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Home My WebLink About0780 f3orruwer and l.ender covenant and t~gree ae fullc?wa: 1. Payment of 1'rincipal and lntereat. Borrower sht+ll promptly pay when due the principal of ~nd interret on the indebtedncese evidenced by the Note, prepayment and IatechA~ges aa provideel in the Ivote, t~nd the principnl of and interret un any F uture Advuneea aecured by thie Mortgage. 'l. Flu~dx for Ta:es and I~suranrn. ~UbJfC~ tU if(1PIICAhIP IIIW O~ L(~ R writtrn v?•nive~ by lA•ndc~. I3urruN•ernhuil piiy tu I.ender on theduy monthly inatallments of principul and intercat are pi?yuble under thr Note, until the Note ia puid in full, i~ swn Ihrrein "Funda") equal to unP twelfth o[ the yearly ttuces and asse~ments which muy atta?in priurity o~•er thia AtortguKe, nnd Kround rentx o~ the f'roperty, if iiny, plus one- twrlflh of yeurly premium installmenta for hazxrd inaurnnce, plus onc~twelfth ofyrarly premium inxtuilments fur mortgaKe inaurunce, if xny, xll us ret~nnbly ratimatcd initiaily a?nd from time to time by I.ender on the basis of asse~mentx und billx and musona?ble trtimuti s~ss thereof. The Flinde ehall be held in an institution the depuaite ar accounts of which arn inaured or ~tuaranteed by a Federal or StAte agency (including I.ender if l.ender is auch an institutionl. l.ender ahall npply the Funds to pay said taxes, assesxmenle, insurancr premiums and ground rente. I.ender mny not charge for eo holding and applying the Funds, analyzing said account, or verifyinK and c~mpiling said asaesamente und bills, unless lxnder paya liorrow•er interei+t on the Funda und npplicable law permits I.ender to make auch x charge. Borruwer and l.ender may agree in writing at the lime of execution of thie Mortgage that interest on the Funds ehall be paid tu Borrower, and unleas auch egreement is made or appticable law requirea such interest to be paid, I~ender shall not be required tu pay Borrower any interest or eamings on the F~nde. l.ender shull give to E3orrower, without charge, an annual accounting uf the Funda ahow•inK credits and debita to the Funds and the purpoae [or which each debit to the Funda wua made. The Funds are pledged as additional ezecurity for the auma acrurcd by thia Mortgage. If the amount of the ~nds held by Ixnder, togethe~ with the futurn monthly inatallments uf F unda pnyable prior to the duedntea of taxee, assessmente, insurance premiuma and ground renta, ahall excred the amount required to pay anid taxes, assesamrnts, insurance prem~ume and ground renta as they fall due, such exceae ahal) be, at Borrower's option, either promptly repaid to 13orrower or credited to Eiorrow er on monthly installmente of Funds. If the amount of the Funda held by Lender ahall not be sufficient to pay taxra, asseeiaments, inaurance premiuma and ground renta as they fall due, fiorrower ahall pay to l.ender any amount necessaq~ to make up the deficiency within 30 days fmm the date notice ia mailed bY l.ender to I3orrower requexting payment thereof. Upon pa ..~e~t in full of all aums secured by this Mortgnge, I.ender ehaU p~omptly refund to Borrower any funds held by I.rnder. ICunder paragraph 18 hereof the Property iz s~ld or the Property is otherwiae acquired by I.ender, I.ender ahall apply, no later than immediately prior to the sale oC the Property or its ncquieition by I.ender, any Funds held 6y l.ender at the tirne of application as a credit against the sums secured by thie Mortgage. 3. Applieation of Paymenta. lTnless applicabte law provides otherwise, all payments received by l.ender under the I~ote and paragrapha 1 and 2 hereof ahall be applied by I.ender firxt in puyment of amounta payable to Lender by Rorrower under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of the Note, and then to intemst and principal on :~ny Futum Advances. 4. Charges; Liens. Bormwer shall pay all tt~xcs. assc~ssmen~s nnd other charges, fines eind impositions attributuble to the Property which may attain a priority over this Mortga~Ke, and le.-isehold pnyments or Kmund rents, if nny, in the manner provid~d under p.iraKraph'L herec~f or, if not paid in such manner, by Rorrow•er makinR payment, K•hen due, directly to the payee thermt. &~rrowershall promHtly furnish to I.ender all notices of amounts due ander this paragraph, and in the event I3ormwer shall make payment directly, Koru,wer sh:?ll promptly turnish to I.ender receipts evidencinK such payments_ I3orroN•er shall promptl~• dischargr any lien which hns priority u~•er this Mortg.~Ke; pru~•ided, that Burrower shall not be reyuired to discharge anp such lien so tonK .L~ 13orrower shall aKree in writinK tu the p.~yment of the obliKatic~n secumd b~• such lien in a manner acceptable to Ixnder, or shall in K~x~c! faith rnntest such lien by, ordefend enfi~rcement of such lien in, IeKal pnx-c~dinKs Nhich operate to prevent the entorcement of the lirn or forfeiture of th~ Pruperty ur an~• part thermf. 5. Hazard Insurance. ~3orrower ahall keep the improvements now existinR or hereafter erected on the Property insured <igainst loas by fire, hazarda included within the term "extended coverage," and 3uch other hazards as [.ender may require and in such amounts and fur such perioda as I.ender may require; pro~ ided, thut [.ender shall not reyuire such coverage amount exceeding the minimum, as may be required by state or federal regulations governing activities of [.ender, or that amount of coveruge required to pay the sums secured by this MortKage, whichever is the grnater. The inauranm carrier pro~idinK the insurance shall tx chosen I~v 1~orro~+er subject to appro~•ai by Ixnder, pru~~idecl, that such .ippro~•al ~hall not be unreaG~nably withheld. All premiums on in.urance ~rlici~~s tihxll t~e paid in the mannrr pro~•idecl undrr paraKraph hereY~f ur, if nut paid in such manner, by t3~~rruw•er makinK pa~•ment, when due, direcHy to the insurancr carrier_ All insurance policies and reneM als thereof shall be in form acceptable to I.ender and shall include a atandard mortgage clause in fa~•ar of and in form acceptable to I.ender. I.ender shal! have the right to hold the policies and renev?als thereof, and Ronov~•er shall promptly fumish W i.ender all renewal notices and all receipts uf paid premiuma. In the event of I~s, F3orruwer shall pve prompt notice to the insurance carrier ~ and Lender. l.ender may make proof of loss if r.ot made pmmptly by Borrower. ~ Unleae Lender and E3orrower otherwise agree in writing, insurance proceeds shall be .ipplied f.o restoration or repair of the Property damaged, pmvided such restoration or repair is economicaUy feasible and the security of this Mortgaqe is not thereby impairecl_ If such ~ restoration or repair is not economically [easible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied ; to the suma secured by this Mortgnge, v~~th the excess, if any, paid to E;orrow er. If the Prnperty is abandoned by I3orrower, or if E3orrower fails to ( respond to Lender within :30 daya from the date notice is mailed by I.ender to Borrower that the insurance carrier offers to settle a claim for ~ inaurance benefite, [.ender is authurized to collect and apply the insurance pmceecls at I.ender's option either to restoration or repair of the ! Property or the suma aecurecl by this Mortgage. ~ ~fnless [.ender and Borrower otherwise agree in writing, an~• such application of proceede to principal shall not extend or postpone thedue ~ date of the monthly installmenta referred to in paragraphs I and 2 hereof or change the amount of such installments. If under par<+graph IR hereof the Property ie acquired by Lender, all right, title and intcrest of Bormv?er in and to any insurance policies and in and to the proceeds ~ thereof resulting from damage to Property prior to the sate or acqu~aition ahall pass to [.ender to the extent of the ~ums secured by this ~ Mortgage immediately prior to such sale or acquiaition. ~ 6. Preservation and Maintenance of Property; Leaseholda; Condominums; Planned Unit Developments. Borrowerahall keep ? the Property in qood repair and shall not commit waste or permit impairment or deterioration of the Pmperty and shall comply with the ~ provisiona of any lease if this I?tortgage is on a leasehold. If thia Mortgage is on a unit in a condominium or a planned unit development, ~ E3orrower shall perform all of Borrower's obligations under the declaration or covenants creatinKor qoverning the condominium or planned ~ unit development, the by-laws and regnlations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the rnvenanta and ' agreements of such rider shall be incorporated into and sh:ill amend and supplement thecovenants and agreements of this MortgaKe as if the ~ nder were a part hereof. ~ 7. Protection of Lender'e Security. If Borrower fails to perform the covenante and agreements contained in thie Mortgage, or iP any aMion or proceeding is commenced which materially affects Lendei e intereet in the Property, including, but not limited to, eminent domain, _ ineolvency, oode enforcement, or arrangemente or proceedinga involvinq a bankrupt or decedent, then Lender at l.ender'a option,upon notice to Borrower may make such appearances, diaburee euch eums and take auch action es ie neceaeary to protect I.ender'e interest, including, but not limited to, diabureement of reasonable attorney's feea and entry upon the Property to make repaire. If Lender reyuired ~ mortgage ineurance ae a condition of making the loan secured by thie Mortgage, Borrower ehell pay the premiume required to maintain euch ineurance in eKect until euch time ae the requirement for auch inaurance terminates in accordance with Borrowei e and, Lendei e ~ written agreement or applicable Iaw. Borrower shall pay the amount of all mortgage inaurance premiums in the manner provided under _ paragraph 2 hereof. ~ My amounte diabursed by Lender perauant to thia paragraph 7, with intemat thereon, ahall become additional indebtedneas of ~ Borrower secured by thia MortKage. Unlesa Borrower and l.ender agree to other terma of payment, auch amounte ehsll be payable upon notice from [.ender to Borrower requeeting payment thereof, and ahall bear intereet fmm the date of diabursement at the rate payable from time to time on outetar?ding principal under the Note unleae payment of interest at auch rate would be rnntrary to applicable law, in which ~ event auch amounta ahall bear interest at the higheet rate permiasible under applicable law. Nothing contained in thie paragraph 7, ahall ~ require Lender to incur any expenae or take any action hereunder. ~ nr ~ ~ 6JC~<290 780 ~ ~ - - _ _ ~ ~ _ _ ~ `