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Home My WebLink About0411Borrower and I.e~der coveaant snd a~ee as [ollowr i. P~yme~t of Principal ~nd Intereat. Borrower ahall pmmptly pay when due the principal of and interest on 1he i~debtedneas evidenced by the Note. prepayment and late charges as pmvideJ in the Note, end the principal of and intereat on any Future Advances accured by this Mo~age. 2. I~lu~ds for Ta:es a~d lnaurance. Subjcct to applicable law or to a written waive~ by L.ender, Borrower shall pay to I.ender on lhe day monthly inatalltnents of principal a~d inleresi are payable unde~ the Note, until the Note ia paid in full, a aum (herei~ "h'u~da") eyual to one twelfth of the yea~ly taxea and asseasments which may attain priority over this Mortgage, and ground renta on the Property, if uny, plus one- tweltth otyearly pnmium inetallmenta for hasard ineurance. plue onetwelRh ofyea~ly premium inatallmente for mortgege inaurance, i[any, all as masonably eetimated inilially and from time to ticr~e by Le~der oo the basis of asaesamenteti and biUs and reasonable eslimatea the~eof. The F1nda ehall be held in an institution the deposits or accounts of which ere insured or guara~teed by a Fede~al o~ State ageacy (including Lender it I.ender is such an institution). I.ender ahall apply the Funda to pay said taxee, assessmente, inauraoce premiums and ground rents. Lender may ~ot charge for so holding and applyi~g the Funds, analyzing said account, or veri[ying ~and compiling eaid assesaments and billa, u~lesa Lender pays Borrower interest o~ the Funde and applicable law permita Lender w make such a charge. Borrower and Lender may agree in writing at the time of e:ecution ot lhis Mortgage that intereat on the Eti~ds ahall be paid to Burrower, and u~leas such agreement ia made or applicable law requires such intereat to be paid, Lender ahall not be required to pay Bormwer any intereat or earnings on the Funds. I.ender ahall give to Borrower, without charge, an annual accounting of the Funds ahowing credita and debite to the Funde and the purpose for which each debit to the Funde wae made. The Funds are pledged as addi:i~ :a: ~rurity for the B~ma secured by this Mortgage. If the amount of !he FLnds held by I.ende~, together with the future monthly inetaliments uf Funds payable prior to the due dates of taxes, asseasmenta, inaurance premiuma and ground renla, ahall excred the amount required to pay said taxes, asseasmenta, inaurance premiume and ground rente ae they [all due, such excess shall be, at Bo~tower a option, either prompUy repaid W Borrower or credited to l3orrower on monlhly instaUmenta of Funde. I[ the amount of the Funde held by [.ender ahall not be eumcient to pay texea, assesamenta, inaurance premiuma and ground rents ae they faU due, Borrower ahall pay to I.ender any amount necessary to make up the deficiency within 3Q deys from the date notice ia mailed by I.ender to [3orrower requesting payment thereof. Upon payment in full of all suma eecured by this Mortgage, Lender ahall pmmptly refund to E3orrower any funds held by Ixnder. lf under paragraph 18 hereof the F'roperty is sold or the I'roperiy is otherwise acqui~ed by I.ender, l.ender shall apply, no (ater than immediately prior to the sale of the Property or ita acquiaition by i.ender, any Funds held by I.ender at the time of application as a credit againat lhe sums secured by thie Mortgage. 3. Applieation ot Payments. [lnlese applicable law providrs otherwiae, all payments received by l,ender under the Note and paragraphs 1 and 2 hereof ahaU be applied by I.ender firxt in payment of amounta payable to [~ender by E3orrower under paragraph 2 hereot, then to intereat payable on lhe Note, then to the principal of the Note, and then to intereat and principal on any Future Advancea. 4. Charges; Liene. E3orrower shall pay all taxes, assessments and other charges, fines and im{wsitions attributable to the Property which may attain a priority over this MortKage, and leasehuld payments or Kround rents, i[any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borruwer making payment, when due, directly to the payee therrot Borrower shall promptly furnish ta I.ender nii i~viiCca vi iiTiiiiii~ir uiic iiTiurT ~iii~ ~iiiii"r,i aN,i, ai~u ii'i i,ic ciiri~i }~riiTTOLt'8i S~iS{i ii.iikP ~iayment dsrectly, [iorrc~u~rr shall prompdy fumish to I.ender receipts e~•idencing su~h p:~ymrn~R. F3orrower shall prumptiy discharge any lien which has priority over this Mortgage; provided, that Borrower shall not he required to discharge any such lien su IonK :~s liorruwer shall agree in writinK to lhe payment of the ubligation secured by such lien in a manner accept~ible tu la~nder, ~~r shaU ~n gw-d faUh ~ti~ntrst such I~rn by, urdefene rnfon~ment oi surh iien in, ieKai proceeciings which oper~te to prevent the enforcrment of thr lien ur forfesture uf the Pruperty or any part thereol. ~. Hazard Ineurance. Borruwer shall keep the impruvements now existing or hereafter erected on the Property insured aqainst losa by fire, hazards included within the term "extended ~roverpge." and xuch other hazards as l.ender may require and in auch amounts and forauch prriods as I.ender may rrquire; pruvided, that Ixnder shall not require that the amount of such coveragr excecd that amount of coverage rrquired to pay the sums tie~urecl by this tilurtKaKe. The insurance carrier providinK the insurancr shal! t~ rhus~•n h~• I;orruw•er ~ubjert to approval b~ I.rndrr, pro~•ided, that tiuch approval shall nut be unrexsonably v-ithhrld. All prem~wns on ~n~urani•~• p~~lir~r..hal11~ pa~d in the mann~r pruvid~~c1 under p.