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Home My WebLink About0010 Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and interest on any Ft,ture Advances secured by this Mortgage. 2. Funds forTaxesand Insurance. Subject to applicable law or to n written waiver by lender, iiurruwershall pa> tol.enderon theday monthly installments of principal and interest are payable under the Nule, until the Note is paid in full, a sum (herein "Funds") equal to one twelfth of the yearly taxes and assessments which may attain priority aver this Mortgage, and ground rents on the Property, if any, plus one- twelfth ofyearly premium installments for hazard insurance, plus one-twelfth of yearly premium installments fur r^ortgageinsurance, if any, all as reasonably estimated initially and from time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. The Funds shall be held in an institution the deposits or :accounts of which are insured ur guar:?nteed by a Federal or State agency !including Lender if !.ender is such an institution)- bender shall :apply the Funds to pay s:+id t:+xes, assessments, insurance premiums and ground rents. !.ender may not charge for so holding and applying cite 'rands, analyzing saia account, or verifying anti compiimg said assessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits lender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest un the Funds shalt be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be p:+id, Lender shall not be required to pay Borrower any interest or earnings on the Fonda. !.ender shall give to Borrower, without charge, an annual :accounting of the F ands showing credits and debits to the Funds and the purpose for which each debit to the Funds was m:+de. The F ands :are pleclgtd as:addition:?I security for the sums secured by this titortgage. • If the amount of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the duedates of taxes, assessments, insurance premiums and ground rents, shall excretl the amount reyuirad to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shat! t,e, at IttnTUwtr's option, either promptly repaid to Borrower ur credited to Burrower on monthly installments of Funds. If the amount of the Funds held by I.t•ndtr shall nut I,e sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Burrower shall pay to Lender am• amount ntt•essary to make up the deficiency within a0 days from the date notice is mailed by Lender U, Bom,wtr rt•t{nesting payment thereof. Upon payment in full of all sums secured by this Mortgage, bender shall promptly refund to Itr,rrower any funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, Lender shall apply, no later than immediately prior to the sale of the Property or its acquisition by !.ender, :?ny Funds held try Lender at the time t~f application as a credit against the sums secured by this Mortgage. 3. Application of Payments. Unless applicable law pruvidts otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by !.ender first in payment of amounts payable to [.ender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Nutt, and then to interest and principal un any Future Advances- d.Charges; Liens.l3orrower shall pay all taxes, assessments and oth?•rchar{;es, fines and im{x,sitiuns attributable to the!'roperty which may attain a priority over this illurtgage, and Itaschuld payments ur ground rent.- if any, in the manner pru+-idt•tl under paragraph'! hereof or, if nut paid in such manner, M• Burrower makin{; payment, when dut•, dinY•th• to the paytr• thtrt.,f. Borro++•t•r shall prompt[ furnish to Lender ;+ll notices of amounts dot under this p:+r.+};raph, and in the e:•ent Bump+er shall rnakt payment dirt•r•tly- liurn~++•er shall prumpth• furnish to Lander receipts evidencing such p:n•rnt•nts. Itr,rruwer shall promptly discharge any lien which t?as prionty u+rr this ~turt{;:?Ke; pru+•idtd, that liurruwer shall nut bert•yuirt•a) b,dischar{;t any such lien su IonR as Born,++t•r shall :?{;n•t• in writin{; to the paym?•nt..f theoblikatiur. secured M• such lien in a manner acceptthh• to Ltndtr. or sh:+Il in Ror,rl faith contest such lien hy, or defend enfon-enu•nt.,f such h?•n in- legal prncttdings which operrte to pre+•ent the tnfunvment of the lien r,r furfeiturt• r.f th?• 1'ropertc ur any part than+,f. Hazard Insurance. Borrower sh:dl kt•t•p the impn,ventents nn+c txistut{~ ur hen•aRer t•rt•t•ttd on the Pruperh• insured agarnst loss by fire, hazards included within the term "txh•ndt•tl cr,+-eraRe-" and such otht•r hazard.:+s Lender m:+v n•t{uire and in such arnuunts and forsuch p,•rirxls as Iw•nder may n•t{uirt•; pro+•idtvl, that Lender sh:?11 not n•yuin• that the amount of such rtiner-.?Re exct•trl that amount of coverage rev{uirt•tl to pay the sum. secunrl 6y this \lortka?;e•. •The insurance carrier pru+-idinR the insur-.acct .hall t..