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Home My WebLink About0552 ~ , Borrower and l.ender covensnt and asree a~ [oUovrs: 1. Pa,rmeat ot Priocip~l aad late~~ Borrower sRell prompUy pay wheo due the principat uf and inte~est on the indebtednees evidenoed by the Note, prspaya4ent aad late chary~es as provided in the Note. a~d the principal o[and iotereaton any FWture Advancea secured by thi~ Mo~a~e. ~ 2 Ptitads tor Twceo and lesuranoe. Subject to applicable law or to a written waiver by I.ender, Borrower ehal l pe~y to [.ender on the day a~onthly inatallmeata of principal and i~terest are payable under the NMe. until thc Note ia paid in fuU, a sum lherein "~nds") equal to ane tweltlh of the yearly taxes and aseeaemeata which mey attain priority over thia Mortgage. and ~ound rents on the Propedy. if any, plua ono- twelfth of yenrly premium it~stallmente for hazard ineurance. plua onetwelRh ofyearly premium inetallments for mortgage insurance, if any. all es reaeonably estimated i~itial~y and from time to time by I.ender o~ the basis of asaesamenta and bills and reaaonuble estimates thereof. '17~e Ftiu?ds ahall be held in an inatitutioa the depo~its or aooounta of which are insured or gueraatxed by a Federal or State agency (including Leader if Lender is such an institution). Lender shall apply the Funda to pay said taxes. aaseeaments. insurance premiums and grouad renb. Lend~ may not charQe for so holding and applying the ELnds, analyzing said account, or verifying and compiling said aasessmenta and bills, nnless I.e~der pay~ Borrower interest on the FLnds and applicable law pernuta Lender to make such a char~re. Borrower ~ and Lender may a~ree in writi~g at the time oi execution of this Mort~age that interest on the ~nds ahall be paid Lo Borrower, and unless ~nch agroement ia made or applicabk law requires such interest to be paid, i.ender ah~ll not be required to pey Borrower any intereat or esrnings on the Flinds. I.ender ahall give b Borrower, without charge. an annual aooaunting o[ the Fu~ds ahowing credite, and debits to the ~nds and the purpoee for which each debit to the E~nds was made.'Itse Funda are pledged aa additional eecurity for the eums secared by this Mortgage. If the amount of the I~tads held by Lender. together with the future monthly inatallmenta of Fuads payable prios to the duedates of ta~ces, easesaments, inaurance preminms and ground nnts, ehall e:ceed Ehe amount required to pay said taxea, aseeeaments. ineurance premiums and gro~u?d rents as they fall due. auch excesa ahall be, at Borrower's option. either promptly repaid to Borrowa or credited to Borrower on monthly ipstailmeats of F~nds. tt the amoun! of the Funds held by Lender ahall not be suffirient to pay teaea. asse8aments, inaurance pnmiums and ground rents as they faU due. Botro~ver ehall pay to [.ender any ainount neceasary to make up the de5pency within 30 daye irom the date i~otice is mailed by Lender to Borrower requeating-payment thereof. Upon peymeat in fiill of eU sums secured by thia Mortgage, I.ender shaU prompdy ~efund to Borrower any fanda held by Lender. If under paregraph 18 hereof the Property is sold or the Property ia atherwiee acquired by Lender, Lender ahaU applf. uo later than immediately prior . to the ealt of the Property or its aoquisition by Lender, any ~Lr.da held by Lender at_the time of application aepcredit againat the swna secured by thie Mortgage. t~ih 3. Applicadon of Paymente. Unless applicable law providee otherwise, all paymenta received ~y i.e~der nnder the Note and paragraphs 1 and 2 hereof sha11 be applied by I.ender first in payment of amounte payable to Lender by Borrow~ under paragreph 2 hereof. thet? to interest payable on.the Note, then to the principal of the Note. and then to intereat and principal on any Futnre Advancea. 4. C6arges; Liens. Borrower shall pay all ta~cFS, assessmente and other charges, fines and impositiona attributable to the Property which may attsin a priority o~ er this Mortgage, and leasehold paymenta or ground renta, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due. directly to the payee thereof. Borrower ahaU promptiy furnish to I.ender all aotioes of amounte doe under thia paragreph, and in the event Borrower ahall make payment directly, Borrower shall prompdy furnish to I.ender n~oeipta evidencing such paymenta. Borrower ahall promptly discharge any lien which has priority over thia Mortgage; provided, that Borrowc ahall not be ~equired to diecharge any such lien eo long as Borrower shall agree in vs~riting to the payment of the obligation secured by such lien in a manner ameptable to Lender. or ahall in good feith rnntest auch lien by, or defend enforcement of auch lien in, legal proceedinga which operate to preveal the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Ineuranoe. Borrower shall keep the impmvementa now existing or hereafter erected on the Property inaured againat lose by 5re, hazarde inclnded within We term "e~ctended ooverage; ' and auch other hazerds as I.ender may require and in auch amounta and forauch pe~rioda-as Lender me~y requirr; provided, that Lender ehall not require auch rnverage amount e:ceeding the minimum. as mey be required by state or federal regulations goveming activities of Lender, or that amount of coverage required to pay the eume eecured by this Mortgage, . whichever ia