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Home My WebLink About2183 borrower and l.endet covenant and agree ns follows: 1. Payment of Principal and Interest. borrower skull promptly pay when due the principal of and interest un the indebtedness evidenced by the Note, prepayment and late charges ua pn,videtl in the Note, and the principal of and interest an any F afore Advr+ncea sec aced by this Mortgage. ' 2. Funds for Taxes and Insurance. Subject to applicable law or to n written waiver by Lendrr,131rrrower shullpay to Lt•nder un the day monthly installments of principal and interest are pr+yrrble under the Note, until the Nute is paid in full, sum (herein "Funds") tctu;rl to one- twelRh ofthe yearly taxes and assessments which may attain priority over this Mortgage, and ground rents un the Property, ifany, plus one- twelfth of yearly premium installments for hazard insurance, plusonrtwelRh otyearly prt•mium installments fur mortgageinsur+nce, ifany, all as reasonably estimated initially and from time to time by !.ender un the basic: of ussessment..:u]d hills and reasunuhle cstimatts thereof. The Fonda shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or State agency ?ncluding !.ender if !,ender is such an institution). !.ender shall apply the Fonda to pay said taxes, assessments, insurance premiums and ground rents. l.endet may not charge for eo holding and applying the Fonda, analyzing said account, or verifying and compiling said assessments and bills, unless Lender pays Borrower inlereat on the Funds and applicable law permits Iw•nder to make such a charge. borrower and Lender may agree in writing at the time of execution of this Mortgage that intrrest on the Funds shall be paid to borrower, and unless such agreement is made or applicable law requires such interest t+r be paid, !.ender shall not ire required to pay burrower any inlereat or earnings on the Funds. [.ender shall give to Borrower, without charge, an sonar+l accounting of the Funds showing credits and debits to the Funds and the purpose fur which each debit to the Funds was made. The Funds are pledgrtl as additional security for the sums secured by this Mortgage. if the amount of the Fonda held by Lender, together with the future monthly inst:]Ilmc•ntsof Funds purr+ble prior to theduedatea oftaxes, assessments, insurance premiums and ground rents, shall exc~d the amount rtyuired to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such exmss shall be, at Borrower's option, either promptly repaid to borrower or credited to Borrower on monthly installments of Fonda. if the amount of the Funds held by Lender shall not tee sufficient to pay taxes, assessments, insurance premiums and ground rents as they fall due, burrower shall pay tc, Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by !.ender 1tr l3lrrrower rt•yutsting payment thercK,f. Upon payment in [all of all sums secured by this Mortgage, Lender shall promptly refund to Ilurrower any funds held by (.ender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by I,endcr, Lender shall apply, nu later than immediately prior to the sale of the Properly or itsacquisition by Lender, any Funds held by Lender at the timl•ofapplication as a credit against thesumssecured by this Mortgage, 3. Application of Payments. finless applicable law provides otherwise, all payments received by (.ender under the Note and paragraphs 1 and 2 hereof shall be applied by (.ender first 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- 4. Charges; Liens. borrowershall pay all taxes, assessments and othl•rrhar~;rs, fines and imtssitions attrihutahle to the Property which may attain a priority over this Mortg;+gr, and leasehold payments orground mots, if am•, in the manner pru+•idt•It under paragraph l hereofur, if nut paid ir, such manner, by borrower making payment, when due, din•c•th• to the paytr thl•rc•++f. Born,wershal) promptly furnish to Lender all notices of amounts due under this par:+graph, and en thl• e+•ent borru++•er shall makt• payment din•1•tl>•. borrower sh:+ll promptly furnish to Linder receipts eridencing such payments. lil,rn,w•er shall promptly discharge any lien which has priority m•er this ~lorigagr: provided, that Bortuwer shall not t,e required to dischargl• any such lien s+, look Itllrru++•1•r sh:+ll at;rl•t• in writint; to the pa}•ment nCtheobli{;ation stc•ured by such lien in a manner acreptahle to Lender, ur shall in t;IwNi faith contest such lien hy, urcl+•fend rnforcernl•nt of such til•n in, h•{;al prlx•t•t•din)s which operate to prevent the enfon•rmt•nt of the lil•n Lr forfi•itun• Ilf Un• 1'nlperty +.r am- part ther/r,f. Hazard Insurance. bom,wer shall kt•t•p thl• impro+•ements now existinK or hrreaftrr ert•c•ted un the 1'nret•rty insun•d against loss by fire, hazards includtd within the term "extena/vI cu+•erlr;e," :md such other hazard. as Lender may n•quire and in such amounts and forsuch prril,ds as Lender may n•t{uirr: pn++•idcrl. that Lender shall not require that the• arnount of such /•ocrragr excl•Irl that amount of coverage ftK{Ulre(1 t/, p:N' the SUn]g FIY'Ur1Yl fly t}rls Mllrtg a}; P. •The insurance carrier pm+•idinR the insurance .hall h/• rh~~a•n by Borr~~wer subject to approcat ht- Lender, procidl•11, the+t sue•h approval shall not fx• unreaxonabt}• withhchl.:UI prnmiurn~ on in.urun~e p.