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Home My WebLink About2345 : 3 ! _ f Borrower sad Lender oovarant and agrw v follows: i. Pa~rrt o[ Prissiaat sect Inteu+aae. 8oerowK shall promptb pq wow dos tM prindpal of end interest oa the iadsbtsdnw evidenced by Ws Note, prspelymsat and late charges y provided in tM Note, and the principal of and interest on any F1~tun Advaaoss sscusal by thin >1loetgagR - Z. Iihmda for Taseaand Ina+tranae. ~rb~eet tD applicable law or b a written waivK by Lender. Borrower shag pay to bender oa the day moatlrly insW berate of prindpai and inters an payable under the Nots, nAtil tM Note is paid in full. a sum (hen "Fonds") equal to ooe~ ' twdRh otthsyearbr faces and assessments which may attain priority ovK this Mortgage, and ground rents oa the if P~tY. any. plw oo~ twal!!lt of yearly premium inatedlaaenq for hasard insurarroe, plw oaa•twelith otyearbr premium installments toe mortgage iaswanoe, if any. all as rw.~.zab~r estimated initiator and lk~am time to time by Leader oa tl?s basis of ancets sad bilk and reasonable estimates thereof 1ba Ptinds ab~11 bs held in an iasditntion the depowh or aooonats of which are insured or guaranteed by a Federal or State agency Cmduding Lsrtder N Innder is such an institution). Leader shall apply the Fonds to pay said tares, aasesaenents, insurance premiums and 1 geonnd rents. Leader may not charge for ao holding and applying the Funds. analyzing said aooouat, or verifying and compiling said assessments and bills. natass Leader pays Baer~ower iatetest oa the Ponds and applicable law permits Lender to make such a charge. Borrowse sad Leader may agree is writins at the time of exeacti~ of this Mortgage that iatarest on the Phads shall be paid to Borrower. and nrnless such agreement it made or applicable law requires such iatKest to be paid, Lender shall not be regnieed to pay BorrowK any interest err earning oa the Fonds. Leodsr shall give to Borrowce, without charge, an annum aoootmting of the Fonds shwring credits and debits to the Fonds a~ the purpose for which each debit to the P1mds was mach. ZLe Fonds are pledged as additionsl eecnsity for the snaps secured by Chia ~ I~f the emnnnt ottl?e P1mds held by Leader. together wiW the future monthly instellmenb of Funds e»esar?eats, inanranos premiums and ground rents. shall ezoaed the amount Hired to Fableprior tothe dnedates oflases. - and ground rmets as they fall due, such ezoan shall be, at Borrower's o re9 t~ said to:es, assessments, insurances premiymrs f monthly insWlmeats of Funds. If the amount of the Fonder held Index shall not be~sn~ciwt bBorrower or credited to Borrower oa by pay teas. amts, insarance premimns and ground rents as they tall due, Borrower shall pay to Lender any amount neoeaaary to make ap the deficiency within 30 days from the date notice is maned by LendK to Borrower rrequestiag payment War+eof. Upon payyment in till daD sums secured by this Mortgage. Lender shall promptly refund to Borrower paragraph 18 hereof the any funds held by bender. If nndK Property is sold or the Property is otherwise sognired by Lender, Lender shall apply. no later than immediately prior to the gals of the Property or its acquisition by Lender, any F1mds held by Lender at the time ofapptication as a credit against ibe sums secured by this Mortgage. { 3. Application of Payments. Unless applicable law provides otherwise, all payments received by LendK Hader the Note and paragraphs 1 and 2 hereof shall be applied by Leader foal in payment of ampoule payable to Lender by Burrower under paragraph 2 hereof they to interest payable on the Note. then to the principal of the Note, and then to interest and prindpal on any Fhtare Advances. Charges; Liens. Borrower shall pay all taxes, assessments and othercharges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. directly to the payee thereof. Borrower shall promptly furnish b Lander all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender reeceipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; Provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith rnntest such lien by, or defend enforcement of such lien in, legal praroeedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Haswrd Insurance. Borrower shall kcep the improvements now existing or hereaRerereded on the Property insured againstlaas by? fire, hazards included within the term "extended coverage," and such other hazards as Lender may require and in such amounts and forsnch periods as Leader may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums secured by this Mortgage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such meaner, by Borrower making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to lender all renewal notices and all receipts of paid pseminms. In the event of toss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of lose if not made promptly by Borrower. _ Unless Leader .and $orrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If sack restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrows. If the Property is abandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for insurances benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair ~ the Property or We soma secured by this Mortgage. Unless Lender sad Borrower otherwise agree in writing, any such application of proeceda to principal shall not extend or postpone thedne date of the monthly installments referred to in paragraph¢ 1 and 2 hereof or change the amount of such installments. Vender paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof resniting from damage to Property prior to the sale or acquisition shall pass to Lender to the extent of the sums secured by this Iyiortgage immediately prior to such oak or sognisition. 6. Preservation and Msinlenanoe of Property; Leaseholds; Condominums; Planned Unit Developments. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If thin Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower's obligations under the declaration or covenants creatingor governing the condominium or planned unit devebpment, the by-laws and regulations of the condominium or planned unit development, and eonatitnent documents. if a condomininm.or planned unit development rider ie executed by $orrower and recorded together with this Mortgage, the covenants and agrr.+ementa of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as itths rider were a part hereof. 7. Protection of Lender's Seaarrity. If Borrower fails to perform the covenants and agrcements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property. including. but not limited to, eminent domain, iasolveacy, code enforcement, or arrangements or proceedings involving a bankrupt err decedent, then Lender at Leader's option,npon notice to Borrower may make such appearances. disburse such ensue and take such action as is neoeesary to protect I,nnder's interest, including, but not limited to, dubnrsemeat of reasoaabk attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage; Borrower shag pay the premiums required to maintain such inanranoe in effect until sock time as the requirement for such insurance termunates in aooordanoe with Borrower's and Leader's written agreeanent ~ applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided Hader paragraph 2 hereof. Any amounts disbursed by Lender persuant to this paragraph with interest thereon, shall become additional indebtedness of Borrower secured by thin Mortgage. Unlea Borrower and Lender agree to other terms of payment. such amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of disburseonent at We rate payable from time b time on outstanding principal ender the Note unless payment of interest at such rate would be contrary to applicable law, in which event sneh amounts shall bear interest at the highest rate permiasibk nreder applicable law. Nothing contained in this paragraph 7, shall require Leader to incur any expense or take any action hereunder. ~~,°~3i~ ~~2'345 ; ~ z~ ~