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Home My WebLink About1521 Borrower and Lender covenant and agree us follows: 1. Payment of Principal and Interest. Burrower shall promptly pay when d+:e the principal of ++nd inteuat on the indt•bteclneaa evidenced by the Nate, prepayment and late charges as provided in the Note, and the principal of and intrust on any Future Advances sE\ aced by this Mortgage. 'L. Funds for Taxes and Insurance. Subjfvt u, applicable luw• or to a wnttf•n waiver by 1.f•nder, Burrower shall pay to Lender on theduy monthly inatallmrnta of principal and intrust are payable under the Note, until the Note is paid in full, a sum Ihere•in "Furaa"1 equal tuone- twelfth of the yearly taxes and ussessmenls which may attain priority over Chia Mortgage, and Around rents on the Pn,perty, if any, plus Dote twelfth of yearh• premium installments for hazard insurance, plus unrtwelflh of yearly premium installments fur mortgage insurance, if any, all as reasonably fatimatecl initially and from time to time by lender on the b:lsls of assessments and bills and reasonable estimates thereof. The Funds shall he held in an institution the deposits or accounts of which are insured or guars+nteed by a Federal or State agency (including Lender if Lender is such an inatitutionl. Lendet shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. !.ender may not charge for ao holding and applying the Funds, analyzing said account, ur verifying and compiling said assessments and bills, unless (.ender pays Borrower interest on the Funds and applicable law permits [.ender to make such:! e•harge- Borrower and [.ender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall he paid to Born,wer, and unless such agreement is made or applicable law requires aurh interest to be paid, Lender shall not be required W pay Borrower any interest or earnings on the 1•llnda. Lender shall give to Born,wer, without charge, an annual accounting of the Funds showing credits and debits to the b'unds and the pur}wse for which each debit to the Funds was made. The Fonda are pledged as:ulditiunxl sec'1•r:ty for the sums secured by this Mortgage. • If the amount of the Fonda held by !.ender, k,gether with the future monthly installments of Funds payable prior to the due dates of tuxes, assessments, insurance premiums and Around rents, shall exceed the amount refuired to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall t,e, at Ik,l•reitver's option, either promptly repaid to Borrower or credited k, Burrower on monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to lender any amount necessary to make up the deficiency within :10 days fmm the date notice is mailed by Lender G, Borrower requesting payment thermf. Upon payment in full of all sums secured by this Mortg:ge, (.ender shall promptly refund to Burruw•er any funds held by [.ender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by [.ender. Under shall apply, no later than immediately prior to the sale of the Property or its acquisition by [ender, any Funds held by Lender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law provides othelw•ise, all payments n•c•eived by Lender under the Note and paragraphs 1 and `L hemof shall be applied by [.ender first in payment of amounts payable to Leander by Borrower under paragraph'? hereof, then to interest payable un the Nute, then to tale principal of the Note, and then to interest and principal on any Future Advances. Charges: Liens. Rurrowershall pay all taxr.;, assessment:; and other charges, fines ane; ir:tpesitiuns attributable to the I'ruperty which rn:,y attain a priority overthis ~lurtgage, and leasehold payments or/;round rents, if any, in themannerprovidfdunder par-.+gniph''hercv,for, f not paid in such manner, by Borrower making payment, when due, dirfY•tly to the payee thereof. Burrower shall promptly furnish to [.ender .11 nuUc•es of amounts due under this paragraph, and in the event Borrower shall make payment directly, Rurnn+•rr shall prompth• furnish to .,•nder receipts evidenc~nK sue•h payments. lisrrruw•er shall prompth• disc•hargf• any lien which h:is priority over this Mortgage; provided, that ~rruw•cr shall not be required to discharge any such ?irn so Ion}; as Rorrow•er shall agree in writing to the payment of the obligation securf•fl by urh lien in a manner acceptable to Lender, or sh:dl in gcx,d faith contest such lien hy,ordf•feed enfor, emf•ntof aurh lien in, !saga! pn,f•f•f•dnigs .t bleb operate to prevent the enforcement of the lien or forfeiture „f the Property or any part there,rf. S. Nazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on the' Property insured against loss by ti r?•, hazards included within the term "extended coverage," and such other hazards as I~nder ma>~ rec#uire and in such amounts and forsuch ,:rriodr as !.ender may require: provided, that !.ender shall not reyuirf• such rn+•er-.ige amount exrfrding the minimum, as may Ue rf•c}uired by ~tatr err federal regulations governing activities of [.ender, or that amount of coverage required to pay the sums secut•ec[ by this Mo: tgage, hichever is the greater. The insurane•+• carrier pnn•iding the insurance shall tx• chosen by fiorn,w<•r su1,}ec•t to:,ppn,val by Ixnder. },rocidf•ct. that sue•h appru+•:11 -h:d1 not he unreau,nahly wlthheld.:Vl premiums un in~•urance polu~if•s shall t,c• vaid in the mat,ne•r pmvidf'cl under paragraph he•nY,f or, if > n •t paid in such manner, by Iturn,wa r making payment, when due, dire•c•th• to the• insurance carrier. Ail insurance policies and renewals thereof shall he in form acceptable to Lender and shall include a standard mortgage clause in favor of .end in form acceptable to Lender. [.ender shall have the right ire hold the policies and renewals thereof, and Burrower shall promptly furnish to :ender all renewal notices and all receipts of paid premiums. In the event of loss, Born,w•er shall give prompt notice w the insurance carrier ;,nd Lender- [.ender may make proof of loss if not. made promptly by Borrower. Unless Lender and Burrower otherwise agree in writing, insurance proceeds shall tle applied t.r ~<•storatiun or repair of the Property ' damaged, pro+~ded such restcrrlt:on ur repair is economically feasible and the sfrurity of this Mortgage is not thereby impaired. If such t restoration or repair is not economically feasible ur if the security of this Mortgage would I,e impaired, the insurance procefds shall tx•applifd ~ u, the sums secured by this Mortgage, with the excess, if any, paid to liorrow•er. If the Property is abandoned by Borrower, or if Burrower Calls to respond to Lender within aU days from the dale notice is mailed by [.ender to Borrower that the insurance carrier offers to settle a claim for 3 :nsurance benefits, Lender is authorized to collect and apply the insurance prueerds at Lender's option either to restoration or repair of ttte Property or the sums secured by this AlortRage- Unless [.ender and Borrower otherw-ise::Kree in writing, any such application of prcx-e'eds to principal shall nut extend or pc,stperne the due date of the monthly ins?allments referred tc, in parrgraphs 1 and aereof or change the amount of Such installments. If under paragraph IK Hereof the Property is acquired by [.ender, all right, title and interest of Bormwer in and to any ins!Iranfr policies and in and lathe proceeds thereof resulting from damage to 1'roperiy prior to the sale or acgenaition shall pass t0 I<ender to the extent of the sums secured by this Mortgage immediately pr•ios to such sale or acquisition. 6. Preservation and Alaintenance of Property; leaseholds; ('ondominuma; Planned Unit Develapmenta. Borrovtershali keep the Property in ge,od repair and shall nut commit waste err permit impairment nr deterieratir.n of the Property and shall comply with the P provisions of any lease if this Mortgage is on a leasehold. If this Mortgage rs on a unit in a c•c,ndominium nr a plam+ed unit development, Borrower shall perform all of Rc,rrower's obligations under the derlaratiun or roveni+nts c•reatint;or governing tt:e condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by I3c,rruwer and recorded together wdth this Mortgage, the trovenanta and +Kreement:; of uch rider shall be incur}x,rated into and shrill amend and supplemf•nt thecu+•enantsand agreements of this A1urtAaKe as if the nder were a part lterfe,f. 7. Protection of Lender's Security. If Borrower fails to perform the rnvenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affect8 Lender's interest in the Property, including, but not limited to, eminent domain, - insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then bender at I-ender's option,upon notice to Borrower may make such appearances, disburse such sums and take such action as is necessary to protect lender's interest, including, but not limited to, d:abur4ement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition eyf making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until each time as the requirement for such insurance terminates in accordance with Borrower's and Lender's written agreement. or applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under .Y paragraph 2 heresif. Any amounts disbursed by [.ender perauant to this paragraph with interest there„n, shall become additional indebtedness f:f Borrower secured by this Mortgage. Unless 13urn,wer and !.ender agree to other terms of payment, such amounts shall be payable upon - Nz notice from Lender tc Borrower requesting payment thereof, and shall bear inte•reat from the date of disbursement at the rate payable frotn time to time on outstanding principal under the ,tote unless payment of interest at such r-<+te would t,e co!?trary tea applicable law, in which event such amounts shall bear intrust at the highest rate permissible under applicable law. Nothing contained in this paragraph 7, shall require Lender to incur any expense or take any action hereunder. 3c~~~US ~ 151