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Home My WebLink About0931 Bormwet and Le~der covenant and agree as follows: 1. Paytaeat o[ Priacipal aad Interest. Bot-ower shall prornpUy pay whe~ due the principal of and intrrest on the indebtednese evideaced by the Nott. prepsyment aad late charga aa pmvided in the Note, and the priacipal of and interest on any ~tureAdvancee eecend by thia Mort~age. 2. FY~nds [or Teutes and Inourance. Subject b applicable law or b a written waiver by I.ender, fiorrower shall pay to l.ender on the day monthly inataliments oi principal and interest are payable under the Note, until the Note is paid in fuU, a aum Iherein "Funde") equal to o~o- twelfth oi the yearly ta~ces and aseeaaments which may attain priority over this Mortguge, and ground rente on the Property, if any. plua one ~welRh of yearly premium inatallments [or hazard inaurance, plua unrtwelRh ofyear~y premium i~stallments io~ mortgage ineurance, if at~y. all aa reasonably estimated initially and trom time to time by l~ender on the baaia of assessme~ta and bille and reasonable estimates thereof. The FLnds ehaU be heW in an institution the depoeita or accounts o! which are insured or guaranteed by a Federal or State agency (including l.enda if Lender is such an inatitution). I.ender shall apply the Funda to pay said taxes, aesessments, ineurance premiums and grnund renta. Iender mqy not charge for w hoWii?Q and applying the Funds. analyzing said account, oi verifying and compiling said asaeasmeats and bilb. unleas Lender pays Bo~ower interest on the ~nds and applicable law permite L.ender to make such a charge. Borrower and Lender may agree in writi~g at the tiwe of esecution ot this Mortgage that interest on the Funda shall be paid to Borrower. and unless such agreement ia made or appliceble law reqaires such iatereet to be paid, I.ender ahall not be required to pay Horrower any intereat or earnings on the Funde. Lender ahall give to Borrower, without charge, an a~nual accounting of the Funda ahowing credita and debits to the F~nds and the purpoee for which each debit to the El?nds wae made. The Funda are plcdged as additional eecurity for the aume secured by thie Mortgage. If the amount of the Funda held by Le~der, together with the future monthly installmenta otFunda payable prior to the due datea of taxes,. assesements, inaorance premiums and ground renta. ahall e:cxd the amount required to pay said ta:ea, esaesamente. ineurance premiuma and ground renta ae they fall due. auch e:cese ahall be. at Borrower'a option, either prompdy repaid to Borrower or credited to Borrower on moothly installmenta of Ftinda. U the amount of the Funds held by Lender ahall not be autficient to pay taxea, asseaementa, inaurance premiums snd ground rent8 a~ they fall due. Borrower ahaU pay to. Lender any amount necessary to make up the deficiency within 30 daye from the date ootice ie mailed by Lendet to Borrower requesting payment thereof. Upon payment in fuU of ali auans eecured by this Mortgage. Lender shall promptly refund to Borrower any funde held by l.ender. If under paragraph 18 hereof the Property ia sold or the Property is otherwise acquired by Lender, L.ender ahall apply. no later than immediately prior to the aale of ihe Property or ite aoquiaition by Lender, any ~nds held by Lender at the time of applieation as a credit againat the suma secured by this Mortgage: 3. Applieation of Peyments. Unless applicable law proridea otherwiee, all payments received by Lender under the Note and paragraphs 1 and 2 hereof ahall be applied by Lender first in payment of amounts 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 intereat and principal on any Future Advances. 4. Chargee; Liens. Borrower shall pay all taxea, asaesaments and other char~tes, finea and impositions attributable to the Praperty which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any. in the manner provided under paragraph 2 hereotor, if not paid in euch manner, by Borrower making payrtent, when due, directly to the payee thereof. Borrower ahall promptly furniah to Lender all notices of amounta due under this paragraph, and in the event Borrower shall make payment directly, Rorrower shall promptly furnish to [.ender reoeipts evidencing such paymente. Borrower shall promptly diseharge any lien which has priority over thia Mortgage; provided, that ~ E3orrower ahall not be required to discharge any such lien so long as I3orrower shall agree in writing to the payment o~the obligation secured by - such lien in a manner acoeptable to Lender, or ahatl in good faith contest such lien by, ordefend enforcementofsuch lien in, legal proceedings which operate W prevent ihe enforcement of the lien or forfeiturn of the Property or any part thereof. 