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Home My WebLink About1477;;~~ ~~`j~~ Borrovres and Le~der oovenaat and a~ree a~ folb~n: 1. P~~ent o! PriacipRt aad Iateres~ Borrower shall prompt~y pe~y whea due th~ p~inndpal of and intarat on the indebtedner rvideaoed by the Nota. prep~ymet~t and Iate char~eo a~ pmvided in the Note. a~d the peiacipal of ar~d iaterest on any F1~tnrs Advanoes ~ecured by thiu Mostra~a ~. Pluad~ toe Taiea aad Insurance. $ubject b ~ppiicabk lsw or to a written waiv~ by Lender. Horrower shall pqy to Lenda on the day monthly installments of principal and ir~tereat are pqyable under the Note. until the NMe ia paid in fuU. a sum (herein "P1u~di'ry equsl to one~ Mie1Rh of the yurly taxa and ss~essment~ rvhich aaay attein priority over this Mortga~e. and ground ~ts on the Property. if any, plw ons twelfth of yearly preanium inriallments !or hasard'uuurance. plua onetwelRh ofyearly premium installn~enta for mortQage inturance. if any~ all a~ reasonably eetiraated initially and from time to time by Lender on the basis o[ assessments aad bills and reaaonable eatimetes ihereo! 77H Pbads ~haU be held in an iaatitntiop the depo~its oc aocounta of which are insured or gnara~teed by a Fedaal or 3tate agency (iaclndin~ L~der if Lead~ u such an institnbion). L~nder ahall apply the Fbnds to paY eaid taxea. a~unenea, inauranoe premiua~s and sround renb. Lender me~y not d~arQe Ia~ ~o hoMi~ aad applying the i~nda, analysing seid aoooun~ or verifying and compilin~ ~aid a~essm~ts aAd biW. nnler~ I.e~xter pays Borror-e~ interest on the ~unda a~d applicabk law permib Lender to make snch a charge. Borro~rer and I.wder may agree ia writin~ at the Wne of esecutioa of this Mo~tgage that interest on tAe P1~rtds shall be paid to Borrowa. aad ualep ~ncb asreement is m~de or y-pticabk lew raquire~ wch iatera! to be paid. Lender shell not be required b pay Borrower any intere~t or esrniap oa the Pbnd~. I.ender ~haU aive to Bo~ower, without cherge. an annual accounting of the fl~ada ahowing cndib and debita to Ws P1~nd~ aad We putpo~e for which e~ch debit b the Funde v~as made. Tfie Funda an plcdged aa additional security for the snms ~ecured by thi~ ll~ort~e~e. Iit6e amount of the P1~nde held by Lender. together with t}u future monthly inatailments of F~ds pay abte prior b the due dstea of ta:e~, asseesmenta. ins~ancs pr~iuma and ground rents. ahall excred the amount required to pay said tazes. asseas~qenea, irtaurance premium~ and gronnd renta a~ they fall due. such esoess ahall be. at Bonower s option, either promptly repaid to Borrower or credited b Borrowar on _ moatbly instaUmenb of P~nds. If the unount of the Funds held by [.ender shall not be anfficient to pay taxes. asaesaments, ineuranc~ prenuuma and ge~ound renta ss they tall dne. Borrower ahall pay to Iinder any amount necessary to make up the deficiency vrithin 30 dsy~ trom the date notioe is aoailed by L.ender b Borrower requeeting payment theceof. Upoa paymeat in full af all sums ~ecured by thia Mortgage, I.ender shall promptly refiind to Bormw~er any funds held by l.endcr. If nnder psragraph 18 henof the Propetty is sold or the Property is otherwise acquired by Lendtr, Lender shall apply, no later than iaimediately prior Lo the sale of the Property a~ it~ acquiaition by I~nder~ any I~nds held by Lender at the time of application as a credit agaiast tbe auma secured by thi~ Mortgage. 3. Application of Paymenta. Unlea applicable law pmvides otherwise, aA payments rieeived by Leader uader the Note aud paragraphs 1 aad 2 hereof shall be epplied by Lender first in payme~t of amounts payable to 4nder by Borrower under paragraph 2 henof. the~ b inLenst payable on the Note. thea to the principal of the Note, and then to intereat and principal on any Ptiture Advanoea, ~. Charges; I.ieas. Borrower ahaU pay all taxes. asaessmenfs and other charges. finea and impoaitions attributable to the Property which m$y attain a priority over thia Mortgage. and lea8ehold paymenta or ground rents, if any. in the manner provided under paragraph 2 hereofor. if not paid in such manner. by Borrower making payment, when dut, directly to the payee thereof. Borrower shaU pmmptly furnish to Lendet all notioes of amounta due under lhia paragraph, and in the event Borrower shall make payment directly. Borrower shall promptly furaish to Lend~ receipta evidencing auch paymente. Borrorver shall promptly discharge any lien which has priority over this Mortgage; pmvided. that Borrower $hall not be required to discharge any such lien so long as Borrower shall agree in writing Eo the paymenl of the obligation secured by such lien in a manner aeceptable to I.ender, or ahall in good taith contest such lien by, or de[end enforcement of auch lien in, legat~proceedinga which operate to pnwent the enforoement of the tien or forfeiturn of the Property or any part thereof. - 5. Hszard Insnrance. Borrow~er ahall keep the improvementa now e:iating or bereaRer erect..