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Home My WebLink About1352 E3urrower and Lender covenant and agree as folluws: 1. Payment ot Prlncipal and lnterest. Borrower ahall prompdy pay when due the principal oi and interrat on the indebted~eefs evidenced by the Note, prnpayment and latechargee ae provided in the Nute, and the principal of and interret on any Future Advance8 aecured by thia Mortgage. 2. Ftinde for Taxee and insurance. tiubject to applicable law or to a writte?? waiver by l.ender, F;orrower shull pa?y to Ixnder on the day monthly installmenta of principa! and inte~eat are payable under the Note, untillhe Note ia paid in lull, n aum (herrin "Funds") equal to une twelfth of the yearly taxea and assexsmenta which may uttain priority uver this MortKt~e, und gn,und rrnts on thr E`roperty, if ~ny, plus ooP twelfth of yenrly premium inatallments for hazard inaurance, plus onetwelflh ofyearly premium inatallments for mortgaKe ineurance, if uny, all as reaeonably estimated initially and from time to tirr~e by I.ender on the basis of aasesxmenta nnd bills and reasunAble estimates thrrmt. The FLnds shall be held in an inetitution the depoaita or accounte of which are inaured or guaranteed by a Federal or State agency (including [.ender if Lender ie auch nn instilution). I.e~der ahall apply the Funds to pny said taxea, ar.sesxmente, insurance prnmiums and ~round rente. l.ender may not cha~ge for ao hulding and applying the Funda, nnalyzing said account, or verifying and compiling said assessmente and billa, unlesa l.ender pays Borrower intereat on the Funds and applicable Iaw permitx l.rnder tc~ makeauch a charge. Borrower and l.ender may agree in writing at the time of execution nf thia Mortgage that intereat on the Funds ahall be paid to liorrower, and unleas euch agreement ia made or applicable law requiree such intereat to be paid, Lender shall not be required to pay E3orruwer any interest or eaminga on the Funde. l.ender shall give to Borrower, without charge, an annual accounting of the N unds ahowing credits and debite to the Funda and the purpose for which each debit to the Funds was made.'ll~e ~ unds are pledged as additional security [or the sume secured by thie Mortgage. if the amount of the Ftinda held by l.ender, together with the future monthly inetallments of Funds payable prior to lhe duedatea of tuxea, aaeesaments, insurance premiuma and ground rents, shall excaed the amount required to pay eaid txxes, nsaesamenta, insurance premiums and ground renta aa they fall due, such excess ahall be, at Bo~TOwer a option, either promptly repaid to E3orrower or creditEd to Borrower on monthly inetallme~ta of F~nda. If the amaunt of the Funda held by l.ender ahall not be aufficient to pay taxea, asaessmenta, inaurance premiuma and ground tents ae they faU due, E3orrower ahall pay to I.ender anv amount necessary to m~kr up the deficiency within 30 daya from the date notice ia mailed by I.ender to Iiormwer recZ~~esting puyment thercof. Upon payment in full of aU sume secured by this Mortgage, I.ender ahall promptly refund to Eii?rrower anr tunds held by l.ender. If under paragraph 18 here~tthe Property ia sold or the I'roperty is otherwier acquired by I.ender, l.ender shail apply, no later than immediately prior to the eale of the Property orits acquisition by I.ender, any Funds held by I,ender at the time of:~pplication as a credit aKaiost the sums spcured by thie Mortgage. 3. Application ot Peymente. Unlesa applicable law pro~~dea otherw-isse, all payments re~~eived by I.ender under the 1\ote and paragrapha 1 and 2 hereof ahAll be applied by l.ender firet in payment of amounta payable to l.ender by E3ormwer under paragraph 'l hereof, then to intereat payable on tne Note, then to the principal of the Note, and then to interest and principal un any H utum Advances. 4. Charges; Liena. Borrowershull pay all taxes, assetismenls and uthercharKex, fines ~nd im~~sitions attributablet~?the 1'mpert}• w•hirh may attain a priority over this Mortgage, and leasrhold payments or gmund rents, if any, in the manner pro~•idcYi under paraKr.iph 3 hercr~f or, if nc?t paid in such manner, by E3orrower making payment, when due, directly to the paycr thereoC Rorn,wt~r shall promptly furnish to 1 A nder ali noticea otamounta due under this paragraph, and in the event Burrower shall make pay~nent dirprdy, Kormwer shall prumptly furnish tu I.ender receipts evidencing such paymenta. E3orrower shali promptly discharKr any lien which has priority u~•er thi~ MortKa~Ke; provided, tha~t Borrower shall not be required to discharge any such lien so lonq as 13orrower shall a?Kree in writinK tu the paym~•nt uf the ubliKation securrd b~• such lien in a manner acceptable to I.ender, ur shall in Ro«1 faith rnntest such lien by, ordefend enfurcY~ment of such lien in, leKal pr~x•r~dinkr which operate to prevent the enforcement of the lien or forfeiture of the i'ro~erty or anv part therc~~f. 5. Hazard Insurance. Borrower shall keep the improvements now eaiating or hereafter ererted on thc {'roperty insured against luss by fire, hazarda included within the term "extended coveraKe," and such other hazards aez I.ender may require and in w~•h amounts and forsuch periods as Lender may require; provided, that l.ender~ahall not require such coveraqe amount exceeding the mi~imum, as may t?e myuired by state or federal regulationa governing activitiea of I,ender, or that amount of coverage reyuired to pay the sums .