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Home My WebLink About0166 Borrower and Lender cove~ant and agree as tolbwa: l. Psyment o! Princlpal wd Intere~~ Sorrower sha11 prompdy pay whea due the principal of and interest on the indebtedneas evidenced by the Note, prepaymeat and late charge~ as provided in the Note. and the princiFal ot and interest on any Ftiluie Advances eecuted by thi~ Mort~age. - 2 FLnds for Tuea and Insurance. Subject W epplicable law or to a written waivc~ by l.ender. Borrowec ahall pay to Lender on the day monthly install~aents of principal and intereat ere payable under the Note. unW the Note ia paid in fuU. a eum (herein "FLnda") equal to one~ .~:l~h of !he yrsrly 4~xee ~n~ ea~amenl. which mav a/tain priarity over tbis Mort~age, and ground renta on the Property. if anp~ plus one twelRh of yearly premium it?stallments [or hazard ineuranee, pluannetwelRh ofyeasly psemium installments for mortgage insurance, if any, all as reasonably eatimated initially and trorn time to time by I.ender on the baais of asseesments and bills and reasonable estimates thereof. The ~nds a6all be heid in an institution the depoaits or aocounta oi ~rhich aie ina~ued or guaranteed by a Federal or State agency (including Lender if Lender is such an inatitution). I.ender shail appJy the Ftinds to pay said ta:es, aeaesamenta, inaursnee premiwna and grouad renta, LeAd~ m~yr aot charge for so holding ar~d applying tbe Funds. analyzing said aocou~k or verifying and oompiling said aeaeesmen4s and bills. nal~s Lender paye Borrower intereat on the ~nds and applicable law permita Lender to make such a charge. Borrower ' and Lender may agree ia writing at the time of e:ecution of thia Mortgage that intereat on the F'unda shaU be paid to Borrower. and unless such agreement ia made or applicable taw requires such inteaat to be paid. Lender s~~ll aot be required b pay Borr+owa any intersat or . earniwga on the fi~nds. Lender shall give to Borrower. withont charge, an annual aceounting of the Funda showing credite and debita to the Phnds and the purpoee for which each debit to the Fl?nda was anade.lbe Funda are pkdged ea additional security for the auma secured by this ' Martgage. Itthe amount of the f~nds held by Lender, together with the future monthly inatallmenta of ~nds payable prior tothe due dates of taicea~ ass~saments. ineurance premiums and ground renta, ahall eaca~ed the amount required to pay said taxea, saeessinente, inaurance premiums and gronnd rents aa they fall due. such ra~cess ahall be, at Botrower's option, either pmmptly repaid to Borrowet or credited to Borrowtr on mo~thly inetallmenfa of ~nds. If the amount of We Funds held by Lender shatl not be aufficieat to pay tazea, aaeeasments, inaurance premiume and geouad rents as they fall due. Bormwer a6all pey b Lend~ any amount neoesaary to make up the deficiency within 30 days from the date notice is mailed by l.ende~r to Borrower requesting payment thereof.. . Upon paya~ent in fiill of all eu~ps eecwed by thia Mortgage, Lender ahall promptly refund b Borrower any funds held by I.ender. If nnder paragraPh 18 hereof the Property ia sotd or the Property is othecvviae aoquired by Leader. Lender shall aPP~Y. ho later than immedietely prior to the eale of the Property or ite aoquisition by Lender. any Fynds held by I,ender at the time of application as a credit againat the aums eecured by this Mortgage. ' ~ 3. Application of Payments. Unlees applicable Iaw providea otherwiee, all paymente received by Lender under the Note and parsgraphe 1 and 2 hereof shall be applied by I.ender fust in payment of amoonts payable to Lender by Bomowez under gatagraph 2 hereof, then to intereat payable on the Note, thea to the principal of the Note, and then to interest and pria~apal on aay P'ature Advancee. Charges; Lieds. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributabte to the Property which may attain a priority over this Mortgage, and leasehoW payments orground rents, if any, in the manner provided under paragraph 2 her+eofor, if not paia in snch manner, by Borrower making payment, when due, dirrctly to the payee thereof. Bonower shall prompdy furnish to Lender all noticea of amounts due under thia paragraph, and in the event Borrower shall make payment directly, Borrower shall prompdy furnish to Lender reoeipts evidencing aucl? payments. Borrower shall promptiy discharge any lien whic6 has priority over this Mortgage; provided, that ~ Botrower aha11 not be required to discharge any such lien solong as $orrower shal! agree in writing to the payment of the obligation secured by such lien in a mar~ner scoeptable to Lender, or shall in good faith rnntest such lie~ by, or defend enforcr~nent 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. Hszard Insurence. Borrower ahall keep the improvemeats now e~ciating or hereafter erected on the Property insured against loss by. fir~ hazards included withia the term "eutended covetage," and auch other hazards as I,ender may require and in such amounts and for sqch periode as Lender may require; provided~ that I.endrr aha1) not t+equire auch ooverage amount exceeding the minunum, as may be required by ' state or federal tegula6ons goveming activitiea of Lender, o* ~hat amount of coverage required to pay the eums secured 6y this Mortgage. whichever i~ the greater. . . The insuranee carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiuma on insurance polici~ ahalt be paid in the manner provided under paragraph 2 hereof or, if not paid in such mat?ner, by Borrower making payment, when due, directly to the insurance carrier. ' Ali ineurance policies and renewals thereof shall be in form aoceptable-to Lenderand shall include a stendard mwigageclauae in favor of - and in form ecceptable to Iender. Lender ahall have the right Lo hold the policies and renewats thereof, and Borrower sha11 promptly furniah to i.ender all renewal notioea and all receipte of paid premiums. In the event of loes, Borrower shall give prompt notice to the insurance carrier and I.ender. Lender may make proof of loss if not made prompdy by Borrower. ' ' Untesa Leader and Borrower otherwiee aaree in writing, insurance prooeeda shall be applied to restoration or repair of the Property damaged, provided anch restoration or repair ie ecoaomically feasible and the security of this Morlgage is not thereby impaired. If such reatoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeda ahali be applied to the suma eecured by this Mortgage, with the ~cess, if any, paid to Borrower. If the Property is abandoned by Borrowet, or if Borrower fails to ' respond to Lender within 30 deya from the dete notice is mailed by Lender to Borrower that the inaurance carrier o~ers to settle a claim for 's inanrance benefita, Lender ie suthorized to collect and apply the insnranae prooeeda at I~nder's option either to restoration or. repair of the Property or the suma secured by thia Mortgage. Untesa Lender end Borrower othenrise agree in writing, ariy such application of proceeda to principa] ehe]) not estend or poatpone the due date of the monthly installments refernd to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph 18 hereof the Property ia acqnired by Lender. all right, title and interest of Borrower in and to sny inanrance policies and in and to the prooeeda thereof reeulting from damage to Property prior to We sale or acquiaition shall pa.se to Lender to the eztent of the eume aecured by thie Mortgage immediateiy prior to auch sale or aoquisition. ~ 6. Preaervation and ~sintenance otProperty; Leaeeholda; Condominuma; Planned Unit Developmente. Borrower ahall keep _ ~e ~P~Y ~ 6~1 nP~ ~d shall not commit waste or pennit impairment or deterioration of the Property and sha[I compty with the pmvisione of any lease if this Mortgage is on a leasehold. If thie Mortgage is on a unit in a o~ndominium or a planned unit development, Borrower ahall perform a11 of Bomower's obligations under the declaration or oovenanta creatingor governing the oondominium or planned unit development, the by-lawe and regulatione of the rnndominium or planned unit development, and conetituent docwnente. If a' oondominium or planned unit development rider ia e:ecvted by Borrower and recorded togethet with this Mortgage, the aovenants and agreements of such rider shall be incorporated into and shall amend and suppleme~t lhernvenants and agreements of this Mortgage as if the rider were a part hereof. ~ Protectioa of Lender's Secnrltp. If Borrower fails ta perform the oovenante and agreements oontained in this Mortgage, or if aay action or prooeeding is coanmenced which matrriallY af~ecas Le~der's intenet in the Prop~ty. i.acinding, but not limited to, eminent domain, insolvencY, oode enforc~ent, or arrangementa or pmce~edings involviog a banlnvpt ar deoedent, tha~ Lender at L,ender'~ option,npon notiex to Barrower may make such appearances, disburse anch eums aad take auch action as is neoeseaty tu proted I.en$Q s in,taest, ~ inclndin8. bat not limited to. diebnraement of reasonabk attotney's fees and eatry apon the Pmperty to maice repain. If Lpider reqaired mortgage insurance as s condition of making the loaa secaeed by this Mortgag~ Boroower shel) pay the premivau reqnired to maintain such insarenoe in rFfect nntil anch time as the reqnirement for such inaarance terminates in acoaedance with Bartower's and I.endds ~ writLen e~reement oir applicable Lew. Bore~ower shall pay t6e amount of all mortgage insuranoe preTniams in the manner provided ander PeraBraPh 2 brreof. Any amounts disbnrsed by Lender penruant to this paragraph 7, with interest Wereon, shall beoome additional indebtedness of ~ Bormwa secured by this Mortgage. Unless Borrower and L.H?da ag~ee to other terms of Pe~Yment, ach amonnts shall be payabk upon - notice from Lender to Borrower requeating pay,ment thereo~ and ahall bear interest from the date of disbursemeat at the rate payable ~rom time to time oa ontstanding principal under the Note unless peyment of interest at wch rate woald be aontrary to appficaWe law, in w6icb event ench amounta shell bear int~erest at the }ughest rate permiasible undQ applicable law. Nothing cantained in this paragraph 7. shall require I.ender to incnr any expense or take any action hereunde~. - ~ ~ , a~u~+(~~~ r~t,: - w , _ ~ t~._. , - - - u , ~