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Home My WebLink About1360 Norrower and l.ender covenant and agree as followa: • 1. Psyment of Prlncipal and I~tereat. liorrower ehuil promptly pay when due the principal of und intereat on the indrbtednesa evidenced by the Note, prepayment and latecharges as pruvided in the Note, and the pcincipal of and intereet on uny F uture Adva~ces secured by this Mortgage. 2. Fltnde ~or Taxes and lneurance. Subject to npplicable !aw or ta t+ wnttcn waiver by l.ender, Korrower xhall pt~y to I.ender on the day monthly inatnUments of principal and interest are paynble unde~ the Note, until the Nute is paid in full, n sum (herein "h unda"1 equal to one twelfth of the yeurly taxes and asaesamenta which may attuin priority over thia Mortgage, and gmund rents on the Property, if any, plus one~ twelRh of yea~ly premium inatallmenta for huzard inaurance, plus onPtwelRh ofyearly premium inxt:~llments for murlKiiKr insurance, if any, all as rensonably estimated initially and from time to time by I.ender on lhe buais of nxaessments and bills and reasunable estimatea Iherrof. The ~nds ahel) be held in an institution the depoaite or accounta of which are ineured or guaranteed by a Federa! or State agency lincluding [.ender if [.eader ie such an insti?ution). [.ender ahall s~pply the Funds to pay eaid tuxes, ae?sesements, insurance pmmiuma and grvund renta. I.ender may not charge for eo holding and applying the Funds, analyzing eaid account, ur verifying and compiling said aseeesments and biUe, unleas I.ender paya Eiorrower intereat on lhe Funda and applicable law permils I.ender to make auch a rhnrge. i3orrower and I.ender may agree in writing al the time of ezecution of thia Mortgage that intereat on ihe Funds shall be paid to Borrower, and unless such agreement ia rnade or applicable law requiree such intereal to be pxid, lxnder ahall not be required to pay f3orrower any interest or eaminge on the ~nda. I.ender shall give to Borruw•er, without charge, an annual accounting o[the Funds ahowing credits and debits to the M unds and the purpose for which eacfi debit to the Funds w as made. 7'he Funda are pledRed as udditional aecurity [or the suma secured by thie Mortgage. ~ If the amount olthe Funda heid by l.ender, tqCether with the future monthly inatallmenta of Funds p~yable prior to the duedatea of taxea, assesemente, insurance premiums and ground rnnts, ahall euzed the amount required to pay said taxee, asseaxmenta, in~urance premiums and g~ound rente as they fall due, auch rxcesa shall be, at Bo~rower's option, either prumptly mpaid to E3~rrov?er or credited to I3orrower on monthly inetallmenta of F~nde. I[ the amount of the Funds held by I.ender ahall not be aufficient to pxy taxes, aaaeaements, inaurance premiuma and geound rents as they fall due, EZorrower shxll pay W I.ender any amount necessary to make up the deficiency within :iU daye from the date notice ia mailed by I.ender to t3orruwer requesting payment ihereot. Upon payment in full of all aums aecured by this Mortgage, l.ender ahaU promptly mfund to f3~rrower any funds helc~ by l.ender_ If under paragraph 18 hereof the Property ia sold or the I'roperty is otherwiae acquired by Lender, I.ender shall apply, no later than immediately prior to the eale of the Property or its acquisition by I.ender, any Funds held by I.ender at the time of apptic.~tion as a cmdit aRainst the sums securcKl by thia Mortgage. 3. Application ~f Paymenta. Unlesa applicable law pro~~des otherwiae, all paymentx received by I.ender under the Note nnd paragrapha 1 and 2 hereof shall beapplied by L.ender firxt in payment otamountx payable to I,ender by Borrow•er under paragraph 1 hereof, then !o interest payable on the Note, then to !he principal of the Note, and then to interest and principal on any F uturn Advances. d. Charges; Liens. E3orrower shall pay all taxes, asse~amentx and uther char~;es, ftneu .~nd impusitiuns attributable to the Yn~perty H•hich may attain a priority over this Mortgage, and leasehuld pxyments or ~round rents, if any, in the manner providEd undcr paraRraph'L hercof or, if not paid in auch manner, by Borrower makinK payment, when due, directly to the p.~yee thereof. Rormw•er shall promptly furniah to 1 A•nder all notices of amounts due under this paragraph, and in the event 13orrower shall make payment directiy, tiorn,wer shall prnmptly fumish to 1 xnder receipts evidencing such payments. Ebrruvrer shall promptly dischargr any lien which has priurity ovrr this A1ort~;aKe: pm~ idEd, that Fiorrower shall not be required to discharge any such lien so long as E3orrowershall agree in writing to the p~+yment of theobliKation secund by such lien in a manner accrptable to Ixnder, or shall in gond faith a?ntest such lien by, ordefend enfunrment uf such lien in, le~al pnK•reclinKs which operate to prevent the enforcement ot the lien or forfeiture of the Property or any part thercr~f. ~ 5. Haaerd Inaurance. Borrower shall keep the improvements now existing or hereafter erected on the I'roperty insured against luss b~~ fire, hazards inciuded within the term "extended coverage," and xuch other hazards as [.ender may reyuirr and in such amoun~s and for such periods ae Lender may require; pro~zded, that C.ender shaU not requirr such ooverage amount excreciing the minimum. t~s may be reyuired by state or federal regulationa goveming