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Home My WebLink About0333 E3ormwer i~nd l.rnder cuvrnant nnd agrcr aa folluwa: l. Payment of f'riocipal nnd Inlerret. Eiorruvrer ahall pn,mptly pny when due the principal of nnd interrst un the indrbteclnr~x evidenced by the Note, pre}?ayment end Inte churges as pn,vid~d in the Nute, and the principul o( nnd inirrest on ~ny F uture Advnncea Necurrd by thie Mortgage. 'l. I~tinda to~ Taxea and [asu~ance. tiubject to applicable luw or u? n written waivrr by 1 w•ndc~, li~~m~w~~ r xhull puy tu 1 ~•ndi~r un the• duy monlhly inetallmenta uf principal iind interret tire pt+yt?blr unde~ thr Note, until the No?r ie pi?id in full, a~ sum (herein "F u~da"1 eyual to onr tMelfth of the yenrly tvices and nsauxsmcnta w•hich may attain priority o~~rr thia ~i~rtguge, and Kruund renti+ un the 1'roperty, if any, piu[cune- twelRh of yearly premium inatnllments fur huzurcl inau~ance, plus unPtwel(lh ufyrurly prrmium inKtullmrnts G?r mottgagr iosurance, if any, all ns reasonably cwtimi~te~1 initinlly i?nd from time to ~ime by I.ende~ on the bueix oti~~u:es;amrnts und bills und re.~sunubie ~wtimntes thermf. The hlinda ahall be held, in an inatitution the deposita or accounta of which are inaured or guarnnteed by a Federal or Stpte ~gency (including Ixnder if I,ender ia auch nn institutio~l. l.ender shnll npply the F unda to pay eaid tuxes, naxese+menls, insurance premiuma and ground renta. I.ender may not charge [or eo holdiog and applying the Funda, analyzing suid Account, or verifpinK nnd cumpilinK xaid aeaeeamenta and biUs, unleas l.ender pnys BoROwe~ intereat on the F unds and applicuble law permitH I.ender to muke xuch n cht~rge.l3orrower and [.ender may tigree in writing at the time of execution of this MoriKaKe that interest on the Fundx ~hull be paid to Rorrower, and unleeis euch agreement ia made or applicable law requires such interest to be paid, l.ender ahall not t?e required to pay i3orrower nny intemst or earnings on the Funda. [.ender shull give tu Born,wer, vvithout charge, an annual atca?unting o[the Funda showing credits i~nd debits to the Funds and the pu~pose for which each debit to the F unds was mt+de. The M undP a~ pledKtd as additional security for the sums r~urrd by thia Mortgage. If the amount of the Funda held by I.ender, together with the fulure monthly inatallments of F unds pAynble prior to the due dates of tu~es, asaessmenta, inaurunrn premiums und ground rrnts, shall exc *ed the umount required to pay aaid taxes, assesxmenta, insurance premiuma and ground renta as they fall due, euch exceas shall be, at Bo~TOwer'a option, either promptly repaid to I3orrower or creclffed to ~rrower on monthly inatallmenta of Funde. If the amount ot the Funde held by I.ender ahall not be aufficient lo ps~y taaea, aeseermenta, inau~ance premiuma and ground rents aa they fall due, I3orrower shalt pay to I~ender any amount neceasary to make up the deficiency within 30 days fmm the date notice ia mailed by I.ender to Eiorirower reyueating payment thereof. Upon payment in full of all euma eecured by this Morignge, Ixnder ahal) promptly refund to l3orruwer any [unds held by l.ender. lf under paragraph IS hereof the Property ia sold or the Property is otherwise acquired by l.ender, l.ender ahi?11 a~pply, no lute~ than immrdixtely prior to the sale of the Property or its aequisition by I.ender, any F unds held by l.ender al the time of applicatiun as a credil :?gainst the sums r,ecurcKl by thie Mortgage. ~ 3. Application ot Paymenta. Unless applicable law provides otherwise, all paymentb received by I,ender under the !\ote and paraKrraphs I ana 2 nereoi shaii oe applied'oy [.euder nrat ii~ pa~°n~i-n[ ol amounGS payai?te to [~r~clrr i,y li~,rruwer under paragraph 1 nereoi, then to intereat payable on the Note, then to the principal of lhe Note, and then tu intrrest and principul on .iny Future Advanira. 4. Charges; Liens. Borrower shnll pny all taxes, assegsments ~nd other charKes, fines and impositions attribut:ible to the Pro~rty which may attain a priority over this Morigage, and leusehold paymenLROr Kround rents, if an~•, in the manner providrel under paraKraph'l hercr~f or, if not paid in such manner, by B~rrower makinK payment, when due, directly to the paycY therr~~f. Kurn,K•er sh~ill promptly furnish l~ 1 xndrr all notices of amounts due under this paragraph, and in the event E3orrov?er shall make payment directly, KorroH•er sh~ill prumptly fumish tu I.ender receipts e~•idencing such payments. Horrower shnll promptly dischargr any lien which hus priorily u~•er this Murtgage; pn~vided, that &~rrower shall not be required k?discherge any such lien so IonR:~s F3urrower ~hall :~Qrer in writinK to the pa}•ment uf thr obliKation securecl b}~ such lien in a manner aceeptable to l.ender, or shall in Rood faith contest such lien by, urdefend enfi~rcemF•nt of ~uch lien in, lr~;al pnK•t~eclin~;s which operate to prevent the en[orcement of the lien or furfeitum uf the Propcrt~• or am• part thercr,f. 5_ Hazard Insurance. Borrower shall keep the impruvemente now existing or hereafter erected on the Property insured against 1~3cti by fire, hazarda included within the term "extended coverage," and ~uch other hazards as I.ender may require and in such amounts and for such periods aa Lender may require; provided, that Ixnder shall not requirn such coveraRe amount exceedinq the minimum, as may be rnquired by state or federal regulations governing activities of I.ender, or that amount of roverage required to pay the sums secured by this ~lnrtkaKe, whichever ie the greater. The insurance camer prm•idinK the insuranc•e shall t?e chusen by Korruw•er subjeci to appnn•al b~~ I.