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Home My WebLink About0928 E3orrowe~ and l.ende~ covenant and agree ae follows: 1. Payment of Principal and Intereet. Bo~rower ahall prompUy pay when due the principal uf a~d inte~est un the indebtednesa evidenced by the Note, prepayment and late chargee as pn~vided in the Note, and the principal of and intereat on ~ny Futurr AdvAncea xecured by thia Mortgage. 2. Fltnde tor Tsxee and Ineurance. Subject ta applicable law or tu a wril/en waiver by l.ender, Eiurn,wer shall pay to I.ender on Ihe day moMhly inatallmenta of principal and interest are puyable under the Note, until the Nute is paid in full, ~ sum fherein "N unds") eyuul to one~ twelfth o[the yearly ttucea and assesxments which may attuin priority over ihis Mortgage, nnd ground renu+ un the E'ruperty, if nny, plue onP twelRh of yearly premium instpllmenta fo~ hpzard insur~nce, plusonrtwelRh ofyenrly premium installments for mort~aiKe insurance, itany, r~ll tia reasonably estimated initiaUy and from time to tirr~e by I.ender on the busia of nsses.gments und bills nnd reasonUble estimutes thereof. 'IT~e Flrnde shall be held in an i~atitution the depoaita or accounta of which are inaured or guaraoteed by a Federal or State aKency lincluding I.ender it Lende~ is auch an inetitution). l.e~der shall apply the Nunds to pay said tnxes, assesxments, inaurunre prrmiums ~nd ycround rente. l.ender may not charge for eo holding and applyinR the Funds, analyzing said account, or verifying And compiling rzaid aeaeesme~ta and billa, unleae I.ender paye Borrower interest on the Funds und applicablelaw permil~s l.ender to make auch ~ charge. Borruwer and Lender may agree in writing at the time of execution of thia Mortgage thut interest on the Funds shall be paid to Borrower, and unleas auch agreement ia made or applicable law requirea such intereat to be paid, l.ender ahall not be required to pay I3c,rrower any intereat or eaminga on the Flinds. Lender shall give to E3orrower, wilhuut charge, an c~nnual accountinK of the M unds showing credits and debita to the Funds and the purpose tor which each debit to the Funda K as made. The Funds are pledged as additiunal security for the sums secured by thie Morigage. If the amount otthe Funds held by I.ender, together with the futum monthly installments of F unds payable prior to thc duedates o[taxea, asseasments, inaurance premiums and gmund mnts, shall exc ~ed the :imount reyuired to p:~y said taxes, assrasments, inaurance premiuma and ground rents as lhey fall due, such exceas shall be, at Bo~rower's option, either promptly repaid to Borrower or credited to 13orrower on monthly inatallmenta of Funda. If the amount of the Funds held by l.ender shall not be sufficient to p~y taxes, assexsmenta, insurance prnmiuma and ground rents as they fall due, E~rrower shall pay to l.ender any amuunt nece.ssary to make up the deficirncy within 30 days from the date notice ia mailed by l.ender to l3orn~wer requesting payment thereof. Upon payment in fuU of aU sums secured by this htortgage, I~ender shall promptly refund to F3c?rrovver any funds held by I.ender. If under paragraph 18 hereof the Property is sold or the Property is otherwise ~cyuired by I.endcr, l~ender sh:ill apply, no Inter than immediately prior to the sale of the Yroperty or ~ts acqu~s~t?on by t.rnder, any h'un~ls hrtd LY 1 w•nder at tne time uf appiication as a creait aKainst ti?e sums secured by this Mortgage. 3. Applieation ot Paymenta. llnless applicable law provides otherwise, all payments received by I.ender under the Nole and paragrapha 1 and 2 hereof ahall be applied by [.ender f rst in pxymrnt of amuunt~S payable to l~ender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Nc,te, and then to intemst and principal on any Future Advances. 4. Charges; l.iena. Borruwershall pay all taxe~, as~essmenL~ and utherchar~;e~, fini~:md imF«~sitiuns:+ttributable to the Pruperty which may attain a priority over this MurtgaKe, and Ir:~srhold p.~~•ments ur mund rents, if any, in t ht• manner pru~•idid under paragraph 2 hereof or, if not paid in such manner, by f3~xruwer makinK p.?~•ment, w hen dur, ~finrtly tu the• p:+y~Y• tiierrui. Ri~rruw•~~r ch.11I ~~fbrtlptly tU~OlStl to IROaC~ .~I{ notices of amounLs due under this p:~raKraph, and in the e~•ent liurrower ~halt make~ payment dircti•tly. RurroH•er shaU prompdy furnish tu 1 xnder receipts evidencing such pa>•ments. Ii~~rrower shall prumpth• diccharK~• any li~•n w•hii•h has pri~~rit>• u~~er this hturt~;:?Ke; provided, that fi~~rroveer shall not be requircd to disch.~rKe am• .uch li~•n su lnn~ as Iturn ~w•~•r.hall aKrir in w•ritin~: t~~ thi• p:+~ nu•nt uf the ubliKation secured by ~uch lien in a manner acceptablr tu Iw~nder, or:h:Jl in ~;u~N1 faith ~•~~nt~•~t su~•h lit~~ b~. ~~rdeG•nd t•nfor~•~•mi•nt of.uch li~•n in, lfyeal pnx•c~ings ~•hich operate to prevent the enforcemt•nt uf the lien ~~r fur(ritun• ~~f thr Pru{r•rt~• ur anc parl th~•n~~f. Hazard Insurance. Borrow~er shall krep thc impro~•rme~ts now• exi~tinK ur h~•re:~fter ere~-ted un thc 1'ruEx~rty insured.~Kainst loss by fire, hazards included within the ti•rm "extendt~l cuvt~raK~•." und sue•h ~~ther hazards as Ixndf•r may nti~uire and in such.imountsand forsuch periods as l.ender may require: pro~~idtd, th:it lA~ndi~r shall nut rw~uim that thi• amuunt ut such n~~•e~r.~Ke exceed that amuunt of co~~erage required to pay the sums ~ecurcd b~ this ~1urtK.~K~•. ; The insurance carricr providinK thr insuran~r shall 1~• rhu.~•n h~• 1{~~rn~~c~~r ~utyr~•t h~ :~ppr.~~•al hy L~~ndi•r, prm•id~~l, that such .~ppro~•al ~ shall not be unreason~bl~• Nithhi~ld. r~ll prcmiurns on inwr.~m•i• p~~h~~~~•..h:?II tK• p:ii~1 tn th~• m:mm•r pru~•id~ ,1 unili~r paraKraph'~ hrn~~f ur, if ~ not paid in sach manner, bc ft~~rr~~w~cr makin}~ pacm~•nt. ~ch~•n dut•. ~1irw•th tu thr ~n.ur:?nci~ cam~•r. All insurance policies and mnewals thereuf shall tK~ in fi~rm a~•~•eptable G~ 1~•nder:~nd shall includc•;i standard mnrtKaKeclause in favoruf ~ and in form acceptable to I.ender. l.end~r ~h.?Il ha~•e thi~ ri~;ht a~ hold th~• Ewlic•i~•.:~nd rrni•w als therM~f.:ind linrr~~wer shall promptly furnish tn ~ i.ender aU renewal notices and all receipts of p:ud pn•miums. In thc~ ~~~~rnt ~~f lus~, li~~rru~cer shall Kicr prumpt m~tice W the insurance carrier ~ and I.ender. l.ender may make pr~w~f of loss if nnt m:~d~• prompth• by RurtoWt•r- ~ liniess i.ender and Borrower otnrr.+•~+~• .iKrrr ~n writi~~~;. i~?.ura~~.~- pr.K.•.-:~~ .=i:iii ,w= :iji~'riifi3 ~:3 ti=8i:>s.iti~n ar repair ot thc Prcgcrty damaged, provided such restoratinn or repair is e~-unumi~:~lly [easible and the s~Y•urih• uf thi~ MortKaKe iR not thrmby impaired_ If such ~ restoration or repair is not ecunumically fe~asit~lt• ~~r if thr s~vurity~ uf this ~1urtKaKe w~~uld tx~ i:npaired, thr insurance procecds tihall beapplied to the sums secured by this b1ori~;aKr, w-ith th~~ ~•xc••~,, i! .~ny, paid tu lt~,rn ~w~er. 1 f the• PruEx~rt ~ is aba ndune~ by fi~?rruw•er, or i[ E~rrower fails to ~ re~pond to I.ender within :i0 days from the dat~• noti~~• iti mail~d by I.~~ndi•r tu K~~rr~~wer that thi• insurance carrier offers to setUe a claim for ~ insurance benefits, [.ender is authnriu~cl to cullfyt and applr th~~ inwran~•<• pr~K•t~~~ds at 1.