The URL can be used to link to this page

Home My WebLink About0730 8orrower and I.ender covenant and a~res a~ folbwr 1. Paymeat o! Principal ~ad Iaterea~ Borrower shall prowptly pay when due the principal of and interest ot? the indebted~ee~ evide~aed by the Note. prepaynaent and late charQ~ as provided ia the Nots, and the principal of and in~t oa a[~y FLture Advancea ~ocured by this MorlSaCe. 2 Ptitad~ for Trucea and Ituur~aoe. 3ubjat to applicable law or to a written waiver by l.ender, Borrower aball pay to l.ender on the day monthly installments of principal and iatereet are payable under the Note, until the Note is paid in full. a sum (herein "FLnda'7 e4ual to ona twelRh of the yea~y taxes and asseasmertta which may attain priority over this Mortgage. and ground rents on the Property, if any, plus one twelRh of yearly premium installmenta for hazani insurance, plua onetweltth of yearly premium inatallmenee for mortgage inaurance. if any. • all as rea~onably eatimated initial~y and trom time to time by I.ender on the baais of aesessments and bille and reawnable estimates thereof. , '11~e P1~nde shaU be held in sn inditution the depoaita or eooounta of which are iasured or guaranteed by a Federal or State agency (includin~ Lende: if Lender u such an institution). Lender shall apply the E~Lr?da to pay said tuues, assesamenta, insuranoe premiuma and gronnd reaf~. Leadu mqy not charge for so holding and applying the I~Lads. analysing said aooount, or verifying and oompiling said asse~sm~te and bilb. unless L~der pays Borrower intez~est on We Ptinnds and applicable law permita Leader to make auch a charge. Borrower and I.en~deT m~y agree in writing at the time of e~cecution of thia Mortgage thet interest on the FLnds ahaU be paid to Borrower. and unkea such agnemant is made or applieable law require~ such intersst b be paid. Lenda ~hall not be required to pay Borrowa anY interest or ~rnings on the Ptinda. Leader shall give W Borrower. withont charge, an annual acoounti~g of We F~nda showing credits and debits b the P~ads and We purpoee for which each debit to the I~nda was made. The Fl~nda are pledged as additional security for the eums secured by thie Mortgage. If the amount of tha Fl?nda held by Lender. together with the futare monthly instaUmenta of Funda pa~yable prior to the due dates of taxes. asa~sments. insnranae ptemiums and gmund renta. ahall ezazed the amoant required to pay eaid ta:es. esseesmenta. inaurance premiuau and grouad rents as they fall due. such ezoess ahall be. at Borro~rer's option. either pmmptly repaid to Borrowa or credited tc? Borrower on monthly iastallmeats of Flinds. If the amount of She I~nde held by I.ender ahaU not be eufticient to pay ta:es. aeaessments. ineurance premiumi and ground rents aa Wey faU due. Borrower ahall pay to Lendet any amount necessary to ma1~e up the deScienry within 30 days from the date notioe ie mailed by Lender to Borrower requesting payment thereof. Up~a payment in fuU of all sums secuied by this Mortgage, Lender shall pmmptly refund to Borrower any fonda held by Lender. If nnder paragraph 18 hereof the Property is sold or the Property is otherwiee aoquired by Lender. I.ender ahall apply. no later than immediately prior to the eak of the Property or its aoquiaition by I.eader. any Ptinds held by Lender at the time of application as a credit against the aume aecured by this Mortgsge. . 3. Appli~ation ob Paymeab. Ualess applicable law providea otherwise. all paymeate received by Lender under the Note and paragraphs 1 and 2 hereof shall be appUed by Lender firnt in payment of amounte payable to Lender by Borrow~ under paragraph 2hereof, then to intee~est payable on the Note, thea to the principal of the Note. and then to interest and principal oa any fi~ture Advances. 4. Charges: I.ieae. Borcower shall pay all taxes, assessments and other chargee, finea and impoeitions attributable to the Property which may attain a priority over thia Mortgage, and leasehold paymente or ground reata, if any, in the manner provided under paragraph 2 hereof or. if nol paid in auch manner, by Borrowe~r malring payment, when due, directly to the payee thereof. Bormwer shall promptly furnish to Lender all notioea of amounts due under this paragr$ph, and in the event Borrower shall make payment directly, Borrower ahall promptly furniah to I.ender reoeipLs evidencing auch paymenta. Borrower shall pmmptly discharge any lien which has priority over thia Mortgage; provided, that Borrower sha11 not be required to discharge any such lien so long aa Borrower shall agree in writing to the payment of the obligation aecured by such lien in a mannrr aooeptable to Lender, or shall in good faith rnnteat auch7ien by, or defend enforcement ofauch lien in, legal pr«.~eedinga which op~sie to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insurance. Botrower ahall keep the impmvements now ea~isting or hereafter erected on the Propedy ineund againat loea by fire, hazarda iu?cluded within the term "e~ctended c~overage." snd auch other hazards as Leader may require and in such amounts and forsuch periods as I.Bnder may require: pro~ided, that Lend~ ahall not require aueh ooverage amount ezceeding the minimum, aa may be required by state or federai ngulatione governing activities of Lender, or that amount of rnverage required to pay the auma secured by this Mortgage, whichever ia the great~. 