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Home My WebLink About0059 ~ • • ' _ . ~ . . ~ Borrovrer and Lender covenant e~ud a~ree u[ollow~: 1. PrU~ment oi Priacip~l ~nd iatere~~ Borrower shall promptif pay when due the principal ot and interest on the indebtedness evideaoed by ths Note, prep~aymeat and late char~e~ aa provided in We Note, and the principal of eu~d interat on any I~tuse Advancce secured by this Mwrt~aQe. ~ FLnd~ fo~ Tw~ces and Insuranoe. 3ubjeet. to applicable law or to a writte~ waiver by Leader, Borrower ehall pay to Le~der on the d~y monthly instsllmenb of principal and iaterest are payable uader tho Note. unW the Note ir paid in full. e~ eum (herein "Ftiu?da") equal to oae~ twelRh of the yesrly taxes and a~w~+eswenta which may attain priority over this Mort~age. and ground repts oa .the PropaKy. if any, plw one~ cwelRh of yearly preaoium ins~allments f~ hazard inaurance, plw onatwel Rh of yearly premium installments for mortgege insurance. if any. ell as reaao~abbr estimated initially and irom time to time by Lender on the basis oi asseeementa and bills and reasonable estunates thereof. 1Ls PLnds ~hall be held ia w i~itution the deposits or sooounte of which are ineured or guaranteod by a Federal or 3tate agency (inclndin~ Lender if Lend~ is such an uutitutioA). Lend~ ahall epply the ~ads b pay said taues. asseasmenta, insuranee premiums and Qrou~d rents. I.eader ma~y ~t char~e i~ so holdin~ and applying the F`unds. analyzing ~aid aooount, or verifying and oompiling aaid ae~ewmenta and biW, nnlas T~der pays Borrower interest on the I~nda aad applicable law permit+~ i.eader b mate such a charge. Borrower aad L.ende~ may a~ree ia writin~ at the time of e:ecution of this Mortgage that interest on the ~nds ehall be paid b Borrower, and anless such agreement u made os applicabk law requires such interest to be.pnid. Lender ahaU aot be required to pqy Borrowa any interest or earning~ oa the Ebnd~. Iender ahaU give to Borrower. without charge. aa annual aooounting of the Fti?nda showing credits aad debite to We Pbnd6 aad the purpoee for which e~ch debit to the Irunda waa made.'Il~e Ftu?da are ptedged as additional eecurity for the aums secured by this MortSa~e. If the amount of the PLnds held by Lender. together wiW the futare nwnthly inatallments of fl~nda payable prior to the due dates of ta~ces. . assesameAts. insuranae pr~iums and grouad rents. shall e:caed We amount required b pay eaid t~ea. aeeeasmenfa, insurance premiums and ground renta sa they fall dne. auch eseess ahall be, at Borrowei s option. either prompt~y repaid to Borrower or credited to Borrow~ on monthly instaUmenb of Ptiu?ds. If We emount of the Flinds held by Lender shall not be suf5cient to pay ta~ces, aeeeaamenta. insurance preraiwns and groand renb as they fall due. Bormwer shall pay to Lend~ any amount neassary to make up the deficiency within 30 days from the date notioe ie mailed by Lender to Borrower requeeting PeYmMt thereof. Upon paymeat in fiill of all aums secured by this Mortgage. I.ender shall promp8y retund to Borrower any funde held by I,ender. Uunder paregraph 18 hereof the Prope9Ry is sold or the Prope=ty u otherwiee acquired by Lender. Lender ehall apply. no later than immediately prior b the sele of the Property or its soquisition by Lender. any I~ade held by Lender at the time of application as e credit againat the eums eecured . by shis Mo~age. , - 3. Applicadon of Paa?ments. Unlees applicable law provides otherwise. all paywents received by Lender under the Note. and paragraphs 1 and 2 bereof eha11 be appGed by I,ender firet in payment of amounte payable to Lender by Borrower under paragraph 2 hereof. then to inter~st payable on the Note, then to the principal of the Note. and then to iatenat and principal on any I~tun Advances. 4. Charges; I1ens. Borrower ehall pay aJl tazea, aaeesaments and other charges. fin~ and impoeitiona attributable to the Prop~ty which may attain a priority over this Mortgage. and leasehold paymenta or ground rente. if aay, in the manner provided under paragraph 2 hereof or. if not paid in such manner. by Borrower making payment, when due. direct~y~ b tt~e payee thereof. $orrower ahall pmmptly fumiah to I.ender all noticee of amounts due under this paragraph, and in~the event Borrower ahall malce payment directly, Borrower shall pmmptly furniah to I.~der reoeipts evidencing such payments. Boaower shall promptiy diacharge any lien which hae priority over thia Mortgage; provided, that Borrowez ahall not be required Lo diach arge any auch lien ao long ea Borrower shall agpee in writing to the paymentof the obligation secured by such lien in a manner acceptable to I.ender, or shall in good faith conteet auch lien by. or defend enforoement of such lien in, legal proceedinga which operate to prevent the enforcement of the lien or forfeiture of the Property or any-part thereof. ~ ~ Haaard Insnranoe. Borrovrer shall keep the improvemente now e~riating or hereafter erected on the Property inaured againat loss by firq hazards incinded within the term "e=t~endeci ooverage." and euch other hazards aa I.ender may require and in auch amounts and for snch pe~iods as Lender may reqnin; provided, that Lender ahall not reyuire auch oov~age amount escceding the minimum, aa may be required