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Home My WebLink About2606Bormwar and I.ender rnvenant snd a~;ree as tollows: 1. Payment ot Pirincipal a~d Interest. Borrower shall pmmptty pay when due the principal o[ and iotereat un the indebtedness evidenced by the Note. prepaymentand late charges aa provided in the Note, and the principal of and intereetun any H uture Advances eecured by this Mortgage. 2. Elrnde for Taxea and lneurance. Subject to applicubie luw or lo a written wuiver by l.ender, Borruwer shall pay to l.ender un the day monthly inatallments o[ principal a~d iotereat are payable under the Note, until the Note is paid in full, a sum Iherein "1~ u~ds"- equal to one- twelRh of ihe yea~ly taxea and assesamenla which may ottain p~iority over this Mc-rtguge, and ground mnts on the Yroperly, if uny, plua onr twelflh of yearly premium installmeots for hazard insurance, plus onPlwelfth utyearly premium installmenls for mortgs~Ke insurnnce, if any. all as ~easonably estimatcd inilially and firom time to tiR~e by l.ender on lhe lx~sia of ussesx~nrnts und bills and re:+sonable extimates thereof. The fltnds shall be held in an inatitution the depoaita o~ accounta ot which are inaured or guaranteed by tt Fede~al or titate agency lincluding [.endrr if l.ende~ ia such an inetitutio~l. l.ender ahall apply the Funds to puy said taxes, assesxmenta, insu~ance premiume and Ecround rents. I.ender may not charge for so holding and applying the Funds, analyzing said nccount, or verifying and compiling said asaessmenfa and bills, unleae I.ender pays Borrower intereat on the Funds and applicable law permits l.ender to make auch a charge. E3orrower and Lender may agree in writing et the time of execution of thia Mortgaqe that interest on the Funda shall be paid to liorrower, and unleas such agreement is made or applicable law requirea euch intereat to be paid, l.e~der shall not be required to pay &,rrower any intecest or earninga on the FLnds. Le~der ahaU give to Borrower, without charge, un annual accaunting otthe Funda showing credits and debits to the Funda and the purpoae for which each debit b the Funds was made. The F unds are pledged as addilional security for the auma secured by this Mortgage. If the amount of the ~nda held by l.ender, together with the future monthly instalimentx of Funds payable priur to the duedates of taxee, asseasments, insurance premiuma and ground rents, shall excred the amount required to pay said taxea, assesxments, insurnnce premiuma and ground renta aa lhey tnll due, auch excess shall be, at I3o~TOwei s option, either promptly repaid to Burrower or credited to E3orroweron monihly installments of Funda_ If the amount of the F unds held by I.ender shs~ll not be sufficient to pay taxes, assessmenls, insurance premiuma and ground renta aa lhey fall due, Borrower shall pay to Ixnder Any amount necessary to make up the deficiency within 30 daya from the date notice is mailed by l.ender to Borrower requesti~g puyment thereot Upon payment in full of all auma secured by this Mortguge, I~ender shall promptly refund to Borrower any funds held by I.ender. lf under paragraph 18 hereof the Property is sold or the Property is othe~rise acquired by l.ender, l.ender shall apply, no later than immediately prior to the sale of 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. Application of Paymente. Unless applicable law pruvides othervvise, all payments received by [.ender under the Note and paragraphe 1 and 2 hereof shall be applied by I.ender first in payment of amounts payable to i.ender by E3orruv-er unde: paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances_ -1. Charges; Liens. I3orrovrer shali pay all taxes, acee~smen~s and nthercharKes, fines and impositions attrihutable to the f'roperty which mai~~ attain a priarity over this IltortKage, and leasehold paym~nts or Kruund rents, if any, in the manner provided under paragraph 2 hereofor, if not paid in such manner, by Eiorraw•er making payment, vrhen due, directly to !he payee there~~t Burn~w~ershail promptly furnish to Ixnder :~11 notices of amounts due under this paraKraph, :md in the e~•ent li~-rruwer shall makr payment direcUy.l3orruw•er shall promptly furnish to l,ender receipts evidencing such paymrnls. Fiarruwer tih:~ll prompth~ di~~~h~rK~• am lien which has prinrih• ot~er thit ~1ortKaKe; pro~•ided, that Rorrower shall not be required to disrharKe any such li~m su IonK us It~~rruwer sh:~ll aKrrc• in N ritinK tu the pay~nent nf the ubliKation serured by such lien in a manner accept.~ble to Ixnder, or shall in ti~N~c1 fuith iv~nt~~t wch lirn by, ar defend enfor~•~~ment of such li~•n in, le~;al proceedings w•hich operate to prevent the enfc~rcemrnt of the lien or furfe+.tun• of iht• 1'roperty ur any part therev~f. 5_ Hazard Insurance. Borrower shall ke~p the impro~•ements nuw existinK or hereafter erected on the Pr~~peRy insured against loss by fire, hazards included within the term "extend~l cyn•eraKe." :-nd such uther h:u:+rds xs 1 xnder may reyuire and in guch amounts and for such periads as l.ender may reyuire; pro~ided, that I.ender tih:~ll nul re~c~uire that the amouM of sueh rnveraKe excc~d that amuunt of coverage reyuired to pay the sums secured by thic AturtKaKe. The insurance rarrier pro~ idinK the insuramr shall iN• r-:u.