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Home My WebLink About0909 . 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 u provided in the Note, and the principal of and intereston any Future Advances second sy this Mortgage. ~ 2. Funds for Taxes and Insurance. Subject to spplicable law or to • written waiver by Lender, Borrower shall pay to Lender on theday monthly installments of principal and intsrest are payable under the Note, untrl the Note is paid in full, a sum (herein "Funda'~ equal to ont• twelfth otitis yearly taxes and assessmenu which may attain priority over this Mortgage, and ground rents on the Property, i[any. plw ons• twelttho[yearlypremiuminstallmentsforhasardinsurance•plusone•twelflhofyearlypremiuminstallmentaformortgsgeinsurance,ifany. t ii as reasonably estimated initially and from time to time by Lender on the bests of aasese:ments and bills and reasonable estimates thereof. ~ The Fonda shall be held in an institution the depwits or accounts of which are insured or guaranteed by a Federal or State agency :ncluding Lender if Lender is such an institution) Lender shall apply the Funds to pay said taxes, aasesamenb, insurance premiums and ~-round rents. Lender may not charge for so holding and applying the Funds, analyzing said account, or verlfjring and rnmpiling said +yseysments and bills, unless Lender pays Borrower interest on the Funds and applicable law permits Lender to.makesuch • charge. Borrower +nd [.ender may agree in writing at the time of execution of this Mortgage that interest on the Funds shall be paid to Borrower, and unless Such agrt•rment is made or applicable law requires such interest to be paid, Lender shall not be required to pay Borrower any interest or .-ai•nings on the Funds. Linder shall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits W the E•'unds end the purpose for which each debit to the Funds was made. The Funds are plrtlged as additional security for thesums secured by thin Mortgage. I [the amount of the Funds held by I~nder, together with the future monthly inst:+ll merits of Funds payable prior to the due dates of taxes, t..yt•semenUi, insurance premiums and ground rents, shall exc.•ed the amount required to pay said taxes, assessment, insurance premiums end ground rents as they fall due, such excess shall be, at Boirowei s option, either promptly repitid to Borrower or credited to Borrower on :nnnthly installments of,Funds. If lhtt•amount of the Funds held by Lender shall not bgsufficient to pay ~sM, assessments, insurance ;trem+uma and ground rents es they tall due, Borrower shall pay to lender any amount neceaaaiy to make up,tlip deficiency within 90 days trurn the date notice is marled by Lender to Borrower requesting payment thereof ()p,n payment in full of sll sums secured by this :Mortgage, Lender shrill promptly refund to Borrower any funds held by Lender. Ilundsr par.+gn+ph f8 hereof the iroperty is sold or the Property is otherwise acgiuretl by lender, bender shall apply, no later than immediately prior the sale of the Property or its acquisition by (ender, any Funals held by Lender at the tune of application as a credit against the sums secured ay this Mortgage. • 1. Application of Payments. Unless applicable law pra~hdes otherwise, all payments received by Lender under the Note and ;~:,ragraphs 1; and 2 hereof shall be applied by Lender first in payment of amounts payable to [ender by Borrower under paragraph 2 hereof, :hen m interest payable on the Note, then to the principal of the Note, and then to interest and principal on any 1•'uture Advances. i Chart;ey; liens. Borrower shall pay all taxes. assessments and other rhart;e_v, fines and impositions attnbutableto the Property which •„ay att:un a priority over this tilortgage, and IeasrhoW payriienty ar ground rents, if a ny, in the manner provided under paragraph 2 hereofor, nut paid in such manner, by Bonrowrr making payment, when due, directly to the payer there+,f. Bormwershall promptly furnish to Lender ii notices of amounts due under this•parat;raph.:+nd in the event Ilorrowrr shall make payment directly, Borrower shall promptly furnish to :.•rdrr rt•aripL4 ev+dencinR such payments liorrowrr shall promptly disch:ngi• any lien which has prianty nv••r this 6lortgage;provided, that t,~rn,wrr shall not he rrituired todischart;e any such lien so lung as ftt,rruwrr shall ai;rae in writing to the paymentof theobligation secured by u~ h lit•n in a manner acceptable to (xnder. or shall in good faith rt.ntrst such li+•n try, or defend rnfonementofsuch lien in,legal proceedings iu.•h operate G, prevent the enforcement of the lien ar fnrfe+turr of the ['rapt•rty or any part thereof. Hazard 1 nsurnnc+•. Rorniwer .hall keep tha• imps,cements now existing or hereafter erected on the Property insured against lose by r.