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Home My WebLink About1279 e r ' i ~ r 3 ' ~ s i ~mw o! Ptlneilal aid Bareowur shall promptly pay wb~n des the principal of and interest on Ws indabtednea a. evidenosd by the Note, pnpyrmant sad 4ts charges v provided in tM Note, and the principal of sad iate:est oa any FLtun Advances secured by this Moetgags. r ' 4. Frsds for Tares and Iwttranp. Subject b applicable law or b a written waiver by Lender, Borrower shall pay b Linder oa the day f monthly insWlraeats oiprindpal and interest are payable under the Note, until the Note is paid in full. a sum (herein "Fhnds'7 equal b oae• twelitb of the yearl,? taus and assessment which may attain priority over this Morlgage. and ground rents on the Property. if any. plus ane~ i twd!!h oiyearly premium installments foe hssard insurance, plw oae•twedRh of yearbr premium iastallmmts far mortgage insurance, Nany. all es reasonably estimated initial>srand lkom time b time by Lender om the baris of assessments sad bills sad reaaonabls estimates tlmreoL The Funds shall bs held is an institution the deposits or account of which are insured or gnasamteed by a Federal or State agency E (inducting Lander if Lender is such as irutit~ionlr Lender shall apply the Fonda b pay said tares, aaseaaments, insurance premiums and ~ ground rent. Lendee may not charp for so hoWimg and applying the Funds. analruag said account, or verifying and oompiliag said assessments and bilk. on{ess Leader psgrs Basrower interest on the Fends and applicable law permits Fender b make arch a charge. Borrower and Lander mrpr sgr+es in writing at the time of execution of this Mortgage that interest on the Ftiads shall be paid b Borrower. and uakss such ageeeanent is made or applitwble law roq~ such interest b be paid, Lander shall not be required b pay Borrower any interest err earnings on the FMads. Lsadee shall give b Borrower. without charge. an annual aoouunting of the Funds showing credits and debits b the Fends and the purpose for which each debit b the Phnct was made. The Enacts are pledged a. additional security for We sums secured by this Mortgage. If the amount of the Fends held by Leader. together wiW the future monthly iastsllment of Fends payable prior b the due dates of lases. ~ sssessments, inaaanoe premiums and ground rents, shell esoaed the amount required b pay said taus, assessments. insurance premiums and ground sent as they fall due, such excess shall be, at Borrower's option, either promptly repaid b Borrower or credited b Borrower on monthly inatallmmts of Funds. If the amount of the Funds held by Lender shall not be sufficient b pay faze... aeaesammt. insnranes i pnminms and ground rents a• they fall doe. Borrower shall pay b Leader any amount necessary to make rep the defidency within 30 days from the date ratios is mailed by Leads b Borrower requesting payment thereof. Upon ps~ymeat in fnD of all snau ae~wred by this Mortgage. Lender shall P~PBY refund b Borrows any funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lends, Leads shall apply. ao later than immediately prior to the ask of the Property or its aognisitioa by Linder, say Funds held by Leader at the time of application as a credit against the sums secured by this Mortgage. ~ 3. Application of Payments. Unless applicable law provides otherwise, all payments received by Lender under the Note and pasagrapbs 1 and 2 hereof shall be applied by Lender first is payment of amounts payable b Lender by Borrows undo paragraph 2 hereof, then b interest payable oa the Note. then b the principal of.the Note, and then b interest and prindpal on any Phtnre Advances. 4.Charges; Liens. Borrower shall pey all tares, assessment and other charges, fines and impositions attributable b the Property which may attain a priority over this Mortgage. and leasehold payment or ground rents, if any. in We manner provided under paragraph 2 hereof or. if not paid in such manner, by Borrower making payment, when due. directly to the payee thereof. Borrower shall promptly furnish b Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish b Lender receipt evidencing ouch payment. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided. that Borrower shall sot be required b discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by aLch lies in a manna sazpgtable to Leader. or shall in good faith contest ouch lien by, or defend enforcement of such lien in, legal prooeediags ~ whid? operate b prevent the enforcement of the Uen or forfeiture of the Property or any part thereof. ~ 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereaftRr erectRd on the Property insured against loss by fire, hazards included within We term "extended coverage,° and such other hazards as Lender may require and in such amounts and for arch periods as Lends may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required b pay the arms secured by this Mortgage- The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval _i _n _ . ___r__ _L~...:.a.