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Home My WebLink About0959 . ~ . ~~NIFORA[ Co~•F~axn. BorroMer and l.ender co~enant and a~ee as [ollows: 1. Paymeat oE Principal and Iaccrnt. Borrower shall promptly pay when due the pri~cipal ot and interesc on che indebtedness evidrnced by the Note, prepayruent and late charges as provideci i~i the Noce, and thc principal oE and inter- : t est on any Futurc Advanca secured by chis ~fortgage. ~ ~ 2~pds fot Taxa and Inwrance. Subject to applipblc law or to a written waiver by Lender, Borrower shall pay j to Lender on the day monthly installmcnu o( principal and intercst are payable under the Note. until the Note is paid in ~ (ull, a sum (herein "Funds") equal to one-twel[th of the yearly taxes a~d assessments which may attain priority o~•er this t A(ortgage, and ground renu on the Property, i[ any. plus onatwel[th o[ yearly premium installmcnts tor ha:ard insucance. ~ plus one-twel[th oE yeuly premium installments for mortgage insunnce, if any, all u reasonably estimated inicially and irom ~ timc to time by I.ender on the basis of assessments and bills and rtasonable estimates thereof. The Funds shall be held in an institution the deposits or accounts o[ which are insured or guarantced b~• a Federal or ; state agency (induding Lender iE I.eoder is such an institution). Lender shall apply the Funds to pay said taxes, assesunenu, insunnct ptemiums and ground rencs I.ender may not chuge [or so holding and applying the Funds, analyzing said aa ' count, or ~~eri[ying and compiling said assesunents and bills, unless Lrnder pays Borrower interest on the Funds and ap- ? plicable law permits L.ender to make such a charge. Borrower and Lender may agree in writing at the time oi exetution of ~ this Atortgage that.interat on the Funds shall be paid to Borrower, and u~less such agreement is made or applicable law ~ requires such interest to bc paid, Lender shall not be requited to pay Borrower any interest or earnings on the Funds: Lender y shall give to Borrower, without charge, an annual accounting of the Funds showinR crediu and debits to the Funds and the ~ purpose [or which each debit to the Funds was made. The Funds are ptedged as additional security tor the sums secured j b} this Mortgage. ~ If the amount of the Funds held by Lender, togeth~r with the [uture monthly installments o[ Funds payable prior to = the due dates of taxes, assessments, insurance premiums and qround rents, shall txceed tl~e amount required to pay said : taxes, assessmenu, insura~ce premiums and ground rents as they fall due, such excess shall be, at Borror.er's option, either F promptly repaid to Borrower or creclited to Borrower on monthly installm~nu of Fundc.~ If the amount of the Funds held by Lender shall not be su[(icient to pay eaxes, assess~nents, insurance premiums and Rrouncl rents as the~• fall due, Borrower shall pay to Lender any amount necessary to make up the deticiency within 30 days (mm the date notice is mailed by Lender to Borrower requesting payment thereo[. Upon payment in full oE all sums secured by this biortgage, Lender shall promptly re(und to Borrower any Funds held by Lender. If under paragraph 18 hereot che I'roperty is sold or the Property is othe~ise acquired by Lender. Lender ; shall apply, no later than immediately prior to the sale of the Property or iu acquisition by Lender, an~ Funds held by ~ Lender at the time oE application as a credit aqainst the sums secured by ehH \lvit~e. - ~ ~ 3. Applicatioa of Parmenta. Unless applicable law provides other~vise. alkpa}~ments recei~•ed by Lender under the lote and paragraphs 1 and 2 hereof shall be applied by Lender tint in paymetu ot amqpnt~pa~~able to Lender by Borrower ' under paragraph 2 hereof, then to interest pa~~able on the Note, then to the principal ot th~ :~ote, and then to interest and ~ principal on any Future Advances. _ ° 4. Charge~ Liens. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to 3 tbe Property which may attain a priority o~•er chis ~iortgage, and leasehold pa}Tnents or ground rencs, i[ an}•. in the man- i ner proeicied under paragraph 2 hereof or, iE not paid in such manner, bc Borrower makinq payment, when due, directly to ? the pa~~ee thereo[. Borrower shall promptly turnish to Lender all notices ot amounts due under this para~raph, and_in the e~•ent Borrower shall make paymen[ directly. Borrower shall promptl~• turnish to Lender receipes e.~idencinR such payments. BonoMer shall promptly discharge an~ lien which has priority o~-er this \tortRaRe; pro~•icled, that Borrower shall not be re- quired to discharge an}• such lien so long as Borrower shall agree in writing to the pa~ment ot the ob1'igation secured b}' such lien in a manner acceptable to Lender, or shall in gocxt faith contest such lien bp, or de(end en(orcement of such lien in, le- Ral proceediny,s which operate to pre~~ent ehe enforcement of the lien or forfeiture of the Propert) or any part thereof. 