by atate or federal regulationa governing activitiee of I.ender. or that amount of ooverage required to pay the suma secured by thie Mortgage. whichever ia the gr~ter. : 'i~e insurance carrier providing the inaurance ehali be chosen by Borrower eubject to approval by Lender; provided, that sueh approval ahall not be unreaeonably withheld. All premiume on inaurance policies ahall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making-payment, when due, directly to the insurance carrier. All insurance policies and renewals thereof ahall be in form aoceptable to Lender and shall inclade a standard mortgage clause in favor of eud in form aooeptable to Lender. I.ender shall have the right to hold the poUciea and renewala thereo~ aad Borrower shall promptly furniah to i,ender all renewal notioes and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the inaurance carrier and I.ender. 4nder may mal~e proof of loes if not made promptly by Borrower. ' Unlese Lender and Borrower otherwiee agree in writinB. iasnrance pmceeda shall be applied to reatoration or repair of the ProperEy j damaged. provided snch reatoration or repair ia economically feaaible and the security of this Mortgage ia not thereby impaired. If auch i restoration or repair is not economically feaeible or if the eecority of this Mortgage would be impaired, the inauranoe pm~eeds ahall be applied ~ to the suma secured by this MortBage. with the ~oesa, if anY. Paid to Borrower. If the Property is abandoaed by Borrower. or if Borrower faile to ~ respond to Lender within 30 days from the date notice ia mailed by Lender to Borrovrer Lhat the inanranoe carrier offere to setde a claim for insurance bene5ts. I.ender is anthorized io ooUect and apply the insurance proc.eeda at Lende~a option eithes to reatoration or repair of the . Property or the sams eecueed by this Mortgage. ~ Unleee Lendtr and Borrowez otherwiee agree in writin8, any anch aPPlication of proceede to principal shall not e~tend or poatpone the due date of the monthly inatallmeats referred to in paragraphs 1 and 2 hereof or change the amount of auch inatallments. If nnder paragraph 18 ~ hereof the Property is aoqnired by Lender, all rigbt. titk and interest of Borrower in and to any u~euranoe policies eind in and to the prooeeds thereaf resnlting from damage to Property priar to the eale or soquisition ehall pase to Lender to the e~tent of the sums aecured by thie Mortgage immediately prior to soch sale ar aoq~isition. 6. Preservation and l~aintenanue of Property; Leaeeholds; Condominame; Planned Unit Developmente. Borrower ahall keep the Property in good repair and shall not oommit waete or pezmit impaisment or deterioration of the Property and ahaU aomply with the pmvisions of any lesee if thia Mortgage is on a leaeehold. If this Mortgage is oa a nnit in a oondominium or a planned unit development, Boreo~ver ahall perform all of Borrower'e obiigations under the declaration or oovenante creatingor governing the oondominium or planned unit development, the by-laws and regulat~na of the oondominium or planned nnit developmen~ and constituent docomente. If a oondominiam or planned anit development rider ia e:ccvted by Borrower and recorded together with thia Mortgege, the o~venante and e,greements of anch rider shall be incotporated into and shall amend and supplement the covenanta and agreemente of thia Mortgage as if the ;ider were a p~rt hereot. 7. Protection ot Leader'~ Se~rity. If Borrower fails to perform the oovenants sad agreements oontained in this Mortgege. o~r if any action or prooeeding ie oommenced which materiallY affecfs Lende~s interest in the Propezty. inclnding, bnt not limited to. emin~t domain, insolrency. oode eafor~xmea~. or arrangement~ or praoeedingr involviag a benl~ropt or deoedmt, then I.ender at I.ender's option,npon ~ notioe b Bore+nwer mey mate snch appearanoes. diabaroe ~nch snm~ and take snch action as is aeoe~sary to proted I.ender'a interes~ indnding, but not limited to, disbanemmt of reawnabk attorneq's fees aud entry apon the Property to make repair~. If Leader required ~ most~age uunranoe as s ooadition of making the loan secared by Wis MortBeBe, Borrower ehall pay tt?e preminm~ reqi~ired to maintain a~ch insnraaoe in effect nntil sach time as the requinme~t tor such insnrance terminate~ in acoordanca with Barro~vds and Lender'a ~ vrrittea a~re~neat or applicabk Law. Borrower shall pay the amonnt of sll mortgage insuranoe preminms in the manner provided unda paragraph 2 hereof. Any amonncs diabarsed by Lender persuanc co this para8raph 7: with iaterest tbereon, shall beoome additional indebtedness of Barrnwa ~ecared by this Mortgage. Unleas Borrower and Lender agree to othet tenns of payment, such amounts ehell be payable npon notioe imm I.a?der to Bozrower requesting payment theceof. and ahall bear intered from the date of disbursement at the rate payable fr~ time to time on ontstanding principal under the Note nnleas payment of interest at ench rate would be ooatrary to applicable law, in which event sach amounb shell bear interest at the highest rate permissibk under applicable law. Nothing oonteined in this pasagraph shall reqnire Leader to incnr any apense or take any action hereunder. . goo~28? ~ 59 . . . ~ - - ~ ~ ~ ~ : ~ SE A.~~~~~ s$ . ~ . ~ _