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Home My WebLink About0324 E3urrowe~ und I.ender cuve~ant and ugree na folloMa: 1. Payment of Prit?cipal and Intereet. Eiorn~wer ahall pmmptly pay when due the princip~l uf and intere8t on the indebtcvinene rvidenced by the Note, pmpayment and latechergea ae provided in the Note, und the p~ncipal of and intemat on any F uture Advancea aecured by this Mortgage. 2. F'unde [or Texes and ineurance. Subject to npplic~ble law ur W a writtrn waiver by IA nder, {3onowrr ahull puy to Iw nderon the duy monthly inetallments of principal and interest ure psyt~t?le under the Note, until the Nute ie puid in full, a aum thrrein "F unda"1 eyual to une twelfth of the yearly tuxes nnd i?sscxaments which may atlnin priority o~~er this bloirtgage, und gn?und rentx un lhr I'ruperly, if uny, plus onP twelfth of yenrly premium instt~llmentn for hnznrd insurunre, pluxonetwrlfth ufyra~ly premium inst.illmentrz [ur m~?rtKuge ineurunce, if any, all as mnaonitbly estimzted initinlly nnd from time k~ tin~e by txnder on the tx~sis of aisxexamenta f~nd bills ~nd reasunnble er~timut~~x thereof. The Fl~nda shall be held in an institution the depoeita or accounta of which are inaured or guaranteed by a Federal or ~tate agency lincluding l.ender if I.ender is auch an inatitutionl. l~ender ahul! apply the Funds tu pay said ta:ea, uaxeaxments, insun?nce premiuma and ground renta. [.ender may not charge for eo holding and applyinq the Funds, analyzing said accuunt, or veri[ying and compiling e~aid assesamente and bille, unlesa I.ender pays E3orrower intereat on the Funda and applicuble law permits I.ender to make such acharge. E3urruwer and I.ender may agree in writing at the time of execution uf this Murtgage that intereat on the Funda shal! t?e paid to Borruwer, and unlesa euch agreement is made or applicable law requirea auch interest to be paid, I.enifer shnll not be requiced to pay Borrower any intereat or earninga on the Funda. I.ender ahall give to Borrower, withuut charge, an annual uccounting of the Funda ahuwing credita and debits to the Funda and the purpoae for which each debit to the Funds w:u+ made_ 7'he Funds are pledged ae additional security for the aume secur~d by this hlortgage. If the amount of the F'unds held by l.ender, tc~cether with the future monthly inatallmenta of Funds payable prior to the due datea of taxes, asseasmenta, ineurance premiuma and ground renta, ahall excred the s?mount required to pay atiid taxea, nssesaments, insurance premiuma and ground renta as they fal) due, auch excese shall be, at E3o~TOwei s option, either prompUy repaid to Rorrower or credited to I3orrower on monthly inetallmenta of F~nds. If the amount of the Funds held by [.ender ahall not be aufficient to pay taxes, assesamente, inaurance preiniums And ground renta as they fell due, Borrower ahull pay to I.ender any amw~nt necesanry lo make up the deficiency within 30 days fn~m the date notice is mailed bv Ixnder to 13orrower reyuesting pnyment thereoL Upon payment in full of all aums secured by this MortKage, l.ender ahall promptly refund to Borrower any funda hetd by 1~ender. If under paragraph 18 hereof the Property ia sold or the Pmperty is otherwise acquired by l.ender, I.ender shall apply, no later than immediately prior to the sale of the Property or its acquisition by I,ender, any F unda held by I.enderat the time of application tis a rredit against the sums secured by thie Mortgage. 3. Application of Payments. Unless applicable law provides otherwiae, all paymenta received by l.ender under the Note and paraqraphs 1 and 2 hereof shall be applied by l.ender firxt in payment of umounta payable to I.ender by Borrower under paragraph `L hereof, then to intereat payable on the Note, then to the principnl of the Note, and then to interest and principal on any Futurn Advances. 4_ Charges; I.iena. E3orrowershail ptiy alt taxes,:?.4sc~sments and otherchnrKes, fines and impc~itions ~~ttributableto the Property which may attain a priority over this MortgaKe, and le.~sehold puyments or Kn~und rents, if any, in the manner provided under paragrnph'l here~~f or, if not paid in such manner, by Borrower mukinK payment, when due, directly to the pa~~cr thereoG Burmwer shnil promptl}~ furnish to Ixnder all notices of amounts due under this paragraph, and in the e~~ent F3orruwer shall make payment directly, Born~wer shall promptly fumish to I.ender receipts evidencing such puyments. RorrnW er shall promptly discharge any lien ahich has priority o~•er this Uortgage; pmvidcd, that F~~rrower shall not he required to discharge:my such lien so IonK :~s &~rruwer shall agree in writinK to the p:?yment ~~f lhe.oLliKation secured by ,uch lien in a manner accept~~ble to l.ender, orsh:~ll in Raxl fxith rnntest such lien by, nrdefend en[orc~ement ~~f such lien in, lt~al procc~edinKs w•hich operate to prevent the rnforcement of the lien or forfriture of the Property ur any part ihereof. 