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Home My WebLink About0922 Borrower and Lender covenant and agree as follows: 1. Payment of Principal and lnteres~ Borrower ehall promptly pay when due the principal of and intereat on the indebtednesa evidenced by the Note, prepayment and late charge8 as provided in the Note, and the principal of and intereat on any f'uture Advunces aecured ~ by this Mortgage. E 2. ~ds for Ta~tee and ]neu~ance. Subjert to applicable law or to a written waiver by I.ender, I3ortower shall pAy to [.ender on the day # monthly installmenta of principal and intereat are paya5le under the Note, until the Note is paid in full, a sum (herein "Funda") equal to onr ~ twelfth of the yearly taxea and aaseasmenta which may attain priority over this Mortgage, and ground renta on the Property, if any, plus une- s twelfth of yearly premium installments for hszard inaurance, plus on~twelfth of yearly premium installmrnts Cor mortgage inaurAnre, if any, all as reaeonably tatimated initially and from time to tiir~e ~y I.ender on the basia of asseasments nnd bilis and reasonable estimates thereof. The Ftinde ehall be held in an inetitution the depoaita or accounts of which are ineured or guaranteed by a Federal or State egency (iqcluding C,ender if Lender ie euch an inatitution). Lender shall apply the Funda to pay said taxea, aaseaaments, insurance premiums and ground rents. L,ender may not charge for eo holding and applying the Funde, anatyzing said account, cr verifying and compiling eaid asaesemenfe and bille, unlesa Lender paye Borrower interest on the Funda and applicable law permita Lender to make auch a charge. Borrow°er artd L,ender may agtee in writing at the time of execution of thia Mortgage that intereat on the Funda shall be paid to Borrower, and unleei~ auch agreement ia made or applicable law requires auch intrreat to be paid, Lender ahall not be required tv pay Borrower any intereat or earnings on the Flinda. Lender ahall give to Borrower, without charge, an ennual accounting of the Funda showing credita and debits to the Funda and the purpoae for which each debit to the Funds was made. 7'he Funde are pledged as additional security for the auma secured by this Mortgage. If the amount of the F~nda held by L.ender, together with the future monthly installmenta of Funda payable prior to the due datea of taxea, asseasmenta, insurance premiuma and ground renta, ahall excred the amount required to pay said taxee, asaeasmenta, inaurance premiuma and ground rents as they tall due, auch excesa ahall be, at Bo~TOwer's option, eii:~er promptly repaid W Borrower or credited to Barrower on monihly installmenta of Funds. If the amount of the Funds he~d by I.ender ahall not be aufficient to pay taxea, aeseasments, ineurance premiums and ground renta as they fall due, &?rrower shall pay to I.ender any amount neceasary to make up the deficiency within 30 daye fmm the date notice is mailed by Lender to F3orrower requeating payment the~eof. Upon payment in full of all eume aecured by this Mortgage, I.ender ahall promptly refund to f3orrower any funds held by Lender. If under ° paragraph 18 hereof the Property ia sold or the Property is othe.wise acquired by [.ender, I.ender ehall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Funds held by [.ender at the time of application as a credit againat the sums secured by thie Mortgage. 3. Applicetion ot Paymente. Unleas applicable law provides otherwise, all payments received by I.ender under the Note and paragrapha 1 and 2 hereof ahall be applied by I.ender first in payment of amounts payabte to I,ender by Borrower under paragraph 2 hereof, then W intereat payable on the Note, then to the principal of the Note, ~nd then to interest and principal on any Future Advancea. 4. Charges; Liene. 8orrower shall pay all taxes, xssessmE•nts and other charKes, fines and impositions attributable to the Yroperty which may attain a priority over this Mort~;aKe, and leusehoid payments or Kround rents, if an}•, in the manner providecl unde~ paragraph 2hereof or, if not paid in such manner, by Borrow•er makin~; payment, w•hen due, direc•tly to the payee therec~f. Rurn,w•er shall promptly turnish to I.ender ; all notices of amounks due under this paraKraph, and in the event 13orruwer shall make pay-ment directh~, RorroK~er shall promptly furnish to [,ender receipts evidencinK such pa}•men~g. t3orruwer shall prompt{y disch:vKe~ any lien w•hich has priorit~• ~n~er thislllortKaKe; provided, that [~~rrower shall not berequired to discharKe anp such lien s~~ lunK as Korrower ~hall aKrec• in vvritinK to tht~ paymc•nt uf thc•ubliKatiun secured by such lien in a manner acceptable tu Ixnder, ur sh.~ll in Kuod f:iith runt~~st tiuch li~~n by, urdefend enfnri•!•mi•nt uf such lien in, letial proceedinQs w•hich operate W prevent the en[orcement of the lien or furfritun• ~~f thr f'r~~F~c•rty ~~r :~n~• part thrreti~f. Hazard Inaurance. Korrower shali kcrp the impruvement~ now• existink or hereafter erected on the F'roperty insured aRainst loss by fire, hazards includeei within the term "extendc~e3 cu~~er:~~;e," xnd such other h.?zards a~ f.ender may require and in such amounts and for such periods a~r l.ender may require; providrd, thut Lender shall n~~t require that thr amaunt uf su: h rn~•eraKe exceed that amount of coveraRe required to pay !he sums securecl by this MoriKake. ~I . The insurance carrier prnvidin~ the insuran~•~• ~hall ht• i•h~~~t•n h~~ Is~~rn~w~~r,uhj~•ct t~~ appn:~•al h~• f.t•nd~~r: pn~~•ir1cY1, th:?t such uppro~•al ~ shall not be unreasonabl~~ w~ithht~id. All prernium~ ~~n in.uran+•~~ p~~li~•i~•~ .hall IK• pai~1 ~n th~• m:~nn~~r prm~idwl u~dt•r par.ikraph hereof or, if not paid in such manner, by F3~~rro~~•er maki~sK p:~~•m~•nt. ~+~ht•n du~•, ~1ir~•i•th• t~~ th~• inwrance carrit•r. I All insurance policies and renewals thereof shall t~ in [orm accept.ihle tu l.