5. Huud Insunnoe. Borrowet shall keep the improvemrnu now existing or hereafter erected on the Property in- sured against loss by fire, hazards induded within the term "extended coverage", and such ocher hazards as Leuder may re- c~uire and in such amounts and for such periods as L.ender may require; provided, that Lender shall not re.quire that the ; amount of suth coverage exceed that amount of corerage required to pay the sums secured b~• this ~torty,aRe. _ Tht insurance carrier providing the insurance shall be chosen by Borrower subject to appro~•al b~• Lender: provided, T ~ th2t such approval shall not be unreasonablr• r?ithheld. All prrruiums on insurance policies~ shall be paid in the manner ! provided under paraqraph 2 hereof or. it not paid in such manner, bv Bortower makinR pa}went, ~+hen due, directl} to ~ the insurance carrier. ~ All insurance policies and renewals thereof shall be in form acceptable to L.ender and shall include a standard mort- gage clause in [acor of and in [orm acceptable to Lender. I.ender shall ha~~e the riRhe to hold the policies and rener~als ! ehereof, and Borrower shall prompdy furnish to Lender all renetiral notices and all receipu o( paid premiums. In the e~ent ~ of loss. Bonowet shall gi~~e prompt notice to the insurance carrier and L.ender. Lender may make proof c,t loss i[ not made ~ promptly by Botrower. _ ~ Unless Lender and Borrovrer otherwise aRree in M-riting, insurance proceeds shall be appliec! to restoration or repair oi ~ the Property damaged, provided such restoration or repair is economically feasible and the security o( this ~Iort~{age is not thereby impaired. If such restoration or repair is not economically [easible or if the securit~ of this J(ortRag,e ~?ould be im- paired, the insurance proceeds shall be applied to the sums secured b~ this ~Ioregage, with the excess, i[ an}•. paid to Bor- ~ roher. If the Propert~ is abandoned b} Borrower, or i[ Borrow-er fails to respc>nd to Lender within 30 da~•s from che date notice is mailed by Lender to Borrower that the insurance nrrier often to settle a claim for insurance benefits, L,endet is ~ authorized to collect and appl} the insurance proceeds at Lender's option either to rest~ration or repair of the Property or to the sums secured by this ~tongage. ~ Unless Lender and Borrower otherwise aRree in writing; any such application of prcxeeds to principal shall not extend ~ or postpone the due date of the monthly installments referred ta in para~raphs 1 and 2 hereof or chanqe the amount of such ~ installmencs. If under paraqraph 18 hereof the Property is acquired bp Lender, all ri~ht. citle and interest o[ Borrower in ~ and to any insurance policies and in and to the proceeds thereof resultinR from damaqe to the Property prior to the sale or = ~ acyuisition shall pass co L.ender to the extent of the sums secured by this ~tortRaRe immediately prior to such sale or ~ acquisition. . 6. Prcsersa[ion and ;lfaiotenance of Property; Leaaeholds; Condominiums; Planned Unit Developmenq. Borrower ~ sl~all keep the Property in good repair and shall not commit waste or permit impairment or deterioration oF the Property and shall comply with the pro~•isions of any lease i[ this \fortgaRe is on a leasehold. If this ~tortRaRe is on a unit in a ~ condominium or a planned unit de.•elopmem, Borrower shall perform all of Borrower's obliRations undrr the dedantion ~ or co~enants creating or governiuq ehe condominium or planned unie de~elopment, the b}'-laws and requtations o[ the condo- ~ minium or planned unit de~•elopment, and constituent dotuments. I( a condominium or planned unit de~elopment rider is ~ ~ executed by Borrower and cecorded toqecher with this ~Iortgaqe, the co~•enants and aRreements of such rider shali be in- ~ corporated into and shall amend and supplement the covenants and aqreements of this ~tortqaqe as if the rider were a part hereof. 7. Ptotection of Ltnder'~ Security. If Borrower fails to per[orm the co~•enants and ay,reements contained in this ~ Afortqage, or if any action or pratedinR is commenced which materially atfects Lender's interest in the Propern~. induding. : - but not limited to, eminent domain, insoh•ency, code enforcement, or arranqements or proceedinqs in~•olving a bankrapt ; ~ or decedent, then I.ender at l.ender's option, upon notia to Borrower: may make such appearances, disburse such sums ~ ~ and take such actian as is necessary to protect [.ender's interext, induding, but not limitecl to. disbursement of reasonable k attorney's (ees and entry upon the Property to make repain. If L.ender required mortRage insurance as a condition oE ~ making ehe loan secured b~ this ~lortgaqe, Borrower shall pay the premiums required to maintain suc6 insunnce in eE- - - tac until such time as the requirement (or such insurance termiuates in accordance Mith Borrower's and Lender's written ~ - - 90QK 310 ~~~E 959 ; ~ ~ ~ ,