~a~ • n _r....:....,.......:......~............I:..:m v1.o11 ?.e ..e..l ;n •/.o mnnnor nmvirlwt unrtor rwrworf.nh 2 horpnfnr_ if cum. acv. ve •uueawruow~ w,Mwa,.w. .au p.... e.-_ _ _ , ~ not paid in such manna, by Borrower making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable b Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lends shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish b i.ender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier I and Lender. Lends may make proof of loss if not made promptly by Borrower. ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restcration or repair of the Property damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration err repair is not economically feasible or if the security of this Mortgage would be impaired. the insurance proceeds shall be applied to the soma secured by this Mortgage, with the excess, Jany, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails b ~ respond b Leader within 30 days from the date notice is mailed by Lender b Borrower that the insurance carrier opera to setae a claim for insurance benefits, Lends is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Property or the sums secured by this Mortgage. Unless Lends and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone We due date of the monthly installments referred b in paragraphs 1 and 2 hereof or change the amount of such installment. If ands paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and b the proceeds thereof resulting from damage b Property prior b the sale or acquisition shall pass b Lender b the extent of the sums secured by this Mortgage immediately prior b such sale or acquisition. 6. Preservation and Maintenance of Property; Leaseholds; Coadominums; Planned Unit Developments. Borrowsahall keep :.?:e Property in good n1pair and shall not commit waste or permit impairment or deterioration of We Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned snit development, Borrower shall perform all of Borrows a obligations under the declaration or covenant creatingor governing the condominium or planned unit development, We by-laws and regulations of the condominium or planned unit development. and coastitnent documents. if a condominium or planned unit development rider is ezecuted by Borrower and recorded together with this Mortgage. the covenants sad agreements of such rids shall be incorporated into and shall amend and supplement the rnvenants and agreement otthia Mortgage ae if the rider were a part hereof. 7. Protection of Lender's Security. If Borrows fails b perform the covenant and agreement contained in this Mortgage, or if aqy action or proceeding is eommenoed which materially affects Lmde~s interest is the Property. including, bat not limited to, emiamt domain, insolvency, code eaforeemmt, or arrangement or proceedings involving a bankrupt or decedent, then Lender at Leade~a option,npon notice b Borrower may make arch appearaaoes. disburse such soma and take each action as is necessary b protect Lender's interest, including, but rest limited b, disbnrsemmt of reasoaabk attorney's fees and entry neon the Properly b make npain. If Lends required mortgage insurance as a condition of making the loan secured by this Mortgage. Borrows shall pay the premiums required b maintain arch insorance in effect ontil such time as the requirement for such iaaurance terminates in aooordance with Borrower's and Linda's written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiums in the manna provided Hadar paragraph 2 hereof. Any amount diabarsed by Lords persuant b this Paragraph 7, with interest thereon. shall become additional indebtedness of Borrows secured by this Mortgage. Unless Borrows and Lends agree b other tams of payment. such amoaat shall be payable upon ' notice from Lends b Borrower requesting payment thereof, and shall bear interest from the date of dubnrsement at the rat payable from time b time oa outstanding principal ands the Note unless payment of intrest at such rate would be ooatrary b applicable law, in which event sneh amount shall bear interest at the highest rate permissible ands applicable law. Nothing contained in this paragraph shall require Lends b incur any ezpense or take any sctioa hereunds. . . 8001(5 PAGE~~ _ C~ ~