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Home My WebLink About0341 t3urruwer and l.ender covenant and agrre i~a fullow•s: 1. Payment of Principal and lntereet. &~rruwer ahall pmmpUy pay whrn due Ihe principal uf and interret on thr indrbt~dnee~a evidenced by /he Note, prepayment and late chnrges aa provided in the Note, and the principal uf and intrreat on a~y Future Ad~•uncrx Krcu~ed by thie MortKege. 2. Funde torTaxee and Ineurance. Subject tu applicuble luw~ ur tu u wriUen wuivr~ by lAnder, li~~rruaershall puy tulw•ndrrun thrday monthly inslnllmenta of principal and intrreat are p:;publr uncle~ the Nute, until thr Notr ia puid in full, i~ xum Ihrrein~"Fundx") ~~~ui?1 to unP twelRh of the yearly inxes a~nd ussexamenta which muy uttxin priority ove~ this MurtKaKe, and ~uund rentr un the f'ru~x~rty, if any, plus one twelflh of yearly premium instuUmenti+ fur hnzurd i~~un~n~r, plu~ unr~lwelfth of ye~~rly premium inst.?IlmenLv (u~ murtKiiKe insurancr, if:iny, xll ae reusonebly ebtimated initially and from time to /io~e by I.ender un the ba~sia uf ,~sessmen4ti und biUs and rrasunublr ratim:itrK thermf. The I~~nds ehall be held in an institution thc de~_°?!~s or accounta uf which are i~sured ur guaranteed by a Ftderal or Stute ugency lincluding I.ender if Lender ia such an inatitution). l.ender ahall apply the Funda to pny said tt~xes, ~?.~sessmrnta, in~urance prrmiums and Kround rents. l.ender may not charge for eo holding and applying the Munda, analyzing euid nccount, ur vrrifying und compiling said aasesaments and bills, unlesal.ender paya Borrowe~ intereat on the F unds und upplicable law permits I.ender tu make auch i~ cht~rKe. t3orroM er and l.ender may agree in writing nt the time of execution of this MortgaKe that intereat on the H unds shall be paid to Born~Ker, und unlrss such agreement is made ur applicable law requires such intemet to be puid, I.ender ahali not be reyuired to pay E~rrower any interrst or earnings on the Funde. I.ender ah~ll give to ~rn~wer, withuut charKe, an annual nccviuntinR of the N unde~ xhowing credits nnd debits to the Funds and the purpose for which each debit to the F unda was made. The F unda s~re pledged as additional security [or the sums aecured by this Mortgage. If the amount of the Funda hetd by I.ender, together with the future munthty inst~llments of Funds payable prior to the due dates ~if ttixes. assessmente, inaurance premiums and ground mnLv, ahall exc~ed the ~mount required to pay eaid taxes, uasexsmenta, insurance premiums and ground rents as they fall due, auch excesa shall be, At f~c~miwer's optiun, either prompdy repaid to Burrower or crrdited tcr E3orrower on monthly installments of Funds. if the amount ot the Funda held by I.ender ahall not be sutficient to pay taxea, asaesamrnts, inaurance pmmiums and ground renta as they fall due, E3orrower ahxll pay to I,ender any amount necessary to make up the deficienc~ within :;0 days from the date notice ia mailed by l.ender to Borrow•er mquesting pt~yment ther~f. Upon payment in full of all aums secured by this lyortgaKe, I.ender shall prc~mptly refund to &~rrower any funds held by I.ende~. lf under paragraph 18 hereof the Property ia sold or the Hroperty is othenvise acquircvl by I.ender, I,ender shull apply, no later than immeciixtely prior to the sale of lhe Properly or its acquisition by I.ender, any Funds held by I~ender nt the time of application as credit against the sum5 see•urcYl by thie Mortgage. , 3. Applieation of Paymente. Unlexs applicable law• provides otherK•ise, all payments received by i.ender undrr the Nute and p~ragrapha ~ ana z hereof shall be applied by l.ender first in payment of amounts payable tu I.ender t,y Borruw•er under part?Kraph `L herc~f, then to interest pavable on the Note, then to the principal of the Note, and thrn to interest :?nd principal on nny Fulure Advtinces. ~ 4. Charges; Liens. Bormwer shaU pnyall tnxes, nssessmen~~.~nd otherrharKes, finc~ and im~,sitions attributahle tu thc Prupe•rty which maiy attain a priority over this Mortgage, and le.~sehuld pa~~ments or Kmund rents, if any, in the manner pruvideci undrr par.~Kraiph 1~. hrrruf ur, if not paid in such manner, b~ Borrower makinK paymrnt, w hen due, direcUy to the pay~r thertvrf. Rorn,w•er tihall promptly furnish to 1 a•nder ail noticea of amounts due u~der this pxraKraph, and in the event F3orrower sh.ill make pa}~ment directly, liurn~wer shall prumpti~ furnish tu I xnder receipts evidencinR such p~~ ments. Korrower sh:~ll promptly discharge any lien v~•hich h:~s priurity u~•er thi~ blortKaKe; pnn~id~d, that Rorrower shall not be requireci to disch arge nny such lien so long Fiurrower shaU aRrre in w ritinK tc~ the pa~•m~nt ~f the obl iK.~tion .ec•ured by .uch lien in a manner accept~~ble tu I.ender, or shall in K~Kx1 faith contest such lien by, ordefend enfi~rceme•nt ~~f such lirn in, I~•Kal pnK•eErii~K~ ~•hich operate to prevent the enforcement of the lirn nr forfeiture of the Pru~rty ur any pan thercr~f. 5. Hezard Ineurance. Sorrower shall keep the improvements now existing or hereaf!er erected on the f'roprrtv insured uKainst luss by fire, hazards included within the term "extended coverage," and 3uch other hazards as Lender may require and in such amounts and fur such periode as I.ender may require; provided, that I.ender ahall not requirr such coverage amount exceedinR the minimum, as may berequired by ~tate or federai regulations goveming activities of I.ender, or that amount of coverage requimd to pay the sums se~urec! by this MortkaKe, whichever ie the greater_ The insurance carrier providing the insunince shall tx chust•n by fiorruw•er suhjc~c-t tu appro~~al by Lender, pr~~~~ide~ci, thut .uch :ipEiru~-~i1 .haU not t?e unre~w>nably withheld. All premiums on insur.