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Home My WebLink About0380 . . • . } Borrower and Lender covenant and agree a~ tolbws: ~ 1. Pqment ot Principal and latereot. Borrower shall promptly pay when due the principal of and intend on the indebtedneas ' evidenosd by the Note, prepaymeat and late charge~ as pmvided in the Note, and the principal of and inter~t on any I~ture Advances secured by thu Mort~a~s. 2. F~und~ [or T~es ~nd lasuraaoe. Subject to appGcable law or to a written waiver by Lender. Borrower ahall pa~y to l.ender on the day monthly it~stailmenta of principal and int~reat are p~yable under the Note, unW the Note ia paid in tull, a sum (hereir? "~nds") equal to one~ twelRh of the yearly tauc~ and aeaessmente which may altain priority over this Mortgage. and ground rents on the PropeKy. if any. plus ono- twelfth of ye~atly preaaium installmcnta for hazard i~aurance, pfua onetwelfth of yearly premium inetallmente for mortgage ineurance, if any, sli aa ceasona6ly ealimated initial~y and from time to time by I.ender on the basis of asseaementa and bills and reasonable eetimatea thereof. 'ILe Fhnds ahaU be held in an institution the deposits or aooounte of which ara insured or guaranteed by a Fede~al or SLate agency f (includiag Lendar if Lender is auch an inetitution). Lender shall apply the Funda to pay said ta:es. aseesaments. iaeurance premiums and j ground reats. Leader may not charge fos so holding and applying the ~nda, analyzing eaid account, or verifying and compiling said ; eseeasmeats and bills. ualess Lender pays Borrower interest on the ~nds aad applicable law pera~its Lender to make auch a charge. Borrower and LeAder may agree ia writing at the time of eaecntion of thia Mortgage that interest on the ~nda shall be paid to Borrower. and unlese auch agroement ie made or applicable law requires such intRrest to be paid. Lender shail not be required b pay Borrow~ any interest or earnings on the Phnds. Lend~ ahaU give b Borrower, without charge. an annual acoounting of the Funds showing credits and debite to the Funda and the purp~oee for which each debit to the I~nda was made.'1'1},~ ~~da are pledged ae additional eecu:ity for the aums eecured by thia Mort~age. - If the atpount of the ~nds held by Lender. together with the future monthly inetallmenfs of Ftinds payable prior to the due dates of taxea. ' asaeaamente, inaurance premiuma aad ground rents. shall e~~ed the amount required to pay eaid taxes, aeaessments. ineurance preaaiuma and ground nnte as they fall due. aurh pacoese ahall be, at Borrower'e option. either prompdy repaid to Borrower or credited to Borrower on monthly inaLaUments of I~Lnds. V the amount of the Flinds held by Lender ahall not be sufficient to pay ta:ea, aseeasmenta, inaurance premiums and ground renis as they faU due. Borrower shaU pay to I.ender any amount neceesary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requeeting payment thereof. Upon paytnent in full of all aums eecured by thia Mortgage, Lender ehall promplly refund to Borrower any funds held by Lender. If under paragraph 18 hereof the Property is eold or the Property ie otherwiee acquired by Lender, Lender ahall apply, no later than immediately prior to the sale of the Praperty or its aoquieition by I.ender. any ~nda held by Lender at the time of applicadon es a credit againat the aums secured by this Mortgage. • 3. Application of Payments. Unleas applicable law providea otherwise. all paymente received by Lender nnder the Note and paragrapha 1 aad_2 hereof ehall be applied by L,ender first in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, ~ then to interest payable oa the hote. then to the principal of the Note. and then to interest and principal on any Future Advancea. . 4. Chargea; I.iens. Borrower ahall pAy all t~eb, assesaments and other charges, finea and impositiona attributable to the Property which may attain a ptiority ov~ this Mortgage, and leasehold paymenta or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in auch manner, by Borrower making payment, when due, directly to the payee~hereoL Borrower shall promptly furnish to Lender aU aoticea of amount$ due under thia paragraph, and in the event Borrow~ ahall make payment directly. Borrower shall prompUy furniah to Lender reoeipts evidencing auch paymenta. Borrower ahall promptly diacharge any lisn which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien eo long as Borrower shall sgree in writing to the payment of the obligation secured by such lien in a manner aoceptable to Lender. or ahall in goad faith contest ench Gen by, or defend enforcement ofsuch lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Ineuraace. Borrower shell keep the improvementa now exiating or hereaRer erected on the Property inaured againat losa by fire, hazarda included within the term "extended ooverage." and euch other hazards as I.ender may require and in such amounte and for auch p~iods ae Lender may requir~ provided. that I.ender shall not require such ooverage amount e:ceeding the minimum. as may be required by atate or federal regulatione governing activitiee of Lender, or that amount