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Home My WebLink About2013 Borrower and Lender covenant and agree as follows: 1. Payment of Principal and Interest, Borrower shall promptly pay when due the p»ncipal of and interest on the indebtedness evidenced by the Note, prepayment and latecharges as provided in the Note, and the p»ncipal of and interest on any Future Advances secured by this Mortgage. 2. Fonda for Taxes and Insurance. Subject to applicable law or to a w»tlen waiver by !.ender, Borrower shall pay to Lender on theday monthly installments of p»ncipal and interest are payable under the Note, until the Note is paid in full, a sum (herein "blends'")equal to one twelfth of the yearly taxes and assessments which may attain prio»ty over this Mortgage, and ground rents on the Property, if any, plus one- twelhh ofyearly premium installments for hazard insurance, plus one-twelfth of yearly premium installments for mortgage insurance, if any, all as reasonably estimated initially and from time to time by Ixnder on the basis of assessments and bills and reasonable estimates thereof. The bl?nds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or State agency (including !..ender if Lender is such an institution). !.ender shall apply the Funds to pay said taxes, assessments, insurance premiums and ground rents. !.ender may not charge for so holding and applying the Fonda, analyzing said account, or ve»fying and compiling 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 on the Fonda shall be paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, !.ender shall not be required to pay Borrower any interest or earnings on the Fonda. Lender shall give to Borrower, without charge, an annual accounting of the Fonda showing credits and debits to the Funds and the purpose for which each debit to the Fonda was made. The Funds are pledged as additional area»ty for the sums secured by this Mortgage. If the amount of the Funds held by [.ender, together with the future monthly install ments of Funds payable p»or to the due dates of taxes, assessments, insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Bo+TOwer's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by !.ender shall not be sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to !.ender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by !.ender W Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by !.ender, !.ender shall apply, no later than immediately p»or to the sale of the Property orita acquisition by !.ender, any Funds held by Lender at the time of application as a credit against the sums secured h.• this Mortgage. 3. Application of Payments. Unless applicable law provides otherwise, all payments received by !.ender under the Note and paragraphs 1 and 2 hereof shall be applied by bender first in payment of amounts payable to !.ender by Borrower under paragraph 2 hereof, then to inteieat payable on the Note, then to it~e p»ncipal of the Note, and then to interest and p»ncipal on any Future Advances. a. Charges; Liens. Borrowershall pay all taxes, assessments and othrrcharges, fines and imp+,sitions attributable to the Pmperiy which may attain a p»o»ty over this MortKage, and leasehold pay ments or ground rents. if any, in the mannrr provided under paragraph `l hereof or, i f not paid in such manner, by Borrower making payment, whrn due, dinY•tly to the payee there.,f. Bormwer shall promptly furnish to Ixnder :Ill notices of amounts due under this paragraph, and in the rennt It+,rrower shall make payment directly, Born,wer shall promptly furnish to L+•nder receipts evidencing such payments. li+,rruwer shall promptly discharge am lien which has priority m•er this Mortgage: provided, that It;~rruwer shall not he required todisrhargr any wrh lien su long as Iturn,wrr shall ugret• in writing to the payment of theobligation secured by lien in a manner arcPptaMP to lw•ndrr. ur shall in g+,+xl faith contest such lien hy, ordefrnd enti,n•ement of such lien in, legal proceedings which operate to prevent the rnforcemrnl of the lien or furfeitun• of the 1'n,lx•rty or any part thrr+•+,f. S. Hazard Insurance. Korroper shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hatards included within the term "extend+•+1 n?ver.+ge," and such other hatards as Ixnder may rcvluire and in such amounts and for such peril,ds as Ixnder may require: pruvid+d, that 1.?•ndrr shall nut r+•+luirr that the amount of such nn•er.