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Home My WebLink About0476Bor~owe~ and Lender covenant and a~ee as tollows: l. Payment o~ Principal and Intet s~ Borrower shall pmmptly pay wheo due the principal of and intereat on the indebtednesa evidenced by the Note, prepayment and late chargee as provided in the Nole, and the principal of and intereat on any F~ture Advances aecured by this Mortgage. 2. F~nda for Taues snd Ineurance. Subject to applicabie law or to a written waiver by l.ender, BoROwer shaU puy to I.ender on the day monthly inatallments of pri~cipal and intereal ~3re payable unde~ the Note, unti) the Note is paid in full, a aum (he~ein "Ftinda") equa) to onr twelRh of the yearly taxes and aaseasmenta which may attain priority over this Moirtgage. and ~ound rents on the Piroperty, if any, plua one twelEth of yearly premium inataUmenta tor hazard inaurance, plus one~twelRh ofyearly premium installments for mortgagc inau~ance, if any, all as reasonably eatimated initially and from time to time by Ixnder on the basis of assessments und bills nnd ret-sonable estimates thereof. The ~nds shall be held in an institution the depoeits or eccounte of which are i~nured or guarantcrd by a Frderal or State agency ~including Lendet if I.ender is auch an institution). Lender shall apply the Fu~ds to pay aAid taxes, assessmenta, insurance premiums and grouad renta. l.ender may not charge for so holding and applying the E~'unds, analyzing said accou~t, or verifying and rnmpiling said asaesements and billa, unlesa Lender paya Bo~rower intereat on the Funds and applicable law permits l.ender to make such a charge_ Borrower and Gendes may agree in writing at the time of execulion ot thia Mortgage that intereat on the Funda shall be paid to Bormwer, and unlesa such agreement is made or appticable law requires such intereat to be paid, l.ender shall not be requind to pay Borrower any interest or earnings on the ~~ds. I.ender ahall give to Borrower, without charge, an annual accountinK otthe F unds ahowing credita and debite to the Funds and the purpose fo~ which each debit to the Ftinda was made. The Funds are pledged as additional security for the auma secund by this Mortgage. If the amount of the ~nds held by I.ender, together with the tuture monthiy install menta of Funds payable prior to the due dates of taxea, asaesaments, insurance premiums and ground rents, ahall excred lhe amount required to pay said taxes, assessments, inaurance premiums and ground rents as they fall due, auch excess shall be, af Bo~TOwer's option, either promplly repaid to Borrower or credited b Borrower on monthly installmenta of Flinda. If the amount of the H unda held by l.ender shall not be sufficient to pay taxes, aseessments, insurance premiums and ground renta as they tall due, Eiorrower shall pay to l.ender any amount necessary to make up the deficiency within 30 days fmm the date notice ia mailed by l.ender b E3orrower requesting paymeM thereot. Upon payment in tull of all aums aecured by this Mortgaqe, l.ender shall promptly refund to I3orrower any funds held by I.ender. If under paragraph 18 hereof the Properly ia sold or lhe I'roperty is otherwise acquired by I.ender, I.ender shall apply, no later than immediately prior to the eale of the Property or its aequiaition by Lender, any Funds held by I.ender at the time of application as a credit against lhe sums secured by thia Mortgage. 3. Application of Paymente. Unless applicable law provides otherwise, all payments received by l.ender under the Note and paragraphe 1 a~d 2 hereof ahall be applied by I.ender firHt in payment of amounts payable to l.ender by Bonower under paragraph 2 hereof, then to interest payable on lhe Note, then to the principal of the Note, and then to interest and principa) on any Future Advances. 4. Charges; Liens. Borrowershall pay all taxes, assessmenl.s and uther rharKes; fines and impositiuns attributabie to the Properly which may attain a priority over this Mortgage, and le.~+sehold payments or Kmund rents, if an} , in the manner provided under paraRraph 2 hereofor, if not paid in such manner, by Borrower making payment, when due, directly to the payee there~~t Fiurmwer sh:~ll promptly furnish to Lender all notices of amounts due under this paraRraph, and in the eernt f;orrower shall make p.~yment direcdy, Burn~wer shall promptly furnish tu l.~•nder receipts evidencing such payment~s. Borrower shall promptly discharge any lien which has priorit~ u~~er this Mnrtg.~ge; pmvided, that Re~rrower ahall not be required to discharge any such lien so IunK as li~~rruwer shall aKrre in writinK U~ the p.iymrnt of theobliK.~tion secured by such lien in a manner acceptable to Ixnder, or sh:ili in K~~d f.~ith iti~ntc~;t ~uch lii•n by, ur defend enfi~n-~~m~~nt of sui~h lien in, le{~al proceedings w•hich operate to prevent the enforcement of the lien ~~r fi~rfriture uf lhe 1'roperh• or vny part themuf. 