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Home My WebLink About0370f3ormwer and Lender coveoa~t aad agree aa follows: 1. Pwyment of Principal a~d Intereit. Borrower ahall prompUy pay when due the principal of and intereet un the indebtedneas evidenced by the Note. prepaymer-t and late charges as provided in the Note, and the principal of nnd intereat on any hliture Advances secured by thie Mortgage. 2. I~nds for Tas~ and Insu~ance. Subject to applicable law o~ to a wrilten waiver by I.ender, Rorn~wer shali puy to I.ender on the day monthly inatallments of principal and inte~eat are payable under the Nute, until the Note ia paid in fuil, a sum Iherein "M unds") cqual to one twelfth of the yearly taxea and asseasments which may attain p~ority over this Mortgage, and ground ~ents on the I'ruperty, if pny, plus one twelRh of yearly premium instalimenta for hazard inaurance, plus onPtwelfth of yearly premium installments [or mortga~ge insu~aoce, if any, all as reasonably estimated initiaUy and froi.~ time to tiR~e by l.ende~ on the basis of assessmentx and bills t~nd re~suni~ble eatimatea thereof. The Ftinds ahall be held ia an institution the depoeita o~ accounta of which are inaured or guaranteed by a Federal or State agency Iincluding I.ender if I.ender ia euch an inatitution). l.ender ahall apply the F unds to pay suid tuxes, assesxmente, insurance premiume and ~Cround rents. Lende~ may not charge [or eo holding and applying the Funds, analyzing said uccount, or verifying und compiling said aeeeasments and billa, unleee I.ender pays $orrower intereat on the Funds and applicable law permita l.ender to make auch a charge. I3orrower and L,e~der may agtee in writing at the time otexecution of lhis Mortgage that interest on the F unds ahall be paid to Borrower, and unlesa euch agreement ie made or applicable law requirea auch intereat to be paid, l~ender shall not be required to pay Borrower any intereat or earninge on the Funds. Lender ahs1) give to Borrower, without charge, an annual acrnunting of the Fuods chowing crnditss nnd de6itn to lhe Funda and the purpose ior which each debit to the Funds was made. The F unds are pledged as additiunal security for lhe suma secured by this Mortgage. If the amount of the ~nda held by l.ender, logether with the future monthly installments uf Funds payabie prior to the due dates ottaxea, asaesament8, insurance premiuma and ground rents, shall excred the amount required to pay said taxes, aasesxments, insurance prnmiums and ground rents as they fall due, such excess shall be, at E3orrower's option, either promptly repaid to tiorrower or credited to E3orrower on monthly installmenta of ~nde. If the amount of the Munde held by I~nder shall not be autficient to pay taxea, assessments, insurance premiums and ground rente as they lall due, E3orrc-wer ahall paiy to l.ender any amount net~ess:iry to make up the deficirncy within 30 days fmm the date notice is mailed by I.ender lo E3orrower requesting payment lhereof. Upon payment in full of all auma secured by this Mortgage, l.ender shpll promptly refund to E3orrower any funds held by I.ender. l[under paragraph 18 heteof the Property ia sold or the Property is otherwise acquired by l.ender, l.ender sh:dl apply, no later than immediately prior to the sale of the Property or itsacquisition by I~ender, any Funds held by I.rnder at the time of application as a credit against the sums secured by this Mortgage. 3_ Application of Paymenta. Unless applicable law provides othervvise, ~11 payments received by I.ender under the Note and paragrapha 1 and 2 hereot shall be applied by I.ender firxt in payment of amounts payable to l.ender by Borruwer under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on nny Future Advances. 4. Cherges; Liene. E3orrower shall pay :+II taxes, asse~smrnts and othrr charKc~, finc~+and imp!nitions atlributable to the 1'roperty which may attsiin a prio~ity over lhis MortgaKe, and leasehold payments or Kmund rents, if any, in the manner provided under paragraph 2 hereof or. if no/ paid in such manner, by Rorrower making p.iyment, when due, direc•tly to the p:+>~cY• there~~f. Rurn~wer shall prompUy fornish lo I.ender :ill notices of amoun~S due under this paragraph, and in the e~~ent Burruwer shall make p:iyment directly, Kurrowcr shall promptly [urnish tu l.ender receipts evidencing such payments. lioreuwrr sh.+ll promptly disch.vKe .~ny lien which has priority uver this MortKaKe; pmvided, that Hnrrower shall not be required to discharge any such lien so IunQ as lt~~rruv-er.hall a~;ree in writinK tu the p:~~•ment of the obliKation secured by such lien in a manner acceptable to Ixnder, or sh:~ll in ~;~N-d faith cunt~~t ~u~•h lirn by, urde(end ~•nfunY•ment ufsuch li~~n in, le~;al pnx-eedinKs which opzrale to pre~•ent the enforcemrnt of the licn ur forfeiture nf the 1'rup~~rty ur am~ part therrut. i. Nazard (naurance. Elorroa~er shaii iceep the impru~ement~ nuw rxistinK ur hrrr~Rer rrtr~trYl un thr Pruprrty insured aKainst lus.4 by fire, hazards included within lhe term "extrndcd crn•eraKe,° and wch other hazards as I.ender m~i~ requim and in xuch amuunt~ and forsuch periods as l.ender may require; prm~idcK1, that Ixnde•r shali nu1 rt~~uire that thr amount of ~uch c~~veraK~• excird that amount of coveraRe required to pay the sums secured br this MortKay~e. The insurance camer providinK the insur:~m•t• sh:~ll iK~ ~•h~~s~~n h~• li~~rr~~..