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Home My WebLink About0388 Borrovrer and Lendes covenant and aQree aa lollows: ' 1. P~yment of Prlacipal aad l~teres~ Borrower ahall promptly pay when due lhe principal of and interest on the i~debtedness evidenoed by the Note. prepsyraent and late char~ee as provided in the Note, and the principeJ of and intere~t on any I~ture Advancee secured by thi~ Mort~age. 2 I~1ndo for T~e~ sad inauraaee. 3ubject to applicable law or to a written waiver by I.ender. Borrower shall pe~y to I.ender on the day moathly instsllments of principal and intereat are payable under the Note, uaW the Note is paid in full, a sum (herein "~nds") equal to one- ; twelflh of the yearly tases and aeseeaments which may.attain pciority over this Moztgu~e. and ground renta on the Property. if any. plua on~ twelRh of yearly premium iastallmenta for haaard insurance, plna onetwelflh ofyearly premium installmenta tor mortgage insurance, :f any, aU as reawaably estimated initially and frora time to time by Lender on the baais of aseeeamente and bille and reaeonable estimatea thereot. 'I'he Fyinds shal! be }ield in an institution the deposits or sooounb of which are ituured os guaranfRed by a Rederal or Stete agency ; (inclading Lender if Lender ia such aa inetitution). Lender ahaU apply the Flui?ds to pay said taxes. aeseeamenta. ineurance premiums and ground rents. Lender mey not cherge for so holdinQ and applying the I~u?ds. analyaing said aoooun~. or verifying and compiling aaid ; asseesments and biW. unleas Le~der pays Borrower intetest oa the F~nds and applicable law permita Lender to make auch a charge. Borrower _ and Leader mey agree in writing at the time oi e:ecution of this Mortgage that interest o~ the ~Lnds shall be paid to Borrower, end unleas such agreement is made or applicable Iaw reqnires such intereet to be paid, Leader shaU not be required to pay Borrower any interest or eaminga oa the FLnds. I.ender shall give to Borrower. without charge. an annual aooounting of the F~nda showing credits and debita b the ? Funda aad the purpose for which each debit to the I~nda waa made. The P~nde are pledged as ~dditional seciuity for the aums secured by this Mortgage. ' If the amount of the I~Lnds held by Lender. together with the fuhue monthly inaLallmente of Funda p~yrable prior to the due datea of tases, ' aaeeesments. ineurance premiums and ground rSate. shall e~c~ed the amount required to pay eaid tazes. asaeeaments, insurance premiume aad ground renta aa they fall due. euch e:ceaa ahall be. at Borrower s option, either promptly repaid to Borrow~ or credited to Borrower on : monthly installments of Fbnda. If the amount of the F~nds held by Lender• ehall not be aufficient to pay t~es. aseeesmente. inaurance premiuma and gro~nd renta as they fall due. Borrower shaU pay to Lender any amount neceseary to make up the deficiency within 30 daye from the date notice ie mailed by Lender to Bormwer requeeting payment thereof. Upon payment ia full of all sume secured by this Mortgage, Lender ehall promptly refund to Borrower aqy funds held by I.ender. If under ~ paragraph 18 henof the Property is sold or the Property ie otherwiee acquired by Lender. I.ender ahall apply. no later than immediately prior to the aak of the Propedy or its aoquiaition by Lender, any FLnda held by I.ender at the time of applicstion as a credit against the earue eecured ~ by fhia Mortgage. 3. Application of Payments. Ualesa applicable law providea otherwiee, all payments received by Lender under the Note and paragraphs 1 and 2 hereof ehall be applied by Lender first in payment of amounta payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal o! the Note, and then to intereet and principal on any Future Advancea.- 4. Charges; I.ieae. Borrower shall pay all t~es, assesements and other charges, fines and impoaitions attributable to the Property which may attaia a priority oveT thie Mortgage, and.leasehold payments or ground rents, if any. in the manner provided under paragraph 2 hereof or. if not paid in each manner, by E3orrower making payment, when due, directly to the payee thereof. Borrower ahall promptly furniah to Lender all notioea of amounts ~under thia paragraph, and in the event Borrower ahall make payment directly, Bormwer ahaU pmmptly furnish to Lender receipta eviden euch paymenta. Borrower ehall promptly diecharge any lien which has priority over this Mortgage; pmvided, that Borrow~ ahaU not be required to discharge. any such lien so long as Borrower ahall agree in writing ~o the payment of the ohligation secured by auch lien in a manner acceptable to Lender. or ahall in good faith contest auch lien by, or defend enforcement of auch lien in, legal proceedinga which opaate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insnssnce. Borrower ehatl keep the impmvemente now e:iating or hereafter erected on the Property ineured againat losa by - fire. hazards included within the term "e~ctended ooverage,° and auch other hazarde as Lender may require and in such amounta and for auch ' periods aa Lender may require: provided. that I.ender ahall aot reqaire auch ooverage amount e:ceeding the minimum, as may berequired by ; atate or federal regulations governing activitiee of Lender. or that amount of coverage required to pay the aums eecured by this