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Home My WebLink About2906t3orrower and I.ender cover-ant a~d agree as tollows: !. Psyment of Principal end I~tcree~ Borrower ehall promptly pay when due the principsl of and interrat un the indebtaKlnese evidenced by the Note, prepayme~t and late charges as provided ~n the Nute, and the principul of and inlematon any H uture Advancee eecured by this Mortgage. 2. F~tnds tor Taxee and Ineurance. SubjeM to upplicable luw or to a writlrn waiver by I.ender, Bc-rruwer ahnll p+~y tu Ixnder un the day monthly i~atallments of principal and i~tereat are payable under the Note, until the Note is paid in full, s~ sum lhe~ein "M unds") eyuul to one~ twelQh of the yearly taxes and assessmenta which may attain priority over this MortgAge, and ~n-und ~enls un the }'roperty, if nny, plun one- twelfth of yearty premium installments for hazard insurance, plus onrtwelRh of yearly premium insta~ilmeots for murtKuge insurance, if any, all as ret+sonably eatimated initially and from time to tiR~e by I.rnder on lhe basis uf nxxessmen~~ und bilis and re:isuns~blr extimatea Ihereof. 7'he F~nda shall be held in an inetitution the depoails or accounts ot which are insured or guaranteed by a Federal or Stale agency (including Lender if Lender ia euch an inetitution). Irende~ shall apply the Funds to p~y said taxea, uaeieeusmenta, inaurance prrmiums and Rround rente. l.ender may not charge tor eo holding and applying the Funds, analyzing said acc~,unt, or verifying and n,mpili~g sa+id a~aeeamenta and bills, unleas Lender paya Borrower interesl on lhe F unds and applicable law permita I.ender to make such a charge. E3orrower and Lender may agree in writing at the lime of execution of thia MorigaKe that interest on the N unds shall be paid to Borrower, and unleea auch agreement is made or applicable law requires such interest to be paid, I.ender shal) not be required to pay Borrower any inlerest or earnings on the Fa~de. l.ender ehall give to E3orrower, without charge, an annual acc~unting of the Funda showing credita nnd debits to the F unde and the purpoae for which each debit to the F unds was made. The F undx am pledgtd ns additional security fo~ lhe sums xecured by thia Mortgage. If the amount of the Funds held by I.ender, together wilh the future monthly installments o[H unds pnyable prior to the duedatea of taxee, aaseeamenta, insurance premiums and ground rents, shall excred lhe amuunt required to pay said taxes, assesxmenta, insurance premiums and ground rnnts as they fall due, auch excess shall be, at Eio~TOwer's option, either promptly rnpaid to Borrower or credited to E3orrower on monthly installmenta of Funds. If the amuunt of the Funda held by I.ender shaU not be suffcient to pay taxea, sssesxmenla, insurance premiuma and ground rents as they fall due, Eiorrowe~ shall pny to I.ender any amuunt necessary to make up the deficiency w•ithin :i0 days from the date notice is mailed by Ixnder b Korrower rnquesting payment therw~t. Upon payment in full of all sums secured by this Mortgage, I.ender shall promptly refund to t3orruw•er any funds held by I.ender. lf under paragraph 18 hereof the Property is sold or the E'roperty is otherwisc acquired by I.ender, t.ender shull apply, no later than immediately prior to the eale af the Property or its acquisition by I.ender, any M unds held by I.ender a1 the time otapplication as a credit against the sums secured by this Mortgage. 3. Applieation of Paymente. Unless applicable law provides otherwise, :ill paymen~c received by l.ender under the Note and paragrapha 1 and 2 hereot ahall be applied by I.ender Grct in payment of amounts pay~ble to l.ender by E3orruwer under p~ragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, ~nd then tr- interest and principa) on any Nuture Advances. 