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Home My WebLink About0931 ~r. . i ~ . _ _ _ . . . , ' + , , , ~1NlFORAt C~OVf:N1NTS. 110~fOWCf an~l i.cndcr c~~vCil:iqt .illd It~;~C~ d; (O~~OWS: 1' 1. Peyment of Princl al And Interest. Borrowcr shall rom 11 ~ H~ ~ p p p) pay hen duc thc pn~c~pal of and ~ntcrest on thL indebtedness evidcnccd by thc Noic, prcpaymcnt and latc charges us provided in thc Nate, and thc princi~al of and interest i on any ~uture Advances secu~ed by this hlottgage. . { 2. Funds for TAxes and Insursince. Subiect to applicablc law or io a written waiver by I.ender. 8orrower shall pay 1 to I.cnde~ on the d~y monthly installmeuts o! prizcipal an:l intcrest .?~c ~ayable under the Note, until the Note is paid in full, ~i a sum (hcrein "Funcls") equal ta onc•t«~elfth of the yearly tAxcs and asscssments ~~~hicl~ may nttain priority ovcr this - 1~tortgage, and ground rents an the Pm~.er[y, i! any, plus onc-twclfth of pcarl)~ premium installments far hazard insurance, plus anc-twelfth of ycarly premium installments fur mortgage insurance, if any. afl as rcasonably estimated initially and from ` time to tinte by 1_encler on the basis of assessmcnts and hills and rea~onable estimates thercof. - ~ The Funds shn!! t~ held in ;m institutian the de~sits ar acrounts of which arc insured or guaran~eed by a Federal or ~ state agency (including Lender i[ Lendcr is such an inslitution). l.e~der shall ap~ly the Funds to ~ay said taxes, assessments, insurance ~~remitims and ground rents. I_ender may not charge for sa holding and applying the Funds, ~nalyzing said account, ar verifying a~c! campiliag said ar~ssr}enis anJ i,ills, unicss i_enuer pa}~s barrower inlerest ~~n the Funds and applicablc law ~ ~ permits Lendc~ to makc such a cha~gc. Borrawer and I.ender may agrce in writing at the time of execution of this Atorlgage that interest on the Funds shall he paid ta Botrower, and unless such agreem~nt is made ar applicable law reyuires suc~ interest to t~ paid, t.ender shall nat bc required to pay Borrower any intcrest or earnings on the Funds. Lender shall gi~•c to Borrower, without char~c. an annual acc~unting ~f 1he (~t~nds shnu~ing e~es!~!s ~s:~J sletiits to th~ Funds and thc . purpose for K~hich each debit t~~ the Funds was made. The runds are pleJg~d as ^dd~tional secarity for the sums secured hy this ;1lortgagc. # If the amount ~f the Funds held 6~~ I.endcr, tabethcr w•ith thc future monthly installments of Funds payable prior to - the due dates of taxes, assessments, insurance premiums and gr~und rents, shall exceed the amount reyuired to pay said taxes, assessmGnts, insurance premiunu and ground rents as the~~ fall due, such excess shall be, at Horrower's option, either ~ promptly repaid to Borrower or crcdited io Borrower on monthly installments of Funds. If ihe amount of the Funds ~ held by Lendcr shall not be sufficient to pay taxes, assessments, insurancc premiums and ground rents as thcy fal! due, Bo~rower shall pay to Lender any amount necessary to make up the defi~iency within 30 days from the date notice is mailed by Lender to Borrower requesting paymcnt thercof. . Upon payment in ful) of all sums secured by this Morlgage, l.ender shall promptly refund to Borrower 'any Funds ~ held by I.cn~ler. If under paiagraph 18 hercof thc Propert~~ is sold or thc Propcrty is oth~nvisc acquirzd by Lendcr, Lendcr ~ shall apply, no later than immediatcty prior to thc salc of thc Property or its acquisition by I.ender, any Funds held by ' # Lender at the time of application as a cmdit against the sums secured by this Mortgage. ~ 3. Appllcation of Payments. U~Icss applicable !aw provides otherwise, all payments received by I_ender under the ~ Note and paragraphs 1 and 2 hereof shall be applied by i_ender first in pa}~ment of amounts payable to Lender by Borrow~er undcr paragraph 2 hereof, then to intcrest payablc on thc Note, then to the princip:il of the Note, an~1 then to interest arid ; principal on any Futurc Advances. i 4. Charges; Lkns. Bosrowcr shall pay all taxcs, acscssments and othcr charges, fines and impositions attributable to the Property xl-iich may attain a~riority nve~ this riortgage, an~! lcaGchold payments or ground rents, if any, in the rnannce . pravided under paragraph 2 hereof.or, if not paid in such mai~ner, ii ~ Barrower making payment, when due, directly to the payec thereef. Borrower shall prompdy furnish to Lender all noiiccs of amounts due- under this paragraph, and in the event Borrower shall make payment directly. Borrower shall prom~~l~~ fumish to l.ender receipts evidencing such payments. ~ Borrower shall protnptly discharge any lien wh:~h has priority over this Mortgage; provided, that 'Borrower shall not be required to discharge any such lien so long as R~rrowcr shall agrec in writing to the payment of the obligation secured by _ - such lien in a manner acceptable to Lender, or shall in good faith contrst s«ch lien by, or Jefend enforcement of such lien in, ~ ~ Isgal proceedings which operate to prevent the eniarcemenf of the lier~ or torfeiture of the Preperty or any part thereof. 