5_ Hazard Insurance. Borrower ahall keep the improvements now exiating or hemafter erected on the Property insured against I~as by fire, hazards included within the term "extended coverage," and such other hazards as I.ender may require and in such amounts and for such periods ae Lender may require; provided, that Ixnder shall not~requirr such cuverage amount exceeding the minimum, as may be required by state or federai regulations governing activities of Lender, or that amount of coveraqe required to pay the aums secured by this Mortgage, whichever is the greater. The insurance carrier providinK the insuran~r shall be choxrn b~• Rorn~w•er subjeM to appro~•a! by I.endrr, pmvided, that such appr~~~~al .h~ll not be unreasonably withheld. All pnmiums on insurance E«~licies shall be paid in the manner pnn~idc~cl under p:~r.iKruph 'l hereof or. if not paid in such manner, by Burrowrr makinR p.i~•ment, when due, directh• to the insurance carrier. ; All insurance policies and renewals thereof ahall be in form acceptable to I.ender and shall include a standard mort~age clause in fa~•orof ~ and in form acceptable to I.ender. l.ender shall have the right to hold the policiea and renewals thereot, and E3orrower shall promptly furnish to E i xnder all renewal notices and aU receipts of puid prnmiums. In the event of toss, Rorruwer ahall Kive prompt notice to the insurance carrier e and Lender. Lender may make proof of loas if not made pmmptly by Borrower. € Unless L.ender and I3orrower otherwiae aRree in writing, insurance proceeds shall be applied to restoration or mpair of the Property { damnged, provided auch restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. [f such a restoration or repair is not economically feasible or if the security of this hiortgage would be impaired, the insurance prceeeds shall be upplied ~ to the sums aecured by this Mortgage, w~th the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if E3orrower faila to ~ respond to [.ender within 30 days from the date notice is mailed by Lender to Borrov?er that the.insurance carrier offers to settle a claim for ~ insurance benefits, [~ender is authorized to collect and apply the insurance proceeds at I.ender's option either to restoration or repair of the Property or the suma secured by this Mortgage. Unless Lender and Borrower otherwise agree in writinq, any such application of proceeda to principal shall not extend or postpone the due ~ date of the monthly instatimenta referred to in paragraphs 1 and 2 t~ereof or change the amount of auch enstallmenta. If under paragraph 18 ~ hereof the Property ia acquired by Lender, ali right, title and interest of Borrower in and to any insurance policies and in and to the prnceeds n thereof reaultinq from damage to Property prior to the sale or acqu~aition shail pass to Lender to the extent of the sums secured by this ~ Mortgage immediately prior to auch sale or acquiaition. 6. Preeervation and Maintenance of Property; Leaseho)ds; Condominume; Planned Unit Developmente. Borrower shall keep ~ the Property in good repair and ahall not commit waste or permil impairment or deterioration of the Property and shall comply v~~th the pmviaions of any lease if thie Mortgaqe ie on a leasehold. If thie Mortgage ia on a unit in a condominium or a planneci unit development, Rorrower ahall perform all of E3orrower's obligationr+ under the declaration or co~ enanta creatinKor goveming the condominium or planned unit development, the by-Inws and regulations of the condominium or planned unit development, and conatituent documents. If a ~ condominium or planned unit development rider is executed by Fiorrower and recorded together with this Mortgage, the rnvenante and ~ aQieements of such rider shall be incorporated into and shali amend and supplement thecovenanta and agreemenlsof this Mortgageas if the rider were a part hereof. ~ 7. Protection of Lender'e 3erurity. If Borrower faile to perform the oovenants and agreemente contained in this Mortgage, or if any ~ action or proceeding is commenced which materially affecte Lender e interest in the Pro{,eriy, inciuding, but not limited b, eminent domxin, ineolvency, aode enforcement, or arrangementa or proceedinga involving a baniwpt or decedent, then Lender at Lender'e option,npon notice to Borrower may make such appearancee, diaburse euch aume and take auch action aB ie neceaeary to protect Lendei a intereat, ~ including, but not limited to, diebureement of reasonable attorney's fees and entry upon the Property to make repaire. If Lender required mortgage ineurance ae a condition of making the loan eecured by thie Mortgage, Borrower ehall pay the prnmiuma required to maintain ~ euch ineurance in effect until euch time ae the requirement for euch ineurance terminatee in accordance with Borrower'e and I.ender e a~ written agreement or applicable Law. Borrower ehall pay the amount of all mortgage ineurance premiums in the manner provided under ~ paragraph 2 hereof. ~ My amounte dieburaed by Lender pereuant to thia paragraph 7, with interest thereon, ahall become additional indebtednesa of Aorrower eecured by thie Mortgage_ Unleae Borrower and Lender agree to other terma of payment, auch amounta ahall be payable upon notice from Lender to Borrower requeeting payment thereof, and shall bear intereat from the date of dieburaement at the rate payable from time to time on outatanding principal under the Note unlese payment of intereat at such rate would be rnntrary to applicable law, in which ~ event such amounte ahall bear intereat at the higheet rate permisaible under applicable law. Nothing contained in thie paragraph 7, ehall ~ require Lender to incur any expenae or talce any action hereunder. ~ ~ ~ ~~o~ ~ k 290 ~A~~ 324 ~ ~ . _ _ . _ - ~ ~-~.~x.`"~ . . ~Y?a ~'~,..a~ x ~ - '~"j,~.~