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Home My WebLink About0457 f3~r~ower nnd I.ende~ covenant and agree as foltowe: 1. Payment of Principal and lnterest. E3orrower ahall promptly pay when due the principal ot and intereat on the indebtednexa evidenced by the Note, prepayment und late chargca aa provided in the Note, and the principal of and intereat on any Future Advancea secured by thia Mortgage. 2. ~tnde tor Taxea and Ineurance. Subject to applicabir law or tu a writirn waiver by I.ender, Borrower ahull pay t~~ l.ende~ on the day monthly installments of principal and intereat are papnblc under the Note, until the Note ia p~id in full, u sum (herein "Funda"1 equal to un~ twelfth of the yearly t~uces and assessmenta which may attuin priority uver this Morlgage, nnd ground rentx on the E'rupecty, i[any, plus one- twelfth of yearly premium installmenls fo~ hazard insurt+nce, plus onc-lwelfth otyearly premium inst:+llmenta for mortgnKe inaurance, ilany, all as reas~nably ea/imated initially and from time tu tirr~e by l.ender on the basis of asaesssments and biils and reasonable estimntes thereof. The Funds ahall be held in an institution the deposits or accounta of which are insured or guarpnteecl by a Federal or State agency (including Lender if I.ender ia auch an inatitution). I.ender ahall apply the Funda to pay said taxea, snseasmenta, inaurunce premiums And gl'OURI~ iC[1{8. LC4~iC[ ~uny nvt ciiai~c iVi e'8 i.'v:uiu$ o: G~. .'tjt^p:j~^e^ ~~:P F==='~°. °•^-°~Y~~ng said account, or verifying and compiling said asaeasmenta and bills, unleas l.ender paya Borrower intereat on the Funds and applicable law permita l.ender to make such a charge. Borruwer and [.ender may agree in writing at the time of execution of this Nortgage that interest on the Funda ahall be paid to Born,wer, and unleas auch agreement ia made or applicable law requirea such interest to be paid, l.ender ahall not be required to pay I3orrower any interest or earnings on the ~Lnde. Lender ahal) give to Borrower, without charge, an annual accounting of the N unds ehowing credita and debits to the Funda and the purpoae for which each debit to the Funds was made. The Funde are pledged as additional eecurity for thesums aecund by this Mortgage. If the amount di the Funds heid by I~ender, Wgether with the future monthly instalimenta of Funda payable prior tothe duedates of taxea, aseeasmenta, inaurance premiums and ground rents, shall excxd the amount required to pay said taxes, assessments, insurance premiuma and ground rents as they fall due, such excesa shaU be, at Bo~towei s option, either promptly repaid to E3orrower or credited to Borrower on monthly inatallmente of Flinds. If the amount of the Funde held by Lender ehal) not be aumcient lo pay taxes, asseasments, insurance .,.+P•••:~±•ne and ~mu~d rents as they fall due_ Borrower ahaU pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice is mailed by [.ender to E;orrower requesting payment thereof. Upon payment in full of all sums secured by this Mortgage, L.ender ahall promptly refund to E3orrower any funds held by [.ender. If under paragraph 1$ hereof the Propetty is sold or the Property is otherwiae acquired by Ixnder, Lender ahall apply, no later than immediately prior to the sale of the Property or ita acquisition by Lender, any ~ndalield by Lender at the time of application asa credit against thesuma secured by this Mortgage. 3. Application of Paymente. Unleas applicable law provides otherwise, all payroents received by l.ender under the Note and paragraphs 1 and 2 hereof ahall be applied by Lender firxt in payment of amounts payable to I.ender by Borrower under paragraph 2 hermf, then to intereat payable on the Nof.e, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges: Liena. Borrower shall pay all taxes, assessments and othercharges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and le:isehold payments or ground rents, ifany, in the manner pmvided under paragraph 2 hereof or, if not paid in such manner, by E3orrower making pay~ment, when due, directly to the payee thereof. Borrower shall promptly fumish to [.ender all noticea of amounts due under thia paragaph,.and in the event E3orrower shall make payment directly, Borrower shall promptly furnish to [.ender receipts evidencinq such payments_ Borrower shall promptly discharge any lien which has priority over this INort~aqe; providrd, that F3~rrower shall not be required to discharge any such lien so IunR as Borrower shall agree in writing to the payment of theobligation secur~ by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien ur forteitum of the Properiy ur an~• part thereof_ 5. Hazard Ineurance. Borrower shall keep the improvements now existing or hereafter erected on the Property inaured againat loss by fire, hazarda included within the term "extended coverage," and auch other hazards ae Lender may require and in such amounts and for such periods ae Lender may