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Home My WebLink About03788ormwer and l.ender covenant and agree aa follows: 1. Payme~t of Priecipal and Interest. BoROwer ahall pmmptly pay when due the principal of and intereat on the indebtedneas evidenced by the Note, prepayment and late charges ae pmvided io the Note, and the pri~cipal otand intereat on any Future Advances secured by this Morigage. 2. bLt~ds tor Ta:es and Insurance. Subject to applicuble law ar io a writte~ waiver by I.ender, Rorrower shail pay to I.ende~ on the day monthly i~stallments of pri~cipal and interest are payable under the Note, until the Nute is paid in full, a sum Ihe~ein "F unds"1 equal to one twelfth of the yearly taaea and aseeasmente which may attain priority over this Mortgpge, and ~und rents un the Piroperiy, i[any, plua one- twelRh of yea~ly premium installmenta for hazard insurance, plus o~Ptwelfth of yearly pmmium installmentez for mortguge inaurance, itany, all as reaeonably estimated initially and :tom lime to tirne by I.ender on the basia of assessments und bills and reas~,nable extimates thereot. The I~Lnda ahall be held in an institution the deposits or accounte af which are inaured or guaranteed by a Federa{ or State agency (including l.ender it l.ende~ is such an inatitution). l.ende~ shall apply the Funds to pay said taxea, assesaments, insurance pmmiums and ground rents. l.ende~ may not charge for so holding and applying the Funds, analyzing said account, o~ verifying and compiling said aeeeeamenfa and biUs, unless Lende~ pays Borrower intereat on the F unds and applicable law permits l.ender to make such a cha~ce. E3orrower and Lender may agree i~ writing et the time o( execution ot this MortgaRe that intereat on the Funds ahall be paid to Borrower, and unleas such agceement ia made or applicabie law requires such intereat to be paid, I.ender shall not be requind to pay E3orrower any intereat or earninga on ihe F~unus. i.ender ehall,give to Borrower, without charge, an annual accounting of the Funds showing credita and debits to lhe F unds and the purpoae for which each debit to the Funda was made. The F unda are pledged as additional aecurity for the sums secured by thie Mortgage. If the amount of ihe Funda held by [.ender. together with !he future monthly installments of Funds payable prior to the due dates of taxea, asseasmenta, insurance premiuma and ground rents, ahall excred the amount required lo pay said taxes, assessmeota, insurance premiuma and ~vund renta as they taU due, such exceas shall be, at Bmrov-er's option, eilher promptly repaid to E3orrower o~ c~edited W Bonower on monthly inatallmenta o[ Flinda_ It the amount of the Funda held by I.ender shall not be suiflc~ent to pay taxea, assrssments, insurance pmmiums and ground rents ae they fall due, Borrower shall pay to I.ender any amount necessary to make up the de~ciency within 30 days from the date notice ie mailed by I.ender to Rorrower requesting pt~yment thereof. Upon paytnent in full of all sums eecured by this Morlgage, Ixnder shall promptly refund to F3orrower any funds held by I.ender. I[under paragraph 18 hereof the Property ia sold or.the Property is otherwise acquired by I.ender, l.ender shall apply, no later than immediately prior to the sale of the Ptopeirty ot ita acquiaition by Lender, any F unds held by I.ender at the timr of application as a credit against thesums secured by this Mortgage. 3. Applieation o[ Paymente. Unless applicable law provides othervvise, all payments received by I,ender under the Note and paragraphe 1 and 2 hereot ahall be applied by Lender firxt in payment of nmounts payable to l.ender by E3orruwer under paragraph 2 heteof, then to interest payable on the Note, then to the principal of the Note, nnd then to interest and principal on any Future Advances. 4. Chargea; Liens. Borrower shall pay all taxes, assessmrnts and othrr charKes, f nes and impusiliuns attrihutable u~ the I'roperty which may atcain a priority over this Mortgage, and leasehuld payments ur gn~und rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by E3orrower makinK payment, when due, directlv to the p.~yEr there.~C RormNCrshal! prumptly furnish to Ixnder all notices of amounLs due under this paraKraph, and in the event liurruw•er shalf make paymcnt dirtY•l1y,13orrower shall promptly furnish to I.ender receipls evidenc~ng such paymenls. l~,rruwer sh:~ll promptly discharK~• any lien which has priorih~ ~~ver thi. A1urtKake; pmvided, that liorrower shall not be required to discharKe any suci~ lien su lunK :IS I{I~RUWPr shal l:fKTf'P Ifl W f1UI1 j; LU IF1P pa~•ment of the oblikation secured by such lien in a mnnner acceptablr to Iw•nder, or shall in Kiwwi f:~ith cunt~~st .u~•h lien I~y, ordt•fend i~nfon•f•m~~nt of such !i~•n in, ley;al pruceedings w•hich operate to prevent the rnforcement of the lien or furfi•iture uf th~• 1'ruFx~rt~• ur :~m• part thenr~f. ~ 5. Nazard Insurance. Borrow er shall keep the improvemenL~ nuw existinK or hereafter erected on the Properiy insured against loss by fire, hazardx included within the term "extended cuvrr.iKi•," :ind such uther hazard. as Ixnder may rryuire and in auch amc~unts and forsuch periocls as l.ender may require; pruvided, that I.ender shall not riyuim that the amuunt of such rnver.iKe exrecd thal amount of coverage required to pa~ the sums secured b~ this AtortkaKe. The insuranm carrier providinK ihe insuran~r sh:~lt tw• ch~~.i•n b~• K~~rn~K•~•r subj~yt t~~:~ppruval hy Iw•nd~~r, pruvid~~l. that such apprm•al shall not be unreason:~bl~ withheld. All prrmium~ un mwr.