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Home My WebLink About0069 l~x~FOau Co~•F~~tin. Borrow•er a~id l.end~•r co~•cnant :u~d ~Rrer as ~olloa•s: 1. Pa)znent o[ Principal a~id lnte~cst. Rorrower ~tiall promptiy ~?ay when due thr priocipal o[ and interrst on the iudebtecines; evidented by tht Note, p~epa~•mei?t auci latr charKrs at pru~•idrel in tl~e \ute, aud tl~e principal of and i~~ter- est on any Fuwre Ad~~aoces secu~ed t,y this Jiortgage. - 2. Funds tor Taxes and lnsurance. Subject to applicable law or to a hritten waiver by Lrnder. Rorrower shall pay to l.ender on the day monthly iustaUmrnts o( principal and inrerest are pa}~ablc~under ti~e Note, until the ~ote is paid in (ull, a sum (herein "Funds") equal tn one-tNel[th o[ thc yearl~• taxrs and a,x~.mrnts h•I~i~h may attai~ priority o~•er this \lortgagr, and ground rents on the Property, if any, plus onc~twelfth of ~carly prcmium in.tallmcuis tor haiard insurance, plus one-twel[th ot ~•early premium iustallmrnis (or mo~tgage in~urance, it an~•, all as nawuably rstin?ated initiaUy and trom timr to time by L.ender on the ba~is ot assessments ancl biUs and r~asonabl~ c~stima~es thereof. The Funds shalt be held in an institutiou the de~wsits or accow?ts ot which are insured or guaranterd by a Federal or state agency (induding Lender it l.ender is such au institutiun). Le~~der shall appty the Funds to pa~~ said taxee, assessmenu, i~~surance premiums aud ground mnts. Lencler ma~~ not chuge !or so holdinq and appl}•iuR the Funds, anal~•iing said ac- count, or ~•erifying and compiling said assesunent~ auc! bills, unless Lendet pays Borroher interc~st on the Funds and ap- plicable law permits Lender eo make ,uch a charKe. BormMer and I.encler ma~~ a~ree in hriting at ehe time of execution of ~hi~ \fortgage thae interest on the Funds ,hall be ~,aid to Borrower, a~?d unletc surh aRreement is made or applicable law requires such interest to be paid, I.euder shaU not be required to pa~• BorroMer any intecest or earnings on the Funds. Lendet shall give ta Borrower, withaut charRe, an annual accow~tinq of the Funds showinR creclits and debits to the Funds and the purpose (or which each debit to the Funds Mas macie. 'the Funds are pledgeci as additional srcurit~• for the sums ucured b~ this \lorcgage. If the amount ot the Funds hcld by Lencier, tnqether with the future monthly iustallments ot Funcis pa~able prior to the due dates of taaces, asseuments, insurance premiumc and Rtound rents, shall exceed the amount rec~uired to pay said taxes, asseuments, insurance premiums and ~{round rents as the~• fall due, such excess shall be, at Borrower's op~ion, either promptly repaid to Borrower or creditecl to BorroKer on monthl~~ i~utallments of Fund~. If the amount of the Funds held by Lxnder shall not be suf[icient to pa}~ taxes, assessments, insurance premiums and Rrc~unet rents ac the~• (all due. BorroNer . shall pay eo Lender any amount neceuarv io make up the de[iciency within 30 days (rom the date notice is mailed bv Lender to Borror.er requesting pa}Tnen[ thereot. Upon payment in full of ali sums secureci by this \tortRage. I.ender shall promptl~• rehmd to BorroNer am• Funds hPld by Lender. I[ under para!{raph IA hereof the Property is sold or the Property is otherwice acquired br Lender, Lender shall apph•, no later than immediateh• ~>rior to the sale of thc Propert~• or its acquisition b~• Lender, au}• Funds held b}• Lender at the time of application as a creclit aRainst the sums secured bv this ~tortKaRe_ 3. Appliqtion of Payments. Unless applicable law proeides otherNise, all pa}'ments recei~~ed b~• Lender under the \ote and paragraphs l and 2 hereo( shall br applicd b~• Lender first in p:»mcnt of am~~unts ~>a}~able to l.ender 1,~~ Borrower under paragraph 2 heieof, then to intere.t pa~•able ou the \ote, then to the princiPal of the \ote, and then to interest and principal on any Future Ad~•antes. 4. C6uger. Liens. Borroher shai! pay all taxes, assessments and other charRes, [ines and impnsitions attributable to the Propert}• which tna} attain a priorit}• o~er this ~lortgage, aud leasehold pa}-ments or grouud rents, i[ au~~. in the man- ner pro~•ideel under paragraph 2 hereoE or, if not paid in such manuer, b~• Borro~cer makinR pa}•ment, w~hen due. directl}~ to the ~~a}'ce thereoL Borrower shall promptly (urnish to l.ender a!1 uotices ot amo~nts duc wider this paraRraph, and in the ecent Borrower shall make pa~menc directh•. AorroHer shall pr.nmptl~- turnish to Lender receipts e~•idencinR such pa~-ments. Borrower sha? prompdy discharRe am• lie~i Nhich has priorit~~ mer thi~ \tortpa~e: ~~rocided, that Borrower shall not be re- yuired to dischatqe any such lieu so louR ~s Borro~~•rr shall aRree in w•ritinR to the pa~ment o( the obliRation secured bc such lien in a manner atceptable to l.ender. ~~r shall in k~Hxl (aith tontest such lirn b}•. or de[en<t en(orcement of such lien in, le- Ral proceedinRs which operate to pre~-ent the enforcement of the lien ~r (or(eiture of the Propert}• or any part thcreof. 