5. Hazard Inaurance. Borrower ahall keep the unprovementa now existing or hereafter erected an the Property insured against loss by fire, hezarde inciuded within the term "extended coverage,° and euch other hazards as Lender may require and in such amounta and for such periods aa Lender may require; provided, that Lender ehall not require auch coverage amount exceeding the minimum. as may be required by state or federal regulationa goceming activities of Lender, or that amount of coverage required to pay the sums secured by this Mortgage, whichever ia the greater_ The insurance carrier providing the insurance shali be chosen by E3orrower subject to approval by I.ender; provided, that snch approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner pmvided under para~;raph 2 hermf or, if nut paid in such manner, by Borrower making payment, when due,.directly to the insurance carrier. - All insurance policies and renewals thereof ahall be in form acceptable to I.ender and ahall include a ataadard mortgage clauee in favor of and in form aooeptable to Lender. I.ender ehall have the right to hold the policies and renewala thereof, and Borrower ehall promptly furniah to ~ i.ender all renewal notices and all receipta of paid premiume. In the event of loea, Bortnwer ahall give prompt notice to the insurance carrier i and I.ender. Lender may make proof of losa if not made prompUy by Borrower_ i Unleas Lender and Borrower otherwise agree in writing, inaurance proceeds shall be applied to restoration or repair of the Property Y . Pa. ! damaged, provided such nstoration or repair ie economically feasible and the security of thie Mortgage ia not thereb tm ~red. If such reatoretion or repair ie not economically feasible or if the security of this Mortgage woutd be impaired, the ineurance proceeds ahall be applied to the aums eecured by thie Mortgage, with the exoese, if any, paid to Borrower. If the Property ie abandoned by Borrower. or if Borrower faila to - rnapond to l.ender within 30 daya from the date notice ia mailed by l,ender to Borrower that the insurance carrier of~'ers to setde a claim for ~ insurance benefite, I.ender is authorized to collect and apply the inaurance pt+oceeda at Lender'a option either to restoration or repair of the Property or the sums eecured by this Mortgage. ~ [,Tnless Lender and Borrower otherwise agree in writing, any auch application of proceeda to principal shaU not eztend or postpone the due ; date of the monthly inatallments referred to in paragrapha 1 and 2 hereof or change the amount of auch installments. If under paragraph 18 hereof the Propezty ie aoquired by I.ender, all right, title and interest of Borrower in and to any inaurance policies and in and to the proceeda thereof resulting from damage to Property prior to the sale or acquieition ahall pass to Lender to the e:tent of the euma secured by thie Mortgage immediately prior to auch sale or aoquiaition. 6. Preservadon and Maiatenance of Property; Leaaeholds; Condominume; Planaed Unit Developmeate. Borrower shall keep the Pmperty in good repair and shall not commit waete or permit impairment or deterioration of the Property and shall rnmply with the provisions of any lease if this Mortgage is on a leseehold. If this Mortgage ia on a unit in a oondominium or a planned unit development, Borrower shall perform ap of Borrower'a obligationa under the declaration or covenants creatingor goveming the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent docnments_ If a condominium or planned uait development rider ia e:ecuted by Borrov?er and iecorded together with thie Mortgage, the o~venante and ~ agreementa of auch rider shall be incorporated into and ahall amend and supplement the rnvenants and agreements of this Mortgage as if the _ rider were a part hereof. T. Froteciion ot I.ender's 3ecnrity. If Bormwez fails to. p~form the oovensnta and agreemmta contained in thia MoriBage. or if any ~ action or paoceeding is rnmmenced which materially affects I.ender s interest in the Property, including, but not limited to, eminent domain, insolvency. oode enforcement, or arrangements or proceedings involving a banlnvpt or decedeaf, Wen Lender at Lender'e option,npon ~ notioe b Borrower may make snch appearanver. di.sburse such enms and take auch action ae is aeceseary to prot«~t Lender's interest, ~ including, b~rt not timited to, dieb~ent of reasonable attorney's fees and entry upon the Property to make repairs. If L.ender required mortgage insarance as a oonditioa of making the loan secnred by this Mortgage. BoTrower bhall pay the premiums required to maintain ~ such insaranoe in dfect antil such time as We requirement for sach insurance terminates in aacardance with $orrower's and Leadds ~ writtea agreement ~ applicabk ta~v. Borrower shaU pay the amount of all mortgage insurance premiuma in the manner provided under ~ paragraph 2 hereof. My amonnte disbnreed by Leader perauant to this paragraph 7, with intereat thereon, ehall beoome additional indebtedness of ~ E3orrower secvred by this Mortgage. Unleea Borrower and I.end~ agree to other terms of payment, snch amounts shall be payable upon ~ notice from Lender so Borrower requesting payment thereof, and shall bear interest from the date of diebureement at the rate payable from ~ bime to time oa outatanding principal under the Note nnless payment of interest at snch rate would be oontrary to applicable law, in which event anch amounts shaU beat in~t at the highest rate permiaeible under applicable lew. Nothing contained in this paregraph 7, ahall ~ require Leflder to incur any eupenee or take any action hereunder. ~ ~ - 0R(~n/ p~(~t { ~ ~ dOUKF~~ fAVC ~ • ~ , i ~s' - ~ - - - - - - - - _ -