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Home My WebLink About1215Borrower and lender covenant and a~ree aa folbw~: 1. Paymeat ot Principsl wnd Interes~ Rorrowe~ ehall pmmpQy pay when due the principal ot a~d intereat on the indebtedness evideaced by the Note, pre{-eyme~t and latechargee as provided in Ihe Nole, and the principal of and intereat on any h'uture Advances eecured by this Mortgage. 2. I~tnds tor Tases and Inaurunce. Sub~ect to applicuble luw or to a writtrn wuiver by l.endrr, lk~rruwer ahall pay tu I.ender un the day monlhly inataliments o[principal and intereat are payable uode~ the Nute, until the Nute is puid in full, u sum qierein "Funda"> equal to one fweltth of the yearly taxes and aaseasments which may attain priority over this Moctguge, and ~und renta un Ihe 1'roperty, if any, plus onc twelfth of yearly premium installments for hazard inau~ance, plua onPtwel(ih of yearly prrmium inatullmrnts for mortguge inau~ance, ituny, all rs reaeonably eatimated initially and from time to time by I.ender on the tx-ais of a.4seusmentx und billK ~nd ~enau~able extimates thereof. The Fl~nda ahall be held ir- an institution the depoxite ur accounta of which are insured or guAranteed by a Fede~al ur State ~ency lincluding l.endet i[ I.ender is euch an i~stitutian). I.ender ahall apply lhe M unds to pay aaid tuxea, assesamentx, insurance premiuma and ~cround renta. Le~der may not charge for so holding and applying Ihe Funds, nnalyzing anid uccuunt, or veritying and compiling said aasesamenta and bills, unlees I.ender pays Borrower inte~eet on !he Funds a~d applicAble law permits I.ender to makeauch a charge. Borrower and Lende~ may agree in writi~g at the time o[ execution of thia Moetgage thnt intereal on the F unde shail be pnid to Borwwer, and unleas euch agreement is made or applicable law requires such intrrest to be paid, I.ender ahall n~,t be reyuired to pay E3orrower any interest or earnings on the Ftinds. [.ender ahall give to Born-wer, withoul charge, an annuu) t~ccnuntinK of the F unds showinK credite and debits to the Funda and the purpoHC for which each debit to the Funds was made. The M unds are plc~ged us udditional security for the aums secured by thia Mortgaqe. I[the amount of the ~Lnds held by I.ender, together with the future monthly inatalimrnta of h unds payable prior to the duedatea of taxes, asaeaementa, insurance premiuma and ground rents, shall excred the amuunt required to pay snid taxen, assra~menta, insurance premiums and ground renta ue they fall due, such excesa ahall be, at l3orrower'a option, either promptly repaid to Burrower or credited to Borrower on monthly installments of Funds. [f the amount of the hunda held by I.ender shal) not be sufficient to pay ttixea, assesamenta, insurance prnmiuma and ~round rente as they fall due, Borrower shxll pay to l~ender nny nmount necexsary to make up lhe deficiency within 30 days from the date notice ia mailed by l.ender to tiorrowcr requc~ting payment thereof. Upon payment in [ull otall suma secured by this Murigage, l.rnder shal) pro~nptly refund to fiorrower any funds held t-y I.ender. If under paragraph 18 hereof the Property ia eold or the ['roperty is olherwise ncyuimd by l.ender, l.ender shnll apply, no later than immediately prior to the eale af the Property or its aoquisition by [.ender, any Funda held by l.ender nt the time of application as n credit againat thr suma secu~ed by this Mortgage. 3. Applieation ot Paymenta. Unless applicable law pmvides othenvise, s~ll puyments received by t.ender under the Nute and paragraphe 1 and 2 hereof ahall be applied by [.ender firat in ps~ymeM of umuunts ptiyable to l.ender by F3orrower under paragraph 2 hereot, then to interest payable on the Note, then to the principal of lhe Note, and then to intereat and principal on any Future Advancea. 