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Home My WebLink About0954 ~ t ~t F3orrower and l.ender covenant a~d agree as follows: 1. Payment of Principal and lntere~t. E;orrower shall promptly pay when due the principxl of and intereat on the indebtednena evidenced by the Note, prnpeyment and Iate charges ae provided in the Nute, and the pnnc?pal of and ~nteredt on any F uEure Advances aecured by thi~ Mortgage. 2. Funds [or Tues and lnsuratfce. Sub~ect to applicable law ur tu a wnttrn w~iver by Lxnder, KurroN•er shal! pay tu l.ender on the day monthiy inatallmenta of principal and intereat are payable under the Nute, until the Nute ia paid ?n full, a sum ~herein "F'unda") equxl to one twelRh of the yearly taxes and asseasments which may attain priority uver this Mortgage, and~ground rents on the Pruperty, ~f any, plua one- twelRh o(yearly premium inatallmenta for hazard insurance, plus onPtwelfth of yeariy premium installments for murtgage insurance, if uny, eill aa reasonably eetimated initially and from time to time by l.e~der on the basis uf assessments <~nd bilis and reasonable estimates thereof. The Funda ehalt be held in an inatitution the depoaits or accounts of which are insured or guHranteed by a Federal or titate agency ~including I.ender if L.ender ie auch an inetitutionl. Lender shall apply the Funds to pay said taxea, assessmenta, insurance premiums and ground renta. i.ender may not charge for ao holding and applying the Funds, anaipzing said account, or verifying and compiling said aeaesamente and bills, unleae l.ender paye Burrow•er interest on the I~ unds and applicabie taw permits l.ender to make such a charge. Burrower ard I.ender may agree in writing at the time of execution ~~f thia Mortgage that interest o~ the Funda shall be paid to Borrower, and unlesa auch agreement is made or applicable law requires such interest to be paid, Lender shaU nut be required to pay Borrower any interest or earnings on the Funda. Lender shall give to f3orn~wer, without charge, an annual airuuntinR of the F unds showing credits and debits to the Funde and the purpoae for which each debit to the Funds wac made. The F unds are pledRed as additional security for the sume secured by this Mortgagr. If the amount of the Funda held by L.ender, together w•ith the future munthly installments of Funds payable prior to the due dates of ta:ea. assesamenta, inaurance premiuma and ground rents, shall excred the amount requircd to pay said taxes, assessments, insurance premiuma and ground renta aa thev fall due, auch exceas shall be, at E3~~TOwer's optiun, either promptly repaid to Borirower or credited to Borrower on monthly inetallmenta of Funds. If the amou~t of the Funda held by l.ender shall not be sufficient to pay taxea, asseasme~ts, insurance premiume and ground rents as they fall due, B~rrower shall pay to I.ender any amount necessary to make up the deficiency within days frum the date nol'.ce is mailed by I.ender to E3orrow~rr rt~questi~g payment thereof. , Upon payment in full of all sums secured by this hlortgaKe, l.ender shall promptly refund to E3orrow~er any funds held by Lender. If under paragraph 18 hereof the Pmperty is sold or the Property is otherwise acquired by I.ender, [.ender shall apph•, no later than immediately prio~ tu the aale cf the Property or ita acquisition by I.ender. ~~ny F unds held by [.ender at the time of application as a credit againat the sums secured by thia Mortgage. 