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Home My WebLink About0560 _ . ~ Y . ~ . Borrower and l.e~der ooveasnl snd ~gree aa [ulbws: 1. Payment of Pri~cipal and lntere~~ Borrower ahall promptly pey when due lhe principal ot and interest on the indebtedneu evide~ced by the Note. prepayment and late charges aa provided in the Note, and the pru?ripal of and intereeton any ~ture Advancea ~ecured by ehis Ma~age. 2. ~nds [or Ta=es aad lnsuranoe. Subject to applicable law or to a written waiver by I.ender. E3onrower shall pay to I.ender on the day monthly in~tallalents of principal and intereat are pxyable under the Note. uaW the Note ia paid in full, a sum (herei~ "F1nds") equal to one twelflh of thc yearly taxes ettd assessrnents which may attai~ priority ove~ this MoKgage, and gmund rents on the Pmperly. i[any, plw ono- twelRh of ye~iy premium installments for hasard insuraace, plus onetwelfth ofyearly pcemium installments for mortgage insuranc~, if any, all as reaeonably eutimated initially and from time to time by Lender on the basis of assessmenta and billa and reaaonable eetimates thereoG Ths I~Lnd~ ahall be held iti an inatitution the deposita or aceounb~ oi which are insured or guaranteed by e Federal or State agency (including I.end~ if [,ender is such art inatitution). Leader shall apply the Funds to pay aaid taxea, asaeeaments, insurance premiuma and ground rents. Lender may not charQe [or so holding and applying the Plinds. analyzing eaid accoun~, or verifying and compiling aaid • asseasmente and bills. unlees Lender pays Borrower intereat on the Fltnds and applicable law permits L.ender b make auch a charge. Borrower and Lender_may agree in writing at the time ot execution of this Mortgage that intereet on the F1nde ahall be paid to Borrower, and unless such agreemeat is made or applicable law requires wch interest to be paid. Lender shell not be required to pay~Borrower any intereat or eamings on the P~nda. Lender ahall give to Borrower, without charge. an annuat aoaounting of the ~nda showi~g credite and debits to the Fti?nda sad the purpoae for which each debit to the ~?nda was made. The Funds are pledged ea additional eecurity ~'or the aume eecured by thia Mortgage. . If the amount of the F1nds held by Lender, together with the future monthly inatallments of Funda payable prior to the due datea of taxea, ~sseasmenta. ineuranoe premiume and ground renta. ehall e:c2ed the amount required to pay said taaea. aseeaements, insurance prnmiuma and ground rents as they fall due, such exceae ehall be, at Borrower a option, either prompdy repaid to Borrowet or credited to Borrower on monthly installmente of Fl~nds. If the amonnt of the Funda held by Lender ahall not be aufficient to pay taxes, aseeaementa, inaurance ~ premiums and ground nnte as they fall due, Borrower shaU pay to L.ender any amount aeceasary to make up the deficiency within 30 days firom the date notice ia mailed by l.ender to Borrower r~queeting pqvment thereof. Vpon paymeat in full of aU suma secured by this Mortgage, Lender ahall prompdy refund to Borrower any funda held by L.ender. Itunder paragraph 18 hereof the Property is eold or the Propertp ie otherwise acquired by I.ender, I.ender shall apply, no later than immediately prior to the eale of !he Property or ita aequisition by Lender, any ~nds held by Lerider at the time otapplicadon as a credit againat the sume eecured by thia Mortgage. ~ . - 3. Application of Paymeats. Unless applicable law providea otherwiae, all paywenta received by Lender under the Note and paragrapha 1 and 2 hereof shall be applied by Lender firat in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to interest peyable on the Note, then to the principal of the Note, and then to interesE and principal on any Future Adyancea. 4. Charges; Liens. Eiorrower ahall pay all te~xea, aseesamente and other chargea, finea and impositiona attributable to the Propertjr which may atf~in a priority over thia Mortgag~ and teasehold paymenta or ground renta, itany, in the manner provided under paragraph 2hereof or. if not paid in auch manner, by Borrow~ making payment, when due, directiy to the payee thereof. Borrower shall promptly furniah to I.ender all noticea of amounta due under this paragraph, and in the event Borrower ahaU make payment directly, Borrower shall promptly furnish to Lender receipta evidencing auch paymente. Borrower ahall promptly discharqe any lien which has priority over this Mortgage; provided, that - Borrower ahall not be required to discharge any such lien eo long aa Borrower ahall agree in writing to the pa.yment of the obligation secured by ! such lien in a manner acceptable to Lender, or shall in good faith contest such lien by. or defend enforcement of such lien in, legal proceedings which operate to prevent the enfo~cement of the lien or [orfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrower ahall keep the improvementa now eaisting or hereafter erected on the Property insured ageinat lose by fire. hazarda included within the term "e:tended coverage.