5. Haurd Insurance. Borrower shaU keep the improcemcnts now eKistinR or hereaiter erected on the ProPerty in- surecf against tau by [ire, hazards induded withiu the term "e~ten~leYl co~~era~e". and wch other ha~ards as I.ender ma?~ re- c~uire and in such amounts and for wch peri«ix as Lender ma~• re~~uire: pro~•ided. that I.ender shall not require that the aniount of such co~~erage exceeci that amount of co~~eraRe mquireet t~~ pa~~ the sums .ecured b~• this \IortRaRe. The insurance carrier pro~~iding the insurance shall t~c chosen bv BorroMer subject to apprm•al b~~ I.ender: pro~•ided, tLat such appror•al shall not be unrea~nat>h~ H•ithhelcL :~ll premiums on insurance policies shall be paid in the manner ~ pro~•ided under paraqraph 2 hereof ~r. if not paid in such manner. b~• Borrower makinK pa~men:. Nhen due, directl~ to ; the insurance carrier. E .~lt insurance policies and renewals thereof shall be in form acceptable to Lender and chall include a standard mort- ~ Rage daute in fa~•or of and in form acceptable to I_ender. Lencler ~hall ha~e the riRht u? huld the ~licies :u~d reneHats thereo(, and. BorroMer shall prompth• furnish to Lender all reneNal notices and all receipts o( paid premiums. !n the e~•ent ~ o( lou. BorTO~cer shall gi~•e prompt uotice to the insurance carrier and Lender. Len<ler ma~ make proot of Inss if not made 's prompcly by Borrower. . ~ Unless Lender and BorroMer othetxise aRree in M•ritinR. in;urance proceeds shall be applied to restorati~n or repair of ~ the Property damaged, pro~~ideci such restoration or repair is economicalh- (easible and the securit~~ ~f this ~(ortRaRe is not thereby impaired. I[ such restoration or repair is not economicallv (ea~ible nr if the ~ecurit}~ of this ~IortRage M•ould be im- ~ paired, the inwrance proceeds shall be applied to the sums secured b~' this ~(ortRage. Nith the excess, i[ am•, paid to Bor- ~ mN•er. If the Property IS 8h811(IOIICI~ h~' RAiiONC~. OT if Borro~~er fails to respond to l.cnder Hithin 30 da~~s from the date ~ notice is mailed b~• Lender to BorroNer that the inwrance canier of(ers to settle a claim for insurance benefits. Lender is ~ authorized to collect and apph~ the insurance proceeds at Lender's option either t~ restoration or rrpair ~f the Property or ~ to the sums secured by this \iortRaRe. ~ Unless Lender and Borrower otherMise aRree in writinq, am• uuh application of proceed~ to principal shall no; extend or postpone the due date o( the monthh~ installments re[erred tn in paraRraphs 1 and 2 hereof or chanRe the amount of such - inctallments. 1t under para{{raph 18 hereof the Fmpert~• is acc~uired b~~ l.ender, all riRht, tide and interest of Borrower in and to am• insurance policiec and in and to the proceeds therent msullinR irom damaKe tn the Propert~• prior to the sale or ~ acyuisition shall pasc to Lender to the extent ot the sums securecl by this \fortKaRe immediateh• prior to such sale or ~ ~ acquisition. ~ 6. Presenation and ~iaintenance of Properh~: Leaseholds; Condominiums: Planned linit De~dopments. Borrower _ th~:l keep the Property in qo«I repair and chall not commit ~.aite ~r permit impairmrnt ~r deterioration ~f the Propert}' - and shall compl}• w•ith the pro~isi~~n~ of am~ lea~c if this ~(ortRaRc is on a leasehold. I( this 1QortRa~e is on a unit in a ~ condominium or a planned unit decelnpment. Rorror.er shall Ex•rform all o( Borrower's obliRations under the dedaration ' o~ co.~enants creatinR or qocerninR the condominium or planned unit de~~elopmenc, the bJ•-laM•s and requlations of the condo- minium or planned unit decelopment, and constituent documents. If a condominium ~,r planned unit de~•elopment rider is executed b~• Borro~rr and recorded toRether Hith this ~forty,aqe. the co~•enantc and a~reements of such rider shall be in- corporated into and shall amend and ~upplement the cocenantt and aRreements of this ~tortRaqe at if the rider h•ere a part . hereof. ~ 7. Pmtection o( Lender's Security. If Rorror.er (ails t~ perform _tt~e-co~~enantc and aQreementc contained in this ~ ~IortRaRe, or it am~ action or proceeilinR is commenced which materialh a~tects Lender'ti interest in the Propert~~. induding. ~ but not limited to. eminent eiomain, inu~l~rnc~~, cale en(orcement. or arranRemrr~e~ nr pr~xeeelinRs im~nkinq a bankrupt or decedent, then Lender at l.ender's op~ion, upon notice to Aorrow•er. ma} make such appearances, disburse such sums a and take such action as ic necessarc to protect Lender's iutereci. includin~, but nut limited ur. disburseme~ie of reasonable ~ attorne}'s (ees and entry upon the Propertv t~ make repairs_ It Lender require<I m~rt~aRe incurance as a condition of i makinq the loan secured bv this ~IortRaRe. Bi~rroNer shall pa} the premiumt reyuired a~ maintain such inxurance in e(- fece until such time as the requiremeut (or .uch in,uranct tertninatec in acc~~rdan<c h•ith Borro~er's and Le~eder's written _ . g~~~ 305 .A~:~ 69 1 ~ ~ ~ ~ . - r. _ _ . ~