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Home My WebLink About1525:~t' .~3~ Horrow~r and Lende~ oown~nt iu-d yre~ u idbwr. ' 1. P~~rment ot Pe~acipal and Intere~~ Borrower ~haU promptly p~y whe~ dw th~ pendp~J of and int~ered oe the indebtednen evideaoed by the Note, prepayment aad Iste char~es as provided i~ the Nota. and the priacipal of ~nd interest o~ any Ftiture Advanoa ~ecura! by this Mortsa~e. ~ Z. Ftiad~ toe Tase~ and lnsurance. 3ubjed to applicable taw or to e written waiver by Lender. Borrow~ ~hall pay to l.ender on the d~y monthly itutallnients of principal and interest ara payable u~der the Note, until the Note is paid ia full. a sum (herein "FVnda'h equal b.oar twelRh of the yewr~j- taxe~ and a~~menta which may attain priority over this MortQa~e, aod Qround rents on the Property. if any. plus ons twelRh of yeuly praaitua installmer~b for hasard in~u~ance, plus onetwelM o[yearly premium i~atallments for moctgaQe i~~urance. if any~ tdl a~ reasonaWy estimakd initislly and tfom time to tia~e by Lender or- the baaie of aaseasme~ta and bills and reasortable edimates thereo! 'It~~ P1~nds shell be heW in an in~titution the deposita or aocounts of which an insured or ~uarantud by a Fedatal or State a~ene~r (includin~ Lendsr if Lend~ is such an uutitution). Lender shaU apply the Fnnds to pay said t~ea. aiseasments, insuranoe premiums aad ~rround rs~ta. Leader ~sy not char~e for w holding and applying the I~Lnds. analyzing said account, or verifyin~ and compilin~ aaid awe~aet-b aad billa. nnlew Lsader pay~ Borrower interest oa the Ftinds and applicab[e law permib Lender b make such A char~e. Borro~ and I.~der may agree ia writln~ aL the time of esacution of tl~ia Mortgage that intereat on the Ftinda sheJl be paid b Borrower. and anla~ such a~reemeat is made or applicabk la~r requires ~uch intereat to be paid, Lender shall not be required to pa~y Borrower any interat oz e~rniap on the P~ds. I.ende! shaU give to Borrower. ~vithout charge. an annual acoaunting of the Funds showing credits and debits to the P~ncL aad We purp~o~e for which each debit b the ~nda ~yaa made.'l1~e Funds are pledged as additional security for the sums aec~rod by thi~ Mortga~e. Ilthe emount of the F1~nd~ held by Lender. together with the future monthly installments of Funds payable prior to the due dates of ta~ces~ awasments. insuranoe premiums and Qround rents, shall eucred the amount required to pay said taaes, asseasmenta. inaurance premi~nu and ~round renta as they fall due. anch atc~e shall be, at Bo~rower's option, eithe~ promptly repeid to Borrower or credited to Borrow~on monthly installments of I~nda. I[ the amount of the Funds held by I.ender ahall not be sutficient b pay taxes. asaeasm~nes. insurance premiums and ground r~ts as they tall due. Borrower ahall pey to~ Lender any amount neceasary to make up the deficiency within 30 day~ firom the date Aotice u mailed by Lender to Bormwer requeating.payment ihrreof. Upon payment in fuU of all sunu aecnred by this Mortgage, I.ender ahall promptly refund b Borrower any funda heW by Lendcr. Itund~r para~raph 18 hereoithe Property is soW or the Nroperty is otherwiee acquired by Lendu. I.endcr ahall apply. no later than immediatdy priar to tbe sale of the Property or its aoquieition by Lender. any F~nds held by I.ender at the time of application as a credit againat the sums ~ecared br this Mortgage. . 3. Applk~tion ot Paymenta. Unless applicable is.v provides otherwise, all paya~enta received by Lcnder under the Note and par~raphs 1 and 2 henof shaU be applied by Lender first in payment of amounes payable to I.ender by Borrower under paragraph 2 hereof, then b int~ereet payable on the Note. then to the principal of the Note, and then to intenat rnd principal on any Future Advanoea. ~. Char~ea; Wens. Borrower ahall pay all taxes, assessments and other rhargea, finea and impoaitions attributable to the Property which may attain a priority over this Mortgage, and leasehold paymenta or ground mnts, i[any, in the manner pwvided under paragraph 2 hereofor. if not paid in auch mann~. by Borrower making payment, when due, dirertly to the payee thereof. Borrower shall promptly furniah to Lender all notioea of amounta due under this paragraph, and in thr event Borrower shall make payment directly, Borrower ahall promptly fiuniah to Lendez reeeipta evidencing auch payments. Borrower shall promptly discharge any lien which has priority over thia Mortgagr, provided. that Borrower ahall not be required to discharge any such lien ao l~~ng as Borrower shall aqree in writing to the payment of theobligation secured by auch lien in a manner acreptable to [.ender, or ahall in good faith contest such lien by, or defend en[orcement of such lien in, legal {~YocYedingr which op~ate to prevent the enforcement of the lien or [orfeiture of the Property or any pari thereot. 5. Hazard Ineurance. Borrow~er shall keep the improvementa now exiating or bereaRer erected on the Property insured againat loss by fire, hazanls included within the term "extended coverage," and auch other hazards aa Lender may require and in such amounts and for wch periods as Lender may require; pmvided, that Lender shall not require that the amount of such rnverage euceed that amount of coverage reqnired to pay the aums aecured by this Mortgage. ~ Tl~e insurance cartier providinq the insurance shall be chosen by Korroveer subject to approval by I.ender, provided, that such appmval sha11 not be unreasonably withheld. All premiums on insurance policies shall be p~id in the manner provided under paragraph 2 hereof or. if not paid in auch manner, by E3orrower making payment, when due, direcily to the insurance carrier. All insurance policiea and renewals thereof shall be in form acceptable to [.ende~ and shall include a standard mortgage clawe in favor of and in form acceptable b Lender. Lender ahall have the right tn hold the policies and renewala thereof, and Borrower shall promptly fumiah to i.ender all renewal notisea and all receipts of paid premiuma. In the event of loss, Born~wer ahall give prompt notice to the insurance carrier and Lender_ Lender may make proof o! loss if not made promptly by fiorrower. Unleaa I.ender and Borrower otherwise agree-in writing, insurance procee~is ahall be applied to restoration or repsir of the Property damaged, provided euch reatoration or repair ia economically te~sible and the~secunty of this Mortgage ia not thereby impaired. If such restoration or repair ia not economically fcasible or if the security of lhis Mortgage woutd be impaired, the inaurance proce¢ds shall be applied to the auma secured by thia Mortgage, with the e:cess, if any, paid to Eiorrower. If the Property ia abandoned by Borrower, or if Borrower fails to respond to Lender within 30 daye from the date notice is mailed by [.ender tu E3orrower that the inaurance carrier offere to eettle a claim for insnranoe benefits. [.ender ia authorized to collect and apply the ~nsurance proceeda at I~nder a option either to reatoration or repair af the Property or the sums aecured by this Mortgage_ Unleas Lender and Borrower otherwise agree in writing, any auch application of proceeds to principal ahall not extend or postpone thedue date of the monthly inatallmenta referred to in paraqraph~ 1 and `l t~ereof or change the amount of auch inetallmente. If under paragraph 18 hereof the Property ia acquired by Lender, aU right, title and interest of E3or~ower in and to any ineurance policies and in and to the ptoceedi thereof reaulting from damage to Property prior w the sale or acqwsition shall pass to Lender to the extent ot the sums eecnred by thi~ Mortgage immedietely prior b such sale or acquisition. 6. Preservation and MeintenanceotProperty; Leaseholda; Condominums; Planned Unit Developments. Bonowershall keep the Property in good repair and ahall not commit waste or permit impairment.or deterioration of the Property and shall rnmply with the provisiona of any leaee if this Mortgage ia on a leasehold. if this Mortgage 'ia on a unit in a condominium or a planned unit development. Borrower ehaU perform all of Borrower e obligations under the drelaration or covenants c~ratinRor governing the condominium or planned unit development, the by-lawa and regulationa of the condominium or planned unit devetopment, and constituent documenta. If a rnndominium or planned unit development rider is executecl by Borrower and recorded together with this Mortgage, the aovenants and agreementa of euch rider ahall be incorporated intn and shall ameod and supplement thecovenanla and agreements of thia Mortgageae if the rider were a part hereof. 7. Protection ot Lender'~ $ecurity. If Borrower taila to pertorm the eovenante and agreements contained in this Mortga~e, or if any action or prooeeding iu commenoed v-hich materially affccte Lender's intereat in the Property, including, but nQt limited to, eminent domain, in~olvency, oode enforoement, w errangements or proceedinge involving a bankrupR or decedent, then Lender st Lender'~ optioa,upou notioe W Barmwer may make such eppearances, disburse such eums and take snch action as is necessary to protect Lender'~ interest~ . including, but not 1lmited to, disbursement of reaaonable attorney's tees and entry upon the Property to meke repain. It Lender rpnird mort~age insurance as a oondition of making the loan secured by this Mortgage. Borrower shali pay the pnmiu~w nquired b maintain ~nch uuuranoe in effect nntil snch time as the requirement for euch insurance terminetes in accordance with Borrow~er's and Lendar'~ ~vritten agreement or epplicable I~w. Borrower ahall pay the amount of aU mortgage insurance premiunu in the mannrr provided nndu p~ragraph 2 hereof. . My amounte disbutsed by Lender persuant to this paragraph 7, with interest thereon, shall beoome additional indebtedneta of Horrower ~ecnred by this Mortgege. Unless Borrower and [.ender agree to other terms of payment, such amounts ~hall be payeble upon notice from Lender to Borrower requesting payment thereof, and ahall bear interest from the date of diabnrsement at the rete payabk from time to time on outstanding principal under the NoLe unfese payment ot interest at such rate would be oontrary to applicable law, in whicb tvent ~ueh amounb shall bear inttrest at the higheat rate permiasible under appliceble law. Nothin~ contained. in~,thu paragraph 7. ahaq require Lendsr to incnr any e:pense or take any action hereunder. `'' ~'~ '` 80~~~48 PaGE~.525 i ~ ~ ~~ ~. _ e " ~.~.~~ r~ ..:. ~ ~~ ~. _, ... =.. ~ .~ ~ ~°~ ~