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Home My WebLink About2583 Sorrower and l.ende~ covenant and agree ae folluwe: 1. Payment of Principel a~d Interest. F3orrower ahali promptly pay when due the principal of ~nd inter~et un the indrbtednexe evidenced by the Note. prepayment and latechargee ae provided i~ the Nute, and the principal of and intereat un any Fulure Advancea securrd by this Morigage. 2. PY~nds tor Teu[ee ar~d Insurance. Subject to applicable law or tn a written waiver by l.ender,l3~,rrc,wer Hhnll puy to I.e~der un the dny monthly it~staliments of principal and intereet are payable under the Note, u~til the Note is paid in full, a eum Iherein "Funds") eyual to onr twelRh of the ye~rly taxee and asaeasmente which may attuin priority over this lllorigage, And ground rentx on the !'ruperty, iCany, plus unP twelRh of yearly pmmium inatalimenta for hasard insurance, plua onetwel(th of yearly premium installmenta ior ~nurtgage inaurnnce, if any, all aa reasonably eatimated initially and from time to time by l.ender on the basis of su3$essmenlts und biUs u~id rnasonaLle eatimutrn the~euf. The Flinds shall be held in an institution the depoaits or accounte oi which are ineuted or guarunteed by t? Fecierai or StAte nKency (including Lender i[ I.ender ie auch an institution). I.ender ahali apply the Funde to pay said taxea, t?sxesxmenta, inaurance prrmiuma cind gt+ound renta. [.ender may not chprge for eo holding and applying ihe Funde, analyzing said account, or verifying and com~?iling eu:d aaseesmente and bille, unleae L.ender pays Aorrower intereaton the F unds and applicable law permits l.ender te> m~ke Auch a charqe. Bonower and Lender may agree in writing at the time ot eaecution of this Mortgage thnt inter~at on the N unds ahall be paid tu Borruwer, and unlexa euch agteement ia made or applicable law requires auch inter to be paid, [.rnder ahall not be reyuired to pay F3orrow~er any interrat or earninge on the ~nds. I.ender ahall give to l3orrower, wilhuut charge, an annual accounting uf the Funda ahowing credits and debitx t~~ the Funds and the purpose for which each debit tc~ the ~ unda waa made. 7'he Funds arn pledged as xciditional security for the auma secured by thia Mort~age. If the amount of the Funda held by Lender, t~ether with the future monthly inetallmentx of Funds payable prior to the due datrs of taxes, aaseeamenta, insurance premiuma and ground m^!a, sha11 excred the amount required to pay said taxes, asarbamenta, in~urance premiuma and ground rente as they fap due, such excesa ahall be, at Borrower'a option, either pmmptly repaid to tiurrower or credited to f;orrower on monthly inetellmente of ~nde. If the amount of the Funds held 5y I.ender shall not be sufficient to pay taxes, us.geaxments, insurance premiuma and ground rente as they fall due, Rormwe~ ehall pay to l.ender any amount neceasary tu make up the deficiency within 30 daye from the date notice ia mailed by l.ender to Eiorrower rrquestink paymrnt thereol. Upon payment in full otall sums secured by this 11ortKage, I.ender ahall promptly refund to EiertuA~er any funds held by I.~:r?der. If undzr paragraph 18 hereof the Property ie sold or the f'roperly is otherwise ucyuired by I.ender, t.g~pr ghal~,e~pply, no later than immedi~tely prior to the eale otthe Property or ita acquisition by l.ender, any H unds held by Lender at the time uf ap~Ji~t~qp ~ a credit aqaihat the sums srcurcr9 by this Iltortgage. " " 3. Application of Paymente. Llnlesa applicable law provides othervvixe, all payments receivcd try I.ender under the I~ote :~nd paragrapha 1 and 2 hereof ahall be applied by l.ender first in payment of amnunta payable to I.ender by BorruW er under paraKraph 2 hereof, then to intereat payable on the Note, then to the principal of the Note, and then to intemst and principul on ~ny Future Adv.i~ces. 4. ChargeB; Liena. [3orrowerahall pay all taxes,.~.ssessments and uther ~ harKex, finc~ and im{x,siti~~n. attribut.~hle u~ th.• f'ro~•rty K•hich may attain a priority over this Mortgage, and leasehold payments or gn~und rents, if any, in the man ner provid~~cl under p:?rakraph'! hereof or, if not paid in such manner, by E3orrower making payment, when due, direc~tly to thc payc~• there~~f. Kurn~Wer shall prumptly furni~h to 1 xndc~r all notices of emounts due under thia paragraph, and in the event &~rrower shall m.ike pa~•ment direc•tly, Rurmwer shall prumptl~~ furni.h to l.ender receipts evidencing auch payments. E3orrower sha11 promptly discharge any lien whirh has priurih• urt•r this A1ort~;uKe; pru~•idc~i, that Eiorrower sha11 not be required to diacharge any such Iien so long as Borrowershall aRree in writin~; to the payment ~~f th~• ~~bli~;ation secured hp such lien in a manner acceptable to I.ender, or shall in gax) faith contest auch lien i,y, ordefend ~~nforc•rment ~~f~arf: li~•n ;n, leKal pnK-E~~1inK~ which operate to prevent the enforcement of the lien or fi~rfeiture of the Property ur any part thrr~~~f. 5. Hazard Insurance. Borrower ahall keep the improvemente now existing or hereafter erectcd on thc Pro~rt~• in~urcd against luss b~- fire, hazarda included within the term "extended coverAge," and auch other hazards ax l.ender mxy reyuire• :~nd in cui•h a?muunts and fursuch periode as Lender may require; provided, that I.ender ahall not reyuire such coverage amount exceeding the minimum, as may bc rtK~uired bp • wfafP nr fn~rloral .