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Home My WebLink About1016F3orrower end I.ende~ covenant a~d agree as follows: l. Psyment ot Pirinclpel end Intere~t. Borrower ehall prompUy pay when due the principal ot and intereat on the indebtedness evidenced by the Note, p~epayme~t and latechargea as pmvided in the Note, and the principal otand internaton any bliture Advancee secured by this Mortgage. 2. Fltnds tor Te:es and lnrurance. Subject to applicable iuw or k- a written waive~ by l,ende~, liorrower ahnll pay to Ixnde~ on the day monthly inetall~nents of principal and intereat are payable under lhe Note, unti) the Note ia paid in [ull, a sum Iherein "F unda") equal to one twelRh otthe yearly taxea and asaesemente which may attain priority over this Mortgage, and ~vund rents on Ihe Property, itany, plua one twelRh of yea~ly premium installmenta [or hazard insu~ance, plus onetwelfth of yearly premium installments for moriquge insurance, if any, all as reaaonably eatimated initiaUy and from time /o titr~e by l.cnder on the basis of assessmenle~ and bill~ and reasunable eatimbtes thereof. The Fuods ahall be held in an institution the depoaits or accounta of which are insured or guaranteed by a Federal or State agency lincluding l.ender if Lender ia such an inetilution). I.ender ahaU apply the Funds lo pay said taxea, assesamenta, inaurance premiums and Kround renLs. t.ender may not charge for so holding and applying the Funds, analyzing said account, or verifying and compiling said asaeaamenta and bills, unleas Lende~ pays Borrower i~tereat on the F unds s~nd applicable law permits l.e~der to make auch a charge. f3orrower and Lender may agree in writing at the time of execution of this Mortqage that interest on lhe Fu~da ahall be paid to Rorrower, and unleas such agreement ia made or applicable law requirea auch interest to be paid, l.ender shall not be required to pay E3orrower any intereet or Narnings on the ~nds. l.ender shall give to Botrower, without charge, an annual accounting ot the Funds ahowi~g credits and debite to the Funda and the purpoae for which each debit to the Funda was made. The Funda nre pledged as additional security for theaums secured by this Mortgage. If the amount of the Funds held by Lender, together with the future monthly installmenis of Funds payable prior to theduedatea of taxea, asaeasmente, inaurance premiums and ground renta, aha0 excred the amount requitrd to pay said taxes, assessmenta, insurance premiuma and ground rente as they fall due, such excess shall be, at E3orrower'a option, either promptiy repaid to Borrower or credited to Borrower on monthly installmente of (~nde. It the amount of the Funds held by I.ender shall not be sufficient to pay taxes, asseasmenta, insurance premiuma and ground rents as they fall due, E3ormwer shall pny to I.ender any amou~t necessary to make up the deficiency within 30 daye from the date notice ia mailed by ixnder lo I3orrower requesting payment lhereoL Upon peyment in full of all euma secured by this 111ortguge, l.ender sh~ll promptly rn[und to Borrower any funds held by [.ender. lf under parag~aph 18 hereof lhe Property is sold or the E'roperty is otherwise acquired by I.ender, I,ender shal) apply, no (ater thnn immediately prior to the eale o[the Property or itsacquiaition by I~nder, any F unds held by l.ender at the time of applicalion as a cn~ciit against thesums aecured by thie Mortgage. 