° and euch other hazarde as Lender may require and in such amounts and for auch petiods as I.ender may require; provided. that Lender ahali not require su¢h o~verage amount exceeding the minimum, ea may be required by atate or federal regulatione governing activities of I.endes, or that amount of ooverage required to pay the suma secured by this Mortgage. whichever is the greater. '11~e insurance currier providing the insurance shall be choaen by Borrower subject to appro~ al by l.ender, provided, that such approval shall not be unrnasonably withheld. All premiums on insurance polieies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. f All ina~iance policiea and renewala thereof ahall be in form acceptable to Lender and ehall include a etandard mortgage clauee in favorof ' and in form aooeptable to Lender. I.ender shall have the right to hold the policies and renewals thereof, and Botrower ahall promptly farnish to ' iender all renewal noticea and all receipts of paid premiume. In the eveht of loss, Borrower ahall give prompt-notice to the insurance carrier and Lender. I.ender may make ~roof of lose if not made pmmpUy by Borrower. ~ i Unlesa Leader and Borrower otherwise agree in writing, inaurance proceeds ahall be applied to restoration or repair of the Property I damaged, provided a~ich restoration or repair ie ecouomically feasible and the security of this Mortgage is not thereby impaired. If such ~ reatoration or repair ia not economically feasible or if the eecnrity of this Mortgage would be impaired, the insurance proceeda ahall be applied ~ to the sums secured by thia Mortgage, with the ~cess, if any, paid to Borrower. If the Property is abandoned byBorrower, or if Borrower fails ta ! respond to Lender within 30 days from the date notice ia mailed by Lender to Borrower that the insurance carrier offers to setde a claim for i insurance benefits, Lender ia authorized to collect and apply the insurance proc~eede at Lender a option either to reatoration or repair of the ~ Pn,perty or the eums eecured by this Mortgage. ~ Unlese Isnder and Borrower otherwiee agree in writing, any such application of proceeds to principal shall not e:trnd or postpone the due date of the monthly inatallmente referred to in paragraphe 1 and '2 hereof or change the amount of such installmenta. If under paragraph IS ~ hereof the Property is aoquired by Lender, all right, title and intereat of Borrower in and to any insurance policies and in and to the proceeda thereof reaulting from damage to Property prior to the eale or acquiaition shall paas to I~ender to the e:tent of the sama secured by this Mortgage immediatety prior Lo such sale or aaquiaition. . 6. Preservation and Maintenance of Property; Leaee6olds; Condominume; Planned Unit Developments. Borrower ahall keep the Pro~rerty in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the - provisions of any lesse if this Mortgage ia on a leaeehold. I! thie Mortgage is on a unit in a condominium or a planned unit devetopment, ~ Borrower ahall perform all of Borrower's obligations ander the declaration or ~covenants creatingor governing the rnndominium or planne~ t unit developmenf, the by-lawe and regalationa of fhe condomininm or planned unit devebpment, and aanatituent documenta: If e - condominium or planned unit development rider ia executed by Borrower and recorded Eogether with thia Mortgage, the oovenanta and agreements of auch rider ahall be incorporated intb and shall amend and supplement the rnvenanta and agreeroenta of thia Mortgage as if the rider were a part hereof. - - ~ ~ 7. Protection of i.ender'~ Securitp. If Borrower;Iails to perform the oovenants and agr~ents oontained in this Mort8a8e, or if any - action or proceeding is c~otnmenced whid~ materially afiecte I,ender's_interest in the Property, including, bnt aot limited to. emine.nt domain, ; ~ insolvency, oode enforcrement, or arrangements or proceedings involving a banlm~pt or deoeden~ then Leader at Lender's option,upon : notioe to Borrower may maice such appearanoes. disbnree enc6 eums and tal~e snch action aa is neoeasary to protect Lender's int~est, - ~ inclnding, but not limited to, diabursement of reasonable attoraey's fees and entry upon the Property to ma1~e repeirs. If Lender required ~ mortgage insnrance aa a oondition of making the loan secured by thu Mortgage, Bosrower shall pay the premiums reqnired to maintain ~ such insurance in ef[ect antil ench time as the requirement for buch insnrance terminatea in aa:orda~ce with Borrower'e and Leade~'s ~ writteu agrcement or applicabk Law. Borrower ehall pay the amount of all mortgage inaurance premiums in the manner provided undex . ' , paregraph 2 hereot. ~ Any amounb disburee~i by Lender persuant to thia paragraph 7, with interest thereon. shall bxome additioaal indebtednesa of ' Borrower secured by this Mortgage. Unless Borrower and Lender agree to other terma of payment, auch amoants shall be payable upon notice from Lcnd~ to Borrower requeeting payment thereof, snd ahall bear iaterest from the date ot diabursement at tbe rate payable fmm ~ time to time on outetanding principal undez the Note unleas payment of interest at auch rate would be oontrary to applicable law. in which ~ event such amounts shall bear interest at the highest rate permiaeible under applicable law. Nothing contained in thie paragraph T, shall ~ require I.ender to inc~u any ezpenee or take any action hueunder. - ~ ~ i s ~ ~ ~2~3~ ~ 55? ~ ~ ~ ~ ~ ~ ~ ~ - - ~ ' -=~'~a'~-~--~.~ ~5~-~ ~ _ - ¢ ~ ~ , ~r- =~-~?~=~s -x = F _ ~ h~. ~r