~li~ ir.; .hall 1N• paid rn th+• m:urner pr„~ nlwt under par:+Rraph hen•+,f or, if mgt paid in such manner, t>_+• fAlrnnver makin{; paynu•nt, +ch+•n due- dirrcth- to the u,suranre carrier. All insurance policies and n•newals thereof shall ter in form acceptable to 1.1•nder and shall include a standard mortgage clause infavor of :+nd in form acceptable to l.l•ntier. Lender shall ha~•r the right to hold the policies and n•nrw•als then•IIf. and Rorrow•ershall promptly furnish to r ,1•nder all renewal notices and all n•rripts of p;ud prl•rniums. In the e+•rnt of loss, bornlw•c•r shall gi+•1• prompt notice to the insurance carrier :+nd ),ender. bender may make pnw,f of loss if not made promptly by borrower. • Unless Lender and Ii/rrrower otherwisl• agree in w•riUng- insurmcr prla-Irds shall tx• ;replied to restoration or repair of the Property • d:+maged, pnn•idt•d such rl•sblration i/r repair is 1•+-onomicalh• fr:u:ihle and the srcurih• of this :llortt;akr is not thereby impaired. If such restoration or repair is not t•1-onomically frasihle ur if the sl•+•urih• of this Mortgage w-ou111 t,l• i:npaired,the insurance enx•ctds shall t,t• applied t~~ the sums secured by this Mortgage, with the rxc+•ss, if any, paid to borrower. Ifthe I'ro{r/•rty is abandontd by borrower. or if Borrower fails to respond to Lender within :NI days from the d;+tl• notict is maihd by I.1•nder to borrower that the insurance carver offers to settle a claim for insurance tx•nefits, Lender is authoriu•tt to coilw-t and apply the insurance pr/ll•r/•Its at I,e•ndl•r•s option either to restoration or repair of the 1'n,perty or the sums secured by this :\lortr;akr. Unless Lender and borrower otherwise ay;n•1• in w-ntinq,ant• such applrcaUon of pmcl•c•ds to principal shall not extrndor prsltx,ne thedue date of the monthly installments n•fcrrrd to in p:?rar;r:+phs 1 :uul hereof or chanr;l~ the :unount Lf such installrnrnts. Ii under parlgr.+ph IR hrrhr,tthe Property is acquirlrl by 1.1•nder, :+ll right, title and intert;vt +•f bornlwrr in :end to any insurance {,olicies and in and to the proceeds thereof resulting from damage to Property prior to the salt or :+cqursition shall pass to Lender to the extent of the sums secured by this Mortgage immediately prior to such sale or acquisition. f,. Preservation and Maintenanceof Property; l.t•r+xehulds; ('onduminums;l'I:rnned !'nit Oeve=lopments. I3orrow•ershall keep thl• Property in q«,tl repair anti sh:+I1 not c•.Immit tirastl• or permit impairm/•nt ur deterioration of the Prolx•rty and shall comph• with the {,envisions of any lease if this Murtr;:+ge is un a le:+sehold. If this ~1ort?;ar:e is on unit in a condominium or a planned unit deeelopment, Burrower shall perform all of Rurn/wer•s nhligatinn. under the dl•+•lar:+tinn or coven:u]ts creahn{:or gocermng the condominium or planned unit development, the by-laws and regulations of the condominium or {dannl•tl unit development, and constituent dlx•uments. If a onduminium or pl:enned unit de+•1•lopnuv]t ndrr is rxecutt•Il by tilrmlwer :uu1 recordl•d together with this Mortgage, the covenants and •+r;reemrnts of sul•h rider sh:dl he incurenrated into and .hall anu•nd and supplement thecm-1•n:urts and a;;n•1•nu•ntsof this ~Lrrtgagcas if the rider wl•n• a part hereof. 7. Protection of Lender's Security. If borrower fails ttr perform the /Yn•enants and agrrementa contained in this Mortgage, or if any :,coon ur pn,ceedinq is commenced vehich materially affects Lender's intrrest in the Pmprrty, including, but not limited to, eminent domain, :naolvency, rnde enforcement; or arrangementi+ or pnrceedings involving a bankrupt or decedent, then bender at bender's option,upon n~tiee to Borrower may make such appearances, disburse such sums and take such action as is necessary to protect Lender a inlereat, int•ludinq, but not limited W, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. If Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain such insurance in effect until such time as the requirement for such insurance terminates in accordance with Bonrower•s and Lender's written agreement or applicable I mow. Burrower shall pay the amount of alt mortgage insurance premiums in the manr:er provided under paragraph Z hereof. Any amounts disbursed by bender perauant b, this ear,+graeh f, with inten•st thereon, shall become additional indebtedness of Borrower secured by this Mortgage. l;nless Borrower and (.ender agrt•t• to other terms of payment, such amounts shall t,e payable upon notice from Lender to Borrower reyutxting payment therel+f, and sh:+ll tsar interest from the date of disbursement at the rate payable from time to time un outstanding princip:+1 under the Note unless payment of intrrest at such rate would t,e n,ntrary to applicable law, in which went such amounts shall bear interest at the highest rate permiasiblr under aeelicablr law. Nothing contained in this paragraph 7, shall require Lender b, incur any expense or take any action hereunder. ' ~aoK327 paGEZ18 2 r.. - - x