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Home My WebLink About1832Horrower and l.ender rnvena~t end agree a~ folbw~: l. P~yment ot Princlpal ond Intere~t. I3orrower aheli prompUy pay when due the principel of and intereat un the indebtednesa evidenced by the Note, prepayment and latecharges es provided in the Note, and the p~ncipal of aod inte~eet o~ any Future Advancea eecured by this MottQege. 2. Ftirfds tor Taues ead It~surance. Subject to applicable law ur b a written waiver by I.ende~, Fiorruwer ehall pay to ~,ender on the day monthly installments of principal a~d interest a~e payable under the Note, uMil the Nute is paid in full, u sum Iherein "M unds") equul to one tweltth of ihe yearly taxea and asseaements which m~y attuin priority over thia blorigege, a~d ~ou~d ~ents on the 1'roperty, if any, plus one~ twelRh of yearly premium inatalimenta for hasard insura~ce, plus onetwelfth ofyearly premium ine~tHllmentx for mortKage iosurnnce, if any, all na rtasooably eatimated initially and from time to tirt~e by l.ende~ un the tx~xix of axaeasments and billa nnd reaaunable eatimatea Ihereof. The btinds ahall be held in an institution the deposita or accounta of which are ioaured u~ guara~teed by a Federal or State aKency lincluding Irnder if Lender is auch a~ inatitution). l.ender shall apply the F u~ds t~i pay said tuxee, asaexxmenta, insurance premiums and ~ou~d re~ts. l.ender may not charge [or so holding aod applying the Funda, anatyzing said account, or verifying and n-mpiling enid aeaesementa and bills, unlesa l.ender pays Bo~rower intereat on the F unda at-d applicable law permita I.ender to make auch a charge. liorrower and l.ender may agree in writing at the time of executio~ of thia Mortgage that intereet un the Funda shall be paid to Borrower, aod unlees auch agreement is made or applicable !ew requires auch intereat b be paid, I.ender ahall not be required to pay E3orrower any interest or earnings o~ the ~nds. Lender ahall qive to Horrower, wilhout charqe, an annuu) accounting of the F unde showing cnrlita and debits to the Funds and the purpose for which each debit b the F unda was made. The M unds are pledged as additional security for the sume aecured by Ihia !Nortgage. lf the amount oithe ~nda held by t.ender, togethct with the future munthly inatallmenta uf F unds payable prior to the duedatea ottaxee, asaeasmenta, inaurance ptemiuma end ground rents, ehall excred ihe amount required to pay xaid taxee, assessmenta, insurance premiums Hnd ground rente as they tall due, euch exceass ahall be, af Bo~TOwer's option, either promptly repuid to Burrov-er or credited to Fiorrower on monthly inatallments of Funda. If the amount of the Hunds held by l.ender ah~ll not be aufficient to pay taxea, asseaxmenta, insurance premiume and ground rente ae they fall due, Borrower ahall pay to l.rnder nny amounl neceasary to make up lhe deficiency within 30 days from the date notice is mailed by l.ender to Borrower requcKSting payment thereof. Upon payment in full of all aums aecured by this Morlguge, l.ender ehall promptly refund to Ebrrower any funds held by I.ender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acyuired by l.ender. l.ender ahnll apply, no later than immediately prior to the eale ot the Property or ita acquiaition by I.ender, any F undx held by I.ender at the time of application aa a credit against thr suma secured by this Mortgage. 