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Home My WebLink About2047F3orrowe~ and l.ender rnvenent and agree as follows: l. Pwyme~t of Principal ~nd Interest. Bo~rower shall promptly pay when due the pri~cipal of and intereat on the indebtedne~e evidenced by the Note, prepayment a~d late charges as provided in the Note, and the principal otand intereatan any F'uture Advances secured by this Mortgage. 2. ~nds tor Tazes and lnsu~ance. Subject to applicnble luw or to a written waive~ by I.ender, Rorrowe~ shall pay W I.endrr on the day monthly installments otprincipa) and intereat are payable under the Note, until the No1e ia paid in full, a sum Iherein "F unda") equal to on~- twelfth of the yearly taxes and assessmenta which may atts~in priority over thia Mortgage, and ~round renta on the Pn,perty, if any, plus one~ twelRh otyearly premium installmenta fo~ hazard ineurance, plus onrtwelflh of yearly premium instullmentx !or moirtguge ioau~ance, if uny, HII as reasonably es/imaled initielly and from time to tiR~e by l.ende~ on the t-asis of assessmentec and bills and reasunable extimales thereof. The Fl~~ds ahall be held in an inetitution the depoaita or accounta of which are insured or guarunteed by a Federel or State Agency lincluding I.ender if Lender is auch an i~stitution). l.ender shall apply the Funde to pAy said taxea, assexecmenta, insurance premiuma and Kround rente. Lender may not charge for so holding and applying the Funds, analyzing said account, or verifying and cumpiling said asseesmenta and bilis, unlesa Lender ~ays Borrower interest on the F unds and applicab-e law permita t.ender to make auch a charge. E3orrower and I.ender may agree in writing at the time ot execution oi this Mortgage that interest on the Funda shall be paid to Borrower, und unleas auch agreement is made or applicable law requirea auch interest to be paid, I.ender ehall not be required to pay HaROwer a~y interest or earnings on the ~nds. Lender ahall give to Eiorrowe~, without charge, an annual accounting of the Funda ahowing credila and debita to the Funda and the purpose for which each debit to the Funde was mude. The F unds are pledged as additional security for the suma secured by this Mortgage. 1[ihe amount of the Funda held by I.e~der, toqether with the future monthly instaliments of Fu~ds payable prior to the duedates of taxea, asaesamente, insurance premiuma and ground rents, shall excred the amount requind to pay said taxes, assessmenta, inaurance premiums and ground rents as they fall due, euch exceas shall be, at Bo~tuwer's option, either promptly repaid to Borrower or credited to E3orrower on monthly inetallments o[ Funds. If the amount of the Funda held by I.ender shall not be aufficient to pay taxes, asaeasmenta, inaurance premiums and ground rente as they fal) due, E3orrower shall pay to l.ender any amuunt neceasary to make up the deficiency within 30 days from the date notice ia mailed by l.ender b fiorrower rrquesting payment thereo[. Upon peyment in full of all aums secured by this Mortgage, l~ender shall promptly relund to E3orrower any funds held by [.ender. If undet paragraph 18 hereof the Propeirly is sold or the Properly is otherwise acquired by I.ender, I.ender ahalf apply, oo Iater than immediately prior to the sale of the Property or its auquiaition by l.ender, any Funds held by l.ender at the time of application as a credit against the suma secured by this Mortgage. ~ 3. Application of Paymente. Unless applicable law provides otherwise, all payments received by I.ender under the Note and paragraphs 1 and 2 he~eof ahall be applied by l.ender firxt in payment otpmounta payable to I.ender by Rorruwer under paragraph 2 hereof, then to intereet payable on the Note, then to the principa) of the Nute, and then to interest and principal on any Future Advancea_ 4. Charges; Liena. Eiorrowershall pay all taxes, ax.Ressmenls and uthcrcharKes, fines:~nd impusitions atlributable to the Property which may attain a priority over this Mortgage, and le:~sehold pa~ ments or Kround renls, if any, in thc manner provided under paragraph 2 hereofor, if not paid in such manner, by f~-rrower making payment, when due, direclly to the payer therer-C Burn-wer shall promptly furnish to I.ender all notices of amuunts due under this paragraph, and in the e~ rnt Rorruwer sh~dl make payment directly, t3orrower shall prompQy turnish to I.ender receipts evidencing such paymrnts. fiorn-wer shall prumptly discharg~• any lien which h:~s priority o~•er this Mortgage: provided, that Rurrower shall not be reyuired to discharKe any such li~•n su IonK.-s ti~~rruwer ~hall agree in writing tu the pavment of theobligation secured by such lien in a manner acceptable to l.ender, or shali in ~uocf failh cy,nt~wt such lirn hy, ordefend i~nfor~rmentof such li~•n in, IeKal praiceedings which operate to prevent the enfurcement of the lien or fi-rfeiture of the I'ruperty ur am• part thereuf. 5_ Hazard Ineurence. Borrow rr shall keep the impmvements nuw exislinK or hereaRer erected on lhe f'roperty insured against loss by fire, hazards induded within lhe term "exlendcd cY-~ eraKr," and such ulhrr hazards as Ixnder may require and in such amnuntx and forsuch periods as I.ender may require; pro~•ided, that I.ender shall not r~ryuire th:~t the amount of such rn~erage exceed that amount of coverage required to pay the sums securcd by this MortKaKe. The insurance carrier pro~ idinK the insuranir ~hall tH• ch~~s~•Il f~~• KuRuK'er subj~r~t tu approval b~• Ia~nd~•r, pmvid~l, that xuch approval shall not be unre:isonabh• withheld. All pn•mium. un insur.