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Home My WebLink About2745 •t • t borrower and Lender covenant and agree as follows: 1. Payment of Principal 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 pn,vided in the Nate, and the principal of ttnd interest on any F afore Advances secured by this Mortgage. `l. F~utds for Taxes and Insurance. Subject to applicable law or to a written waiver by 1 xnder, Borrower shall pay to Lender un the day monthly installments of principal and interest are payable under the Note, until the Note il: paid in full, a sum (herein "Funds")equal to one- twelfth ofthe yearly taxes and assessments which may attain priority over this Mortgage, and ground rents un the Property, if any, plus one- twelfth ofyearly premium installments for hazard insurance, plus one-two Ifth ofyearly premium installments for mortgage insurance, if any, all :u+ reasonably estimated initially and from time to time by Lrndrr on the basis of assessments and bills and reasonable estimates 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 (including !.ender if [.ender is such an institution). tender shalt apply the Funds to pay said taxes, assessments, insurance premiums and k'round rents. Lender may not charge for so holding and applying the Funds, ))nalyzing said account, or verifying and compiling said :)ssessments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits l.c•nder to make such a charge. t3arruwer and (,ender may agree in writing at the time of execution of this Mortgage that interest on the I•'unds shall he paid to Borrower, and unless such agreement is made or applicable law requires such interest to be paid, Lender shall not be required to pay Harrower any interest or earnings on the Funds. !.ender shall give to Horrower, without charge, an annual accounting of the Finds showing credits and debits to the Funds and the purpose for which each debit to the Funds was made. Tl?e Funds are pledged as additional security for the sums secured by this 'Mortgage. If the amount of the Funds held by (.ender, together wish the future monthly installments of Funds payable prior totheduedates oftaxes, assessments, insurance premiums and ground mots, shall exceed the amount required lt, pay said taxes, assessments, insurance premiums xnd ground mote as they fall due, such excess shall he, at lio)rower's option, either pn,mptly repaid to Horrower or credited to Borrower on monthly installments of Funds. If the amount of the 1•'unds held by !.ender shall not be sufficient to pay tuxes, assessments, insurance premiums and ground rents as they fall due, Burrower shall pay to !.ender any amount necessary to make up the deficiency within a0 days from the date notice is mailed by Lender te, Harrower rrctursting payment thereof. Upon payment in full of all sums secured by this Mortgage, lender shall promptly refund to lifrrrower any funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acyuircd by Lender, Lender shat) apply, no later then immediately prior to the sale of the Property or its acquisition by (,ender, any Funds held by !.ender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Payments. i,lnless applicable law provides otherwise, all payments received by tender under the Iti'ote and paragraphs 1 and 2 hereof shall be applied by !.ender first in payment of amounts payable to Lender by.Borrow•er under paragraph 2 hereof, then to interest payable on the Note• then to the principal of /he Notr• and then to interest and principal on any Futum Advances. -1. Charges; Liens. Rorrowershall pay all tuxes, assessments and other charties, fines and impositions attributable to the Property which mayattainapriorityoverthisMortga{;e,andlease•holdp;rymrntsorgmundn•nts.ifam•,inthernanne•rprovidtelunderparugraph'lhereofor, if not paid in such manner, by Korrow•er m:)king p:n•?ne•nt, whin due, dinvth• to the paper then•erf. Horn,wrr shall prompth• furnish to Ixnder :fll notices of amounts due under this para{,~raph, and in the event Horruwer shall make p;?yrnrnt din•cth•• Horroarer shall promptly furnish to I .ender receipts evidencing such pay meals. Itorn,aerr shall promptly discharkr any lien which has priorih• Derr this 11ort{;u{;r; provided, that Itf grower shall not be required to dischar{;e any suf•h lien so ton{; as Horroaeer shall at;rrr in writin{; Nr the p:+rn)e•nt of throblikatian secured by ;uch lien in a manner acceptable tol.e•ndrr, nrshall In j;,NNI faith contest sorb lien t>.v, onle5•nd enfon•e•ment of wch lien iu• Ir{;al pn,f-ee•dings which operate to prevent the rnforce•nwnt of the lien .,r forfeitun• of the 1'n,prrty or any t}art therer,f. 5. Nazard Insurance. Hornrw•er shall ke•e•p the improvenu•nts now existi))k ur herf•after ere•e•trd on the Pn,lx•rtc insured against loss by t ire•• hazards included within the tern) "rxtendt•el covrru{:e.'• :)nd such other hazards as !.ender map n•yuiu and in such amounts and fur such pf'rU,ds as l.e•ndrr may nvtuire•: pn,vide•el, that Lender shall not rryuirr that the amount of such f•Irrrrat;r exctrd that amount of coverage rf•ctuind to pay tht• sums ct•e•urtd by this Morty;a{;e•. • "fhe insurance c;)rrie•r pmvidin{; the insuruu•r .hat! IN•,•h•srn by It~,rn,wer .uhtrrt to appnwa) by Lrnde r, providryl, that such approval ;hall nut Ix• unreasonabh• aa•ithheld. All premium: nn u)surarcc poltrir..hall IN• p:ud in thr• manner providwl under par.)krrph'_' hererrf or, if n~~t paid in such manner, by 1t„m,w-rr makint; p:ra•nu•nt• achcn due, dinrtl}• (o the ur. uranre carrier- All insurance policies and renewals therrol.hall IN• in form acceptahir to I,f•n$er;uul sh.