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Home My WebLink About0983 - . 1 f ~ Borrowes and Lender covenant eu~d a~ree u fotbvw: ~ ; l. Pwyment ot Prlacipal arid laten~a~ Boirowet ~hall pmmptly pay whea due the pcincipal ot snd intereat on ehe indebtednes~ ~ evidenced by the Note, prepsyment and late cherRea a~ provided in the Note, end the ptincipal o[and interat on einy F1~tute Advances aecured by thi~ Mort~a~e. - 2 Etind~ for Tup~ snd Iusuranee. Subject to applicable law or b a wretten waiver by Leader, Borrower shall psy to l.ender on the day ' monthly iruta!lmenta of principal and inter~at are payable under the Note, until the Note is paid in full, a sum (herein "F~nds") equal to onp twelfth olthe yearly taues and asaeaamenta which may ettain priority over this Mortgage, a~d ground renta on the P~operty, itany, plua onc twelRh of ycarly premium instaUment~ for hesard inaurance, plusonetweifth otyearty premium installments formortgage insurance. itany. a~i as reasonabty eatimated initially and [rom time to time by [.ender on the basia of aaseesments and billa and reaso~able eatimates thereot The I~Lt?ds ahall be held in en institution the deposits or aocounts ot whieh a~ insured or guaranteed by a Federal or State age~cy ' (includirtg Lender i! l.ender is wch an institution). i.ender shall apply the Fu~ds to pay said ta:ea, asaeasmenb, insu~ance premiums and ` ground rents. Lender may not charge for w holding and applying the Funds, analysing said account~ or vrrifying and compiling said . aeaessme~ts and bills, unieee I.ender psya Borrower intereat on the Fl~nds and applicable law permits I.ender to make s;:~h a charge. Borrower ' and Leader may agree in writinQ at the time of execution of this Mortgage that interest on the Funda shaU 6e paid Lo Borrower, and unle~a . euch agreement is made or applicable law requina auch interest to be paid, Le~der shall not be requind W pay Bormwu any intetest or earnings on the [~nds. Lender shall give to Borrower, without charge, an annual acoounting of the Funda showing credita and debits to the i Funds and the purpose for which tach debit Lo the Fl~nds was made.'l1~e Funds are pledged as additional security for the sume aecured by thu Mortgage. ~ ~ If the amount of the I~nda held by Lender, together with the future monthly instaliments of Funda payable prior to the duedates of taxes, asaesame~te. insurance premiums and ground ner?ts, shall excaed the amount required to pay aeid taxea, asseeaments. inaurance premium~ ; and gronnd nnta as they fall due, snch escess ahall be, at Borrower's option, either promptly repaid to Borrowa or cndited to Borrower on monthly instellment~ of fi~nds. [f the amount ot the Funds held by Le~der ehall not be aufficient W pay taxes, asaeaementa. insurance prnmiums and ground renes aa they [all due. Borrower shail pay to I.e~der any amouot necessery to make up thedeficiency within 30days ~ from the date notice is mailed by I,ender to Borrower requeating payment thereof. r Upon payment in fuil of all sums eecured by this Mortgage. I.ender ahall promptly refund to Borrower any funds held by Lender. lf under paragraph 18 hereof the Pmperty ia sold or the Piroperty is otherwiee acquired by l.ender, Lender ahall eppty, no later than immediately prior i to the sale of the Property or its aoquisition by Gende~, any Funds held by I.ender at the time of application aa a credit againat the sums eecured by this Mortgage. . 3. Applicwtion of Payments. Unless applicable Iaw providea otherwiee, all paymenta received by Lender under the Note and paragraphs 1 and 2 hereot ahali be applied by Lender first in payment of amounts payabie to ixnder by Borrovrer under paragraph 2 hercof, then W interest payable on the Note, then to the principal of the Note, and then to interent and principal on any Future Advanoes. 4. Charges; Liena. Borrower shall pay all taxes, assessments and other charges, f nes and impositions attributable to the Property which may attain a priority over thia Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making pnyment, when due, directly to the payee thereof. E3orrower shal! prompily furnish to l.ender all notices of amounts due under this para~traph, and in the event I3orrower sball make payment directly, Borrower ahall promptly furnish to ' I.,ender reoeipts evidencing such payments. Borrower shall promptly discharge any lien which h:is priority over this Morigage; provided, that i I3orrower ahall not be tequired to discharge any such lien so long as Borrower shall aQree in writing to the payment ottheobligation secured by such lien in a manner acceptable to L.ender, or shait in Rood faith rnntrst surh lirn by, urdefend enforcement oCsuch lien in, lega! proce~dinga which operate to prevent the enforcement of the lien or torfeiture of the !'ropertv or any part the~cr~f_ i 5. Hazard Insurance. Borrowrer shall keep the improvements now exiating or hereafler erected on the Property insured againet lose by ~ fire, hazarda included within the term "eztended cuverage," and such other hazards as [xnder may require and in such amounts and forsuch d periods as [.ender may require; provided, that I.ender shaU not require that the amount of auch rnverage exceed that amount of coverage reyuired to pay