~~c•ured by this Mortkuge, whichever is the greater. The insurance carrier providing the insurance ahall be chusen by l3orrower subject t~~ approval bv 1 xndi•r, pru~•ided, that tiuch :~ppru~:~l shall not be unreasonably withheld. All premiums un insurance policies shail be paid in the manner pnn~id~~1 under ~?ara~;r.:ph 'L hf~n~~f or, if not paid in such manner, by Borrower making payment, when due, dirPCtly Ur the in~urance carrier. All insurance policies and renewala thereof shall be in [orm acceptable to I.ender and shall include a standarci mortgaKe rlause in favnr of and in form acceptable to L.ender. Lender ehaU have the right to hold the policies and renewals theroof, and Borrower shall promptly fumish tu i.ender all renewal noticea and all receipts of paid premiuma. In the event of losa, ~3orruwer shall give pmmpt notice d, the insurance carrier and Lender. Lender may make proot of losa if not made promptly by Borrower_ ~ Unleae Lender and Borrower otherwise agree in writing, inaurance prceeeds shall be applird to restoration or repair of the f'roperty ~ damaged, provided such restoration or repair ia economically feaaible and the eerurity of this Mortgage ie not thereby impairec!_ If such ~ reatoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied • to the aums aecured by this Mortgage, with the excess, if any, paid to Borrower_ If the Property is abandoned by Borrower, or if Bormwer fails G, ~ respond to I.ender within 30 daya from the date notice is mailed by Lender tn E3orrower that the inaurance carrier offers to settle a claim for , ineurance benefite, Lender is authorized to collect and apply the inaurance pra~eeda at [.ender's option either to restoration or repair uf the ; Yroperty or the sums secured by this 1Rortgage. ~ Unless Ixnder and Borrower otherwiae agree in writing, any euch application of proceeda to principal ahall not extend or postpone the due " date of the monthly inatallmenta refeTred to in paragraphs l and'L hereof or change the amount otauch installments. If uhder paragraph 18 ~ hereof the Property ie aoquired by Lender, al) right, title and interest of Borrower in and to any insurance policies and in and to the proceeds ~ thereof reaulting from damage to Property prior to the sale or acquiaition ehall pass to Lender to the extent of the sume secured by this ~ Mortgage immediately prior to auch eale or acquiaition. ~ 6. Preservetion and MaintenanceotProperty; Leaeeholds; Condominums; Planned Unit Developmente. I3orrowerahall keep ~ the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and shall compty with the ~ proviaione of any lease if this Murtgage ia on a leasehold. If this Morlgage ia on a unil in a condominium or a planned unit development, F3orrower ehal) perform all of Rorrower e obligatiuns under the declaration or covenants creatinKor goveming the con~ominium or planned ; unit development, the by-laws and regulations of the condominium or plnnned unit development, and constituent documenta. If a ~ condominium or planned unit development rider is executed by f3~rrower and recorded Logether with this Mortgage, the rnvenante and ? agreementi+ of auch rider shall be incorporated into and shall amend anJ supplement the co~~enant~g and agreements of this MortgaKe as if the ~ rider were a part hereof. ; 7. Protection of Lender's 3ecurity. If Borrower faile to perform the oovenanta and agreements contained in thie Mortgage, or if any ~ action or proceeding ie commenced which materieUy affecte Lender'a interest in the Property, including, but not limited to, eminent domain, ~ insolvency, oode enforcement, or arrangements or proceedinga involving a bankrupt or decedent, then Lender at Lendei e option,upon ~ notice to Borrr,wer may make euch appearances, disburee auch euma and talce euch action ae is neceasary to protect l.ender's intereat, ; including, but not limited to, disbureement of reaaonable attorney'e feee and entry upon the Property to make repaire. 1f Lender required ~ mortgage inaurance ae a condition of making the loan secured by thie Mortgage, Borrower ahal) pay the premiume required to maintain r auch insurance in effect until auch time ae the requirement for euch inaurance terminatee in accordance with Borrower'e and I.ender e i written agteement or applicable Law_ Borrower ehall pay the amount of alf mortgage insurance premiuma in the manner provided under paragraph 2 hereof. r Any amounte diebureed by Lender pereuant to thia paragraph 7, with intereet thereon, ehall become additional indebtednese of ~ Rorrower secured by lhia Mortgage. Unleae Borrower and l.ender agree to other terms of payment, euch amounte ahall be payable upon ~ notice from Lender to Borrower requeeting payment thereof. and ahell bear interest from the date o[ diabureement at the rate payable fmm time to time on outstanding principal under the Note unleae payment of intereet at auch rate would be contrary to applicable law, in which ~ event auch amounta shall bear intereat at the higheat rate permiaeible under npplicable law. Nothing contained in thia paragraph 7, ehall ~ require Lender to incur any expenee or take any action hereunder. i ~ ~ s ~if =~-.:1351 ~ ~ ~