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Home My WebLink About0941 kk~rrow•et and lender coveoant and a~ree as folbwt: 1. Payment of Principal and Intere~t. E;orrower ahall prompdy pay when due the pnncipal of and ~ntemst on the indebted~ess evtdenced by the Note, pnpayment and late charges a~ provided in the Note, and the pnnnpal of and intereat on any hliturn Advances secumd by thu Mort~age. 2. Flrnd~ for Ta:e~ and Insurance. Sub~ect to appltcable law or w a wnttrn w•aiver by l.ender, liorruwer ahall pay w lxnder un thr day monthly inetallmenu ot pnnc~pal and intereat are payable under the Note, until the Note is paid ~n full, a sum Iherein "Funds"? equal tuonP twelfth of the yearly taxea and asseasmenta which may attain priority over this Mortgage, and gruund rents on the Pr~~pert~•, if uny, plus onP tw•elfth of yearly pmmium inatallments for hazard inaurance, plus onetwelfth of yearly premium installments for mortguge insura?nce, if A~y, all as reasonabl~ eatimated initially and trom time to tiroe by l.ender on the bas~s of ausrssmr~ts and bills and rexeun<ible estimatc~c the~eof. The f~l~nda shaU be held in an inatitution tht depoeita or accounts o( which are i~sured ur guaranteed by a Federal or titate agency lincluding l.ender if l.ender ia euch an institution). Lender ahall apply the Funds to pay said taxes, asaeasmenta, inauranm premiums and ground rente. Lender may not charge for so holding and applying the Funda, analyzing said account, or vrrifying and cumpiling said aseesaments and billa, unless Lender paya Borrower interest on the Funds and applicable law permits l.ender to make such a charge. Bocruwer and Lender may agree in writing at the time of execution of thia Mortgage that interest on the Funda ahall be paid tu Borrower, and unlesa such egreement ia made or appiicable law requirea such intereat w be paid, Lender ahall not be requimd to pay E3orrower any intemst or earnings on the Funde. L.ender ahall give to Borrower, without charge, an annual accoonting of the F unds showing credits and debits to the - H unda and the purpose for which each debit to the Funds was made. The Funds are pledged as additional Security for the su~~a secured by thia N?ortga(je. If the amount of the Funda held by I.ender, together with the future monthly installments of Funds paynble prior to the due dates of taxea, asaesaments, inaurance premiums and gmund rents, shall excred the amuunt required to pay said taxes, assessmenw, insurance premiuma and ground rente as they fall due, such exceas shall be, at Bo~TOwer's option, either promptly repaid to Borrower or rredited to Borrower on monthly instaliments of Funda. If the amount of the Funds held by [.ender shall not be aufficient to pay taxes, assessments, insurance prnmiuma and ground rents as they fall due, Borrower shail pay tu l.ender any amount n~essary to make up the deficienc~ w•ithin 30 days f*om !he date notice ia mailed bv I.ender to E3~rrower requesting payment thereof. 1)pon payment in full of all aums secured by this Mortgage, l.ender shull promptly refund to Borruvrer any funds held b~ t.ender_ If under paragraph 18 hereof the Property is sold or the Yroperty is otherv?ise acquired by l.ender, l,ender shall apply, no later than immediately prior to the sale cf the Property or its acquisition by l.er.der, any Funds held by l.ender at the time of applicxtion as a credit against the sums sec~red by this Mortgage. 