of rnverage required to pay the sums eecured by fhia Mortgage. whichev~ ia the greater. . The inaurance carrier providin6 ~e insurance ahall be chosen by Borrower subject to approval by I.ender; provided, that auch approval ahall not be unreeeonably withheld. All premiums on insurance policies sha11 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 policiee and reaewals thercwf ahall be ia form aoceptable to Leader and ahall include a atandard mortgage claaee in favor of ' and ia form aoceptable to Lender. Lender ahall have the right to hoid the policiee and renewala thereof, and Borrower shall promptly furnieh to f ' i,ender all renewal noticee and all receipts of paid premiuma In the event of 1aes, Borrower ehall give prompt notice to the inaurance carrier t ~ and Lender. Lender may ma1~e proof of lose if not made prompdy by Borrower. ~ Unleee Lender and Borrower oEherwise agree in writing, inauranoe proceeds ahall be applied to reetoration or repair of the Property ; ~ damaged. provided auch reatoration or repair is economically [easible and the security of thie Mortgage ie not thereby impaired. If auch ~ ~ reatoration or repair ia not economically feaeible or if the eecurity of this Mortgege would be impaired the insurance proceeda ahall be applied Y to the aums aecured by this Mortgage, with the ezceae, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to ~ j reapond to Lender within 30 daye from the date notice is mailed by Lender b Borrower that the inaurance carrier offere to eettle a claun for ~ inaurance benefita, Lender ia authorized to collect and apply the inaarance proceeda at I.ender'a option either to reatoration or repair of the Property or the auma eecured by this Mortgage. ~ Unleas Lender and Borrowe~r otherwiee agree in writing, any aueh application of proceeds to principal shall not ~tend or postpone the due date of the monthly inatallmente nferred to in paragrapha 1 and 2 hereof or change the amount of anch inatallmenta. If nnder paragraph 18 s hereof the Property is aoquired by I:ender, all right, tide and intereet of Borrower in and to any inaurance policies and in and to the proceede ~ thereof resalting fmm damage to Property prior to the eale or acquiaition shall pass to I.ender to the ezteat of the aum~ secured by thia ~ Mortgage immediately prior to euch sale or aoqaisition. 6. Preservatiop and Maintenance of Property; Leaeeholds; Condominums; Planned Unit Developments. Borrower shall keep ~ the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ahall comply with the pmvisione of any lease if thie Mortgsge ia on a leaeehold. If thie Mortgage ia on a nnit in a oondominium or a planned unit development, * Borrower eheU perform all of Borrower's obligationa under the declazation or covenanta creatingor goveming the rnndominium or planned unit development, the by-laws and regulatioas of the condominium or planned unit development, and oonatituent documenta. If a oondominium or planned unit development rider ie e:ecuted by Borrower and recorded together with thia Mortgage, the oovenante and ~ agreements of auch rider shall be incotporated into and ahall amend and supplement the covenanta and agreements of this Mortgage as if Lhe ~ rider were a part hereof. . ~ ~ Prot~ction oi Lender'~ $ecuritp. If Barrower faile to perfosm the oovenants and agreeinents oonLained in this Morte860. ar if any ; action or prooeeding is oommenced which materially agecte I.ender's interest ia the Propaty. including, bnt not limited to. eminent domain~ ~ insolv~cy~ oode enforcemenk or arrangements or prooeedings involving a banl~rapt or deoeden~ thtn I.ender at I.ender'a option.npon ;3 notioe to Borrower may make snch appearancee. diabnree anch sums and take such action as is necessary to protect Lenda's intaes~ ` inclnding. bat not limited to. diabursement of r~sonable attorney's fees and entry upon the Property to make repeiis. If Lender reqnired ~ martgage ins~aace aa a oondition of malring the loaa secnred by this Mortgage, Borrower shall pay the pnminms reqaired to maintain ~ ench insarance in eSect nntil snch time as the reqairement for snch inenrance t~minates in aooordance with Borrower's and I.ende~s ~ ~ written agreemeat or applicabk Law. Borrower shall pay the amount of all mortgage insuraace preminaus in the manner provided nnder k paragraph 2 hereot. $ ~ Any amonnts disbnrsed by Lend~ persuant to this paragraph 7. with intereat thereon, shall beoome additional indebtednees of ~ Borrowa ~ecured by this Mortgage. Ualeea Borrower and Lender agree to othar terma of payment, snch amounts ehall be payable upon notice irom I,ender to Bormwtr reqaeatina payment thereof, and ahall bear intereat from the date of disbursement at the rate payable from ~ time to time on outstanding principal under the Note anless payment of interest at ench rate would be contrary to applicable law. in which ~ eveat snch amounts shall bear iaterest at the higheet rate permiasible nnder applicable law. Nothing oontained in this paragraph 7, ahall reqnire Lender to incur any e:pease or take any action lnereunder. 0~ ~ ~ : B°~,28~ 3?~ ~ ~ . '~t `"x' ~~~-,,:e..~ ~ ~ ~ , - ~ ° . - -