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Home My WebLink About0348I3orrower and I.ender cove~ant and agree as [ollowa: l. Peyment ot Principel and I~teres~ Borrower ahall pmmptly pay when due the principal of a~d interest on the indebtednesa evidenced by the Note, pnpayme~t and late chargea as provided in the Note, a~d the principal of und intereat on any Future Advancea secured by this Mortgage. 2. E~unde for Ta:es snd I~eurance. Subject to applicuble law or to a written wpiver by l.ender, I3orruwer shall pay to I.e~der on the day monthly installmenta of principal and intereat are payable under the Nute, until the Note is pAid in full, a sum Iherein "Funds") equal to one twelQh of lhe yearly taxea and asaeasments which may attnin priurity o~ er this Mortgage, and ground rents on the Property, if any, plus one tweifth of yearly premium i~stullmenta for hazard insurance, plus onetwelRh of yearly premium installments for mortgage insurance, if any, all as reasonably eatimated ioitially and from time to tiR~e by l.ender on the busie of ussessments und bilis and reusonAhle estimates thereo[ The Funde shall be held in an inatitution the deposits or accountx of which are insured or guaranteed by a Federal or State agency (including [.ender if l.ender ia such an institution). l.ender shall apply the Funda to pay said taxes, assesxmenta, insurance premiums and Kround renle. l.ender may not charge for eo holding and applying the Munds, analyzing said account, or verifying and compiling said asseaements and bills, unleea Gender paya Borrower interest on the Funds and applicable law permits I.ender to make such a charge. Borrower and Lender may agree in writing at the time of executiun of this Mortgage that interest on the Funds shall be paid to f3oROwe~, and unlesa auch agreement ia made or applicable law requi~ea such intereat to be paid, l.ender ahall not be required to pay Borrower any intereat or earnings on the Flinde. Lender ahall give to Borrower, without charge, an annual accounting of the Funds showing credits and debita to the Funda and the purpoae Cor which each debit to the Funds was made. The Funds are pledged as additional security fo~ the suma secured by this Mortgage. If the amount of the Funds held by I.ender, together with the future monthly instaliments of F unds payable prior to the due dates of taxea, asaessmenta, ineurance premiums and ground rnnts, shall excred the amounl required to pay said taxes, assessments, iAsumnce premiuma and ground rents as they la11 due, such excess shall be, at Bo~TOwer's option, either promptly repaid to E3orrower or credited to Borrower on monthly installments of ~nds. If the amount of the Funda held by t.ender shaU not be su[ficient to pay taxes, asaeasments, insurance premiuma and ground rente_as they tall due, Borrower shall pay to l.ender any amount necessary to make up the de .ficiency within 30 days from the date notice is mailed by l.ender to Borrowe~ requesling payment thereof, Upon payment in full of all sums secored by this Mortgage, I.ender shall promptly refund to Borrower any funds held by I.ender. If under paragraph 18 hereotthe Property ia sold or the Property is otherwise acquired by I.ender, l.ender shall apply, no later than immediately prior to the sale ot the Property or its acquiaition by l.ender, any Funds held by l.ender at the time of application as a credit against the sums secured by this Mortgage. 3. Application of Paymente. Unless applicable law pmvides otherwise, all payments received by I.ender under. the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of nmounts payable lo I.ender by E3o~ow•er under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, nnd then to interest and principal on any Future Advances_ 4_ Charges; Liens. Borrower shall pa~ all taxes, a.s.gessments and uthcrrharKes, fines and impositions attributahle t~~ the Properiy which may attain a priority over this Mortgage, and leasehold payments or gmund rents, if any, in the manner pru~•ided under paragraph 2 hereofor, if not paid in such manner, by Rorrov-er m~king payment, when due, directly to the pa~•cr thercot. fiormwershall promptly turnish to (.ender all notices of amounts due under this paraKraph, and in the event liorrovrer shall make payment direcdy. BorroNer shall prompdy furnish to i.ender receipts evidencing such payments. I;orrower shnll prumpQy dischargr any lien n hich h.~s priority uver this l~1ortKage; pro~~ided, that tiorrower shall not be required to discharKe am• such lien so IonK as Iiorrower shall aKree in writink to the paymrnt uf theo6liKation s~cured by such lien in a manner acceptuble to Ixnder, or shall in K«,d faith cuntcwt such lirn bt, ordeCend enfi-rM~m~nt o[~uch lien in, l.