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Home My WebLink About0170 Botrower aad Le~der covenant and agree as folbws: 1. Payment ot Principal eu~d Iateres~ Borrower shall promptly pay whe~ due the principal o[ and intet+est on the indebtedneaa evidenced by the Note, prepayment and late charQep a~ provided in the Note, and the principal of and interest on any fi~ture Advances secur~ed by this Mort~age. ' 2. ~tada for Taxer end Insurance. Subject w applicuble law or to a written waiver by I.ender. 6or[ower ahali pey to l.e~der on the day monthly installments of principal and intereat are payable under the Note. ur~til the Note ie paid in full, a sum (herein "1~'unds") equal to on~ twelRh of the yesrly taxes and aseesements which may attain priority ovei this Mortgage. and ground re~ts on the Property. if any. plua one twelRh ofyeariy premium ins~alLnenia [ur huaur.~ insvrance, ~l~s onrt~selRh ofy~srly premium inwtallmenta [or mortgegeinsura~ce, itany, ~ sll as reseonably eatimated initialiy and trom time to time by L.ender an the basis of aeeessments and bilis and reasonable estimates thereof. ' The F~nds ahali be held in an insatution the depoeits or aeoonnts of which are inaured or guaranteed by a Federal o: State ageacy (including Lender J Lender is such an institution). Lender shall apply the ~nda to pay said taxes. asseasments, insurance premiume and grouad renta. Lender me~y not charge for so holdi~g and applying the ~nds, analyzing said account~ or verifying and compiting said essesaments and bilb, unless Lender pays Borrower interest on the Funda and applicabie law permits I.ender to make such e chnrge. Borrower ~ and [.ender way agre~e in writing at the time of e:ecution of this Mortgage that intereet on the FLnda shall be paid to Bortower. and unless auch agreemet?t ia made or applicable lew requires euch interest to be paid. Lender shall not be required to pay $orrower any interest or earnings on the I~linds. Lender shall give to Borrower. without charge. an annual aocounting of the Fu~ds showi~g credite and debite to the F~nda and t6e purpoae for which each debit b the Funda waa made. The Funds are pledged ae additional security fortheaums secured by this Mortgege. . If the amount of the ~bda held by I.eader, together with the future monthly inatallmente of Funds payable priorto ihe due datea of taxea, saeessments, inauranoe premiums and ground renta, ahall e~c~ed the amount required W pay eaid ta:ea~ seseeameats, insurance premiuma . and ground reate aa they faU due. auch exceas ehsll be, at Borrower'a option, either pmmpdy repaid to Borrower or credited to Borrovu~er on monthly inataUments of ~nds. If the amouat oi the Ftitnds held by Lender ehall not be aufficient to pay taxea, aeaeeamente, insurance premiume and ground rent8 aa they fall due. Borrower ahall pay to Lender any amount neceseary to make up the deficiency within 30 days from the date notice ie mailed by [.endet to Bormwer requeeting payment thereof. Upon payment in full of all sums secue~ed by thia Mortgage, L.ender ahall promptly refund to Borrower any funda held by Lender. If under paragraph 18 hereof the Property ie eold or the Property is othe:wiee acquired by Lender, Lender ahall apply. no later than immediately prior to the eale of the Property or ite soqaisition by I.e~der, any fl~nda held by I.ender at the time of application ae a credit againat the swna eecured by thie Mortgage. ' . 3. Applieation of Paymeats. Ualeea applicable law providea otherwiee, all payments received by L,ender under the Note and paragraphs 1 ancj 2 hereof shell be applied by Lender firet in payment of amounta payable to I.ender by Borrower 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 Fut~u+e Advances. 4. Charges; Liens. Borrower shalt pay all taxea, assesaments and other charges. fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold paytnents or ground rents, if any, in the maaner provided under paragraph 2 hereof or, if not paid in such manner. by Borrow~ making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all noticea of amounta due unde~ this paragraph, and in the event $orrower shall make payment directly. Borrower ahall promptly furnish to Lender receipts evidencing such paymenta. Borrower shall promptly dischnrge any lien which has priority over this Mortgage; pmvided, that Borrower shall not be required to diacharge any such lien so long as Borrower ahall agree in writing to the payment of theobligation secured by such lien in a mannez acceptable to Lender, or shatl in good faith conteat such lien by~ or detend enforcement ofsuch (ien in, tegai proceedings which operate to prevent the enforcement of the tien or forfeiture of the Properiy or any part thereof. 