3. Application of Payments. Unless applicable law provides otherw•ise, all pa~•ments received by Lender under the Note and paragraphe 1 and 2 hereof ahall be applied by Lender first in paymrnt of amounts payable to l.ender by Sorrower under paragraph 2 hereof, then to intxrest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges; Liene. Borrower~hall pay a11 taxrs, assessmrnls:~nd ~~thercharKes, fine.:~nd im~~~~tiuns attributahle to the Yroperty which m:~}• attain a priority over thic M~~rt~aKe, and leasehold p~?ymt~nts ur ~;round rt•nts. if any, in the mannrr pru~•idecl under paragraph'L hereof or, ~f not paid in such manner, by Burruwrr mak~nK p.i~~ment, when due, dirrcti}• t~~ the pa>•rr thrreof FturroH•er shalt prumpth~ furnish to I.ender all notices of amounts due under this paraKraph, and in the e~•ent Rortuwer shall make E~ay~ment directh•, Eiurruwer shall promptly furnish to ?,ender receipts evidencing such parmenL~. EiurrnH~er .h:~ll promptl~• disch.irKr any lien ~•hich has priuritc uver this !1tonKage; provideci, that Hurrower shall not be required todischurKe :in~• wch I~t~n su IonK a~ Rurruw~er.hall ak~ree ~n w•ntinK tu the• p.i~•ment uf throbliK.iti~~n secured b~• ~~ch lien in a manner acceptabte to I.ender, ur sh~ill ~n ~;~H~d faith :~~ntc~.t w~•h litm hv, ur drfFm! enfurct~~nent uf such lic~n ~n, IrKa1 procecdings which operate to preve~t the enfurremrnt uf thi~ lirn ur furft~iture~ uf thr Nneprrt~• nr :in~• part thrnti~f. 5. Hazard Insurance. Borruw~er shall krep the- impr~~vement. nuw• rxistinK ur hereafter erected un the Yrupert~~ insured against loas by Tire, hazards included within the term "extrndrei cu~•er~iKc~,~~ and surh uthrr hazardc as I,ender may rrquire and in such amounts and forsuch ~riods as [.ender m~~~ reyuire: pruvided, that l.end~•r sh.~ll nut rt~~~uirt~ that thr .imi~unt ~~f such cuveraKe exceed that amount of coveraQe r~~c~uired to pa~• the sum~ secured b~• tht:: :11urt~;aK~~ The insurance carrier pn~~~~dink the ~n.ur.~n~ .h.~ll h~• ch~~~~~Il I~\ I{~KCUN'Pf ~Uf1)~•t'j I11 appru~ ai h~ Lendt•r, pn~~~idc~cl, that such approval , shall not be unreasonably withhrid :111 pn•rnium. ~~fi ui~ur.in~•~~ p+~lir~es shall tx• p~iid !n thc~ manner pru~~i~ircl undrr p.+r?Kraph 'L hereuf or, if n~,t paid in such manner, b~• KurruKer m:~kin~; p.~~m~•nt, whrn ~1ue. ~1in•rtl~ t~~ thi• ~n~urance cairnt•r. All insurance policies and renewals thrreof .h.,ll t~r in f~~rm acct~ptahlr tu l.rnder.ind shall include a standard mortgaKeclause in favorof i and in form acceptable to l.ender. [.ender ~hall ha~•c~ thr nKht 2~~ huld thr pul~cies and rernw•~Ic thereuf, and Kurruwer sha!! prumptly furnish to j ~.ender all renewal notices and all rrceipts uf pa~d prem~ums. Ir. tht~ P~'e~~t uf luss, fi~rrruwrr shall Ki~•e prompt nutice to the insurance carrier E and Lender. l.ender may make pr«~f of los~ if n~~t made promptly~ b>~ Horruw•er ~ L!nless (.ender and E~rrower otherwice aKree in w'riting, ~nsurance proceeds shaU be applied to resWratiun or repair of the Property ; damaged, provided such restoraiion ur repair ic ecunomically feasible and the srcunt~• uf th?s Mortgage is not thereby impaired. If such ; restoration or mpair is not econumically feas~ble ur if the s~~-unty c,f this Murtgage would be impaired, the insurance proceeds shall be applied B the aums secured hy this hlortKaRe, with thr exc~>.s. ~f an}•, paid to Rurrower If thP Yroperty is abandoned by Borrower, or if Bonower faila to € respond to Lender within :i11 days'r~~m thr dat~~ riudc~• i. rna~lyd h~~ l.end<~r tu E;~~rruw•er that the insurance carrier offers to settle a claim for insurance benefits, lxnder is authurized tn c~~lle•~•t .