the sums secvred hy this btortkxKr. ~ i The insurance carrier providinK thr insurance~ sh:~U M• chu~en by I{~~rruvrer subj~-t tu appruval by i.rpder, pm~~idrd, that such t~pproval ; ahall not be unreasonabty vrithheld. All premiums un insurance puli~•ies shall F?e paid in the manner pruvided under paragraph'~ hereof or, if ~ not paid in such manner, by 13orrower makinK p:~ym~•~t, when due, dir~~th• tn the insurance caririer. All insurance policies and renewals thereof ~hall be in form acceptable u~ I.ender and shall include a standard mortgage clause in favor of ~ ~nd in form acceptable to [.ender. [.endershall ha~~e the right w hold the policies and reneK•alx thereof, and E3~rrowerahall promptly furnish to i.ender aU renewal notices and all rereipts of paid premiums. In the event of loss. E3orn,wer ahall Kive prompt notice to the insurance carrier S and I.ender. Lender may make proof of loss if not made promptly by Ei~rrower. ~ Unlesa Lender and Borrower other.+iae agree in writing, insurance proceeds shall be app(ied to restoration or repair ot the Property damaged, provided euch restoration or repair is ec~~nomically leasible and the security of ihis Mortgage ia not thereby itnpaired. [f such restoration or repair is noi econumieally feasible or if the security of this Mortgage would be impaired, the insurance proceeda shall beapplied to the sums secured b~ this Mortgage, with the excess, if any, paid to &?rrower_ If the I'ropeRy is abandoned by Rorrower, or if E3orrower faile to respond to [.ender within 30 days from the date nutice iti mailPd by [.ender tu~F;nrn,v?er ihat the insurance carrier offers to eettle a claim for ~nsurance benefita, [~ender is authorized tu collcrt and apply the insurance prrxeeds at I.ender's option either to restoration or repair of the Property or the sums secured by this MortgaQe. Unleee Lender end Borrower otherwise aKree in writing, any such application of proceeds to principal shall not extend or postpone thedue date of the monthly inetallmenta referred tc~ in paragrapha 1 and 'L hereof or change the amount of such inataUmenta. If under paragraph 18 hereof the Property is acquired by Lender, all right, titlr and interest of Borrower in and to any inaurance poiiciee and in and to the proceeda - thereof reaulting from damage to Property prior to the sale or acqu~sition shall paas to l.ender to the eatent of the aums secured by this Mortgage immediately prior to such sale or acquisition. 6. Preaervation and Maintenence of Propeny; Leasehotda; Condominums; Planned Unit Developments. 8orrowershall keep + the Property in good repair and ahall not commit waste ur permit impairment or deterioration of the Property and shall comply with the ' provisions of any lease if this Mortgage ie on a leasehold. 1[ this Mortgage ie on a unit in a condominium or a planned unit development, t Bonower shall perform all of Borrower's obligations under the declaration or covenants creatinKor governmg the condominium or planned ~ unit development, the by-laws and regutations of the cundominium or planned unit development, and rnnatituent documents. If a ~ condominium or planned unit development ridet is executed by E3ortower and recorded togethet with this Mortgage, the oovenants and aRreements of such rider shall be incorporated into and shall amend and supplement thecovenanta and agreementsof this Mortgage as ifthe ~ rider were a part hereof. ; '7. Protection of I.ender's 3ecurity. If Borrower fails to perform the aovenanta and agreements contained in this Mortgege, or i[any action or ptoceeding ia commenced which materially affects Lender's intereet in the Property, including, but not limited to, eminent domein, i ineolvency, aode enforcemen~ or arrangementa or proceedinqs involving e bankrupt or decedent, then Lender at I.ender's option,upon notice to Borrower may make euch appearances, diaburse euch sums and take auch action as is neoeeeary to protect Leader's intereat, including, but not limited to, disbursement of reasonable sttorney's fees and entry upon the Property to mate npain. It Lender reqnired mortgage insnrance as a condition of malcing the loan eecured by thia Mortgage, 8orrower shall pay the premiums required to maintain euch insurance in effect until euch time as the requirement for such insurance terminates in accordance with Borrower's and Lender'e written agreement or applicable Iaw. Borrower ehall pay the amount ot all mortgage insurance premiums in the manner provided undrr paragraph 2 hereo(. - My amounts diebursed by l.ender persuant to this paragraph 7, with intereet thereon, shall become edditional indebtednw of Bortower secured by this Mortgage. Unless Borrower and L.endtt agree to other terme of payment, auch amounts ehall be payable opon notice trom Lender to Borrower requesting payment thereof, and shall bear intereat from the date of d'ubursement at the rate payable from time to time on outstanding principal under the Note unless payment of interest at auch rate would be oontr~ry to applicable law, in which event such amounte shall bear interest at the highest rate permissible under applicable law. Nothing contained in this paregreph T, shall ~equire Lender to incur sny expense or take any action hereunder. . . . 8~ c)c74 rA&E ~ ~ ~ , - -