5. Hazard Insuraace. Borrower ahall keep the improvements now exiating or hereafter erected on the Property insured against loss by fire, hazarda included within the temn "eateaded coverage," and such other hazards as I,ender may require and in such amounte and for such ~ periode ae Lendar may require; provided, that Lender ehall not require auch ooverage amount e:ceeding the minimum, as may be reqaired by atate or federai regulations governing activities ot Lender, or that amount of coverage rPquired ta pay the aums secured by thia Mortgage, whichever ia the greater. The inaurance carrier providing the i~surance ahall be chosen by Borrower su~ject to approval by Lender, provided, that such approvai shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the mannet provided under paragraph 2 hereof or, if not paid in such manner, by Bonower making payment. when due, ditectly to the insurance carrier. All insurance policiee and renewala thereof ahall be in form acceptable to Leeder and shall include a standard mortgage clauee in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renex ala thereof, and Borrower sha11 promptiy furnish to i.ender all renewal notices and all receipta of paid premiums. In the event of loea, Borrower ahall give prompt notice to the insurance carrier and ~Lender. I.ender may make proof of loea if not made promptly by Borrower. Unlese Lender and Borrower otherwise agree in wriEing, insurance pmceeda ahall be applied to restoration or repair of the Property damaged, provided auch reatoration or repair is economicaUy feasible and the eecurity of thia Mortgage is not thereby impaired. If auch restoration or repeir is not economically feasible or if the aecurity of thie blortgage would be impaired, the inaurance proceeda ehall be applied to the eama secured by thia Mortgage, with the excesa, if any, paid to Borrower. If the Property is abandoned by Borrower, or if E3orrower fails to reapond to I.ender within 30 daye from the date notice ia mailed by I.ender b Borrower that the ineurance carrier offera to aetde a ctaim for inaurance benefite, Lender is authorized to rnilect and apply the insurance proceeds at Lender's option either to reatoration or rnpair of the Pmperty or !he aums eecured by this Mortgage. Unleae Lender and Borrower otherwise agree in writing, any such application of proceeda tctprincipal ehall not extend or postpone thedue date of the monthly inslallments refen~ed to in paragraphe 1 and 2 hereof or change the amount of aucti installments. If under paragraph t8 hereof the Propetty is acqnired by Lender~ all right, title and interest of Bon+ower in and to any insurance policies and in and to the procee~s thereof reaulting from damage to Peoperty prior to the sale or acquisition ahall paes to Lender to the e:tent of the aums secured by this Mortgage immediately prior to auch eale or aoquieition. 6. Preservation and Maintenance of Property; I.easeholde; Condominuma; Planned Unit Developmenta. Borrowershall keep . the_Properly in good repair and shall not commit waste or permit impairment or deterioration of the Property and ahall comply with the provieiona of any lease if this Mortgage is on a leaeehold. If this Mortgage ia on a unit in a oondominium or a planned unit development, Borrower ehall perform aU of Borcower's obligations under the declaration or oovenants creatingor governing the condominium or planned unit development, the by-lawa and regulationa of the condominium or planned unit development, and oonaptuent documenta. If a oondominium or planned unit development rider ia ezecuted by Borrower and recorde~ together with thia Mortgage, the oovenaat8 and agreemenfs of such rider ahall be incorporated into and shall amend and supplement the rnvenanta and agreementa of this Mortgage as if the rider were a part hereof_ • ' 7. Protection ot Lender'~ Securit~. If Borrower taits to perform !he aovenante and agnements contained in this Mortgage, or if any action or prooeeding ia commenoed which materiaUy affects Lende~s interest in the Property. including, but not limited to, eminent domain, inrolvency, oode ~forcement, or arrangementa or prooeedings involring a banlm~pt or deoedent, then Lender at Lender s opLion,npon notice to Bormwer may make ench appearanoes, diaburse such sams aad take snch action as is neoessary to protect I,ender's inta~es~ t inclnding, but not limited Lo, disbursement of reasonsble attorney's fe~ end entry npon the Property to make repa.irs. If Lender required mortgage inanre,nce ae a oondition of making the loan aecnred by thia jNortgage, Borrower shall pay the premiums required to maintain each insuranoe in effect nntil such time aa We requirement for such inaurance t+erminates in aooordar?ce ~vith $arrower'a and I.ender's writtet~ agrcemeat or applicabk I.ew. Borrower sheU pay the amonnt of alt moetgage insuranoe pe+~inme ia t}ie manner provided nnder FareSrePh 2 hrreof. AnY emounts diebulsed by Lendez pereuant to this paragraph 7, with intereet thereon, ehall become additional indebtedness of Borrower ~cured by thia Mortgege. Unlesa Borrower and Lender agree to other terme of payment, anch amounts ahall be payable upon notioe from i.ender to Borrower requesting payment thereof, and ahall bear intereat from the date of diabureement at the rate payable firom time b time on autatanding principal under ihe Note unlws payment of intereet at euch rate would be oontrary to applicable law. in which event snch amounta shall bear intereet at !he highest rate permiesible under applicable law. Nothing contained in this paregraph 7, shall require I.a?der to incnr any expense or take any action henunder. ; , b~~p~ 288 ~~A~~ ~ 70 - _ ~ ~ - _ - - ~ ~ - - ,