the greater. The inaurance carrier providinq the inaurance ahall be chosen by Borrower aubject to approval by [.ender, provided, that such approval ' ahall not be unreasonably withheld. All prnmiums on in3urance policies shal) be paid in the manner provided under paragraph 2 hereof or, if not paid in auch manner, by tiorrower making payment, when due, directly to the inaurance carrier. All insurance policiea and renewala thereof ahall be in form acceptable to Lender and ahall include a atandard mortgage clanee in favor of ' and in fosm aooeptabk kr I.ender. Lender ahall have the right to hold the policiea and renewala thereof, and Borrower ahall promptly furniah to iender all reaewal notices and ell rPCeipts of paid premiuma. In the event of losa, $orruwer shall give prompt notice to the inaurance carrier" and Leader. I.ender may make proof of losa if not made prompdy by Boirower. Unless I.ender and Borrower otherwiee agree in writing, insurance prooecde ahall be applied to reatoration or repair of the Property I dameged. pmvided such restoration or repair is economically feasible and the.security of this Mortgage is not thereby impaired. If snch I reetoration a~ repair ie not eoonomically feasible or if the s~.vrity of thia Mortgage would be impaired, the ine~ance proceeda shall be applied M to the sume secnred by this Mortgage. with the e:ceas, if anY. paid to Borrower. If the Property is abandoned by Borrower. or if Borrower faila to ~ respond to I~nder writhin 30 deys from the date notice ia mailed by Lender to Borrower that the insurance catrier offera to eettle a clsim for ~ inaurance benefiLS. Lender ia authorized to collect and apply the inaur~nce proceeds at Lender'e option either to reatoration or repair of the ~ Property or ihe suma eecured by this Mortgage. ~ ~ Ualeas Lender and Borrower otherwise agree in writing, any euch application of proceede to principal ahall not extend or postpone the due ~ date of the monthly installmente referred to in paragrapha 1 and 2 hereof or change the amonnt oisuch installments. If under paragraph 18 ~ - hereof the Property is aoquired by Lender, all right, title and intereat of Borrower in and to any ineurance policiea and in and to the proceede thereof resulting from damage Lo Property prior to the sale or aoquieition ehall E+ass to Lender to the e:tent of the euma eecnred by this ~ Mortgege immediately prior to such asle or aoquiaition. 6. Pr~ervation and Maiatenance of Property; Lease6olds; Condominume; Planned Unit Developmenta. Bormwer ahall keep ~ tlie Property in good repair and shall not oommit weate or pern~it impairment or deterioration of the Property and ahall comply with the provieions of any lease if this Mortgage ie on a leasehold. It this Mortgage ia on a nnit in a condominiiun or a planned unit development, Borrower shail perform all of Borrower'e obligations under the decleration or covenants creatingor governing the wndominium or planned nnit development, the by-laws and reg~lations of the rnndominium or planned. unit development. and oonatitnent docwnente. If a rnndominium or plenned nnit development rider is e:ecuted by Borrower and recorded together with this Mortgage, Lhe covenants and agreemenLe of auch rider ahall be incorporated into and eha11 amend and supplement the covenants and agreemente of thia Mortgage ae if the rider were a part hereof. 7. Protection of Lender'~ Secarit~i. If Borrowei fails to perform We oovenants and agrcemente contained in this Mortgage, or if any action or proceeding is commenoed which materially affecta Lender s intenst in the Propaty. including, but noL limited to. emineat domain, ~ inwlvency~ aode ~forcemmt, or arrangements or pmceedings involving a banksupt or deoedeaR tben I.ender at I.ende~'s optioa,apon ~ notioe to Barrower may make auch appearanae~. d'ubune such suma and take such action as is neceseary to protect ~,endei s iatereet, i inclnding, but not limited to, disbar~emeat of reasonable attornsy'e fees and entry? npon the Property to make npain. If Lender required ~ maatgage insnrance es a condition of making the loan secured by this Mortgage, Borrower ahaU pay the premiums reqnired to maiatain Y snch in~aranoe in ef~ect antil snch time as the requirement for snch insarance terminatee in aa:ordence with Borrinwer's and Lendds x wriKea sgnemeat ar applicabk Law. Borrower shall pay the amount of ell mortgage inaurance premiums in the manner provided ander ~ PareBraPh 2 ha~eof. . < My amoants disbursed by Lende~ persuant to this paragraph 7, with interest thereon. ahell beoome additional indebtedness of ~ Borrower ~ecured by thia Mortgege. Ualesa Borrower aad Lenda agree to other terms of payment, auch amonnts shell be peyable upoa ~ ~ notioe irom Lender to Borrower re9nestin8 paYment ths~reo~ and shall bear intereat from the date of disbnrsaaent at the rate payabk irom ' time to time on oututanding principal vnderWe Note nnleas payment of interad at snch rate would be a~ntrary to appiicable law. in which ~ ` event such amounts ahAll bear interest at the hi heat rate r g permisaible ~u?der applicable law. Nothing contained in this paregraph 7, shall ~ require Leader to incur any. eupense or lake any action hereunder. ~ • ~ - 3 t ~ <f ~ 6UGK 289 ~~E 5~9 . ~ ~ ~ '~,s~~-[ ~ ^~h+S~,n;.,~•~ ..Y ~ . ~rr-....~ ~ ~~~-'.'y.I`'..-~-s-~~.-,~r'rr~~y~~i~ _ . _ t~~~*r~ ~ ~ _ - - - -