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Home My WebLink About0666 E3o~ov?er and l.ende~ covenant and agree as followa: 1. Payment ot Pri~cipal a~d Intereet. Bonower ehall pmmptly pay when due the principnl of and intereat on the indebtednexe evidenced by the Note, prepayment and lutechargex as pruvided in the Note, and the principal of and intrrest er: anp t~`~:~:-e ~~F ~~~Les ~ s~~ by this Mortgage. 2. ~tnds for Taxea and Ineurance. Subject to applicable law or to a written waiver by l.ender, Eiorrower sheill pay to l.ender on the day monthly inatxllmenta of principal and interest are payable unde~ the Note, until the Note ia paid in full, a sum therein "Fu~da") equal to one twelfth of the yearly taxes and asseasmenta which may attnin priority over thie biurigugr, n+?d groand rer~ts o,-~ t~~z i'ra~rty , if an3 , plus une- twelRh of yearly premium inatallme~ta for hazard insurnnce, plus onPtwelflh of yearly premium installmentx [or murlgi+ge inaurance, if any, all ua reaeonably estimated initially and from time to tiR~e by l.ender on the basie of asseasmenta nnd bills and reusonable estimt+tes thermf. The ~nda shall be held in an institution the depoeite or accounta of which are inau~ed or guaranteed by a Federal or State agency (including I.ender if l.ender is auch an institution). I.ender shall apply the Funda to pay said taxee, aaseaamenta, inaurance premiume and ground rente. Lender may not charge for eo holding and applying the Funde, analyzin~t aaid account, or verifying and compiling said asaesamente and bills, unless I.ender paya Borrower intereat on the Funda and applicable law permita I.ender to make auch a charge. Eiorrower and Lender may agree in writing at the time of execulion of thie Mortgage that interest on the ~nda ahall be paid to I3orrower, and uniesa auch agreement ie made or applicable lew requirea such intereat to be paid, Ixnder ehall not be required to pay Borrower any interest o~ earninga on the Ftinde. l.ender ahall give to Eiorrower, without charge, an annual accounting of the Funda ahowing credits and debita to the Funde and the purpose for which each debit to the Funda was made. The Funda am ptedged as additional security for the sume securc~ by this Mortgage. ~ I[ the amount of the Flinda held by I.ender, together with the future monthly instsllmenta of I~ unda payable prior to the due datea of taxea, aesesamenfs, insurance premiums and ground rents, shall excred the amount required to pay said taxes, asaeasments, insurance premiums and ground rents as they [all due, such excees ahall be, at Borrower's option, ei2her promptly repaid to Rotrower or credited to Borrower on monthly inataUmente of ~nde. If the amount of the Funde held by I.ender ahull not be sufficient to pay taxes, asseasmenta, inaurance premiums and ground rnnts as they fall due, Borrower shall pay to I.ender any amount necessary to make up the deficiency within 30 daye from the date notice ia mailed by I.ender to l3orrower requesting payment thereof. L1pon payment in full of al! sums secured by this Mortgage, [.ender ahall promptly mfund to Borrower any funds held by Lender. If under paragraph 18 hereof the Property ia sold or the Property is otherwise acquired by l~ender, I.ender ahall apply, nu later than immediately prior to the sale of the Property or ife acquisition by Lender, any FLnds held by l.ender at the time of application as a creclit againat the sums secured by this Mortgage. - 3. Applieation of Paymenta. Unlesa applicable law provides otherwise, all payments recei~ed by l.ender under the Note and paragrapha 1 and 2 hereof ahall be applied by Lender first in payment of amounts payable to l.ender by Borrower under pars~graph 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. ~3orrower shall pay all t~+xes, a.4sessments and other rharges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or gmund rents, if any, in lhe manner provi~~ clez paragra;.!: 2 t~e: ~f ar, if not paid in such manner, by Aorrower making pHyment, when due, directly to the payee thereof. Borrower shall promptly furniah to Lender ssll notices af amounta due under thia parak-raph, and in the event Borrower shall make pa~ ment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Eiorrower shall promptly discharge any lien which hns priority over this Mori{tage; provided, that E3orrower shall not be required to discharge any such lien so long as Rorrower shall agree in writing to the payment of theobligation secured by such lien in a manner acceptable to l.ender, 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 or forfeit~m of the Pruperiy or any part thereof. 5. Hazard Ineurance. Borrower ehall keep the improvementa now• existing or hernafter erected on the Property insured againat loas by fice, hazards included within the term "extended coverage," and auch other hazards as L,ender may require and in such amounta and for such periods as Lender may require; provided, that I.ender ahall not require such coverage amount exceeding the minimum, as may be required by state or federal regulatians governing activities of Lender, or that amount of rnverage reyuired to pay the auma secured by thia Mortgage, whichever is the greater. The insurance carrier providing the insuranm shall be chosen by }3orrower subject to approval by l.ender; provided, that such appro~•al shall not be unreasonabty withheld. All premiums on insurance policies shall be paid in the manner provided under priragraph `L hermf or, if not paid in such manner, by E3orro~er making payment, when due, directly to the insurance carrier. All insurance policies and renewala thereof ahall be in form acceptable to Lender and ahaU include a standard mortgage clauae in favorof ~ and in form acceptable to Lender. Lender shall have the right to hold the pulicies and renewals thereof, and Borrower ahall promptly furniah to ~ i.ender all renewal notices and all receipts of paid premiums. In the event of loss, Borruwer ahall give prompt notice to the inaurance carrier and Lender. Lender may make proof of ?oss if not made promptly by t3orrower. ` Uniesa Lender and Borrower otherwiae agree in writing, insurane~ proceeds ahall be applied to restoration or repair of the Property damaged, provitied such restoration or repair.ia economically feasible and the secnrity of this Mortgage ie not themby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the inaurance proceeds shall be applied to the aums aecured by this Mortgage, with the exceas, if any, paid W Borrower_ If the Property is abandoned by Borrower, or if Borrower faila to + reapond to Lender within 30 daya from the date notice is mailed by Lender to Borrower that the inaurance carrier offera to aettle a claim for i inaurance benefita, Lender is authorized to collect and apply the insurance proceeda at Lender's option either to restoration or repair of the ~ Property or the suma secured by this Mortgage. ~g~ [~niesa Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due ~ date of the monthly installments referred to in paraqrapha 1 and 2 hereof or change the amount of auch inatallmenta. If under paragraph 18 ~ hereof the Property ia acquired by Lender, all right, title and intereat of Borrower in and to any inaurance policies and in and to the proceeds ~ thereof resulting from damage to Property prior to the sale or acquisition aha11 pasa to Lender to the extent of the aums aecured by this Mortgage immediately prior to such sale or acquisition. 6_ Preservation and Maintenance of Property; Leaseholde; Condominums; Planned Unit Developments. Borrower ahall keep ~ the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ahall comply with the ~ provieiona of any lease if thie Mortgage is on a leasehold. If this Mortgage ia on a unit in a condominium or a planned unit development, - Borrower ahall perform all of Borrower's obligations under the declaration or covenants creatingor governing the condominium or planned unit development, the by-1av?s and regulations of the condominium or planned unit development, and rnnstituent doc:umenta. If a ~ condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the oovenants and agreements of auch rider ahali be ~ncorporated ~nto and ahall amend and supplement the covenants and aRreements of this 1ltortgage as if the rider were a part hereof. 7. Protection of Lender'e 3ecurity. If Borrower faila to perform the aovenante and egreemente contained in thie Mortgege, or if any action or proceeding ia commenced which materially affecte Lender e intereat in the Property, including, but not limited to, eminent domain, ~ ineolvency, oode enforcement, or anangementa or proceedinga involving a bankrupt or deoedent, then Lender at Lender a option,upon notice to Borrower may malce euch appearencee, dieburee such eums and take euch action ea ie neceeeary ta protect I.endei s interest, including, but not limited to, diebureement of reseonable attorney's feee and entry upon the Property to make repairs. If Lender required mortgage inaurance aB a condition of making the loan aecured by thia Mortgage, Borrower ehall pay the premiume reqaired to mainlsin ' - such ineurance in effect until euch time ae the requirement for euch inaurance terminates in accordance with Borrower's and Lender e = written agreement or applicable Law. Borrower ehall pay the amount of all mortgage ineurance premiume in the manner provided under paragraph 2 hereof. My amounta dieburaed by Lender perauant to thie peragraph with interest thereon, ahall become additional indebtedneea of Borrower eecured by this Mortgage. Unless Borrower and L.ender agree to other terms of payment, euch amounta ehall be payable upon notice from Lender to Borrower requeeting payment thereof, and ahall bear interest from the date of dieburaement at the rate payable from time to time on outetanding principal under the Note unlesa payment of intereet at auch rate would be contrary to applicable law, in which event euch amounts aha11 bear intereat at the highest rate permiasible under applicable law. Nothing contained in thie paragraph ahall :3 require Lender to incur any e:pense or take any action hereunder. :i ~ ~ p ~ ~o[~K ~Os PAGE S6~ ~ _ _ - _ _ - - - ~ ~ - ~ - _ ~ . ' fi Au~-X . . . _ , . . . . . _ . . , nr-i:'.' .~i "{i~