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Home My WebLink About0821E3orrower and Lende~ covenant and agree aa [ollowr 1. Psyment o! Princlpal and Intere~t. Borrower shall promptly pey when due the principal ot end interest on the indebtedneaa evidenced by the Note, prepayment a~d late charges ae pmvided in the Note, and the principal ota~d intereet on any Rutu~e Advances eecured by thia Mortgage. 2. F`unds torTa:es and Insura~ce. Subject to applicable law or k, a writte~ waive~ by l.eoder, E3orrowerahall pay ta I.enderon theday monthly installmente of principal and intereat are payable under the Note, until the Note is paid in full, a sum (he~ein "F unds") equal to ont twelRh of the yearly taxea and asaeaements which may eltain priority over this Mortgage, and gmund ~eota on /he Property, if any, ptus o~e twelfth of yearly premium installmente for hazard insurance, plus onetweifth ofyearly premium inatallmeots for mortgage ineurance, if any, all as maeonably eatimated initiaUy and from time to tin~e by l.ender on the basis ot aeseasmenta and bills and reasonable extimatea thereo~. The ~~ds shaq be held in an inatitution the deposite or accounta of which are insured or guaranteed by a Fede~al o~ State agency lincluding Lender it l.ender ia such an institution). Lender ahall apply the Funda to pay eaid taxes, asseaaments, insurance premiums and ground rents. Lender may not charge for so holding and applying the Funds, analyzing said account, or verifying end compiling said asseasmente and bills, unleae l.ender pays Borrower intereat on the Funda and applicable law permits I.ende~ to malce auch a charge. E3orrower and l.ender may agree in writing at the time of execution of this Mortgage that inte~est on the Funda shall be paid ta Borrower, and unless such agreement ie made or epplicable law requirea auch interesl to be paid, I.ender ahall not be required to pay Borrower any interest or earninga on the Funds. Lender shall give to $orrower, without charge, an annual accounting o[the F unde ahowing credits and debita to the Runda and the purpoae [or which each debil to the Funds was made. 7T~e Funda are pledqed as additional security for the sums aecured by this Mortgage. Itthe amount of the Ftinds held by l.ender, together with the future monthly installmente of Funds payable prior to the due dates of taxes, aseesaments, inaurance premiums and ground renta, ahall excred the amount required W pay eaid ta:ea, asseasmenta, inaurance premiums and ground rente as they fall due, such excesa shell be, at Bo~TOwer'e option, eithe~ prompUy repaid b Borrower or credited to Borrower on monthly installmenta of Funde. If the amount of the Funde held by Lender shall not be sufticient to pay taxea, assesaments, inaurance premiums and ground rente ae they fall due, Borrower ahall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice ia mailed by I.ender to Borrower requeating payment thereof. Upon payment in tull of all auma eecured by this Mortgage, Lender ahall promptly rriund to E3orrower any funds held by [.ender. If under peragraph 18 hereof the Property is eold o~ the Property ia otherwise acquired by I.ender, [.ende~ shail apply, no later lhan immediately prior to the aale of the Property or ite acquiaition by l.ender, any Funds held by I.ender at the timeof application aa a credit against the aums aecured by this Mortgage. 3. Application of-Payments. Unleae applicable law provides otherwiae, all paymenta received by I,ender under the Note and paragraphs 1 and 2 hereof ahall be applied by t.ender fin+t in payment of amuunta payable to [.ender by Borrower under paragraph 2 hereot, then to interest payable on the Note, then to thr principal ot the Note, and then to intereat and principal on any Future Advances. 4. Charges; [.iena. Bo~rciwer shaU pay all taxer., assessmenLa and other charges, fines and impositions attributabtr to the Property which may attain a priority over this MortKage, and leasrhold paymentsorKmund rents, if aoy, in the manner pro~•idcd unde~ paragraph 2hereofor, if not paid in such manner, by Borrowrr makinK paymrnt, when due, direcUy tu the payee thereof. tiurrower shall prumptly furnish to I.ender xll notices of amounts due under this paraKraph, and in the event liorrower shall make payment directly, Bormwer sh.~ll prompUy fumish to (.ender rrceip~5 evidenc~nK such paymen~v Fiorruwer yhall prumptly discharKr any lien rrhich has priurity over this MortKage; provided, that E3orrower shall not t-e rryuired to discharge any such lirn su IonR aa lionrowrr shall agree in writinK to the paymen t of the obl iKation secured by such lien in a mannrr ~ccep4~ble t~~ I.ender, ur shall in Kood fa~th contrst such lirn by, urdefend enforcement of such lien ~n, le~al pruceedings which opPrate t~~ prevent thr enfurcrment uf the lirn or forfriturP uf the Pruperty i~r :~ny part therrof. 5. Hazard Ineurance. Rurrowrer shall keep the ~mpru~•ements nuw existinQ or hereafter erected on the PropeKy insured againat losa by fire, hazards included within the term "extendrd r~veraKe," and such other hazards as I.ender may require and in such .imounts and forauch periods ~ts l.e~der may myuire: provided, that Ixnder shall not reyuire that the amuunt of such rnveraKr excec~l that amounl o[eoveraqe rryuind to pay thE• xums siYUred by this 14fortKaKr 'I'he insurance c:+rrirr pr~widinK the ~nsuran~-r sh.ill tK~ ch~~sen hy 1t~~rrow•rr ~ubjeti•t to apprucal by I.e•nde•r, pruvidrd, that such approval shall not t~e unn•.