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Home My WebLink About0611 BoROwer and I.ender covenant and agree ue iuiio~-s: 1. Pwyaaent o[ Principal and Interest. E3orrower eh$Il prompdy pay when due the principal uf and interest un the indebteda:sa evidenced by the Note, prepayment and late chargea ers provided in the Note, and 1he principal uf and inlereat on any H uture Advance~ aecured by thia Mortgage. 2. Flu~ds for Tases and Ineurance. Subject to applicable luw or to a writtan waiver by l.endr~, Fionower ahull pay W I.ende~on the day monthly inetallments ot principal and intemeit are payable under the Note, until the Nute ia paid in full, u sum lherein "h unde"1 equal to onP _ twelfth of the yearty taxea And aeaesamenta which may attain priurity over thia Mortgage, and ground rentx on the Pruperty, itany, plus on~ twelfth of yearly premium inatallmenta tor hazard insurunce, plua unetwelfth of yearly premium inatullments for mortgage insurance, i[~ny, all as reasonably estimated initially and from time to time by I.ender on the basis of:u:sessments i?nd billa and ret?sonuble estimAtes the~eof. The ~nde shaq be held in an institutio~ the depoeita or accounte of which are insured or guaranteed by a Federal or State agency lincluding l.ender if l.ender ia such an institutiool. I.ender ehall apply the Funda to pay said taxes, assesaments, inaurance premiuma and ground rente. I.ender may not charge for eo hulding and s~pplying the Mtinde, analyzing said account, or verifying and cc,mpiling said assenaments and bills, unlesa l.ender paye Borrower interest on the Funde and applicable law permita [.ender to make sush a charge. Borrower aad Lender may agree in writing at the time of execution of thie Morto°4~ chat intereat on the Funda aMltl o~e p~if'L~ Borrower, and unlesa euch agreement ia made or applicable law requirea auch intereet to be paid, l.ender ahall not be required to pay Borrower any interest or earnings on the Fltnds. I.ender ahall give to Barrower, without charge, an annual accounting otthe Funde ahowing credita and debita to lhe Funds and the purpose for which each debit to the Funda was made. 7'he F unds are pleclged ae additional aecurity for the sume secured by this Mortgage. If the amount of the ~nda held by Lender, together with the tuture monthly inatallmenfs of Funds payable prior to the due datea o~taxes, asseeaments, insurance premiuma and ground mnts, ahall exc..~ed the amount required to pay said taxea, ueaessme~ts, inaurance premiuma and ground rnnta as they fall due. such exceas ehall be, at Aonower a option, either promptly npaid to Borrower or crediled to F~orrower on monthly inatallmenta of Fl~nds. If the artiount of the Funds held by I.ender shall not be aufficient to pay taxea, asaeeamenta, inaurxnce premiums and gtound rents as they fall due, Borrower ahall pay to I.ender any amount neceaeary to make up the deficiency within 30 days from the date notice ia mailed by l.ender to Borrower requesting payment thereof. Upon payment in full of aU auma eecured by this Mortgage, l.ender ahall promptly refund to E3orrower any funds held by l.ender. If under paragraph 18 hereof the Property ie sold or lhe Property is otherwiae acquired by Lender, l.ender shall apply, no later than immediately prior ta the sale of the Property or it8 acquiaition by I.ender, any ~nda held by Lender at the time of application as a credit against the sums secured by this Mortgage. . 3. Applieation of Paymeate. Unleae applicable law providee otherwise, all paymentx received by l.ender under the Note and paragrapha 1 and 2 henwf ahall be applied by Lender firxt in payment of amounts payable to Lender by Borrower under paragraph `l hereof, then to intereat payable on the Note, then to ii~e principal of the Note, and then to intereat and principal on any Future Advances. 4. Chargea: Liena. Borrower ehall pay all taxes. ~ments and other charges, fines and impositions uttributnble to the Property which may attain a prioriCy over this Mortgage, and leasehold payments or~Crc?und rents, if nny, in the manner pmvided under paragr~ph'l hereuf or, if not paid in such manner, by Borrower makinQ payment, when due, directly to the payee thereut i3orn?wer shafl promptly furnish to l.ender all notices of amounts due under this paragrnph, and in the event I3orrower shall make payment directly, Born?wer shali promptly furnish to I,ender receipts evidencing such paymente. E3orrower shall promptly dischargr any lien which has priority o~~er this MortKage; pmvided, that Borrow~ shall not be required to discharge any auch lien so long as I3orrower shall agree in writinK to the payment of the obligatiun secured by such lien in a manner acceptable to I.ender, or shall in good [aith contest such lien by, or defend enfun~rment of such lien in, leKai proceedinKs which operate to prevent the enforcement of the lien or torfeiture of the Property or ~ny part thereuf. 5_ Hazard Insurence. Borrower ahall keep the improvementa now exiating or hereafter erected on the Property insured against losa by fire, hazarde included within the term "extended coverage." and auch other hazards as Lender may requim and in such amounts and for such periodB aa Leoder may sequire; provided, that [.ender ahall not require such coverage amount exceeding the minimum, as may be required by atate or federal regulationa governing activitiea of I.ender, or that amount of coverage required to pay the aums secured by this Mortgage, whichever ie the greater. The insurance carrier providing the inaurance shall be chuse~ by Borrower subject tn appro~ al by Ixnder; pm~•ided, that such .~ppru~•al shall not be unrnasonably withheld. All premiums on insurance policics shall be paid in the manner prcn•ided under paraKraph 'L hermf or, if not paid in such manner, by E3orrower makinK payment, v?hen due, directly to the insurance carrier. All inaurance policies and renewala thereof ahall be in form acceptsble k? Lender and ahall include a standard morlgage clause in favor of and in form accepteble to Lender. I.ender ahall have the right to hold the policiea and renewals thereof, and Borrower shall promptly furnish to i.ender al) renewal noticea and all receipte of paid pmmiums. In the event of loss, Borrower ahall give prompt notice to the insurance carrier and Lender. Lender may make proof of loea if not made promptly'~y Borrower. Unlesa Lender and Borrower otherwiee agree in writing, inaurance proceeda shall be applied to restoration or repair of the Property ; damaged, provided such restoration or rnpair ia economically feaeible and the security of this Mortgage ie not thereby impaired. If such ; restoration or repair is not economically feseible or if the aecurity of this 111ortgage would be impaired, the inaurance proceeds shall be applied i to the aums secured by thie Mortgage, with the eacees, ilany, paid to Borrower. if the Nroperty is abandoned by Borrower, or if E3orrower faile to ~ reepond to Lendzr within 30 daya from the date notice ia mailed by Lender to ~3orrower that the inaurance camer oftere to settle a claim for ~ ineurance benefit~, I.ender ie authorized to collect and apply the insurance proceeds at Lender'a option either to restoration or repair of the ~ Property or the sume secured by this Mortgage. £ Unlesa [,ender and Borrower otherwiee agree in writing, any auch application of proceeds to principal ahall not extend or postpone the due ~ date of the monthly inetallmenta referred to in paraqrapha 1 and 2 hereof or change the amount of such installmenta. If under paragraph 18 hereof the Property ie aoquired by l.ender, a11 right, title and intereat of Borrower in and to any inaurance policies and in and to the proceeds ~ thereof resulting firom damage to Property prior to the sale or acquiaition shall pass to Lender to the extent of the auma secured by this Mortgage immediately prior to such eale or acquisition. ~ ~ 6_ Preeervatioa and Maintenance of Property; Leaseholde; Condominuma; Planned Unit Developments. Borrower ahall keep a - the Property in good repair and ehall not commit waste or permit impairment or deterioration of the Property and ahall comply with the ~ provisione of any lease if this Mort~caqe is on a leaeehold. If thie Mortgage is on a unit in a condominium or a planned unit development, ~ Fiorrower shall perform ali of Borrower'e obligations under the declaration or covenanta creatinRor governing the condominium or planned ~ unit developmen~ the by-lawa and regulationa of the condominium nT planned unit development, and rnnatituent documents. If a ~ condominium or planned unii development rider is executed by Borrower and recorded together with thia Mortgage, the oovenanta and ~ agreements of such rider shall be incorporated into and shall amend and supplement the covenanta and agreements of thia Mortgage as if the rider wem a part hereof. ~ 7. Protection of Lender's Security. If Borrower faile to perform the oovenante and agreementa oontained in this Mortgage, or if any _ action or proceeding is commenced which materially affecte Lendei s interest in the Ptoperty, including, but not limited to, eminent domain, insoivency, oode enforcement, or errengementa or proceedings involving a bankrnpt or decedent, then I.ender at Lender'a option,upon e:s ~ notice to Borrower may make anch appearancee, disburee such eums and ta1~e such action as is neceaeary to protect Lender'e intereet, including, but not limited to, diebursement of reasonable attomey e fees and entry upon the Property to me1~e repairs. If Lender required ~ mortgage inearance as a condition of making the loan secured by thia Mortgage, Borrower ehall pay the premiume required to maintain ~ such insurance in effect until ench time as the requirnment for auch inaurance terminates in accordance with Borrower e and Lende~e written agreement or applicable Law. Borrower ahall pay the amount of all mortgage insurance premiums in the manner provided under ~ paragraph 2 hereoL ~ My amounts diebursed by Lender pereuant to this paragraph 7, with intereet thereon, ehall become additional indebtednese of ~ Borrower secured by this Mortgage. Unleas Borrower and Lender agree to other terme of payment, euch amounts ehall be payable upon notice from Lender to Borrower requesting payment thereof, and ahall bear intereet from the date of disburBement at the rate payable from ~ time to time on outetanding principal under the Note unleae payment of intereat at euch rate would be rnntrary to applicable law, in which ~ event auch amounts shall bear intereat at the higheet rate permisaible under applicable law. Nothing contained in thia paragraph ehall ~ require (.ender W incur any expenee or take any action hereunder. ~ ~ ~ . ~ r~ ~ ~ 290 6~1 ~JG~( ~ ~ _ - ' ~ ~ - - < ~ -w ~ r ~s „k.-~-'" ° ~ j ~~'E :r ~ ~ ~ ""=r~ ~ . _