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Home My WebLink About1486~ '-~.~ a ~ ~'' ~ ~ Borrowes eu~d Leadet oovenaat and a~re~ as folbwr. 1. P~,rment ot Priacipal ~nd Iatere~t. Borrower shaU promptly pay whea due the princi~al o! and intenst on the i~debtednea widenosd by the NotR. prep~ym~t aad late char~er ss pmvided iA the Note, and the piindpal ot and i~te~est on any P1~tan Adv~noe~ ~ecnred by thi~ Mart~ase. 4. Pbnd~ ior Tsie~ aad Insur~nce. Subjeet to ~pplicsble law or to a written weiiver by Lende~. Borrowa sAall pey to Lender on the d~y aw~Wty in~tallment~ of principal and interest are payable under the Note. until the Note ia pad in tull. a sum (herein "F~nds'~ equal to ais tvvelRh of the ya~r~y laxes and eweesmeata which may attain priority over this Mortgaae. and gwund renb on the Propeety. if any. plw on~ twdRh of yesrly pre~nium inatallments for hasard insurance, p(w onetwelRh of yeariy pninium iastallments for ~aort~a~einsurance~ if any~ all u reawnably estionated iniGally and from time to time by l.ender on the basia o! assessmenta and bilb and reaeo~able atimates thec+eof. 'ltN Ptiu-ds ahap be held ia aa iartitatioa the deporib or aceaunts of which are inaured or guaraateed by e Fede~l or 3tate a~ency (inch~dia~ Lender it I.eadet u such an institution). Lendar ahall apply the Funda to P+~,Y ~sid tues. as~ea~ments. insurance.premiuma and ~e~ound r~ta. Lender m~y aot d~ar~e for ~o. holdinR a~d apP~Yin6 the Ptinds. anal~ni~6 said accoun~ or veri[yina and compiW~ said ~ta and bil4. unlew Lender pay~ Borrov-e~ iaterest on the P1~nds and applicable law permib Lender b make such a cberYe. Boerowror and I.eader may e~ree in writio~ at the time of esecntion oi this Mortgage tl~at interest on the Friada ~hall be paid to Botrower. and nnlew snch a~teem~t u made os applu:abk law reqnire~ ~uch interast to be Daid. Lender shall not be reQaired to pay Horro~rer say interMt o~ earninp on the Phnds. I.ender shwll ~ive to 8orrower~ ~rithout charge. en sAnual acouunting of the I~nda ahowin~ cndit~ and debits to t6e Pti~nds aad tl~e parpo~e for which esch debit to the Ptinda vyas made.'!~s ~nds are pledged es additioaal sec~uity for the suau ~ecured by th~ YortQa~e. If the an~ount oithe PLnds held by Lender, together with the future moathly installment~ of F1~nds payable prior b the due date~ of taxe~„ aaasments. inwrance premiums and Qround rents. shaU ea~ozed the amouat required to pay said ta:es. asassments. insnrance premiuiaa and ~e~onnd tent~ aa Wey faU due. anch esc~ss shall be. at Borrower's option. either promptly repaid to Borrower or credited to $orro~ra on monthly uuWlmenta of I~nds. U the amount of the Fbnds held by Lenda ahall not be sufficient to pay taxa, asseasmenb, uu~rance premiua~s and gronad ret~t~ as they fa11 due. Hotrower shall pay Lo Lender any amount necessary to make up the deficiency within 3p day~ from t6e date notice is mailed by I.ender to Borrower requesting payment there.wL Upon psy~nent in full a~all sums secured by this Mortgage, I,ender shail promptly refund to Borrower any funda held by Lenda. Vunder pars~rap618 he:eof the Property u wW or the Property is otherwise acquired by Lender. Lender ahall apply, no later than iwmediately pdor to We sab af the Property or ib aaqniaition by Lender. any FLnds held by I.ender et the time of applicafion a~ e credit against the aums ~ec~ued by tbi~ Mo~tsage. 3. Applk~ation o! Payments. Unl~as applicable law providea otherwise. all paymenta received by Iendar under the Note and paragraphs 1 and 2 her~of sbaU be applied by Lender fint in payment ot amounta payable to I.ender by Borrower under paragnph 2 heteoi, the~ to intered payable on the Note. then to the principal of the Note, a~d the~ to intenst and principal on any Future Advances, 4. Charses; Liens. Borrowes shall pay all taxea, asaessmenta and other chargea. fines and impositiona attributable to the Propetty which m~y att$in a priority over thia Mortgage, and leaaehold payments or ground rents. itany, in the manner pmvided under paragraph 2 hereofor. if noL paid io euch manner. by Borrower making paytnent, when due, directly to the payee thereoL Borrower ahall promptly fumish to I.ender all notioes of amounts due under thia paragraph. and in the event Rorrower nhaU make payment directly. Borrower shaU promptly furnish fo Lender receipta evidencing such payments. Borrower shall promptly discharge any lien which has priority over thia Mortgage; provide+d. that Borrower shall not be required to discharge any such lien ao long as Borrower shall agree in writing to the payment of theobligation secured by such lien in a manner acceptable to I.ender, or ahall in good faith conteat euch lien by, or defend enforcement of such lien in. legalproceedinQa which operate to pr~went the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrowrer ahall keep the improvements now e:iating or bereafter ere~.