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Home My WebLink About0256 Aorn~wer and l.cnder covenant and aKree as follows: 1. Payment o[ Principul and Intereat. E;orrower ehall promptly pay when due the principal of and intereat un the indebtcdness evidenced by the Note, prepayment and late charges as provided in the Note, nnd the principal of tind intereat un any Future Advn~ces aecurrd by thia Mortgage. 2. ~nde for Tazee and lnsuranee. Subject tu applicuble law or to A written wnivez by I.ender, F3orrower shuli p~?y to I.ender un the dny monihiy inatallment8 of principal nnd interest are pi~>~~ble under the Note, until the Note is pnid i~ full, n sum (herein "Funds") eyunl to unr twelRh of the yearly tiucrs nnd assexxments which mny ntlain priority over this MortQaKe, and ~round rent~~ un thr I'roperty, if ~ny, plus onr twelRh of yearly premium inetnllments for hazard insuri~nce, plus onPtweiRh ofyearly premium inat~+llmenta fo~ mortguge insurnnce, if any, all os reasonubly extimnted initially and from time to tin~e by t.ender on the basia of assessmeots nnd bills nnd masonnblr estimutes thereot. 1'he F1nda ahaU be held in an inatitution the deposita or accounta of which are inaured or guaranteed by a Federal or Stale t?gency (including I.ender if l.ender is auch an i~atitution). Lender shall apply the Funda to pay said taxes, asseaxments, inaurance premiums and ground rente. l.ender may not charge for eo holding and applying the ~nda, analyzing said arcount, or veri[ying and rompiling said assesamenta and bille, unlesa Lender pays Borrower intereat on the Funds ~nd applicabte law permits l.ender to make auch a charge. Borrc?wer and I.ender may agree in writing at the time of execution of this MortgHge that interest on the Funda ahall be paid tn Aorrower, and unleas such agreement ia made or applicable law requires auch inteteat to be paid, l.ender shall not be required to pay Borrower any interest or earninge on the ~nde. I.ender ahall give to I3orrower, without charqe, an annual acc~unting of the Funds showing credita and debita to the Funds and the purpose for which each debit to the Funds was made. The Funds are pledged as ndditional security for the auma secureci by this Mortgage. If the amount of the Funda held by [.ender, together with the future monthly installments of Funds p~ynble prior to the due dates of taxes, assesaments, inaurance premiuma and ground mnts, shail excred the amount required to pay suid taxea, asaesssments, insurAnce premiums and ground rents aa they fall due, such excesa ahall be, at Borrower's option, either promptly repaid to Borrower or credited to E3orrower on monthly inatallments of Funds. I[ !he amount of the Funds held by [.ender shalt not be sufficient to pay taxea, nessessments, insurxnce prnmiums and ground renta as they fall due, ~3orrower ahaU pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice ia mailed by Lender to Borrower requesting payment thereof. Upon puyment in full of aU suma secured by this Mortgage, I.ender shaU promptly refund to Rorrower any funds held by l.ender. If under paragraph 18 hereof the Property is sold or the Property is otherv?~se acquired by [.ender, I.ender shall apply, no later than immediately prior to the sale of the Property or its acquisition by I.ender, any Funds held by l.ender at the time of application as n credit against the sums secured by this Mortgage. 3. Application of Peymente. Unless applicable law provides otherwise, all payments received by l.ender under the Note and paragraphs 1 and 2 hereof ahall be applied by l.ender first in payment of amounts payable to I.ender by Borrower under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of the Note, xnd then to interest and principal on any Future Advances. 4. Chargea; Liene. Burrower shall pay all tAxes, assessmentr, and other charKes,.fines and impositions attributable to the Pmperty which may attain a priority o~ er this Mortgage, and leasehold payments or gn~und rents, if any, in the manner pruvided under paragrxph 2 herec~for, if not paid in such manner, by Borrower making payment, w hen due, direcdy tu the paye~e thereof. Rorrower shail prompd~ furnish to Ixnder all notices of amounts due under this paragraph, and in the event Korrovrer sh~ll make payment directly, Borruwer shall pmmptly furnish to I.ender receipts evidencinQ such payments. I3orrower shall promptly dischnrRr any lien which has priority over this Mortgage; pm~~ded, that E3orrower shall not }?e required to disch 3rge any such lien so long as Burrower shaU agree in w ri1inK to the payment of tkeobligation secured b~ such lien in a manner acceptable to l.ender, or shall in K«~d faith c~c~ntest such lien by, ur drfend enforcement of such lien in. legal proc•ecdings which operate to pre~ent the enforrement of the lien or forfeiture of the Proprrty or any part thereof. 