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Home My WebLink About0058 Borrower artd l.ender cove~ant and a~ree as follows: 1. Payment of Principal wnd Interest. Borrower shaU psompUy pay wher? due the principnl of and interest on the indebtedneas evidenad ~y the Note, prepayment and late chargea e~ provided in the Note, and the principal of and intereat on any I~ture Advances aecured by thie Mor~age. ~ 2. FLnde for Ta:es and Inauraaoe. 3ubject to epplicable law or to a written waiver by l.ender, Borrower ahaU pay to I.ender on the day monthly installments of principal and intereat are payable under the Note, until the Note ia paid i~ full, a sum (herein "Funds") equal to ont twelfth of the yearly taxes and asseasments which may attain priority over thie Mortgage, and ground renta on th~ Property, itany, pl~e one- twelfth of yearly pre~nium installments for hazard inaurance, plus onetwelRh of yearly premium inatallmenla for modgu~e ineu~ance. if any, all sa naeonebly e~timated initiaUy and firom time to time by I.ender on the belais of aeaesamenta and bilte and reasonable eatimr~tea thereof. 't'he ~nds ehali be held in an institution the deposita or aocounta of which are insured or guaranteed by e Federal or SLate agency (including Lender if I.ender ia auch an institution). Lender shall apply the Funds to pay said ta:es, aeeeasments. insurance premiwns and ground reats. Lender may not chac~e for so holdi~g and epplying the ~nds. analyzing said account, or verifying and rnmpiling eaid asaeaementa and bills, unleea Lender {?ays Borrower inteiest on the I~nde and applicable law permite Lender eo make such a charge. Borrower and I.ender mayr ag~ee ia writing at the time of e:ecution of this Mortgage that inkreat oa the Funda shall be paid b Borrower. and unleas soch agreemeat is made or epplicable law requires such intenst to be paid. Lender shell not be required b pay Bormwer any interest or earnings on the F~nda. I.ender ahall give to Borrower, withont charge, an anaual acoounting of the Flrnds shuwing credite and debits to the F~da and the parpoee for which each debit to the Flu~ds was made. The Funda are pledged ae additional eecurity for ihe euma secured by thie Mortgage. If the amount of the FLnda held by I.ender. together with the future monthly inatallmeata of Funda payable prior to the due detes of ta~cea, aseesemeate, ineurance premiume and ground rents. shall e:eaed the amount required b pay said tbxee. aesessmente, inaurance premiume and ground rents as they fall due, such e:cees ehall be, at Bo~TOwer e option, either promptly repaid to Borrower or credited to Borrower on monthly installments of ~Lnds. If the amount of the Ftinde held by Let?der shall not be sufficient to pay ta~ces, aseessmente, ineurance premi~ns and grouad renta ae they fall.due, Borrower ahall pay to Lender any amount ~eceeeary to make up the defiriency within 30 daye from the date notice ia meiled by Lender to Borrower requesting payment thereoL ' Upon paym~t in full of all anma secured by this M~rtgage. Lender ahall promptly refund to Borrower any funda held by Lender. If under parag~aph 18 hereof the Property ia eold or the Property is otherwiee acquired by Lender, L.ender shaU apply, no later than immediately prior to !he aale of the Property or ifs aoquisition by Lender, any FLnds held by L.ender at the time of applicetion as a credit againat the sume secured by thie Mortgage. ' 3. Applieation of Paymenta. Unleas applicable law providea otherwiee. all payments received. by I.ender under the Note and paragraphe 1 and 2 hereof ahall be applied by Lender firat in payment of amounts payable to I.ender.by Borrower under paregraph 2 hereof, then to intereat payeble on the Note. then to the principal of the Note. and then to inLereet and principal on any ~ture Advancea. Chargee; Liens. Borrower sha11 pay all taxea, s~asessments and other charges, finea and impositiona attributable to the Properly which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner pmvided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due,-directly ta the payee thereof. Borrower ahall promptly furniah to l.ender all noticea of amounts due under this paragraph. and in the event Borrower shall make payment directly, Borrowei ahall promptly furnish b [.ender rnoeipts evide~cing such paymenta. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to disch arge any auch lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a menner acceptable to Lender, or ahall in good taith rnnteat such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5 Hasac+d Ineurance. Borrower sliall keep the impmvements now exiating or hereafter erected on the Property inaured againat losa by fire, ht~ssrds inc3uded within the term "exfanded rnverage," and auch other hazarde ae I.ender may rrquire and in such amounts and for auch pesi~as.