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Home My WebLink About0324i ~ Borrower and Lei-der oovenaat and a~+se a~ folbwn: 1. Pwmeat ot Prlacipal and latereat. Bo~rrower shall pwmptly pay ~rhen due the principal of end interat on the indebtedna~ evidenoed by ths Note. pe~ep~yment end late char~e~ a~ pmvided in the Note. end the principal of ~nd intarat on any Fl~ture Advapoe~ secured bY this Mort~a~a 2 P1~nda !or Tue~ u~d Iaauranoe. 3ubject to applicable law or to a written waiver by l.e~der, 8ormwer shall pay to l.ender on the day ~thly i~utallmenta of principal and intarest are p~yable unde~ the Note, untii the Note ia paid in (ull, a sum (herein "~nda'h equa! to ons twelRh of the yearly teuces and assesrments which may attain priority over this Mort~cage. and ground renta on lhe Property. if any, plus one~ twelRh of yeuly prernium instalimenta tor hazard inaurance. plus onctwelRh of yearly premium installments for mortgage insurance. if eny. aU u reasonably eatimated initially and troria time to time by I.ender on the basis of asaessme~ta and bills und reasonabie estimates thereof. '1'be FLnds shall be held in an institution the depoeita or aocounts of which an irtsured or guara~teed by a Fedual or State agency (includin~ I.ender if Leader u such an institution). I.ender shall apply the Funda tn pay said taxea, asseaaments, ineurance pcemiuma and ground rent~. Lender may not charge for ~o holding end applying the F'unds, analysing aaid account, or veritying and compiling seud assessme~b end bilb, w-lew L~ender pay~ Borrower intereat o~ the Ftinde and applicable law permits Lehder to make surh a charQe. Borrower aad Leader may egree ia wrritiag at Lhe time of executio~ oi thia Mortgage that interest on the Fl~nda shall be paid to Borrower. and ualeaa such a~nemer~t is made or applicabk la~r requins euch interest to be paid, I.ender ahall not be required to pay Horrower any interest or earnings on the ~nds. Lender ahall give to Borrowe~, without charge, an annual aecounGng of the Funds showing credits and debits to the Funds and the purpose for which each debit to the ~nda waa made.'t~e Funds are pledged as additional security tor the sums secured by thi~ Mortgage. If the amount of the ~nda held by Lender, together with the [uture monthly inatallmenta of Runds payable prior to the due dates oftaues. asaesame~ta. insuranoe premiuma and ground renta, sh811 e:czed the amount reyuired to pay said ta:ea, asaeasments, inauranoe premium~ and ground rents as they fall due, such excess shall be, at Bo~rower a option, either promptly repeid W Borrower o~ credited b Borrorre~ on monthly installments ot Ftiunds. lf the amount of the Funds held by Lrnder shall not be suffcient to pay taxes. aaseasme~ta, inauranoe premiuma and ground nnts as they fall due, Borrower ahall pay to l.ender eny amount necessary to make up the deficiency within 30 daye from the date notice ia mailed by Lender to Borrowrr requeating payment thereof. Upon payment in full of aU suma secured by this Mortgege. I,ender shall pmmplly refund to Borrower a~y funda held by I.ender. If under paragraph 18 hereof the Property is sotd or the Property ia otherwiee acquired by Lender, Lender ehall apply, no later tha~ immediately prior to the sak of the Property or ite aoquisition by [tnder, any fi~nds held by I.ender at the time of application es a credit against the sums secured by ehis Mortgage. 3. Applicatioa of Peymenb. Unless applicable law providea otherwise, all paymenta received by Lender under the Note and paragrapha 1 and 2 hereof shaU be applied by Lender first in payment of amaunts payable to l.ender by Borrower under paragraph 2 heteof, then to interest payable on the Note. then to the principal of the Note, and then to intereat and principal on any Future Advancea. 4. Charges; Liens. Borrower shall pay aU taxea, asseasments and other chargea, finea and impusitions attributable lo the Property which may attain a priority over thia Mortgage, and leasehold paymrnts or ground rents, if any, in the manner pmvided unde~ paragraph 2 hereof or. if not paid in auch manner, by Borrower making payment, when due, directly t~ the payee thereof Borrowershalt promptly furniah to I.ender all notices of amounta due under this paragraph, and in the event E;orrower shall make payment directly, E3orrower shall promptly tumish to ixnder receipts evidencing auch paymenta. &-rn-wer shall promptly dischargr any lien which has priority overthis Mortgage; provided, that Borrower ahall nM be required to discharge any such lien sc~long ax Borrowershnll agree in writing to the payment ottheobfigation e4cured by such lien in a manner acceptable to I.ender, or shall in Rood fnith contest such lien by, ordefend enforcement of such lien in, legal p'roceedinga which operate to prevent the enforcement of the lien or torfeiture of the I'roperty or any part thereof. 