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Home My WebLink About0416 . Burrower and l.ender covet?ant a~d agree aa folluwe: 1. Psymenl of Principal and Inlereat. l~urrower ahnll promptly puy when due the principal of und intereat un the indebtrdnexa evidenced by the Note, prepayment and late chargee? as provided in the Note, and the principul of a~d inte~eat on nny l~liture Advuncea secumd by this Mortgage. `l. F~nda for Taxea and Ineurance. Subjecl to upplicnble luw or to u writtrn waiver by I.ender, liorrower xhull puy tu l.endrr on the day munthly inek?Ilmenta uf principal nnd interr8t are puyable under the Note, until the Note ie pnid in full, u sum (herrin "Funda"1 cquu! tu one tweiRh of the yearly txxes Hnd nasexxments which muy nttAin priurity over this Moriguge, und Kniund rents un the I'ruperty, if nny, p!us one- tweltth of yearly pmmium inatallmrnts for hucurd inaurance, plua onetwclRh ofyeurly premium inslullmrntx for mortguge inau~unce, if any, all ae rea~+n~nbly ealimuted inilially and f~om time to time by l.ender on the b~tais of asaraamen~~c a~d bills a+nd reusunt~blr ~~timi~tc~x the~rof. The Mlinde shall be held in an iostitution tl~e depoaita or accounta of which are inaured or guaranteed by a Federal or State agency (including l.ender if I.ender ie auch an inetitution). t.ender shaU apply the Funde to pay said tnxes, assessxmente, ineurunce premiuma und ground rente. I.ender may not charge for eo holding and applying the Funda, analyzing aaid account, or verifying nnd compiiing said aeaesaments and bills, unless I.ender pays I3orrower intereat un the Funde and applicable law permita l.ender to muke euch a charKr.l3orrower and l.ender may agree in writing at the time of execution of thie Morlgxge that interest on the Funda shall be paid to Born?wer, and unleas auch agreement ie made or applicable law requirea such intereat to be paid, l.ender shall not be required to pay Borrower any intemat or earnings on the Funda, I.ender shail give to Borrower, without charge, an annual accounting of the Funds showing credita und debite to the Funds and the purpc?se for which eACh debit to the F unda wus made. The F unde are pledged ns additiona) aecurity for thesume secured by thia Mortgage. If the amount otthe Fl~nde heid by l~ender. togethe~ with the future munthly inatallmentR uf h unds paynble prior to the duedatea of taxea, asaesamente, insurance premiuma and ground rnnta, ahall exc2ed the amount required to pay i+aid tuxea, aaseeusments, insurunce premiuma and ground ~ente as they fall due, euch exceas shail be, at Bo~tower'a uption, either promptly repaid to E3urrower or credited b Borr~weron monthly inetallmente of Funda. If the amount of the Funde held by t.ender ahall ~ot be aufficient to pay taxes, assesamenta, ineurunce premi~una and ground rn~ta ae they [all due, Borrower shall puy to l.ender any amount necessary to mnke up the deficiency within 30days from the date notice ia mailed by t.ender to Borruwer requesting pay~nent thereof. Upon payment in full of all aume aecured by this Mortgage, [.ender ahal) prumptly refund to E3orruwer any funds held by I.ender. If under paragraph 18 hereof the Ptoperty ia sold or the E'rvperty is otherwiae acquired by Lender, I.ender ahull apply, no later than immedi~tely prior to the sale ot the Property or ite acquiaition by I.ender, nny ~nds held by 1~ender at the time of applicatiun as a credit aKninat the sums secured by this Mortgage. 3. Application of Paymenta. Unlesa applicable law providea otherwiae, all paymentx received by I.ender under the Note and paragraphs 1 and 2 hereof shall be applied by I.epder fimt in payment of amounts payable to I~ender by Borrower under pars~g~uph 'l hereof, then to intereat payable on the Note, then to the principal o[ the Note, and then to interest and principal on nny Future Advunces. 4. Charges; Liene. Borrowersha~ll pay all taxen, assexsments and other charKes, fincs and imp~ufitions attributuble k~ the }'n?perty which may attain a priority over this Mortgtige, and lensehold pnymenti+or gmund rrnts, if any, in the m:~nner pruvid~Yl under pa~a~Kraph'? here~,f or, if not paid in such manner, by f;orrower making pnyment, when due, dircrtly to thc payee thercr?C Kormwer shi+li prumptly furnish to I w•nder all noticess of amounta due under this paragraph, and in the event 13~~rrower ahnll make payment direcUy, Rorrower shall promptly furnish G, I.ender receipts e~~idencing such payments.l3orrc~wer xhall prompUy di:uharKE: any lien which hax priurity over thi~ MurtKaKe; pruvidcYi, that Borrower ahall not be required to discharge any such lien so IunK :us F3orrower shall aECrrr in writink to the puym~nt uf the ublik:dion secured by such lien in a manner acceptable to I.ender, or shnll in gWd faith contest such lien by, urdetend enfonrmt~nt uf sui•h li~•n in, leKa) pn?ceedinKs which operate to prevent the enforcement of the lien or furfeiture uf the Pruperty or any purt thenvf 5. Hazard Inaurance. E3orrower shall keep the improvements now ex~sting or hereafter erected on thr Property insured s~gainst loss by fire, hazarde included within the term "eatended coverage," and auch other hazarda as l.ender may require vnd in such amounts and for such periods as I,ender may require; provided, that I.ender ahall not require such coverage amount exceeding the minimum, as may be required by state or federal regulatione governing activitiea of I.ender, or that amount of coveraqe required to pay the sums secured by this Mortgage, whichever is the greater. The insurance carrier providinK the inaurance shall be chusen by Iiorrower subjErt tu appnrvai by Ia~nder; pmvidcYi, that tiuch uppruval yhall not be unret+s~mably withheld. All premiumti on insur.