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Home My WebLink About1123Bo~rower a~d 4nder rnvenant and a~ee aa tollows: 1. Payq~ent ot Priacipal wnd Interes~ Borrower ahall promptly pay when due the principal of a~d i~tereat on the indebtedneea evidenced by the Note, prepayment and iate chargee aa provided in the Note, and the principal of and intereaton any Futu~e Advances aecured by this Mortgage. 2. F`w~de for Taxes and Insurance. Subject to applicable law or to a written waiver by l.e~der, Borrower ehall pay to l.ender on the dey monthly installments of principal and intereat are payable under the Note, until the Note ia paid in full, a sum (herein "Runds") equal to one tweltlh otthe yearly taxea and asee$amenta which may attain priority uver thin Morigage, and gmund rents on the Property, if any, plus ont twelfth of yearly premium installments tor hazard inaurance, plua onetwelfth otyea~ly premium inatallmenta !or mortgage insurance, if any, all as reasunably eatimated initially and from time to tirr~e by l.ender on the basis of assessments and bills and reasunable estimatea the~eof. The Fl~nds ahall be held in an institution the depoeita or accounta ot which are inaured o~ guaranteed by a Fede~al or State agency (including Lender if Lender ia such an inetitution). Lender ahall apply the Funds to pay aaid taxes, asaeasmente, inaurance premiuma and ground renta. Lender may ~ot charge for eo holding and applying the Funde, analyzing eaid account, or verifying and compiling aaid asaeesments a~d bills, unlesa Lender pays Bonower interest o~ the Funda and applicable law permita Lende~ to make auch a charge. l3orrower and I.ender may agree in writing at the time of execution of this Mortgage that intereet on the F~nds shail be paid to Borrower, and unless euch agreement ie made or applicable !aw requirea auch intereat to be paid, l.ender ahal! not be required to pay Borrower any intereet or earninga on the Ftinds. Lender ahall give to Borrower, without charge, an annual accountiog of the Funds showing credita and debite to the Funde and the purpose for which each debit to the Funds was made. The Punds are pledged as additional security for the auma secured by this Mortgage. If the amount o[the Etinda held by l.ender, together with the [uture monthly installments of Funda payable prior to the duedates of taxea, aasesamenta, insurance premiums and Rround rents, ahall excrcd lhe amount requind W pay said taxea, aesessmente, insura~ce premiums and ground rnnta ae they fail due, euch excese ahall be, af Bo~TOwer a option, either promptly repaid to Borrower or credited to Borrower on monthly installmente of Runda. If the amount of the Funde held by Lender ahall not be aufficient to pay taxes, asaessmenta, insurance premiums and ground renfs ae they fall due, Borrower ahall pay to l.ender any amount necessary to make up the deficiency within 30 days from the date notice ia mailed bY Lender to Borrower requesting payment thereof. . Upo~ payment in [ull of all suma secured by this Mortgage, Lender ahall promptly refund to E3orrower any funds held by Lender. If under paragraph 18 hereotthe Property ia sold or the Property is otherwise acquired by Lender, I.ender shal) apply, no later than immediately prior to the sale of lhe Property or itsacquisition by l.ender, any Funds held by I.ender at the time of application as a credit aQainst the sums secured by this Mortgage. 3. Applieation o[ Paymenta. Unlesa applicable law provides otherwise, all payments received by I.ender under the Note and paragraphe 1 and 2 hereof shall be applied by l.ender first in payment of amounts paypble to Lender by E3orrovrer under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of the Note, and then to intereat and principal on any Future Advances. 4. Charges; l.iene. Eiorrower shall pay all taxes, xssessments and oihe~ charKes, fines and impositions attributable to the Property which may attain a priority o~ er this A1ortKage, and leasehold payments ur Kmund rents, if any, in the manner pruvided under paragraph 2 hereof or, if not paid in such m~nner, by Borruv-er makinR payment, when dur, directly to the payee thermf. Bormwrr shall promptly fumish to [.ender all notices of amuunt~~ due under this paraKraph, and in the event 13orrnwer shali make payment directly, KormK•er shail promptly furniah to l.ende~ ~eceipts evidencing such paymen4c. F~,rrower shall prumptly discharQr any lien w•hich has priority over th~s MortKage; provided, that I3orruwer shall nut be reyuirrd to discharg~• any such lien su IonK as Fiorruwer chall .igree in writing to the pavment uf throbliKation secured by such lien in a manner acceptable to I.ender, or shall in gcwd faith cuntc~st such lirn by, ordefend enforcrment ofsuch lirn in, lc~al procwriingA which uperate to pre~~ent thr enforcrment uf the I~en or forfeiture of the Pruperty or any part therr~f. 5. Hazatd Inaurance. Fiorn,wer shall keep the improvemenLs nuw existing or hereafter erected on the Property insured against losaby fire, hazards included within the term "extended coveragr," and such c~ther haz9rds as Ixnder may require and in such amountaand forauch periods as I.ender may require: pruvided, th~t I,endrr shall nut reyuire that the amount of such c~ve~age exceed that amounL of coverage required to pay