5. Hazard Inaurance. Borruw~e~ ahall keep the improve~nents now existinR or hereafter erected on the Property insured againat lose by fire~ hazarda incladed within the ter:n '`extended coverage; ' and such other hs~z:irds as l.ender may require and in such amounts and forsuch periods ae Lender may require: provided, that l.ender shall nut require that the amount of auch coverage exceed that amount of coverage required to pay the sums secured by this MortRa~ce. The insurance carrier providing the insurance sh:-11 tx• ~•hucrn by Rurrow•rr subject tn:~pproval by I.endrr: pmvided, that such approval shall not be unreasonably withheld. All premiums on insurnn~~~ {-~~licies ~hall 1K• paid in the manncr providcd under parxgraph 2 hereof or, if not paid in auch manner, by Borrower making paymrnt, when due, direr•ih• to the insurance carrier. All insurance policies and renewala thereof shall be in form acceptable!o l.ender and ahall include a standard mortqageclauee in favorof and in form acceptable to I.ender. I.endershall ha~•e the right G~ hold the policies and renrwala then~c~f, and F3~rrower shall promptly furnish to i.ender all renewal nodceB and ali receipta of paid premiums. In lhe event of loss, Borruwer shnll give prompt notice to the inaurance carrier and I.ender. Lender may make proof of loss if not made pmmptly by Korrower. Unlese Lender and Borrower otherwise aKree en writing, inaurance proceeds shall be applied to restoration or repair of the Property damaged, provided auch reatoration or mpair is economically [easible and the arcurity of this Mortgage is oot thereby impnired. If auch restoration or repair is not economically teasible or if the security of this Mortgage would be impaired, the insurance proceeda ahall beapplied to the awna eecured by thia Mortgage, with the rxcess, if an~ , paid to Iiorrower. l f the Property is abandoned by E3orrower, or if Borrower fails to respond fo Lender within 30 daya from the datr notim ia mailed by I.ender to fiorrower that the inaurance carrier oftera to aettle a claim for ineurance benefita, Lender is authorized to collect and apply the insurance pmceeds at I.ender'a option either to restoration or repair of the Property or the suma eecured by this Mortgage_ Unlese I.ender and Borrower.otherwise agree in writinq, any auch application o[proceeds to principal ahall not extend or postpone the due date of the monthly instaUmenta referred to in parngraphs 1 and ~ herpuf or change the amount otauch installments_ If under paragraph 18 hereof the Property ia acquired by L.ender, all right, title and interest of E3orrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to Property prior to the sale or acyu~sition shall pass to I.ender to the extent of the sums secured by thia Mortgage immediaLely prior W auch sale or atquisition. 6. Preservation and MaintenanceotProperty; Leascholda; Condominume; Planned [Jnit Developments. Aorrowerahall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of lhe Property and ahall comply with the provieione of any lease if thie Mortgage is on a leasehold. If thiA tilortgage is on a unit in a rnndominium or a planned unit development, E3orrower ehall perform all of Borrower's obligations under the declaration or cuvenants creatingor governing the condominium or planned unit development, the by-lawa and regulations of the condominium or planned unit development, and conatituent documenta. It a condominium or planned unit development rider is executed'by f3orrower and recorded togelher vvith thie Mortgage, the rnvenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenanta and a~eements of thia Mortgage aaitthe rider wem a part hereof. 7. Protection ot Lender's 3ecurity. If Bonower faila to perform the oovenanta and agreements oontained in this Mottgage, or itany action or proceeding is commenced which materially affecte I.ender's interest in the Property, including, but not limited to. eminent domain. insolvency, oode enforoemen~ or arrangements or proceedinge involving e bankrupt or de«dent, then Lender et Lender i option,upon notice to Bormwer may make such appearanoea, disburse such snms and take such aMion ae is neassary to protect Lendds intuesR inciuding, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property fo make repain. If I.ender roquired mortgage insurancx as a oondition of making the loan sccured by thia Mortgage. Borrower ehall pay the premiuw required to maintein auch insurance in effect until such time as the requirement [or such insurance terminates in accordance with Borrower'~ and Lendet's written agreement or applicabie I~w. Borrower ahaU pay the amount o[ all mortgage insurance premiums ia the manner provided under peragraph 2 hereot My amounte disbureed by Lender persuant to this paragraph 7, with intereat thereon, shaU become additional indebtedness of Borrower secured by thia Mortgage. Unleae Borrower and Lender agree to other terms of payment, euch amounfe shall be payable upon notice firom Lender to Boirruwer requesting payment thereof, and ehall bear intereat from the date ot dixbursement at the raG: payable from time to time on outetanding principal under the Note unlesa payment of intereat at auch rate would be oontrary to applicable law, in which event such amounta ehaU besr interest at the highest rate permissible under appliceble law. Nothing contained in thi~ paragraph 7. shall require Lender to incur any expense or take any action hereuader. _ eooK 348 PAGE 324 ~ ~ ~~