4. Charges: Liens. E3orrower shall pav all taxc~, atis~:tisments :+nd uthc•r charges, fines and impositiuns attributable tn the I'roperly which may attain a priority over this MortKage, and Irasehuld Fr.i~ ments or ~;round rents, if:~ny, in the manner pro~ ided undcr par:~Kraph'L hereof or, ~f not paid in such manner, by &~rroKer makinQ payment, when duc•, dire~•th• to thr p:~y~r therr~~C Rurn~wershall promptly furnish to Ixnder :ill notices of amoun4s due under this p:iraKraph, :ind in the event Rorruw•er shall make p:~~•m~~nl dirw•tly, R~vn~~•cr ahall prumpUy furnish tu f xnder receipts evidencing such paymen4+. I~~rruwer shall prumptly dici•h.~r~;.• :~ny li~•n w•hich has priorih• u~•er this A1urtKaKe; provided, that Korrower shaU not bereyuired todischarge any wch lii•n ~u lun~; :is It~~rr~~N•~~r.h:~ll :~~,~rtti~ in w•ritinK tu the pa>•ment uf theul-IiK:ition secured by ~uch lien in a manner acceptablr to I.ender, ~~r shall in ~;~HK1 f.iith cunti•st su~•h lirn bp, urdi•f~•nd ~~nfi~n•~•mrnt o(such li~•n in, li~~al pn-crrdings which operale to prevent the enforcemrnt of the lien ur furfeiture ~~f th~• PruE:t•rt~• ~~r am• part then~~f. 5. Nazard Insuranee. Rorruwer ~hall kc~ p the impn-vement~ nuw existinK or hereafter erec•tcYl un th~• 1'roperly inwurecl aKainst loss by fire, hazards included within the trrm "extendc~l ~Y~veraKe,° and tiuch uther hazards as Ixnder ma~ r~~uire and in such.~muunls.ind forsuch periods as I.ender m.-t requirr, provid~ri. that Ixnder shall nut n~~uire that thi~ amount U( SUCfI COt'f•r:+Kr exi•c~d th:d .~mount o(cuverage rf•yuired to pay the sums securecl by thi~ MnrtKa~~~. The insur.inrn carrier pro~•idin~; thi• insur.~n~•~• sh:~ll IN• ch~~.~•n h}• 1{~~rn~K~•r ~uly~Y•t tu apprv~~•al h~• la•nd~•r, pr~~.•id~til, that tiui•h :~ppro~•al shall not br unrea~.nably withheld. All pn•~n~ums ~~n ~nsur.+n~•~• FN~li~~i~:~.hall tN• p;ud ~n th~~ m:mm•r pr~~~•~d~ri un~1~•r par:+Kr:~ph'~ h.~rtr,f or, if nut paid in such m.~nner, b~• liurr~~w•cr makink p:~}•m~~nt, wh~~n du~•. Jimrtl~• t~~ th~• in~ur:~nir ~•:~rnt•r. All insurance policies and renewals th~rey~f shal) t-e in furm a~•ceptabl~• to Iw~ndi•r und.hall inc•ludr a stand:~rd murtKaKeclause in favorof and in form acceptable to I.ender. l.ender ~h:ill ha~•~• the ri~;ht tu huld th~• ~N~licirs and n•n~•wals then~.rf, and Rorr~~wer shall prnmptly furnish tn i.ender all renewal notices and all mcripts of paid pn•miums. In th~• ~•~•rut of lus~, li~~rr~~wrr shall Ki~~~ prompt nutice to the intiurance camer and l.ender. I.ender may make pnaf uf loss if nnt m:id~~ prompth' F)~' I;OTfON'f•r. Unlesa I.ender and fiorrower otherwiu~ aKnY• in v-ritinK, insuranci• pr~K•e~•ds shall ~x~ :ippliecl tu rt~sturatiun or repair of the Pmperty damaged, provided such resk~ration ur repair is ~Y•~~m~micalfy feacibl~• and the s~~c•unty uf thi+ ~1~~rtKaKe is n~~t thereby impaired. If such rrstoration or repair i~ not economic:slly frasii~lf• ~~r if thr s~~•urity of this :11nrtKc~Ke v-•uuld tx~ i:np:~ired, the insurance pr~x~eeds shall be applied to the sums secured by this 41ortK:iKr, w~th th~• excrss, if am•, paid tu li~~rrower. If th~• !'ropert~ is ab.~ndoned by Fiorruvrer, or if FL-rruwer fails to re,pond to [xnder within :t0 days from the• date nuti~•t• i~ ma~lyd h~• 1.