• chu~r•u by li,,.r-•~:++•r sul~irct u. approval he Lender. pro: idryl. that such appn,+-al .hall nut tx• unrtason:ahlt• w-ithheld.:Vl premiums on rnsurance p•~Gcie. ~h.dl ta• p:ud u, the nanner prn+id,•d under p:?r.?kraph'_' htn•r,for, if nut paid in such manner, by li„m,+cc•r makin{: p:+cnu•nt when due. din•ctl+ t.. the +nsur:?nrr c:?rner. All insurance {xdicits and renewals then•uf shall be ht furrn accept:?hle to I.e•ndtr:uul shall include a standard mnrtKageclaust• in fa+•orof and in form acceptahlt to Ltndtr. l e•ndtr shall ha+~r• the rikht to hold th?• p. dscies and rt•ne++:?ls then~~f.:+nd Burrower shall promptly furnish to r.t•nder all renewal outlets and :dl n•ceipts of paid pmmiums. In the e•ytr,t .,f Ina. Borrower shall t;n-e prompt notice G, the incur.?r•.ce carrier .+nd Lender. Lender may make pnN,f of loss if nut malt prumpth• by Bom,w-er Unless Lender and 13„m,w•er uthtrwisr• akmr rn +cntink, insur:uu•e prrrt•eeds shall tx• applied to n•sturatinn or Yep:+ir of the Properh• damaged, pnn~dtd such restoration r.r repair is econunrically feasihh• and the s?rurity of this ~lortka{;t is not thtrehy impaired. If such restoration or repair is not ?•conomicallt• feasihle ur if the security of chi. ~1nrtK:?Re would ht• impaired, the insurance pnx•ecdsshall t,eapplied to the sums secured by this !11ort{;aKe, with the txr-r•ss. if :uty. {,aid to Bom,wer If the Pn,{x•rty rs ahandnntri by Itr,m,w•er, or if lie,rrow•er fails to re,pund to Lender within all days (rum the daft nnUr•?• is mailed by I .t•nde•r to Born,wer that the insur:mct carrier offers to settle a claim fur ~ insurance hentfits, (,tender is authorin•rl to rullr-r t and apple the• insurnce pn,t-eeds at I,r•nder's opt7un tither (r, restoration or repair of the ~ Property or the sums str•urt•tl by this \1nrt{;ake Unless Lender and Bnm•wer otherwise a{;ret• in w nUnr;.:?n}• such applicauon of pnN•tt•r1s to pnncipal .hall not extend ur pstpone thedue date of the monthly installments rt•fern•d to in para{;rrphs 1 :utd hereof nr chant;t• the amount of such installrntnts. If under paragraph IR hereof the Property is acyuin•d by (w•nder, all right, title and interest of Burrv,+cer in and to any occur:?nct {xdicies and in and to the proceeds thereof resulting from damage to Pen{x•rtc prior to the salt .,r acqursition shall pas to I,t•ndt•r to the extent of the sums secured by this Mortgage immediately prior to such sale nr acquisition. z 6- Preservation and tiiaintc•nancc of Proptrty; Leaseholds; ('unduminums; Planned !'nit I)eyehrpments. (;<,rrow•er shall keep the Properly in gr,r,d repair and shall not commit waste ..r permit in?pairnx•nt nr dttennration of tht• Proptrty and sh:?ll comph• with the R prn+•isiuns of am• lease if this 11urt{:a{;t is un leasehold. If this \U,rt{;ay;e is on unit cn a cundonunium ur a planned unit de+•elopment, liorruwer shall pt•rtonn :?II of Borrower's nhli{;atinns under tht• der-lar,+tinn orcocenants creat:~jLur Km•ernn{; therundominium or planned unit development, the t>y-laws and re{;ulations of the cnnduminium or plannt•r1 unit deyt•lopme•nt. and constituent drx'uments. If a I r nnduminium or planned unit decelopmtnt rider rs e7iecuttvl by f~rrruwrr and rtr•nrdt•rl tnketht•r with this ~lurtgage. the nn•enants and t; n•<•ments of such rider shall }N• incurpurated into sort shall :upend and aupplenrent thecoyenants and a{;rte:nentsufthis ~lurtkageas ifthe i rider were part htrtnf. _ 7. Protection of Lender's Security. If Burrower fails G, perform the ctwenantq and agreement.4 contained in this :Mortgage, or if any action or proceeding is commenced which materially affect_a lender's interest in the I'rupert_r•, including, but not limited to, eminent domain, ~ insolvency, rnde enforcement, or arrangements or prrx•eedings im•olving a bankrupt or decedent, then i.ender at Lender's option,upon notice to Borrower may make such appearances, disburse such sums and take such action as is necessary to protect [.ender's interest, rncluding, but not limited tu, disbursement of reasonably attorney's fats and entry upon the Property to make repaire. If (.ender required mortgage insurance as a ronditiun of making the loan second by this Mortgage, iir,rn,wer shall pay the premiums required to maintain such insurance in effect until such time as the rtyuirement fur such insurance terminates in accordance with Borrower's and Lender'e written agreement or applicable 1,:?w. Burrow-er shall pay the amount of all mortgage insurance premiums in the manner provrded under paragraph `l hereof. Any amounts disbursed by bender persuant to this paragraph with inttrtst thereon, shat! becumt additional indebtedness of ti Borrower secured by this Mortgage. Unless Borrower and !,tender agryt to uthtr terms of payment. such amounts shall be payable upon notice from [ender to Borrower reyuestinK payment thereof, and shall bear interest from the date of disbursement at the rate payable from time to time on outstanding principal under the tints unless payment of interest at such rate would be rnntran• to applicable law, in which event such amounts shall bear interest at the hiKhest rate pt•rmissihh• under applicable law-. tiuthing contained in this paragraph 7, shall I require Lender to incur any expense or take any actu,n hereunder. a i ~Y 319 ~~~E 10