the sums securcd by this blortKaKe. The insurance camer pm~•idinK the insurance shall tx chosen b~ Finrruwer subject tc~ :~pproval by I.ender; pruvided, that such approva) shall nnt be unrraw~nably ~ ithhrld. All prem~ums ~~n ~nsuran~•e pul~ci~~s ~hall tK• paid in the manncr pro~•~drd under par~Kraph 2 hereuf or, if not paid in such manner. b~• &~rruwer mak~nK pa~mrnt, wh~•n due, direc•th~ tu the ~nsurance carrier. Al) insurance policies and renewals thereof sliall be in form acceptable to I.ender and shall include a standard mortgageclause in favorof and in form acceptable to I.ender. l.ender shal l ha~~e the riKht to hold th~ ~~lic~es and rrnewals lhereof, and Borrower shall promptly furnish to ~.ender all mnewal notices and all receipts of paid premiums. In thr e~ ent of loss. Korruwer shall Kive prompt notice to the insurance carrier and l.ender. Lender may make pr«~f of loss if not made prompUy by E~rrower. Unless l.ender and F~~rruwer otherwisr aKrre in writinK, in~urance proceeds shal) be applied to reatoration or repair of the Property damaged, provided such res4rration ur repair is econumic.illy feasible and the srcuritp of this Mortgage ia not thereby impaired. If such restoration or repair is not economicall~ fea.ible ur if thr serurity uf th~s H1urtKaKe would t-e impaired, the insurance proceedsshall be applied to the sums secured by this MortKaKe, w~th the ex~•ess, ~f any, paid tu Borrower. lf the PropeRy ia abandoned by I3orrow•er, or if E3orro~aer fails t~ re~pond to [.ender within :3f1 days from the date notice iti m.iilPd by I,ender Gr Surrower that the insuranm carrier ofters to settle a claim [or insurance benefits, i.ender is authorized tu cullr.•t .~nd apply the insurance proceeds at I.ender's option either to restoration or repair o! the Property or the sums secured by this hlortKaKe. Unlesa I.ender and Borrower otherw ise aKrer in writing.:~ny such application of pmceeds to principal ahall not extend or poslpone thedue date of the monthly installments refrrred t~- in paraKraphs 1 and'l heree~f or change the amount of such installments. I[ under paragraph 18 hereof the Property is acquired by l.rnder, all right, title and interest of Bormwrr en and to any insurance policies and in and ta the proceeds thereof reauttinq from damage to Yroperty prior to the sale or acywsition shall paag to I.ender to the extent of the suma secured by thia Mortgage immediately prior to such sale or acquisition. ti. Preeervation and Maintenance otProperty; i.ea~eholds; ('ondominums; Planned Unit Developmente. Borrowerahall keep the F'roperty ~n ga~d repair and shall not commit waste or permit impairmrnt or deterioration ot the Property and ahall comply w~th the provieione of any lease i[ this Alortgage is on a leasehold. If this 211ortgagr is on a unit in a condominium or a planned unit development, Borrower ahall perfnrm all of Fk~rruwer's obliQations under thr declaratiun or rnvenanLg creatin~;or govem~ng the condominium or planned unit development, the by-law•s a~d reRulations c~f the condominium or planned unit development, and conatituent documenta. {f a condominium or planned unit develupment rider is rxecuted by 1'sorrower and rrcorded together with thie Mortgage, the rnvenants and .~Kreements of such rider shall be incorporated into and shall amend and supplrment theco~•enants and aKreements of this A1ortKage as ifthe rider were a part hereof. 7. Protection ot Lender'e 3ecurity. It Borrower faila to perfonn the rnvenante and agreemente contained in this MuRgage, or if any action or proceeding is commenced which meterially atfecte I.ender'e intereet in the Properiy, including, but not limited to, eminent domain, ineolvency, oode en[orcement, or arrangementa or proceedinga involving a bankrupt or decedent, then Lender at Lender's option,upon notice to Borrower may make auch appearancee, diaburee auch eume and take such action as ie neceseary to protect Lender's interest, including, but not limited to, diebureement ot reasonable attorney'e fees and entry upon the Property to make repairs. If Lender required mortgage ineurance ae a rnndition of making the loan aecurcd by thie Mortgage, Borrower shell pay the premiums required to maintain euch ineurance in effect unti) auch time ae the requirement for such ineurance terminatea in accordance with Borrower's and Lender's written agreement or applicable Law. Borrower ehall pay the amount of all mortgage inaurance premiume in the manner provided under paragraph 2 hereof. Any amounta dieburacd by Lender perauant to thie paragraph 7, with intereat thereon, ahall become additional indebtednesa of E3orrower eecured by thie Morlgage. Unlese Borrower and Lender agree to other terme o( payment, auch amounts ehall be payable upon notice from l.ender to Borrower requesting payment thereof, and ehaU bear intereat from the date of diaburoement at the rate payable trom time to time on outetanding principal under the Note unleae payment of intereat at euch rate would be rnntrary to applicable law, in which event euch emounte shall bear interest at the highest rate permiaeible under applicable law. Nothing contained in this paragraph ~, shal! require [.ender to incur any expenee or take any action hereunder. I~K 349 PaGE 1124 B;1(1K • ~ ~ 4 ~ 't ~ ~ . .... __ . ~ ~ ~ . . _ _. _.. .t :~