~nd :~pply~ the ~nsurxncr proceeds at (,ender's option either to restoration or repair of the ~ Yroperty or the sums secured by this ~'IurtKaKe. ~ Ljnlesa Lender and Borrow•er otherwise aKree in wnt~nK, any such applicatiun of pro.•eeds to principal shall nut extend or postpone thedue date of the monthly installments referred io ~n par.iKraphs I.~nd 2 hereuf or chanKe the amount of such installments. If under paragraph 18 hereof the Propeny ia acquired by l.ender, all riRht, title and intrres! uf Bonow•er in and w any insurance Gcilicies and in and to the proceeds ~ thereof ret+ulting from damage to Property prior tu the s~ile ur acyr~~siUun sh~ill pass to [.ender tu the extent of the sums secured by this ~lortgage immediately pnor to such sale nr acyuisitiun. ~ 6. Preeervation and Maintenance of Property; Ixaseholds; ('ondc~minums; Ylanned tTnit Developments. Rorrowershall keep che Yroperty in good repair and shall not cnmm~t w:~.t~• ~~r prrm~t ~mpairment ur drtenuratiun of the Property and shall romph• with the provisiona of any lease if this hiortKaKe is cm a le:isc•h~~ld. (f this ~1orcKaKr is un a unit in a cundominium or a planned unit decelopment, Rarrower ahall perform all of BorruHer's obl~Kah~~ns under the declaratiun ur co~•enants cre::Un~;or guverninK the condominium o~ planned ~ unit development, the by-IaK•s and reKulatiun~ nf thr i~on~luminium ~~r plannad unit de~~elopment, and conatituent documents. If a ~ ~ ~ ondominium or planned unit de~•elopmrnt nder i~ rxr~•utrd hv E~urruKer and recc~rded toKether w•ith thi~ MortgaRe, the covenants and ~ ;~~;:ermen~s of such rider ~hall he inrorpuratE•d int~~ and ~hall amrnd :lll(~ supplemer.t thecuver,ants and aKreementsof this ~1or2~aReas if the ndrr were a part hereof. r 7. Protection ot [.ender'e Security. If Borruwer fails to perfurm the covenanta and ~greemente contained in this Mortgage, or if any action or proceeding ie commenced w~hich materially affecta Ixnder's intereat in the Property, including, but not limited to, eminent domain, x ineolvency, code enforcement, or arrangements or proceedinge involving a bankrupt or decedent, then Lender at Lender'a option,upon ~ notice to Borrower mey make auch appearancee, didburee euch aums and take auch action se ie necesaary to protect Lendei e interest, ~ including, but not limited to, diabureement of reaeonable attorney's (eee and entry upon the Property to make repaire. If Lender required ~ mortgage ineurance aB a condition of making the loan secured by thie Mortgage, Borrower ehall pay the premiume required to maintain ~ ~uch ineurance in effect until euch time ae the requirement for euch insurance terminatee in accordance with Borrnwer`e and Lender'e :~-ritten agreement or applicable Law. Borrower ahall pay the amount of all mortRaKe ineurence premiuma in the manner provided under ~ naragraph 2 hereof. . & Any amcunta diebureed by Lender perauant to thie paragraph 7, with ~ntereat ihereon, ahall ~come additional indebtednesa of ~ }torrower eecured by thie Mortgage. Unlese Aorruwer and Lender agree to other terme of payment, such amounta ehall be payable upon ~ notice from [.ender to Borrower requeeting payment thereof, and shall bear interest from the date of diebursement at the rate payable from t~me to time on outatanding principal under the Nute unlese payment of ~ntereat at such rate would be contrary ta applicable law, in which ~ event euch amounts ehall bear interest at the higheat rate per.nieaible under applicable Iaw. Nothing cQ~~~ ~ thi~ paragraph 7, ehaU ~ require I,ender to incur any ex~enae or take any action hereunder. T : 3 ' • a ~ K ~ ~4 ~ u~ ~lGE ~ ~ ` ~ _ ~ ~ ~ ~ . _ :~„s ~ ws~~ . ~,~:i~,~~:.~~~ z;.., ~