+ll inc•ludra standard rnurtK:rKrclausrin favorof :;nd in form acceptable to Iw•nder. I.rndc•rshall havethe right to hold the IN~hcies and renewals thereof, and ltom,wrrshall prompth• furnish w :.f•nder all renewal notices and all nreipts .rf paid prrm)ums. In the rvrut of toes- Harrower shall love prompt notie•r G, the inwr.)nm farrier ,u)d Lender. Lender may make pr«rf of loss if not made prompt!}• by }iorrmrrr. t'nless Lender and liorrow•er otherwise aKn•r in writing, insurrnf•f• prfNVrds xh:dl t,e• applied to restoration or repair of the 1'n,perty ~lan:aged, pn,vidcd such restoration or repair i. e•ronomicallp (rasihlf• and the sc-f•urit}• of thi 11ort{;at;r is not thereby impaired. If such rf~,wration or repair is not rc-unomically feasible or if the sw•unty of this Moriga};r would Ire, impain•d, the insurance pn,c•ttds shall t,e upplircl t.. the sums secured by this MortKagf•, w"Ith thf• PXI'r~~• If :rn~ , paid to Iirrrrowrr. If the I'rotK•rtc is nbandom•fi h}• Horrow•rr, or if lif)rrow•er fails to rc.;pond to Lender within aft days from the daft notice rs rnaele•d h}- I.e•ndrr to Harrower that the, insurance carrier offers to settle a claim for insurance benefits, Lender is authonztd to collect and aptrly the, insuramce prfN~erds at l,f•nder•c option either to restoration or n•pair of the Property ar the sums secured by this Mortpake•. l'•nless Lender and lir,rn,wrr otherwise u+;rer in wntu)k. am• such appiic:rlion of pr~N•trds to principal shall nut extend or p,ctpe,ne thedue Fate of the manthly installrnentx n•ferrevl to in para}r.)phs 1 and hereof or chaotic the, :unount of each inst:rllrnents. If under par.)Krlph 1t; hereof the Property is acyuirfrl by I.e.ndrr. all riKht, title :uu1 intrust of Rurn,wer in and t., any insurance I>„licies and in and to the pn,c•eeds thf•rerrf resultinK from damaKe• to 1'rupe•rty prior to the ,ale nr acquisition shall pass G, l,t•ndrr to the extent .,f the sums seY•ured by this ~1uRKage immediateh• prier to such salt or acquisition. fi. Preservation and 1laintenanceof Yrope•rty: l,e•sesehulds;('ondominumv; Planned !'nit Developments. Horruavc•rshall keep ~hf• Property in ga,d repair and shall not commit waste or permit irnpairnu•nt ..r drtrriorition of the 1'nyx•rty and shall oomph- with the t~r•wisions of any least it this ~inrt{;a?tr in on a leasehold. If this ~1orl?ta?;e i. un a unit in a condominium or a planned unit development, Ii~,rrowrr shall prrfi,rrn atI of Horrower's ohlikatinns under the de•clar:rtion or covenants creahn~ or yoa-e•rn)n{; the condominium or planned unit development, the by-laws ,and rrKulations of the condominium or plannfd unit development. and constituent dfn•uments. If a ~ •~nduminium or planned amt de•vrloprnent rider is exrcuttd by (tom+wf•r and rrconhd tugethe•r with this \1ortKaKe, the f•cwrnantti and ,~pn•rmc•nts of curb rider shalt IN• inrorpur:urrl into and .hail anu•nd and supplrnu•nt thrcocrn:fnts:rnd a?:n•rmentsofthis \lort{;akc•as ifthr ruif•r wru part hen•of. 7. Protection of Lender's Security. If Korrower fails to perform the cfn•enanty and agreements contained in this Mortgage, or if any action or proceeding is commenced which matenally.affects (,e•nder's interest in the Property • including, but oat limited to, eminent domain, insalvency, Bade enforcement, or arrangements ur pn,ceedinKs invoivinK a bankrupt or decedent, then i.ender at Lender's option upon notice to Borrower may make such appearances, disburse such sums and take such action as is necessary to prutec•t Lender's interest, including, but not limited to, disbursement of reasonable attorney's firs and entry utwn the Property to make repairs. If Lender required mortgage insurance as a condition of making the loon secured by this 11ortKage, Horn,wer shall pay the premiums required to maintain Nuch insurance in effect until such time as the requirement for such insurance terminates in accordance with Harrowet's and Lender's written agreement or applicable taw. Horn,wer shall pay the amount of all mortKaKe insurance premiums in the manner provided under paragraph `l hereof. Any amounts disbursed by Fender persuant to this puraKrtph w•)th intrust thereon, shall he•comr additional indebtedness of Iorrower second by this MortgaKr. (inlrss liom,wrr and I.f•rder at[rre• a, other terms of payment, such amounlti shall he payable upon notice from !,ender to Harrower rryuestinK payment therefrf, and shall i,e•ar interest from the date of disburarrnent at the rate payable from ' time tc, Ume on outstandinK principal under the, tiote unless payment of interest at such rate would tx• contrary to applicable law, in which event such amounts shall tsar intrust at the highest rate pt•rnussihlr w)der applicable, law. tiuthinK contained in this paragraph 7, shall require Lender U, incur any expense or take any acttun hereunder. • s~ 32? P~~E2T43