•e•r.uhj~ti•t t~~ :ippn~~:~l b~• la~nd~•r. pruvidttil. th:~t such :~ppru~~al shall not t-e unrrasonably withheld. All premium~ un insuran~•r ~N~li~•u•..h:~ll fx• paid in th~~ manni~r pruvid~~i undrr paraKraph Y hen~~f or, i[ nut paid in sueh manner, b~• li~~rrower m.~kiny~ p:+ymrnt, when du~•. ~lin~~th• tu th~~ in~ur:+nce carrif•r. All insurance policies and renewals therewf shall be in form acceptatrle to I.e•nder:md:~hall include a,tandarcl mortgaKecl.+use in favorof an•! in form acceptable to I.ender. I.ender shall have the~ riKht tn hold the p~~licies and ren~~w:~lc thereof.:+nd Borruw•er sh:ill prumptl~ furnish k- i.ender all renewal notices and aU receiptc of paid pren~iumti. In thc~ e~ent of lu.s, K~~rruw•rr shall Kive prompt nutice tn the insurance camer and l.ender. I.ender may make pra~f nf luss if not made prumpth• b~• Rurrow•er tJnless I.ender and ii~rrower otherwi~c• aKree in w~ritinK, imur:+m-~• pr«~t~~•d. shall tx~ a~pplied to rest~~ration nr repair of the F'ruperty damaged, provided such reyG~r:+tiun ur repair is ~r~~n~~mically fea.ible and the s~rurih• of thi~ Morty;aKe is not thereby impairrd_ If such reatoration or repair is not economically fra.ihle ~~r if the sc~•urih~ of th~s hlurtKagPwould tx~ impaired, the in~urance proceedsshall beapplied to the aums secured by this Mortg:ige. a~th thf• ~xcr,s, if any, paid to li~~rrow•er. l f the !'ropPriy is abandoned hy F3orrower, or if F3orrower fails to respond to [.ender within :i0 days from the date nutic•~• is mailr~l by I.endrr to I~rrtuw•rr that the insurance camer ofters to settle a claim for insurance benefits. I.ender is authorired tu rollcrt and .ipph• the insur.~nce pr~K•crds,at I.c•nder's nptiun either to restoration or repair of the Property or the sums secured by this ~turtK:iKe. Unleas I.ender and E3orrower othervvise aKree in wntinK.:~ny such applic:ition of pn~cc~~ds tu principal shall notextend or postpone thedue date of the monthly instalimen~c referred U~ in paraKraphs 1 and Y hereN~f ur chanKe tht~ amount of such installments. lt under paragraph 18 hereof lhe Property is acquired by l.Pnder, all right, title and interest ut R~~rruw•er in and tu any insuran~r p~licies and in and to the ptoceeds thereof resulting from damage to Property prior to the sale ~x arqwsition shall pass t.- I~cnder to the extent of the sums secured by this ~tortgage immediately prior to such sale or acquisition. 6. Preeervation and Maintenance of 1'roperty; l.easehold~; ('ondominumy; Planned l?nit Uevelopmente. Rorrowershall keep the Propertv in Qood repair and shall nut rnmmit wa~te or ~•rmit imp.iirment ur drterioratiun of the Property and shall comply w~th the pro~~isions of any lease if this AtortKage is on a leasehold. If this ~1ortKaKe is ~~n a unit in a conduminium or a planneci unit development, Isorrower shaii perform aii of [~rrower's obligati~~ns un~irr tiir ~irc{ar.~ti~~u ~~r.~~~~ri~r~riis c~rf°:+t:n~;or ~arerr.»~ Lhe ron~arninium us plar.aed unit development, the bylaws and reRulations of the condnminium ur pl~nned unit de~•elopment, and conatituent documents. I[ a cundominium or planned unit de~•elopment rider is exrcuted bY F;fIROK'er and rerordrei tuKether with this Mortgage, the eovenants and aKreements of such rider shall be inc~,rporated into and .hall amend and supple•ment thc ru~~enan~s and aKrerments o[this MortKaRe as i[the rider were a part hereof. 7. Proteetion ot I.ender'e 3eeurity. If E3orrower fails to pertorm the covenantx and agreementa contained in thie Mortgage, or if any action or proceeding ie commenced which materially affecte [.ender'e interest in the E'roperty, including, but not limited to, eminent domain, ineolvency, code enforcement, or arrangemente or proceedinga involving a bankrupt or decedent, then Lender at [.ender'e option,upon notice to Borrower may make euch appearancea, diaburee auch aume and take euch action as ia neceasary to protect Lender'e iptereat, includinq, but not limited to, diaburaement of reasonable attorney's fees and entry upon the Property to make repaire. If l.ender required mortgage inaurance ax a condition of making the loan secured by this Mortgage, Fiorrower shall pay the prerniume required to maintain euch ineurance in effect until such time ae the requirement for such inaurance terminatee in accordance with Borrower'e and i.endere written agreement or applicable Law. Br,rrower ehall pay the amount of all mortgage inaurance premiums in the manner provided under paragraph 2 hereof_ Any amounte diebursed by Lender persuant to ihia paragraph 7, with interest there~,n, ahall become additional indebtedneea of Borrower eecured by thie Mortgage. Unlesa Borrower and I.ender agree tu other terme of payment, auch amounte ehall be payable upon notice from I.ender to f3orrower requeating payment thereof, and shall bear interest from the date of diebureement at the rate payable from time to time on outstanding principal under the Note uniesa payment of interest at such rate v~ould be contrary to applicable law, in which event such amounts ahaU bear intereat at the higheat rate permisaible under applicable law. Nothing contained in thie paragraph 7, ahall require I,ender to incur any expenae or teke any action hereunder. ~ ~ _ . _= ~Ki~R..3'..c.n,.. __"..~. .,.. . ... ~,; ~K 349 ~~~E •3 ~1 ~ ~:: - ~ . _ ,.~~