+m•~• ~N~li~•i~•:.haU iN• p:~id in th~• mann~•< <~n~.•~~i,~i u~~i~•r p:~r:~Kraph'L hereof ur, if nut paid in such manner, by liorrowrr m:ikinK p:~ym~•nt, w•hi•n dur. dinY•tl~~ tu th~• invur.~nce carrit•r. All insurance policies and renewals thereof shall t-e in fnrm acceptahle tn 1 ~~nderand shall ~nclude a standare) mortQageclause in ft~~orof and in form acceptable to l~ender. l.endershall have the riKht tn hold the {N~licies and rem~wals therc~-f, and l~~rrr.Ner snall promptly furnish t~~ i.ender all mnewal notices and all receipts of paid premiums. In thr err~~t of lu.., R~~rruaer shall Kive prompt notice to the insurance carrier ~ind I.ender. I.ender may make pra~f uf loss if nM madr promptly b~ Rorrower. Unless I.ender and &~rrower othcrv-ise aKrec in w•ritinK, insurancc• pnK•~is shall br appiied tn restoration or repair of the E'roperty damaged, provided such restoration or rrpair is ecnnomii•alh• feasible and the src•urih• of lhis :11ortKaKe is not thereb~ impaired. [f such restoration or repair is not economically fe.+sible or if the ~vrity of this MortKaKe wuuld }-e impaired, the insuranmprocetdsshall beapplied to the aums secured by this Htortgage, v-~th thr excesc. if :iny, paid tu F~~rruwer. If the {'ro{~ert~ is abandoned by Borrower, or if E3orrower faila to respond to I.ender within :i0 days from the date nuticr i. mailFr~ by (,e~nder tn Fiorr~~w•er that the insurance carrier offers totsettle a claim for insurance benefita, t.ender is authorizeci to collect and applp the insurance pnK•r~Yfs at I.ender's ophon either t~- restoration or repair of the Property or the sums secured hy this 111ortK~KP- Unless I.ender and E3orrower othe~•ise aKree in wntinK, an~~ wuch .~pplicati~~n of pr~K•eeds to principal shall not extend or postpone the due date of the monthly inslallments referrecl u- in paraKraphs t and 'l herr~-f or chanKe the amuunt of surh installmentx. If under paragraph lti hereof the Property is acquired by I.ender, all riKht, title and intrrect uf li~~rro~cer in and to any insur~nce poiicicas and in and to the proceeds thereof resulting from damage to Properly prior tu the sale nr acyuitiitiun shall pacs to I,ender to the extent of the sums secured by thia ~lortgage immediately prior to such sale or acquisition. , 6. Preeen ation and Maintenance otProperty; l.eascholds: ('ondominums; Planned Unit Developmente. tiorrower shall keep the Property in good repair and shall not commit watte or Fx~rmit impairmrnt or dt•terioration of the I'roperip and shall comply with the provisions of any lease if this MortKaRe is on a leasehuld. If this 11ort~;aKe iR on a unrt in a rnndominium or a planned unit devclopment, Korrower shall perform all of Borrower's obliKatiuns under thr dec•laratiun urco~•rnantc i•rt:~tin~or Ko~ermnK thecondominium or planned unit development, the by-laws and reRulations of the condominium or planne~ unit de~elopment, and canstitueut dceumenta. If a condominium or planned unil de~elopment rider is executecl by &-rrow~~r .~nd recorded t~~ether with this Mortgage, the covenants and aKreements of:~uch rider shall he incorpuratrd int~i and ~hall :~mt•nd a~d supplemrnt thecuvenan~ti and aKreemenGsof this Alort~aKe as if the rider were a part hereof. T. Protection of i.ender'e Security. I! fiorrower [aila tn perform the covenante and agreemrnta conteined in thie Mortqage, or it any action or proceeding is commenced which materially affecte [.ender'e intereet in the Property, including, but not limited to, eminent domain, inaolvenry, oode enforcement, or arrangemente or proceedinga involvinq a bapkrupt or decedent, then Lender at [.ender'e option,upon notice to Borrower may make euch appearances, diaburse auch aums and take such action as ie neceesary to prutect Lender's interest, including, but not limited to, disbureement of reaeonable attorney's feea and entry upon the Property to make repairs. I[ Lender required mortgage insurance ae a condition of making the loan eecured by thie Mortgage, E3orrower ahalt pay the premiume required to maintain such ineurance in effect until euch time ae the requirement [or euch ineurance terminates in accordance with Borrower'e and Lender'e written agreement or applicable Law. Borrower ahall pay the amount of all mortgaRe inaurance premiume in the manner provided under paragraph 2 hereof. Any amounte diabureed by Lender perauant to this paragraph 7, with intereet thereon, ahall become additional indebtedneae of Rorrower secured by thie Mortgage_ Unleas Borrower and I.ender agree to other terme ut payment, such amounta ehall be payable upon notice from Lender to Bormwer requeeting payment thereof, and ahall bear intereat from the date o( diebursement at the rate payable trom time to time on outetanding principal under the Note unlesa payment of intereat at such rate would be contrary to applicable law, in which event auch amounte ahall bear intereet at the higheat rate permisaible under applicable law. Nothing contained in thie paragraph 7, ahall require I.ender to incur any expense or take any action hereunder. e~~x349 Pa~E 3~g ~ ~ 2 • ~ ~ ~r,_ __ _ _ _ _ ~,°?..t S~C~c _-F=x..,._ ~ -- '"P . ~-...--._y~~