; or qoverninK the condominium or planned ~ unit development, the by-lawa and regulationa of the condominium or planned unit development, s~nd constituent documents. If a ~ condominium or planned unit development rider is executcd by f~rrow•er and recorded toKether with this Mortgaqe, the covenants and ~ aKreementx ~~f such rider shall be incorporated intu and shall amend and ~upplement thenn•enant~v and a~reementsofthig N1ort~akeas ifthe ~ rider were a part here:~f. 7_ Protection of Lender'e Security. If Borrower faile to pertorm the oovenants and agrermente contained in thie Mortgage, or if any action or proceeding ie commenced which materially affects [.ender's intereet in the Property, inctuding, but not limited to, eminent domain, ~ ineolvency, oode enforcement, or arrangementa or proceedinge involving a bankrupt or decedent, then Lender at Lender'a option,upon notice to Borrower may make euch appearancee, diaburee euch auma and take auch action se is neceeeary to protect Lender'e intereet, including, but not limited to, diebureement of reaeonable attorney'e feee and endy upon the Property to make repaira. If I.ender require~ mortgage ineurance as a condition of making the loan aecured by thie Mortgage, Borrower shall pay the premiums required to meintain ;F euch ineurance in effect until such time as the requirement for euch ineurance terminates in accordance with Borrowei e and [.ender'e ' written agreement or applicable Law. Borrower ahall pay the amount of all mortRage insurance premiume in the manner pmvided under _ paragraph 'l hereof. Any amounta diebursed by Lender perauant to this paragraph 7, wiih intereet thereon, ahall become additional indehtedneas of Borrower eecured by this MortKaRe. Unlese fiorrower and [.ender aRree to other terme of payment, auch amounta ahall be payable upon j notice from i.ender to Rorn>wer requeating payment thereof, and ehall bear intereet from the date of diabureement at the rate payable from ~ time to time on outetanding principal under the Note unlees payment of intereet at auch rate would be contrary tu applicable law, in which =S event auch amountK ahall bear interest at the higheet rate permieaible under applicable law, tiothing contained in thie paragraph 7, ahall s~ require Lender to incur any expenae or takP any action heceunder. ~ i i; i X ~ ~ Q'f,y.3U4 ?3 ~ A„ _ - - T`~,.~=~~. ~ " ~ ; a , ~u- -a.~'~- `t ~ . . , ~ ~ ~ _