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Home My WebLink About0794 Eiorrower and l.ender covennnt and t~grrr ua fulluws: 1. Payment of Principal and Interrdt, tiorn~wer sh:?ll pmmptly p.~y wh.•n due the principnl of und interrxt un thr indrbt~dn~•u~? evidenced by the Note, prepnymcnt and latecharges aa pn~vided in lhe NotN, und the principal of and interrxt un any N uture Ad~ i~ncra xerured ~y this Mortgage. 'L. F'unde tor Taxes and Ineuraoce. tiubject u~ applicnbte law ur k~ a wnUrn ~ ai~•er by IA•nder, R~,rruwer shall pav to l.endrron thediry monthly inat~iliments o[prinripal and interrsl ure puy.~ble under the Nute, until the Note iH paid in Cull, u ~:um Ihrn~in "M unds°? eyua! to onr twelfth of the yearly tiuces and .?xsessments which m1y uuain priurit}• o~•er this 6lortguge, tind Kruund rents un the Pro~x rty, if i~nY, plus onr twelRh of yeurly premium insttillmenl.K for huzt~rd i~sur.~nce, plus om~twe~IRh of yeurly premium inxt.~lim~•Ms for murtguge intiurunce, if any, all as rentxm~bly estimatcd initially .~nd fmm time to tin~e by I.ender on lhe Iui;cia uf asse:oxments ~~nd bitls and reasonuble eatimates therad. The f•`.:~~1s ehall be held in an institution the depusita or arcountn of which are inaurecl or Kuaranteed by a Federal or Stute agency linciuding I.ender if ixude? ia such an institution). l~ender ahail ~pply the F unde to pay suid taxrx, usxrssmenta, insurance premiums nnd grou~d rents. I.ender maY not charKc f~r eo holding and applying the Funds, unxlyzing anid nccaunt, or verifying und compiling snid asseasmenta and bills, unlese I.ender paye BormNer i~::r*~t on the F unds and applic~ble luw perm~ts t,ender to make xuch u ch.~rge. Itorruwer - and l.ender may agree in writing at the time of execution uf thie i.ler+guKe thnt interrat on the h unda shall t?c paiid to Borrower, and unlexu such agreement ia made or applicable law requires euch interest to t?e ps~id, i.ri~~er ahall not be rrquired 1o pay f~rrower any interest or paminga on the Funda. I.ender shnll give to Rorrower, without chxrge, an nnnual ncrounting oi thr Fu:~dK showing rrrdits and dchitx tu the Funda and the purpose for which ench debil to the Funds wais made. The Funda ~rn pledged as additional security for the suma securrd by thia Mortgnge. If the amount of the !~'unds held by l.ender, together with the [uture monthly installments of Funds pziyable prior to the due dutrs of taxes, asaessmenta, insurance premiums and ground rents, ahall excred the amount reyuired to pay snid tuxes, assee~ments, insurance premiuma and ground rents ae they tall due, auch ex~rsa ah~ll be, at Bo~mwer's option, either pn,mptly repaid to Borrower or creditcd to l3orrower on monthly inatallmenta of Funds. If the amount of the F unda held bp l.ender shall not be sufficient to pay t~3xes, nsseasmrnts, insurance premiums and ground renta as they fall due, I3orrower ahall pay to I.ender any amount necesxury ti~ make up the deficirncy w•ithin :i0 duys frum the dnte nutice ia mailed bv I.ender to liorrower reyuestinK payment thereuf. Upon payment in full of all sums aecured by this A1ortKaKe, l.ender shall promptly refund to &~rrower any funds held by l.ender. If under paragraph 18 hereof the I'mperty is sold or the Yroperty is otherwise acquired by l.ender, I.ender shall appiy, no later than immediately prior to the sale of the Property or its acquisition by I.ender, nny Funds held by I.ender nt the time of application as a credit against the sums secured by this l4iortgage. 3. Application of Paymenta. l7nless applicable law provides othervvise, all payments receiwd hy I.ender under the Note xnd pnragrapha 1 and 2 hereof shall be applied b~ l.ender firxt in pa~•ment of amounts payable to i.ender by }iorruw•er under paraKraph `l hereof, then to intereat payable on the Note, then to the principal o! the I~'ote, and then to interest and principal on any Huture Adv:incex. 