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Home My WebLink About0633 ~ t Rorrower and Lender covenant an~i agree as [ollowe: ' 1. Pqrwetit of Princips! and Intere~t. Horrower ahall prompUy pay when due the principal of and intereat un the indebtedneea evidenad by the Note, prepayment and late cl~arges aa pmvided in the Note, and the principal ot and i~tereat on any F1~ture Ad~~ancea secured by thu Mwt~a~e. - 2. Ftitnds for Twse~ aad Insurance. 3ubject to epplicable taw or to a written waiver by I.e~der, E3orn~wer ahal l p~yr to I.ender on the day monthly inatallmentu ot principa! and inte~est are peyable under the Note. until the Note ir paid in tull, a sum (herein "Funds") equal to ont twelRh oithe y~rly taxea and asscaamente which may ettain priority over this Mortgage, and graund renta un the Property, if any. plus ona twelfth of yearly premium installmenta for hazard ineurance, plue onetwelfth of yeariy premium inatallmentu [or morigage inaurance, if any, all at reasonably eFtimated initial~i? and from time to time by I.ender on the basia of asseesments and bills and reaaonable eatimatea ihereot. The FLrid~ shall be held in an institution the deposits or aocounta of which are insuced or guaranteed by a Federai or State agency (includins Lende~ if Lendee is such a~ institution). Lender ahall epply the Funds to pay said taxes, aeaessanents, inaurance premiuma and ground nnts. Lend~ may not charge for eo holding and epplying thr F~nds. analyzing said acco~nt~ or verifying and rnmpiling eaid asseeamenta and bills, unlese Lender peys Borrower interest on the Funds and applicable law permita [.ender to make euch a charge. Borrower and Lender may agree in writing at the time of eY~cution of this Mortgage that i~tereat on the Funda ahaU be paid to Borrower, and unleas ~ such agreemeat is made or apRlicable law requir~ such intertst b be paid, l.ender ahall not be requiced to pay Borrower any intereat or earnings oA the fi~nds. Lender shall give to Borcower, without charge, an annual acoounting of the ~nde ahowing credite and debits to the Funda and ihe purpose for ~rhich each debit to the Fl?nde was made. The Funds are pledged as additional eecurity for the aums eecured by this Mortgage. If the amount of the ~nds held by I.e~der, together with the future monthly inntallmenta of Funda payable prior to the due dates of teuces, aserssments, inauranoe premiuma and ground renta, ehall e:ceed the amount required to pay said taxes. asseaementa, insurance premiums and ground Tente as they fall due, such eaceea shall be, at Borrower's optioo, either promptly cepaid to Borrower or credited to Borrower on monthly instellmenLs of ~ada. If the amount.of the Funda held by I.ender ehall not be aufficient to pay taxes, aeeeasmente, ina~rance premiuma snd ge~ound rents as they fall dne, Borrower ahall pay to I.ender any amount neceaeary to make up the deficiency within 30 daya from the date notice is mailed by Lender to Borrower requeeting payment thereof. Upon payment in fuU of ali sume aecured by thia Mortgage, Lender ehall prompUy refund to Borrower any funds held by l.ender. If under • paragraph 18 henof the Property is eoid or the Property is othervviee acquired by Lender, Lender shall apply, nn later than immediately prior to the sale of the Pcoperty or ite aoquisition by I.ender, any FLnda held by Lender at the time of application as a credit against the eums secured by thia Mortgage. 3. Applieatlon of Paymenta. Unlese applicable taw providee otherwiee, all paymente received by Lender under the Note and paragraphs 1 and 2 hereof ahall be applied by Lender first ia payment of amounte payabte to I.ender by Borrower under paragrgph 2 hereof. then to intereat payable on the Note. then ~to the principal of the Note, and then to interest and principal on any Future Advances_ ' 4. Charges; Liena. Borrower ahall pay all taxea, assesaments and other charges, finea and impoaitions attributable to the Property which may attair? a priority over this Mortg~ge, and leasehold paymenta or ground rents, if Any, in the manner pro~ ided under paragraph'l hereuf or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower ahall promptly furnish to I:ender all noticea of amounts due under thia paragraph, and in the event Borrower e}ifdl make payment directly, Bormwer shall promptly furnish to l.ender reoeapis evidencing auch paymente. Borrower shall promptly discharge any lien which has priority over thia Mortgage; provided, that Borrower ahall not be required to diacharge any such lien eo long as Borrower ahall agree in writing to the payment ef the obligati~n secured by sach iien in e mennet acceptable to Lender, or ahaU in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part lhereuf. ~ 5. Hazard Ineurance. Borrower ehall keep the improvements now e:iating or hereafter erected on the Property inaured againat loss by ° fire~ hazarde included within the term "e:tended rnverage; ' and euch othet hazarda sa i.ender may require and in such amounte and tor such periods as Lender mayr reqnire; provided, that Lender ehall not require such ooverage amount e:ceeding the minimum, as may be required by ~ state or federal reguletions governing activitiea of Lender, or that amount of coverage required to pay the sums secured try this Mortgage, whichever is !he greater. " The insurance carrier providing the inaurance ahall be chosen by E3orrower subject to appro~ al by I.ender, provided, thpt such approval shall not be unreaeonably withheld. Aq premiums on insurance policies shall be paid in the manner provided undrr paragraph 2 hereof or, if not paid in such manner, by Eiorrower making payment, when due, directly to the insurance carrier. All insurance policies and renewale thereof shall be in fotm acceptable to I.ender and shall include a standard mortgage ctauee in favor of and in form aoceptable to Lender. Lender ahall have the right to hold the policiee and renewals thereof, and Borrower shali promptly furniah to i~ender alI renewal riotices end all receipta of paid premiums. In the event of losa, Borrower ahaU give prompt notice to the insurance carrier and Lender. Lender may make proof of losa if not made promptly by Borrower. ~ Unleae Lender and Borrower otherwiBe agree in writing, inaurance proceeds shall~be applied to reatoration or repair of the Property . ~ damaged, provided euch reatotation or repair ia economically teasible and the security of thie Mortgage is not thereby impaired. If such ~ i restoration or repair is not cc~onomically feseible or if the security of thie Mortgage would be impaired, the insurance proceeds shall be applied ~ tc~ the aums eecured by this Mortgage. with the e:ceas, if any. paid to Borrower. If the Property is abandone~ by Borrower, or if Borrower faila to j respond to Lender within 30 days &om the date notice ia mailed -by Lender !o Borrower that the inauranee carrier ofYera to settle a claim for ' inaurance benefits, Lender ia suthorized to collect and apply the inaurance proceede at Lender'e option either to reetoration or repair of the ~ I'roperty or the sume eecured by thie Mortgage. ~ 3 Unleas Lender and Borrower otherwise agree in writing, anp such applicstion of proceeds to principal ahall not extend ot postpone the due ' date of the monthl inatallments referred to in ara y' p graphs 1 and 2 hereof or change the amount of auch inatallmenta. if under paragraph 18 ~ hereof the Property ia aaqaired by Lender, all right, tide and interest of Borrower in and to any inaurance policies and in and to the proceeda thereof reeulting from damage to Property prior to the sale or aoquiaition ehall paes to Lender to the extent of the sume seci~red by thia ~ Mortgage immediately prior to auch eale or aoquisition. 6. Preservatioa and Maintenance of Property; I.easeholds; Condominums; Planaed Unit Developments. Borrower shall keep the Property in good repair and ehall not commit waste or permit impairment or deterioration of the Property and ehall comply with the provisiona of any lease if thie Mortgage ie on a leasehold. If this Mortgage ia on a unit in a oondominium or a planned unit development, t3orrower shall perform all of Borrower'a obligationa under the declaration or oovenanta creatingolr governing the condominium or ptanned unit development, the by-lews and regulations of the condominium or planned unit development. and oonatituent documents. If a ~ condominium or planned unit development rider ia executed by Borrower and reoordecl together with thie Mortgage, the oovenants and aRreementa of such rider ahal) be incorporated into and shall amend and aupplement thecovenanta and agreementa ofthia Mortgage as ifthe . ~der were a part hereof. • Protection ot Lender's Secority. It Borrower fails to petform the oovenants and agreements oontained in this Mortgage. or if any action or proceeding is commenced which materiaUy aifecta Leuder'e interest in the Property, including, but not limited Lo. eminent domain, ~ insolvency, oode enforcetneat, or atraagemeats or prooeedinga involving a banlQU~ or deoedent, then Lender et I.ender's optioa,upon notice to Borrower may ma1~e euch appearanoes, disburse snch sums and take auch action aa is neceeeary to protect I,ender's interest, ~ ~ inclading. but aot limited to, diebureemeat of reasonable attorney'e fe~ and entsy upon the Property to make repairs. If I.ender required ~ mortgege inanranee as a oondition of ra • ~ aking the loan secured by this Mortgage. $orrower ehall pay the premiums required to maintain ~ euch ineureaoe in eNect antil snch time as the requirement for such inaarance terminatea in aacordance with Borrower's and Lender s s written agreement ar applicabk I.aa. Borrower shatl pay the amount of ~II mortgage insurance premiuma in the manner pmvided under ~ vares*ePh 2 hereof. ' ~ ~ Any amoants disbnned by Lender perauant to this paragraph with iatereat thereon, shall beoome additional indebtedneas of ~ Borrower secured by thi~ Mortgege. Unlees Borrower and Lender agree to other terms of payment, euch amounte shall be payable upon ~ notice from~Ltnder b Borrowv requeeting payment thereof, and shall bear intereet from the date oi diebunemen! at the rate payable irom ~ time to time on outstanding principal under the Note unleas payment•of interest at such rate would be contrary to applicable lew, in which event such amounte ehall bear interest at the highest rate permiasible under applicable law. Nothing contained in this paragraph: T, shall ~ require Leuder to incur sny eupenee or talce any action hereunder. ~ ~ - ~ . ~ ~ r- (1 Q ~ , 800K PAGE ~ ` ~ ~ ~-~~r . y , ~ ; ~ < ~ ~ ~ h.~,~,;,-.~