~•ndi•r tu linrruw~~•r that the insurance carrier ofters to setUe a claim for inRUrance benefits, I,ender i4 authurinrf tu i•ull~~•t :md apph• thi• insuram•~• pr~N•tY•ds :~t I~~nder's option eilher tu restoratiun nr rep:iir of the E'roperty or the sums secured by this A1ortKaKi•. Unlesa I.ender and F3orrower othervvis~• aKrc~ in w•riunK.:iny sut•h appli~•ation of prr~ct~cKixto principa) whall not extend or pust{x~nethedue date of the monthly inst~llmen4g refrrrrci u~ in paraKr.+ph~ 1 and 'l hertr~f or chanK~• the :imnunt of such in~tallme~~~. If under paragrapi- 18 hereof the Pmperly ia acquired hy I.ender, all riKht, title and interc•st of fi~•rrow•er in and tn an~ insuran~•e p~licies and in and to the proceeds thereof msultinR from damage G~ Pmperty prior to the ,:~It~ ~rr a~•yuisitiun ~h;~ll pass tn I,c•nder to the exteM of the sums securcd by thie '~1~~rtgage immediately prior to such salr or acyuiwitiun. 6. Preaervetion and Maintenancec~f Pruperty; l.ea~ehuld~:('ondominums: PlanncKl Unil DevelopmentR. Borrowershall keep the 1'roperly in good repair and shall not rummit ~a~ti• or {x•rmit ~mpairmt•nt ur d~•terioration of the 1'roprrtS .ind shall comply with the pruvisions of any lease if this MurtKaKe is un a leasPhold. If this :11~~rtKa~;e ix on a unit in :~ ~•unduminium or a planned unit development, Iiurrower shall perform all of Fi~~rruwer'ti ~~bliKa+tiuns und~•r tht• (IfY'Iaration ur cocen:~ntti ~••~•atin~ ur Ko~ern~nK the c~,ndominium or planned unit development, the by-law•s and reKul:diuns ~if the cunduminium or plann~d unit developmi•nt, and constituent documentx. If a c~undominium or planned unit devrlopment rider is ~•x~rutcyl by li~rrruw•er and r~•~~rd~Y1 toRether w•ith this MortgaKe, the covenants and :+Kreemen~R of suc•h rider sh:ill i~e in~~orEx~r:+t~r1 int~~ and sh:~ll :~mrnd :~nd suppl~•m~•nt th~~cr~~~rn:~nts:~nd aKrcementsoftF.is NurtKa~;~~.isifthe nder wem a part hereuf. 7. Protection of Lender'e Security. If Korruwer fails u- perform the a~venante and agreemente cantained in thie Mortqage, or if any action or proceeding ie commenced which materially affects~ l.ender'e interest in the f'ruperty, including, but not limited to, eminent domain, inBOlvency, code enforcement, or anangementa or proceedinKa involving a bankrupt or decedent, then I.ender at I.ender's option,upon notice to Borrower may make such appearancee, diaburRe such aume and take auch action ae ie necessary to protect Lender'e intereat, including, but not limited to, diebureement of reasonable attorney's fees and entry upon the Property to make repaire. If Lender required mortgage inaurance aa a condition of making the loan aecured by thiA MurtgnKe, Norrower shall pay the premiume required to maintain such ineurance in effect until auch time ae the requirement for auch ineurance terminatee in nccordance with Rorrower's and l.endei e written agreement or applicable Law. Rorrower ahall p.+y the amount of all mortKaKe inaurance premiume in the manner provided under paragraph 2 hereof. Any amounte disburscd by I.ender pereuant to this paragraph 7, with intemat thereun, ehall become additional indebtedneae of Fiorrower aecured by thie Mortgage. Unleas ~rrower and I,ender agree to other terme of payment, such amounte ehall be payable upon notice from I.ender to $ormwer requeeting payment thereof, and ahall t~ear interest from the date of disburaement at the rate payable from time to time on outstanding principal under the Note unless payment of interrst at such rate would be contrary to applicable law, in which event such amuunte ahall bear intereat at the higheHt rale permiaaible under :~pplic~abte law. 1~SothinK contained in thie paraqraph 7, ehall require I.ender to incur any expense or take any action hereunder. ~ ~~ •i.~;-^ s w.~~:k~ . v~.... _.. ._... _._. ~,~~~x 34~ P.~~~ z~o.~ f .. _, ...-..wi ~~zfc"~