~~ntlc~r:~nd shall include a standard murtQaKeclause in favor of and in form acceptable to I.ender. [.ender shall have thr riKht tu h~~id the policies and renewais thereof, and Rorruwer shall promptlv furnis6 to i.ender all renewal notices and all receipts nf paid premiums. ln thf• t•~•ent of loss, f;~~rn~K•er ~hall Ki~•r prumpt notice G~ the insurance carrier an3 Lender. l.ender may make pr«>f of loss if not made promptlt• by 1i~~rroK•er. Unlesa I.ender and R~mower otherwise aKree in writin~, insuranct• pmcei•ds shuli be .;pplied to resturation nr repair of the F'roperty ; damaged, provided auch resu~ration nr repair c~•~mnmicall~• Cr:?sible and the srcvrit}~ ~if thi:: MortKaKe is nnt thereny impaired. It such ' restoration or repair is not economically fea~ible or if the srcvrity uf this 11urtKaKe w~uuld he impaired, the insurance prcxeeds shall Ue applied to the aums secured by this Mc,rtkaKe. K-il.h thr excc~ss, if any, paid to Korruwer. If the F'ruperty is abandoned by Eiorrow•er, or if N.orrow•er fails to E :e3pond to Lender within :3O da~•~ hum the date n~~tice~ is mailed by l.Pndc•r tu l;orruwer that the insurance carrier offers to settle a claim fcr ~ :nsusance benefita, [.erder is authorized to colic~c•t and ::ppl}• the insurance pr~K•reds at I.e~nder's option either to restoration or repair of the t f'roperty or the sums secured by this MortKaKe. i Unless I.ender and Rorruwer otherw•isc• aKr~e in writinK, any suc•h applicatiun of pr~fceeds to principal Ahall not extend or postpone thedue ~ date of the monthly installments rrferred tu in paraKraphs 1 and '2 hereuf ur chanKr the amuunt oCsuch insk~llmen~s. If under paragraph 1N ~ hereof tha Pmperty is acyuirecl by I.ender, all right, titie and interest uf Rurn~wer in and tu any insurance policies and in and to the proceeds ~ thereof resulting from damage to Prnp~rty prior cu the vale or acyui~iti~~n shall pass t~~ [knder to the extent of the sums secured by this ~ llortgage immediately prior to such sale or acq~isition. ~ 6. Preaen%ation and Maintenance of Yroperty; l,easeholds; ('ondominums; Planned lJnit Developmente. RorrowerAhall keep ~ !he Property in Kood repair and shall not commit w•a~te or p~rmit impa+irment or deterior.~tion of the E'roperty and shall comply with the pruvieions of any lease if this MurtKage is on a lcaseho:d. If this h1~~rtKaKe ic un unit in a condominium or a pianned unit development, ~ 13urrower shall perform all of RorruK•er's obliKati~rns urder the decl.:rati~~n ~~r cu~rnantti ~~matink or QovermnK the condominium or planned ~ unit de~elopment, !he by-laws and reKulations uf thc~ cundominium ur planned unit de~•elopment, and constituent documents. If a ~ c•ondominium or planned unit develupment rider is rxrcuted by F~irrow•er .+nd rei;urdecl toKether with this Mort~aqe, the covenants and aKreemen~~ of such rider shaU be inc~~rparuted intu and ~h:~ll .~mend and supplement the c~~ti•enant~5:ind aKreements of this R1ortKaKe as if the ~ rider K•cre a part hereof. ~ 7. PtoteMion of Lender'e Security. If Borrower fails to perform the covenanta and agreemente contained in thie Mortgage, or if any 3 action or proceeding ie commenced which materially affecte [.ender's intereat in the E'roperty. including, hut not limited to, eminent domain, ~ ineolvency, code enforcement, or arrangemente or proceedinga involving a 5ankrupt or dreedent, then l.endzr st Lender'e npNon,upon j notice to Borrower may make euch appearancee, disburse such sums and take auch action as ia nec~asary to protect Lender'e intereet, t including, but not limited to, diebureement of reasonable attorney's feea and entry upon the Property to make repaira. If Lender required F inartgage inaurance ae a condition of making the loan aecured by this MortgagP. ~rrower shall pay the premiume required to maintaen # ` such inaurance in effect until auch time as the requirement for such insarance terminates in accordance with Borrower's and Lendei a w-ritten agreement or applicable Law. Borrower ahall pay the amount of all mortKaKe ineurance premiuma in the manner provided under ~ ~ paragraph 2 hereof. ; ~ Any amounte dieburaed by Lender pereuant to thiR paraKraph wi4n interest thereon, AhaU become additional indebtednesa of j ~ Rorrower eecared by this Mortgage. Unleas Borrower and [.ender aRree k~ other terma of payment, euch amounte ahall be payable upon ~ notice from I.ender to Borrower requeeting payment thereof, and ahall bear intereat from the date of dieburaement at the rate payable from ~ time to time on outetanding principal under the Note cnleas payment of intereat at such rate would ~e contrary to applicable law, in ~vhich ~ event such amounta ahall bear intereat at the highest rate permiasible under applicable law. tiothinK contained in thie paragraph 7, shall ¢ require I.ender to incur any expenae or take any nction hereunder. € ~ ` B^~K,.~UU P!GE e.1~2 . ¢ ~ < - ~~:~-~~y.-~-. ~ ~ ~ ~