~ on the Property inaured against loss by fire, hezards included within the term "extended ooverage; ' and auch other hazards aa Lender may require and in ench amounts and for snch perioda ss I.ender may require; pmvided, that Lender ahall not require that the amount of such ooverage exceed that amount of covtrage reqaired to psy the aums secured. by this Mortgage. The inaurance carrier providing the insurance ehall be chosen by E3orrower aubject to approval by Lender, provided, that auch approval ahaU not be unreasonably withheld. All premiums on insurance policiea shall be paid in the manner provided undec paragraph 2 hereof or, ii not paid in auch manner, by $orrower making payment, when due, directly to the inaurance carrier. All insurance policiea and renewals thereof shall be in fortn acceptable to Lender and ahall include a standard moregage clawe in favorot and in form acceptable to LendEr. Lender shall have the right to hold the policies and renewab thereof, and Borrower shall promptly fnrniah to i.end~ aU renewel noticee and all receipta of paid premiuma. In the event of loss, Borruwer shaU give pmmpt notice to the in~utanoe carrier and Lender. Lender may make proof ot loss if not made promptly by Borrower. Unlaa Lender and Borrowrer otherwise agrce•in writing, ineurance procee~ ahal! be applied to restoration or repair of the Property damaged. provided such restoration or repair is economically telaible and the~security of thia Mortgage is not thereby impaired. If ~nch restoration or repair is not economically feasible or itthe security of this Mortgage would be impaired, the ineurence proeeeds ~hall be applied b We suau aecnred by this Mortgage, with the eacess, if any, paid to Borrower. tithe Property is abandoned by Borro~ver, or if Borrowet faib to rsapond b L.ender within 30 days from the date notice ia mailed by I.ender to Borrower that the insurance carrier otrers to kttle a claim for inaurance bene6ts, Lender ia authorized to collect and apply the inaurance proceeda at Lender's option either to restoration or repair of the Properiy or the suma eecared by this Mortgege. - Unlesa Lender and Borrower otherwiae agret in writing, any such appliration of pr~oceeds to principal ahall not extend or postpone thedue da4 of the monthly inatapments referred to in paragraphe 1 and 2 hereof or chenge the amount otsuch instaUments. If under paragraph 18 heteof the Property is acquired by Lender, a!1 right, title and interest of Borrower in and to any ineurance policia and in and to the proceedi thereof reanlting trom damage b Property prior to the eale or acquisition ahall paas to Lender to the extent of the suma secured by this Mortgage immediately prior to auch sale or aoquisition. ' 6. Preservadon and Maintenance of Property; Leaseholds; Condominums; Planned Unit Developmenta. Borrower ahall keep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if thie Mortgage is on a leasehold. i[ thia Mortgage ia on e unit in a rnndominium or a planned unit development, Borrower ahall perform all of $orrower's obligations under the declaration or rnvenanta creatingor governing the oondominium or plaaned nnit development, the by-laws and regulations of the rnndominium or planned unit development, and oon~tituent documenb. If e oondominium or planned unit development rider is executed by Bortower and recorded together with this Martgage, the oovenant~ and agreements of auch rider shall be incorporated into and shall amend And supplement thecovenants and agreementa of thu Mortgage a~ if the rider were a part hereo! 7. Protectian o! I.ender'~ Security. If Borrower fails b paform the oovenants and agrennenta eontained in this Mort~a~e, or if any ~ction or proc~edins ia commenoed which materially afCects Lender's intereat in the Property. including, bnt not lirnited to, etninent domaiq in~olvency. oode enfora~ent, ot arran~emenb or proceedings involving e banlw~ or deoedent, then Lender at I.ender'~ option,npon notioe to Borro~ver msy make ~uch appearancer. dirburee such snms and take such action as is neoes~ary to protect I.ender'~ int~rert, inclnding. but not l~mited to, di~bunement of reasonable attorney's lee~ and entry upon the PropeKy to mske repain. If Lender reqaird mort~ase in~urance as a oondition oi mal~ing the ioan secured by this Mortgage. Borrower ahaU pay the premi~ reqairsd b maintain atch uuuranoe in effect until snch time aa the requirement tor such insurance terminates in accordaace writh Borrow~er'~ and Lendd~ written a~reement or applicabk Law. Borrower shall pay the amount of all mortgage in~urance praniuma in the manner provided unde~ wn~graph 2 hueoL Any amounts diabursed by Lender persuant to~ thia paragraph ?, with ineereat thenon, ~hall beoome additiond indebtednen of Borrower ~ecnred by this Mortgage. Unleaa Borrower and Lender egree to other term~ of payment, such amounta ahaU be payable opon notice firan Lender to Borruwer requesting payment thereof, and shall bear intend from the dete of disbunement at the rate payabk trom time to time on outatanding principal under the Note nnlese payment of interest at such rate would be o~ntrary to applicable laMr, in wrhich event such amounts shall bear interest at the higheat rate permieaible under applicabk law. Nothi~~ta~0id~n thi~ paragraph 7. sh~U e+eqnire Lender to incur any e:pense or take eny action hereunder. ~345 P~Ei48~