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Home My WebLink About2722 • q ~ } err i 4 _ ~ Borrower sad I+eltdee oownant and agrM M follows: i 1. Pa~raeat of 1Mwoipal and tate~rsst. Besrowsr sbaD pretsrptbr pay when dw tM priadpal of sad interest as the iadsbtsdaess ~ evideoosd by tbs NoM, pcepgatsntand labdtarpsssprovidsdin tbeNote.andthspeincipaldandinterestoa any Iihtnt+sAdvanasssecured 1 9. t4hnttls hoe'Pwxas asd Iwnerastos. 8nbjed to appliabk law or to a written waiver by Lender, $oerower shat! pay to Lender on the day moatttiy inaWbasab of prittdpat sad intarett ors pstyaWe under the Note. until tl» Nob is paid in f<dt, a sum (herein "Ptitnds'q.equal to ana t twallth o~tthe ysarlp taws sad assasmsrtb which may attain priority oust this Mortgage, and ground rpsb oa the Peoperty, if aqy, pins ono twdlth of year4? premium insWlauatb foe hasard insnrana, plus onstwellW ofyearjy pieminm indallmeab for mortgageinaurance, if any, ` ayl u reasatab~jr estimated initialky and hoot time to time b0? I.endee on the basis of aasssmenb and biW and rea+wtaWe estimates Wereo~ ! 't7te Ptiads shall bs held is art iastitntion the deposib oe aooonnb of which era insured ce guaranteed by a Fbdertl or State ~ 1 (indndirtg Lender if Lsadse is such an institution). Lsnder shall apply the Ftirrtds to pay said to:es. asaepmeab. iasura:tos pramiams and srouad reett~. Leader atsy not charge fns p holding sad applying the ltltnds, aaalyang said aooonat, or verifying and compiling said ~ r aMassnteetb sad bilk, unless Leader pays Borrower iateeeet oa the Funds sad applicable taw permib Lender to makesnch a drarge. Barrowae sad I.endet may apw is writing at the bate of aateention of this Mortgage Wst interest oa the Funds shall bs paid to Borrower, and uaHss j~j sash agreement is made a appligble law requires such interest to be paid. Lender shall sot be required to pay Borrower any interest oe L earnings on the Funds. Leader d?aU give to Borrower. without dwrge, an annual aooouatiag oithe Funds showing credib sad debib to the l Funds and the purpose for whidt each debit to the Phads was made. The Funds are pledged u additional security for thesums secured by this Mortgage. Utbe amount of the Funds held by Leader. together with the future monthly installments of Funds payable prior to the dos dates of taxes, aaeesa>aab. insurance premiums and ground rents. shall eecoaed the amount required to pay said taxes, sssesemente. insurance premiums and ground reab u they fall due, such excess shall be. at Botrorra's option, eiths promptly repaid to Borrower or aalited to Borrower oa monthly inatallmartb of Puads. u the amount of the Farads held by Fender shall not be aniBcient to pay taxes. aaeesmeate. insurance premiums and ge+amd renb u thew fall due. Borrower shall pay to Lender any amount neoepary to make uP the deficiency within 30 days. from the date notice is mailed by bender to Borrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, Lender shall promptly refund to Borrowrer any funds held by Lender. Tf under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Leader. Deader shall apply, no later than immediately prier to the sale of the Property or ib acquisition by Lander. any Funds held by Lender at the time of application as a credit against the soma secured ; by this Mortgages 3. Application of t?ayaunts. Unlea applicable law provides otherwise, all payments noaved by Lender ands the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to Lender by Borrower ender paragraph 2 hereof, they to inbred payable on the Note. then to the principal of We Note. and Wen to interest and principal on any Futon Advances. 4. Charges; Bans. Harrower shall pay all taxes. aeseasments and other charges, fines and impositions attribntabk to the ProperRy which may attain a priority ova this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in ouch manner. by Borrower making payment, when due. directly to the payee thereof. Borrower shall promptly furnish to Lends all notices of amounb due nods thin paragraph. and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lends reoeipb evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that i Borrows shall not be rtiquind to discharge any such lien so long a8 Borrower shall agree in writing to the payment of the obligation secured by such lien is a manna acceptable to Lender, or shall in good faith rnnteat such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hssard Insurance. Borrows shall keep the improvements now e:iating or hereaRer erected on the Property inaund against lass by fire. hasarda indnded within the term "extended wverage," and such other hazards as Lender may require and in such amounts and for such periods u Calder may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage i required to pay the sums secured by thin Mortgage. ~ The iasnrance carrier providing the insurance shall be chosen by Borrows subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrows making payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof aha11 be in form acceptable to Lender and shall include a standard mortgage douse in favor of and in form acceptable to Lends. Lends shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to i.enda all renewal notices and all receipts of paid premiums. In the event of loan, Borrower shall give prompt notice to the insurance carrier and Lender. bender may make proof of lass if not made promptly by Borrower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration 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 or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied { to the saws secured by this Mortgage. with the excess, if any. paid to Borrows. If the Property is abandoned by Borrower. or if Borrower fails to respond to Lender within ~ days from the date notice is mailed by Lender to Borrower that the insurance cams offers to settle a daim for insurance benefib, Lends is authorized to collect and apply the insurance proceeds at Lender's option dths to restoration or repair of the Property or the sums secured by Win Mortgage. Unless Lender and Borrows oWerwiae agree in writing, any such application of proceeds toprincipal shall noteztend orpostpone Wedue date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 ~ hereof We Property is acquired by Lends, all right, title and interest of Borrower in and to any insurance poUcies and is and to We proceeds ~ E thereof resulting from damage to Property prior to We sale or acquisition shall pass to Lender to We extent of the sums secured by this Mortgage immediately prior to each sale err acquisition. ~ 6. Preservation and Maintenance of Property; Leaseholds; Condominums; Planned Unit Developmeata. Borrows shall keep ' the Property in good repair and shall not commit waste or permit impairment or deterioration of We Property and shall comply wiW We provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrows shall perform all of Botrowa's obligations under the declaration or covenants creatingor governing the ooadominium or planned unit development, We by-laws and regulations of We condominium or planned unit development, and constituent documents. IS a oondomininm or planned unit development rider is executed by Borrows and recorded together with this Mortgage. We o~venants sad agreements of such rids shall be incorporated into and shall amend and supplement Wecovenanta and agreements of this Mortgage asif the rider were a part hereof. ' T. Protection of Leader's $ecurity. If Borrower fails to perform We covenants and agreaaenta contained in this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Property. including. but not limited to, eminent domain, insolvency. code enforcement, or arrangements or proceedings involving a bankrupt err decedent, Wen Lends at I.ende:'s optionnpoa notice to Borrower may make arch appearances. disburse such sums and take such action u is neoessarsr to prated Leader's interest, indnding, but not limited to, dubnrsemut of reasoaabk attorney's fees and entry upon the Property to make repairs: If Lender required mortgage inanranoe as a oonditioa of making the loan secured by this Mortgage, Borrows shall pay the premiums required to maiataia such insurance in effect natil such time ere the requirement for such insurance termir?ates in accordance wiW $orrower's and Leader's written agreement or applicable Law. Harrower shall pay the amount of all mortgage insurance premiums in We manner provided under paragraph 2 hereof. Any amotmb disbarred by Lender persnant to Win paragraph 7, with interest thereon, shall become additional indebtedness of Barrows secured by this Mortgages Unless Borrows and Lends agree to oWa terms of payment, such amounts shall be payable upon notice from Leader to Borrower requesting payment thereof, and shall bear intend from the date of disbnrsemmt at We rate payable hom time to time oa outstanding principal under the Note unless payment of intend at such rate would be contrary to applicable law, in whidt event such amounts shall bear interest at the highed rate permissible under applicable law. Nothing contained in this paragraph 7, shall ragnin Leader to incw any expense or take any action baeunds. soo r~2~1s ~