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Home My WebLink About1948 b6ofi8 tlQlaa~3 'latl(11S •AMH '1V?i3 ~13Mw ~ • N3SW~a qqSS l'rtrottst Covt!Q+L•r~~I~d1~otRtt~ c~+n~l.endrr covruant and :+gree as follows: 1. Paymeat of Principal and Interest. Borrower shall promptly pay when due the principal of and interest on the indebtedness evidenced by the \ote, prepayment and late charges as pn,yidrd in the \utr, and the pciuripa! of and inter- est on any Future Advances secured by this \lortgage. 2. Funds for Taxes and Insurance. Subject to applicable law or to a written waiver by Lender. Borrower shall pay to Lender on the day monthly installments of principal and interrst are payable undrr the \ute, until the \ote is paid in full, a sum (herein "Funefi') equal to our-twrl(tl? of the yearly taxes and a»rssnx•nts which may attain priority over this Mortgage, and ground rents ou the 1'rupcrty, i[ any, plus one-twelfth of yearly premium installments fur har,+rd insurauce, plus one-twelfth of yearl}' premium installments for mortgage insurance, if any, all as rrasc,nabh~ estimated initially and from time to time by Lendrr on the basis of assesments and bills and reasouablc estimates thereof. The Funds shall be held in an institution the del,osits or accounts of which are insurtcl or guaranteed by a Federal or .fate agency (including Lender it Lendrr is such an institution). Lrnder shall apply the Funds to pay said taxes, assessments, insurance premiums and gromui rents. Lender may not charge for su holding and appls•ing the Funds, aualyiing said ac- count, or verifying and compiling said assessments and bills, unless Lender pays Borrower interest on the Funds and ap- plicable law permits Lender to makr arch a charge. Borrower and Lender may agree iu writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower. noel unless such agrerme•ut is made or applicable law requires such interest to be paid, !.ruder shall nut be required to pay Rorma•er any interest or roofings on the Funds. Lender shalt give to Borrower, without charge, an annual accounting of the Funds showing credit. and debits a, the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as additional security for the sums secured by this Mortgage. It the amount of the Funds held by Lrndrr, together with the future monthh• installments of Funds payable prior 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 tall clue, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower ou monthly installments of Funds. If the amount of the Funds held by Lender shall not be sufficient to pay taxes. assessments, insurauce premiums and ground rents as they tall due. Borrower shall pay to Lender any amount necessary eo make up the deficiency within 30 days from the date notice is matted by Lender ro Borrower requesting payment thereof. Upon payment in full of all sums secures! by this Mortgage. Lender shall promptly refund to Borrower any Funds held by Lender. If under paragraph lf; hereof the Property is sold or the Property is otherys•ise acquired by Lrnder, Lender shall apple. no later than immrdiatch• prior to the sale of the Property or its acquisitirn+ by Ixnder. any Funds held by Lendrr at the time of application as a credit against the sums se•aurd by this Mortgage. 3. Application of Payments. Unless app{icable law provides otherwise. all payments recris•ed by Lender under the \ote and paragraphs 1 and 2 hereof shall lx• applird by Lrndrr first in payment of amounts pacable• to Lrnder by Borrower mulct paragraph 2 hereof, then to interrst payable ou the \ote, then to the principal of the \otc. and then to interest and principal on any Futute Advances. ~ 4. Charges; Liens. Borrower shall pay all taxes, assessments and other charges. fines and impositions attributable to f the Property which may attain a priori!}- over this Mortgage, and Icasehold uavmrnts or erauud rruts_ if :u+s•. i++ the mxn- ~ net provided under paragraph 2 hereof or, if not paid in such manner, by Born,sce•r making paymrnt, vrhen clue. dirrcth• to ~ the payer thereof. Borrower shad prompth furnish to Lender all notices of amounts due• under this paragraph, and ire the eyu+t Born,wer shall make paymrnt dirrctk. Borrower shall prompth~ furnish to Lrndrr receipts evicleneing such payments. I Borrower shall promptly discharge an}• lien which has priority met this Mortgage: pros:ded, that Borrower shall not be re- quirrd to discharge any such lira u, long as Burrower shaft agree in writing to the paymrnt of the obligation secured bs• such lien iu a manner acceptable to Lender, or shalt in gc,ocf faith contest such lien bv, or defend rn(orcemrnt of such lien in, le- gal proceedings which operate to