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Home My WebLink About0310 Borrower und l.ender covenant and ugrre as folluwe: • 1. Payment ot Principal and Tnte~eet. [3orrower ahnll promptly pay v?hen due the principal uf and inte~est un the indrbtrdnrxe evidenced by lhe Note, prepayment und latechargee as providcd in the Note, nnd thr principul of and interext oo any Futurn Advanrne e?ecured by thie Mortgage. 'l. I~`uttde !ur Taxes and Ineurance. Subject to Applicuble luw or tu a written waiver by l.ender, tiorrowe~ Hhs?ll puy to I xnder un the day mo~thly inatxllmenta of principal and intereat are pnyable under the Note, until the Nute ia paid iq full, ti aum lherein "h unda"1 cquat to unP tweikh of the yearly taxea and uaseasmenta which may allnin priorily uver thia Mortgage, und gruund ~ents on the I'roperty, ituny, plua une- twelRh of yearly premium installments for hnzard ineurance, plus onPtwelRh ofyearly premium inalallmrntx for mortgHKr inxurance, if any, all i?a reneonably estimflted initially und from time to tiR~e by I.ender on lhe basia of .u~.~examentx und billa and re:iaunable ei;timntea thereuf. The ~nde ehall be held in an inetitution the deposite or accounts of which are inaured or gui~ranteed by a Federal or State aKency (including Lender if Lender ia auch an institution). Lender ahall apply the Funde to pay spid taxea, axaexamenta, insurunce premiums and ground rente. [.ender may not churge tor eo halding a~d applyinR the Funde, analyzing eaid accuunt, or verifying and compiling said aeac~sments and bille, unleea I.ender pays E;or~ower intereat on the Funds and applicable law permita l.ender tu make such a charge. F3orruwer and l.ender may agree in writing at the lime of execution o[ thie Mortgage that interest un the F unda ahxll be paid to Borrower, and unlesa auch agccement ia made or applicable law requires auch interest to be pF?id, [.ender ahall not be required to pay Borrower any intereat o~ earninga on the Funds. Lender ahall give to Borrower, without ch~rge, an annual accounting of the Funda ehowing credits and debita to the Funds and the purpose for which each debit to the F unda was made.l'he Fundx arn pledged as ndditional security for the aums secured by this Mortgage. . If the amount of the Funda held by [.ender, together with the future monthly inatallmenta of Funds paynble prior to the due dates of taxea, assesamenta, inaurance premiums and gmund renta, ahali ~xcred the amuunt requireci to pay said tt~xea, asseasments, insurance prnmiume und ground rnnte as they fall due, euch excesa shall be, at Bo~TOwei s option, either pmmptly repaid to E3orrower or credited to Borrower on manthly inatallment~ ~f Fl~n~1s. If the arnro~nt ~f th~ F~~n.~a ~fP~1# hV IPRIfIPT A}?A~) T~l~ }lf! AUf~~'IP11[ Gt? ~fAV (AYPP, AAAPARRIP??~t+, I~NUrtlIlCp premiume and ge^ound renta as they fall due, Borrower ahall pay to l.ender any amount necessary to make up the deficiency within 30 days from the date notice is mailed bv I.ender to E3orrower requesting payment thereof. Upon payment in full of all euma secured by this Mortgx~e, I.ender ahall promptly refund to F3orrower any funds held by l.ender. lf under paragroph 18 hereof the Propcrty ia sold or the Property is otherwise ncquired by [.ender, I.ender shall apply, no later than immediately prior to the sale of the Property or its acquiaitiun by l.ender, any Funda held by I.ender atthe time of npplication as a credit against the suma secured by this Mortgage. 3. Application of Paymenta. Unlesa applicable law pmvidee otherv?~se, all payments received by Lender under the Note and paragraphe 1 and 2 hereof ahall be applied by I.ender ~rxt in payment otamounta payable to I.ender by I3ormwer under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of the Note, and then to interest and principal on any Futare Advances. 4. Charges; Liens. E3orrower ahali pay all taxes, assexsments and other charges, fines and impusitions attributable to ihe Propert}~ which mey attain a priority over this Mortgaqe, and le~sehold paymentx or ground rents, itany, in the manner provided under paragrs~ph 2 hereofor, if not paid in such manner, by Borrower making payment, when due, directly tu the payee thereoG 13orrower shall promptly furnish to I.ender all notices of amountR due under this paragraph, and in the event I3orrower shail make payment directly, I3orrower shall promptly fumish to I.ender receipt,s e~ idencing such paymenta. f~rrower shall promptly discharKr any lien which h.is priority over this Mort~age; pro~•ided, that Borrower shall not be required to discharge any such lien so long as F3orrower sht~ll agree in writinK to the paymrnt of theobliKation secured by such lien in a manner acceptuble to [xnder, or shall in K~xi faith contest surh lien by, or defend enG~rirment of such lien in, leKal pr~Kee~dings which operate to prevent the enforcement of the lien or forfeiture uf the Property or uny purt thercr,f. 5. Hezard Inaurance. Borrower shall keep the improvementa now existing or hereafter erected on the Property inaured against loss by fire, hazarda included within the trrm "extended covernge," and auch other hazards as [.ender may require and in such amounts and for such periods as I.ender may require: provided, that I.ender aha11 not require such coverage amount exceeding the minimum, as may berequired by state or federal regulations goveming activitiea of I.ender, or that amount of coverage requir_d to pay the sums secured by this hlortgage, whichever ie the greater. The insurance carrier providing the insurance shall be chosen by Borrower subject to appro~ al b~• l.ender, pro~ ided, that such approval ~ shall not be unreasonably withheld_ All premium:~ nn insurance policies shal! t?e p~id in the manner pn»•ided under paraRraph `l hereof ur, if i not paid in such manner, by &mower making payment, v~hen due, directh• to the in5urance carrier. ; All inaurance policiea and rnnewata thereof shall be in form a~reptable to I.ender and ahatl include a standard mortgage clause in favor of i and in form acceptable to I.ender. I.enderahall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to a i.ender all renewal notices and all receipte of paid premiums. In the event of loas, Borruwer ahall give prompt notice to the insurance carrier ~ and Lender. Lender-may make proof of loas if not made promptly by Borrower. Unleas Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the E'roperty ~ damaged, provided sach restoration or repair is economically feasible and the security of this Mortqage is not thereby impaired. If such ~ restoration or repair is not economically feasible or if the aecurity of this Mortgage would be impaired, the insurance proceeds shall be applied ~ to the suma secured by this Mortgage, with the exceas, if any, paid W Borrower. If the Property is abandoned by Borrower, or if Fiorrower faila to ~ respond to Lender within 30 daya from the date notice is mailed by Lender to Iiorrower that the inaurance carrier offers to settle a claim for insurance benefita, l.ender is authorized to collect and apply the insurance proceecls at I.ender's option either to restoration or repair of the Property or the sums secured by this Mortgage. ~ Unlesa Lender and Bonower otherwise agree in writing, any such application of proceeds to principal aha11 not extend or poatpone thedue ~ date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. I[ under paragraph 18 ~ hereof the Property is acquired by [.ender, all right, title and intereat of Borrower in and to any ineurance policiex and in and to the proceeda ~ thereof reaultinq from damage to Property prior to the sale or acquisition ahall pass to I.ender to the extent of the sums secured by this ~ Alortgage immediately prior to such sale or acquisition. ~ 6. Preservation and MainLenanceof Property; Leaseholda; Condominume; Planned Unit Developmenta. Borrower shall keep ~ the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and ahall compty with the proviaione of any lease if thie Mortgage ia on a leasehold. If this Mortgage ia on a unit in a condominium or a planned unit development, ~ F3orrower ahall perform all of Borrower'a obligations under the declaration or covenanta creatinQor goveming the condominium or planned ~ unit development, the by-lawa and regulationa of the condominium or planned unit development, and constituent documents. If a ~ condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the oovenanta and agreements of such rider ahall be incorporated into and shall amend and aupplement the covenants and agreements of this Mortgage as if the ~ rider were a part hereof. ~ 7. Protection of Lender'e 3ecurity. If Borrower faile to perform the oovenante and agreements rnntained in this Mortgage, or if any ~ action or proceeding ie commenced which materially affecte t,endei e intereet in the Property; including, but not limited to, eminent domain, - insolvency, oode enforcement, or arrangemente or proceedinge involving a bankrapt or decedent, then Lender at Lender'e option,upon ~ notice to Borrower may make auch appearanoe8, dieburee such aume and take auch action es ie necesaary to protect Lender e intereet, induding, but not limited to, diebureement of rea8onable attorney a feee and entry upon the Property to make repaire. If Lender required mortgage ineurance se a condition of making the loan secured by thia Mortgaqe, Borrower shaU pay the premiume requited to maintain such ineurence in effect until euch time ae the requirement for such inaurance terminatee in accordance with Borrower'a and Lender e written agteement or applicable Law. Borrower ehall pay the amount of al) mortgage insurance premiuma in the manner provided under ~ paregreph 2 hereof. My amounta diebureed by Lender persuant to thia paragraph 7, with intereat thereon, shall become additional indebtedneee of t`~ Borrower eecured by thie Mortgage. Unleea Eiorrower and Lender agree to other terme of payment, auch amounte ehall be payable upon ~ notice from Lender to Borrower requeeting payment thereof, and ahall bear intereet from the date of diabureement at the rate payable from time to time on outatanding principal under the Note unleee payment of intereet at such rate would be contrary to applicable law, in which ~ event auch amounts eha11 bear intereet at the highest rate permiseible under applicable law. Nothing contained in thie paragraph 7, shall uire Lender to incur an ex ~g req y pense or take any action hereunder. ~N k~~K 290 31~1 ~ . . ~ ~ - - - - - _ - ~ : .d ~ Y .F.~F~ ~>,`'_,'~`fiy~~ .3.-~ ~ ~-r~ ~ ~ ~rysr