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Home My WebLink About0337 t;orrower and lender rnvenant and agne as tullowe: 1. Payment of Principal and Interest. Eiorn?wer ehull promptly pay when due the principnl u! t~nd interrat un the indet?leclnec~e evidenced by the Note, p~epaymenl and late charges ax pruvided in lhe Nute, and the priocipxl of and interest un any Future Advancre xecund by thu Mortgage. 2. Fuads forTasea and Inaurance. Subject to applicable lavv or to n writtrn waiver by t.ender, (iorruwer ehull pay to lA•nderun theda?y monthly installments of principal and intereat are paynble under the Note, until the Note ia pnid in full, ii ~um (herein "Funds"? ryu:il to unc~ tvrelfth o[the yearly taxea and aaseasments which may attuin priurity u~~er thia Muriguge, und Kround rentx un the f'ru}~eAy, if any, plua onc- tNdfih of yearly premium inataltmenta for hazard inaurance, plus onrtwelRh of yrarly premium inst.~llments for mortguge insurance, if any, aU as reasonably e,3timated initially and from time to time by I.ender on the baxia uf ussesxmentx and bills and musonabir ~timutrrz thereof. The Funda ahail be held in an institution the depoaite or accountx of which are ineured or gua~unteed by a Fecieral or titate ~+gency ~including l..ender i[ Lender is such an inatitution). l.ender shall apply the F unds to pay said tnxee, asseseiments, insurance prrmiums and ground rents. l.ender may not charge for eo holding and applying the Funda, analyzing said arcount, or vrrifying and compiling atiid assesamenta and billa, unless I.ender pays I3orruwer interest on the E unda t~nd applicable law permiteti I.ender to make auch a rhurge. Iiorrower and l.ender may agrte in writing at the time of execution o( this Morlgage that intereat un the Funda ahall be paid to F3~rruwer, and unleas such agreement is made or applicable law requirea auch intereat to be paid, I.ender ahall not be requind lo pay I3orruwer any interest or eamings on the Funda. l.ender ahall give to E3~rrower, without charge, An nnnual accuunting of the Funds ahowing credits and debita to the Funds and the purpose for which each debit to the F unds waa mude. The Funds ~re pledged as additional security for the aums esecured by this ~tortgage. ~ • tf the amount of the Funda held by l.ender, together with the future monthly installmenta of F unds payable priorto the due dates of taxea, asaesamenta, inaurance premiuma and ground renta, ahall excred lhe amount required to pay said taxes, asseasmenta, inaurance premiums and groand rente as they [aU due, such e:cesa shall be, at E3o~TOwer s optian, either prumptly repnid to Borrower or credited to E3orrower on manthly inatallments of Funda_ If the amount of the Funda held by I,ender shall not be aufficient to pay tuxes, asseasments, insurance premiums and ground renta as they fall due, E3orrower ahall pay to l~ender any amount neceasxry to make up the defi~tiency within 30 days from the date notice is mailed by [.ender tn f3orrower requesting payment thereof. Upon payment in full of all auma secured by this lltortKaKe, I.ender sht~ll prumptly refund to Snrrower any funda held by l,ender. [f under paragraph 18 hereof the Property is sold or the Property is othervvise acquired by l.ender, l.ender ~haU apply, no later than immediately prior to the sak otthe Property or ita acquiaition by I.ender, any F unda held by Lender at the time of application as a credit ngainst the suma secured i_ v~oa__ ~ 3. Application of Paymenta. Unleas applicable law provides otherwise, nll payTr?ents recei~•ed by (.ender under the N~te and paragrapha 1 and 2 hereof shall be applied by [.ender fimt in payment of amounts payable to l.ender by Borrov?•er under p~ragraph 'l hereof, then w intereat payable on the Note, then to the principal of the Note, and then to interest and principal on any Futum Ad~ances. Charge~; Liene. Borrower shall pay all t~xes, :~s.4essments and other charKc~, fines and impositions attributable to the Prnpertp w•hich ma~ attain a priority over this Mortgage, and leasehold payments or gmund rents, if any, in the manner provided under par.igraph'l hereof or, ii not paid in such manner, by E3orrower making payment, when due, directly to the paycr thereoL Surrower shall promptly furnish to Ixnder al{ notices of amounts due under this paragraph, and in the event F3orrow•er shall make payment dirrctiy, BorroK~er sh~ll promptly furnish tu l.ender rereipts e~idencing such payments. E3orrower shuU promptly discharge any lien which has prionty o~•er lhis Nortgage: pro~~iderl, that Eiorrower shall not be required to discharge any such lien so long as E~rruwer shall agree in writinQ to the payment uf the obligation secund by ~uch lien in a manner acceptable to l.ender. or shall in good faith rnntest such lien by, ordefend enfurceme•nt of such lien in, leKal pnK•r~dinKs which operate to prevent the enforcement of the lien forfeiture of the Property or any part thereo7. H~zard Iaeurance. Borrower ehall keep the im~provementa now existing or hereafter erected on the Property insured against loss by firn, 6azarde inclnded within the term "extended coverage." and such other hazards as I.ender mpy require and in such amountx and for such periods as Irnder may require; provided, that [.ender ahall not requirr such coveraKe amount exceeding the minimum, as ma~ he reyuired by :tate or federal regulationa governing activities of Lender, or that amount of coverage required to pay the sums secured by this Mortgage, w•hichever ia the greater. 