3. Application of Paymenta. Unless applicable law• prorides otherw•ise, all payments received by l.ender under the Note and paragraphs 1 and 'l hereof shall be applied by L,ender firct in payment of amounts payable to [.ender by Borrow~er under paragraph 2 hereof, then to interest payrble on the Note, then to the principal af the Note, ~~nd then to interest and principal on any Future Advances. 4. Charges; Liens. Borrower ~hall pay all taxes, assessments and uthrr rharKes, finc~.~nd impositiuns attributable tu the Property which may attain a priorit> o~•er this illortQaKe, and leasehold payments or ~;nwnd rents, if anp, in the manner pn~~•ided under paragraph'l hereof or, if not paid in such manner. b~• Barrower makinK pa>•ment, when due, directh• tu the pa~•rr thrreuf. Burtt~wer.hall prumptly furnish to I.ender all notices of amounts due under this paragraph, .ind in the e~•enl Korrower shall make p.?~•ment dirc~Kh•, RurruH•er shali prompt~y furnish to ( xnder receipts evidencinR such pa>•ment~. t3~~rro~crr chall prumpth• di~rhurKr .~n>• lien N•hich h;is prii~rity uver this ~lortgaKe: pro~•ided, that Rorrower sh~~ll not t?e reyuirrd to diccharKe .?ny such lien su lonk as Kurrow~er shc~ll aKrec~ in writinK tu the pa>•ment of the obliKation secured by .uch lien in a man~er acceptable tu I.rndrr, ur shall ~n ~;~H~ faith r~~ntc•.t wch lien h>-. ur dt•fend enfurcement ~~f wch li~•n in,lrKal proceE~ings w•hich operate to pre~•ent the enfurcrma•nt uf the lien ur forferture of th~• ['rupf•rt}• ur an~• part thrn~~f 5. Hazard Insurance. Rurrt~w~rr .hall krrp the imprin•ements nuw rxietinK ur hereafter erected un thr 1'ropert>• insured aKainct loss by fire, hazards included w•ithin th~~ term "extende~l co~~eraKt~," and :cuch uther hazards as Lender ma~• require and in such amounts and for such periods as I.ender mat' reyuirr; pro~•idrd, that Lrnder sh:~ll mrt reyu~re that the .ir*muunt of such ~tii~~era~;e excE~ that amuunt of coverage , requirecl tu pay thr sums srcurrd b~• this 11~~rtK:iKt~. Thr in~urance c:+rrier pr~n•~dink th~~ i?:suran~•r :t~.+ll h~• rhus.•n h} K~~n:~~arr .uh~~•rt ti~ appru~ :~i h~ L~~nd~•r. pn~~•idw1. that .uch .~ppro~•al i shali not be unre:~sun:~hh• ~.~ithhelii. eVi premiums ~m in•ur.~nr.• p~~li~•~~•.•h:ill IK~ paid in th~• mannt~r prnv~di~d un~i~•r paru~;raph hercti~f ur, if ' not p~~id in such mannt-r. M~ fi~~rn~.~er makin~; pa>~mrnt. ~ah~•n du~~. dimrtl~~ tn th~• inwrancc~ c.irner. ~ All insurance poticies and rene~~als thi~reuf ~hall tk• in form acceptable tn l,ender:tind shall include a standard mortKageclause in fa~•or of f and in form acceptable to [.ender. I.ender.hail hac~• the ri~;ht tu huld th~~ p~~h~~ies and re~ne•w•.ils thert~~f, and Fiorrower shall prumpth• furnish to I L.ender all renevrai noticrs and all receipt. uf p.iid premiums. In the e~ent oCiuss. Rurmw~rr.hall Ki~~~ prompt nutice to the insurance c.+rrier ~ and I.ender. l.ender may make pr~H~f uf lus~ if not made pmmpth• by Rurr~~w•er. Unless Lender and Iic~rrower othrrvcist• aKrre in w~riting. insur.ini•e pnx~erds .hall tx• appli~~d to resturatian or repair of the F'roperty ~ damaged, pro~~ded such restoration or repair is ecunomically feasible and the u~c'urit~• of this MortKa~e is not thereb~ impairrd. If such restoration or repair ~s not economicall~ feasibir or if the security of this AiortKaKe would be irnpaired, the insurance proceeds shall be applied to the sums secured by this ~lortKaKr, w~th tht~ exct~~.. if any, p.~id t~~ F;orru~•er. If the I'roprrty is abandoned hy Rorruwer.ur if I3orrow•er fails to ~ respond to Lender within :i11 days frum thc• date notic.