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Home My WebLink About2615f;ormwer and I.ender cove~a~t a~d agree as follows: 1. Pay~aent o[ Principal and Intetest. Borrower shall prompdy pay when due lhe principal oi and interest u~ the indebtedneas evidenced by the Nole. prepayment and (ate charges aa provided in the Note, and the principal of and intereat on any Future Advancea eecund by thia Mortgage. 2. Etinds forTa:ee and Ineurat-ce. Subject to Applicable luw or tn a wriiten waiver by Ixnder, IiuROwer shall pay to l.ende~ on the day monthly installments o[principal and inte~ext are payable unde~ the Note, until the Nate is paid in full, u sum Ihe~ein "Funds") equal /o one twelfth otthe yearly taxea and assessments which may attain priority over this Mo~tgaRe, and ground rente oo the Pwperty, if any, plus one twelfih of yearly premium installmente for hazard inau~ance, plua onetwelfth of yearly premium installmenteti for mortgngr insurance, if any, HIl as reasonably estimated initially and from time to ti~ue by (.ender on lhe basis of assesxmrnts And bills and reaxunable rs;timates thereof. The Funds ahall be held in an institution the depoaita or accuunta of which are insured or guaranteed by a Federal or State agency ~including l.endet if l.e~de~ is auch an inetitution). I.ender shall apply the Funda to pay aaid taxes, assessmenta, insu~ance premiums and Kround rents. Lender may not charge fo~ so holding and applying the Funde, analyzing said account, or verifying and i~mpiling eaid asaeesmenta and billa, unless I.ender paya Borrower in-ereat on the Funds and applicable law permits I.ender to make such a charge. Borrowe~ and l.ender may agree in writing at the lime of execution of this Mortgage that intereat on the Funds shall be paid to f3orrower, and unleas duch egreement is made or applicable law requirea auch intereat to be paid, I.ender shall not be required to pay f3orrower any intereat or earnings on lhe ~nde. I.ender ahaU give to Borrower, without charge, an annual accounting of the F unds showing cndita and debita tu the Funds and the purpose for which each debit to the Funda was made. The Runde are pleclged as additional security tor the aume secured by this Mortgage. If the amount of the F~nda held by I.ende~, to(cether with the future monthty installments ot F unds payable prior to the due dates of taxes, assessmenfa, ineurance premiums and ground rents, ahall excred the amuunt required to pay said laxea, assessmenta, insurance premiuma and ground rents as they fall due, auch excess shall be, at Bo~TOwer s option, either promptly repaid to Borrower or credited W E3orrower on monthly inetallmenta of Funde. If the amount of the 1~'unda held by l.ender shal) not be sufficient to pay taxes, asseasmentx, insurance premiuma and ground renta as they tall due, Iiorrower shall pay to l.ender any amount necessary to make up the deficiency within 30 daye from the date notice ia mailed by l.ender to E3orrower requestiog payment thereof. Upon payment in full of all auma secured by this htortgage, t.ender shall promptly refund to Rorruwer any funds held by~l.ender_ If under paragraph 18 hereof the Property ia sold or the I'roperty is otherwise acquired by I.ender, l.ender shall apply, no laler than immedialely prior to the sale of the Property or its acquisition by Irnder, any h unds held bv I.ender at the time of application as a credit pgainst lhe sums secured by this Mortgage. 3. Applieation of Peymenta. Unless applicable law provides otherwise, all payments received by I.ender under the Note and p~ragraphs 1 and 2 hereof shall be applied by l.eader first in payment of amounts payable to [.ender by t3orrovrer under paragraph 2 hereof, then to intereat payable on the Note, then to the principal ot the Note, and then to interest and principal on any Future Advances_ 4. Charges; Liens. E3orrowershall pay aU taxe::, assessmrnts and utherchargcs, fincs and impositions attributable to the I'roperty which mxy attain a priority over this 111ortgage, and leasehold payments or Kround rents, if any, in the manner provided under par~+graph'L hereof or, i f not paid in such manner, by F3orrower making payment, when due, direcUy to the payee therc~oL Borrower sh:~ll promptly furnish tu Ixnder ;ill notices of amounts due under this paraKraph, and in the eve~l {~c~rroveer sh~ill make pa~~ment dirrcUy, Bormw•er shall promptly fumish tu I,~~nde~ receipts evidencing such payments. E3orrower shall promptl~ disch~~Kr any lien w hich has priorit~• uver this blortKage; pmvided, that fi~~rrower shall not be required to dischargr an~ such lien so IonK as li~~rruv-•er ~hall aKrer in writinK to the p:~yment uf the oblikation secured by wch lien in a manner accept~ble to Ixndrr, or shall in j~urxl faith ir~ntest such lien by. ordefend enfi-rc-rm~•nt ofsuch lien in, lt~al prrxYCdings which operate to prevent the eriforcrment of the lien ~~r furfi•~wre uf the Pro{-ert~~ nr any pari there~-f. a. Hazard Insurance. Borrower shall keep the improvemrnts n~~w existinK or hereaRer erected on the 1'roperty insured aRainst losv by fire, hazards included within the term "extendrel cr.veraKr," and tiuch uther hazards .-s l.ender mat reyuire and in such amounts and foreueh pt•riods as I.ender may reyuire:.provided, that Ixnder shall nut re~yuim that the amuunt of such cYn•eraKe exceed that amuunt of coverage rryuired to pay the sums secured b~• this 11ortK:~Ke- The insurance carrier pruvidin~; the in~uramY• ~h:~ll IN• i•h~~.