3 S. HAZard Insur~nre. Borrower shall kccp thc impra~~ements now• cxisting on c~scafter crected on the Property insured ~ against loss by fire, haza~ds included within thc term "exte~de~i coverage", and se_ch other hazards as Lender may rea,uire ~ and in such amounts and for such periocis as Lender may requirc: provided, that Lender shall not require that the amount of such coverage exceed that amount of co~•erage reyuired ta p~y the sums secured by this l~iortgage. ~ ~ The insurance carrier ~providing the insurance shall be chosen by Rorrow•er subject to approval by Lender; provided, ~ thal such a roval shall not bc ~~nreasonabl withhcld. All remiums on insurancc ~ ~ P? p policiea shall bc paid in the _manner . } provided un~er paragraph 2 hereof or, if aot paid in such manner, by Borrow~er making payment~ when due, directly to the ~ ~ insurance carrier. ~ - All insurance policies and renewals thercof shall be in form acceptable to 1_ender and shall include a standard marigage claUSe in favor of and in form acceptable to I_ender. Lender shall have the right to hold the policies and renewals thereof, ~ ~ and Borrower shall prompily furnish to Lender all rene~val notices and all receipss of paid premiums. In the event of loss, ~ ~ Borrower shall give prompt notice to ths ins~~ranre carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. ~ Unless Lender and Borrow•er otherwise agree in writing, insurance proceeds shall be applicd to restoration or repair of - ? the Proptrty damaged, provided such restoration or repair is economically feasibte and the security of this Mortgage is not ihereb im aired. If such restoration or re air is not eranomicall feasible or if the securit of this Mort a e would f . P P Y 8 S ~ t he impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, witl~ the excess, if any, paid ro Boriower. If the Propcrty is abandoned by Borrower, or if aorrower fails to respond to Len~er within 30 days from the i a date notice is mailed by Lender to Borrower that the insurance carrier o(fers to settle a claim for insurance benefits, Lender ~ - is authorized to collect anci apply the insurance proceeds at Lender's option either to restoration or repair of the Property ~ or to the sums sccured by this Mortgagc. ~ Untess Lender and Borrawer otherwise agrce in writing, any such application of proceeds to principal shall not extend : ~ or postpone the due date of the monthly installments refcrred to 6n paragraphs 1 and 2 hercof or change ihe amount of ~ ~ s~ch installments. If under paragraph IS hereof the Property is arq~~ired by Len.a.er, all right, title and in~~rPCt of Borrowcr _ t in and to any insurance policies and in and to thc prcceeds thereof resulting from damage to the Properly pn~r to the sate 3 ~ or acyuisition shall pass to Lender to thc extent of the sums sccured by this 1~lortgagc immediatcly prior to such sale or ~ acquisition. . . . g ~ 6. Fresen•atfon ~nd A18intenan:e of Propert}~; l.easeholds; Condominiurns; P{anned Unit Ucveiopments. Borrower ~ ~ sha{I kcep the Pro~rty in good repair and ~hall not cummii waste or pe~mit impairment ar dcterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leaschold. !f thi~ Mortgage is on a tinit in a s ~ condnminium or a planned unit development, BorroH•er s~al! perform a!I o( Borrower's .~hligations under the declaration . y or covenants creatin& or governing lhe condomini~im or planned unit develo pm~r,t, the b y-la~vs and m gulations of the ~ ' ~ condominium or planned unit development, and constitueni documents. lf a condominiurr~ or planned unit development ' rider is executed by Borrower and recorde.l together wi~h t:~is Mo~gage, the covenants and agreements of such rider f shall be incorporated into and shal( amend and supplement the covenants and agreements of this ?dortgage as if the rider ;E ~+~ere a part hereof. . _ ~ ~ , '7. Pr~tection of LPnder's Security. If Borrow•er fails to perform the covenants and agreemer~ts contained in'; this r~~ ~ } ~iortgage, or if any action or proceeding is commenced w~hich materially afi~cts Lender's interest in the Prope3t~ ~s^~"~, . - including, but not limited to, eminent domain, insoivency, code enfor~ement, or arrangements or procPedings invulving a ~ bankrupt or decedent, then Lender at Lender's option, upon notice to Borrower, may make such appearances, disburse such - sums and take such a:tion as is necessary to protect 1_ender s in~erest, including, but not limited te, disbursement of reasonabie attomey's (ces and entry upon thc Propcrty to makc rcpairs. lf Lender requircd mortgage insurance as a f~ condition of making the loan secur~;d by this hiortgagc, Borro~~cr shall pay the prer:~iums requir~d to maintain such insurance in et~ect until such time as thc requirement for such insurance terminates in accordance with B~rrower's and ~ . . , , . ~ . ~ aco~ PaGE. ~J~