~,ilA~;~nR governing activities of Lender, or that amount of coveraRe required to pa~ thr surnti tiecurril by this 11nrtK.iKe. whichever ie the greater_ The insurance carrier pmviding the insurance shalt be choxen by BorraKer xubjec~t to approval b~• I.e•r:d~•r; E~r~~~~i~1E~c1, tlint ;ucii :~p~,n~~•ai ahall not be unreasonably withheld. All premiums on insurance pulicic~ shall i?e paid in the manncr prn~•~~i~,: unde•r ~,:u:ikr.iph h~~rt+rf nr, if not paid in such manner, by Borrov?er makinR pa~ ment, when due, dircrtly tu the insur.ince carrirr. I All inaurance policiea and renewals thereof shall be in form acceptable to I.enderand ahs~ll include a,tandard mortKa~;e cl.suse in f~~•ur ~~f - ~ and in form acoeptable to Lender. l.endershall have the right to hold the policiesand renewals thereof, and R~~rrower sh:il! prumptly furn~sh tu f i.ender all renewal notices and all receipts of paid prnmiums. in the event of losa, F3orroK~er shall Kive prompt nuticc• tn the insur.~nrr c:irrier i and Lender. L,ender may make proof ot loss if not made promptly by Borrower. Unlesa Lender and Borrower otherwise agree in writing, insurance proceeds ahall be applied to resl~ration ur repair of thr f'roperty ~ damaged, provided such reatoration or repair is economically feasible and the security of this Mortgage is n~t thereby impaired. If such ~ reatoration or repa"v is not economically feaeible or if the security of this Mortgage would be impaired, theinsurance proceeds shall be applied , to the auma eecured by thie Mortgage, with the exceas, if any, paid to Borrower. If the Property is abandoned by E~~rrow er, or if Rorrow•er fails tn f respond to I.ender within 30 daya from the date notice ia mailed by I.ender to Borrower that the insurance camer offers to settle a claim fur ~ inaurance benefita, Lender ie authorized to collect and apply the insurance proceeda at l.ender's uption either to restoration or repair of the € Property or the sums aecured by this hlortgage. @ Unlesa Lender and E3orrower otherwiae agree in writing, any sach application of proceeds to principril shall not extend or poatpune the due ~ date of the monthly installmenta referred to in paragrapha 1 and 2 hereotor change the amount of such installments. If under paragraph IR ~ hereof the Property ia acquired by lrender, all right, title and intereat of Borrower in and to any insurance policies and in nnd to the proceeds thereof reeultinq from damage to Property prior to the sale or aoqaisition ahall pase to Lender to the extent of the sume aecured bv this Mortgage immediately prior to auch eale or acquiaition. 6. Preaervation and Mainlenance oTProperty; Leaseholds; Condominuma; Planned Unit Uevelopmenta. E3orruwer shall keep the Pmperty in good repair and ehall not rnmmit waate or permit impairment or deterioration of the Property and ahall rnmply w~th the ~ provisiona of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, ~ f3unower ahall perform aq of &,rrower a obligations under the declaration or covenants creatin~;or Koverning the condominium or planned unit development, the by-lawa and regulationa of the condominium or plnnned unit develupment, and constituent documents. [f a ~ condominium or planned unit development rider is executed by Liorrower and rei:urded tvKether with this l~tortgage, the covenants and ~ aKreement_a of such rider shall lre incorEwrated into zind ahall amend and supplement the c~~venantx and aqrerments of this MortKaKe as if the rider were a part herrof. ~ 7. Protection ot Lendec'e 3ecurity. If Botrower faila to perform the oovenante and aqreemente contained in thie Mortgage, or if any ~ action or proceeding ie commenced which materially affecta Lender'a interest in the Property, including, but not limited to, eminent domain, ~ insolvenry, code enforcement, or arrangemente or proceedings involving a bankrupt or decedent, then Lender at Lender's option,upon z notice to Borrower may make euch appearanoes, dieburee auch eume and take euch action aa is necessary to pmtect I.ender'e interest, ~ including, but not limited to, diebureement of reasonable attorney'e feea and entry upon the Property to make repaire. If Lender required s ~ mortgage ineurance ae a condition of making the loan secured by thie Mortgage, Borrower ehall pay the premiuma required to maintain euch ineurance in effect until such time ae the requirement for auch ineurance terminates in accordance with Borrower'e and Lendere ~ written agreement or applicable I.ew. Borrower ehall pay the amount of all mortgaQe ineurance premiuma in the manner provided under f paragraph 2 hereof. ~ My amounta diebursed by Ixnder perauant to thie paragraph 7, with intereet thereon, ehell become additiona! indebtedneea of ~ E3orrower aecured b thie Mu ~ y rtgage. Unleee $orrower and I.ender aRree to other terms of payment, auch amuunte enall be payable upon ~ notice from I.ender to $orrower requesting payment therenf, and shall bear intereat fmm the date of diaburaement at the rate payable from ~ time to time on outatandinq principal under the Note unleag payment of intereat at such rate would be rnntrary to applicable law, in which ~ event auch amounte ahall bear intereat al the highext rate permieeible under applicabie law. Nothing contained in thie pareqraph 7, ehall require (.ender to incur any expense or take any ection hereunder. ~ ~ • ~ s _ g~'~r 311 ~AI,: ~5~ . 1 ~