~•n b~' Itt~~1~IN'(•f SUIlj1Y'I ~~~:+ppn~~•vl h~• la•nd~•r, pruvidc~f, that such approval ~hall not be unreasunably wilhh~~ld. All premiumti ~~n ~n.ur:~n~•~• {wli~•~~~<.hall Ix• pa~d in th~• mann~~r pr~raidal und~•r par.+Kr.~ph 2 herc~-f ar. if n~~t paid in such manner, by fi~~rmw~er makin~; p:~ym~•nt. w~h~•n dnt•, ~1inK•tly t~~ th~• ~n.ur:~n~•e c:irri~•r. All insurance policies and renewals therrof shall be in form acceptable tu I.rnder and shall include a standard mortKage clause in fuvorof and in forin acceptable to l~ender. I.ender shaq ha~•e the riKht to huld thN {N~licies and renew•al~ ther~~[, and Kurn~v-er shall pmmptlv fu: nish to ~.ender all renewal notices and all receipts of paid premiums. In thr e~•ent uf loss, Rnrr.~wer ch:ill Ki~•r prompt nutice to the insurance camer and l.ender. Lender may make pra-f of loss if not made pn~mpth b~• i3~~rrarver. Unless I.ender and E~rrower otherv~ise aKree in writinK, insurance prrK-~rds shall tx~ applit~d to resturation or repair of the F'ruperty damaged, pro~~ded such restoratiun or repair is erunnmicaUy feasible and the ururity of this ~1ortKage is not thereby impaired. If such restoration or repair is not econumically Ceasible or if the security of this MortKaKe wuuld he impaired, the in~urance proceeds shall be applied tn the sums secured by this MortKage, with thc• exc~~ss, if any, paid to i~~rruw~er. l f the {'ropert~ is.~banduned by E3orrower,or if Borrower faila to re~pond to I.ender within :~O days from the datP notici• iti mailNd by I,ender tu &~rr~~wrr that thr inaurance carrier offers tu settle a claim for insurance benefits, I.ender is authorized to collirt and apph• the insurance pr«•tr~i~ at I~nder'4 option either to Testuration or repair of the Property or the sums secured by this AtortK:iK~•. Unless I.ender and E3orrower otherwise agree in writinK, any such applicatinn uf procerds to principal shall not extend or pustpone thedue date of the monthly installments re(erred tu in par.+Kraphs 1 and'L herc~~f or chanKe the :imuunt uf such installments_ If under paragraph 18 hereof the Property is acyuired b~• I,rnder, all riKht, tiUe and interest of Kormwer in and to an~ insurance policies and in and to the proceeds thereof resulling from damage to Property priur to the sale or a~•ywsitior~ shall pass to I,ender to thc extent of the sums secured by this 4lortgage immediately prior to such sale or acquisition. 6. PreaervationandMaintenanceofProperty:lxaseholds;('ondominums:l'IennedUnitDevelopments.Korrowershallkeep the Property in Kood mpair and shall not commit w•atit~ ur ~rmit impairmrnt or dE•terioration of the Pruprrty and shall comply w~th the pro~•iaions ot any lease if this AfortKaRe is on a leasehold. If this ~1~~rtKaxe is un a urtit in a condominium or a planned unit development, fiorrower shall perform all uf F3orruwer's ob1iK:~tinns und~~r the declaration or cm•rnants ~~r~ :~un~;or KovermnK the cunduminium or planned unit development, the by-laws and reKulatiuns of the cunduminium or planned unit de~elopment, and constituent documents. If a condominium or planned unit develupment rider is exerutrd by BOR(~N'er i1R(~ ~fY'UfdPd ~OK(~ther with this Mortgage, the rnvenants and .~Kreemen~4 of such rider shall IK• incurp~~rated ~nt~~ :~nd shall amend and ,upplrm~•nt thecoren.in4s and agreements of this ~tortKaKe as ifthe nder were a pari herer~f. 7. Protection of Lender'e Security. If I3orrower faila to pertorm the cocenante and agreementa contained in thie Mortgage, or if any a~tion or proceeding ie commenced which materially aftects I.ender'a intereat in the Property, including, but not limited to, eminent domein, ineolvency, oode enforcement, or arrangements or proceedinga involving a bankrupt or decedent, then Lender at Lender'e option,upon notice to Borrower may make euch appearancee, dieburee auch sume and take euch action ae ie neceasary to protect t.ender'e interest, including, but not limited to, diabureement of reasunable attomey's (eea and entry upon ihe Property to make repaire. If Lender required mortgage insurance ae a condition of making the loan aecurrd by this Mortgage, E3orrow~er ahall pay the premiume required to maintain euch ineurance in effect until auch time ae the requirement for auch inAUrance terminatea in accordance with Borrower's and Lender s written agreement or epplicable Law. Borrower shall pay the amount of all murtRaqe insurance premiume in the manner provided under paragraph 2 hereof. Any amounte dieburaed by l.ender pereuant to this paragraph 7, with interest thereon, ahall become additional indebtedneea of F3orrower aecured by thie Mortgage_ Unlese E3orrower and I.ender agree to other lerma of payment, auch amounte ehall be payable upon notice from I.ender to Borrower requeating payment thereof, and ahal) bear intereat from the datr of dixbursement at the rate payable Erom time to time on outatanding principal under the Note unleus payment of intereet at such rate would be contrary to applicable law, in which event auch amounta ahall bear intereet at the higheet rate permisaible under applicable.law. Nothing contained in thia paragraph 7, ahall reyuire l.ender to incur any expenae or take any action hereunder_ G~~nK ~4~ ~ar,t2s~ 4