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Home My WebLink About0045 Bormwer and Lender rnvenant and agree a~ follows: 1. P~yme~t ot Principal snd Iateres~ Borrower shall prompUy pay when due the principal of and intereat on the indebledneas evidenced by the Note. prepayment and late charges as provided in the Note. and the principal of and interest on any F~ture Advancee secured by this Mortga~e. 2. Ftitnda for Taze~ end lnsucance. Subject to applicable law or to a written waiver by I.ender, Eiorrower shAll pay to [.cader on the day monthly inetellments of principal and i~terest are payable under the Note. until the Note ie paid in tull. a aum (herei~ "Funds") equal to oao- twelRh of the yeady ta~cce and asseaaments which may attuin priority over this Mortgage, and ground renta on lhe Property. if any. plus o~c~ twelRh of yearly prnmium inalallments [or hazard insurance, plusonetwelfth ofyearly premium inatallmenta [or mortgage inaurance, if any, aU aa rnaeonably estimated initially and from time to time by I.ender on the basie of asscaementa and bills and reasonable eatimatea thereot. The flu?ds shaU be held in an institution the depoaits or accounta of which are ineured or ~tuatanteed by a Federal or State agency (iacludiag I.eader if Lender ie such an institution). Lender shall apply the I~nda to pay said ta:ea, aaeeaamenta. inaurance premiuma and ground rents. Lender may not charge for so holding and applying the ~nda. analyzing aaid account, or verifying and compiling said aaeeesmente and bills, ualeea Lende~ pays Bo~e~ower intere~at on the ~nde and applicable law permits l.ender to make auch a charge. Borrower and Lender may agree in writing at the time of e:ecution of thia Mortgage that intereat on the Funda ahall be paid to Borrower, and ualeas euch agreement is made or appticeble law requires such interest to be paid, Lender ahall not be reqaired to pay Borrower any intereet or earnings on the ~nds. I.ender shall give to Borrower, without charge, an an~ual accounting of the Funda ahowing credits and debits to the - fi~nda snd the purpoee for which each debit to the F~nda wax made. The Funda are pledged aa additional eecurity for the eume aecured by thie Mortgage. ~ If the amount of the ~nds held by I.ender, together with the future monthly installmente of Funds payable prior to the due datea of taxes. asaesamenta, inau~ance premiuma and graund rents, shall ra~cYed the amount required to pay eaid taxea, asaessmenta, insurance premiuma and ground rents aa they fall due, auch excesa shall be, at Borrower's o~tioq, either promptly repaid to Borrower or credited to Borrower on monthly inatallments of Fl~nde. If the amount of the ~nda held by Lender shall not be eufficient to pay ta:ea, aeaesamenta, inaurance premiuma and ground renls ea they fall due. Borrower ehall pay to I.ender any amount neceseary to make up the deficiency within 30 daya from the date notice ia mailed by Lender b Borrower requeating payment thereo! LJpon payment in full of all sume secuned by thia Mortgage, Lender ahall prompEly refund to E3orrower any funda held by Lender. If under paragrap7~ 18 hereof the Property is sold or the Property is otherwiee acquired by Lender. Lender shall apply, ne later than immediately prior to the sale o! the Property or ite aoquiaition by l,ender, any ~nda held by Lender at the time of application as a credit against the aums secured by thia Mortgage. _ . 3. Appllcation of Paymeats. Unlesa applicable law provides otherwiae, all payments received by L.ender under the Note and paragrapha I and 2 herrof ahall be applied by Lender 6rst in payment of amounts payable to Lender by Borrower undet paragraph~ 2 hereot, then to intereat payable on the Note, then to the principal of the Note, and then.to interest and prinripal on any Future Advancea. 4. Charges; Liene. Borrower sha11 pay all taacea, assessmenfs and other rharges, fines and impositions attributable to the~roperty which may attain a priority over this Mortgage, and leasehold paymente or ground rents, if any, in the manner provided under paragraph 2 hereof or, ~ if not paid in such manner, by I3orrower making paymenl, when due, directly to the payee thereof. Borrower shall prumptly furniahto Lender all notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly fumish tn L.ender receipta evidencing such payments. Bortower ahall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of tl~e obligation secured by ' such lien in a manner acceptable to Lender, or ahall in good faith conteat such lien by; or defend enforcement oisuch lien in, legal proceeclings which operate to pnwent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Inaurance. Borrower ahall keep the improvementa now existing or hereaftcr erected on the Property insured against losa by fire, hazariie included within the term "c~tended coverage," and auch other hazards as Lender may require and in such amounta and for such periode as Lender may require; provided, that Lender ahalt not require such ooverage amount exceeding the minimum, as may be required by state or federal reg~tlatione goveming activities of l.ender, or that amount of coverage required to pay the auma secured by this Mortgage, whichever is the greater. T~e insurance cattier