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Home My WebLink About0629Borrowe~ and I.ender covenant a~d agree ae follows: 1. Payment ot Principal a~d Intereat. Borrower ahall promptly pay when due lhe principal ot and interest on the indebted~ess evidenced by the Note, prepayment and late charges ae provided in the Note, and the principal of and intereat o~ any F uture Advancee eecund by thia Mortgage. 2. Funda for Taxea and Insurance. Subject to applicc~ble I~w o~ to a written waive~ by I.ende~,l3orrower shall p:iy 1o Ix~der on the day monthly i~atallmente~ of principal and interest are payable u~der the Note, until the Note is paid in full, a sum (herein "Funds"- equal to one- twe1M of the yea~ly taxes und aasessments which may attAin priority over this Mortg~ge, a~d ground rents on the Nropcrty, it any, plua one- twelRh of yearly premium installments for hazard insurunce, plus un~lwelfth ofyearly prnmium in~t~illments for mortgage inxurance, if any, HII as reusc-nably eatirnated initially and from time to tiR~e by t.ender on the t-usis of assessments And bills i-nd reasunuble estimates thereof. The Funda ehall be heW in an institution the depoaita or accounts at which are insured or gunranteed by a Federa) or State agency lincludinq Lender i[ l.ender is auch an inetitution). l.ender sht-11 apply the H unds to ppy said taxes, assesxmenta, insurance premiums and fcround renfa. I.ender may not charge tor so holding and applying the Funds, analyzing said account, or verifying and compiling $aid asaesaments and bipe, uale8a I.ender paya Borrowe: intereat on the Funds and appticable law permits l.ende~ to make such a charge. Borruwer and Lender may agree in writing at the time of execution of this MortgAge that interest on the F u~ds shall be paid to Borrower, and unleae such egreement ie made or applicable law requires such intereat to be paid, [.ender ahull not be required to pay E3c,ROwer any intereet or earnings on lhe Funda. I.ender shall give to $orrower, without charge, an annual acrounting of lhe N unde showing credits and debits to the Funde and the pu~pose for which each debit to the F unds was made. 7'he F unds are pledged as additional security forthe sums secured by thia Mortgage. _ If the amount of the Funds held by I.ender, together with the futurn monthiy installments of Funds payable prior to the due dates o[taxea, assesaments, inaurance premiuma and ground rents, shall exceed the amount required to pay said taxea, asses.4ments, insurance premiuma c-nd ground rents ae lhey tall due, auch excess shall be, at E3o~mwer's uption, eilher promptly rnpaid to Borrower or cndited to Borrower on monthly installments of Funds. It the amount ot the Funds held by I.ender shall not t-e suf(icient to pay taxes, asseasments, ins~rance premiuma and ground rente as they faU due, E3orrower shall pay to l.ender any a~nount necessary to make up the deficiency within 3o days from the date notice is mailed bY Lender to Borrower rrquexting payment thereof. Upon payment in fuU of all sums aecured by this Mortgage, I.ender shall prumptly refund to E3orrowe~ any funds held by I.e~der_ lf under paragraph 18 hereof the Property is sold or the Property is otherwise ~cyuired b~• I.ender, I.ender shall apply, no later than immediately prior to the sale o[the Property or its acquisilion by I.ender, any F unds held by I.ender at the timr o[application as a credit against the sums secured by this Mortgage. 