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Home My WebLink About1550 j,,. Borrower and Lender covenant and agree as follows: 1. Payment of Principe! 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 F uture Advances secured by this Mortgage. 2. F~+t?ds forTaxes and Insurance. Subject to applicable law or to a written waiver by Lender, tir,rn,wer shall pay to Lenderon theday monthly installments of principal and interest are payable under the Note, until the Nute is paid in full, a sum (herein "Funds"1 equal to one, tweltth of the yearly taxes and assessments which may attain priority over this Mortgage, and Kround rents on the Property, if any, plusone• twelfth of yearly premium installmentsg for hazard insurance, plus one-twelfth of yearly premium inst:tllmt•nts for mr,rtK:tKe insurance, if any, all as reasonably estimated initially and from lime to time by Iw•nder 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 or guaranteed by a Federal or State agency trncluding Lender if (.ender is such an institution). (.ender shall apply the Funds to pay said taxes,.assessmenta, insurance premiums and Kround rents. Lender may not charge for eo holding and applying the Funds, analyzing said account, or verifying and compiling said :?saesaments and bills, t:nleas (.ender pays Borrower interest on the Funds and applic:+ble law permits (.ender to make such a charge. Borrower and Lender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall I,e paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Ixnder shall not be required W pay Borrower any interest or earnings on the Funds. Lender shall give to Borrower, without charge, an annual acrnuntinK of the Funds showing credits and debits to the F ands and the purpose for which each debit to the Funds was m:+cle. The Funds are pledKcd :ts additional security fur the sums secured by this Mortgage. If the amount of the Funds held by (.ender, together with the future monthly installments of Funds payable prior to the due dates of taxes, assessments, insurance premiums and ground rents, shall exc red the amount required to pny said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly installments of Funds. If the amount of the Funds held by Fender shall not I,e sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, Borrower shall pay to Lender any amount necessary to make up the deficiency within :30 days from the date notice is mailed by Lender tr? tiom,wer re•questinK payment thereof. Upon payment in full of all sums secured by this 111ortKage, lender sh:+11 promptly refund to Borrower any funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acyuirerl by !.ender, (,ender shall apply, no later than immediately prior ._.L---'--e.L_n..___.~...._:......._..:_:.:_..~..r.....t.........t.`.....1~{...1.11...t.....1.....~r6.,N...<,..f......1:...,?:....,.o.,.,....1:r.,..,.:..orf6........o e........,.i by 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 (.ender fiat 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 Note, :end then to interest and principal on any Future Advances. d. Charges; Liens. Borrowershall pay all taxes,:tce•ssments and uU?ercharkes, fines:end impr,sitiuns attributable to the Property which nu,y attain a priority over this A1ortKaKe, and leasehold payments nr Kround rents, if any, in the manner providtd under paragraph `l herec,for, i ,l ,t:. •..r.. tr: h , th . , f ..?;•.lt •t.. n, .,d.. u uvt pir,d rtt ~ul-1, iiuuuict, liy I r,i-iu"rca-r iii:ini,i j; pn~ un=,.a. Whi•T, . ue, , t S• p::Ci•! ! re+. . ti! pr..r^.~.... ,....^.lS. to 1.°.. :Jl notices of amounts due under this parry;r.rph, and in the event Burrower shall make payment directly. Buroewer shall promptly furnish to I .ender receipt. ea•idencinK such p:+yments. lir,rn,aver sh:+11 pnnnpth• discharK+• :+ny lien which has prinrit}• ua•er this 11urtKaKe; provided, that Borrower shall not t,erequired to discharKe:tnv wch lit•n su IonK as Burn,Ker shall aknY• in acritinK U, the paynu•nt of theobliKatiun secured by such lien in manner acceptable to Lender, ur sh:?11 in t,r,r,r1 f:,ith contest wch lien hc. or deG•nd enfun•enu•nt of wch lien in, IeKal pn,c•e:ttlinKs K•hich operate to prevent the rnfurcemr•nt of the lien ur forfeiture +d the 1'rutx•rty ur any part then•r,f. Nazard Insurance. Borruaer shall ktyp the improvements now existinK ur hcn•after emc•ttd on the Propeuty insured aKainst loss by fire, hazards included within the term "extended rocerake,•' and wch other hazards as Lender may n•rtuin• and in such amounts and for such periods as Lender may nrtuin•; pnrvidfd. that Lender .hall nut n•ywn• that the amount of such c+,vera{;e exceed that amount of coveraKe rf•yuirfd to pay the sums ser•urfrl by this Mnrt};aKt•. The insurance c•:,rrier pruvidint; the inwrance shall hr chu:en by Burruwr•r suhj+•.