require; pro~~ded, that I.ender shall not require auch coverage amount exceeding the minimum, as may be required by ~ state or federal regulations goveming aetivities of I.ender, or that amount of coverage required to pay the sums secured by this Mortgage, ~ whichever is the greater_ ~ The insurance camer pro~•iding the insuranm shall t?e chosen by Korrovyer subject to apprc?cal by Ixnder; pruvided, that such appro~nl I shall not be unreasonably withheld_ All premiums on insurance policic~ shall be paid in the manner providecl ~nder paraKraph 'L hereof or, if not paid in such manner, by Borrower making pa~ ment, when due, directly to the insurance carrier. . All insurance policies and renewals thereof shall be in form acceptable to Lender and shall include a etandard mortgage clause in favor of and in form acceptable to Lender_ Lendet shall have the right to hold the policies and renewals thereof, and Borrower shall promptly fumish to i~ender all renewal notices and all receipts of paid pmmiums. In the event of losa, Borr~wer shall give prompt notice to the inaurance carrier and I.ender. Lender may make proof of loss if not made pmmptly by Borrower. ~ Unleas Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided auch restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economicaily feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to reapond to Lender within 30 daya firom the date notice ia mailed by Lender to Borrower that the insurance carrier offers to settle a claim for ~ inaurance benefits, Lender is authorized to collect and apply the inaurance proceeda at Lender's option either to restoration or repair of the ~ Property or the suma secured by this Mortgage_ ~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal ahall not eatend or postpone thedue ~ date of the monthiy installmenta referred to in paragraphs 1 and 2 hereof or change the amount of auch installmenta. lf under paragraph 18 hereof the Property is acquired by Lender, all right, title and interest of E3orrower in and to any insurance policies and in and to the procreds ~ thereof resulting from damage to Property prior to the sale or acquieition shall pasa to Lender to the extent of the sums aecured by this ~ Mortgage immediately prior to such sale or acquisition. ~ 6. Preeervation and Meintenance of Property; Leaseholde; Condominume; Planned Unit Developmenta. Iiorrower shall keep the Property in good rPpair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the proviaiona of any lease if thie Mortgage ia on a leasehold. If this Mortgage ia on a unit in a condominium or a planned unit development, ~ Bonower ahall perform all of Borrower's obligationa under the declaration or covenanta creatingor governing the condominium or planned unit development, the by-laws and regu(ationa of the condominium or planned unit development, and constituent dceuments. If a condominium or plpnned unit development rider is executed by Borrower and recorded together with this Mortgage, the oovenants and ~ agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the ~ rider were a part hereof. <; 7_ Protection of I.ender'e 3ecurity. If Borrower faile to perform the covenante and agreemente contained in thie Mortgage, or if any action or proceeding ia commenced which materially affecte Lender's interest in the Property, including, but not limited to, eminent domain, ineolvency, oode enforcement, or arrangemente or proceedings involving a bankrupt or deoedent, then Lender at Lender e option,upon _ notioe to Borrower may make euch appearancee, diaburse euch aums and take evch action as is neceesary to protect Lendei e intereat, ~ including, but not limited to, dieburaement of reseonable attorney'a feea and entry upon the Property to make repaire. IE Lender require~ mortgage ineurance ae a condition of making the loan eecured by thia MorLgage, Bonower ehall pay the premiuma required to maintain - auch ineutance in effect until euch time ae the requirement for such inaurance terminatea in aocordance with Borrower'e and Lender e 'j; writLen agreement or applicable Law. Borrower ehall psy the amount of all mortgage insurance premiums in the manner provided under paragraph 2 hereof. - My amonnta diebursed by Lender perauant to thia paragraph with intereet thereon, ahall becor,?e additional indebtedneee of - Borrower eecured by thie Mortgage. Unleea Borrower and Lender agree to other terme of payment, such amounte ehall be payable upon notice irom I.ender to Borrower requeating payment thereof, and shall bear intereat from Lhe date of diebureement at the rate payable from ~ time to Nme on outatanding principal under the Note unieee payment of intereet at auch rate wouid be contrary to applicable law, in which event auch amounts shall bear intereat at the highest rate permisaible under applicable law. Nothing contained in thie paragraph 7, ehall - require Lender to incur any e:pense or take any action hereunder. • ~ ~ EOGi~ PAGF - ~ 2~ 455