3_ Application of Paymenta. Unless applicable law provides otherv-•ise, all pacments received by I.ender under the Note and paragrapha I and 2 hereof shall be aPplied by I.ender first in payment of amounls payable to I.ender by l3om,wer under paragraph 2 hereof, then to intereat payable on the Note, then to the principal o[ the Nute, and the~ to interest and principal on any F uture Advances. 4_ Charges; Liena. Born-wer shnll pay aU taxes, asu~smrnts und uthrr charKes, fines:md imEwsitions attribut:~ble to the Pruperty which may attainapriorityoverthisMortRage,andleaseholdpaymentsortin~undrentg.ifany,inthemannerpro~idedunderparagraph2hereofor, if not paid in such manner, by Borrower making payment, whcn due, directly tu the payM• thrrr~~C F3urn-w•ershall prumptly furnish to l.ender afl notices of amounls due under this p:uaKtaph, and in the e~•ent RorruN•er shall m:+ke paymrnt dirc~~tl~•, Kurn~K•er shall prumptly furnish to Lender receipts evidencing such pa~•men~~. I~~rrower sh:~ll promptl~~ di~charkr any lien whieh has priurity overthis 11ortKaKe; provided, that ki~~rrower shall not berequimcl todicch.irKe any cuch lien su IunK:l~ I~1RI~N'Pr shal) :+Knr in veritin~ to thr paymt•nt of theubliKatiun secured by ~uch lien in a manner acceptable to Ixnder, or sh:~ll in ~;~NKI f:~ith cY~nt~~t sueh lirn hy, urd~•Cend c•nfi~rc~•mi~Mof such lii•n in, lc~e~l prc-ec~lings which operate to prevent the enforcem~•at uCthe lien or furfi•itur~• uf thr ('ruEH•rh• ur :~ny part thenti,f. a. Hazard Insurance. Rorruwer shall keep the impn~~•rments nuw• existinK or hercaftrr erected un the Pr~~perty insured against loss by firr, hazards included within lhe tern~ "extendt~i nn•eraKc~,° .uiJ suc•h uther hac.+rds as IAnder m:iy rryuin• and in such amounLs and forsuch pericxls as I,ender may require: provided, that I.ender shall n~~t rryuire th.it thr amount uf such cti-ver:~xi• excred that amuunt of coverage n•yuired t~ pay the ~ums secured hy this Mor/~;aKe. 'I'he insurancr carrier pruvidink the incuran~•~• .hall tN• ~•hu.e•n be Ii~~rruw~•r suhjiyt tn appr~~~;~1 b~- I a~n~fi•r. pro~~idc~1. that such :~pproval shxll not be unrea~~nabl~• v-ithh~ld. All pn•miumc un insuranr~ EN~Iu-i~:. shall tK~ paid in th~• ma~n~•r pru~•idirl under parakraph'L here~-f ur, if n~~t paid in surh manner, by li~~rrowrr makin~; p:n•m~•nt, whi•n du~•. din~•th~ t~~ th~• ~ncuran~•i• carrirr. AU insurance pc-licies and renewals there~~f shall Fx~ in fi~rm accrpt:~hle• to Ix•nderand shal~include a st:~ndard murtgaKeclausein fa~•orof and in form acceptable tb I.ender_ I.ender shall ha~e the nKht tu hold the FN~IIflPSand rrnewals therc~,f, and Horr~~vrer shalt promptly fumiRh to i~ender all renewal nolices and all receipts uf paid prem~ums. In thr e~•ent of loss, h~~rru~~rr sh.ill Ki~•e prumpt notice u~ the insur.ince carrier ~.nd I.ender. I.ender may make prrM~f nf luss i! nut maJe prumpth• by Rnrruwer. Unlesx I.ender~and &~rrower utherwisr aKree in w•ritin~, insurance pr~x-riKl~ shall hr applitKl tu restoration or repair of the Property damaged, provided such restoratiun ur repair is f~c~unnmicalh~ feasiblt~ and the s~rurity uf this 41urtKaKe is nut therehy impaired. If such restoration or repair is not economically feasible or if thr security of this htortKaKr wuuld F-e impa~re~l, the insurance proceeds shall beapplied rn the sums secured by this 11ortKage. w~th the exci•.s, if any. paid to Rurruwer. lCthe Propert~ is abandoned by Rnrrower, or if &~rrow~er fails to respond to l.ender within :i0 days from the date nutic~• ~v mailFd t,y I~ender tu Borruwer that the invuranrn camer offers to setde a claim for insurance benefits. I.ender is :IU~FIOfIl.