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Home My WebLink About1711 Borrower and Fader coreaaat std agree as folbwr_ 1. pa>•eat ai Principal ana intet^eait. Borrower shall promptly pay when due the principal of and interest on the indebtedness evideaoed by the Note, peepYmeat and late charges as provided in the Note, and the principal of and interest on any Future Advances secured by this Y~ortgage_ 2 F1ods fat Taws atad Itssarane~e. Subject to applicable law a to a written waiver by Lender, Borrower shall pay to Lender on the day morthlY irrstalbaeats d principal and interest are pay able under the Note, until the Note is paid in full, a sum (herein "Fonda") equal to one twelflb dthe Yeart~ taxes and assessments wbidt may attain priority over this Mortgage, and ground rents on the Property, if any, plus one twclltb dYearly premium installments fat hazard insurance, plusone•twclfth ofyearly premium installments for mortgage insurance, if any, all as reasoaadY estimated initially sad from time to titre by Lender on the basis of assessments and bills and reasonable estimates thereof. The Ptiads shall br Geld in an insdtutioo the deposits or accounts o[ which arc insured or guaranteed by a Federal or State agency ~inclsdutg Lender d Yoder is such an institution. lender shall apply the Funds to pay said tares, assessments, insurance premiums and ground trots leader may ant charge far so bolding sad app!}ing the Fonda, analyzing said account, or verifying and compiling said astsaeents sad bilbt, arkas (ender pars Boetower interest on the Funds and applicable law permits (.ender to make such a charge. Borrower and !cede: aaY ai*'K m writing at the time d execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless snob agreement is made or appbcable law requires snch interest to be paid, Lender shall not be required to pay Borrower any interest or eaniittgs an the Fods (.ender shall give to Borrower, without charge, an annual accounting of the Fonda showing credits and debits to the Fends and the purpose for which each debit to the Funds was made. The F unds arc pledged as additional security [or the sums secured by this lortgage_ If the amosat of the Funds held by Lender, together with the future monthly installments of Funds payable prior to the due dates of taxes, aasearimerts, irstraace pnmiams and ground rents, shall a:cred the amount required to pay said to:ea, asseasmenta, insurance premiums sad grind teats ss they fall due, stab excess shall be, at Borrower a option, either promptly repaid to Borrower or credited to Borrower on tnonthiY installments d Farads U the amount of the Funds held by (.ends shall not be sufficient to pay taxes, assessments, insurance • premisms std ground rents as thty fall doe. Borrower shall pay W Lender any amount necessary to make up the deficiency within 30 days from the date mtioe is msikd by Lender to Borrows requesting payment thereof. Upon psYmert is fall dell snilrs secured by this 1ortgage, Lender shall promptly refund to Borrower any funds held by Lender. if under paragraph 18 hereof the Property k sod a the Property is otherwise acquired by Lender, Fender shall apply, no later than immediately prior to the sale d the Property a its acquisition by Lender, any Fends held by !.ender at the time of application as a credit against the sums secured by this ]llartaag~ 3 Applieatioa of Payt~eats. !,'nksa applicable law pro~~des otherwise, all payments received by Lender under the Note and pantgrapbs 1 sad 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower under paragraph 2 herersf, then to interest payable ao the tints, then to the principal of the \ote, and then to interest and principal on any Future Advances. 4. Charges: liens. Borrower shall pay all taxes. assessments and other a•harges, finex and impositions attributable to the Property which rsay attain a ptriority m a this ~lurtgage.and leasehold payments or ground rents, i f any, in the manner provided under paragraph 2 hereof or, :f not paid in aacb manna, by Borrower malting payment. when due. directly to the payee thereof. Borrower shall promptly furnish to Lender all noticeaof amounts doe rods this paragraph. and sn the event Borrower shall make payment directly. Borrower shall promptly furnish to I.risder re+ee~ipts evidencing arch paayments Borrower shall promptly di_u har~e any lien which has priority over this Mortgage; provided, that Borrows shall na be required todischarge any such lien s+, long as Burn~wer shall agree in writing to the payment of the obligation secured by such lien in a moaner acceptable to lender. or shall m Kuod faith n.ntest sorb lien hy• or defend enforcement of wch lien in, legal proceedings bath operate to pxe+ent the enforcement of the hen ur forfeiture of the Property or any part then~uf. a_ Hazard l~sraate. Borrows shall keep the improvements now existing ur hereafter erected on the Property insured against loss by fire-. hazards indtaded within the taro "extended avverage." and such other hazards as lender may require and in such amounts and for such ~riods as Lender may regairc: prr,~ided_ that lender shall not require that the amount of such coverage exceed that amount of coverage rcyuired to pay the sums :ecvred by this ~lurtgage- The inscrana~ carrier pr.