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Home My WebLink About0400&,~ower and I.eade~ rnvenant and agtee as folbwr 1. Paytaent ot Principal and letered. Bor~ovrer ahall promptly pay when due the principal of and inte~eat o~ the indebtedneas ev idenced by the Note, pnpayment and late chargea aa provided ia the Note, a~d the principal of and intereat on any Future Advunces secured by thie Mortgage. 2. ~tnds torTa~ces attd Inaurance. Subjecl to applicable luw or to a written waive~ by-l.ender, RoRawer ahall pay 10 l.ende~ on the day monthly installmenta ut principal aad intereat are payable under the Note, until the Note is paid in full, a sum (herein "F unda"- equal to o~e- twel[th of the yearly taxea and asseaemente which may attnin prio~ty over thia Mortgage, and Kruund rentx on the I'ruperty, iiany, plus onr twelRh otyearly premium i~stallrteents for hazard insurance, plus unPtwelfth ofyea~ly prnmium installments [or mortgage insurance, if any. ~ill as reneonably eatimated initially and from time to time by I.ender on the basix o! s+xaessmenw und bills und reiusunable estimHtes Ihereof. The ~nds shall be held i~ an inatitution the depuaita or accounts of which a~e insured or guaranteed by a Federal or State agency iincluding l.ender if l.ender ia such an inatitution). [.ende~ al~all apply the Funds to pay said taxes, assesxmenta, insurance premiums and ftround rents. I.endet may not charge for so holding and applying the Munda, analyzin~ said account, or verifying and compiling said xsaessmenta and billa. unless Lender pays Borrower intereat on lhe Funds and applicable law permits l.ender to make auch a charge. Borrower and Lender may egree in writing at the time of execution af this Mortgage that intereat on the Funds ahall be paid to Eiorrower, and unleas such agreement is made or applicable law requires such intereat to be paid, I.ender shall not be required to pay Eiorrower any interest or rarninga on the ~nds. I.ender ahall give to Born-wet, without charge, an annua! accounting of the Funds showing credita and debita to the Funda and the purpose for which each debit to the Funds was mude. The M unds are pledged as additional security for the sume seeured by thie Mortgage. If the amount of the Funds held by l.ender, together with the futum monthly installments of Funds payable prior to the due dates of taxea, axaeasments, insurance premiums and ground renis, shall exrred the amount required to pay spid taxes, assessmenta, insurance premiuma and ground rents as they fall due, such excess shall be, af Borroveei s option; eithe~ promptly repaid to Horrower or credited b Borrower on monthly inatallmenta of ~nds. I[ the amount of lhe Funds held by l.ender shall not be su[ficient to pay taxes, nssessments, insurance premiuma and ground rente as they fall due. Borrower shall pay to l.ender Any amuunt necessary to make up the deficiency within 30 day8 from the date notice is mailed by I.ender to E~rrower requesting payment thereof. Upon payment in full of all aums secured by this Mortgage, I~ender shall promptly refund to Fiorrower any funds held by l.ender. If undcr paragraph 18 hereof the Property is sold or the Propert~ is otherwise acquired by I.ender, I.ender shAltapply, no laterthan immedialely prior a~ the sale of the Property or its acquisilion by I.ender, any Funds held by I.ender at the time of application as a credit againa/ the sums secured by this Mortgage. 