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Home My WebLink About0063 l,'~vir-'utttit Cu~'FV ~!r'7 S l3urn~~+er and Lrnd~r cuti~nant and agrte ;is full~~ws: 1. Pa~ment oi Pr[ncipa! xnd Interesl. BurroHer shail prumpth pa~• ~hen due thc principal and ;ntrcelt in- dcbtrdness e~•idenced b~ the Note and late charges as pro~~ided in thr Note. 2. Funck for Ta:es and Insuri?nce. Subject to applicable law or a written w•ai~~er h~ l.ender, B~?rrower lhall pa}• tu Lrnder on the da~~ munthl~' pa}~ments of principal and interest are payabie under the Note, until the Note iti paid in fuil, a sum Iherein "Funds") eyua! to one-twelfth ~~t~ the yeariy taxes and assessments (including condominium and planned unit de~•elopment assessments, if any) which may attain priority o~•er this Mortgage and ground rents on the Property, if ~n~•, plus ane-tHrltth of }~earl}~ premium instailments for hazard insurance, plus one-tw~elfih of y~early premium in- stallments for mortgage insurance, it~ an}•, all as reasonably estimated initially and from time to time b}• Lender on the basis of assessments and bills and reasonable estimates thereof. Borrow•er shall not be obiigated ta make such paymcnts of Funds to Lender to the extent that Borrow~er makes such pa~•ments to the holder of a prior mortgage or de~d of trust if ~uch holder is an institutional lender. It KorroHer pa}•s Funds to Lender, the Funds shall be held in an institution the deposits or accounts of ~~•hich are in- sured or guaranteed b}~ a Federal or state agency (including Lender if Lender is such an institutionl. L.ender shall appl~~ the Funds to pa}• said taxes, assessments, insurance premiums and ground rents. Lender ma}• not charge forso holding and appl~~ing the Funds, analy~zing said account or verifying and campilin~ ~aid a~~es~ments and bills, unless Lender pa~~s Borrower interest on the Funds and applicable la..~ permits Lender to make such a charge. BorroH~er and Lender ma~~ agree in a~riting at the time of execution of this Mortgage that interest on the Funds shall be paid to Bonow~er, and unless such agreement is made or applicable law~ requires such interest to be paid, Lender shall not be required to pay Borrow~er any interest or earnings on the Funds. Lender shall give to B~rrow•er, without charge, an annual accounting of the Funds shoH~ing credits and debits to the Funds and the purpose for w•hich each debit to the Funds ~•as made. The , Funds are pledged as additional securit}• for the sums secured b}• this Mortgage. If the amount of the Funds held b~• Lender, together a~ith the future monthly installments af Funds pa~•able prior to the due dates of~taxes, assessments. insurance premiums and ground rents, shall exceed the amount required to pay said taxes, assessments, insurance premiums and ground rents as they fall due, such excess shall be, at Borrow~er's option, rither prumptl~• repaid to Borrow~er or credited to Borrow~er on monthly instaliments of Funds. If the amount of the Funds held by~ Lender shall not be sutlicient to pa}• taxes, assessments, insurance premiums and ground rents as they faN due. BorroHer shall pay to Lender any amount necessary to make up the deficienc}• in one or more pa}•ments as Lender ma}~ require. Upon pa~~ment in t~ull of all sums secured b}' this Mortgage. Lender shall promptl~• refund to Borrow~er an~~ Funds held b}~ L.ender. If under paragraph 1' hereof the Propert}• is sold or the Propert} is otherw~ise acquired b~~ l,ender, Lender shall ~pply, no later than immediateh~ prior to the sale of the t'roperty or its acquisition by Lender, an}• Funds held h~ Lcnder at the time of application as a credit against the sums secured by this Mortgage. 3. Applieation of Pa~ments. Unless applicable law~ provides otherw~ise. all payments recei~•ed by Lender under thc N~~te and paragraphs 1 and 2 hereof shall be applied b}~ l,ender first in payTnent of amounts payable to Lender b}• Borru~+er under paragraph 2 hereof, then to interest payable on the Note, and then to the principal of thr Note. 4. Prior Mortgages and Deedc of Trust; Charges; Liens. Borrow~er shall perform all of Borrow~er's obligations under any mortgage, deed of trust or other security agreement w•ith a lien which has priority over this Mortgage. in- cluding Borrow~er's co~~enants to maTce payinents w~hen due. Borrower shall pay or cause to be paid all taxes, assessments , and other charger. tines.and ~mposit(pns•~ttnbutable to the Propert}• w~hich may attain a priority over this Mortgage. and leasehold payr~entser geou~~puts, if any. ' S. Ha:acd.lasurance.