3. Application ot Paymente. Unless applicable law provides ntherwise, all payments received by I.rnde~ under lhe Note and paragraphs 1 and 2 hereof ahall be applied by I.ender firxt in pnyment of amounts paynAle to [render by l3orrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Nute, nnd then to interest and principal on nny Future Advancea_ 4. Chergee; Liene. {3orrower shall pay nll taxex, ass~~sments and uthrr charKc~, finc~c and impositions attributable to the Property which may attsin a priority over lhis MorlgaKe, and le:~.sehold payments or Kmund reots, if any, in the manner procideci under paragraph 2 hereof or, ~! not paid in such manner, by BorroM•cr mz~kinK payment, whrn duc, dir~•tl~ to the p.~y~r thrrc.,t Korn,wershall promptly furnish to I.ender .~li notices of amuuntx due under this par.~Kr.iph, and in the cvent Rorruw~r tihall make paymcnt dinY•tly, R~rn~wer shall promptly furnish to I.ender receipts evidencing such pa~•menls. fiorruw•cr shaU pmmptly di~~•harK~• any lien whi~•h h:~~ priurity o~•cr thiti 1~1or1KaKe: pmviJed, that fi~~rrower shall not berequirPd todischarKe any tiuch lic•n xo InnK ax FS~~rruwer shall a~;rer in writinK to thr p:-ym~~nt of theubliKation secured by ,u~•h lien in a manner aceeptable to I.ender, or sh:~ll in ~;iNx! faith cunt~wl ,ui•h lirn 1-y, ordefe~nd rnfi~rv-t•m~~nt uf ~uch lien in, l~q;al pruceedings w•hich operate to prevenl Ihe enforcement of the lirn ur forf~~~tun• uf thr 1'ru~x•rt~• nr :~ny part thenr~f. ~. Hazard Insurance. Borrower shall kerp the impm~•emi•nts nuw• existinK ur hereaftrr erected on the F'roperty insurcvl aKninst loss by fire, hazards incladed within the term "extended n~ver:iKe." and such uth~r hazard~ ass I.endrr may reyuire und i~ such amounts and forauch pt•riods as t.ender may requim; pruvid~d, that I.c•nd~•r shall nut re•yuin• th.rt the amuunt ~~f such cu~•rr:-Ke eacc~d that amuunl of coverage rt~yuired to pay the sums secured hy thi~ MurtKaKr. The insurance carrier providinK the insuran~r sh:~U b~• ~•h~~~~•n i~~• Iturn.•a•c•r wbj~n•t to :~ppru~~:~l h~• I a•nd~•r, pru~•idcd, that tiuch :~pproval shall not F-e unre:~mably withheld. All pn•miwn. un in.ur:uu•~• ~~~h~•u•..t::~{I !N• pa~d in th~• m:+nn~•r prn~•~d~v1 undi•r paraKraph 1 herrufor, if n~~t paid in such manner, hV I~~ROV-(•r makinK pa~•mrnt, w•hrn dur, din•~•th• tu thr in.ur.~nci• c:~m~•r. All insurance policies and renewals thereof shall tK in form :~crnpt:~hlf• d~ 1~•ndrr:~nd shall includP a standarcl murtQaKeclausr in favoro! ;~nd in form acceptable to I.ender. I.rndershall ha~•e thr ri~;ht G~ huld the ~~ficic•:; and n•new:~ls then~~f,:ind liorruv-er shaU prompdy furnish ui ~~•nder all tenewal notices and all receipts ~~f paid premiums In th~• ~•xr~~l of luss, It~~rn~wrr ~hal) K~~•e prumpt nutice tu thr insurance rarrier .+nd I.ender. I.ender may make pr«-f ot loss i! nr~t madc• pmmpth• by 1i~~rrowrr. Ilnleas I.ender and fiorruwer Mhenvitir agrre in wntinK, inxurancr pra•i~is shaU t-e~ ;~pplied t~~ rrst~~-:ition or repair of the F'roperty damaged, provided such restoratiun or repair is tronomically frasible and the ~vnty uf thi~ ~tortKaQe is not thereby impaired: If such rrtitoration or repair is not economic~lly frasiblr or if the• ~rurity uf thi~ MortKaKr wuuld Fx~ impairrd, the insurance proceeds shall beapplied tn the auma secured by this MortKaKe, with tht• rx~•~•~s, if any, paid lo I3~~rruwer. lf thP F'ropc•rly ig abandone~i by Korrower, or if Fk~rrower faila tc- reypond to I.ender with~n :3~1 day4 frum the dat~• nnti~•~• is mailnl I~v 1~•ndNr to fi~rrruwer that the insurance carrier ofTers to settle a claim tor ~nsurance benefits, l,ender is authurized to c~~ll~rt and :ipply thr insuran~•i~ pr~x•~~c~1ti at I,end~r's