5. Hazard Insurance. Borrower ahall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage." and ~uch other hazarda as I.ender may require and in such amounts and for such periods as Ixnder may requirn; pmvided, that l.ender shall not mquire such coverage umount exceeding the minimum, as may be required br state or federal regulatione governing activitiea of Lender, or that amount of coverage required to pay the sums secured by this Mortgage, ~ whichever is the greater. ~ The insurance carrier pro~•iding the insurance sh:ill F~e chusen by E3urrower subjcK~t tu appro~•al by i.ender, pm~•ided, that sueh appru~•al ~ shall not be urtreasonabh• withheld. All premiums on insurance policies shull be paid in the manner pn~~ id~l under paraKraph 2 her~Y~f or, if not paid in such manner, by Korrower makinQ payment, Hhen due, direrth• to the insurance carrier. , A11 insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a standard mortgage clause in favor of ~ and in form acceptable to I.ender. Lendershatl have the right to hold the policies and mnewals thereof, and Borrower shall promptly furnish to E iender all renewa) notices and aD receipts of paid premiums. In the event of loss, Borruwer shall give prompt notice to the insurance carrier ~ and Lender. Lender may make pnwf of loss if not made promptly by Borrower. ~ Unlesa Lender and Borrower ot}:ers~~se agree in w•riting, insurance proceeds shall be applied ta restoration or repair of the Property ~ damaged, provided such rextoration or rrpair 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 acr:urity of this btortgage would be impaired, the insurance proceeds ahali beapplied ~ So the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by 13orrower, or if I3orrow er fai{a !o 3 reapond to Lender within 30 daya from the date notice is mailed by Lender to Borrower that the insurance carrier ofCers to settle a claim for ~ inaurance benefits, I.ender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the ~ Property or the aums aecured by this Mortgage. x Unless Lender and Borrower othemise agree in writing, any such application of proceeds to principal shall not extend or postpone thedue ~ date of the monthly installmenta referred to in paragrapha 1 and 'l hereof or change the amount of such inatallments. If under paragraph 18 ~ hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any insurance policiea and in and to the proceeda ~ thereof resulting from damage to Property prior to the sale or acquisition ehall paess to I.ender to the extent of the sums secured by this ~ Mortgage immediately prior to such aale or acquisition. ~ 6. Preeervation and MaintenanceofProperty; Leaseholds; Condominums; Planned Unit Developmente. F3orrowershall keep ~ the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and ahall comply with the r proviaions ot any lease if this Morlgage ie on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, a.: Borrower shall perferm all of Borrower'e obligations under the declaration or covenants creatinRor governing the condominium or planned ~E unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together with th~a b~ort~Cage, the covenants and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this ~lartgageas if the ~ rider were a part hereof. 7_ Protection of Lender'8 Security. If Borrower fails to perform the oovenante and agreemente contained in this Mortgage, or if any ti`~ action or proceeding ie commenced which materially affects I.ender'e intereat in the Property, including, but not limited to, eminent domain, ~ ineolvency, oode enforcement, or arrangementa or proceedinge involving a bankrupt or decedent, then L,ender at Lender'e option,upon notice to Borrower may make such appearancee, diaburee such eums and take euch action ae ie necessary to protect Lender'e interest, including, but not limited to, disbureement of reaaonable attorney's feee and entry upon the Properiy to make repaire. If Lender required mortgage ineurance ae a condition of making the loan sec~red by thie Mortgage, Borrower shall pay the premiuma required to maintain _ K? euch ineurance in effect nntil euch time ee the requirement for such insu~ance terminates in accordance vrith Borrower'a and Lender e : written agreement or applicable Law. Borrower ehall pay the amount of all mortgage insargnce premiuma in the menner provided under ` paregraph 2 hereof. My amounts disbursed by Lender pereuant to this paragraph 7, with intereat thereon, ahall become additional indebtedneae of - Borrower eecured by thix Mortgage. Unlese Borrower and Lender agree to other terme of payment, auch amounte ehall be payable upon notice from Lender to Borrower requeeting payment thereof, and shall bear interest from the date of diabursement at the rate payable from _ time to time on outatanding principai under the Note unlese payment of intereat at auch rate would be contrary to applicable law, in which ~~s_'" event euch amounta ahall bear intereat at the highest rate permisaible under applicable law. Nothing contained in this puragrsph 7, ahall require Lender to incur any expenee or take any aMion hereunder. w,' [j ~ 6DOK~ i~ ~