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Home My WebLink About0626 . : Borrower and l.ender covenent and a~ree au folbws: 1. Payment of Priacipal and lntete~~ Barrower shall prompUy pay when due the principal of and intereat on the indebtedneaa evidenced by the Note. pnpayment and late ch~ge. as provided in the Note, and the principul of and intere~t oq a~y fliture Advancee secured ; by.thu Mortgage. 2. PLnds tor Tsser wd lnsuranoe. 3ubject to appficable law or to a written waive~ by Ixnder, Borrower ahali pay to I.ender on the day monthly inatallmente of principal and intereat are payable under the Note, until the Note is paid in full, a sum (herein "F~nda") equal to one ~ lwelfth o! the yearly laxee and assesaments which may attain prior~ty over this Mortgage. and ground rents on the Property, if any, plue ont twelflh of yearly premium instailments for hazard inaurartce, plue onrtwelRh of yearly prerriium installmente~ for mortguge inaurance, if any, all as reasonably eatimated initially and frottt time to time by l.er?der on the baais of aeseaemente and billa and reasunable eetimatea thereoL The Plinds shall be held in an institution the deposib or accounb of which an ir?aured or guaranteed by a Federal or State agency _ (including Lender if I.ender is ~uch an institution). Lender shall apply the Funds to pay said ta:ea, assesaments, inau~ance premiuma and ground rents. I.eader may not charge for so holding and epplying the Fl~nds. analyung eaid account, or verifying and compiling eaid ; assessments and bille, unless Lender pays Borrowes interest on the F1nda and applicable law permits Lender to make auch a cherge. Borrower and Gender may agree in writing at the tirae of execution of this Mortgage that interest on the Ftinds ahall be paid to Borrower, and unleea snch agreement is made or applicable law requirea auch interest to be paid, Lender ahall not be required to pay Borrower any intereat or earninga on the fl~nds. I.endet ehall give to Borrower, without charge, an annual accounting of the Funds showing credits and debita to the ~ fi~nda and the purpose for which each debit to the ~nds was made. The ~unds arepledged as additional eecurity for the aums eecured by thia - Mortgage. If the amou~t of the F~nds held by Lender. together with the futui+e monthly installments of Funda payable prior to the due datee of ta:ea, ~ assessmenta. insurnnce premiuma and ground rente, ahall excaed the amount required to pay said taxee, aseesaments, insurance premiuma and ground rente aa they faU due. such esc~eas ehall be, at Somower's option, either prompUy repaid to Borrower or c~edited to Borrower on ' monthly installments of FLnds. It the amount of the Ftuide held by Lender ahall not be aufficient to pay taxee. seseHamenta, inaurance premiums and ground rents as they fall due, Borrower ahaU pay to I.e~der any amount neceaaary to make up the deficiency within 30 days from the date notice is mailed by l.ender to Borrower requeeting payment thereof. Upon paymeat in ful! of aB sums secured by this Mortgage, I.ender ahall pmmpdy refnnd to Borrower any funda held by Lender: If under paragraph 18 hereof the Property is sold or the Property is otherwiee acquired by I.ender. Lender ahall apply, no later than immediately prior to the aale of the Property or ite aaquieition by Lender, any I~ndt~ held by I.ender at the time of application aa a credit again~st the aums aecured t by this Mortgage. . 3. Application o! Paymeata. Unlesa applicable law provides otherwiee, all paymenta received by Lender under the Note and pategraphs 1 and 2 hereof shaU be applied by Lender firxt in payment of amounte payable to [.ender by Borrow er 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. Chargea; Liena. Borrowershall pay al! taxea, aBaessments and other charges, ftnea and impoaitions attributaUle to the Propecty which ~ may attain a priority over thia Mortgage, and leasehold paymenta ur ground rents, if any, in the manner provided under parugraph 2 hereof or, if not paid in such manner, by Borrower maki~g payment, when due. directly to !he payee thereof. Borrower ehal! promptly furnish to I.ender all noticea of amounta due under thia paragraph, aqd in the event Borrower shall make payment direetly, Borrower ahall promptly fumish to Lender receipta evidencing auch payments. Borrower ahall promptly dischnrge any lien which has priarity over this 111ortgage; pmvided, that Borrower ahall not be required b discharge any auch lien ao long as Borrower shall agree in writing to the payment of the obligution secured by auch lien in a manner acceptable to Lender, or ahall in good faith contest such lien by. or detend enforcement of such lien in, legai proceedinga which operate to prevent the enforcernent of the lien or forfeiture of the Property or any part thereof. 