3. Applieation of Paymente. Unless applicable law provides otherwise, all payments received by I.ender under the Note and paragrapha 1 and 2 hereof shall be applsed by I.ender firFt in payment of amounts payable to l.ender by fiorrower under puragraph 2 heLcof, then to intereat payable on the Note, then to the principal of the Note, and then to interext and principal on Any Future Advances. 4. Chargea: Liens. f3orrovrer shall pay all taxes, as..rssmen~c and uthercharKe~, fines and impositions attribut.~ble tu the Ymperty which m:i>• attain a priority over this R1ortKaKe, and lea.cehold pa~ ments or ~n~und rents, i f:my, i~ the manner pruvided under paragraph'L hereof or, if not paid in such manner, by E3~rrower mxkinK p.~yment, when due, dirtY-th to the p.i> rr thrreoC Rurn~NCr shali promptly furnish to [.ender .il I notices of amuunts due under this paragraph, and in the e~•rnt Korruw~er shall make pa~ ment directiy, E3orn~N•er shafl promptly furnish tu Lc•nder receipts e~ idencink such paymentc. 13~~rn~wer sh:~ll promptl0 discharK~• .iny lien v- hich has priurih• uver this 11ortKaKe; provided, that K~~rrower shaU not be required to discharKe an~ such lirn su Io~iK :~.+ li~~rrow•er shali akrec• in v- ritink tu the paymt~nt uf tht• ubi~ation secured by :uch lien in a manner acceptable tu l.ender, or shall in ~;~NK1 f:-ith cunt~•.t such li~•n b}•, or defend enforc~~ment of such (ien iri, lc~al prcx~eedings w•t~ich operate to pre~ent lhe enforcement ot the lien or forfi•itum uf the Pru~~rty or .~n~ part theny~f. 5. Hazard Insurance. Rorn~wrr shall k~ p th~• impnn~rmrnt. nuH existink or hereafter rrected on the Property insured aKainst loss by fire, hazards inctuded aithin the trrm "rxtendrd c~~~•eraKe." and such uther hazards as I.ender may require and in such amounts and for such pt~riods as [.ender may mquire: pro~ idecl, that Lender shall not rryuim that the amuunt uf .uch ~Y-~•eraKe excc~d that .imount of emeraqe rc~yuired to pay the sums ucund by this MurtKaKr. The insuranm carrier prm~idinK thr insuran~~+• ~h:ill ix• ~•h~~srn 1~~• It~~rruw~•- sub~i~•t h~ uppr~~~~al by I.~•nd~~r, pn~~•id~rl. that such :-ppro~al shaU not be unre.~cun:~bh• v-•ithhi•Id. eVl pra•mium~ ~~n ~nsuramY• FN~Ii.•i~w .h:-I! tx• paid in th~~ m:~nn~•r pruv~d~ti1 under p:~raKraph'l henr~f or, if rn~t paid in such manner, by ti~~rruw•er m:ikinK p:i~-mi~nt ~~h~•n duc. ~lireti•tl}• t~~ th~• insuranc•~• carrier. All insurance policies and mnew•als ther~~f shall l~e in fi,rm acceptal~le tu I.c•ndrr.~nd tihall include a st.~nd:~rd mortRaKecl.+use in favorof .~nd in form acceptableto I.ender. I.ender ~hall ha~•e the ri~;ht to h~~ld tht~ {wlici~•s and rrnewals thercy~f, and Rorrower shal) promptly furnish to ~.~nder all renewal notices and all receipts of paid pmmiums. In tht• ~•~•ent ~~f I~~s::, it~~'rn~wrr shall gi~~r prunrpt nuticc to the insurancecarrier c+nd l.ender. l.ender may make pr~,f of lo.s if not m:ide prumptl~• bc f{nrruw•er. (;nless I.ender and ~rrower otherv-ise aKree in w•ri;in~;. insurann• pr«~c~c•ds shall M• applied to restur:ition or repair of the Property damaged, provided such restoration ur rep:+ir is ec•unomicalh feasible and the u~c•urity ot thia MortQnKe is nnt thereby impaired_ If such rrstoration or repair is not economically fra~ible ~~r if the u~-urit~ uf this ~1ortK.