'I'he insurance carrier pro~ iding the insurance ahall be chosen by Borruwer subject to appruval by (w~nder; pru~•ide~1, that tiuch appruval :hall nnt be unreasonably withheld. All premiums on insur.ince policies shall be paid in the manner pr~~~•idc~1 under p:?raKraph hen~?f or, if not paid in such manner, by E3orrower making payment, whrn due, directly to the insurance carrier. All insurance policies and renewals thereof ahall be in torm ncceptable to I.ender and shall include a standard mortgage clause in fa~•or of and in form acoeptable w Lender. I.ender ahall have the right to held the policies and renewala thereof, and E3~rrower shall promptly furnish to i.ender all mnewal notices and all receipta of paid premiums. In lhe event of loss, E3orruwer shall give prompt notice to the insurance carrier ana Lender. Lendet may make proof of loss if not made promptly by I3orrower. ' Ualeas Lender and Borrower otherwiae agree in writing, insurance proceeda shall be applied to restoration or repair of the Property ~ damaged, provided such restoration or repair is economicaliy feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair ia not economically feasible or if the security of this Morigage would be impaired, the insurance proceeda ahall be applied ~ to the sams secnred by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrow er, or if Borrower fails to g -espond to L,endet within 30 daya from the date notice ia mailed by Lender to Borrower that the insurance camer offers to settle a claim for ~ insuranee benefita, I~nder ia suthorized to collect and apply the inau~ance proceeda at I.ender s option either to restoration or repair of the ~ Yroperty or the snms secured by this Mortgage. ~ ~ L'nlesa Lender and Borrower otherwiae agree in writing, any auch application of proceeds to principal shall not extend or poatpone the due ~ date of the monthly inatallmenta referred to in paraqraphs 1 and 2 hereof or change the amount otauch inetallmenta_ If under paragraph 1R ~ hereof the Propetty ia aoquired by Lender, aU right, title and interest of Borrower in and to any insurance policies and in and to the proceeds ~ thereof resulting from damage to Property prior to the sale or acqu~sition ahall pasa to Lender to the eatent of the suma secured by thia ~ ~lortgage immediately prior to auch aale or acquisition. x 6. Preservation and Maintenance of Property; Leaseholds; Condominums; Planned Unit Developmenta. E3orrower shall keep ~ the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and ahall comply with the provisions of any lease ii this Mortgage ia on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, ~ F3orrovrer ehall perform all of Borrower's obligationa under the declaration or covenants.creatingor governinq the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and conatituent documents. If a ~ ~~~::~S~mini~un vr pianned unii devElupmen: rider is exe.:utcd by &,rrower and recorded together with this Mortgage, the covenanta and a~cre~ements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the ~ nder were a pari hereof. _ Protection ot Lender'e 3ecurity. If Borrower faila to perform the covenants and agTeemente contained in thie Mortgage, or if eny - action or proc~eding is commenced which materially affecte Lender's intereet in the Property, including, but not limited to, eminent domain, = ineolvmcy, oode mforcement, or arrangemente or proceedinge involving a bankrupt or decedent, then L.ender at L,ender'e option,upon - ooRice W Borrower may ma1[e euch eppearencee, dieburae euch a~uns and take euch action as ie neceasary to protect Lendet's intereat, including, but not limited to, dinbureement of reseonable attorney'e feea and entry upon the Property to make repairs. If Lender required - mortgage insurance as s condition of making the loan secured by this Mortgage, Borrower shall pay the premiuma required to maintain auch instuance in effect until euch time as the requirement for auch ineurance terminatee in accordance with Borrower'a and I.ender'e = a-ritten agrcement or applicabie Law. Borrower ehall pay the amount of all mortgage inaurance premiume in the manner provided under paragraph 2 hereof. = Any amounts diebureed by Lender pereuant to thie paragraPh 7, with intereat thereon, shall beoome additional indebtedneae of Horrower secured by this Mortgage. Unleas Borrower and Lender agree to other terme of payment, such amounte ehall be payable upon ~R notice &om Lender to Bornower requeeting payment thereof, and ehali bear interest from the date of diaburaement at the rate payable from ~ time to time on outatanding principal under the Note unleae payment of interest at such rate would be contrary to applicable 1aw, in which ~ event each amounta ahall bear intereet at the highest rate permisaible under applicable law. Nothing contained in this paragraph 7, ehall ~ require Lender w incur any expense or take any action hereunder. ~ • ~ ~3 ~ ~ .,r ~A~E ~ , r ~ ~ _ - - - - : ~ ~3~~ ~ ~ ` ~ . . ~"'~y.= - . . . , ~ ~ a ~~.n , °x' ~ wi~ .~"'r.,• a~. . a,. ~ ~s-yi~~,