~n~y ~H~li~•i~~. ~hal) iw• p:~id in•the manner pru~•id~r1 under paraKraph'L hrreofor, if n~,t paid in such manner, b~ &-rruwer makinK p:n•m~•nl, whrn dui•, dinrth~ t~~ th~• in.urance c:irri~•r. All insurance policies and renewals thereof shall t-e in ti~rm acceptable p~ 1 A•nder:ind shall include a standanl mortgage clause in favor of and in form acceptable lo I.ender. l.endershall have the ri~ht G~ huld the ~N~licies and renewals thercr~f, and Borrowershall promptly [urnish to ~.ender all renewal notices and all rec•eipts uf paid pn•miums. In the Pvent of lusc, Rurn~w•er ~hall Kivr prompt nutirn to lhe insurance carrier and l.ender. I.ender may make proo( of loss if not made pmmpUy by Borruwer. Unlesa Lender and E3orrower otherwise aKree in W riting, insur.~nce proc-iedc sh:~ll tx~ applied to restoralion or repair of the Property damaged, pmvided auch resioratiun ur rep.iir is economically feasible and the xcrurity of this Mortgage is not thereby impaired. If such restoration or repair ia not economicaUy h asitrle or if the security of this MortK:-Ke would be impuired, the insurance prceeedsahall be applied tu the sums aecured by this Mortgage, with the exress, if an_r•, paid to l3orrowrr. lf thc 1'roperly is abandoned by Iiorrower, or if E3orrower faila to reapond to [.ender within :i0 days from the date notic~• is mailwl by I.ender tu liorrovrer that the insurance carrier offers.to aetUe a claim [or insurance benefits, I.Ender is authorized to collert and :~pply the insurance procer~ls at lender's option either to restoralion or repair of the Property or the sums secured by this MortK~~K~'• Unlesa l.ender and I3orrower otherwise agrcr in writinK..~ny such appli~•ation of pr~x~eeds to principal ahall not extend cr postpone thedue date of the monthly installmenta referred t~~ in par:~Kraph~ 1:+nd 'l t~Prcof or rhange the:~mount of such inst~~llments. I[ under paragraph 18 hereof the Property is acquired hy I~rnder, all right, tide and interest of F3ormwer in and to any insurance policies and in and to the proceeds thereof reeulting from damage to Property prior t~ the sale or a~-qutsition ghal) pa~: tn I.ender to the extent of lhe suma secured by this ~fortgage immediately prior to such sale or acquisilion_ 6. Preeervation and MaintenanceotProperty; l.raseholds: Condominums; f'lanned Unit Developments. E3orrowershall keep the Property in good repair and shall not commit w•a~te ur permit impairmPnt or deterioratiun of the Pruperty and ahall comply with the provisions of any lease if this Mortgage is on a leasehnld. If this lltortKage is on a anit in a n~nduminium or a planned unit development, F3orrower ehall perform all of I3urr~~wer'x ubliKations under the dNrlaratiun ~~r co~enants ~•rr:~tin~;or govermnq the condominium or planned unit development, the bylaws and reaulations of the conduminium ur plnnned unit development, and constituent documente. If a condominium or planned unit development rider is executed by &-rruw~er and recorded toKether with this Mortgage, the rnvenante and :iKreemen~vofsuch rider shall Fre incorpurated iMo and shall amend and supplement thecuvrnanls and aKreementsofthis MortgaQeasifthe rider were a part hereof. 7. Protection of Lender'e 3ecurity. If E3orrower faile to perform the covenante and agreemente contained in this Mortgage, or if any action or proceeding ie commenced which materially affecta I.ender e intereet in the Property, including, but not limited to, eminent domain, ineolvency, oode enforcement, or arrangementa or proceedinga involving a bankrupt or decedent, then l,ender at Lender's option,upon notice to Borrower may make euch appearanoes, dieburee auch euma and take euch action as ie neceaeary to protect Iender's in~R including, but not limited to, diebureement of reseonable attomey e[ees and entry upon the Property to make repairs_ I[ Lender required mortgage inaurance ae a condilion of making the loan aecured by this Mortgage, Rorrower ahall pay the premiums required to maintain euch insurance in effect until euch time ae the requirement (or euch inaurance tertninatee in accordance with Borrower's and Lendrr s written agreement or applicable Law. Borrower ahall pay the amuunt of all mortgaKe insurance premiume in the manner provided under paragraph 2 hereof. Any amounte dieburaed by Ixnder persuant to thie paragraph 7, with intereet thereon, ahall become additional indebtedness of Borrower secured by this Mortgage. Unlesa f3orrower and I.ender agree to other terms of payment, auch amounte ehall be payable upon notice from Lender to Borrower reyueeting payment thereof, and ahell bear interest from the date of diebureement at the rate payable from time to time on outetanding principal under the Note unleae payment af intereet at euch rate would be contrary to applicable law. in which event auch amounte ahall bea~ intereet at the higheat rate permiasible under applicable law. Nothing rnntained in this paragraph 7, shall require I.ender to incur any ezpenee or take any aMion he~eunder. b~~K 3~~ ~~~1tz04s _ _3~ ~ ~__.A~~~