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Home My WebLink About0261 s - • 1 wr- • e y ~ ~ 3 - 9 ~ ~ l j A Borrows and Lot?deR ooveaa~.t sad agarrs Y folbwa: I. Payraeat Principal sad latreat. 8orrawet a1:k11 pt+anptly pay when dot the princpal of and lateral on the indebtedness evidenced by the Note, prepayttrent and late charges as provided in the Note, and the ~incipal of and intanat on any Ftittture Advanaa secured by this Mo:tgaure~ F. )Eh~ for Tuea acrd lrattraaoe. Subject tQ applicable law or to a written waiver by Leader, Borrow er shall pay to Leads on the day monthly installments of principd sad interest era payable under the Note, until the Note is paid in full, a sum (her!na "Funds"1 equal to oaa- twelfth ofthe yearly taxoa sad assasmeats which may attain priority over thin Mortgage. and ground rents on the Property. if any. plus one• twelfth of yeasly.ptemium installments for hazard irienrauce. plusone•twelfth ofyeatty Premium installments for:rortgage insurance, if any. al! as reasoaabty atimatad initially and Eras time to time by Lender on the basis of assessments and bills and reasonable estimates thereof. r The fitnda abalC ba bald in art inditntioa the deposits or aocouats of which are insured or guaranteed by a Federal et State agency (including Leader if Leader is such sn institntion~ Lender shall apply tl•: Fnnde to pay said fazes. aaasments, insurance premiums and ~ ground rents. Leader many riot charge for ao balding sad applying the Plrnda, anaty:ing said apwunt. err verifyi»g and compiling said assaameats and hills, unless Leader pays Borrowerinterest on the Fundaand applicable law permits Lender to make such a charge. Borrower and Leaderaaay agree in writing at fire time of esecution of this Mflrtgage that interest on the Funds shall be paid to Borrower. and naleas such agreement is made or.applieatle law requires such interest to be paid. Lends shall sot be ~ required to pay Borrows any interest or ~ earnings oa the ?~bnda. Leader shall give to Borrower. without dnarge, as annual aooount:ng of the Fends showing txedits sad debits b the Funds and the purpose far which each debit to the Funds was made: The Funds are pledged as additional security for the soma second by this Mortgage. - - Uthe amount of the Fonda held by Leader, together with the future monthly instalments of Funds payable prior to the dnedata of fazes, j' a~anerrta, inanranas premiums sad ground rents, shall exoaed the autrunt regrind to pay said taus, assessments, insurance premiums f and ground rests as they fal! due. such r+ucees shall be, at Borrower's option. either promptly repaid Lo Borrower or credited to Soriower on ' monthly installments of 1lrnds. Tf tl?e amount of the Funds held by Lender shall aol be sufficient to pay rases, assessments. insurance premiurms and ground rests as thoy fill due. Borrower shall pay b Lender any amount necessary to make up the deficiency iivithia 30.days from the date rwtice is mailed by Lender to Botmwe: requesting payment thereof. ' S Upon payment in fall of all sums secured by this Mortgage, Lender shall promptly refund to Borrower any funds held by Lender. If ender ! paragraph 18 hereof the Property is sold c.: the Property ie otherwise acquired by Leader, Lender shall apply, no later than immediately prior to the sale of the Property orits acquisition by Leader, any Funds held bq Lender at the time of application as a credit against theaume secured by this Mortgage.- 3. Application of Payments. Unless applicable law provides otherwise. all payments received by Lender under the Note and - ' paragraphs 1 and 2 hereof shall be applied try Lender first is payment of amounts payable to Lender by Borrower under paragraph 2 hereof; : i then to interest payable oa the Note. then to tae principal of the Note, and then to iatenst and principal oar any l~rture Advances. ` 4. Charges; Liens. Borrowerahall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which t may attain s priority over this Mortgage; and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereofor, - ~ if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Leaden ! ` all notices of amounts else under this paragraph, and in the event torrower shall make payment directly. Borrower shalt promptly furnish to ' ~ - Lender receipts rvidencingsuch payments. Borrower shall promptly discharge any lien which hae,.riority over this Mortgage; provided,tbat Burrower shall not tx required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by Bach lies in a manatr aRxxptat$e to Lsifd~er, or shall in good faith contest such Lien by, or defend en forcrment of such lien in, legal proceedings wSilcb oyerele b prevent th! eritoRCeaaent of the lien err forfeiture of the Property err any part thereoL - 5. Hasard iasuraace. Borrower shall tteepthe improvements now ezjstingorherexRerer~ncte~d ot~ theProperty