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Home My WebLink About0607 1 Borrower and l.eader rnve~ant and agree as followc ~ 1. P~~rmeat ot Priacipal sad Interea~ Boirower ahall promptly pay when due lhs principal of and intere~t oa the indebtedneas ~ evideaoed by the Note. prepayment aad tate char~e~ a~ peovided in the Note, and the principal of at~d inte~re~t on any ~ture Advance~ secured . by thi~ Morf~a~~ Ftinds tor Tues lu?d Ituuraace. Subject to applicable law o~ to a written waiver by I.ender, Borrower shall pay w Lender on the day ; monthly installments of principal and interest are payable under !he Note. u~ti1 the Note ia paid in full, a eum (herein "~~ds") equul fo on~ ~ twelRh of the yearly ta:ea and asseasments which may attain priority over this Mortgage, and ground rente on the Pmperty, if any. plus on~ twelfch of yearl,v premium inatallments for hazard inaurance. plus onetwelRh otyearly premium installmenta for morlgage inaurance. if any, ~ all as reasonably estimated initiaUy and from time to time by l.ender on the basia of easesements and bills and reaaonable estimatea thereof. ; The F~nds ahall be held in en institution the deposits or aocour~ts of which an in~ured o~ guarantced by a Federal or State agency ~ (including Lendet if L,ender is such ap institution). Lender shall apply the ~nds to pay said ta:es, aseeeements, insurance premiume and ~ ground rents. Lender may not charge for so hoWiag and applying the Ftind~, analyzing aaid acooun~ or verifying and compiling said ~ assessmeata and biW. unlees Lender pays Borrower iaterest on the Funda and applicable law permits Lender to malce such a charge. Borrower and Lender mqy agree in writing at the time of e:ecution oi this Mortgage that iaterest o~ the F unda shall be paid to Borrower, and unleea ; such a~reemeat is made or applicable law requires such interest to be paid, Lender shall aot be required to pay Borrower any interest or ~ e~rnings on the Ptiu~ds. I.ender shall give to Borrower. without charge, an annual aooounting of the Fuads ahowing credite and debite to the Funds and the purpoee for which each debit to the FLnda waa made. The fi~nde are pledged as addr'tionel eecurity for the sume secured by this Mortgage. Ii the amount of the ~nda held by Lender. together with the future monthly installmente of Funds payable prior to the due dates of ta~cea, asa~aments, insuranoe pnmiums and ground renta, ahall e:cxed the amount requited to pay eaid ta:ea. aseeeaments, inaurance premiums and gronnd rents as lhey fall due. such eacceas shall be, at Borrower's option. either pmmpfly repaid to Borrower or credited to Borrowez on monthly instaUmeats of ~nde. If the amount of the Funda held by J~ender ahall not be sufficient to pay taues. aaaessmente, inaurance premiuma and geound renfe aa they fall due. Borrower shaU pay ~o Lender any amount aeceseary to make up the deficiency within 30 days from the date notice ia mailed by I.ender to Borrower requesting payment thereof. ~ Upon payment in full of all sums eecnred by this Mortgage, Lender ehaU promptly refund to Borrower any funds held by Lender. If under paragraph 18 henwf the Property ie sold or the Propedy is otheiwuee ac~qaired by Lender, Lender ahall apply, no later than immediately prio: to the eale of the Property or ite aoquiaitioa by Lender, any ~nds held by [.ender at the time of application as a credit egainat the auma secured by this Mortgage. ~ ' 3. Application ot Paymeats. Unless appiicable law providha btherwise, all paymenta received by Lender under the Note and paragraphs 1 and 2 hereof ahaU be applied by Lender fitbt in pqye~i?t bi amonnts payable to I.ender by Borrower under paragraph 2 hereof, ~ then to intereet payable on the Note, then to, the prin~ipal of ti~.Note, ~p~ thea to interest and principal on any Ptitnre Advancea. 4. Charges; Liens. Borrower ahall pay all taxes, assesaments and other chargea, fines and impositions attributable to the Property which may attain a priority ovrr this Mortgage. and leasehold payments or ground renta, if any. in the manner ptovided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under thia paragraph, and in the event Borrower shall make payment directly, Borrower ahall prompUy turniah to Lender receipts evidencing such paymente. Borrower shaU promptly diacharge any lien which has priority over this Mortgage; pmvided. that . Borrower ahall not be required to diacharge any such lien so long as Borrower shall ~gree in writing to the payment of the obligation secured by ~ auch lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of auch lien in, legal proceedings which ope~ate to prevent the enforoement of the lien or for[eiture of the Property or any part thereof. 5. Hezard Insurance. Borrower ahall keep the improvemente now ezisting or hereafter erected on the Propedy inaured againet lose by fire, hazards included within the term "e:tended coverage." a7~d auch other hazards sa Lender may require and in euch amounta and forauch perioda aa I.ender may require; provided, that Lender ehall not require auch eoverage amount e:ceeding the minimum, ae may be required by ~ atate or federal regulatione governing aciavitiea of I.ender. or that amount of coverege required to pay the snma secured by this Mortgage, ~ whichever is the greater. ~ F The inanrance carrier providing the insurance shall be chosen by Borrower subject to approval by I.ender, provided, that such approval z ahall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if ' not paid in such manner, by Borrov?er making payment, when due, directly to the inaurance carrier. 