~•n L~• IS~~rruw•~r.ub~~rt t~~ appru~:~l by 1 ~~nder, pru~-id~~c1, th:H ~uch appmval shall not be unreaw~nabh• withheld. ~V) pri•mium~ ~~n imuranr~• p~~lirir..hall iK• paid ~n th~• manntv pn~vidw! un~irr par.+Kraph'L henr-f or, if n~~t paid in such manner, by fiurrow-er makin~; pa~•m~•nt. «•ii~•n dur, dirc•i•tlc t~~ th~• in~uranc~• c:vriF•r. All insurance policies and renewals thereof shall i~e in fi~rm accept:iblt• to t.rndrr and shall include a standard murtK.iKeclause in fa~orof and in form acceptable to l.ender. l.rndershall have thr nKht to hold tht• M~lii•irsand rrnew•als thercv~f, and li~~rr~~v-ershall promptl~ furnish to ~.ender all renewal notices and all receiptc of paid premium,. ln tht• E~~•et~t of lu.c, Korruw~er ~hall Kivr prumpt notim tn the insurance earrier and I.ender. I.ender may make pr~f ot Inss if not made pmmpth• by Kurrower. l!nless Lender and Rorrov-er othen-•ise aKree in writinK, insuran~~• prucerd~ shall tx~ :+ppli~ to restoration or repair of the Property damaged, provided auch resG,ration ~~r rrp.~ir iti c~•nnumicalh• Cea~ible and the ururity uf this 11urtKaKe is not thereby impaired. If such rrstoration or mpair is not econumically feasiblr ur if thr scti•urit~ of this ~turtKagr wuuld F-e impaired, the insurance proceeds shall beapplied to the sums secured by this MortgaKe, v-~th thc• exc~ _c~, if any, p.iid to Fi~~rruw•er. lf the !'roprrtr is abandonec~ b~ Iiorrower, or if Rorrov-er faila to reapond to [.ender within :f0 days from the date noti~•~• i~ mailyd b~ I.ender tu I~~rruw•er that the insurance carrier ~ffers to settle a claim for ~nsurance benefits, l.ender is authorizcd to cullect and apply thr insur.ince pr~K•tYKis .it I.ender's opti~~n either to restoration or repair of the Yroperty or the suma secured by this MnnKaKe. Unless Lender and Borruwer otherw~se aKree in w•ritin~;. any such appli~•ation of pmcee~ds to principal shall not extend or postpone thedue date of the monthly installmenLg referred to in paraKraphs I and'L herr~~f ur chanKe thc amuunt of such installments. If under paragraph 18 hereof the Property is acquired by {.ender, all riKht, title and interrst uf Eiormw~er in and tu am• insurance policies and in and to the proceeds thereof reaulting from damage to Froperty prior to the sale or acyu~sitiun shaU pass to l,~~nder to the extent of the sums secured by this ~lurtgage immediately prior to such sale or acquisition. 6_ Preeervation and Maintenance otProperty; l.~•ascholds: ('ondominums: Planned Unit Developmente. Borrowershall keep the Property in qood repair and shall not commit waste or permit impairment or deterior:~tion of ihr Propert~ and shall comply w~th the provisions of any lease if this i~turtKaKe is on a leasehuld_ If this 11urt~aKe is on a unit in :~ rnnd~iminium or a planned unit development, ii~rrower sha0 perform all of Iiorruwrr's nbliKatiuns under thr dtrlaratiun or co~•enants cn :itin~;or Qo~•ern~nK the condominium or planned unit de~elopment, the by-law4 and reKulatiuns of the condominium or planned unit develupment, and constituent documents. If a c~~ndominium or planned unit de~elopment rider is extYVtrc1 by &-rtowvr and recorded toQether with this Mortgage, the covenanta and aKreement~g otsuch rider shall 1~ in~•orW~rat~~r1 inb~ :~nd shall amend and supplt•ment thrc~~~•en:~nL~and aKmementsof th~s ~1ortKaKeasifthe rider were a part hereof. 7. Protection of Lender'e Security. If Burrower fails to perform the covenante and agreementa contained in thie Mortgage, or if any action o~ proceeding is commenced which materially affecte I.ender'a intereat in the Yroperty, including, but not limited to, eminent domain, ineolvency, oode enforcement, or arrengemente or proceedings involving a bankrupt or decedent, then [.ender at Lender'e option,upon notice to Borrower may make euch appearancea, diaburee euch aume and take euch action ae ia neceaeary to protect Lender'e interest, including, but not limited to, diebureement of reasonable attorney's [eee and entry upon the Property to make repaire_ If Lender reqaired mortgage ineurance ae a condition of makinq the loan secured by this Mortgage. Borrower ahall pay the premiume required to maintain euch ineurance in effect until euch time as the requirement for auch ineurance terminatee in accordance with Aorrower's and Lender a written agreement or applicable I.aw. Borrower ahall pay the amount of all mortgaKe inaurance premiume in the manner provided under paragraph 'l hereof. Any amounta diebursed by Lender persuant to this paragraph 7, with intereat thereon, r+hall become additional indebtedneae of E~rrower eecured by this Mortgage. Unleas I3orrower and I.ender agree to other lerma of payment, auch amounte ehall be payable upon notice from Lender to Borrower requeetinq payment thereof, and ahall bear interest from the date of dixbureement at the rate payable from time to time un outetanding principal under the Note unlesa payment of intereat at such rate would be contrary to applicable law, in which event euch amounts ehall bear intereat at the highest rate permiaeible under applicable law. Nothing contained in this paragraph 7~ ehall require I.ender to incur any expense or take any action hereunder. Ba~K~~~ Per,tz~ll~J ~ - .~ __-.~~