~ Bor;~~#~ll keep the impro~~ements now• existing or hereafter erected on the Property i insured against loss ~i~~ fire, hazards included Within the term "extended co~•erage", and such other hazards as Lender I ma~~ require and in such amounts and for such periods as Lender may require. i 'I~hr insurance carrier prociding the insurance shall be chosen b~• Borrow~er subject to appro~~al b}• Lender: pro~~ided. ~ that wrh appru~al shall not be unreasonably ~~ithheld. All insurance policies and renewals thereof shall be in a form ~ acreptahlc t~~ l.ender and shall include a standard mortgage clause in fa~•or of a:~d in a form acceptable to Lender. 5 Lender shall ha~~e the right to hold the policies and renew~als thereof, subject to the terms of an}~ mortgage, deed uf trust E ur other securitc agreement w•ith a lien w~hich has priority over this Mortgage. In the e~~ent of loss. Borrow•er shall give prompt notice to the insurance carrier and Lender. Lender may make ~ pre~uf of loss it~ not matie promptl~• b~• Borrow~er. s li~ the Propert}• is abandoned b}• Borrow~er, or if Borrow~er fails to respond to L,ender K•ithin 30 da~•s from the date ° notice is mailed b~~ Lender to Borrow~er that the insurance carrier offers to settle a claim for insurance benefits, Lender ~ is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the Prop- ert}~ or to the sums secured by this Mortgage. ~ 6. Preser`ation and Maintenance of Property; Leaseholds; Condomtnjams; Planned Unit Developments. Borrow~er ~ ~hall keep the t'ropertr in good repair and shall not commit w~aste or permit impairment or deterioration of the Property ~ and shall romply u~ith the provisions of any lease if this Mortgage is on a leasehold. lf this Mortgage is on a unit in a con- ; dominium or a planned unit deveiopment, Borrow~er shall perform all of Borrower's obligations under the declaration or ~ co~•enants creating or governing the condominium or planned unit development, the by-law~s and regulations of the con- dominium or planned unit development, and constituent documents. ~ 7. Protection of Lender's Security. 1f Bonower fails to perform the co~~enants and agreements contained in this ~ Mortgage, or if an}~ action or proceeding is commenced w•hich materially affects Lender's interest in the Property, th~n Lender, at Lender's option, upon notice to Borrow•er, may make such appearances, disburse such sums, including reasonable aEEorneys' fees, and take such action as is necessar~ to proiect Lender's interest. tf Lender required mortgage insurance as a condition of making the loan secured by this Mortgage, Bonow~er shall pa~~ the premiums required to maintain such insurance in effect un[il such time as the requirement for such insurance terminates in accordance w~ith Borrow~er's and Lender's written agreement or applicable law. Any amounts disbursed bp Lender pursuant to this paragraph 7, w~ith interest thereon, at the Note rate, slial! become additional indebtedness of Borrow~er secured by this Mortgage. Unless Sorrow~er and Lender agrce to other terms of pag•ment, such amounts shall be payabie upon notice from Lender to Borrow~er requesting payTnent thereof. Nothirg contained in this paragraph 7 shall require Lender to incur any expense or take any action hereunder. ~ 8. Inspection. Lender may make or cause to be made reasonable entries upon and inspections of the Propert}~. pro- ~~ided that Lender shall give Borrow•er notice prsor to any such inspection specifying reasonable cause therefor related to ~ Lender's interest in the Property. > 9. Condemnation. The proceeds of any aw•ard or claim for damages, direct or consequential, in connection w~ith an}• ' condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condennation, are hereb}• assigned and shail be paid to l.ender, subject to the terms of an~• mortgage, deed of trust or other securit}• agreement w ith a lien Which has priority over this Mortgage. 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