~.ende~ m~y require; provided, that Lender ehall not require such ooverage amonnt e:ceeding the ~ninimum, a8 may be required by stete or7edera'1 ie'gttt~tions goveraing activitiea of Lender. or that amount of coverage required to pay the aums aecured by this Mortgage, whichevdr is the gteatet. ~ • - ' The insacar~carriet providing the insurance shall be chosen by Borrower subject to approva! by Lender, provided, that such approval = she11 not be unfeasonably w~thheld All premiums en insurance policiea ahall be paid in the manner provided under paragraph 2 hereof ar, if pot paid ia anch manna, by Borrower making payment, when due, directly to the insurance carrier. ; All insurance polieies pt~8 renewals Wereof ahall be in form acceptable to Lender and ehall include a standard mortgage clauee in favor of and in ~"oatm~ aoo~table to Lender. Lender ahall have the right to hbld the policiea snd renewals thereof, and Borrower ahall promptly furniah to , t,end~ all [eaewal and all reoeipta of paid premiuma. In the event of loes, Borrower ahali give prompt notice to the insurance carrier snd I~?det. Lenderl~make proof of loae if not made prompdy by Borrower. ( Unleas Lendar and'Borrow~ otherwiee agree in writing, inaurance proceeda ahall be applied to reatotation or repair of the Property ~ damagad, provided auch reatoration or repair ia economically fessible and the security of thin Mortgage ia not thereby impaired. If auch ( reatnration or tPpgir ie not economically feaeible or if the eecurity of this Mortgage would be impaired, the insurance proceeds ahall be applied ~ to the aums secured by thia Mortgage, with the e:cese, if any, paid to Borrower. If the Propeity ie abandoned by Borrowar. or if Borrower faile to F reapond to Lender within 30 days from the date notice ia mailed by I.ender to Borrower that the insurance carrier offers to settle a claim for ~ inaurance bene6ta. Leader ie authorized to collect and apply the ineurance proceeda at Lender'e option either to restoration or repair of the ~ Property or the sama eecu.^ed by this Mortgage. Unleee Lender and Borrower otherwiee agree in writing, any auch applicatioa of proceeds to principal ahall not e:tend or poatpone thedue date of the monthly inetallments referred to in paragrapha 1 and 2 hereof or change the amount of euch inetallmente. If under paragraph 18 ~ hereof the Property is acquired by Lender, all right, title and intereat of Borrower in and to any inaurance policies and in and to the proceeds thereof resuiting from damage io Property prior to the eale or acquisition shall paea to I.ender to the eatent of the sama secured by thia ` Mortgage immediately prior to such sale or aoquiaition. ; 6. Preservation and Maintenence of Property; Leaeehoida; Condominume; Planned Unit Developments. Borrower ahall keep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ehall oomply with the proviaione of any leaee if this Mortgage ia on a leasehold. If this Mortgage ia on a anit in a oondominium or s planned unit development, Borrower ehall perform sll of Borrower's obligationa nnder the declaration or oovenants creatingor governing the rnndominium or planned unit developmen~ the by-laws and regulationa of the condominium or planned unit developmeat, and oonatituent dceumeata. If a condominium or planned unit development rider is ezecnted by Borrower and recorded together with this Mortgage. the oovenants and agreemente of auch rider ahall be incorporated into and ahall amend and avpplement the rnvenants and agreementa of this Mortgage as if the rider were a part hereof. ~ 7. Protection oi Lender'~ Security. If Borrower fails to pe~rform the oovenante and agree~neats ooaLained in this Mortgage. or if any ~ action or prooeeding is commenced which meterially affecta Lender s intereat in the Property. including, bnt not limited to. eminent domein, insolvency. oode enforoement, a: arrangemeats or proceedings involving a bankrupt or deoedent, then Lender at Lender's option,upoa ~ notice to Bormwer may me1~e snch appearancea, disburse such eums aad tate snch aMion as is necessary to protect Lender's inta~eet, ~ indnding, bnt not limited to, disbursement of reasonable attarney's fees and entry upon the Property to make npaira. If Lender reqnired ~ mortgage insnrance as a condition of making the loen eecured by this Mortgage, Borrower shall pay the premiums required to maintain ~ anch insnranoe in effect nntil ench time as the requir~ement fQr euch insarance terminatee in accordence with Borrow~'s and Lendds ~ written egrcement or applicable Law. Borrower ahap pay the amount of all mortgage insurance pmniums in the manner provided under ~ PareBreph 2 hereof. ~ Any amonnts diabursed by Lender pereuent to this ParagraPh 7, with interest thereon, ahall beoome additional indebtedaess of t Borrower ~ecured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, euch amonnta ahall be payable upon ~ notia ~om Lender to Borrower requeating payment thereof, and ahall bear intereat from the date of disbureement at the rate payeble from time to time on outetanding principal under the Note unless payment of interest at such rate wonld be oontrary to applicable law. in which event such amounts ehall bear intereet at the higheat rate permissible under applicable law. Nothing oontained in thia paragraph 7, shaU reqnire Lender to incur any e~cpenee or take any action hereunder. ~ - . ~ . ~ ~ B~GK 2~~ PAf,f ~ - ~ ~ ~