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Home My WebLink About0025 . ~ Borrower and Lender covenant a~d a ~ gree ae fullows: 1. Payment ot Principal and intereat. Borrower ehall promptly pay when due the principa) ot and intereel un the indebtednexs evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and intereat on any Future Advwncea secured by t: :s ~agr. 'l. ~ds for Tasee snd Ineurance. Subject to applicable law or to a written wa~ver by l.endrr, E;orrower ahall puy to l.ender un the day monthly installmente uf principal and intereat arr payable under the Note, until the Note ia paid in full, a sum (herein "H unds") equal to one twelRh of the yearly taxes and assesssmenta which may attain priority over this Mortgtige, and ~round renta on the!'rope~ty, itany, plus one twelfth of yeurly premium inatullmeMs for hazard insurance, ptua onPtwelRh of yearly premium inst:~llmentt+for.murtguge inaun~nce, if any, al! as reaeonably estimated initially and from time to ti?r,e by l.ender on the basia of tiasesamenta und billa and rrxsunable eatimatea thereof. The Funde shall be held in an institution the depoaite or accounts of which are insured or guaranteed by a Federal or State agency (including Lender if l.ender ia such an inatitution). i.ender ehall apply the Funds to pny said taxes, assesaments, inaurance premiums and ground rente. Lender may not charge for eo holding and applying the F~nda, analyzing said account, or verifying and compiling said asaeaemen ts and bills, unleae I.ender pays Borrower inteceat on the Funde and applicable law permita Lender ta make auch a charge. Borrower and Lender may agree in writing at the time ot execution of thia Mortgage that intereat on the Funds shall be paid to Borrower, and unleae euch agreement ia made or applicable law requires such intereet to be paid, I.en~~ r shall not be required to pay Borrower any intereat or earninge on the Fande. Ixnder ehall give to Borrower, without charge; an annual uccounting of the Funds ahowing credits and debits to the F~tnda and the purpose for which each debit to the Funds was made. The Funda are piedged as additiunal security for the aums aecured by this Mortgage. If the amount of t6e Funda held by l.ender, together with the future monthly inetal)ments of Funds payable prior to the due datea of taxes, aesesamenis, insurance prnmiums and gnound rents, ahaU excred the t~mount required to pay said taxea, asseeasmenta, insurance premiume and gtound rente as they fali due. such exceas ahall be, at Bo~tower s option, either promptly rnpaid to F3orrower or rredited to Borrower on monthly inatallmente of ~nde. If the amount of the Funds held by I.ender ahal! not be sufticient to pay taxea, asaesaments, insurance precniuma and ground renta as they fai! due, Borrower ahall pay to I.ender any amount necer~aary to make up the deficiency vi,~thin °A days firom the date notice ia ma.iled by Lender to E3orrower requesting payment thereof. Upon payment in full of all aume aecured by thia Mortgage, Lender ahall promptly refund to Borrower any funds held by [.ender. If under pan+graph 18 hereof the Property is sold or the Property is otherwise acquired by I.ender, I.ender shall apply, no later than imme+diately prior to the sale of the Property or its aoquisition by Lender, any Funds held by I.ender at the time of application as a credit againat the suma secured by thia Mortgage. 3. Applieatinn of Peymenta. Unless applicable law providea otherwise, a!f payments received .by l.ender under the Note and paragrapha I and 2 hereof ehall be applied by I.ender fimt in payment of amounts payable to I.ender by Borrox er under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advancea. 4. Chargea; Liena. Borrower shall pay all tuxes, assessmenta and other churges, fines and impositions attrihutable to the Property which may uttain a priority over this Mortgage, and le<~?sehold payments or ground rents, itany, in the manner pmvided underparagraph 2 hereofor, if not paid in such manner, by $orrower making payment, when due, directly to the payee thereof. Borrower shalt promplly furnish to [,ender all notices of amounts due under this paragraph, and in the event $orrower shall make payment directly, Borrower shali promptly fumish to Lender receipts evidencing such pay~ments. Borrower shall promptly discharge any lien which has priority o~ er this Mortgaqe; provided, that Borrower shall not berequired to discharge any such lien so tong as I3orrowershall agree in writing to the payment otthe vbligation secured by such lien in a manner acceptable to Ixnder, or shall in good faith rnntest such lien by, ordefend enfurcement of such lien in, lega) proceedings which operate to prevent the enforcement of the ~ien or lorfeiture of the Property or an5 part thereof. 