+ge excee+l that amount of coverage n•ctuired to pay the sums s+r•ured by this 11urlK:+K+•- The insurance cam+•r providing the insurance sh;dl Iw• chusrr+ h~• Burn,wrr subj+•+•t to approval b~• l.f•ndrr. provid+•d, that such approval tip....-..,,~......tit.• w;+hh..ld All nn•miun+s .m insurance IN,Ii.•i+•s shall M• p:+id in the m:+nner prncid+•+1 under par:+graph her+K,for, if n~~t paid in such' mannrr, by lil,rrower making pa~-ment, .whrn due, din•+•tlc- to the insurance cam+•r. All insurance policies and renewals thereof.hall be in form acceptable p+ (~'nder and shall include a standard mortgageclause in favorof and in form acceptable to Lender. Ixnder shalt have the right to hold the policies and renewals thereof, and Bom,wershall promptly furnish to I,c•nder all renewal notices and all receipts of paid premiums. In the rvrut of loss, Rorn.wrr shall give prompt notice to the insurnnce carrier and [.ender. Lender may make pra,f of toss if not made promptly be Borrower. Unless !.ender and Borrower otherwise age+•e in w»ting, insuranc•?• pnK•e?•ds shall bt• applied to restoration or repair of the Property damaged, pro~~ded such restoratu,n ur repair is ?ronomlcally feasible and the se?•u»ty of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security of this MortKaKe would be impaired, the insuranceproceedsshall beapplied a, the sums secured by this ittortgage, with the, excess, if env. paid to lit,rrowrr. If the Property is abandoned by Borrower, or if Borrower fails to respond to !.ender within 311 days from the date notice is mailEd by bend+•r to Borrower that the insurance carrier offers to settle a claim for Insurance benefits, !.ender is authoriz?r1 to culle?•t and apph• the insurance pr+,c•?•rds at bender's option either to restoration or repair of the Property or the sums secured by this MurtKage. Unless Lender and Borrower otherwise agr+•+• in writinK, any surh :+pplication of proceeds to p»ncipal shall not extend or postpone the due date of the monthly installments referred U, in paragraphs 1 and'! 1?ereof or change the amount of such installments. If under paragraph 1K hereof the Property is acyuir~•d by !,ender, all »ght, title and interest of Burrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to Property p»ur to the sale or :u•qulsitiun shall pass to Lender to the extent of the sums secured by this ~lurtgage immediately prior to such !sale or acquisition. 6. Preservation and Slaintenance of Property; IxaKeholds; Condominums; Planned !Toil Developments. Burrower shall keep the I'ruperty in good repair and shall not commit waste ur permit impairment or drte»or.?tion of the Property and shall comply with the provisions of any lease if this :Mortgage is on a le:+srhold_ If this Mortgage is on a unit in a condominium or a planned unit development, Korrower shall perform al! of Born,u•er's ubligatiuns under the d+Y•laration ur covenants err:+tingor governing the condominium or planned unit development, the bylaws and regulations of the nmduminium or planned unit development, and constituent documents. If a ronduminium or planned .unit developm t »der is rxe+•utcrl by Itf,rrowrr :+nd nY•orded together with this Mortgage, the covenants and ;Igreements of such »der shall i,e incurpur~tc•d into and sh:+Il amend :+nd supplement thrcovrnant_ti:+nd agrr+•ments ofthis Murtgageas ifthe rider were a part hereof. 7. Protection of Lender's Security. If Borrower fails w perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which mate»ally affects I,ender'a interest in the Property, including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a bankrupt or decedent, then !.ender at Lender's option,upon notice to Borrower may make each appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement of reasonable 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 shall pay the premiums required to maintain such insurance in effect until each time as the requirement fur such insurance terminates in accordance with Borrower's and Lender e w»tten agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance prrniuma in the manner provided under paragraph 2 hereof. Any amounts disbursed by bender pereuant to this paragraph with interest thereon, shall become additional indebtedness of Borrower secured by this Mortgage. Unless 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 disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at such r:+te would he contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible under applicable law. I~tothing contained in this paragraph 7, shall require Lender to ineur any expense or take any action hereunder. B~~K~ 319 PaGE 2001