5. Hazatd Ineurance. Borrower ahall keep the impmvements now e:isting or hereafter erected on the Property insured against lose by fire, hazards included within the term "e:tended eoverage." and auch other hazards aa Lender maq require and in such amounts and for auch periods as Lend~ may require; pmvided, that I.ender shall not requirn such ooverage amount e:ceeding the minimum, as may be required by atate or federal regulatione governing activitiea of Lender, or that amount of coverage required to pay the aums secured by thie Mortgsge,- whichevet ia the greater. . The insuranae carrier providing the inaurance shall be chosen by Borrower subject to appruval by Lender, pmvided, that such approval shall not be unreasonably withheld. All premiuma on inaurance policies shall be paid in the manner provided under parnKraph 2 hereof or, if ' not paid in such manner, by Borrower making payment, when due, direcdy to the insurance camer. All inaurance policies and renewale thereof ahall be in form acceptable to Lender and shall include a standard mortgage clause in favor of - and in form acceptabJe to Leader. Lender ahall have the right to hold the policiee and renewala /hereof, and Borrower shall promptly furniah to i.ec?der all renewal notices and all reoeipts of paid premiuma In the event of loas~ 13orruwer ahall give prompt notice to the inaurance carrier and I.ender. Lender may make proof of loss if not made promptly by Borrower. - Unlesa Irnder and Borrower otherwiee agree in writing, insurance proceede shall be applied to reatoration or rnpair of the Property 'i damaged. provided auch restoration or repair ie economicaUy feasible and the security of this Mortgage ia not thereby impaired. if such ~ restoration or repair ia not eoonomically feasible or if the secnrity of this Mortgage would be impaired, the insurance proceeds shall be applied • j to the auma eecured by thia Mortgage. with the exceas, if any, paid to Borrower. If the Property is abandoned by Borrower. or if Borrower taila to f respond to Leader within 30 days from the date notice ia mailed 6y Lender to Borrower that the insurance carrier offers to aettle a claim for ineurance benefita, I.ender is authorized to collect and apply the insurance ptoceeda at Lender's option either to reatoration or rnpair of the ~ Property or We sums eecured by thie Mortgage. ~ Unlese Lender and Borrower otherwise agree in writing, any such appGcation of proceeda to principal shall not eatend or poatpone thedue date of the monthly inetallments referred to in paragrapha 1 and 2 hrreof or change the amount of auch inetallmente. If under paragraph 18 - hereof the Property ia aoquired by Lender, all right, tide and intereat of Borrower in and to any ineurance policies and in and to the proceeds g thereof resulting from damage_to Aroperty prior to We aale or acquiaition shall pass to Lender to the eatent of the auma securPd by this € Mortgage immediately prior to euch eale or soquiaition. 6. Preservation aad Maintenance of Property; I.easeholda; Condominums; Planned Unit Developmente. Borrower ahall keep . the Property in good repair aad ahall not commit waste or permit impairment or deterioration o! the Property and ahall oomply with the pmvisione of any lesee if thia Mortgage is on a leaeehold. If thie Mortgage ie on a unit in a oondominium or a planned unit development, Burrower shall perform all of Borrower e obligatione under the declaration or covenanta creatingor govezning the rnndominium or planned unit development, the by-lawe and regulationa of the condominium or planned unit development, and oonatitaent documente. If a condominium or planned ~it development rider iB e:ecuted by Borrower and recorded tagether with thia Mortgage, the oovenants and agreementa oisuch rider ahall be incorporated into and ahall amend and supplement the covenanta and agreements of thia Mortgage as if the ~ rider were a part hereof. . : - ~ 7. Peotectian of I.ender'o 9ecuri If Borrower fails eo greements oontained in thia Mortgage, or if any ty. perform !he oovensnts and a action or prooee~ding is commeaced which materially affects Lende~e interest in the Propezty. including, bnt not limited to, eminent domain, insolvency, oode enforoement, or arrangemente or procxedings involving a banicn~pt or deoedent, then I.ender aE Lender'e option,upon ; notice to Borrower may make euch appearanoes, disburse such snms and tal~e s~ich action as is neceasary to protect Lender'a intereat, ~ incloding, but not limited to, diabarsement of reasonable attomey's fees end entry upon the Property to make repairs. If Lender iequired ~ mortgage insurance as a condition of making the loan secured by thie Mortgage. Borrower shall pay the pr~niums required to maintain - ~ anch inanranoe in effect until such time as the requirement for snch insurance t~erminates in eornrdance with Borrower's and I.end~s _ written agrcemeat ar applicable Lew. Borrower ahall pay the amount of all mortgage inenrance premiums in the manner provided undrr ~ paragraph 2 hrreof. - . ` Any amounts disbursed by Lender perauant to thia paragraph 7, wifh interest thereon, shall beoome additional indebledaess of ~ Borrower secnred by this Mortgage. Unleae Borrower and Lenda agree b other terma of payment, such amounta ahall be payable upon ~ s noticx from I.ender to Borrower requesting payment thereof, and ehaU bear intereat from the date of diebnrsement at the rate payable from ~ time to time on outatanding principal ander the Note unlea~ payment of interest at such rate would be contr ary to applicable law, in which ~ event such amounts Rhsli bear intereat at the highest rate permissible under applicable law. Nothing oontained iii this paregraph 7, ahall • ~ require Lender to incur any e:pense or take any action hereunder. ~ ~ ' ~ ~ ; ~ 6UOK PACE 6~ ~ : ~ ~ . . ~ ~:ti~~,.,.~.~_;~ - - - - - . - - - ~ - ~ , ~ ~ ~ . = - ~ j - ~ - , ~ F r;~ °