3. Application o[ Peymente. Unless applic~ble law provides otherwise, all payments received by lender under lhe Note and paragrapha 1 and 2 hereot shall be applied by l.ender firxt in payment of nmuunts payable to Ixnder by Borrower under paragraph 2 hereof, then to intereat payable on the Note, then to lhe principal of the Nute, and then to interest and principal on any Future Advances. 4. Charges; I.iena. E3orrowershall pay aD taxes, :+.csessm~~nts ;~nd otht•r charKes. 5nc~ and im~xisitions attributable U-the Nroperty which ma~~ at~ain a priority over this MortKage, and lrasehold payments or Kround n•nts, if:my, in the manner pruvid~Y! under paraqr~ph 2 hereofor, ~t not paid in such manner, by E3orrower makinR pu~ ment, when due, dirrctly to the paytr thereuf.l3orn~wer shal) prompdy [urnish to I.ender :~II notices of amounts due under this par.iQraph, and in the event 13urruwer shall m.ike pa~•ment directly, liurrower sh:il) prompdy tumish to Lt•nder receipts evidencidg such pa~•mrn~~_ (k~rrower shall promptly disch:+rK~• any lien which has priurit> o~er thiti MurtK:ige: provided, that ti~~rrower shall not be required todischarge any suc•h lirn su lonK :~s li~~rrower shall aKrcr in w•ritinK to the p:~ym~•nt of th~•ubliK.ition secured by ,uch lien in a manner acceptable to l.endrr, or ~hall in K~N,ci f:.ith n~nt~wt su~•h lit~n by, ordrfrml rnfi,n~~•ment.~f such li~•n in, le~al proc~edings which operate to prevent lhe enfurcemenl of thc lien ~x forti~iture of the I'ro{K•rh• or any part then.~f. fi_ Hazard Insurance. Rorrc~wer shall keeEi the improvrments nuw c~xistinK on c~reafter errcted on the Properiy insured againsl lusa by tirt-, hazards included within the term "extendcd co~~eraKe." .~nd such nth~r hazards us I.rnder ma~ rrquire and in such amounta:~nd forsuch pf•ric~ds as Lender may requirn: pruvideci, that I.rnder shall not rt•quire th:d the amuunt of such c~rveraKe rxreed thnt ~amount of co~•erage re~yuired to pay the sums securecl by this lllurtK:~Ke. The insurance carrier pru~idinK thr intiur:inc~• sh:Jl tN• ~~h~~,~•n b~' I{~~rf~~K'Pf ~UII)!Y'~ ~u apprua•al b~• 1~•nd~•f, (Ih~YI(~fYI, ~Flat such approval sh.~ll not be unreasonably withheld. All pn•miwns un in~ur.uu•~• ~Hdi~•i~•. ~hall }N• p;ud ~n th~• m:~nn~•r pr~~vidwi under p:v:~Kraph 'l herw-f or, if nut paid in such manner, by liurruw~er m:~kin~ p:~~•m~•nt, ahe•u du~•, d~nv•th• t~~ th~• ~nwr.~~c~~ ~•:~rri~•r AU insurance policies and renewals thereof sh.ill tx~ in form acceptablt~ tu IA•nder and shall include a standard mortRaKeclause in favorof and in form acceptable to I.ender. Ixnder shall h:~~•e th~ riKht tn hold thf~ ~N~licit~z and r~•n~•vcals tht•rer~f,:~nd It~~rrower shall pmmptly furnish f,~~ ~,ender all renewal notices and all receipts of paid premium:;. In th~• i•vent of I~~.c. Kurr~~Nrr sh:~ll KivF pmmpt nutice G~ the insurance carrier .+nd I.ender. I.ender may make pnMf of loss if nnt made prompth• bt• Korruw•t~r. Unlexa Lender and Borrower othervvi,e aKree in v-nlinK, intiur:-nce pnx•t~Yls .hall F~~ applicYl to rPCtc±e:ition or repair of the Property damaged, provided such restoration or repair i~ ~~•unumicall~ feasitde and the ~~urity of this 11ortKaKe iti not thereby impaired. If such rest~ration or repnir is not economicall~~ feaciblr or if thr wrurity uf this 11ortKaKr w~~uld t-e ~mpaired.the insurance proceeds shall beapplied tu the aums ae~ured by this MortKaKe, w~th thr exc~~~ti, i(:my, p:~id to l;nrrower. 1 f the 1'roperty is :ibandoned by F3urrower, ur if BorruN er fails to reKpond to I.ender within :~1) days frum th~• datt• notice is mail~ by I,ender Ur Rurrower that the insurance carrier offera to settle a claim for ~nsurance beaefits. I.ender is authorize~l to cullrct and apph~ the insurnnct~ pn~crrd.r• at 1~mdrr'~ uption either tn restor.Uion or repair of the Yroperty or the sums secured by this MortKaKr. Unlesa I,ender and F3orrower otherwis~• aKrrr in wntinK, an ~ such applii :iUon of pr~KY~~1s t~- principal ahall not extend or poatpone the due date of the monthly inatallments rrfrrrc~f U~ in par:~Kraphs 1 and'L hrrr.