4. Charges; I.iens. Borrow•ershal) pa}• all t:~xes, xssessmentc and othercharKes, fincs.~nd im~~sitiuns attributahleto thr PruExrty whirh may :~ttain a priority o~•erthis A1ortKaKe, and le.iseholdpu~•ments or~;round mnts, if.~n~~, in the mannerprovided under paruKraph'2 her~r~for, if not p~id in such mnnner, by Korrow~er makinK payment, ~vhen due, directl~• to the payee thereuf. BorroNer ~hall promptly furnish tu Ixnder all notices of.amounts due under this paraRraph.:ind in the e~•ent Rorniwer shall make puyment direcdy, Born?wrr sheill prumptl~• fumish to I.ender receipts evidencinK such paymen4ti. I3orroa•er ~hall prumptl~- disch~rKe any lien K•hich h.~s priurity u~•rr this MortK.ige; pro~•ided, that Nurrower shali not be required to discharge any such lirn ~u lun~:?s l3~~rruwershaU ak~rcr in N•ritinK to thc• pa}•ment of theoblikatiun serured by such lien in a mnnner accept.~blP to l.ender, or sh:ill in K~HKi faith c-unttwt su~h li~•n bp, or dek•nd enfun~~m~nt of.uch lien in. le~y;al pr~K~r~KlinKs which operate to prevent the enf~~rcemeM of the lit•n or forfi•iturr ut th~~ Pru~rty or :~ny part thenti,f. S. Hazard Inaurance. Borrower shall keep the impro~•ements now existinR ur hereaRer erectrd on the I'roperty insured .~gainst luss by fire, hazarda included within the term "extended ccroerage," and ruch uther hazards as I.ender may rcquim and in such amc~unts and for such periods as l.ender may require; provided, that I.ender shall not requin• such coveraKe amount excc~eding the minimum, as may be reyuircd by state or federal regulations govern~ng activitiex of l.ender, or that amount of coverage reyuired to pay the sums secumd by this 41~,rtKage, whichever is the greater_ The i~surance camrr providin~; thr insur:~nc~ shall Ixr c•h~~s~•n b~• fturr~n~•c•r subjc~•t tu appruval b~• lw~nder. provid~~1, that ~ui•h apprn~•al shall not I~e unre:~umabl~• withheld. AU premium.r• ~~n in.uran~•~• ~«~lic•ie. shall Ix~ p:iid in the m:~nn~~~ N«~.~~~i,~i u~~it•r par.i~raph hi•rtrrf or, if i nut paid in such manner, by li~?rn~wrr m.ikinK paymrnt, wh~•n due, dirt~c•th• G~ th~~ insur:mce carrier. i All inaurance policies and rnnewals thereof shall be in furm acceptable to Ixnder.~nd shall include a standarci mortKaKe clluse in fa~~or of ~ and in form acceptable to l.ender. Lender shaU have the right u~ hold the policies and renew~als thereof, and Bc~rrawer shall promptly furnish to ~ i.ender all renewal notices and all receipts of paid premiums_ In the event of Inss, Born~w•er shall Kiee prompt notice to the insurance c.irrier j and Lender. I.ender may make proof of loss if not made promptly by Borrov~er. ; Unless Lender and Fiorrower otherwise aKree in writing, insurance proceeds sh:~ll be applied to rratoration or repair of the Yroperty - damaged, provided such resL~ration or repair is ec~~nomically fea~ible and the 4ecurity uf this MortKage is not thereby impaired. If such ~ restoration or repair is not economically feasible or if the security of this D4ortgaKe w•ould be impaired, the insurance proceeds shall t?e applied E to the aums secured by this Mort~age, with the excess, if an3, paid to Borrower. If the f'ropertt is abandoned by E3orrower, or if I3orn~~ er fails tn i respond to I.ender within 30 days from the date notice is mailed by l.ender tu Borrower that the insurance camer offere to settle a claim for # insurance benefits. [.ender is authorized to collect and apply the insurance proceeds at I.ender's option either to restoration or repair of the ` Property or the sums secured by this MurtQaKe. ~ LTnless I,ender and Borrower otherwise agree in writinK, anp such application of proceeda to principal shall not extrnd or postpone thedue ~ date of the monthly installments referred to in paraKraphs 1 and 2 herrof or chanKe the amount oCsuch inst~-?Ilments. If under par.~graph lii ~ hereof the Property is acquired by [.ender, all right, