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Home My WebLink About0078F3orrower a~d I.ende~ covenant and agree ae follows: 1. Payment of Prtncipal end I~tereat. BoROwer shall promptly pay when due the principel of aod interea- on the in~lebtednesa evidenced by the Note, prepayment and late chargee aa provided in the Note, and the principal of and ir-tereat on any F`uture Advances aecured by this Mortgage. 2. ~tnds for Ta:ee and l~aurar~ce. Subjecl to applicable lav- o~ to a writtrn waiver by l.ender, Bor~ower shall pay to l.ender on the day monthly i~stallments of principal and interesl are payable under the Note, until the Note is paid in full, a sum (herein ": unds") equA) to one tweltth otthe yearly taxea and ~sseasmenta which may attain priority over this Mortgage, aod gruu~d rents on the E'iroperEy, if any, plua one twelfth of yea~ly premium instaUments for hazard insu: ance, plus onetwelfth of yearly premium instnllmentslor murtgage insurance, if any, all as rcasooably estimated initially and from time ta tirue by I.ender un lhr busis of assessments und bills and reasunuble eatimatex thereot. The Funds ahall be held in an inatitutio~ the deposita o~ accounts of whirh are insured or guurs~nteed by a Federal or State agency Iincluding L.ender if [.ender ia such an inatitution). l.ender ahall apply the Funda to pay said taxes, assessmenta, inaurance premiums and Kround rente. l.ender may not charge for so holding and applying the Funds, analyzing said nccount, or verifying and compiling said Hsaeasments and bille, unleea I.ender pays Borrower intereet on the Flinda and applicable law permita I.ender to make auch a charge. I3orrower and l.ender may agree in writing at the time of execution of thia Mortgage that interest on the t unds shall be paid to E3orrower, and unlesa such agreement ia made or applicable law requirea such interest to be paid, I.ender ahall not be requimd to pay E3orrower any inLecest or earnings on the ~nde. I.ender ahall give to Borrower, without charge, an annual accounting of the Fu~ds showing credits and debits to lhe N unde and the purpoae for which each debit to the Funds was made. Tfie Funds am pledged as additional security [or tl~e aums secured by thie Mortgage. It the amount of the Funde held by I.ender, together with the future monthly instxllments of F unds payable prior to the due dates of taxea, asaessments, insurance premiums and ground rents, shall exc2ed the amount required to pay said laxea, assessments, insurance premiuma and ground rents as they fall due, such excess shall be, at Bo~TOwer s option, eilher promptly repaid W E3orrower or credited to Borrower on monthly installments of Funds. If the amount of the Funda held by [.ender ahall not be sufficient to pay taxes, assesssments, insurance prnmiums and ground rents as they fall due. I3orrower shall pay to I.ender nny amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender tn E;orrower mquestinR payment thereof. Upon payment in full of all suma secured by this Mortgage, l.ender shall promptly refund to Rorrower any funds held by l.ender. lf under paragraph IS hereof the Property is sold or the Properly is othervviae acquired by l.ender, l.ender shaU apply, no later than immediately prior to the sale cf the Property or its acquisition by l.ender, any Funds held by I.ender at the time of application as a credit against the sums secured by this Mortgage. 3. Applieation of Paymenta. Unless applicable law provides otherwise, all ps~yments received by [.ender under the Note and paragrapha 1 and 2 hereotshall be applied by I.ender firxt in payment o[amounts payable to I~ender bv E3orrower under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of the Note. :~nd then to interest and principal on any Euture Advances. 4. Chargee; Liens. E3orrower shall pay all taxrs, assecsmenGti and otherchartics, fines and impositions attributable to the Property which rna~~• attain s~ priority over this MortKaKe, and le:+sehold paymrnts or Kn~und rents, if anp, in the manner provided under p:iragraph'L hereofor, ~f not paid in such manner, by E3orrovrer making pay ment, when due, direcU~ to the p:~y~~c• thereoC Rormwer shall promptly [urnish to I.ender all notices of amounts due under this par~~graph, :ind in the e~•ent li~~rruwer shaill make payment direrdy, Rorn~N~er shall prompdy furnish to i.ender rrceipts evidencing such paymen~s.l3~~rrow~er ~hali prompdy discharKe an~ lien which hati priorih• u~ er this hiortK:~ge: pnn ided, lhat Korrower shall not he required to di~charge any such lien so IonK as IA~rruw•er sh:~ll aKre~ in wrilinK to the p.ipmrnt of theublixation secured bv vuch lien in a manner acceptablr tu Ixnder, ur sh:~ll in ~;~N~d faith c-untewt such lirn b~•, ordrfend enfi~n-~~m~•nt ~~f such Li~n in. ley;al proreEdings u•hich operate to prevent the enfnrcement of thc lien or forfeiturP of tht• Prnperty ur am part therc~~f. S. Hazard Insurance. Borrower shall keep the impnrvements nov-• exictinK or hereafter erected on the l'roperty insured aRainst loss by firr, hazards included within the term "extended co~ eraKe." and such other hazards as I.ender may require and in such ~mounts and for such periods :~s Ixnder muy require; pruvided, that l.ender shall n~~t re~c~uire that the :~muunt of such co~•eraKe rxceed that amount of coverage rc~c~uired to pay the sums secured by thi. hlortKaKt•. The insurance camer pru~•ic3inK the insuran~•r .hall iN• i-h~~srn h~• Itorr~~wi•r whj~~•t to appru~•al b~~ l.