4. Chargee; I.iens. E3orrowershall pay all taxes, ,iti.scssmrnLs and uth~•rch:irKca+, finc~c .~nd imp~~sitiuns attributable to the I'roperty which may attain a priority over this M~rtgage, und leuschold payment~ or Kn~und rrnts, if any, in the man ner pruvidt~cl under p~ra~raph'L hereof or, if not paid in such manner, by 1~rrower mukinK payment, when due, dirrc•th to the p.~}~~~~ thera,C liurn~wershall prumptly furnish lo I.ender al) noticea otamounts due under this p:uaRraph, and in the evrnt Korrnw•er tih:~ll mnke pa~•mi~nt dirrc•tly, liorro~~•er shall pr~~mpUy turnish to I.ender receipts evidenring such p:iymrn45. li~,rroKer shaU prumptly diccharK~• an~ lien w•hi~•h ha~~ priority o~•er this MnrtKage; provided, that Rorrower shttll not be reyuired t~dischnrge any tiuch lirn su lunK ati li~~rruK•e•r shal) a~nv~ in w•ritinK So the p:~~~mi•nt nf th~•~~bli~;:itiun ~ ured by ~uch lien in a manner acreptable to t.ende•r, or shal) in ~~N,d G~ith ~~~~nt~~t ~uch li~•n by, or di•f~nd enfi~nr~ni•nt nf w~•h li~•n in, le~al pmcecdings ~•hich operate tn prevent the rnfi,rcrm~•nt uf thc licn ur fnrf~•itur~• ~~f thr {'ru~x•rt~ ur any part th~•n~,f. 5. Hazard Inaurance. Rorruw~er sh.~ll kcrp the impnwements nuw• exixtinK or herrafter rrc~icKl on thi• {'ro~Crty insurcd aRainat loss by fire, haxarda included within the tertn "extend~vl co~•eraKe," :md hui•h other haz:~rds us Iw•nder may nK~uire :~nd in such amountz; and forauch ~xriuds as I.ender may reyuirn; provid~d, lhat I.~•ndi~r shall nnt mquire that thi• :~mount uf ~uch rnvi•r.~Ke ex~•e~d that .~mount of coverage required to pay the sums xecund by this MortKaK~•. The insurancr carrier providinK th~• in~ur:m~r sh:lll IM fFl1/SY11 I/~' K~~R~~N'I~r.uL~i~•t t~~ appr~n al Ly la•ndi•r, prna•id~~1. thut ~uch approval shall not be unre.~w~n:~bly withheld. All premium. ~~n in~ur:~n~•~• Fn~li~ i~•..hall la• paid in th~• m:inn~~r pr~~~•~~l~Yt und~•r p:~r.~~r.~ph 'd hercr-fur, if not paid in such mannrr, by li~~rruw~rr m:~kin{~ p~~~•m~•nt, w~h~•n ~1ur. dir~•~~Ih• t~~ th~• ~n.uranc~~ ~:~rri~•r. All insurance policies and renev-als thercy~f ~haI11N• in fnrm arcept:~blr tn 1 ~•nde•r and :~hall include a ~:t:+ndard murtk~iKeclauxe in t~vorof and in form accept:~ble to l.ender. l.ender shall ha~•~• thf• riKht t~~ h~~IJ th~• ~H~li~•i~~~ and mn~~wals theriti~f, and Rorruwer ~hall promptly furnish to ~.ender all rrnewal n!-titex and all meripLv nf paid prrmiumti. In tht• ~•~•Ntd of loss, Iinrn~wer ~hall Ki~•~~ prumpt nutice tr- the insurf~nce carrier and I.ender. [.ender may make pnxrf of loecs if nut madi~ prumptly by 1{urruw•er Llnless I.ender and li~~rrciwer ~-thrrwiw• :~Kn~c in wnlinK, insuranc~• pnx•~~~dti ,haU tH• a~-p1iiY1 tu rcvtur.~tiun ur rep~ir of the Property damaqed, provided such re~tnration nr repair is ~run~~mically fe.~ti~bl~ and the ~r~urit~• uf thia MurtKaKe is not thereby impaired. If such restoralion or repair is nM economically fr:isible ur if the wrurity o( thiti 111ortKaK~• wuuld FH• impairt~, the insuranc~ pnKrids shall beapplied to thesumssecured by this Mortgage, with th~•~x~•~ :,.+, if:~ny, p:~id tu li~~rrower. ltthe F•ru~x~rty is aband~-necl F-y F~,rroNer, orif f3~,rrower fnils to respond to I.ender within :i0 dnys frnm the datc nnti~r iti m:~ib~ by~ I.rnder pr Ii~~rruwer that the insurance camer offers to settle s~ claim for inaurance benefita, I.ender is authuriztYl to roU~r•t and airply tht~ ir-sur.mc•~ pr~K•~rdti at I,e~nder's uptiun rither tu resturation ~-r rrpair o[ the Yroperty or the sums secured by this Mort~;aKP. Unlesa [.ender and E3orrower otherwi~• uKr~ti• ~n wntinK, any auch appli~•ation nf pr~KY~evls to principa) shall nul extend or poslpone thedue date of the monthly insl:illmentx refrrred 4~ in par.