'I All insurance policies aad renewala thereof ahaU be in form acceptable to ;..ender and shall include a standard mortgage clause in favor of and in form aooeptable to Iind~. Lenderahall have theright to hold the policies and renewals thereof, and Borrower shall pmmptly furnish to ~ i~ender all renewal notices and all receipte of paid premiume. In the event of loae, Borrower ahall give prompt notice to the insurance carrier f and Lender. Lender may make proof of lose if not made pramptly by Borrower. ~ ~ Unleae Lender and Borrower otherwiee agree in writing, ineurance proceeda ahall be applied to restoration or repair of the Property t damaged, provided auch restoration or repair ia economically feasible and Lhe security of this Mortgage is not thereby impaired. If such ~ ~ reatoration a: npair is not eoonomically feaeible or if the security of this Mortgage would be impaired, the insurance pmceeds ehall be applied - to the suma eecured by this Mortgage, with the ~cess, if any. paid to Borrower. If the Property ie abandoned by Borrower, or if Borrower faile to i reapond to I.ender within 30 daya from the date notice ia mailed by Lender to Borrower that the inaurance carrier o~ers to eettle a claim for i inaarance benefita. Lender is authorized to rnllect and apply the inaurance proceeda at Lender a option either to restoration or repair of the ' Property or the aums secured by thia Mortgage. ~ Unlesa Lender and Borrower otherwise agree in writing, any such application oipiuceeds to principal ahall not extend or postpone the due date of the monthly inatallments referred to in paragraphs 1 and 2 hereof or change the amount of auch installmenta. If under paragraph 18 hereof the Prop~ty ia aoquired by Lender, all right, title and interest of Borrower in and to any ins~rance policiea and in and to the proceeda thereof reanlting fmm dainage b Propetty prior to the aale or soquisition ahell paes to I.ender to the e:tent of the euma eecured by this ~ Mortgage immediately prior fo such eale or aoquisition. . 4 6. Preeervation end ~aintenance of Property; Leaeeholds; Condominums; Planned Unit Developmente. Borrower shall keep the Property in good repair and ehall not oommit waste or permit impairment or deteriaration of the Property and ehall comply with the provisione of any lease if thie Mortgage ie on a leaeehold. If thie Mortgage ia on a nnit in a condominium or a plenned unit development, Borrower shall perform all of Borrower's obligationa nnder the declaration or covenanta creatingor governing the condominium or planned ~ unit development, the by-laws and regulationB of the condominium or planned unit development, and conatituent documenta. If a condomininm or planned unit development rider ie e:ecuted by Borrower and recorded together with thie Mortgage. the ouvenante and ~ agreemenf8 of auch rider ehall be incorporated into and ahall amend and aupplement the rnvenants and agreementa of this Mortgege as if the rider were a part hereof. ~ 7. Protection of.Lender's Secarit~. If Borrower faile Lo paform the oovenants and egreemeata oontained in this MortBage. ar if at!Y ~ action or prooeedin~ is oommenoed which mate~rially a~'ects Lender's interest in the Propaty, iacluding, bnt not limited to. emineai domain, 4 ~ insolvency~ oode eaforoemm~ or arrangementa or pro~eeding~ involving a banlQUpt or deoedea~, then Lender at Lende~s option.npon € ~ notioe to Bormwer may make such appearanoes. disbnrse snch snms and take wch action as is neoessary to p~rotect Lendds intenst, incloding, b~ not limited to. ~bYt~Cllt Of LE810D6Il~E BaOT~E~/'s f~ 6nfl ED~? 11pOD ~E PiOpETty ~O mB~E TlpSli~. If Lmder reqaired mortgage insnranoe as a condition of making the loan sec~red by this Mort8e8e. Borrower shall pay the pnmiums reqaired to maintain • snch insnranae in elfect antil soch time as the requiremeat for such insuranoe terminates in aooordance with Borrower's end I.endds : writtea agreement or applicabk Iaw. Borrower shall pay the amo~nt of ell mortgage insarance premiums in the menuer provided nnder ~ paragraph 2 hereot. . . Any aawua4 disbnrsed by Lender persuant b thia paragraph with interest Wereon, ahall beoome additional indeMedneas of Borrowet secured by this Mortgage. Unless Borrower and I.ender agree to other terms ot paymeat, snch amoants shall be payabie upon notioe trom La~der to Borrower reqoesting payment thereof, and ehall bear interest from the date of disbureemeat at the rete payable trom = time to tiane on autstanding prwcipal ~wd~ t6e Note unless payment of intereat at snch rate would be oantrary to applicable law, in which s w ~ event wch amoun4 sha11 bear interest at the higheat rate permiasible under epplicable law. Nothing oontained in this paragraph 7, ehall reqnir4 I.eader to incur any ~pense or take any action hereunder. _ . s 3 ~ ~ t~ , ~ ~ 6~u~ fAG: ~ ~ ~ ~