• is mailwl by I.ender tu Rurruw•rr that the insurance camer offers to settle a claim for ~ insurance benefits, [.ender is authorizt~ tu colleYt and apph~ the insurance pr~K-eeds at I.ender's option either to restoration or repair of the ~ Property or the sums secured by thi, ~1ort~.iKe. ; Unleas l.ender and E3orrower ctherv~•ise ~iKrer in K~nunK, any such applicution of proceeds to principal shall not extend or postpune thedue ~ date of the monthly installments referred to in paraKr.~phs 1 and '1 liereuf ur change the amount of such installments. If under paragraph 18 ~ hereof the Property is acquired by I.ender, all right, title and interest of Borrow•er in and to any insurance policies and in and to the pn~ceeds ~ thereof resulting from damage to Property prior to the sale or acqwsition shall pass to l,ender to the extent of the sums secured by this ~ Mortgage irnmediately prior to such sale or acquisition. ~ 6. Preservation and 1laintenance of Propertr ; I.easPholds; Condominums; Plenned l?nit Developmenta. Borrower shall keep the Property in good repair and shall not commit w•aste ur permit impairment or deterioration of the Properl}• and shall rnmply w~th the ~ pro~•isions of any lease if this ~1ortKage is on a leasehuld if this 1liurtgaKe is on a unit in a condominium or a planned unit development, ~ Borrower shall perform ali of Borruwer's obligati~n, undrr the derlaration or cocenants cre~itinRor governing the condominium or planned unit development, the by-law•s and reKulatiuns of the condominium or planned unit de~•efopment, and constituent documenta. If a condominium or planned unit development rider is executed by Borrower xnd recorded toQether with this Mortgage, the co~•enants and aKreements of such rider chall be incurporated int~~ .ind ~hall amend and supplement thecovrnants and aKrerments of this AtortKaKe as if the rider were a part hereof. 3 Protection of Lender'e Security. If Borrower faila Lo perf~rm the covenante and agreemente contained in thie Mortgage, or if any action or proceeding ie commenced which materially affecte Lender'a interest in the Property, including, but not limited to, eminent domain, ; ineolvency, code enforcement, or arrengemente or proceedinga involving a bankrupt or decedent, then Lender at Lender'e option,upon ' notice to Borrower may make such appearancee, dieburse euch aums and take such action ae ie neceasary to protect Lendei e intereet, including, but not limited to, disbursement of reaeonable attorney's feea and entry upon the Property to make repaire. If L.ender required f mortgage ineurance aA a condition of making the loan aecured by this Mortgage, Borrower ehall pay the premiume required to maintain ~ such ineurance in effect until euch time as the requirement for euch inaurance terminatee in accordance with Borrower's and [.ender'e written agreement or applicable Law. Borrower ehall pay the amount of all mortgage ineurance premiuma in the manr?er provided under paragraph 2 hereof_ - Any amounte diebursed by Lender pereuant to thie paragraph 7, with intereat thereon, aha11 become additional indebtedneae of - Borrower secured by thie Mortgage. Unlesa E3orrower and Lender agree to other terma of payment, auch amounts ehall be payable upon ~ notice from I.ender to Borrower requeeting payment thereof, and ahaU bear intereat fmm the date of diebureement at the rate payable from time to time on outatanding principal under the Note unlese payment of intereat at euch rate would be contrary to applicable law, in which , event euch amounts shall bear intereat at the higheat rate permiseible uader applicable law. Nothing contained in thie paragraph 7, eha11 - require I.ender to incur any expenae or take any action hereunder. - ~~,'~r .41~ pA~E 940 ~ _ s _ . _ ~ ~ , _ . ~ ~ s ~ ~