-t or ch~nKe the :imuunt uf such insG~llmentx. If under par:~graph 18 hereof the Property ia acquired by I.ender, al! right, tide and interest uf Rurrow~er in and to any in+urance policies and in and to the proceeds thereof reaulting from damage to Fmpcrty prior tn the tiale or acywsitiun shall p.~xs Gr Irnder to the extent of the sums secured by this ~tortgage immediately prior to such sale or acquisitir-n. - 6. Preaervation and MaintenanceotProperty; l.cas~•holdw;Condominums; Plenned Unit Developmente.liorrowerahall keep the E'roperty in qood repair and shall not commit v-•aste or ~rmit impairment ur deterioration of the Pruperty and shaU comply with the' pru~•isions of any lease if this hlnrtgaKe is nn a leasehrrld. If thi~ MnrtK.ige is on a unit in a rnn~nminium or n plnnned unit development, fiurrower ahall perform all of I3orro~aer's nbliKations under thr drelaration orcuvenants ~•n•aUntiorKovern~nK the conduminium or planned unit development, the by-laws and rr~culatiuns of the cundominium or planned unit development. :+nd constituent documents. If a ~ondominium or planned unil development rider is ex~uted by Fi~~rrower and recordcYl t~~ether with this Mortqage, the covenants and .~KrPemenls of such rider shall 1-e iRCOrporated into :~nd .h:Jl am~•nd and .upplemrnt thr coven:ints and agre~rmen~.K of this Mortgage as if lhe ndc•r v-ere a part hercK-f. 7. Protection of I.ender'e 3ecurity. If Borrower faila to perform the ccrvenanta and agreemente contained in thie Mortgage, or if any action or prceeeding is commenced which materially affecta [.endei s interest in the Property, including, but not limited to, eminent domain, ~neolvency, aode enforcement, or arrangemente or proceedings involving a bankrupt or decedent, then [.ender et Lender's option,upon notice to Borrower may mnke such appearancee, diaburee euch aums and take auch action xe ia neceseary to protect [.ender's interest, including, but not limited to, diabur6ement of reaeonable attorney's feee and entry upon the Property to make repairo. If Lender ~equired mortgage ineurance as a rnndition of making the loan aecured by thie Mortgage, Korrower ahall pay the premiume required to meintain xuch inaurance in effect until auch time as the requirement for auch insurance terminatee in accordance with I3orrower e and I.ender's •~~ritten agreement or applicable I.aw. E3orrower ehall pay the amnunt of all mortgage ineurance premiuma in the manner provided under paraqraph 2 hereof. Any amounte diaburaed by l.ender pereuant to thie para~raph 7, with interest thereon, ahaU become additional indebtedneae of Korrower secured by thie Mort~age. Unieae tiorruwer and I.rnder agree d~ other terms ot payment, such amounta ahall be payable upon notice from I.ender to Borrower requesting payment thereof, and ahall bear intereat from the date of diebureement at the rate payable from t-me to lime on outetanding principal under the Note unlexe payment of intrreat at such rate would be contrary to applicable law, in which event auch amounta ahal) bear interest at the higheat rale permiseible under applicable law. Nothing contained in this paragraph 7, shall require i.ender to incur any expenae or take any action hereunder. ~ ~ R.~ 347 P~~F 101 ~ ~ ~ ~~~ .F, ~._ ~ .~.._ .~. : ; ~ =: . _ ~ _ _-~~~