(YI I~) COUfY'1 :ind apph• th~• in~ur:inci• pr~K•rE•d~ at I.ender's upUon either to restoration or repair of the Yroperty or the sums secured by this MortKaKe•. Unless I.ender and f3orrower otherv-isr aKnr in w•ntinK,:~ny such applic:iti~~n of pr~K•t~rdti to principal shall not extend or postponethedue date of the monthly installmenLg referred to in par.~Kraphs 1 and'L herruf or ch.~n~;e the amuunt vf suc•h insG~IlmenLR. If under paragraph l8 hereof the Property is Tcquired by (.endc•r, all riKht, title and intere•st of K~~rroN•er in and to any insurance policies and in and to the proceeda thereof reaulting from damaKe to Yroperty prior tu thr sale or acqwsition shall pass tu l.ender t~~ the extent of the sums secured by this ltortKage immediately prior to such sale or acyuisition. 6. Preeervation and MaintenanceotProperty;,l.t•~ischoldK;('ondominums; l'lanncd l~nit Developments. f3orrower~vhallkeep the Property in Rrwd repair and shall not commit vea~te or {-rrmit impairm~•nt or drtNrioratinn of the Property and shall comply w~th the pro~•isions of any lease if this Alortga~;e is on a Irasehold. If this \turtKake is un a unit in a cti~ndominium or a planne~ unit development, liurruwer shall perform all of I~~rrnw•er's ~,bliKationc under thr dr~•lar:itinn ur c~~~enants ~•n~atin~;urKovern~nK lheconduminium or planned unit de~•elupment, the by-laws and re*ulations of the condominium ur planned unil development, and constituent documents. If a cr:ndominium or planned unit devel~~pment rider is exc~cvted by IA.rtuw•rr :md rer~~rded tukether w~ith this Mortgage, the covenants and .~KrecmenLw of su~h rider shall Ire inc~~ryH~ratecl intu and ,h:~ll anu•nd :md suppl~•mc•nt thecuvenants and aKmementsof this 11ort~aKeas ifthe nder were a part hereof. 7. Protection of Lender'e Security. If Borrower tails to perfnrm the rnvenantx and agreementa contained in thie Mortgage, or if any action or proceeding is commenced which materially affecte l.ender's interest in the f'roperty, includinq, but not limited to, eminent domain, ineolvency, rnde enforcement, or arrangemente or proceedings involving a bankrupt or decedent, then Lender at I.ender'e option,upon notice to Borrower may make euch appearancee, disburee such aums and take auch action ae is neceasary to protect [.ender'e interest, including, but not limited to, diebursement of reasonable attorney's fees and entry upon the Property to make repaire. It l.ender required mortgage inaurance ae a condition of making the loan secured by this Mortgage, F3orrower ahall pay the premiuma required to maintain euch ineurence in effect until euch time as the requirement for auch inaurance terminatee in accordance with I3orrower'e and L.ender'e w~ritten agreement or applicable Law_ Borrovrer ahall pay the amount of all moriKaKe insurance premiuma in the manner provided under paragraph 2 hereuf. Any amounte dieburaed by I.ender perauant to thia paragraph 7, with intereat thereon, ahall txrome additional indebtednese of F3orrower eecured by thie Mortgage. Unless I3orrower and [.ender agree to uther terme of payment, such amounts ehall be payable upon notice from Lender to Bormwer requeating payment thereof, and ahall bear interest from the date of dixburaement at the rate payable from time to time on outatanding principal under the Note unless payment uf interext at such rate would t-e contrary to applicable law, in which event auch amounta ahall bear intereat at the highest rate permiasible under applicat-le law. Nothing contained in thie paragraph 7, ehall require I.ender to incur any expenae or take any action hereunder. nni~.347 PAf,F ~~ ! ~ - ~ - -