~~nder; pn,~•id~d, that ~uch :~ppru~-:il shal! not be unre~nably withheld. All premiums on insurance pulic•ief; shaU be paid in the m:mner procidirl under pa~a~;raph h~•rtK,f or, if not paid in such manner, by E3ormwPr makinK payment. H•hen due, dirertly to the insuranm carrier. All insurance policies and renewala thereof ahall be in form acceptable to Lender and shall include a standard mort~taKe clause in fa~•or of ~ end in form acceptable to Len~er. Lender ahall have the riRht to hold the policies and renewala thereof, and Rorrower shall promptly furni,h to i.ender all renewa) notices and all receipta of paid premiuma. In the event of loss, Borrower ahall give prompt notice to the insur~nce carrier and Lender_ I.ender may make proof of loss if not made pmmptly by I3orrower. Unleas Lender and Borrower ofherwise agree in writing, insurance proceeds ehall be applied to restoration or repair of the F'roperty f damaged, provided euch restoration or repair ia economically feasible and the security of this Mortgage ie not themby impaired_ If such ~ reatoration or repair ie not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums aecured by this Mortgage, with the excess, if any, paid to Rorrower. If the Property is abandoned by Borrower, or if Rorrower faile to , respund to Lender within 30 days from the date notice ia mailed by I.ender to Borrower that the insurance carrier offers to settle a claim for inaurance benefits, I.ender is authorized to collect and apply the insurance pmceeds at [,ender s option either to restoration or repair of the Property or the sums secured by this Mortgage. Unless l.ender and Bonower otherwise agree in writing, any such application of proceeda to principal shall not extend or postpone thedue date of the monthly inetallments referred to in paragrapha 1 and 2 hereo(or change the amount of such installments. If under paragraph 1R hereof the Property ie acquired by L.ender, a!1 right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof reaulting from damage to Property prior to the sale or aoquiaition shall pass to Lender to the extent of the suma secured bv this Mortgage immediately prior to such eale or acquiaition. 6. Preeervation and Maintenance of Property; Leaseholda; Condominume; Planned Unit Developments. Bonower shall keep ' the Property in good repair and ehal) not commit waste or permit impairment or deterioration of the Property and shail comply with the provisiona of any lease if thie Mortgage is on a leasehold. If this Mortgage ia on a unit in a condominium or a planned unit development, 13orrower ahall perform all of Borrower'a obliqationa under the declaration or covenants creatingor governing the condominium ar planned unit development, the by-laws and regulations of the condominium or planned unit development, and constitnent documents. If a condominium or planned unit development rider ia executed by Borrower and recorded together with this Mortgage, the covenante and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the rider wem a part hereof. 7. ProteMion of Lender'a 3ecurity. If Borrower faile to perform the oovenante and agreementa contained in thie Mortgage, or if any ~ action or proceeding is commenoed which materially affecte Lender a interest in the Property, including, but not limited to, eminent domain, ~ ineolvency, oode enforcement, or arrangemente or proceedinge involving e bankrupt or decedent, then Lender at Lender'e option,upon notice to Borrower may make euch appearances, disburee euch aums and take euch action as ie neceasary to protect Lendei s interest, ~ including, but not limited to, diebureement of reasonable atWrney'e fees and entry up~n the Property to make repairs. If Lender required ~ mortgage ineurance as a condition of making the loan aecured by this Mortgage, Borrower shall pay the premiume required to maintain ~ euch ineurance in effect until auch time as the requirement for auch inaurance terminates in accordance with Borrower e and I.ender e ~ written sgreement or applicable I~w. Borrower ehall pay the amount of all mortgage insurance premiuma in the manner provided under paragraph 2 hereof. ~ Any amounte dieburaed by Lender perauant to thie paragraph 7, with intereat thereon, shall becrome additional indebtedneae of F3orrower eecured by thie Mortgage_ tJnlesa Borrower and Lender agree to other terma of payment, euch amounte ehall be payable upon ~ notice from Lender to Borrower requeating payment thereof, and ahall bear intereet from the date of di3bursement at the rate payable from ~ time W time on outstanding principal under the Note untess payment of intereet at such rate would be contrary to applicable law, in which ~ event such amounte ahall bear intereat at the highest rate permiaeible under applicable law. Nolhing contained in thie paragraph 7, ehall ~ require Lender to incur any expenae or take any action hereunder. g;JGK 290 FA~~ 333 - ~ - - - - ~ - z~ ~ ` y ~ " ~ ~ _ _