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Home My WebLink About0945 1 Bortower and Lrnder covenant and agree ae foUows: 1. Payment of Principal snd Intere~t. Borrower shall promptly pay when due the principal of and intereat on the indebtedneas evidenced by the Note, prepayment and late chargea ae provided in the Note, and the principal of and intereat on any Future Advancea secured by ihis Mortgage. 2. ~r?ds [or Taxea and Ineurance. Subject to applicable law or to a written waiver by Lender, B~rruwer ahall pay to l.ender on the day monthly inetallmenta of principal and intereat are payable under the Nute, until the Note is paid in full, a sum (herein "Funda") equal to one twelt~h of the yearly taxes and asaesamenta which may attain priurity o~•er thia Morlgage, and ground renta on the Property, if any, plus one t~velRh olyearly premium installmeote [or hazard inaurance, plus onetwelfth of yeariy premium installmente for mortgage insuraoce, if any, all a~ reaeonably estimated initially and from time to tiR~e by l.ender on the basis of assessmrnts and bille and reasonable estimates thereof. The Fl?nds shall be held in an inatitution the depoaita or accounts of which are inaured or guaranteed by a Federal or State agency (including Lender if L.ender ia euch an inetitution). Lender ehall apply the Funde to pay aaid taxea, assessmente, inaurance premiuma and ground rente. Lender may not cherge for so holdir~g and applying the F unde, analyzing said account, or verifying and compiling aaid nseesamenta and billa, unlese Lender pays Bonower intereat on the Funds and applicable law permits t.ender to make such a charge. E3orrower and Lender may agree in writing at the time of eaecution of thia Mortgage that interest on the Funda shall be paid to Borrower, and unleae auch agreement is made or applicable law requirea auch intereat to be paid, l.ender shall not be required to pay Aorrower any interest or earninge on the ~nde. l.ender ahall give to Borrower, without charge, an annual accounting of the Funde ahowing credits and debite to the Funde and the purpoee for which each debit to the Funda was made.l'he F unds are pledged as additional aecurity for the sums secured by thie Mortgage. If the amount of the Funda held by Lender, together with the future monthly installmentx of Funds payable prior to the due dates of taxea, asaeesmente, insurance premiuma and ground rents, ahall excred the amount required to pay said taxes, asseasments, insurance premiums and gTOUnd rnnta as they fall due, auch exceas shall be, at Borrower's option, either promptly repaid to Borrower or credited to I3orrower on monthly inetallments of Funda. If the amount of the Funds held by Lender ahall not be aufficient to pay taxea, asaesaments, insurance premiums and ground rnnta se they fall due, Borrower shall pay to l.ender any amount neceasary to make up the deCciency within 30 days From the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full of atl euma secured by this Mortgage, I.ender ehall promptly refund to Bonower any funds held by Lender. If uuder paragraph 18 hereof the Property ie sold or the Property is otherwise acquired by l~nder, [,ender shail apply, no later than immediately prior to the sale of the Nroperty or its acquisition by l.ender, any Funds held by I.ender at the time of appliration as a credit against the aums secured by this Mortgage. 3. Applieation of Payments. Unless applicable law provides other.vise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts payable to I.ender by Borrower under paragraph 2 hereof, then to intereat payable on the Note, then to the principal ot the Note, and then to interest and principal on any Future Advances. 4. Charges; Liene. Borrower shali pay all taxes, asse;sments and uther charKes, tnc~ and impositions attributable to the Property which may attain a priority over this lUortga~e, and leasehold payments orKround rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrow~er makinK payment, w•hen due, direc•tl ~ to the pa>•ce thereuf. Rurrower shall promptly furnish to Lender all notices of amounts due under this paraKr:~ph, and in the e~•ent Ki,rruw•er shall make payment directly, f3orroK•er shall promptly furnish to [.ender rec:eipts evidencing such payment~~. RurroH~er sh.ill prumptly disch:vKe any lien w•hich h:~s priurih u~•er this MurtKaKe; provided, that Borrower shall nnt he required to discharge .?m•,uch lien so lunK as Rurruwer chall a~;r~ in w ritin~; to the paymt•nt of the obliKation secured by ~uch lien in a manner acceptable tu Ixnder. ur shali in kood f:tith cuntest such lien by, urciefend enfurcement of,uch lit•n in, leKal proceedings which operate to prevent the t~nforcement o! the lien nr furfe~iturc• ~~f the• I'rup~~rty ur am• part thertr,f. Hazard Insurance. Borrower shall keep the impm~~ements now• existinR ur hereaiter erected on the Property insured against loss by fire, hazards included ~vithin the term "extended co~•eraKt•." ~~nd such other hazards as Lender may reyuirr .~:,u ~~.h amuunts and for such periods a~ i.euurr may require; pru~•ided, that Lender shall nut rc~quire th:it the amuunt of such rnveraKe excerd that amount of coverage required to pay the sums ,ecurecl by this ;~1~rt~;:?Ke. The insurance carrier pr~~~•idink tht~ insur:ini•r sh:ill l~~~ ~•h~~.~•n h~• Ii~~rn,Nrr suhje•ct tu appru~~al h~• I.