Mortgege, = whichever ia the greater. The inaurance carrier providine the inaurance shall be choeen by Borrower subject to approval by Lender, provided, that such approval y shall not be unreasonably withheld. All premiums on inaurance policiea shall be paid in the manner provided under paragraph 2 hereof or, if f not paid in auch manner, by Borrower making payment, when due, directlY to.the insurance carrier. r All inaurance policies and renewals thereof shall be in form soceptable to Lender and ahall include a standard mortgage clauee in favor of ~ and in torm aaoeptable to Lender. I.endK ahall have the right to hold We policiea and renewala thereof. and Borrower ahall promptly fnrniah to ~ i.ender all renewal noticxs and all receipt$ of paid premiuma. In the event of loss. Borrower shall give pmmpt notice to the inaurance carrier = ' and Lender. Lender may malie pr~oof of loss if not made pmmptly by Borrower. - ' ; ( Unlees I.ender and Borrower otherwiae agree in virciting, inaurance proceeds ahall be applied to reetotation or repair of the Property ; i damaged, provided such reetoratioa or repair ia economically feasible and the eecurity of this Mortgage ie not thereby impaired. If auch ' ~ r~bration or repair ie not eoonomically feasible or if the eecurity of thia Mortgage would be impsired, the insurance proceeds ahall be applied ' ~ to the suma eecured by thia Mortgage, with the e~coeae, if anY, Paid to Borrower. If the Property ia abandoned by Borrower. orif Borrower fails to ~ respond to Lender within 30 days from the date notice ie mailed by Lender to Borrower that the insurance carrier offere to setde a clain~ for insnrance benefite. Lender is authoriud to collect and apply the insurance prooeede at Lender s option either to reetoration or repair of the ~ Property or the aums eecured by thia Mortgage. r Unleea Lender and Borrowrr otherwiee agree in writing, any anch epplication of proceeds to prinripal ahall not eutend or postpone the due ; } date of the monthly inatellmente referred to in paragraphe 1 and 2 hereof or change the amount of auch instailmenta. If under paragraph 18 hereof the Prop~ty is aoquired by Lender, all right, tide and intereat of Borrower in and to any inenrance policies and in and to the proeeede . thereof reaulting from damage to Property prior to the sale or aoquiaition shall pass to L.ender to the eztent of the suma eecvred by thia _ Mortgage immediately prior to such aale or aoqaisition. , 6. Preservation and Yaintenance of Property; Leaeeholds; Condominums; Planned Unit Developmente. Borrower ahall keep the Property in good repair and ahall not oommit w~ste or permit unpairment or deterioration of the PropeKy and ehall oomply with the pmviaiona of any leaee if this Mortgage is on a leaaehold. If thie Mortgage ia on a unit in a oondominium or a planned unit development, Borrower shall perform all of Borrower a obligatione under the declaration or covenanta creatin8or governing the oondominium or planned unit development, the by-laws and regalations of the rnndomininm or planned unit development, and aonatituent documents. If a oondominium or planned unit development rider ia e:ecuted by Botrower and reoorded together with this Mortgage, the oovenante and agreementa of such rider shall be incorpotated into and ahall amend and supplement the covenante and agreementa of this Mortgaqe as if the rider were a part hereof. 7. Protection of Lender'~ Secnrity. If Borrower fails to pertorm the oovenants and agreements o~ntained in this Mortgage. ar if any ~ action or prooeeding is commeaoed which materially affecta Lendei's intereet in the Prop~ty. including. bnt not limited to, eminent domain, : in~olvmcy. oode enforomoent, ar arraneements or pmceedings involving a banlmipt or decedeat, tbea L.eader at I.ender's option.apon = notioe to Bo~re~owes may make such appearanae, disbnne snch sums and take wch action as is ncoeeeary to protect Lendefs interea~ indnding, but not limited to. disbursement of reasonable attorney's fees and entry apon the Property to make npairs. If I.~der reqnired ~ marteaee insnrauce as a condition of ineking We loan eecnred by thie MortBeBe. Borrower shall pey the premiums reqnired to maintain anch insaranae in effect natil snch time aa the requinment for such insnranoe terminates in aoootdance with Borrowez's and I.eader's writf~n agreement or applicable I.aw. Borrower shall pey the amount of all mortgage ineuraace premiums in the manner provided nnder ~ parngraph 2 hereof.~ Anq amounts disbursed by Lender persuant to this paraeraph 7, with interest tbereoa, ahall beoome additional indebtednees of Borrower secnred by this Mortgage. Unlesa Borrower and Lender agree to other t~ms of payment, anch amonnta shall be payable npon ~ notice from Lendez to Borrower uea ' ent thereof, and ahall bear interest from the date of disbursement at tbe rate payable imm ~ req hn8 P~Ym ~ time to time on ontataading principal under the Note unleea payment of interest at snch rate would be oontrary to applicable law. in which ~ event snch amounts shall beer intezeat at the highest rate permissible under applicable law. Nothing contained in this paragraph 7, shall ~ reqnin Leader to iacur any apense or take any action herennder. ~ t. ~ ~ ~ ~ 0 R 28'~ PA6E JO(1 \ ~ ~ ~ . d001I ~ ' _ _ - ~ ~ g ~a~~ ~ ~ ~~y ~ ~ - w~° ^~z'~~~ ~ ~