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Home My WebLink About1051 Borrower and l.ender rnvena~t and agree as [ollows: 1. Peyment of Prlnclpwl a~d interest. Horrowe~ ehall pmmptly pay when due the principal of and inte~est on the indebtedness evide~oed by the Note, preepayment and lalecha~ges as provided in the Note, and the principal of and intereat on any Future Advances aecured ~ by this Mortgage. 2. ~tnde for Taxea and lneurance. Subject to applicuble luw or t~ a writtr~ waiver bv I.ender, Fiorrower ahnll pay to I.ender on the day monthly installmenta of principal and intereat are payable under the Note, until the Note is paid in full, a aum Jherein "F unda") equal to o~e- ~ twelRh of the yearly ttucea end asaessments which may attnin priority uver this Murigage, and ground rents on the 1'iroperty, itany, plus one twelRh otyearly premium ioatallmenta tor hazard insurance, plus unetweltth of yep~ly premium instullmentx for martgpge ineurance, if any, all aa reasonably estimeted i~itially and trom lime to tirt~e hy I.ender on the ba~sis ot assessmrnts and billa nnd res~sonable eatims~tes lhereot. 'llie F`nnda ehall be held in an inetitution the depoeita or accounta of which aire inaured ot guaranteed by a Fede~al or State age~cy (including Lender it Le~der is euch an inetitution). I.ender ahall apply the Funda to pay said taxea, aasesameots, inaurance premiume and ground renta. I.ender may not charge tor so holding and applying the Funda, analyzing said account, or verifying and compiling said asseasmenfa and bills, unlees Lender peys Bor~ower intereet on the F unda and applicable law permits l.ender To make such a charge: Borrower and Lender may ag~ee in writing at the time of execution ot thia Mortgage that intereat on the F'unda ahall be paid to l3orrower, and unless such agreement is made or applicable law requirea auch intereat to be paid, l.ender shall not be required to pay Horrower any interest or eamings on the Flinds. Lender shall give to Borrower, without charge, an annual accounting ot the Runds ahowing credita and debita to the Funds and the purpoee tor which each debit to the Funds was made. The F unds are pledged as additional aecurity for the sums secured by this Murtgage. I[the amount of the Fl~nda held by I.ende~, together with the future monthly installments of Funds payable p~ior to the due dwtc~ oftaxes, aeseasmenfs, inaurance premiums and ground renta, ahall excred the am~~unt required to ps~y said taxea, asseassmeats, insurance premiums and ground rente aa they fall due, auch excess shall be, at lio~TOwer's option, either prumptly repaid to Rorrower or credited to Borrower on monthly insteUmente o[ Funds. It lhe amount of the Funde held by l.ender shall not be sufficient to pay taxes, asaeasmenta, insurance premiume and ground renta aa they fall due, Harrower ahall pay to l.ender any amount necessary to make up thedeficiency within 30days from thc date notice is mailed by Lender to Rorrower rrquextinK payment thereof. Upon payment in full of sU suma necured by this Mortqage, l.ender shal) promptly refund to Ebrruwer any funds held by L.ender. If under paragraph 18 hereof the Property ie sold or the Nroperty is ntherwise acquired by I.ender, I.ender ahall apply, no later than immediately prior to the eale o[the Property or ita acquisi/ion by I.ender, any M unds held by I.ender pt the time of application as a credit against the aums secured by thia Mortgage. 3. Applieation of Peyments. Unleas applicable law provides otherwiae, all payments received by l.ender under the Note and paragrapha 1 and 2 hereof ahall be applied by [.ender firxt in p~vment of amounts payable to I.ender by Borrower under paragreph 2 hereof, then to interest payable on the Note, then to the principal of thr Note, nnd then to internst and principal on any Future Advances. 4. Chargea; Liens. Eiorrowershs~ll pay all taxes, as;u~ssmrnts .ind other rharges, finws and impositions attributable to the Property which may attain a priorily over this MortKage, and leaschuld paymrnt+or Kn~und rents, i(any, in the manner pru~•ided under paragraph 2 hereofor, if not paid in auch manner, by Borrower makin~; p:~ymt•nt, w•hen dut•, din~•tly to the payPr thereuf Rorn~w~er shall promptly furniah to I.ender all notices of amounts due under this paragraph, and in the evPnt Rorruw•er shal~ make payment directly, Korrower shali promptly furniah to I.ender receipts evidencing such paymrntx. fi~~rruwer chall pmmpth~ dis~•h.~rg~• :iny lien w hich has priority over this \1ortKage; provided, that Borrower shall not be required todischarge any.uch lien so IonK as li~~rruwershall axree in w•riting to the p:~~•ment of theubligation secured by such lien in a manner pcceptable to I.endrr, ur shall in K~NKI faith rontrst such LPn by, ordefend enfon•~•ment of ~uch lirn in, IPKaI proceedings which oprrate to prevent the enforcement of the lien ur furfi•iture uf the !'roperty or .+ny part thert~~f. - 5. Hazard lnsurance. Rorrower shall keep thc imprn~•rments novr PxixtinK or hrreaRer rrected on the Pr~,perty insured aKainst loea by fire, ht~zards included within the term "extendcd cY-veraKe," and such uther hnz:~rds as I.ender may requirP and in such amounta and forauch periods as Lender ma~~ require; pru~~idrd, that I.endrr shall nnt rryuire th~t the amuunt~of such co~•er:+ke~ excerd that amount of coverage required to pay the sums secured by this 1~1ortK.