~r.iKraph 2 hercr-f or, if not paid in such manner, by liurruwer makmK pa~•mrnt when du~•, dinY•tly t~r thr insurance carrier. All insurance polic~es and renewals thereof shall be in form acceptable u~ I,ender and shall include a standard mertgage clauae in favor of and in form acceptable to I,ender. l.ender shall ha~e the riKht G~ hold the ~~licies and renewals thereof, and Borrower shall promptly furnish to ~.ender aU renewal notices and all reeeipts ot paid premiums. (n the event of loss, linrruwer ahall Rive prompt notice tu the insurance carrier and I.ender. I.ender may make proof of loss if not made promptly bp &~rrovrer. Unlens l.ender and l~rr~~wer otherwisr agree in wnlinK, in~urancr proceeds shall be applied to restoraliun or repair of the Property damagecl, pro~~ded such reswr.itiun ur repair is erunumically feasible and the srcurity of this Mortgage is not thereby impaired. If such rratoration or repair is not economically G•asible ~rr if the security of this hlortKage would beimpnired, the insurance proceedsshall beapplied to the aums secured by this MortK:+ge, with the eacrss, if any, paid to KorrowerJf the Property is abandoned by f3orrower, or if Eiorrower fails to reapund to [.ender with~n :i(/ da~~s frum the date nutice ~s mailNd b~ Ixnder d- liorrower that thr insurance carrier offers to settle a claim for ~neurance benefits, I.ender is authorized to cullec•t and apply the insurancr pr....:.ls at l.ender's option either to restoration or repair of the Property or the suma secured by thix MortKaKe. Unless Lender and Horrower otherw~se agree in wnt~nK, any such application uf pr~,ceede to principal shall nut extend or puetpone thedue date of the monthly installments referred to in paraKraphs 1 and'l hereof or change the amount of such installmenta. If under paragraph 18 hereof.the Property is acquired by I.ender, al) right, title and•iwterest uf Burrower in and to any insurance policiea and in and to the proceeda thermf resulting from damage to Property prior to the sale or acymsitiun shall pass w lxnder to the extent of the suma secured by this MorlRage immediately prior to such sale or acquisition. - 6. Preeervation and Maintenanceof Property; l.easeholde; ('ondominuma; Ylanned Unit Developmente. f3orrovrershall keep the Nroperty in good repair and whall not commit waste or prrmit impairment or deterioration of the Properly and shall comply w~th the provisions of any lease if thiR Mortgage is on a leasehold. If this MortgaKe is on a unit in a condominium or a planned unit development, liorrower shall perform all o[ Rorrower's obligations under the declaration or rnvenants creatinKor govemmK the condominium or planned unit development, the bylaws and reKulatiuns of the condominium or planned unit development, and constituent documente. If a c-ondominium or planned unit development rider is executarl by 13orrower and retiordeii tc~ether with this Mortgage, the rnvenanta and aKreements of such rider shall t-e incorporated into and ch:dl amrnd and supplrment theco~•enanls and agreementsuf this A1orlgageas if the nder wrre a part herm(. 7. Proteetion ot Lender'e Seeurity. if Borrower faila to perform the covenante and agreements contained in thia Mortgage, or if any action or proceeding is commenced whic6 materially effecte I.ender's intereet in the Proprrty, including, but not limited to, eminent domain, ineolvency, code enforcement, or arrangementa or proceedinge involving a bankrupt or decedent, then I.ender at I.ender'e option,upon notice to Borrower mey make auch appearances, dieburee auch sums and take euch action as is neceseary to protect Lender's intereet. including, but not limited to, disbureement of reaeonable attorney e feea and entry upon the Property to make repairs_ If Lender required mortgage ineurence ae a condition of making the loan secured by thie Mortgage, Borrower shall pay the premiums required to maintain euch insurance in effect until euch time ee the requirement [or euch insurance terminetes in accordance with Borrower's and Lendei • written agreement or epplicable Law. Borrower ehall pay the amount of all mortqage inaurance premiume in the manner provided under paragraph 2 hereof. Any amounte dieburoed by I.ender pereuant to thia paragraph 7, with intereet thereon, ehall t~rcome additional indebtedness ot E3orrower serured by thie Mortgage. Unlese Borrower and l.ender agree to other terme of payment, auch amounte sha1) be payable upon notice from (.ender to Borrower requeeting payment thereot, and ehall bear intereet from the date of dinbureement at the rate payable from time to time on outetanding principal under the Note unleea payment of interest at auch rate would be rnntrary W applicable lew, in which event euch amounta ehall bear internat et the highest rate permissible under applicable law. Nothing contained in this paragraph ?, shall require [.ender to incur any expenee or take any action henunder. BOOK349 ~a~E 412 ~ ~~- ~ . - { ~-~-~~~~ ~~ _ _ .. _ _ ~~