~u,nably w•ithheld. All prrm~ums un ~nsur:~n~•e {H~hi•~rs shaU i~r p;~id ~n the mann~r prov~dtr! u~der p:iraKraph'L hercofor, if not paid ~n such mannrr, by Ii~~rrower m:ik~nK paymNnt, when duF•, dire•rtly tn the in~ur:~nce camrr. All ineurance policirs and renewals therrof shall I~e in form acceptable u~ l.ender and shall include a stapdard mortgage clause in favorof and in form acceptablr to I.rnder. l.rndershall have t6e right G~ hul~! thr, ~~Iic~PS and renewals thereof, and &~rr~iwer shall prompUy furnish lo i.ender al) renewal notirrs and all rece~pts of pa~d prrmiums In thN r~er~t of loss. lt~rrruwer shall givr prumpt notice to the insur.ince carrier and I,ender. I,ender may make pr«~f of loss if not made prumptly by li~,rruw~rr. Unleas t.ender and li~~rruwer othrrwiu~ aKree in wnt~nK, insur.+nce procreds shall be appl~ed to restoration or repair of the Property damaged, pr~-vid.d such resp,ratiun ur repair ~s ec•onumically feasi6le and the srcurit~ of this Mortgage is not thereby impaired. If auch rest~ration or repair is not ecunumically fraxiblr ur if the secunty nf thiF MortKaKe would be impaired, the insurance proceeds shall beapplied co the sums secured by th~s M~~rtK:~KP, w~th the ex~•rss, ~f :~ny, paid to Rorrower. If the F'ropeRy ~s abanduned by E3orrower, or if liorrower fails Gr~ rPSpund to I.ender w~th-n :il~ day~ frum lhe d:~tr nnt~i•r is mailfd by (.ender lu liurruwer that the insurance camer offera to settle a claim for -nsurance t-enefits, I.rnder is authonzed to c~~llect and apply th~• invur:~nce pmcerds at l~ender's option either to rei+toration or repair of the Property or the sums serured by thix MurtKaKr. Unlesa l.ender and 13cirruwer otherwisr aKree in wnting, any such applicaUon uf proceeds to principal ahaU not extend o~ poatpone thedue date of the monthly ins1a11mrnLs rPferred to in paraKr:~phs 1 and'l hereof or change the amount of such installments. If under paraqraph 18 hereo! the Property is acquired b~ l.ender, all riKht, title and interest uf Rorr~iwer in and to any insurance policies and in and to the proceeds thereot reeulting from damaKe tn Pruperty priur to the sale or acywsition shall pass W l.ender to the extent of the auma aecured by thia Mortgage immediately prior to auch asle or acquisition. 6. Preeervation and Maintenance of Property; l.easeholds; Conduminume; Planned Unit Developmente. Rorrowerahall keep the Property in gcx~d repair and ghall not cummit v-aste ~ir prrm~t impairment or deterioration of the Pruperty and shall comply with the provisionA r~f any leaae ~f this MortgaRe is on a le~.grhuld. If th~s MorigaKe iA on a unit in a rnnduminium or a planned unit development, F~orrower shall perform all of F{~~rruwer's obligations under thr declar.~tiun or n,venants crratinKor qovern~ng the condominium or planned unit devel~-pment, tbe by-laws and reKulalions ~,f the condc.minium or planned unit development, and c~,natituent documenta. If a ~•undominium or plfinnrd un~t devel~~pment rider is executed by &~rruwrr :~nd recurded t~~ether with this Mortqage, the oovenanta and :~KrcY~menL~ of such rider shall tM ~nc~~r~x~ratcd intu :~nd sh.~ll .~mend .~nd supplemrnt thr cavenants and agreementx o[this MortKaKe as if the nder were a part hereof. 7. Protection ot Lender's 3ecurity. I[ f3orrower faila to perform the rnvenante and agreemente contained in this Mortgage, or if any action or proceeding is commenced which materially affects I~ender'e interest in the Property, including, but not limited to, eminent domain, insolvency, rnde enforcement, or arrangementa or proceedinga involving a bankrupt or decedent, then Lender at Lender's option,upon notice to Borrower may make euch appearances, dieburee auch eums and take auch action as is neceaeary to protect Lender's inlerest, including, but not limited to, disbureement of reasonable attorney'e fees and entry upon the Property to make repairs_ If Lender required mortgage inaurance ae a condition of making the loen aecured by this Mortgage, f3orrovver ahall pay the premiums required to maintain euch insurance in effect until euch time ae the requirement for euch ineurence terminates in accordance with Borrower's end l.ender s written agreement or applicable Law. Borrower ehall pay the amount of all mortgage inaurance premiums in the manner provided under paragraph 2 henof. Any amounte diebureed by I.ender pereuant to thie paragraph ?, with intereet thereon, ahall become additional indebtednes~ of E3orrower secured by thie Mortgage. Unleas Borrower and Lender agree to olher terms of payment, euch amounts shall be payable upon notice from l.ender to Borrower requesting payment thereof, and ahall bear interest from the date of diabureement at the rate payable [rom time to time on outetanding principal under the Note unleee payment of interest at euch rate would be contrary to applicable law, in which event auch amounte ehall bear interest at the highest rate permiasible under applicable law. Nothing contained in tbis pare{~raph 7, shall require I.ender lo incur any e:penee or take any action hereunder. n~»K 348 eacE 821 i , S i ' ,t- .~;~ .. >. =x ' ~'s:....~&.c.. .. _ ~..~.r :. ..':~~ ~ , ~_': ,.. : _..a-~. .. ~`, :...'. '. ~x~i