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Home My WebLink About0961 ~ 4 U~tFOeu.t ~oveN~Nrs. t3or:ower and L.ea~d oD~a~x~and agree as foli.~ws: 1. la~weat o~ t~belMl a~i l~terat. Barrowe~ shall promptly pay when due the principat of and intercst on the ~ in~iebtodneu evidencrd by the Note. pnpaymeot and late c!~arYes as provided in the Note, and the princi;~ai of and interest ~ on aay Futurc Advances securod by this Mor?~a~e. 2. I+ti~it toe Tuss s~d Ir~rsee. Subject to applicabk law or t~ a~vritten waiver by Lender, Bomower shail pay to L.ende: on the day moethly instalimeats of principal ar ; intercst are payabk under the Note. uatil the Note is paid ia fuU. s sum (berci~ "Fund~'~ equal to oee-twelfth of the yeady ta~ces and assessmenu which tnay attain priority over t6is Mo~tgage. a~d gmuad rrnts on the Pt+nperty. if any, plus oac-twelfth of yeariy prcmium imtaliments for hua~^d insuru~ce. plus one-twelfth of yeuly Qremium installmenu for mortgsje insurance, if any, all as neasonably estimated initially a~d fmm dme to time by Leader oa the buis of assessments and bills and rcasonabk estimates t6ec+e~f. The Funds shall be held in aa institutio~ the deposits or a:counu of which are insurod ot (~uaraateed by a Fedenl or state agency (includin~ Lender if ~.tnder is s•xh an iastitution). Lender shalf apply the Fuads to pay said tnxa. asseutneats. insurance premiums aad ground eeau. Lender may not char~e for so holding and applyi~g the Funds. analyzing said ~ccount, or verifying and compiling said sssessments and bitts. unlas Leader pays Borrower ~nterat oa the Funds aad applicabk law permiu Lender to make such a charge. Borrower and I.ender may agr+ee in writing at the time of eacecuaon of this Mongage that inte.rost on the Funds shall be paid to Borrovrer. and unless such agroement is made or applicabk law requira such interest to be paid~ I.ender shal! not be cequircd to pa}r Borrower any interest or earaings oa tbe Funds. I.eader shall give to Borrower, witlwut charge, an annrul aocounting of the Funds showing crcdits aad debits to the Fuods and i6e purpo6e for which euh debit to the Funds wa3 made. 'Ibe Funds are pledged u additional security for the sums secured , by Wis Mortgage. If the unount of the Funds held by Lender, together with the future monthly insulimeets of Funds payabk prior to the due dates of taxes, assasments. insurance premiums and ground rcnts. shall exceod the atnount required to pay said taxes, assessments, insurance pnmiums and ground rcnts as they fall due, such excess shall be, at Borrower s option, either proeipdy repaid to Borrower or credited to Borrower on moathly installaxnts of Funds. If the amount of the Fun~ held by Lender shall not be su6cieat to pay taza. asxssmenu, iosurance premiums and grcwnd rcnts at they fall due, Borroarer shall pay to Lender aay amount necessary to make up the deficiency within 30 days from the date notice is mailed by Lender w Borrower rcquating payment chereof. Upoa p~yment in full of il! sums secured by this Mortgage, l_ender shall promptly refund to Bornower any Funds held by Lender. If under para~taph 18 hereof the Propecty is sold or the Properry is otherwise acquired by Lender. Lender shall apply. no later than immediattly prior to the sak of the Property or iu acquisition by I.ender. aay Fundt held by Lendtr at the time of application as a credit against the sums sxured by this Mortgage. 3. Application ot Pay~b. Unless applicable law provides otherwise, all payments received by Lender unJer the Note and paragraphs 1 and 2 heteof sha!I be applied by Lende~ first in payment of amounts payabk to Lender by Borrower under pangraph 2 hereof, t6en to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Future Advanoes. 4. C6ar`ex Liens. Borrower shall pay all taxes, assessments and other charges, fi~es and impositions attributable to the Property which may attain a priority ovcr this Mortgage, and leasehold payinents or ground rents, if any, in the manner pr~vided under paragraph 2 hereof or, if not paid in such manner, by Berrower making payment, when duc, direcUy to the payce thereof. Borrower shall prompdy furaish to Leadcr al! notices of amounts due under this paragraph, and in the event Bornower shall make payment riiractly. Borrower shall promptly furnish to L.ender seceipts -evidenc.ing such payments. Bonower shall procnptly dixharge any lien which has priority over this Moctgage; provided, ~that Borrower shall not be required to diuharge any such lien so long as Borrower shall agree i~ writing to the payment of the obligation secured by such lien in a manner acceptable to