~nce policiEw shall tx p<iid in the manner pru~•ide~e! under par.~kr:~ph 2 h~•nY?f ur, if not paid in such manner, by E3orruwer makinK pa>~ment, w•hen due, directly to thc• in~urance carrier. ~ All insurance policies and renev~als thereof ahall be in form acceptable ta I.enderand ahall include a standard mortK,~ge clause in favor of ~ and in form acceptable to I.ender. Lenderahali ha~ e the right to hotd the policies and renewats thereof, and Borruw•er shall promptly furnish to ~ i.ender all renewa) noticea and all receipts of paid premiuma. In the event of loss, Borrower shall gi~•e prompt notice to the insurance camer i and l.ender. I.ender may make proof of loss if not made promptly by E3orruwer. ; Unlesa I.ender and Borrower otherwiae agree in writing, insurance proceeda shall be applied to restoration or repair of the F'roperty ; damaged, provided such reatoration or repair ix economically feaaible and the security of this Mortgage is not thereby impaired. If such a restoration or repair is not economically feasible or if the security of this Mortguge would be impaired, the insurance proceeds shall be applied ~ to the sums aecured by thie Mortgage, with the excess, if any, paid to E~rrower. If the Property is abandoned by Bonower, or if Borrower fails to f re~pond to [.ender within 30 days from the date notice ia mailed by I.ender to Bormwer that the insurance carrier offers to settle a claim for ~ inaurance benefits, Lender is authorized to collect and apply the insurance proceeds at I.ender a option either to restoration or repair of the ~ I'roperty or the sums secured by this Mortgage. ~ Unless Lender and E3~rrower otherwise a~ee in writiag, any such application of proceeds to principal ahall not extend or po~tpone the due ~ date of the monthly inetallments re[erred to in paragraphs 1 and 2 hereof or change the amount of such installments. lf under p~ragraph 1R ~ hemc?f the Property ia acquired by I~ender, all right, title and internat of Borrower in and to any inaurance policies and in and to the proceeds thereof reaulting from damage to Property prior to the sale or acquiaition shali pass to I.ender to the extent of the sums secured by this \lortgage immediately prior to auch sale or acquiaition. ~ 6. Preser~ ation and Maintenance af Property; Leaseholds; Condominuma; Planned Unit Developments. Borrower ahall keep ~ the Property in good repair and ahall not commit waAte or permit impairment or deterioration of the Prupert~ and shall rnmpl~ ~-ith the ~ proviaiona of any lease if this hlortgage ia on a leasehold. If this Mortgage ia on a unit in a condominium or a planned unit development, ~ ~ iH~rruwer enxll prrfunu nii oi Borrower'a obligations under the declaration or covenants creatingor goveming the condominium or planned ~ unit development, the by-laws and regulations of the condominium or planned unit development, and conatituent docnments. If a ~ c~ondominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the rnvenanta and aKreementr, of such rider ahall br incorporated intu and shall amrnd and supplement the c~~venants and agreements of this MortKaKe as if the ~ rider were a part hereof. ~3 7. Protection ot Gender'e 3ecurity. If Borrower faila to perform i~e oovenante and agreementa rnntained in thia Mortgage, or if any ~ action or proceeding ie commenccd which materially affecte Lender's intereet in the Property, including, but not limited to, eminent domain, ineolvency, oode enforcement, or arrangements or proceedinge invol~~ng a bankrupt or decedent, then Lender at Lendei a option,upon - notice to Borrower may make such appearances, diaburee such sume and take euch action ae is neceaeary to protect Lender'e interest, = inclading, but not limited to, disburaement of reasonabte attorney'8 fees and entry upon the Property to make repaire. If Lender required _ mortgage ineurance aa a condition of making the loan eecured by this Mortgage, Borrower ahall pay the premiuma required to maintain such ineurance in effect until euch time se the requirement for auch insurance terminatee in accordance with Borrower'a and Lender's - written agreement or applicable Law. Borrower shall pay the amount of all mortgage inaurance premiuma in the manner provided under ~g paragraph 2 hereof. Any amounfa dieburaed by Lender pereuant to this paragraph 7, with intereat thereon, ahall become additional indebtedne8e of F~orrower eecured by this hlort.Kage. Unleae E3onower and I,ender agree to other terme of payment, auch amounte ahall be payable upon notice from I.ender to Borrower requeating payment thereof, and shall bear interest from the date of dieburaement at the rate payable from - time to time on outetanding principal under the Note unlese payment of intereet at auch rate would be contrary to applicable law, in which s;~ event euch amounte ahall bear intereat at the highest rate permiseible under applicable law. Nothing contained in this paragraph 7, ehall require I,ender to incur any expenae or take any action hereunder. ~ . M ~ 290 ~at:~ 341 ~ - A,a 3 ~ . . _ g ~ ~ . ~.,.~~'-z. t, . _ f ~ ~"i -r ~ _ w- _ , ' - 7. 4 " _