5. Hazard Inaurance. Borrnwer shall keep the impnn•ements now• existinK or hereaRer ereded un the Property insund against loss by fire, hazards included within the term "extended cuveraKe; ' and such uther hazards as I.ender may reyuire ~nd in such amountx and [orsuch pt~riods as (xnder may require; provided, that Iw~nder shall not reyuire that the amount of such co~rraKe exc~ecd that amount of coverage rtquired to pay the sums secured by this 1+tortKaKe. . The insuranm carrier providinK thr in~urani-c• sh:~ll ix• chu.en b~• 1{~~m~wer ~ubjrct to appro~•:~1 b~• I.ender, pn~~•ide~1, that such appro~ ai shall not be unreasonably withheld. All premiumti un insur:~n~•e ~~licie. ~hall Ix• paid in the m:mnt•r prucid.Yl under para~raph 'L hermf or, if n~~t paid in such manncr, b~• Fi~~rrower m:+kinK pa~•rn~•Il~, WFlfm duc. ~1in~•tl>• tn thi• 16tU~:~OCP Cllfflf~r. All insurance pulieies and renewals thereof shall be in fnrm acceptable U~ I.ender and shal) include a st~ndard m~~rtgaKeclause in favorof a ~d in form acceptable to t.ender. l.ender shall have the riKht tn hold thr ~~licies and mnew~als there.~f, and Rorrower shall promptly furnish to ~.ender all rnnewal notices and all receipLs of paid prrmiums. In thr r~ent of luss,l3~~rr~iwer sh.ill Kive prompt notice to the insurance carrier and Lender. Lender may make prc,of of lo~s if nut made prompth• by 1~-rrower. Unless I.ender and I3orrower otherwisr aKree in writinK, insuranm pnMercl.c shall be applied to restoration or repair of the F'roperty damaged, provided such restoration or repair is economically feasible and the scrurity of this MortKage is not thereby impaired. If such restoration or mpair is not ecunomically feasible ur if the ~crurity c,t this N1urtKaKe w uuld }-e impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, w~th the rxcE~ss, if an~, paid to &~rn~vrer. lf the !'roperty is abandoned by E3~rrov-er, or if Borrov-er faila to respond to l.ender within 30 days from the date notice is mailFd by I.ender tu (iorruMer that the insurance carrier offers to settle a claim tor insurance benefits, [.ender is authorized to collect and apply the in~urance pr~xeecis at I.ender's ~,ption either to restoration or repair of the Property or the sums secured by this MortgaKe. Unless Lender and E~rrower otherwise agrer in writinK, an~ such application uf pmceeds to principal shall not e:tend or postponethedue date of the monthly installments referred G- in paraKraphs 1 and'L l~ereof or change the :~mount of such installmenta. If under paragraPh lA hereof the Property is acquired by I.ender, all right, title and interest of Eiorn~w•er in and to any insurance policies and in and to the proceeds thereof reaulting from damage to I'roperty prior to the sale or acywsition shaU pass lo I.ender to the extent of the aums secured by this ~turtgage immediately prior to such sale or acquisition. 6. Preeervation and Maintenanceof Property: I.easeholds; ('ondominums: Planned (Tnit Developmente. E3orrovvershall keep the Property in good repair and shall not commit waste or pe•rtnit impairment or drterioration of the Property and shal) comply with the pruviaiona of any lease if this MortKaRe is on a leasehold_ If this AturtKaKe is on a unit in a conduminium or a planned unit development, F~urrower ahall perform all of Rorrower's obligatiuns under the declaraliun ~-r co~•enan4K ~reatin~;or govern~nK lhernndominium or planr.ed unit development, lhe by-laws and reRulations of the condominium or planned unil developmenl, and conatituent documenls. If a i~nndominium or planned ur.it development rider is execvtcd by fiorrower and recorded tuRether with this Mortgage, the rnvenants and :iKreements ofsuch rider shall he incurporatecl into and vhall amend and supplement thecu~enanLg and aKreementxofthiaMurtgageasifthe nrler were a part hereof. 7. Protection of Lender's 3ecurity. If Borrower taila to perform the covenante and aqreemente contained in thie Mortgage, or if any nction or proceeding is commenced which materially affecte I.ender'a intereet in the Property, including, but not limited to, eminent domain, ineolvency, oode enforcement, or errangemente or proceedinga involving a bankrupt or decedent, then l.ender at Lendei s option,upon notice to Borrower may make auch appearancee, dieburee auch auma and take auch action as ie neceasary to protect Lender'e interest, including, but not limited to, diabureement of reasonable attomey'a feee and enlry upon the Property to make repairs. If I.ender required mortgage ineurance ae a condition of making the loan aecured by thie Mortgage, Borrower ahall pay the premiume required to maintsin such inaurance in effect until euch time as the requirement for auch ineurance terminatee in accordance with Borrower'a and Lender e written agreement or applicable [.aw. Borrower ahall pay the amount oi all mortgage ineurance premiuma in lhe manner provided under paragraph 2 hereof. Any emounte diebursed by Lender pereuant to thia paraqraph 7, with intereet thereon, ahall become additional indebtednese of Rorrower eecured by thie Mortgage. Unleas Honower and [.ender agree to other terma of payment, euch amounte ehall be payable upon notice from Lender to Borrower requeeting payment thereof, and ahal) bear interest fmm the date of diebureement at the rate payable from time to time on outetanding principal under the Note unleas payment of interest at such rate would be contrary to applicable law, in which event auch amounta ehall bear intereet at the higheat rate permiasible under applicable law. Nothinq contained in thie paragraph 7, ehall require I.ender to incur any expenee or take eny action hereunder. ' ~ = ,~~ _~ -_j ~~~ ~~ . . . ~~'~345 Ps~E 47•5 , - - ~~ ~ s ~~ ~ --