'Phe insurance carrier providing the inaurance ahall be chosen by Borrowei subject to approval by T.ender; provided, that such approval shall not be unreaeonably withheld. All premiums on insurance 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 inaurance carrier. All ineurance policies and renewale thereof ahall be in form acceptable to Lender and ahall inelude a etendard mortgage clauee in favor of aad in form aoceptable to Lender. Lend~ shall have the right to hold the policiea and renew.ala thereof, and Borrower shall promptly furnish to i.ender all renewal notices and all receipte of paid premiums. In the event of loea, Borrower ahall give prompt notice to the inaurance carrier I~ and Lender: Leada may make proof of loea if not made promptly by Borrower. ~ Unlees Lender and BoTrower otherwise agree in writing, insurance ptoceeds ahall be applied to reatoration or repair of the Property ~ damaged, provided auch reatoration or repair is economically feaeible and the security of thie Mortgage ia not thereby impaired. If such - ; restoration or repair is not economically feasible or if the eecurity of thie Mortgage vyould be impaired, the inearance proceeds ehall be applied ~ to the snms eecared by thie Mortgage. wiW the eaceees. if any. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faila to reapond to I.ender within 30 days from the date notice ie mailed by Lender to Bo:rower that the inaurance carri~ offera to eettle a claim for inanrance bene5ta, Lender ia anihorized to collect and apply the insurance proceeda at Lender's option either to reabration or repair of the Property or the euma eecured by tbis Mortgage. • LJnlees I.end~ s.nd Borrower otherwiee agree in writinB, anY euch appGcation of prooeeds to principal shall not eutend ot poatpone the due date of the monthly installments referred to in psraBraphs 1 and 2 hereof or change the amount of auch installmenta. If under paragraph IS henof We Property ia aoquired by Lender. all right, title and intere8t of Borivwer in and to any insnrance policie8 and in and to the proceeda thereof resulting from damage b PropertY prios to the sale or aequisition ahall paes to I.ender to the e:tent of the auma eecured by thie Mortgage immediately prior to snch aale or aoquisition. . . _ 6. Preaervation and D~sintenance of Property; Leaeeholda; Condominuma; Planned Unit Developmenta. Borrower ahall keep the Property in good npair and ahall not commit waste or permit impairment or deterioration of the Property and ahall oomply with the . pmvisions of any leaee if this Mortgage is on a leaeehold. If this Mortgage is on a unit in a oondominium or a planned unit development, Borrower shall perform all of Borrower'e obligationa under the declaration or oovenanta creatingor govezning the oondominium or plenned anit developmeat, the by-lawe and regiilatione of the oondominium or planaed nnit developmen~ and oonatitnent documenta. Ii a c,ondominiam or planned unit development rider ia e~cecuted by Borrower and recorded together with this Mortgage, the oovenants and agreementa of such rider shall be incorporated ir.to and ahall amend and aupplement the covenante and agreemente of thia Mortgage as if the rider were a part hereof. Protection of Lender'~ Secarit7. If Barrower faile Lo perform the wveaants and agreements ooatained in thia Mortgage. or if aa,Y . action or prooeeding is commenoed ahich materially at~ects Leader's interest in the Property. inclnding, bat not limited to. eiainent domain. insolvmcy. oode enfo:cement, or erran8emeats or Pmceedings involving a banlmipt or deoedeat; then I.e~nder at I.endds option,upon ~ notioe to Bar"rower may make ~nch appearanoes. disbarse anch sums and take snch action as is necessarY to proted Leader's interest, . ~ iaclnding, b~ not limited to, diabnrsement of re~sonable attorney's fees and entry npon the Property to meke repairs. If I.end~ reqnired ~ mortgage insnrance as a condition oi making the loan secured by thia Mortgage, Borrower shall pey the prea~iwns reqnired to maii?tain ~ snch insnranee in effect nntil such time as the requirement for such insnranoe terminatee in aooordancx with Borrower's and Leadds 5 writte~ agreement ar applicable Law. Borrower shall paY the amouat of all mortgage insaranc+e premiums m the manner provided nnder ~ peragraph 2 h~reof. . ~ Any amounts diebursed by Lender persuant to this paragraph with inte~est thereon, shaU beoome additional indebtedneee of ~ Borrower secared by this Mortgage. Unlees Borrower and Lender agree to othe~ terms of payment, ch amonnts shall be payabk upon noticx irom I,ender to Bormwer requesting payment thereof. and shall bear intereet from the date of ~bursemen! at the rate payable from ~ time to time on outstanding principal nnder the Note nnleee payment of interest at anch rate would be oontrary to applicable law, in which ~ evr.nt wch amonnts ahall bear intereet at the highest rate permieaible under applicable law. Nothing oontained in this parsgraph 7, shall reqnin I,endu ~o incnr any ~pense or talce any action hez~e+wdez. . - ~~z$? ~ ?;2? ~ ~1~} ~s : ~ - - - - - ~ ~ . : ~ ~ ~_r~ ~ ~~~:;~g - - . -