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Home My WebLink About0726 . ' Bonower and Le~der covenant and a~ree as follows: • 1. Peymeat ot PirlticipAl and Intete~~ Borrowet shall promptly pay when due the peincipal of and intereat on lhe indebtedneas evidenoed by the Note, prepayment and late charges as pmvided in the Note, and the principal of and in terest on any F1t~ue Advance~ secured by this Mortgage. _ 2. Ftinda for Taxes and I~suriutoe. Subject b appliceble law or b a written waiver by l.er?der, Borrower ahali pay to I.ender on the day mo~thly installmeata olprincipal and inteteat are p~yable undes the Note, until the Note is paid in tuii, a sum iherein "[~ads") equal to ono- twelRh of t}ie yearly taxes and aseessments which may attain priority over this Mortgage. and ground renta on the Property, if any. plus one~ twelRh of yearty premium installmenta for hazard insurance. plua onetwelRh of yearly premium inatalimenta for mo~tgage inaurance, if any, , all aa reasonably estimated initially and trom time to time by [.ender on the basis oi asseeaments and bills and reasonable eatimatee thereof. The Funds ahaU be heW in an iastitntion the deposib or accounts of which an inaured or guaranteed by a Federal or State agency (including Lendet if Lender ie auch an inetitution). I.ender ahall appfy the I~nda to pay said tases. asaesaiaents, ineuranoe premiuma and ~ gmund rents. Lende~ m~y aot charge for so holding and applying the Phnds. analyring said aacount, or verifying and compiling said ~ aseessmet~b and bills. unlesa Lender paye Borrower interest oa the I~nda and applicable law pernAits [,ender to make such a charge. Borrower and Leader may agree in writing at the time of eaecution ot this Morigage that interest o~ the Funds ahall be paid b Borrower, and unleaa euch agreement ie made or applicable law requires auch intereat to be paid. Lender ahall aot be required to pay Borrower any iatereat or earninga on the Flmds. Lender shall give b Borrower. without charge. an annual accounting of the fl~nds ahowing credits and debita to the . F~ndi and the purpose for which each debit to the ~nds was made.'t4?e Funds are ptedged aa addiqonal eecurity for the auma eecured by this ' Mortgage. If the amount of the FLnds held by Lender. together with the future monthly inataUmente of Funde payable prior b the due datee of ta:es, asaeeamenta. insurance premiums and ground rents. ahall exozed the amount required to pay aaid taxea, aeseesments..inaurance premiums and ground rents as they fall due. such ezcese ahall be, at Borrower's option, either pmmptiy repaid to Borrower or credited to Borrower on monthly installments of FLnds. If ihe autount of the Funds held by Lender ehall not be suf'ficient to pay ta~cea. aseeesmeMe, inaurance ± premiums and ground nnts aa they fall due, Borrower ehall pay to Lend~ any aauount necessary to make up the deficiency within 30 days { from the date notice is mailed by I.ender to Borrower requesting payment thereof. Upon payment ia full of all suma secured by tAis Mortgage. Lender shall promptly refund to Borrower any funda held by Lender. If under ~ paragrag}?18 hereof the Property is sold or tl~e Propesty ia otherwiee acquired by Lender, Lender ahall apply, no later than immediately prior ? to the sale of the Property or ite aaquisition by Lender, any I~nda held by Lender at the time of application ae a credit against the auma eecured ~ by this Mortgage. ~ 3. Application of Paymeate. Unleae applicable law provides otherwiee, all paymente received by Lender under the Note and ; paragraphs 1 and 2 hereof ahall be applied by Geader firat in payment of amounts payable to Lender by Botrow~ under paragraph 2 hereof, then to interest payable on the Note. then to the principal of the Note, and then to interest and principal on any Future Advancee. 4. Charges; Liena. Borrower ahall pay all taxes, assessments and other charges, fines and impositions attributable to the Property which may attain a priority ovet this Mortgage, and leasehold payments or graund renta, if any, in the manner provided under paragraph 2 hereof or, if not paid in such mannei, by Borrower making payment, when due, directly to the payee thereof. Borrower ahall prompdy furniah b L.ender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly. Borrower ehall prompUy furnish to Lender receipta evidencing euch payments. Borrower ahali promptly discharge any lien which has preority over thia Mortgage; provided, that ~ Borrowe~ shall not be required to discharge any auch lien so long as Borrower shall agree in writing to the payment of the obligation secured by i such lien in a manner acceptable to Lender, or shall in good faith rnntest auch lien by, or defend enforcetnent otauch lien in, legal proceedinga ~ which o te to revent the enforcement of We lien or forfeiture of the Pro ~ P~ P P~Y or any part thereof. . ~ 5. Hazatd Ineurance. Borrowez ahail keep the impmvements Aow existing or hereafter erected on the Property inaured against losa by _ ~ fire, hszatde iacluded within the terna "eactended coverage,^ and auch other hazards as Lender may require and in auch amounts and for euch perioda ae Lender may require; provided, that Lender shail not require auch ooverage amount exceeding the minimum, as cnay be required by state or federal regulatione goveming aetivities of Lender, or that amonnt of coverage e~equired to pay the suma eecur+ed by this Mortgage. ~ whichever is the greater. The inaurance carrier providing the insurance shall be chosen by $onower subject to appmval by Lender; provided, that such approval shall not be unrea~onably withheld. All premiums 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 cartier_ Afl ineuraace policiee snd renewals theieof sha11 be in form acceptable to I.ender and ahall include a atandard mortgage clauee in favor of and in ~oran acceptable to Leader. Lender ahall have the right to hold the policiee and renewals thereof, and $orrower shall prompUy furnish to ~ i.ender all renewal noticea and all receipts of paid premiuma. In the event of loes, Borrower ehall give prompt notice to the insurance carrier ~ and i.en~er. Lender may make proof of loss if not made promptly by Borrower. _ Unlese Lender and Borrower otherwiae agree in writing, insurance proceeda ahall be applied to restoration or repair of the Property ' damaged, provided anch restoration or repair ie economically fessible and the security of this Mortgage ia not ther~b 3 y impaired. If such ~ restoratioa or repair ie not economicalDy feasible or if the e~ecurity of thia Mortgage wonld be impaired, the insvrance proceede ahall be applied ~ to the eume eecnred by this Mortgage, with Lhe ezcess, if any. paid to Borrower. If the Property ia.abandoned by Borrower. or if Borrower faile W ~ reapond to Lender arithin 30 daye from the date notice ia meiled by Lender to Borrower that the insurance carrier offera to eettle a daim for ~ inBUrance benefite, Lender ia authorized to collect and apply the insurance proceede at I.ender s option either to restoration or repair of the ~ Property or the euma eecured by this Mortgage. . ~ Unlesa Lender sad Borrower oiherwise agree in writing, any such application of prooeeds to principa] shall not extend or postpone the due date of the monthly inatallments referred to in paragraphs 1 and 2 hereof or change the amount of such inatallmente. If under paragraph 18 ~ hereof the Property ie aoquired by Lender, all right. title and intereat of Borrower in and to aay inaurance policies and in and to the proceeds ~ t[~ereof reeulting from damage to Property prior to the aale or ac+quisition shall pasa to I.ender to the e:tent of the eume eecured by thie ' Mortgage immediately prior to anch eale or aoquiaition. • 6. Preeervation and Maintenance of Property; Leaseholds; Condominums; Planned Unit Developments. Borrower ehaq keep ` the Property in good repair and ahall not commit waste or pera~it impairment or deterioratian of the Property and ehaA oomply with the ~ pmviaions af any lease if this Mortgege ie on a leaeehold. If this Mortgage is-on a unit in a oondonunium or a planned unit development, • Bosrower shall perform all of Borrower's obligationa under the declaration or oovenanta creatingor goy~ning the condominium or planned unit development~ the bylaws and regulatione of the condominium or planned unit development,-and constituent documente. If a condominium or planned unit development rider ia ea~ecuted by $orrower and t+ecorded together with this Mortgage, the oovenante and agreements of auch rider ahall be incorporated into and ehall amend and supplement the covenants and agreements of thie Mortgage as if the rider were a part hereof. " 7. Protection of I.ender's Secnrity. If Borrower faile to perfomn t6e aovenants and agreements oontained in thia Mortgage. or it any action or proceeding is commenoed which materielly etfecte Lender's interest w the Property. including, but not limited to. eminent domain, + insolveacy~ eode eaforcem~t, a~ errangements or pmceedings involving a banlmipt or deoedent, then Lender at I.ender's option,npon = notioe to Borrower may make such appearances, diabnree snch snms ~nd take snch action aa is nea~eary to protect I.end~'s interesk ~ inclnding. but not limited to. disbursemeat of reaqonable attorney'e fces and eatry upon the Propetty to mal~e npairs. If I~ender reqnired mostgage insarance as a condition of making the loan aecured by this Mortgsge. Borrowez shall pay We P~~ re4uired to maintain sacb insmance in effed nntil snch time aa the requirement for anch inearance terminatee in aocordaace wiW Borrower's and LeY?der's written agreement or applicabk LaM?. Borrower shall pay the amount of ell mortgege inaurance premiw~na in the manner provided under paragraph 2 hereoL My amounts disbareed by Lendez perauant to this paregraph 7, with intereet thereon, shall become additional indeMednees of f Borrower ae~vred by thia Mortgage. Unleea Borrower and Lender agree to otha terms of payment, snch amounts ahall be payable upon i notice trom Lender to Borrower requeating payment thereof, and shall bear interest trom the date of disbursement at Lhe rate payabie from ~ time to time on outetanding p~incipat undec the Note nnless payment of ittterest at anch rate would be oontrary to applicable law, in which event snch amounts ahall bear intereat at the higbest rate pe:mis~ible u~nder applicable law. Nothing contained in thia paragraph 7, ehall teqnire I,ender b iacur any espense or take any action hereunder. _ BO~OK~ PAi~ ~ ~ , ~ i - ~ ~ ,~:r ~ ~ : - - - ~ . ~