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Home My WebLink About1168 - , ~ . Bo~ower a~d l.ender rnvenant and egree as [ollowe: 1. Payment ot Pri~cipal and Interest. Eiorrower shall peomplly pay when due the pri~cipal of und i~tereat on the indebtedneas evidenced by the Note, prepayme~t snd late charges as provided in the Note, and the principal of and inte~at on any Ftiture Advancea secured by this Mortgage. 2. F~utds for Ta:eu aad lneurance. Subjecl to applicable luw ur to a wriUen waiver by I.ender, fionuwer shi~ll pay to I.ender o~ the day rno~thly i~atallmente of principal and intereet are payable under the Nute, until the I~lute ix E?aid in fuU, a sum (herein "h unda") eyual to une twelfth of the yearly taxee and aaseaamente which may attain priority over thia Mortguge, and ~uund renta un the I'roperiy, if any, plua onP twelfth of yearly pmmium inatallmenta for hazard inau~ance, plus onPtwelfth ofyearly premium inatalimentx for murtKxge inaurunce, if any, all as reaeonably estimated initially and from time to time by l.ender on the bnsie of asaessmenta ~?nd bilis and reasunable estimalrs there<,f. '[~e ~nds shall be held in an i~atitution the deposits o~ accounte of which are insured or guaranteed by a Federal or State agency (including I.ender if Lender is such an inetitution). l.ender ehaU apply the Fu~da to pay said taxea, aseeaemente, inaurance pmmiuma nnd ground rente. Lender may not charge [or eo holding and applying the Funds, analyzing aaid account, ur verifying and compiling said aeae~smente and bills, unleae [.ender pays Borrower inteteet on the Funds and applicable law permite I.ender !o make auch a charge. E3oROwer and Lender may agree in writing et the time ot execution of thie Mortga~e that intereat on the Funds shall be paid to Borrowrr, and unleee auch agreement ia made or applicable law requirea such intereet to be paid, I.ender ehall not be required tn pay l3orrower any interest or earnings on the Funds. l.ender ahall give to Borrower, without charge, an annual accuunting of the Funds showing creditx and drbits to the Funds and the purpoee tor which ~each debit to the Funda wxa made. The Funda are pledged as additional security for theauma secured by this Mortgage. lf the amount of the Funde heid by I.ender, together with the futnre monthly inatt~llmente uf M unds payable prior to the due datra of twces, aseeeaments, ineurance premiums and ground renta, ahall excxd the amount required ta pay said taxes, asseaementa, inaurance prnmiums and ground rents se they fall due, such excesa ahall be, at E3o~TOwer'a option, either pmmptly repaid to Borrower or credited to E~rrower on monthly inetallmenta of Funde. If the amount of the Funde? held by l.ender shal) not be sufficient to pay taxea, asseasments, insurance premiums and gcound rente as they tall due, Borrower ahall pay to [~nder any amount necessary to make up the deficiency within 30 daya from the date notice ia mailed by l.ender to Eiorrower requeutinR payment thereut. Upon payment in full otall auma eecured by this Mortgage, I.enderahall promptly refund to E3orrower any funda held by i,ender. I(under paragraph 18 hereof the Property is sold or the Property is otherwiae acquired by I.ender, I.ender ahr~ll s~pply, no later than immediatelv prior i+, ii~r nuir vi u~r rroNer'sy ur iie aoquiaiiion oy i.enaer, any r unda neid oy i.ender at the t~me o! appi~catton as a cred~t aga~nat the auma secured by thie Mortgage. ~ 3. Application of Paymenta. Unlesa applicable law pruvidea utherwiae, all paytnents recrived by l.ender under the Note and paragraphs 1 and 2 hereof ahall be applied by Lender first in payment of amounta payable to [.ender by Borr~~wer under ps~rugrnph 'l hereof, then to intereat payable on the NoLe, then to the principal of the Nute, und then to internat and principal on eny Future Advances. 4. Charges; Liena. Borrowershall pay all taxes,lasessments and other chArges, fines and impositions :~ttribut:ible to the !'mpert~~ which may attain a priority ocer this Mortgage, and leasehold payments or gn,und rentx, if any, in the manner providecl under paraKraph'l hereuf or, if not paid in auch manner, 6y Borrower making payment, when due, directly to the par ee thereof. Rc?rn,wer xh:~ll prompUy furniah to I.rnder all notices of amount8 due under thia paraqraph, and in the event I3orrower shall make p:iyment directly, liorruK•er shall prumptly furni~h u, f.ender receipts evidencing such payments. Borrower shxll promptly disch~rge any lien which has priority uver lhis MortKaKe; pn,~•ided, that Borrower ahall not be required todischarge any such lirn so long ax Borruwer shall agree in writinK to the p.iyment uf the ubligation secured by such lien in a manner acceptable to [.ender, or shall in good faith co~teat such lien by, or delend rnfor~rment of such lien in, ~ey~al pr~K•~~edinKti which operate to prevent the enforcement of the lien or forfeiture of the Property ur any part thereof. 