•gal proceedinKs H•hich operate to prevent the enforcement of the lien or fi~rfeiture uf thc• Properth nr any part thercr~f. 5. Hazard Insurance. Borrower shall keep the i~npmvemen~c now existinK or hereafter erected on the Property insured against loss by fire, hazards included within the term "extendecl covEVaKr,° and such other hazards as I.ender may require and in such am~~untsand forsuch {x•riods as Lender may require; pro~ ided, that Ixnder sh:~ll nnt myuire that the amount uf such rnveraKe exceed that amount of coveraQe required to pay the sums secured by this MortKaKe. The insurance carrier pro~~idinK the insurnni~• shall tH~ cM~.a•n h~• Itorruw~~r suhject tu appru~:d by I.ender. provid~~cl, that such approval ,hall not be unreasonably withheld. All premiuin~ un i~suran~r {wli~•i~K .h:~ll t~c~ paid in thc• ~nann~•r pro~•id~rl under p:v:~Kraph `l hereof or, if nut paid in such manner, by ti~-rtower m:ikinK paymt•nt, w•h~•n du~•. ~lirecth• tu the in.urance carrirr. . All insurance policies and renevrals thereof shall t-e in form acreptahle to I.ender and shall include a standard mortgaKeclause in favor of cind in form acceptable to I.ender. I.ender shall have thF riKht to hold the ~dii•ies and mnewals thereof, and Korrow•er shall promptly furnish to i.ender all mnewal notices and all receipts of paid premiums. In the ~~~~er~t of luss, Kurn~w•er shall Ki~•e prompt notice 4- the insurance carrier <+nd Lender. l.ender may make proo[ ot loss if not made pmmptl~ by Rurrov-er. Unless Lender and Borrower otherveise aKree in writinK, insuranre pmceeds shall be applied tu restor.~rlion or repair of the Property damaged, provided such reatoration ur mpair is economically fea~ible and the se-curity of this MortRage is nM thereby impaired_ If such restoration or repair is not economically feasit-le or if thF serurity of thic hlurtgaKe wuuld F-e impaired, the insurance prceeeds shall beapplied to the auma secured by Lhis Mortgage, with the excess, itany, paid tu &~rr~>wer. l f the I'roperty is abandoned by Borrower, orif Borrower fails to re~pond to Lender within 30 days from the date notim is mailyd by I.ender tu Rorrower that the insurance carrier ofTers to setlle a claim for insurance benefits, l.ender is authorizeel to collect and apply thr insurance procc~ds at I.ender's uption either to restoration or repair of the Property or the sums secured by this AturtKaKe. ~ Unleas Lender and Eiorrower otherwise :~gme in writinK, any such apphcation of pmceeds to principal shall not extend or postpone thedue date of the monthly installments referred u, in paraKraphs 1:~nd'L hercof or chanKe the amount of such installmen~s. If under paragraph 18 hereof the Property is acquired by I,ender, all ri~ht, title and interest ~-f Burn-w•er in and to any insurance policies and in and to the proceeds thereof rneulting from damage to Property prior to the sale or acyu~sition shall pass to I.ender to the extent of the sums secared by t1-is ~iortgage immediately prior to such sale or acquisition. . 6. Preeervation and Mainlenance of f'roperty; Ixaseholds; ('ondominums; Ylanned Lnit Developmenta. Borrowershall keep the Property in good repair and shall not cummit waste or pertnit impairment or deterioratiun i.f the Property and'shall comply with the pra~isiona of any lease if this MortKaRe is on a lea~ehold. If this 111ortKaKe is nn a unit in a condominium or a planned unit development, Rnrrower shall perform all of E3orrower's obliqations under the derlaration or co~•enan~ti ~•reatin~;or Kovern~nK the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by liormwer and recurded toKether with this Mortgaqe, the oovenants and :+Kreements of such rider shall be incorporated into .~nd sh:~ll:~mend :~nd .upplement thecuvenants and aKreements o[this Slortgageas ifthe rider were a part hereof. 7. Protection of Lender's Security. If Borrower faila to perform the rnvenanta and agreemente contained in thia Mortgage, or if any action or proceeding ie commenced which materially affecte I.ender'a intereet in the Property, including, but not limited to, eminent domain, ineolvency, oode enforcement, or arrangemente or proceedinga involving a bankrupt or decedent, then Lender at Lender e option,upon notice to Borrower may make auch appearancee, diaburee euch auma ~nd take such action as is neceeaary to prot~ect Lendet's interest. including, but not limited to, diabureement of reasonable attorney's fees and entry upon the Property to make repaire. If Lender requited mortgage inaurance ae a condition of making the loan secured by this Mortgage, Borrower ahall pay the premiuma required to mai~tain such ineurance in effect until euch time ae the requirement tor auch enaurance terminates in accordance with Borrower'e and Lender e w~ritten agreement or applicable Law_ Borrower ahall pay the amount of all mortgage inAUrance premiume in the manner provided under paragraph 2 hereof. Any amounte diebursed by Lender perauant W this paraqraph 7, with intereet thereun, ahall become additional indebtedneea of Rorrower aecured by thie Mortgage. lJnlesa Borrower and [.ender agree to other terms of payment, such amounte ahall be payable upon notice from Lender to Borrower requeeting payment thereof, and ahall bear intereet from the date of diabursement at the rete payable from time to time on outetanding principal under the Note unless payment of interest at such rate would be contrary to applicable law, in which event euch amounte ahall bear intereHt at the higheat rate permiasible under applicable law. Nothing contained in thie paragraph ~, ehall require I.ender to incur any expense or take any action hereunder. ~ , `~... _ - ~~~~ ,r _ _ an~~ 34s p~~E 3~s ~ .__~~: