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Home My WebLink About0058 liurniwer and l.ender covenant und agrre ue~ foUuwa: 1. Payment of Prineipal and lntereet. Nunower eht~ll prumpily pay whrn clue the pnnc~pal oi :ind ~ntereat ui1 lhr indrt~t~~cl[lrwtl evidenced by the Note, prepnyment und lnte chargex ae pn?vidrel in the Nute, and the principal ut nod interrst un t?ny Futurr Ad~•uncex yecured by this Mortguge. 2. Fltnde for Tuxee snd lneurance. tiubject k? uppliri+ble !uw ur tu a writlrn vvaive~ by I.ender, I~~rru~+•er ahull pxy tu la•nd~ r un the duy moothly installments of principal and interrxt arn puyublr under thr Nute, until the Nute ia pi?id in full, t~ xum Ihc~ein "Funda"1 ryual t~? un~ Iwe1Rh of the pearlX tnxes and naser~ments which muy attain priority over this AlortguKe, und ~ruund mnt+ un the Pn,perty, if uny, plue an~ tweltth of yearly premium installmentx for htuiud insurance, plus onrtwelfth otyrurly premium installmrnts fu~ morlgu~e inHUn~nce, if uny, t~ll ~x rexxonably eatimatecf initially nnd fr~m time to time by l.ende~ on the t?nsie of fl.wsestimrnts .~nd bills and masunablr ~wtimutE~ ther~cd. The Fl~nds ahall be held in an i~etitution the deposita or acrounta uf which arn insured o~ guaranteed by a Federal or Stute ugency (including I.ender if I.ender is such an institutiun). I.ender shall apply the Funda to pay eaid txxes, aaseasments, ineurance premiums t~nd ground renta. I.ender may not charge for eo holding and applying the Fu~da, analyzing said accuunt, or verifying and compilinK said assesamenta and bills, unleaa l.ender paya Borrower interest on the Funda und applicnble law permita I.ender to mt?ke xuch a charge. E;urrower and I.ender may agree in writing at the time of execution of thia blorigt~ge thut interest on the hunds ahall be pnid to f3orn~wer, and unleas auch agreement ia made or applicable law requirea auch interest to be pAid, l.ender ahall nut ix r~uired to pay Borrower any internst or earninga on the Fl~nda. l.ender ehall give to Borrower, without charge, an annual uccuunting of the F unda shuwing crrditez and drbits to the Funde and the purpose for which each debit to the Funde v?•as made. 7'he Funds are pleeiged as additionnl Kecurity for the aums securEd by thia Mortgage. ~ If the amouni of the F unds held by l.ender, together v?ith the future monthly instxllmenta of Funda p:syuble prior to the due datea of ti~xes, asaesamrnts, insurance prnmiums and grcwnd mnts, ahaU excxd the umaunt required tu pay ~~id taxes, ~ssessments, insurance premiumx nnd ground renta as they [all due, such excesa ahall be, at Ho~rower's option, either promptly repaid to Borrower or credited to Borrovver on mo~thly inatallmenta of ~nds. lf the amount of the Funda held by I.ender ahall nut be sufficient to pay laxea, nsaesamenta, insurunce premiume and ground renta as they fnll due, E3ormwer ahall pay W l.ende: any umount necessury to make up the deficiency within 30 days frum the date notice is mailed by I.ender to Borrower rnquesting payment thereof. Upon payment in full of all auma secured by this MorigaKe, I.ender ahall promptly refund to Borrower any funds held by l.ender. If under paragraph 18 hereof the f'roperty is eold or the F'roperly ie otherwiae acquimd by l.ender, l_: nder shull apply, no later ttian immecliately prior to the sale of the Ptoperty or ite acquisition by lrender, any N unds held hy Ixnder at the time of ~pplication as a cretiiit ag~inst the sums securcd by this Mortgage. 3. Applieatlon of Payments. Linleas applicable !aw pro~~des otherwise, all payments rrcei~•ed by I.ender under the Note ~nd paragraphs 1 and 2 hereof ahall be applied by l.ender firxt in payment of amounts pnyable to l.ender by Borrov?er under p:~ragraph 'l hereof, e?,p.. t~ ~.+to.wat navahlP ~n thP Note_ then to the orincipal of the Note, and then ta intemsL and principal on any Future Advancrs: . - ~ a. Chargea: Liens. E3orrower shall pay xll taxes, t~saessments and othcr charKes, finc~ and impositiuns atUibutahle to thc 1'ru~x rty whuh may attain a priority o~ er this MortKnKe, and leusehuld payments ur Knwnd ren~g, if uny, in the manner provid~d under paraKruph'L hertr~f or, if not paid in such manner, by Borruwer making puyment, v?~hen due, dirrctly to the pay~~• therc~f. Borrower shall prumptly furnirh to !A nder all notices of amounts due under this par.~~raph, and in the event Borr~,wer sh~ll make payment directly, Botrow•er shall promptly furnish tu l.ender receiptz+ evidencing such pa~ ments. Borrower shall promptiy dischnrKe any lien which has priority over this MortKaKe; pn~~•ided, that Borrower shall not be required to discharge any such lien so IonK ~ E3orrow~er sht~U aEtre~ in writinK to the puyment uf theubliKatiun scrurc~ci h~~ ~ ,uch iien in a manner acceptable to l.ender, or shal! in Kood f~ith contest such lien by, ur defrnd enforcement of such lien in, ic~al prcx•t~linKs which operate to prrvent the enforcement of the lien or furfeiture of th~~ Prupertt or .~ny part therrof. 5. Hazard Insurance. Borrower shali keep the improvements now existing or hemafter erected on the I'roperty insured aKainst loss by fire, hazards inciuded within the term "extended coverage," and ~uch other hazards ae I.ender may requirr and in such amounts and for such periods as I.ender may requirn: pmvided, that [xnder ahall not require such coveraqe amount exceeding the minimum, as may be reyuired b~• state or federal regulations governing activities of Lender, or that amount of coverage required to p~y the sums secured by this 11urtKaKe, whichever is the greater. The insurance carrier providing the insurancr ahail 1?e chusen by Norru~a•er subject tu appru~•al by Ixnder; Fn~~•idc~, that such appru~•al shall not be unreasonably withheld. All prcmium~ un insuranm policies shall be paid in thr manner provid~rl under par.?y;r:~ph hrn~if or, if not paid in such manner, by E;orrower makinQ payment, when due, directh to the in~urance c:+rrier. All insurance policies and renewala thereof ehall be in forn? acceptable to I.ender and shal! include a atandanl mortkaKe clause in fa~~or of and in form acceptable to l,ender. Lender ahall have the right to hold the policies and renewals thereof, and Rorrow•er shall promptly furnish to ~.ender all renewal notices and all receipta of paid ptemiums. In the event of loss, Borruwer ahall Rive prompt notice to the insurance carrier and I.endec Lender may make proof of loss if not made promptly by fi~rrower. Unleae I.ender and Borrower otherwise agree in writing, inaurance proceeds shall be applied to resturation or repair of the Property dam ed rovided sach restoration or repair is economically feasible and the security of this Mortgage is not therrby impaired. If such a8 . P . . . ~ e reatoration or repair is not economically feseible or if the security of this Mortgage would be ~mpa~red, the ~nsurance proceeds shall be applied ~ to the auma eecured by this htortgage, with the excess, if any, paid to E3orrow er. If the Property ia abandoned by Borrower, or if 13orrower fails to respond to Lender within 30 daya tnim the date notice ia mailed by Lender to E3orrower that the insurance carrier offers to settle a claim for ineurance benefits, Lender ia authorized to collect and apply the inaurance proceeds at I.ender a option either to reatoration or mpair of the ~ Property or the sums eecured by this Mortgage. ~ IJnleas Lender and Borrower otherwise agree in writing, any auch application of proceeds to principal ahall not extend or postpune thedue ; date of the monthly inetallment~+ rnferred to in paragrapha 1 and Z hereof or chanQe the amount of such instailments. If under paragraph 18 ~ hereof the Property is acquired by l.ender, ali right, title and internst of Bormwer in and to any inaurance policiea and in and to the proceeda thereot resulting from damage to Property prior to the sale or acqwaition shali pasa to Lender to the extent of the auma secured by this ~ `lortgage immediately prior to auch sale or soquiaition. ~ 6. Preservation and Maintenance of Property; Leaeeholde; Condominume; Planned Unit Developmenta. Borrower shall keep ~ the Property in good repair and ehall not commit waste or permit impairment or deterioration of the Property and shall comply r~~th the pro~~siona o[ any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a rnndominium or a planned unit development, ~ Florrower shall perform all of E~rrower'a obligations under the declaration or covenants creatinKor governing the condominium or planned ~ unit development, the by-laws and regulatione of the condominium or planned unit development, and constituent documents. If a j rnndominium or planned unit developmenl rider is executed by Borrower and recorded together with this Mortgage, the covenants and ~ aKreements of such rider shall be incorporated into and shal) amend and supplement the co~ rnantn and agrrrmenta of this i~lortgaKe as if the rider were a part hereof. 7. Protection ot Lender'e Security. If Borrower faila to perform the oovenants and agreemente rnntained in this Mortgage, or if any ~ action or proceeding ie commenced which materially affecta Lender s interest in the Property, including, but not limited to, eminent domain, ~ inaolvency, oode enforcement, or anangemente or proceedinge involving a bankrupt or decedent, then Lender at Lender'e option,upon ~ notice to Borrower may make euch appearancee, dieburee auch sume and take euch aMion as ia necesaary to protect Lender's interest, including, but not limited to, diebursement of reasonable attorney'e fees and entry upon the Property to make repaire. If Lender required - mortgage inaurance ae a condition of making the loan eecund by thie Mortgage, Borrower ahall pay the premiucne required to maintain such inaarance in effect until auch time as the requirement for auch inaurance terminatee in accordance with Borrower's and Lender e ~ written agreement or applicable I~w. Borrower shall pay the amount of all mortgage ineurance premiume in the manner provided under paragraph 2 hereof. Any amounte disbureed by Lender pereuant io thia paragraph with interest thereon, ahall bec~ome additional indebtedneas of Aorrower eecured by this Mortgage. Unleae E3orrower and Lender agree to other terme of payment, auch amounts ehall be payable upon ~ notice from I.ender tu E3orrower requesting payment thereof, and ahall bear intereet fmm the date of diebursement at the rate payable from -y{ time to time on outatanding principal under the Note unleas payment of interest at such rate would be contrary to applicable law, in v?hich event auch amounts ehall bear intereet at the highest rate permisaible under applicable law. NothinR contained in thie paragraph 7, ehall ~ require Lender to incur any expenae or take any action hereunder. ~ . ~ :t 9= ~ ~r G~~r ~c7~ r~~,: ~ ~ ~ . . - ~ ~ ' ; ,4. j'~,r I ~~~~5 ~ ^Ch~/ `~°`~.t~"-~s'r~'f'° 'R~~c~4-- ~G~T~~` ""~`.,~~»..~-~Yn`~F~'~~ _ . ~y 'G-~ ~ R}~-~~ d_'.~ F e{. _ . ~;b~~~ ~ q . ~ ~