•t (u appruc;,l he Lender, prnvidfrl, that wch appn,val .hall not tx• unreasonably withheld. All pn•miums nn in.ur:uu'e pulit•ies shall t,r• p:ud in the manner pnrvidfrl under paragraph hen•+,f or, if nut paid in such manner. by Ii+,r•nncer making payment. when due, dinrth' t., the inwr:urce c:+rrier. All insurance Ix,licies and renewals then•rrf shall trt• in form acceptabh• to I.t•nder and shall include a standard mortgage clause in f:tvorof and in form acceptable to Lf•nder. Lt•nd+•rshall have the right to hold the policies and n•neKats there•+,f, and Bom,act•r shall promptly furnish to ,.ender all reneK•al notices and al! receipts of paid premiums. In the event of lass, Rurn,K•rr shall glee prompt notice to the insurance carrier and Lender. Lender may make pr+,of of loss if not madt• promptly ha' BOrn,K'kT. j Unless !.ender and lir,rrower otherwise agree in writing, insurance pr+,c•fY•ds shall tx• applied to restoration ur repair of the Property damaged, pn,a~ded such restoration ur repair is e•r•onomically feasible and the sa•+•unh• of this ~1ortK:+Ke is not thereby impaired. If such ~ restoration or repair is not a•a•unumically G .?sible+,r if the strurih• of this Mortgage would tx• impaired. the insurance pnx•eeds shall t,e applied to the sums secured by this Mortgage, Kith the excess, if am•. paid to Iir,rn,Ker. If the 1'rutra•rty is :+bandoned by Borrower, or if Iir,rroK•er fails to ~ resprond to Lender within al? days from tht• date notice is m:ailrrl by I.c•nder tr, Borrower that the insurance carrier offers to settle a claim for insurance tx•nefits, Lf•nder is authuriza•+1 h, collr•r•t :+nd apph• the insurance pr+,r•eeds at I.a•nder's option tither to restoraation or repair of the Property or the sums secured by this 1U,rtgage. Unless Lender and Borrower otherwise :igrt•a• in K•riting. any such application of prrx•ec•ds to principal shall nut extend or pstpr,ne thedue date of the monthly installments n•ferre•+1 to in paragraphs 1 and l hereof or change the amount of such installments. If under paraKraph lti hereof the Property is acyuind by l.t•nder, all right, title and inten•st of BurruK•er in and to am• inwrance p,licies and in and to the proceeds thereof resulting from damage to ProperCy- prior to the sale or acquisition shall pass to l.t•nder to the, extent of the sums secured by this ~tortgaRe immediately prior to such sale or acquisition. 6. Preservation and Maintenance otl'ropcrty; Leaseholds; ('onduminums; Planned tJnit Ileve•lopments. Rorrowershall keep the Property in Ka,d repair and shall not commit wane r,r perrnit impairment or deterioration of the Property and shall comply xith the provisions of any lease if this 1ortgage is un a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Ii+,rn,Ker•s oblig:+tiuns under the dt•.•larati~,n ur covenants creatingor KoverntnK the condominium ur planned I unit development, the by-IaK•s and regulations of the condominium ur planm•r1 unit development, and constituent documents. If a condominium or planned unit decelupma•nt rider is exc•r•uteri by {i+•rn,wer and recurdtd together with this MortKage, the covenants and :agreements of such rider shall lx• inc~~rporated into and shall anarnd and supplenu•nt the covenants and agnrmenls of this Mortgage as if the nde•r were a part hen•+,f. 7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property, includinK, but not limited to, eminent domain, 3 insolvency. code enforcernent, or arrangements or proceedinKs involving a bankrupt or decedent, then Lender at Lender's option,upon 3 notice to Borrower may make such appearances, disburse such soma and take such action as is necessary to protect [xnder's interest, including, but not limited to, disbursement of reasonable attorney's fees and entry ulxrn the Property to make repairs. if Lender required mortgage insurance as a condition of making the loan secured by this MortKaKe, IiorroK•er shall pay the premiums required to maintain _ such insurance in effect until such time as the requirement fur such insurance terminates in accordance with Borrower's and i.ender's K•ritten agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the manner provided under paraKraph 'l hereof. Any amounts disbursed by Lender persuant G, this paraKraph 'r, with interest there•r,n, shall benrme additional indebtedness of ~ Burrower secured by this ;11ortKaKe. Unless Borrower and (.ender agree to other terms of payment, such amounts shall t,e payable upon notice from [.ender to Borrower requestinK payment therev,f, and shall bear inter^st from the date of disbursement at the rate payable from time to time on outstandinK principal under the 1`ote unless payment of interest at such rate would t,e contrary to applicable law, in which event such amounts shall hear interest at the hiKhest rate permissible under applicable law. NothinK contained in this paragraph 7, shall require Lender to incur any expense or take any action hereunder. ao~323 Pa~E1541