ins:lrea aaainatloaaby fire, hazards included within the term `exEendod onrenge. °~ad such vt3arr ba>r~rds as Lender may Tsuire a~din try amounts sad for each periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums-secured by this Mortgage: - The insurance carrier providing the insurance shall be chosen by Borrower subject W approval by Lender, provided, that such approval s}:all not be unreasonably withheld. Ail premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if - not paid in such manner, by Borrower making payment. when due, directly to the ins~~rance carrier. o - Ali insurance policies and renewals thereof shall be in form acceptable to Lender and shat! include a standard mortgage clause in favor of and inform acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and l;orrowerahaU praaAptly furnish to i.ende: all renewal notices and sit receipts of paid premiums. In the event of loss„ Borrower shall give prompt notice to the insurance carrier end Leader. Lender array make proof of loss if not made promptly by Borrower. - Unless Lender sad Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided each restoration or repair is ernnomicatiy feasible and the security of this Mortgage is not thereby impaired. If sash restoration or repair is not ernnomically feasible or if the security of this Mortgage world be impaired, the insurance proceeds shall be applied to the soma secured by this Mortgage, with_-the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, err if Borrower fails to 1 r4spond to :.ender within 3Q days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for ~ insurance lxnefits, Lender is authorized to collect and apply the insurance proceeds at Lender a option either to restoration or repair ~ the j Property or the soma secured by this Mortgage. - Uriless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due } dale of the rr. onthiy inataliments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 t hereof the Property is Acquired by, Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof naultimg from damage to Property prior to the sale or acquisition shall pees to Lender to the talent of the sums secured by this Mortgage immediately prior to such sale or acquisition. - t 6. Preservation and lltaintenance of Property; Leaseholds; t:,ondominume; Planned Unit Developments. Borrowershall keep the Property is good repair and shall not rnmmit wa8te or permit impairment err deterioration of the Property and shall comply with the prorisions of any lea6e it this Mortgage is on a leasehold_ If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower a obligations under the declaration or rnvenants creatingor governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, a.-rd rnnatituent document8: If a condominium or planned unit development rider is eaccut~ed 1?jr torrower and recorded together with this Mortgage, the covenants and agreements of such rider shall be inrnrporated into and shall amend and supplement the covenants and agreements of this Mortgage as ii the rider were a part hereof. 7. Protection of Lender's Security. U Borrower fails to perform the oovenenta and agreements contained in flues Mortgage,, or if aqy action or Frooeeding is cxamenaed drhicb materially affects Lenders interest in the Property, including, bait not limited to, eminent domain. i insolvency, code enforeernent, or amngeanenta or pracsoedings involrng a bankrapt or decedent, then Lender at Lender's optioaapon t notice to Burrower may make such appearances, disburse such sums and take arch actiaa as is necessary to protect Leader's interest, including, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs: If Lender rartnired c:ortgage inetrrance ere a canditi~n of making the loan secured by this Mortgage, Borrower shall pay the premiums requited to maintain each insurance in effect anti] such time as the requiremr. for such insurance terminates in accordance with Borrower's and Lender's writ4a agreement or applicable Law. Borrower shall pay the amount of all mortgagt insurance premiums in the manner provided under paragraph 2 hereof: Any amounts disbursed by Lender pereuant to this paragraph 7, with interest thereon, shall become additional ir:debtednas of 9orrowrer secured by this Mortgage. Unless Borrower and Lender agree to other te:tns of payment. such amounts shall be payable npca notice from Leader b Borrower tegnesting payment thereof; and shall bear interest from the dale of di+bnrsernert at the rate payable from time to time on outstanding prinapal under the Note unless payment of interest at such rate woaid be contrary to applicable law, in whidY i event sods amounts shall bear interest ai the highest:ate permissible under applicable law. Nothing contained in this paragraph 7. shall ~ regnirE Bader to incur any expense or take any action hereunder. - - ; - - 8~ cJ~?~ PINE f= -