The URL can be used to link to this page

Home My WebLink About0648 f3~,rrower and I.ender cuvenant and agree as foUows: 1. Payment ot Principal and Intereet. fiorrower ahall promptly pay when due the principal of nnd intereat un the indebtednese evidenced by the Note, prnpayment and late chargea as pn~vided in the Note, and the principnl of nnd intereat on any Future Advances aecured by this Moty~age. `l. ~tnds for Ta:ee ar~d lneurance. ~ubject to applic~ble luw ur to a written waiver by I.ender, ltorrowrr ehull pay to l.ender on the day ~ monthly inatnlimente of principal and intereet are payable under the Note, until the Note is pa?id in full, a xum Ihe~rin "Funda"? equal to one- i twelith of the yearly tzucee nnd aseesaments which may attuin priority over thia Mo~tguge, and gruund rents un the I'roperiy, if any, plus one twe~Rh of yearly premium installmente for hazarc! ineurance, plua unrtwelflh of yearly premium ioatullmentx fur mortgnge inaurance, if any, ail as ret~eonably estimated initiaily and from time to titne by I.ender on the busia uf nsseasmenta iu~d bills and rnF~sonable estimate~s thereot. '11~e ~Lnda ahall be held in an inetitution the depoaite or aceo~nts of which are insured or guaranteed by a Federa! or State ngenry (including L.ender if l.ender ia auch an institution). l.ende~ ahall apply the Funds to pay snid taxee, aeaesaments, inaurance premiums and ground rente. I.ender may not charge for eo holding and applying the Hunda, analyzing eaid account, or verifying and compiling auid asaesamenta and bills, unless t.ender pays Borrovrer intrrest on the Funds und upplicable law permits [.ender to make auch a ct~arKe. Surn,wer and Lender may agree in writing at the time of execution of thia Mortgage that intereat on the Funda ehall be paid to F3orn,wer, and unleas auch egreement ie made or applicable Iaw requiree such interest to be paid, Lender shall not be required to pay Barrower any interest or . earninga on the Fti~de. [.ender ahall give to Borrower, without charge, an annual accounting of the Funda ahowinQ cretlits and debita to the Funda and the purpoae for which each debit to the hunda was made. The Funds are pledged as additional eecurity for the suma eecured by thie Mortgage. If the amount of the ~nda held by L,ender, together with the tuture monthly inetallments of F unds payable prior to the duedatea of taxea, aeseasments. ineurance premiuma and ground rents, shall excred the amount required W pay suid taxea, asseasmenta, insura~ce premiums and ground rente as they faU due, euch exceas shall be, at Borrower's option, either prumptly rnpaid to Borrower or credited to Eiorrower on monthly installmente of Funde. [f the-amount of the Funda held by l~ender ahall ~ot be eufficient to pay taxes, asaeasments, inaurance premiums and ground rents as they fall due, I3orrower ahall pay to l.ender any amount neceasary to make up the deficiency K~thin :30 days ' from the date notice ie mailed by l.ender to Eiorrower requesting payment thcr~,f. _ Upon payment in full of ell auma secured by this Mortgxge, I~ender ahall promptly refund to F3orruwer any funds held by I.ender. If under paragraph 18 hereof the Property is sold or the Property is otherwise Acyuired by Lender, I,ender ahnil apply, no later than immediately prior to the sale o[ the Property orita acquiaition by l,ender, any Funds held by I.e~nder at the time of application as a credit againat the sums secured by thie Mortgage_ 3. Application of Paymente. Unless applicable law provides othrrwise, all payments receivrd by I,ender under the Note and paragraphs 1 and 2 hereof ahall be applied by Lender firAt in payment of amounts payable to l.ender by Burrower under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of the Note, and then to inlerest and principal on nny Future Advances_ 4. Charges; Liens. Borrowerahall pay all taxes, assessments and other charKes, fines i~nd impuxitions attributable to the ['roperty which may attain a priority over this Mortgage, and leasehold paymen~s or gmund renla, i[any, in the manner provided under p:ir~igraph Y hereof or, +f not paid in auch manner, by Borrower making payment, when due, directly to the payee thereof. Kurn?wershesll promptiy furnish to Ixnder all notices of amounts due under thie paraRraph, and in the event Rorruwer shall make payment dirertly. Rvrn~wer shall promptly furnish to I.ender receipta evidencing such payments_ Borrower shali promptly dischargr any lien which has priurity o~•er this MortKage; provided, that Rorrower shall not be required todischarge any such lien so long as Rurmwershali aRree in writinK tu the payment uf the obliQation securecl by ~iit~l Zieii ITi H iildlillci niY.Ypta~iir tu ix~~urr, ui a~'idii iii Kin~I itulli Cvi~irni aYC~I i1CIl oy, ur urfrnu rniurcrmeni oi sucn iien in, irKal procre-ciinKs u•hich operate to prevent the enforrnment of the lien or forteiture of the Property or any pnrt thenr,f. ' 5. Hazard Ineurance. Borrower ahall keep lhe impmvementa now existing or hemafter erected on the f'rupPrty insured againat IoAS by fire, hazarde included within the term "extended coverage; ' and such other haznrds as I.ender may require and in Such amounls and for such periods as I.ender may require; pro~~dcrl, that L.ender shall not reyuire such coveraAe Eunount exceeding the minimum, xs may be requirc~i by ~ state or lederal regulations goveming activities of I.ender, or that amount o(coverage required to pay the sums secured by this :11urtAage, whichever ie the greater. , 7'he inaurance carrier providing the insurance ahali be choxen by l3orrower subject tu appro~•~il b~• (w~nder; pm~~ided, lhat such approva) whall not be unreasonably withheld. All premiurag on insurance policirs shall be paid in the•manner proeidcd under paraKr:iph'L hermf or, if " not paid in such manner, by Borrower making pavmrnt, whrn due, directly to thr ~nsurance carrier. All insurance policies and renewals thereo[shall be in form acceptable to l.ender and shall include a standard mort~aKe clause in favor of and in form acceptable to Lender. l.enderahall have the right to hold the policies and renewala thereof, and I3orrower ahall promptly furnish to ' i.ender all renewal noticea and all receipts of paid premiuma. In the event of losa, Bc?rruwer shall give prompt notice u~ the insuranc-e carrier ~ and Lender. Lender may make proof of loss if not made promptly by Borrower. ~ Unleas Lender and Borrower oiherwiae agree in writing, inaurance proceeda ahall be applied to reatoratiun or repair of the E'roperty ~ damaged, provided such reetoration or repair ia economically feasible and the eecurity of this Mortgage is not thereby impaired. If such ~ reatoration or repair is not economicaUy fessible or if the serurity of this Mortgage would be impaired, the inaurance proceeda ahall be upplied ~ to the sums aecured by this Mortgage, with the excees, if any, paid to Borroweir. If the Property is abandoned by Borrower, or if Borrower faila to respond to Lender within 30 daya from the date notice ia mailed by I.ender to Borrower that the insurance carrier offers to aettle a claim [or ~ insurance benefits, Lender ie authorized to collect and apply the inaurance proceeda at I.ender's option either to restoration or rnpair of the ~ Pmperty or the aums aecured by this Mortgage. ~ Unleas L,ender and Borrower otherwise agree in writing, any such application of pra,~eeds to principal ahail not extend or poetpone the due ~ date of the monlhly inatallments refemd to in paragrapha 1 and 2 hereof or change the amount of such installments. If under paragraph 18 ~ hereof the Property ia acquired by I.ender, a11 right, title and intereet ot Borrower in and w any insurauce policies and in and to the proceeds ; thereof reaulting from damage to Property prior to the sale or acquiaition ahall pasa to I.ender to the extent of the suma secured by this ~ Mortgage immediately prior to auch eale or acquisition. E 6. Preservation and Meintenance otProperty; Leaseholds; Condominume; Planned Unit Decelopmente. E3orrower shall keep ~ the Property in good repa'v and ahall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mcrtgage ia on a leasehold. If this Mortgage ia on a unit in a condominium or a planned anit development, ~ fiorrower ahall perform all of Ronower's obligations under the declaration or covenants creatinRor governing the condominium or planned ? unit development, the by-lawe and regulatione of the condominium or pianned unit development, and conatituent documente. If a a condominium or planned unit development rider i~ executed by Borruwer and recorded together with this Mortgage, the oovenant8 and .~Rreementr~ of such rider shaH be incorporated into and xhall amend and supplement thecovenants and agreementa of thia Mortgage as if the " rider wern a part hereof. ~ 7. Protection ot Lender's 3ecurity. If Borrower taile to perform the aovenants and agreemente contaiaed in thie Mortgage, or it any action or proceeding ia commenced which materially affecfe I.ender's intereat in the Property, including, but not limited to, eminent domain, ~ ineolvency, oode enforcement, or arrangementa or proceedings involving a banlcrupt or decedent, then Lender at Lender s option,upon } noticx to Borrower may make such appearances, diaburee each eums and take such action as ie nec~essary to protect Lender's intereet, ? including, but not limited to, diabureement of reasonable attorney e feee and entry upon the Property to make repairs. It Lender required ' mortgage ineurance as a condition of ineking the loan eecured by thie Mortgage, Borro~rer ahall pay the premiums required to maintain ~ auch inaurance in effect until euch time an the requirement for auch ineurance terminatee in accordance with Borrower's and Lender'e written agreement or applicable I~w. Borrower shall pay the amount of all mortgage ineurance premiume in the manner provided under paragraph 2 hereof. ' My amounte diebureed by Lender pereuant to thia paragraph 7, with intereet thereon, ehall beoome additional indebtedneea of ~ E3orrower secured by thie Mortgage. Unleae Borrower and [.ender agree to other terma of payment, euch amounte ahall be payable upon _ notice from I.ender to E3orrower requeeting payment thereof, and ahall bear interest from the date of diebureement at the rate payable from g time to time on outetanding principal under the Note unleea payment of intereet at auch rate would be oontrary to applicable iaw, in which ~ event euch amounta ehall bear intereet at the highest rate permiaeible under applicable law. Nothing contained in thie paragraph 7, ahall ~ require [.ender to incur any expense or lake any action hereunder. ~ - ~ r ~ ~-`,311 6¢7 ~