5. Hazsrd tnsurnnce. Saao~er shall keep the im~+mvPmPntg n~w existi~g or hernafter erected on the Properfy inaured against loss by ' fire, hazards inctuded within the term "extended coverage," and such other hazards as Lender may require and in such amounta and forsuch i periode as Lender may require; provided, that I.ender shall not require such coverage amount exceeding the minimum, as may berequired by f state or federal regulations governing aMivitiea of l.ender, or that amount of coverage required to pay the sums secured by this Mortgage, ~ whicheve~ isthe greater. ~ The msifl'~nce carrier providinK t~e insurance shaU be chosen by Borroxer subject to appmval by [.ender, provided, that such approval shall not be unmasonably w~thheld. All premiums on insurance policies shall be paid in the manner pruvided under paraRraph 'l hereof or, if not paid in such manner, by E3orrower making payment, when due, directly to the insurance carrier_ iiii lileuid:ii.c ~ :.ico a+:, r - ii ____J" `.VP~t:M11M'^f r.s~o~nortnF~InfnTpntlo~-an~2F1A~IiTi('IUI~PARtA(i(~AT(IRiAi~QBQCCIflU8C1lIf8VOIOf i and in torm acceptable to Leader. I,ender shall have the right to hold the policies and renewals thereof, and Borrower ahall promptly furnish to i i.ender all renewal noticea and all receipts of paid premiuma. In the event of loss, Borrower shall give pmmpt notice to the inaurance carrier ~ and Lender. Lender may make proof of loas if not made promptly by Borrower. ~ Untess Lender and Borrower otherwise agree in writing, insurance proceeda shall be applied to restoration or repair of the Property i damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired_ If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance preeeeds shall be applied to the suma secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned hy Borrower, or if Borrower faile to reapond to I.ender within 30 daya firom the date notice is mailed by I.ender to Borrower that the insurance carrier offers to settle a claim for inaurance benefite, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or rnpair of the ; Propetty or the aums secured by thia biortgage. ~ j Unleaa Lender and Borrower otherwise agree in writing, any such appticution ofproreeds to principai ehall not eaterxi or poatpone thedue ~ date of the monthly installmenta referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 ~ heteof the Property ie acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and W the proceeds € thereof resulting from damage to Property prior to the sale or acquiaition ahatl pass to Lender to the extent of the suma secured b this ~ .:dortgage immediately prior to such sale or acquisition. y - ~ 6. Preservation and Maintenance of Property; Leaseholds; Condominume; Plenned Unit Developments. Borrower shall keep ~ the Property in good rnpair and ahall not commit waste or permit impairment or deterioration of the Property and shall comply w~th the , provisiona of any lease if this Mortgage ie on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, ; I3orrower shall perform all of Borro~-er's oL+ligatione under the derlaraiion or covenants creatinRor governinq the condomin'sum or planr~~~ ~ unit development, the by-lawa and regulations of the condominium or planned unit development, and constituent documenta. If a ~ condominium or planned unit development rider ia executed by Borrower and recorded together with this Mortgage, the oovenante and ! agreements of such rider shall be incot~,*•rated into and shail amend and supplement thecovenants and agreements of this Mortgage as if the ! rider were a part hereof Protection of Leader'8 3ecurity. If Bonower faile to perform the aovenante and agreementa contained in thie Mortgage, or if any action or proceeding ie commenced which materially affec'.a Lender's intereat in the Property, including, but not limited to, eminent domain, insolvency, oode enforcement, or arrangemente or proceedings involving a banksz~pt or decedent, then Lender aL Lender e option,upon notice to Borrower may make euch appearances, dieburee euch sume and take auch action as ie necesaary to protect I.ender e interest, inclnding, but not limited to, diaburaement of reasonable attorney's feea and entry upon the Property to mr~lce repairs. If Lender required mortgage insurence as a condition of making the loan secured by thia Mortgage, Borrower ehall pay the premiums required to maintain auch ineurance in effect until auch time as the requiremeot for sach ineurance terminates in accordance with Borrower'e and Lender e written agreement or applicable I.ew, Borrower shall pay the amount of all mortgage ineurance premiume in the manner provided under paregraph 2 hereof. My amounte diabureed by Lender pereuant to this paragraph 7, with interest thereon, eha11 beoome additionaZ indebtednese of Borrower eecuret! by this Mortgage. Unleee Borrower and Lender agree to other terma of payment, euch amounte ahall be payable upon notice from Lender to Borrower requeeting payment thereaf, and shall bear intereet from the date of diebursement at the rate payable from time to time on outatanding principal under the Note unleae payment of intereat at auch rate would be contrary to applicable Iaw, in which event auch amounte ehali bear interest at the higheat rate permiasible under applicable law. IVothing contained in thie paragraph 7, ahall reqnire Lender to incur any expense or take any action hereunder. ~ R pn ~ - ser,r ZOp ~ z~