optiun either to restoratiun or repair of the Yruperty or the suma secured by this MortKa~;e. Llnlesa i.ender and F3orrower otherwise aKrre in N nlinK, any such ap~,liration uf prrK•crds tu principal shall not extend or postpone thedue date of the monthly installments referred to in par:iKraphs 1 and Y F~erc~~f ~~r chanKe the amuunt o[auch inst~~IlmentA. If under paragraph 18 hereof the Property ia acquircd by I.ender, all right, title and inten•st uf Korn~w•er in and tu any insurance policies and in and to the proceede thereof reaultinq from damage tr- Properly prior to lhc .r•ale ur a~~qu~witiun shall pass to l,ender to the extent of the sums secured by this ~lurtgage immediately prior to such sale or acquisition. 6. PreaervationandMaintenenceofProperty:IRNAI•hold~;('~-ndominume;PlannedUnitDevelopmenta.I3orrowerahallkeep the Property in grwd tepair and shall n~it commit wast~~ or ~~rmil impairment or dF•terioratiun of the Property and ahall comply with the ~,roviaions uf any lease if this DtortKaKe is on a leasehuld. If this ~1urtK.~Ke ix nn u unit in a n,ndominium or a plannrd unit develupment, H~~rrower ahaU perform all of Ii~~rruwer~s nbliKatiuns under thr dec•I:vation or cua•rnantx ~•r~ :~tinkor govern~ng thecondominium or planned unil development, the bylaws nnd rey~ulations ot the cunduminium or planned unit develupmFnt, and rnnstituent documents_ [f a ~ undominium or plnnned unit develupment ridrr is rxcrvtE~1 bp Fi~-rrnwer and rrcorderl tuKether with this MortqaKe, the rnvenanta and .~Krrements of such rider sh~ll F-e incorporated intu and sh:~ll amend and suppli•mi•nt thrc~nvrnants and aKr~ements uf this MortQaKeas if the nder were a part hereof. 7. Protection ot Lender'e Security. tf &~rruwer fails u, pertortn the covenanfs and agreemente contained in this Mortgage, ~r if any action or proceeding is commenced which materially affecte I.ender'e intereet in the I'ruperty, including, but not limited to, eminent domain, ~neolvency, oode enfercement, or arrangemente or proceedinga involving a bankrupt or decedent, then I.ender at l.ender'e option,upon notice to Borrower may make euch appearances, dieburee auch auma and take euch action ae ie neceesary to protect Lendei s interest, including, but not limited to, diebureement of reaeonable attorney'e fee~ and entry upon the Property to make repairo. [f l.ender required murtgage inaurance ae a conditiun of making the lu:in~secured by thie Mortgage. I3orr~,wer ahaU pay the premiums required to maintain euch ineurance in effect until euch time ae the requirement [or auch ineurance terminatea in acrordance with Borruwer'a and Lendr.r's w~ritten aqreement or applicabie I.aw. E3orrower ahall pay the amount of all mortgage ineurance premiums in the manner provided under paragraph 2 hereof. Any amounte diebursed by I.ender pereuant u- thie paragraph 7, with intereet thereon, shall become additional indebtednees of Rorrower eecured by thie Mortgage. Unleae Fiorrower and l.ender aKree to other terma of payment, auch amounte shal) be payeble upon n~~tice from [.ender to Borrower requeating payment thereof, and ahnll bear intereat frum the date of diebureement at the rate payable from t~me to time on outetandinR principal under the Note unlesa payment uf intereat at such rate would be contrary to applicable law, in which rvent euch amounte ahal) bear intereat at the highest rate permiasible under applicable law. Nothing contained in thie paragraph 7, ehall require I.ender to incnr any expense or take any action hereunder. ~ ;'~ 34~7 F~~,f 182fi ~ ~~~~~~~~~~~ _ =z