5. Hazard Ineurance. Borrower ahall keep the impmvementa now exiating or hereafter erected on the Property inaured against loss by fire, hazatde included within the term "extended coverage," and such other hazards as I.ender may reyuirr :ind in tiuch amounts n~nd for such periods ae Lender may require; provided, lhat Lender shall not require auch eovrraqe amount exceeding the minimum, as may be reyuired by state or federal regulations governing aclivitiee of Lender, or that amount of coverage required to pay the sums t:ecurc~d by this Mortkage, whichever ia the greater. The inaurance carrier providing the insurance shall be chusen by Korrower subject G~ approv:~l by Iw•nde•r, pm~•idc~1, that such appruval shal) not be nnreaeonably withheld. All pmmiums on insurance pulicies shall be paid in the manner pnn•idr~1 undt•r paraKr.~ph h~~rc~?f or, if ; not paid in such manner, by I3orrower makina payment, when due, directly to the insurance carrier. ' A1l inaurance policiea and rnnewats thereof shail be in form acceptable to I.ender and ahall include a standard mortgaQe clauKe in fa~•or of ! and in form acceptable to Lender. I.ender shall have theright to hold the policies and renewals thereof, and E~rrower shall promptly furnish to i.ender all renewal noticea and all rereipta of paid premiums. tn the event otloss, t3orruwer ahall give prompt notice to the inxurance carrier I and Lender_ I~ender may make proof of IoRa if not made pmmptly by E3orrower. ~ Unleas L,ender and Borrower otherwise agree in writinq, inaurance proceeda shall be applied to reatoration or repair o! the Property ~ demaged, pmvided such restoration or repair ie economically feasible and the eecurity of this Mortgage is not thereby impaired. I[ auch restoralion or repair ie not economicaUy feaeible or it the security of this Mortgage would be impaired, the inxurance proceeda shall be applied ~ to the suma eecured by this Mortgage, with the exceas, if any, paid to Borrower. If the Property is abandoned by Borrower, or if F3orrower fails to resspond to Lender within 30 daya from the date notice is mailed by Lender to Borrower that the inaurar~ce carrier of~era to settle a claim for ~ ineurance benefite, Lender ie authorized to collect and apply the insurance proceeda at I.endei a option eilher to restoration or repair of the ~ Property or the aums eecured by thia Mortgage. ~ Unless Lender and Bortower otherwiBe agree in writing, any such application of proc.reds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and'l hereof or change the amount of auch installmente. If under paragraph 12i hereof the Property ia aoquired by I.ender, al) right, title and interest of Borrower in and to any ineurance policiea and in and to the proceeds thereof resulting from damage to Property prior to the sale or acqu~aition ahall pass to Lender to the e:tent of the sume serured by this ~ ltortgage immediately prior to auch sale or aaquiaition. Pr~er.~atsoar..zd!4S:~aicr.asss~utPra st...•^^°~•.~~~s . ~2 ~...~ooc..... ~~O:sdOIfliTiii~ue: r~a~~~~ca~ ~iiii Drvrlupmrnle. ~riowe~sfla111CeCp the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ehal! comply with the provisiona of any lease if thia 111ortgage is on a leaeehold. If this Mortgage ie on a unit in a condominium or a planned unit development, - ~ f3orrower ehall perform all of E3orrower a obligations under the declaration or covenants ~7eatingor governing the condominium or planned ~ unit development, the by-lawa and regulations of the condominium or planned unit development, and constituent documenta_ If a ~ condominium or planned unit development rider is executed by E3orrower and recorded together with this Morigage, the covenanta and ~ aRreements of such rider xhall be inrnrporated into and shall amend and aupplement the covenantx and aareementa of this MuriRaRe as if the rider were a part hereot. 7. Ptotection ot Lender'e Security. If Borrower fails to perform the oovenante and agreemente contained in thie Mortgage, or if any ~ action or proc~eeding is commenced which materially affecta Lender e intereet in the Property, including, but not limited to, eminent domain, = ineolvency, oode enforcement, or arrangements or proceedings involving a benkrupt or decedent, then Lender at I.ender's option,upon ~ notice to Borrower may make such appearances, disburse such eums and take euch action aa is neceeeary to protect Lender'e intereat, R including, but not limited to, disbureement of reasonable attorney'e fees and entry upon the Property to meke repairo. If Lender required P = mortgage ineurance as a condition of making the loan eecured by thie Mortgage, Borrower shall pay the premiums cequired to maintain r such insarance in effect until euch time as the requirement for euch ineurance terminatea in accordance with Borrower'e and I.ender's ~ written egreement or applicable I~w. Borrower ehall pay the amount of all mortgage insurance premiume in the manner provided under ~ paragraph 2 hereof. ~ My amounta disbureed by I.ender pereuant to thie paragraph 7, v~nth intereet thereon, ahall become additiona) indebtedness of ~ F3orrower secured by thia Mortqage. Unleae Borrower und [.ender agree to other terme of payment, euch amonnts ehall be payable upon ~ notice from Lender to E3orrower requeHting payment thereof, and ehall bear interest from the date of disbursement at the rate payabte from time to time on outatanding principal under the Note unless peyment of intereat at auch rate would be rnntrary to appiicable law, in which ~ event auch amounte ahall bear intereet at the higheat rate permiaeible under applicable law. Nothing conlained in thie paragraph T, ahall require I.ender to incur any expenee or take any action hereunder. ~ ~ ~ 9Jk!?311 ~~~:1167 ~ . ~ . ~