ptoviding the insurance shaU be chosen by I3orrower subject to appmvat by I.ender, provided, that such approval shall not be unreasonably withheld. All premiuma on inaurance policies shal! be p~aid in the manne~ providcd under paragraph `l hereof or, if not paid in such manner,.by Borrower making payment, when due, direMly to the insurance carrier. All inaurance policies and renewala theteof shall be in form acceptable to :.ender and shall include a atandard mortgage clause in favor of i and in form acceptable to Lender. Lender ahall have the right to hold the policies and renewals thereof, and Borrower ehall promptly furnish to ~ i.ender all renewal notices and all rer.eipte of paid premiuma. In the event of losa, Borruwer shall qive prompt notice to the insurance carrier I and Lender. Lender may make proof of loss if not made promptly by Borrower. . Unleas Lender and Borrower otherwise agree in writing, inaurance proceeds shall be applied to restoration or repair of the Property ~ damaged, provided auch reatoration or repair ia economicaUy feasible and the eecurity of this Mortgage is not thereby impaired. if such " reetoration or repair is aot eoonomically teseible or if the eecurity of this Mortgage would be impaired, the insurance prooeeds ahall be applied ! to the aumx secured by thie Mortgage, w*ith the ea~cess, if any, paid to Borrower. If the Property is abandoned by Borrower, Qr if Borrowec faile to f respond to L.ender within 30 daya ftom the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim Lor insurance benefita, Lender is authorized to collect and apply the inaurance proceeds at I.ender'e option either to reatoration or repair of the ~ Property or the sums eecured by thie Mortgege. Unlesa Iender and Borrower otherwiee agree in writing, any such application of procceda to principal ahall not eatend or poatpone the due date of the monthly inatallmente referred to in paragraphs 1 and 2 hereof oi change the amount of such inatallmenta. If under paragraph 18 ~ hereof the Property is acquired by I.ender, all right, tiUe and intereat of Borrower ia and to any insurance policies and in and to the proceeds thereof rPaulting from damage to Property prior to the eale or acquisition ahaU pase to Lender to the extent of the sums aecured by thia ~ Mortgage immediately prior to auch sale or soquisition. 6_ Preservation and Maintenance of Property; Leaseholde; Condominums; Planned Unit Developmeats. Borrower shall keep the PropeRy in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ahall comply with the - proviaiona of any lease if this Mortgage ie on a leasehold. If this Mortgage ia on a unit in a eondominium or a planned unit development, Borrower shall perform all of Borrow~r'a obligationa under the declaration or covenante creatingor governing the condominium or planned unit development, the by-lawa and regulations of the candominium or planned unit development, and conatituent dceuments. If a condominitun or planned unit development rider ia executed by Borrower and recorded together with this Mortgage, the oovenants and agreementa of such rider ehall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if Lhe rider were a part hereof. _ 7. Protection of Lender'e Securtty. If Borrower fails to perform the oovenante and agreementa oontaiaed in thie Mortgage, or if any action or proceeding is oommenced which materially affecte Lende~'s incerest in the Property, including, but nat limited to. euninent domain, - ineolvency. oode enforcement, or arrangements or ptoc.eedinga involving a banlm~pt or decedent, then Lender aL Lender's optioa,upon notice to Borrower may make etich appearancx~, diaburse sach aums and take such actioa aa ie neceeaary to protect Lender's interest, ~ inclnding, but noi iimited to, disb~ueement of teaeonable attorney'e fees and entry upon the Property to make repaire. If I.ender required ` ~ mortgage insurance ae a rnndition of making the loan secared by thie Mortgage. Borrower ahall pay the premiums required to maintain ench ineurance in ef~ect antil auch time as the requirement [or euch insurance terminetes in accordance with Borrower'e and I.ender's ~ written agreement ot applicable Law. Borrower ehall pay the aa?ount of all mortgage insursnce premiuma in the manner provided under ~ paregraph 2 hereot. ' ~ ~ Any amoants disbursed by Lender perauant to this paragraph 7, with intereet thereon, ehall beoome additional indebtedness of ~ Borrower secvred by this Mortgage. Unleas Borrower and L.ender agree to other terme of payment, anch amounts shall be payable upon notice from Lender to Borrower requeeting,payment thereof. end ehall bear interest from the date of diebursement at the rate payable from ~ time to time on oatetanding principal under the Note unleas payment of interest at euch rate would be contrary to applicable law, in which ~ event such amounts ahall bear intereat at the highest rate permiesible under applicable law. Nothing contained in thia paragraph 7, ehall require Lender to incur any expense or take any action hereunder. ~ ~ 3 UrR ~ ' ~ ~ r - ~ ~VflK~~ ~ ~ a > ~ ~ ' : . - ~ - - - - - ' - - - - ~ ~ ~ _~~,s,~~~ n ~ ~ ~ : W r~` - s ~ f .S ~ c'~ . . . . ~ .'~-rL'°-~'s3~ _ . . . . . ~ . . . s ~ . , . - ~ ,v . . . k` - 'a; ~