Lxnder, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal procecdings which operate to pnvent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Huard Insunnce. Borrower shall keep the improvements now existing or hereafter erected on the Properry insured against loss by fire, hazards inciuded within the term "extended coverage", and such other ha~rds as Lender may nquire and in such amounts and for such periods as Lendtr may require; provided, that Lender shail not require that the amount of such coverage eaceed that amount of coverage required to pay the sums securcd by this Mongage. The ~nsurance catrier providing the insurancx shall be chosen by Borsower subjcet to approval by Lender, provided, that such zppmval shal! not be unreasonably withheld Ali premiums on insurance policia shali be paid in the snanner provided under paragraph 2 hereof or. if not paid in such manner, by B~rrower making paymeat, when due, directly to the inwrance carrier. All insurance policies and ronewals thereof shall be in form acceptable to Lender and shaU include a standard mortgage ~ clsuu in favor of and in Eorm acceptable to Lender. L~nder shali have the right to hold ihe policies and renewais thereof, ~ and Borrower shall promptly fumish to Lender all renewal notices and all receipts of paid premiums_ In the event of loss. Borrower shall give prompt notice to the insurance carrier and LeRder. Lender may make proof of lats if not made prompYly ~ by Bonower. Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall 6e applied to restoration or reoair of the Property damaged, provid~d such restoration or repair is ec~r~omicaliy feasible and ihe security of this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or iE the security of this Mongage would be impaired, the insuraace proceeds sha11 be applied to the sums secured by this Mortgage, with the eaccess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faiis to respond to Lender within 30 days from the date notice is mailed by Lendar to Borrowe~ that the insurance carrier otiers to settle a claim for insurance benefits, L.ender is authoriztd to collect and apply che insurance proceeds at Lender's option eithet to restoratian or repair of tku Property or ca the sums secured by this Mortgage. . Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the d~?e datc of the monthly inuallments referred to i~ paragraphs I and 2 hereof or change the amount of such installments. If under paragrap6 t8 hereof the Property is acquired by (xnder, ail right, tide and interest of Borrower in and to any iasurance policies and in and to the proceeds thereof resulting from damage to the Property prior to tne sale or acq~usition shalt pass to Lender to the extent of c~e sums secured by thes Mortgage immediately prior to such sale or acquisition. 6. P~+sscrvatioa add Mainterw~ce of Property; Leaseiwlds; Co~ominiums; Planned Uoit Devclopmeat~. Borrower ~ shall keep the Progerty in good repair and shall not commit waste or permit impairment or c#z¢erioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a ~ condominium or a planned unit develupment, Borrower shall perform all of Borrower's obligations under the declaration or covenants croating or governing the condominiam or p:anned unit devetopment, the by-laws and regulations of the ~ cor.dominium ar planned unit development, and constituent documentc_ If a cendominium oe planned unit dev~lopment rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreemenu of such rider ' shatl be incorporated into and shall amend and supplement the covenants and agreements af this Mortgage as if the rider ~ were a parc hereof. ° 7. Pr~tectioo s?~ Lea~3er's Secnrity. If Borrower fa~ls to perform the covenants ar.d agreements :.ontained in this ~ ~ Mortgage, or if any action or proceeding is commer.ced which ma:erially af~ects Lender's interest in the Property, ° including, but not limited to, eminent domain, insolvency, code enforcement, or arrangements or proceedings involving a ~ bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower. may make su~:h aQpearances, disbu~se such . ~ sums and take s~xh action as is necessary to protect Lender s interest, inc{nding. but not limited te. disbucsement of • reasonable attomey's fces and entry upon the Property to make rcpairs. If Lender requireci mortgage insurance u a ~ condition of making the loan ~ecured by this Nort~age. Borrower shal! p~~y ehe premiums requirecl to mainta;n such ~ insurance in eBect until such time as the requiremeot for sush insurance terminates in accordanct w~ih Borrnwe~s and ~ ~n ~ ' ~ ~ ~ , 800K ~iJl! P~GE f~~!' ~ ~ ~ , . _ : . - ~ :