~Kr vruuld beimpaired, the insuranmproi~erdsshall beapplied u~ the sums secured by this A1ortKaKe,.. ith th~ exce.., if any, paid tu fiorrower. [f the i'r:,pertc is ab~indoned b~ E3orrower, or if Borrower fails to re,pund to Lender within :i0 days frum the date nutin• is mail~d b~ I.rnder tu Boirower that the insurance carrier offers to settle a claim for ~nsurance benefits, l.ender is authoriicKl tu o~+11ec-t and appl~• the insur.ince pn~ccti~fs at I.endei s uptiun either to restoration or repair of the Property or the sums secured by this A1ort~;aKe. Unless I.ender and F~rruwer otherv- ise aKree in w•ritinK. any sueh applicatiun of pr~x-eeds to principal shall not extend or postpone thedue date of the monthly inslallmentis referred tu in p:uaRraph~ 1 and'L hen~~f or chanKe the amount of such installmenLs. [f under paragraph 18 hereof the Froperty is acquired by I.ender, all right, title and interrst of It~,rruwer in and to:iny insurance policies and in and to the proceeds thereof reaulting from damage to Yroperty prior to the sale or aryws~tion shall pass to I.ender to the eatent ot the sums secured by this ~t~~rtgage immediately prior to such sale or acquisition. . 6. Preaervation and :Naintenance of Property: l.easeh~~lds: ('ondominums; Planned lJnit Devrlopmenta.l3orrowershall keep the Property in Rood mpair and shall not cummit vraate or pc•rmit imE-airment or deterioratinn of the Property and shall rnmply with the pro~•isions of any lease if this MortgaKe is ~m a leasehold. If th~c AtortKaKr is un a unit in a rnndominium or a plannecl unit development, I;orrower shall perform all of BorruN~er's obliKatiuns under the decl:vatiun or cuvenan~s ~•r~~atin~;ur Kovem~ng the condominium or planned unit development, the by-1a~•s and reguiations of the cundominium or planncd unit develupment, and rnnstituent documents. If a <<~ndominiam or planned unit de~rlopment rider is excrutrd by F3orrovicer and recorded tuKether with this Mortgage, the covenants and ~~Kreements of such rider ahall F-e incurporated intu ant3 .hall amend :~n~1 supplrmi•nt thecu~•enNnts and aKreements of this hlortgaKeas if the rider were a part hereof. 7_ Protection of Lender'e Security. If Sorrov-er fails to perform the covenanta and agreements contained in this Mortgage, or if any action or proceeding ia commenced which materially affects [.ender'e interest in the Pmperty, including, but not limited to, eminent domain, inaolvency, oode enforcement, or arrengemente or proceedings involving a bankrupt ~r decedent, then I.ender at Lender'e option,upon notice W Borrower may make auch appearance~, disburse auch sums and take auch action ae is neceasary to protect Lendei e interest, ~ncluding, but not limited to, diabursement of reasonable attorney's feee and entry upon lhe Property to make repaire_ if Lender required mortgage ineurance as a condition of makinq the loan secured by this Mortgage, E3orrower ehall pay the premiuma required to maintain such ineurance in effect until such time as the rrquirement for such inaurance terminatee in accordance with Aorrower'a and Lendei e w~ritten agreement or applicable Law. Borrower ahaU pay the amount of all mortgage ine~urance premiumn in the manner provided under paragraph 2 hereof. Any a~nounta diabureed by [.ender pensuant to thie paragraph i, with intereat thereon, shall become additional indebtedneae of ~3orrower aecured by this Mortgage. Unless F3orrower and I.ender agree to other terma ot payment, such amounts ehall be payabie upon notice from L.ender to E;orrower requeating payment thereof, and shall bear interest from the date of diaburaement at the rate payable from time to time on uutstanding principal under the Note unlesa payment of intereat at such rate would be contrary to applicable lave, in which event auch amounta shall bear intereat at the highest rete permisaible under applicable law. NothinR contained in thie paragraph 7, ahall require I.ender to incur any expense or take any action hereunder. . g~~~ 347 PA~E 399 ~ : E ~ ~ a _ _ _ _~ ~ :, ^~L_s~v ...:'S^ _... . . ._-_4+ _~ M.~. ~