~•ndi~r, pn~a~idcd, th:~t such ,ipproval shcill ~ot t-e unreau~nabh• withheld_ eVl pmmiums ~~n emur:uu•~• ~N~li~•i~•..hall tx• p:+id in th~• m:~nn~•r prov~dt~c1 und~•r paraKraph'l hererif ur, if n~~t paid in such manner, M• Fi~~rn~wer makink p:~ym~~nt. ~~•h~•n dur, dinti•th• t~~ th~• in.uranc~~ c.+rri~~r. All insurance policie~ and rnnew~als thereof tih.ill l-r in furm arceptable tn I w•~der and shall include a standanl murtKaKeclause in favor of and in form acceptable to I.ender. l.ender shall ha~•e the riKht tn huld thf~ Fwlii•irs.+nd rrn~•v~ alc there~~f, and Rorruw•er shall pmmptly fumish to i.ender all renewal notices and ~11 rec-eipts uf paid premiums. In th~• ~•~•eut uf lus~. Iturn~~+er shall Kive prompt nutice to the insarance carrier and l.ender. I.ender may make prunf of loss if nut mad~~ pramptl~ b~• Kurrnwer. Unless [.ender and liorrower othervvise agree in veritinK. incur.~ncr pr~K•c~c~ds ~hall br applird to restoration or repair of the Property damaged, provided such restoratiun or rrpair is e~•unumi~•~Ily feasible and thr ~ti•urity of this A1ort~;aKe is not thereby impaired. If such restoration or repair is not eco~omically frasible or if th~ security of this AlnrtkaKN w•auld tre irnpaired, the insurance proceeds shal! be applied tu the sums secured by this I~tortKage, w~th the exct•xs, if any, paid to fk~rrow•er. if the I'roperly is abandnned by F~rrower, or if f3orrower fails to respond to [.ender wilhin :30 days frum the date nntin~ i~ mail~d by I.ender tu Borrovrer that the insurance carrier ofTers to settle a claim for ~nsurance benefila, I.ender is authorized tu cullect :~nd apph• thP incurance pr~rcty~ls at l.ender's option either to restoration or repair of the Property or the sums secured by this hlnrtKaKe. . Unless I.ender and E3~rrower otherw ise aKrc~e• in writinK, any such applii~ation of pr~KYYtiIs to principal shall not extend or postpone thedue date of the monthly installmen~4 referreJ tu in paraKraph~ 1 and'1 hereuf or chanKc• the amount of such installmentx. If under paragraph 18 hereof the Property is acquired by I.ender, all riQht, title and interest uf Rormwer in and to any insurance policies and in and to the proceeds thereof reaultinQ from damaRe to Yroperty prior to the ~:ili• or acyu~sition shall pass tn l~ender to the extent of the sums srrured by this `tortgage immediately prior to such sale or acquisiti~~n. 6. Preeervation and Maintenance of Pmperty: l.eay~holds; ('ondominums; Ylanned Unil I)evelopmente. fiorrowershall keep the Property in qood repair and shall not c~~mmit watite or permit impairmrnt or deterioration of the Property and shall comply v~~th the pruvisions of any lease if thiQ Mortgage is on a leaseh~:ld_ If this ~1ortKxKr is on a unit in a rnnduminium or a planned unit development, Fiurrower shall perform all of Borruwer's obliKatiuns under the declaratinn or nn•enanLs ~•rratin~;or KovermnK the condominium or planned unit development, lhe by-laws and reKulations nf the cunduminium ur planned unit deeelopment, and constituent documents. If a condominium or planned unit de~elc~pment rider is eaecuted by Korr~~wer and recordeel toKether v-ith this Mortgage, the mvenant8 and ,~Kreements of such rider ~hall t-e incor~~r.it~~c1 intu and shall :~m~nd and supplrm~~nt theco~•enan~s and aKr~~mentsof this ~1ortKaKe as ifthe nder wem a part hereof. 7. Protection of Lender'e Security. If I3orrower faila to perform the covenante and agreementa contained in thie Mortgage, or if eny action or proceeding ie commenced which materially affects I.ender'a intereet in the Yroperty, including, but not limited to, eminent domain, ~neolvency, code enforcement, or arrangemente or proceedinga involving a bankrupt or decedent, then Lender at I.ender's option.upon notice to Borrower may make auch appearancea, diaburae such aume and take auch action ae is neceasary to protect Lender's interest, including, but not limited to, diebureement of reasonable attorney'e feee and entry upon the Property to make repaire. If Lender required mortgage inaurance as a condition of making the loan secured by thie Mortgage. Borrowrr ahall pay the premiuma required to maintain euch ineurance in effect until auch time as the requirement for auch insurance terminatee in accordance with Borrower'e and Lendei a written agreement or applicable I.aw. Borrower ehaU pay the amount of all mortgaRe inaurance premiuma in the manner provided under paragraph 2 hereof. Any amounte dieburaed by I.ender persuant to thia paragraph 7, with intereet thereon, ahall become additional indebtednees of Rorrower eecured by this Mortgage. Unleas E3orrower and I.ender agree to other terms of payment, such amounta ehall be payable upon notice trom [.ender to Borrower requeeting payment thereof, und ahall bear intereat from the date ot diabursement at the rate payable from time to time on outatanding principal under the Note unleas payment of intereat at such rate would be contrary to applicable law, in which event euch amounte shall bear intereat at the higheet rate permiseible under applicable law. Nothing contained in thie paragraph 7, ehall require I.ender to incur any expense or take any action hereunder. ~~ 345 ~~ ~ 1~ 7 . ~ . . _ ~. --..,~"~` -~~'=~ ~.::~