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Home My WebLink About0607 ~ V E3orrower and l.ender covenant and agree ae foUowa: l. Payment of Prlncipal and lntereet. Borruwer ehall promptly pay when due the principal of and intereat on the indebtrclnexa evide~ced by the Note, prepayment and late rharges as provided in the Note, and the principal of and internat on nny l~titure Advnncee secured by thie Mortgage. 2. Funds for T~ee and Ineuranee. Subject to applicable luw or to a written waiver by l.ender,l3urruwer ahall pay lo I.ertdrr on the duy monthly inatallmenta o[ principtil and intereHt are payubie under the Note, until the Note is paid in full, a sum (herein "M unda") equal tu one twelRh of the yearly taxea and asaeasmenta which muy altain priority o~~er this Mortgage, and gn?und re~ta on the E'ro~erty, if uny, plus one twelhh of yearly pmmium instaUmenta for hnzard insurance, plua unetwelfth of yearly premium instnllmentx for mortKt~ge insu~ance, if any, all as reaeonably eatimated initially and fmm time to tia~e by Ixnder on the basis of asseasmentx i~nd bills and reruion+~ble estimutex thereot. 'I~e F1nde shall be held in an inatitution the deposits or accounts of which are ineured or guaranteed by a Federal or State agency ~includi~:g I.ender if l.ender is auch an inetitution). Lender shall apply the Funda to pay eaid taxes, asseseimente, ineurance premiuma and ground rente. I.ender may not charge for eo holding and applying the Funda, analyzing said account, or verifying and compiling said aseesamente and bills, unlese I.ender paye Borrower interest on the Funds and appticable law permita I.ender W make auch u charKe. t3orrower and I.ender may agree in writing at the time of execution of thia MorigaRe that intereel on the Funda ahali be paid to I3orrower, and uoleas such agreement ie made or applicable law requirea such interest to be paid, [.ender ahall not be required to pay Horrower any intereat or earnings on the Funda. Lender shall give to Borrower, without charge, an annual accounting of the Funds showing credita and debita to the Funda and the purpose for which each debit to the Funda was made. The Funda are pledRed as additional securityfor the eums aecured by thie Mortgage. If the amount of the Funda held by I.ender, together with the future monthly inataliments of Funds payable prior toihe duedates of taxes, aasesamenta, insurance premiuma and ground rents, shall excred the amount required to pay said taxea, axaeasmenta, insurance prnmiuma and ground rents as they fall due, such excess ahail be, at Borrowei a option, either promptly repaid to Rorrower or credited to Borrower on monthly installmenta ot Funda. If the amount of the Funda held by Lender ehall not be au~cient to pay taxes, assessmenta, inaurance premiuma and ground rents as they fall due, Rorrower ahall pay to l.ender any amount necesaary ta make up the deficiency within 30 days from the date notice ia mailed by i.ender to E3orruwet requeating payment thereof. Upon payment in full of all sums secured by thie Mortgage, l.ender ahall promptly refund to Borrower any funds held by I.ender. If under peragraph 18 hereof the Property is sold or lhe Property is otherwise acquirecl by l.ende~, I.ender shall apply, no later than immediately prior to the sale of the Property or its acyuisition by l.ender, any Funds heid by [.ender at the time of application as a credit againat the sums secured by this Mortgage. 3. Application of Paymenta. Unless applicable law provides otherw~se, aii aayments received by Lender under the Note and paragrapha 1 and 2 hereof shall be applied by I.ender first in payment of amounts payable to I~ender by E3orrow~er under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of the Nute, and then to interest and principal on any Future Adcancea. 4. Charges; Liens. BOiTOWPi R~IA) I(lA}r A~~ 1siXrR, assexsmenL~ and other charKes, fines and impositions attributabte to the Property which may attain n priority over this Mortgage, and leasehold pnyments or gn~und rents, if any, in the manner provided under paragraph `L hereof or, if not paid in sach munner, by Borrower mnking pay~ment, when due, directly to the payee thereof. Bormwershnll promptly furnish to lxnder all notices of amounts due under this paragraph, and in the event i3orrower shall make pa~•ment directiy, Born~wer shall promptly fumish to I.ender receipts evidencinK such payments. E3orrower shall promptly discharge any lien w•hich has priurity over this MortRage; pro~•idecl, that Borrower shall not be requin•d to discharge any such lien so long as Rorrower shall ~?~ree in writinK to the payment uf theobligation secured by such lien in a manner accept~~ble to l.ender, or ~halt in ~;ood faith contcst such lien by, or defend enforcement of such lien in, leKal proceedings which operate to prevent the entorcement of the lien ~~r Corfeiture of the Property or am part thereuf. 5. Hazsrd Insurance. Borrower shall keep the improvementa now existinq or hereafter erected un the Property insured against loss by fire, hazarda included within the term "extended coverage," and such other hazards as [.ender may require and in such amounts and for such periods as I.ender may require; provided, that lxnder shall not requirr such. coverage amount exceeding the minimum, as may be reyuired by state or federal regulationa qoverning aMivities of I.ender, or that amount of coverage required to pay the suma secured by this Mortgage, whichever is the greater. The insurance carrier providinK the insuran~r shall be chosen by I;urrow~er suhject u~ approcal by I.ender; pn~~•idtr~, that such appruval shall not be unreasonably withheld. All prrmiums on insurancr pulicies shall be paid in the manner pnn~ided under paraKraph ? herc~~f c~r, if not paid in such manner, by I3orro~+er makin~ payment, w•hen due. directh• tu the insurance carrier. All insurance policies and renewals thereof shall be in form acceptable to I.ender and ahall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewala thereof, and Borruwer shall promptly fumish to i.ender all renewal notices and all receipts of paid premiums_ In the event of loss, E3orruwer shall give prompt notice to the insurance carrier ' and Lender. I.ender may make proof of loss if not made promptly by Borrower. ~ Unless I.ender and Borrower otherwise agree in writing, insurance proceeds shall be appiied to restoration or repair of the Property damaged, provided such restoration or repair ia economically feasible and the security of this Mortgage is not thereby impaired. If such ! reatoration or repair is not ecynomically feasible or if the security of lhis Mortqage would be impaired, the insurance proceeds shall be applied r to the sums secured by this Mortgage, with the excess, if any, paid to I3orrower. If the Property is abandoned by Borrower, or if Borrower fails to f respond to Lender within 30 daya from the date notice is mailed by I.ender to Borrower that the insurance carrier offera to settle a claim for ~ insurance benefits, Ixnder is authorized to collect and apply the insurance proceeds at I.ender a option either to restoration or repair of the : Property or the sums secured by this Mortgage. ~ Unless Lender and Borrower othervcise agree in writing, any such application of proceeds to principal ahall not extend or postpone the due ~ date of the monthly installments referred to in paragraphs 1 and 'L hereof or change the amount of such installments. If under paragraph 18 ~ hereof the Property ie acquired by [.ender, aU right, title and intereat of Borrower in and to any insurance policies and in and to the proceeds ~ thereof reaulting trom damage to Property priot to the sale or acqu~sition shall pass to Lender to the extent of the aums aecured by this btortgage immediately prior to such sale or aoquisition. ~ 6. Preeervation and Maintenance of Property; Leaseholds; Condominums; Planned Unit Developmenta. Borrower ehall keep ~ the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the ~ provisions of any lease if this blortqage ia on a leasehold_ If this hlortgage is on a unit in a con~ominium or a planned unit development, ~ ~ Fbrrower shall perform all of Borrowei s obligations under the declaration or covenanta creatinRor governing the condominium or planned ~ unit development, the by-laws and regulations of the condominium or planned unit development, and conatituent dceuments. If a condomini~un or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the eovenante and ~ agreements ui ~uel-~ ~iurr shali Le incurporated into and shail amend and supplement the covenants and agreements of this Mortgage as if the ~ rider were a part hereoL 7. Protection of Lender's 3ecurity. If Borrower fails to perform the oovenants and agreemente contained in thie il~tortgage, or if any - action or proceeding ie commenoed which materially affect8 Lender a intereat in the Property, including, but not limited to, eminent domain, ~ insolvency, oode enforcement, or arrangementa or proceedinge involving a bankrupt or decedent, then I.ender at Lender'e option,upon notice to Borrower may make auch appearances, dieburse snch eame and take auch action se ie neceeaary to protect Lender's intereat, - including, but not limited to, dieburaement of reasonable attorney e fees and entry upon the Froperty to make repairs. If Lender required 'AN mortgage ineurance ae a condition of making the loan aecured by thia Mortgage, Borrower ehall pey the premiume required to maintain ~ euch ineurance in effect until euch time as ihe requirement for euch inaurance, terminatee in accordance with Borrower'e and Lender'e written egreement or applicable Law. Borrower ahall pay the amount of all mortgage insurance premiume in the manner provided under paragraph 2 hereof. ~ My amounte diabursed by Lender persuant to thia paragraph 7, with intereet thereon, shall become additional indebtedneee of ;ri Borrower eecured by thie Mortgage. Unlesa Borrower and l.ender agree to othet terme of payment, auch amounte ehall be payable upon notice from Lender to F3orrower requeeting payment thereof, and shall bear intereat from the date of diebureement at the rate payable from gY time to time on outetanding principal under the Note unlese payrtient of intereet at auch rate would be rnnttary to applicable Iaw, in which ~ event such amounts ehall bear intereat at the highest rate permiasible under applicable law_ Nothing rnntained in thia psragraph 7, ehall •~~-T.^'-, require Lender to incur any expense or take any acUon hereunder. ~ ~ ~ 290 P~~~ f 4? ~ ~ ~ _ _ ~ _ _ ~ t~~~ ~ : ~..~F a s . - ~ >;~r...~.~;~~'~.."~ _