•, hazards included within the term `'rxtenda•+l covrratie,"and such other hacards as Ixnder may require and in such amounts and for such ~••n,Nls as Lender may require; provided, that Lender shall nut require that the amount of such coverage exceed that amount of coverage ~•gwnd to pay the sums secured by this ~1•irtKaKe. I•hr insurance c_+rner pnnidini; the insurance shall t,e t hosrn by lium,wvr subta•a•t to approval by Lender; provided, that such approval `:,tit not hr unnasan,+bly withheld all premwms on insurance tNdicn•s .hall tN• paul in the manner providett under paragraph'lhereof or, if •t p:ud ui such manner, by liorniwrr making payment, wha•n due, directly to the irr.urance carrier. :V I insurance policies and renewals thereof shall be in form acceptable to Iw•nder:and shall include a standard mortgageclause in favorof i in form .ircepWble to Lender. Lendershall have the right to hold the puhcies and renewals thera.•of, and Borrower shall promptly famish W . nder all renewal notiaw and all receipts of paid premiums. In the r\ rot of loss, liorruwer shall give prompt notice to the insurance carrier :r.ii l..•nder. l.rnder may make proof of loss if not made promptly by Ram,wer. l t'nirss l.rndrr and E;<,rrower otherwise ar;rrr in wnNn~;, inwranrr pnN'c1Yls shall br applied to restoration or repair of the Property c~:agt•d, pruvideti such restoration or repair is en,nurmcally feasible and the st•cunty of this Mortgage is not thereby impaired. I[ such j .t.~raUunurrep:orisnot~cnnumiraliyfr:?s+irlrurifthrsra•uritynfthis~lurt~;a+;rwnuldbvi:npaired,theinsuranceproceedsshallbeapplied • t he sums secured by th+s Mortgage, with the excess, if any, paid to F;.,rrower If the Pmt,t•rty is abandoned by &,rtower,or if Borrower fails to •••~p,md to Lt•nder within :30 days from the date notice is ma+lwl by I.rnder G, tiorrowrr that the insurance cameroffers tosettle a claim for n~urance benefits, Lender is authorized to collect and apply the tnsurinrr pn,c,•t•ds at I,rnders option either to restoration or repair of the •nt;N•rty or the sums secured by this 111ortgaKe. t'nless Lender and Borrower otherwise aKrrr in wnr i rig, any .urh applit atu,n of prtN•eads to principal shall notextend or postpone the due u.• of the monthly inst:+llrnent_s referrwl tr, in par:+graphs t and 2 hereof or ch:uige the amount of such installments- (f under paragraph 18 •.•rruf the Property is acquired by Lender, all right, title and interest of liarn,wer in and to any incur:+nce policies and in and to the proceeds • roof i•esultinK from damage to Property prior to the sale :,r acgwsition shall pass to [.ender to the extent of the sums secured by this •~L•rti;age immeali.itely poor to such sale ar acquisition. i'reyervation and ~laintenanca• taf Property; I.easa•hiilds; Condominums; Planned Unit Developments. Borrower shall keep ra~ i'mperty in gaxl repair and shall not commit wade ar perrnit imp.+irmrnt ar detrnoration of the Property and shall comply with the r..\ tsu,ns .,f any IY3Se if this ~tortgat;e is un a le:+sebold. If this 1lortgage is nn a unit in a condominium or a planned unit development. ~t••rn,wrr shall prrfortn all of Borrowrr•s uhiigaUons under the dir•laration or covenant., ere;UinKor governing thecondominium or planned ~t development, the by-laws and reku:.itwns of the condominium or planned unit divelopment, and constituent documen4. If a r:.iominium or planned unit deveopmnn: nder is executed by Elorn,wer and recorded together with this Mortgage, the covenants and . n•ernrntsuf wch nder shall be incorporated into.uu) shall amend and supplement the.•ocenant4andagreementsofthuMortgageasifthe ..•r \\rn• a part hereof. . Protection of Lender's Security. If Burrower fails u, perform the covenants and agreements contained in this Mortgage, or if any t:on .,r pnit•a•ading ie commenced which materially affects [.rnder•a interest in the 1'ruprrty, including, but not limited to, eminent domain, ••..~ivenry, code enforcement, or arrangements or pracardings involving a bankrupt ar decedent, then Lender at I~nder'a opdon,upon • -.tw.•. T:.l'• ^.a.t~ iLLC^ i7CV 1-1^.:`!•l. j~~^LL"M! •:b'° ~:it^:+ L~: .a1d fl:: 4:'2.2 r_ ad 9 1e!f}•Md: ~ d '~P14X.! a.^.dA>~~ 'At/lt~~ s :'G: Tl.~: ::T:it\1 L•1_ ft,AAUrvegirA: ,l: TPHP6A8:•t! H:I.^.It \ a ih'!~ Mrt6 ri.T:1 :;;,•n tr+e i'roprrty to make repaus. Ii Lar?der~required rtKatte m:+urance as a condition of making the loan secure.l by this ~lartgagr, Iltirrower shall pay the premiums required to maintain 1 - :rh insurance in effect until such time as the requirement far a~ich insurance trrminales in accordance with &,rrower's and Lenders . -itten attreement or applicable i~w. Borrower shall pay the amount of all mortgage inriarance premwma in the manner prnvidtd under ` :tragraph 2 hereof. Any amounts disburved by IPnder pereuant to this paragraph 7, with intrust thereon, shall become additional indebtedness of lt.,rn,wer secured by this Mortgage. Unless Borro~xer and Lender agree to other terms of payment, such am.,unte shall be payable upon •tice from i.ender to Borrower requesting payment thereof, and shall bear interest from the date of disbursement at the raft payable (tom. •:me to time on outstanding principal un~.,rr the Note unless payment of interest at such rate would be contrary to applicable law, in which \•ent such amounts hall bear interest at the highest rate permissible unda•r applia•ablc law. Nothing contained in this paragraph 7, shall •~•.tu?ro fender to incur any expenses or take any action herr•inder. s - _ _ _ • ~