~Kraphs I.ind 'l !-rrwdor ch:mKr th~• amuunt of such insG~llmenl.q. if under paraKraph 18 hereof the Property ia acquired by I~c nder, all riKht. title and intemst of l3~~rmw•er in anci tn any in~urance ~liciex and in and to the proceeds thereof reaulting from damaae to F'mperty prinr to the :ialc rrr an~msitiun tihall pasx Gr IA•ndcr to thc extent of the sums secured by this Mortgaqe immediately prior tn such sale or acquisitinn. 6. Preaervation and 4laintenanceof Pro~ rty; l.easi•h~~ld~; ('ondominumy; E'lanned Unit Developmenta. F3orrowershs~ll keep the f'roperty in ga-d repair and xhall nnt commit waste ur Ex•rm~t ~mp:~irmrnt ur Je~teriuratiun ~~f the Pro~-erty and shall comply with the provisione of any leaae if this MortK:~Ke is on :~ leaxehnld. If this ~1urtK:~~;e ~s nn a unit in a rnnciominium or a plannecl unit development, fiorrower ahall perform all of li~~rrow~r's obliK:dionx und~~r tht• d~ti•lar:~tinn or ~o~•en:~nts ~ r+:~t~n~:or KovermnK lhe conde~minium ur plnnned unit development, •the by-laws and re~ulations of thc• condominium ur plannrcf unit developmrnt, nnd conetituent documents. If a condominium or planned uait development rider ~s eIIIY'U~P(I Ily I~I/RUVY!•r :~nd fl9'Ui(~kYI (1*,pther with this MortgaKe, the c+ovenants and :+Kreements of r+urh rider shall lw incur~N~r:deYl into and shall :~mt•nd :~nd supplem~~nt th~•i•o~~e•n.~ntti and aKrermen~~ ~~f this AlortKaKe as ifthe rider were a part hereK~t. 7. Protection of Lender'e Security. (f &~rrower failA G~ perform the cY~venants and agrecmenta contained in thia Mortgage, or if any action or proceedinq ia commenced which materially affecte I.ender'8 intereet in the Property, including, but not limited to, eminent domain. insolvency, oode enforcement, or arrangemente or proceedings involving a bankrupt or decedent, then [.ender at I.ender'a option,upon notice to Borrower may make auch appearancee, dieburee euch eume and take auch action ae iA neceasary to protect l.ender's interest, including, but not limited to, dieburaemenl of reaeonable attorney's feee and entry upc-n the Property to make repaire. If Lender required mortgage ineurance ae e trondition of making the loan secured by thie MurtQage, &-rrower ahall pay the premiuma required to maintain euch ineurance in effect until auch time as the requirement tor euch ineurance terminatee in accordance w~th E3orrower e and Lender's written agreement or applicable I.aw. Borrower ahall pay the amount nf all mc,rtgaKe inBUrance premiume in the manner provided under paragraph 2 hereot. Any amounte diebursed by I,ender perauant to thia par:iKraph 7, with intereet therer~n, ahall become additiona) indebtedneas of Rorrower eecured by thia Mort~age. Unleas iiorrower and I.ende~ agree k- ~~ther terma of payment, auch amounte ehall be payable upon notice from I.ender to Eiormwer requeating payment thereof, and ahell 1,ear intereat fn~m the date uf diAbureement at the rate payable from time W time on out~+tanding principal under the Note unle~n payment of intereet at euch rate would be eontrary to applicable law, in which event euch amountx ahall bear intereat at the highest rate permiseible under applicable law. Nothing contained in this peragraph 7, ehall require I.ender to incur any expense or take any action hereunder. . ~ ,';K 348 PACE 1215 ~ ' - f 1 ~ V A ~.. y!- ~e~"~c:F.~..~. wx' l`~s- Frat-_ '.. ... . - ._3 _r L ' .. "'4':~';'-r