prevent the enforcement o[ the lien or forfeiture of the Property or any part thereof. _ 5. Harard Insurance. Borrower shall keep the improvements now exiuing or hereafter erected on the Property in- sured against lots by [ire. hazards included within the term "extended cuyerage•", and such other La~ards as Leader may re- quire and in such amounts and for such periods as Lendrr mac require: pms•ided. that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pas the sums secured bs• this Mort;;at;c•. The insurance carrier providing the insurauce shall be chosen he Burrower subject a, appmyal by Lrndrr: provided, I that such apprrn•al shall not be unrrawnabh~ e-ithheld. :\II pre•minms rn+ insurance (,olicirs shall f,r paid in the maru+er pmyick•d under paragraph ?hereof or. if not paid in such manner, he Borrower making payment. when clue, directle to the insurance carrier. I :UI insurance policies and renewals thereof shall f,e in form accrptable• to Lendrr and shall include a standard mort- Rage clause in (acne of and in form accrptable to Leader. Lendrr_ shall have the right to hold the policies :uul renewals thrrrof, and Borrower shall prompth furnish to Lcuder all rrne•wal notices and all rrceipts of paid premiums. In the event o[ loss. Borrower shall give prompt Holier to the insurance carrier and Lender. Lrnder mac make pn?of of loss if not made promptly by Borrower. ' L'nleu Lender and Borrower otherwise agree in writing. inwrancr proceeds shall f,c applied to restoration or repair of the. Property damaged. provided such restoration or repair is econnmicalk feasible and the security n( this Mortgage is not therehy impaired. If such restoration or repair is not economically feasible or if the srcurin~ of this Mortgage would be im- paired, the insurance proceeds shall be applird to the sums secured by this Mortgage, with the excrss. if any, paid to Bor- j rnn•cr. If the Property is abandoned bs• Born,s.•rr. or if Borrosscr fails to re•slx,nd to Lender within 30 days from the date notice is mailed be Lender to Borrower that the insurance carrier offers to settle a claim (nr insurance benefits. Lender is k • authorired to collect and apple the insurance prcxecds at Lender i option either to reuoratiot+ or repair of the Property or to the sums secured by this \(ortgage. Unless Lender and Borrower othrrss•ise agree in writing. ans• such application of proceeds to principal shall not extend or postpone the dur date of the monthly installments referred to in paragr-.+phs 1 and ~ hereof or change the amount of such installments. If undrr paragraph IR hereof the Ihol,rrty is auluirrd 1»~ Lender, all right. title :u+d interest of Bormwer in and to any insurance lx,licirs and in and to the proceeds thereof resulting from damage to the Prol,rrty prior to the sale or acquisition ,hall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisitirn+. 6. Presen-ation and ]faintenance of Propertc: Leaseholds; Condominiums; 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 comph• ys•ith the provisium of am Irasc• if this ~fortgagc is on a leasehold. tf this \[ortgage is on a unit in a condominium or a planned unit decrlopmrnt. Borrower shall !x•rform all of Borrower's obligations undrr the declaration or covenants creating ur governinK the eundominium err planned unit development, the by-laws and rchulatiorn of the condo- minium or planned unit des•efopment, and constiurent documents. if a condominium or planned oral dc•s•elupment rider is executed bs Borrowe•r and recorded together with this ~fortgage•. the covenants and agreements of such rider shall be in- corlx,rated into and shall amend and supplement the covenants and agrcemcuts of this Mortgage as if the rider were a part hereof. Protection of Lender's Security. It Borrower (ails to perform the cm•enants and agreements rnntained in this JfortRage, or if any actiot? or proceeding is commenced which materialh affects Le:utt•r•s interest in the 1'n?pertc. including. but nut limited to. eminent domain, insolcrncv. code rnforcemrnt. or arrangrme•nt. or proceedings involving a bankrupt or decedent. then Lendrr at Lender's option, ufx,n notice to Borrower. may make such appearances, disburse such sums and take such netts»+ as is necessarc to protect Lender's interrst. including. but not limited to. disbursement of reasonable attorney's lets and entry ufx,u the• I'roprrty to makr repairs. If Lrnder required mort};aRr insurance as a condition of making the loan secured be this Mortgage. Borrower shall p:+s' the premiums required to maintain such insurance in ef- fect until such time as the requirement fur such insurance terminates in aeu,rd:uue with Borroa•rr's and Lender's written