~•nder's uption either to restoration or rvpair of the ~ Pmperty or the sums secured by this 11~~rlKaKe. ~ Unless I.ender and F3orrower otherveisi~ aKn~ m writinK, am• ~uch upplic:+tion of pr~x•red. to principal shall ~ot extend or postpone thedue date of the monthly installmenGs rrferred tu in par:iKraph. 1 and'! hcnti~f ur eh.+nKe th~• amuunt nf such installments. lf under paraKraph iR . - . ~ - - . . ~ .:r:~~ ~:^d 6^ :r.:!:r;,:.^: ~e~!s ~ nereui ihe isroperiy is acquirea i.ender. ai~ ri~nt. tci«• :~~iei ?niirc-sE cit n~i~ ~ai.~~-i ii~ .4ia~. ac.:iii~ ~:aaua thereof resulting from damaqe to Property prior tu the ~ale or acqwsition sh.~ll puss t~~ (,c•nder to the extent of the sums secured by this ~ ~iortgage immediately prior to such sale or acquisition. ~ 6. Preeervation and;Maintenanceof Prnpt~rty; l.c~ax~•holds;('ondominumw: E'lanned Unit I)evelopmenta. E3orrowersh~illkeep ~ the f'roperiy in Ka?d rep~ir and shall not cummit w:~~t~~ nr {N~rniit impa~nnrnt or d~•terior:itiun of the Proprrtp and shall complr with the ~ pro~•isions uf any lease if this 111ortKaKe is on (f~:~c~~huld. If thi~ ~1~~rtKa~;f~ ~~n unit in a conduminium or a planned unit de~•elupment, ~ Ii~~rrower shaU perfurm all of ii~~rrower's obl~Kation. undc~r thr dc~c•l:vatinn ~~r i•~~c~•nants ~•n~aUnkor KuvernmK the cu~dominium or planned ~ unit development, the by-laws and reKulatiuns of the cond~~mi~ium ~~r planned unit devrlopment, and constituent documents. If a ~~ondominium or planneci unit de~•el~~pmrnt rider ic ex~rvttd bc Ii~~rroM~t•r and re~•ordrel tuy;ether with this MortKaKe, the rnvenants and ~ a~KreementsofsuchridershaUl~in~•ur~~r.itrciint~~andstr~llamt•ndand.upple~me~ntih~•ru~~en:~nts:~nd:~KrcemenlsufthisM~~rtKaKeasifthe rider were a part herrof. ;s 7. Protection ot Lender'a Security. If Borrower fails u~ pertorm thr rnvenanta and agreements contained in thie Mortgage, or if any p action or proceeding ie commenced which materially affecta [,ender'a interest in the Property, including, but not limited to, eminent domain, ~ ineolvency, code enforcement, or arrangemente or proceedinRs invol~inQ a bankrupt or decedent, then Lender at I.ender's option,upon ~ notice to Borrower may make auch appearancee, diaburee such suma and take auch action as ia neceesary to protect Lender'e interest, including, but not limited to, diebursement of reaennable attomey's fees and entry upon the Property to make repairs. If Lender required mortgage ineurance ae a condition of making the loan aecured by thia blortKaKe, Borrower shall pay the premiume required to maintain ~ euch ineurance in effect until euch time ae the requirement for euch ineurance terminatea in accordance with E3orrower's and l.ender'a ~ written agreement or applicable (aw. Borrower ehall pay the amount of all mortKaKe inaurance premiumA in the manner provided under ~ paragraph 2 hereof. ~ Any amounta diabursed by [.ender perauant to thie paragraph 7, with interest thereon, shall become additional indebtedneea of ~ Borrower aecured by thia iVlortgage. Unlese Iiorrower and l.ender agree to other terme of payment, such amounta shall be payable upon ~ notice from I.ender to Bormwer requeatinq payment thereof, and ahaU bear intereat from the date of diabursement at the rate payable from ~ time to time on out~qtanding principal under the Note unlexx payment of intereat at such rate would be rnntrary to applicable law, in which event euch amounts ahal) t?ear intereat at the hiQhest rate permissible under applicable law. tiothing contained in this paraqraph ahall ~ require I.endrr to incur any expenxe or take any action hereunder. ~ i ~ - ~~o~ ~~2 Pa~ ~ ~7 z S ~ _ . ~un.:._: . . : ' . - . . . _ . . . '