aclivities of Lender, or that amount of coveraqe requirecf to pay the sums secured by this AlortgxQe. whichever is the greater. The inaurance carrier providinK the insurance shall be chosen by Kurruwer subject to appro~•.?I b~ iw•ndf•r: pro~•i~1~d. that tiuch appro~•al khall not be unreasonably withheld_ All pmmiums on insurancr pulicies shall be paid irr the mannrr pm~~id~~l under para~;raph 'L hereof or, if ne~t paid in s~ch manner, by I3orrower makinK p~?yment, when due, directly rh~ incnr:ince carriPr. ~ All ineurance policies and renewala thereof ahall be in [orm acceptable to [.ender and shall include a standard mortKaKe clause in favor of i f and in form acceptable to [.ender. I.ender shall have the right to hold the policies and renewals thereof, and Borrow•er shall pmmptly furnish to ! i.ender al) renewal noticea and all receipta of paid premiums. In the event of loss, Born~wer shall Qive pre,mpt nutice tn the insurance carrier j and Lender_ I.ender may make proof of iosa if not made promptly by f3orrower. ~ Unlesa Lender and Eiorrower otherwiae agree in writing, insurance proceeds shall be applied to restorati~n or repair of the Yroperty ~ damaged, provided such restoration or rnpair is economically feasible and the security of this Mort{tage is not thereby impaired. if such ~ restoration or repair is not economically feasible or if the sec4rity of this Mortgage would be impaired, the inaurance proceeds ahall be applied to the sums secured by this Mortgage, with the e:cesa, if any, paid to Borrower. If the Properiy is abandoned by Borrower, or if Eiorrower faila to ! re~pond to Lender within 30 days from the date notice is mailed by I.ender to Bormwer that the inaurance camer of~'ers to settle a claim for ~ inaurance benefita, I.ender is authorized to collect and apply the inaurance proceeda at I.endei s option either to restoration or repair of the ~ Property or the suma eecured by this Mortgage. Unlesa Lender and E3orrower othetwiae agree in writing, any auch application of proceeds to principal ahall not extend or postpone thedue ~ date of the monthly installments referred to in paraqraphs 1 and 2 hereof or change the amount of auch installmenta_ If under paragraph 18 hereof the Property is aoquired by Lender, all right, title and interest of Borrower in and to any inaurance policies and in and to the proceeds thereaf rneulting from damage to Property prior to the sale or acquiaition shall pase to Ixnder to the extent of the aums secured by this 1lortgege immediately prior to euch sale or aoquiaition. - 6. Preeervation and ilaintenance otProperty; Leasehoida; Condominuma; Planned Unit Developments. t3orrower shall keep ~ the Property in good repair and shall not commit waete or permit impairment or deterioration of the Property and shall comply with the i provisions of any lease if thie Mortgage ia on a leasehold. If this Mortgage ie on a unit in a rnndominium or a planned unit development, ~ liorrovver ahall perform all ot 13orrowei s obligations under the declaration or covenanta creatin~nr gnverning the rnn~lnminium nr planned ~ unit development, the bylawa and regulationa of the condominium or planned unit development, and constitnent documents. If a conduminium or planned unit development rider ia execuced by I3~rrower and recorded together with thie Mortgage, the covenants and ~ agreementA of such rider shall be incorpc,rated intn and shall amend and supplement thecocenants and aKreementsof this Mort~age as if the rider wern a part hereoE. 7_ Protection of Lender'e 3ecurity. If Borrower faile to perform the wvenante and agreemente contained in thia Mortgage, or if any ~ action or proceeding ie commenced which materially affecta Lender'e intereet in the Property, including, but not limited to, eminent domain, ineolvency, oode enforcement, or arrangemente or proceedinga involving a bankrupt or deoedent, then Lender at Lender's option,upon ~ notice to Borrower may make euch appearances, dieburee auch sume and take such action ae ie necesaery to protect Lender's intereet, including, but not limited to, diebureement of reaeonable attorney e feee and entry upon the Property to make repaira. If I.ender required mortgage ineurance as a condition of making the loan aecured by thie Mortgage, Borrower ehall pay the pmmiums required to maintain ~ ~ euch insurance in effect until sach time aB the requirement for such inaurance terminates in accordance with Borrower'a and Lender'e r writLen agreement or applicable Iaw. Borrower shall pay the amount of a11 mortgage inaurance premiume in the manner provided under j ? paragraph 2 hereof. ~ ~ My amounte disbureed by Lender persuant to thia paragraph 7, with internat thereon, shall become additional indebtednesa of ` Horrower eecured by thie Mortgage. Unlese I3orrower and l.ender agree to other terma of payment, such amounts ehall be payable upon i ~ notice from [.ender to F3orrower requesling payment thereof, and ahall bear interest from the date of diaburaement at the rate payable from ~ time to time on outatanding principal under the Note unleax payment of intereet at auch rate would be rnntrary to applicabir law, in which ~ ~ event euch amounta ahall bear interest at the higheet rate permiseible under applicable law. Nothing contained in thie paragraph 7, ahall require l.ender b incur any expense or take any action hereunder. ~ ~ I ~ : . Y. 31i ~ ~ : i359 ~