-,vsdsng the «ssurana~e sh.ati i~ ch•~n he li•.m•wer suh)ect [tr approval h}• Ixnder, provided, that such approval shall not be unrc~rxsably .a~thhrid All premsurr>:..n sn:uran~Y p••ls~-se..hal! he p:ud sn the manner pn~videal under paragraph 2 herec?f ur, if nc•i paid is such manner. by &.rrr.ws making p.?yment. when due. ~lirar-th- to the m.urance tamer- , !W insurance policies and renewals thmof shall be in forms acceptable us !.ender and shall include a standard mortgage clause in favor of and in form aeY+eprable to Irnds !.ender shall have the right to hold the policies and renewals thereof, and &~rrow•er shall promptly furnish to s.enda all rrrewal notices sad all receipts of pasd premwms- In the event of loss. Born~wer shall give prompt notice to the insuranre carver and Lender, Leader may make proof of loss if not made promptly by Ilorruwer. ~ 1'nkas Ltads and Borrows otherwise agree in venting. insurance proceeds shall be applied to restoration or repair of the Property amaged, proidEV match reswratiun or repair i_c econaxnirally feasible and the security of this :1ortgage is not thereby impaired, If such S restoration or repair is rant eeonomirally feasible ur if the securit> of this Mortgage would be impaired, the insurance proceeds shall be applied u. the sums secured by this Mortgage. vaith the excr_c-. if any. paid to Burrower. If the Property is abandoned by Burrower, or if Borrower fails to rr;pord to Linder within days fn,rn the date entree i mailed by lender W Borrower that the insurance carrier offers to settle a claim for insurance benefits lender u authonud to collect and apply the insurance pnaeeds at Lender's option either to restoration or repair of the Property or for sums secured by thu Nurtgage. l'nieas bender and Borross oths~.ise agree m w~nung_ any such apphcation of proceeds to principal shall not extend or postpone thedue 1 date of the monthly irsstallmenL rcfsred w m paragraphs I and'"sereof or change the amount of such installments. If under paragraph 18 ~ hereof the Property is acquired by [ender. a!1 right. title and interest of Burrower in and to any insurance policies and in and to the proceeds t_hercof rrsalnng from damage to Property prior to the sale ur acqutcitiun shall pass to lender to the extent of the sums secured by this MJrtgase immediately poor to arch oak or acquisition. 6_ Preser~atioa and ]Iainteatutce otProperty: Leaseholds: ('ondominums: Planned Unit Developments. Borrower shall keep Lee Property rn good repair and shall not commit w~te ~r permit smpairment or deterioration of the Property and shall comply with the Frc~.->~s d any least if this ~krtgage is on a leaselsold- If this ~turtgage is on a unit in a condominium or a planned unit development, Borrows shall perform all of Borrower's ubIigatiuns under the declaration or covenants a-reatingor governing the condominium or planned snit development the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a c~~ndominitrm or planned unit drve{opmen: nder is executed by Boruwer and recorded together with this Mortgage, the covenants and _ut:rEmentcofsuchridrrshalii~einc••rpcaatedinto.indshali.amendandsupplementthecovenantsandagreementso(thisbtortgageasifthe nder weer a part herraf _ Protection of Leader's Security. If Borrows faib to perform the eovenanta and agreements contained in this Mortgage, or if any action or proeeeditsg u commenced which materially affects Lenders interest in the Property, including, but not limited to, eminent domain, insolv~encv, code enforc~ent_ or arrangements or procee~dinga invoking a bankrupt or decedent, then Lender at Lender's option,upon Holier to Borras~er mac make such appearances, disburse such sutra and take such action as is necessary to protect Lendei a intaebt, :ndtdiag_ b~ not limited to_ disbursement d reasonable attorney a fees and entry upon the Property to make repairs. If Lender required ~cTtgage insurance as a condition of making the loan secured by this Mortgage, Borrows shall pay the premiums requited to maintain ~ arch insuranct in effect until such time as the requirement for such insurance tcrminatea in accordance with Borrower's and Lender's .critter agreement a applicable Law_ Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under ;.aragraph 2 beir_+t. t Any amounts disbursed by Lender persuant to this paragraph 7, with interest thereon, shall become additional indebtedness of lio:roset secsrcd be this aotagage_ Unless Borrows and Lender agree to other tenna of paytrsent such amounts shall be payable upon ~ rangier mom Leader w Borrows rcgnesting Pa}-went thereof, and shall bear interest from the date of disbursement at the rate payable from tame W time on,outstaadirrR principal ender the Note unless payment of interest at such rate would be contrary to applicable law, in which ~ e~-ert such amounts shaA bear interest at the highest rate permissible under applicable law. Nothing contained in this paragraph 7, shall re+gairr Leader to incur any t:perrse or take any action hereunds. - _ ~ 319 ~.~E170~