~Kc. ~ The insurance carrier ~ro~•idinK the insuran~-~~ shall tN• ~•h~ ~w•n by tt~~rruw•~~r vubjec-t tu approv:~l hy I.tmder, pmvideci, that such approval shall not be unrra.vc~nably withheld. r111 premiums ~~n incur:~n~•~~ ~Hdi~•i~~..hall IM p:ud in th~~ mannFr providF~1 under p.-ragraph 'L hrreof or, if not paid in such manner, b~ Fiorrower making p:-ym~~nt. whF•n dut~, dirw•tly t~~ th~• in~ur:~nce carrirr. All inaurance {wlicies and renewals thereof shaU be in fi-rm acc-epL•~blr to I.rnder and shall includr a standard mortgageelauaein tavorof and in form acceptable to i.ender. I~ender shall have the riKht to h~~ld thP Fwlir~es and renrw•als thereuf, and Rorrower shall promptly furnieh to i,ender all renewal noticra and all re~-eiptg uf paid prrmiums. In th.• evrut of Inss, Korruv-er sh:ill Ri~•e prompt notice to the inaurance carrier and Lender. l.ender may make proo[ of b~s if not made prumptl~• h~• li~~rtower. Unless Lender and l3orrower othervvise agree in wntinK, in~uranc~• pr~c•rrL•: ~hall he ~pplied to reaturation or repair of the Property damaged, provided auch restoration or rep:~ir is ecnnomi~:+lly feA~ibl~• and the~securitr of this MortgaKe is not thereby impaired. lf such reaioration or repair is not ecunumically frasihle or if the ~•urity of this ~lortgaKr v-ould 1K• ~mpaired, the insurance proceeds ahal) beapplied to the sums secured by this 41ortKaKe, w~th thr exress, if any, paid tu (3~~rr~~wer. If the !'ruperty is abanduned hy Borrower, or if Rorrower fails to respond to [.ender within :i0 daya frum the date nutice i~ ma~l~d by 1.~•nder t~: R~vruw~•r that the insurance carrier offers to aettle a claim for ineurance benefite, [,ender is auth~~rized to coll~c•t and :+pply the incurance pr~~cr~~1s at l,rndpr's upUun either to restoration or repair of the Property or the sums secured by this ~tc,rtKaKr ~ Unless l.ender and Borrov-er otherwisr .+Krec• in writinK, any yuch :: pplicatinn utpr«•erds to principal shall ~ot exlend or postpone thedue date of the monthly ina:alimenGc referrrd to ~n par:iKraphti 1:ind 'l l~c~rf~~rf nr chanKr thr amount of ~uch inatallments. If under paraqraph 18 hereof the Pmperty is acquired by I.ender, all riKht, tide and iMerevt of li~~rruw•Fr in and tn aoy inauranm policies and in and to the proceede thercof resulting from damaKe tn Property prior tu the salt• ~~r acyu~~itiun shall pacs G~ IA~nder to the extent of the sums serured by thie Mortgage immedialely prior to such x~le or a~~quis~tion. ~ 6. Preeervation and 1~laintenance uf Prnperty; Iw•u~a•holdw; ('undominums: Plenned l'nit Developmente.liorrowerahall keep the Property in g«~d repair and shall not commit wa5te ur {~rniit imp:urmrnt or d~•teriorati~~n of the PropeRy and sha11 comply w~th the provisions ot any lease if thie~ A1ortKuKe i~: on ~ leact~hold. If thi~ ~1ortKaKe is un a unit in a~,>ndominium or a planned unit development, Korrower ahall perform All ~f f3orn;wer's obligalions under thN dr~•laratian or cucenants r•rr.ihn~;or Ru~•em~nK the condominium or planned unit development, the by-laws and reKul:~ti~ma of the eund~~m~nium ur planned unit drvelupment. and constituent documents. 1[ a condominium or planned unit de~•elupmrnt rider is e•xt~•ut~~f h~~ fi~~rruwer and rEy-urJcd tuKether with this ~lurtgage, the oovenanta and agreements of such rider shall bt• in~•~~r{N~rati~l int~ ~:~nd .h::ll ame~nd an~l .upplement the cti~~•enantti and aKrc~~ments uf this A1ortKaQe os if the nder v+~ere a part hereof. 7. Protection of I.ender'e Secarity. If Ei~rrower tails to perform the covenante and ngreemente~ contained in this Mortgage, or itany adion or proceeding ie commenced which materially affecte t.ender'e intereet in the Property, including, but not limited to, eminent domain, in~olvency, oode enforcement, or arrangemente or proceedinge involving a bankrupt or decedent, then I.ender et Lender's option,upon notice to Borrower may make such appearances, dieburee auch sume and take auch action ae ie neceei+ary W protect [.ender't intsre~t, including, but not I~mited to, dieburaement of reaeonable attorney'e teee and entry upon the Property to make repairs. It Lender reqnired mortgage insurance as a condition ot making the IoAn aecured by this MortgaRe, Borrower ehall pay the premium~ rcquired to maintain such insurance in efiect until euch time ae the requirement for euch ineurance tertninatea in accordnnce with Borrowrr's and Lendrr s written agreement or applicable law. Borrower ehall pz~y the amuunt of all murtgage inaurance premiume in the manner provided under para~aph 2 hereof. Any amounte dieburaed by I.ender pereuant k- thie parugraph 7, with inlerret thereon, ahall become additional indebtedneea of Borrower secured by thie Mortgage. Unleea Aorrower and [.ender agree to other terma of payment, such amuunte ahall be payable upon notice from l.ender to liorrower reyueetinq payment thereof, and ahall hear intereat fmm the date of diAbursement at the rate payable from time W time on outetanding principal under the Note unler-s payment of intereet at auch rate would t~e contrary to appticable law, in which event euch amounta ehall bear intereBt at the highest rate permisaible under applicable law. Nothing contained in this paragraph 7, shall require [.ender to incur any e:penae or take any action hereunder. a~?~ ~~~ r~f ~~~~ ~