~nm p~dicie:ti sh:~ll t?e paid in the manner pnrvidirl und~~r p.~raKraph 'l hc•rt.~f or, if not paid in such manner, by E3orruwer making paymrnt, when due, dir~Y~tl~ lo the in~uran~~ carrier. All ineurance policiea and renewals thereof shall be in form acceptstble to I.enderand shal) include a atandard mortgage clause in favorof and in form acceptable to Lender. Lendershall have the right to hold the policiea and renewala thereof, and Rorrower shall promptly furnieh to i.ender all renewal notices and all receipts of paid premiums. In lhe event of toea, E3orn~wer shall qive prompt notice tn the insurance carrier and l.ender. I.ender may make proof ot loss if not made promptly by Borrower_ I Unleae [,ender and Borruwer otherwiae agree in writinq, insurance proceeds shall 6e applied to restoration or repair of the F'roperty j damaged, provided such restoration or repair is economically [easible and the aecurity of this Mortgage ia not thereby impaired. It such reatoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the inaurance proceeds shall be applied ~ to the sums secured by this Mort{tage, with the excesa, if any, paid to E3orrower. If the Property is abandoned by Borrower, or if E3orrower faila to respond to I.ender within :~0 daya from the date notice ia mailed by l.ender to Eiorrower that the insurance carrier offers to aettle a claim for € ineurance benefita. [.ender is authorized to collect and apply the insurance proceeds at I.ender'a option either to reatoration or repair of the ~ Property or the sums aecured by this MortgaRe. Unless I.ender and Borrower otherwiee aRree in writing, any auch application of proceede to principal shall nat extend or poatpone thedue ~ date ot the monthly inatallmente referred to in par•?graphe 1 and 2 hereof or change the amount of euch inetallmente. If under paraQraph IA ! hereof the Property ia acquired by I.ender, aU right, title and intereat of Eiorrower in and to eny inaurance puliciee~ and in and to the proceeda lhereof resulting from damage to Property prior to the ~ale or acqu~sition ahall pasR to Lender to the extent of the aums secured by this ~ MortKage immediately prior to su~h eale or acquiaition. 6. Preaervation and Maintenanceof Property; Leaseholda; Condominuma; Planned ITnit Developmenta. E3orrowerahall keep ~ the Yroperty in good repair and ehall not commit waste or permit impairment or deterioration of the I'roperty and shall cnmply with the proviaione of any lenae if this Mortgage is on a leasehold. If thie Mortgage is on a unit in a condominium or a planned unit development, Borrower ahall perform all of Hc~rrower's obligationa under the declaration or covenanta creatinKor governing the condominium or planned unit development, the by-laws and regulationa of the condominium or planned unit development, and conetituent documents. [f a ~ condominium or plnnned unit Jevelopment rider is executed by E3orrower and recorded tugether with this Mortgage, the wvenante and ~ aKreements of such rider ahall t?e incurporated into a~nd xhall amend and supplemenl lhe covenants and f~greementx ufthis MortgaKe asif the ~ rider were a part hereof. ~ Protection of I.ender'e Security. If Borrower taile to perform the oovenants and agreemente rnntained in thie Mortgage, or if eny ~ aMion or proceeding ia commenced which materially affecte [.ender'e intereet in the Property, including, but not limited to, eminent domain, ineolvency, oode enforcement, or arrangemente or proceedinga involving a bankrupt~or decedent, then I.ender at I.ender'e option,upon ~ notice to BorroweT may make euch appearancee, diaburae such auma and take auch action aa ie necessary to protect Lender e interest, _ including, but not limited to, diabureement of reasonable attorney e feee and entry upon the Property to make repaire. If Lender required mortgage insurance as e condition of making the loan aecured by thin Mortgage, Eiorrower ahal) pay the premiume required to maintain ~ each ineurance in eftect until euch time ae the requirement for euch ineurance terminatee in accordance with Borrower'e and Lendet`e ; written agreement or appliceble Law. Borrower ahall pay the amount of all mortgage ineurance premiums in the manner provided under paragraph 2 hereof. Any amounte diebureed by Lender pereuant to this paragraph 7, wilh intereet thereon, ehall become additional indebtedneae of E3orrower secured by thie Mortgnge. Unleae Horrower and I.ender aqree to other terme of payment, auch amounte ehal) be payable upon ~ notice from Lender to E3orrower requeeting payment thereof, and ahall bear interest from the date of diabureement at the rate payable from ~ time to time on outetanding principal under the Note unlees payment of intereat at such rate would be rnntrary to applicable law, in which ~ event euch amounte ahall bear intereat at the highest rate permisnible under applicable law. Nothing contained in thie paragraph 7, ehall ~ require I.ender to incur any expenae or tske any action hereunder. ~ : ~ ' ?~t~ ~VV ~;1~.. 416 0 ~ ~ ~ • ~ ~ - ~ r a+~,: ;-:n - ~s,~~,a `<s s a ~..,-~5- 's ;~..~.:;~'5~,. ~ ~a