~d on the Property insured against loss by fin, hazards included within the term "extended rnvetage," and such other hazards as Lender may require and in such amounte and forsnch periode as Lender may require; provided, that Lender shall not require that the amount ot auch ooverage exceed that amount of coverage reqnired to pay the auma secured by this Mortgage. The inaurance carrier providing the insurance ahall be chosen by E3orrower subject to approval by Lender; provided, that such approval ahall not be unreasonably withheld. All premiums on insurance policies xhall be paid in the manner provided under paragraph 2 hereof or. if not paid in auch manner, by Borrower making payment, when due, din~ctly to the insurance carrier. All inaurance policies and renewals thereof shall be in form acceptable to Lender and ahaU include a standard mortgage clause in favorot snd in form aooeptable to Lend~. L.ender aha11 have the right to hold the policiea and renewals thereof, and Borrower ahall promptly furaiah to i,,~nder all renewal notices and sU rcceipta of paid premiums. In the event of loss, Rorruwer ahall give prom~ notice to the insuranae carrier and Leadet. Lender may mahe proof of loea if not made promptly by Borrower. Unlaa Lender and Borrower otherwise agree-in writing, insurance procee~i~ shall be applied to ceatoration or npair of the Property damaged, provided such natoration or repair ia economically fetsible and the~security of this Mortgage is not thereby impaired. If anch resbration ~ repair is not economically teaaible or itthe security of this Mortgage would be impaired, the insurance proceeds shall be applied to We suma eecured by this Mortgage, with the e:cess, i[ any, paid to Borrower. Iithe Property ia abandoned by Borrower. or if Borrowa fails Lo reepond fo Lender within 30 days from the date notice is mailed by Lender to Borrower that the inaurance carrier offers to settle a claim for inenranoe bene5te, Lender is authorized to collect and apply the insurance proceeda at Lender s option either to reatoration or repair of the Property or the auma eecured by this Mortgage. Unleas Lender and Borrower otherwiae agree in writing, any auch application otpmcecda to prin~~ipel ahall not actend or postpone thedue date of the monthly installments reterred to in paragraphs 1 and 2 hereof or change lhe amount of such installments. If under paragtaph 18 hereof the Property is aoquired by Lender, all right, title and intereat of Borrower~in and to any inaurance policiea and in and to the pmceed~ thereof reaulting trom damage to Property prior to the sale or acquieition ahall pasa to Lender to the extent ot the suma eecured by thia' Mortgage immediately prior to ench sale or aoquisition. ' 6. Preserv4tion and blsintenance otProperty; Leaseholda; Condominums; Planned Unit Developmenb. BorrowerahaU keep the Properiy in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ahall oomply with the proviaions of any leaae if this Mortgage is on a leasehold. It this Mortgage is on a unit in a rnndominium or a plenned unit development, Borrower ahall perform all of Borrower's obligetiona under the declaration or covenants creatinRor governing the condominiwn or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documente. It a aondominium or planned unit development rider is executed by Bo*rower and recorded together with thia Mortgage, the ooveriants and agreemente o[such rider shall be incorporated into and shall amend and supplement the covenanta and agreementaof tAis Mortgageaa ifthe rider were a part hereof. 7. Protection of Lender'~ Security. If Botrower fails to perform the oovenants and agreementa contained in this Mottgage, or if aay action or proceeding is commenaed which materiaUy affects Lender's intereat in the Propetty, including, but aot limited to, eminest domaiq in~olvency, oode enforodnen~ ~ arras~gemente or proceedings involving a bankrupt or deoedent~ tha~ L~-der st Lender'~ optiion.npon notioe to Borrower may make sach appearanoe~, disbane such aums and take such action as is neoasary to proted I.ender'~ interest, inclnding, but not l~mited to, disbursement ot nasonable attomey's fees and entry upon the Property to meke repain. If Lenda reqnited mortgage insaranoe a~ a condition of making the loan secured by this Mortgage. Borrower shall pay the premium~ required to maintain snch inrurancx in effect nntil snch time as the requirement tor such insurance terminetes in aecordance w~ith Borrower'~ and Lmdds written sgreemeat or applicabte I.ew. Borrower shall pay the amount of all mortgage insurancs praaiuma in the manner provided unde~ psragraph 2 hereof. Any amounts disbarsed by Lender perauant to' this paragraph T, with interest thereon, shall beoome additional indebtedneN of Borrowa secured by this Mortgage. Unleas Borrower and Lender agree b other terms ot paymen~. such amounte shall be payabk apon notice from Lmder to Borrower raquesting payment thereof, and ahall besr intereat from the date of disbnrsement at the rafe paysbk irom time to time on outstanding principal under the Note unless payment of interest at such rate would be oontrary to spplicable law. in wbicb eveat such amounts shall bear interest et the highest rate petmissiWe under applicabk law. NothinR contain in t1~is para~raph 7. ~hall reqnin Lrnder to incur any expense or take an~+ action hereunder. !~ ~ ~ t i ~~~ P~-i475 -. ~~...-. ~~:..~~.~_~ ,-