~~n~1f•r, pro~•i~if~d, that ~uch ~?ppro~~ai shall not be unreasonabk withhelci. All premium~ un in.urancc• ~~~~lii~~r..hail iH• p;~id in the mannf~r pn~~•idrd under para~;raph her~if or, if nut paid in such manner, b~• li~~rn~wer m.ikin~; p:~}~m~~nt. ~?hi•n due. ~iin•cth~ h~ thi• i~e.ura+nce c.irric•r- All insurance policies and renewals thereof shall be in f~xm arceptahlr tu I.c•nder.~nd shali include a standard murtRaAe clause in favor of and in form acceptaAle to I.ender. I.ender shal I have the riKht tu h~~ld thc• pulicies and renrw:tl~ thereuf, and 1~3urruwer shall promptly furnish to i.ender a:l renewal notices and all receipts of paid premiums. [n the t•~•ent of lus~, Fiurru~~er shall Ki~•e prompt nutice to the insurance carrier and Lender. I.ender may make proof nf loss if not made pr~imptic b~• Rorrower. Unless Lender and F3orrow•er otherwise aKree in writin~;, in~urance prcx•eeds shall bc• appGed to restoration or repair of the Property i damaged, provided such restoration ~~r repair is e~c~~~numicall~• feasible and thr securih• uf this !~1ortKage is nut thereb}• impaired. If such ; restoration or repair is not erunumically fe.isible ur if thr tircurii}• nf this ~1urtK.~Ke ~~nuld tx• impnired, the insurance proceeds shall be applied j to the sums secured b~ this Mort~;~Ke, H-ith the ea~~t~.~. if any, p~iid t~~ Rurr~~w er. If the F'r~~perty is abanduned h~• Borrower, or if F3orrower faila to re~pond to I.ender within :3(1 days from the datr n~itice is maiird hy I.~~nder tu F3orn~wer that the insurance camer offers to settle a claim for f insurance benefits, [.ender is authorized tr~ culle•ct and .~ppl~• thr in~urancr pnx-e~eds at I,ender's option either to restoration or repair of the ~ Property or the sums secured by this l~torttiaKe. Unless I.ender and Borrower otherw•~se aKree in w•ritinK, any such ~~ppli~•atinn uf prucE~d, to principal sha11 not extend or postpone thedue ~ date of the monthly installmen~s referred tu in p.iraKraphs 1 and 'L hrre~~f ur chxnRr thc~ amuunt of such installments. It~nder paragraph IS d hereof the Pmperty is acquired by I.ender, all riqht, tiele and interest i~f Iiurruw•er in and tc~ any in~urance policies and in and ta the proceeds ~ thereof resulting from damaKe to Yroperty priur io the sale ~~r acyu~sition shall pass tn [.ender to the extent of the sums secured by this ~lortgage immediately prior to such sale or acquisition. 6. Preservation and 1'iaintenance of Property: I,easeholds; (bndominums; l'lanned Unit 1)evelopmenta. Borrowerahall keep the Property in Kood mpair and shall not commit w•a~tr ~~r pe•rmit imp:iirment or deteriorati„n of the Pruperty and shall comply w~th the provisions of any lease if this 11ortRaKe is un a IF•aseh~~ld. If this ;11nrtKa~;r is un a unit in cundominium or a planned unit de~•elopment, }iorrower shall perform all of Rorrow•er's obliKatiuns under the dec~laratiun ~~r c~~venc+nts i•n~,~tink or KoverninK the condominium or planned unit development, the by-laws and reKulatiuns ~~f the c~md~~minium ur planned unit development, and constituent documents. If a condominium or planned unit decelupment rider i~ ~xecuted by (i~~rrow~er and rec~~rdecl tuKether v~~ith this MortRaQe, the covenants and uKreements ~~f 5uch rider shall be ir.cnrporat~•d intn :ind ~hall amt•nd an~1 ~upplement th~~ cm enants und aKreements of this :11ortKaQe as if the nder were a part hereof. 7. ProteMion of Lender'e Security. If Borrower fails k~ perform the rn~•enantx and aRreemenis contained in this hiortgage, or if any action or proceeding is commenced which materially affecta l.ender's intereat in the Property, including, but nat limited to, eminent domain, ~ in~so;vency, rnde enforcement, or arrangemente or pmceedinRs involving a bankrupt or decedent, then I.ender at Lender'e option,upon ~ notice to Borrower may make euch appearancee, disburee euch suma and take such action ae ie necessary to protect Lender'e interest, ~ incluaing, but not limited to, diabursement of reasonabie attorney'A feea and entry upon the Property~ to make repaire. If Lender required $ mortgage ineurance aa a condition of making the ioan secured by thie MortKnKe, E3orrower shall pay the premiums required to maintain ~ such ineurance in effect until euch time as the reyuirement for auch inaurance terminatea in accurdance with Borrower's and Lender'e ~ w~ritten agreement or applicable Law. Borrower ahall pay the amount of all moRKage inxurance premiume in the manner provided under paragraph 2 hereof. ~ Any amounts dieburaed by Ixnder persuant tn this paraRraph 7, w•ith intereat thereon, ahall become additional indebtedneea of ~ Rorrower aecurcd by this Mortgage. Unlesa E3orrower and I.ender aKree to other terma of payment, such amountt+ ahall be payable upon notice from I.ender to Borrower requesting payment thereof, and shall bear intereat fmm the date uf dieburaement at the rate payabie from time to time on outstandinR principal under the Note unless payment of interest at such rate w•ould be rnntrarn to applicable law, in which e-.•ent such amounts ahall bear intereat at the highest rate permissible under applicable law. Ivothing contained in thia paraqraph 7, ehall ~ require I.ender tn incur any expense or take any action hereunder. ~ - F ~ ~~~x.37.3 ~~~E 945 r . s ~ ~ r _ . ~ . r : ~~y~,~~~~:= i ` ` _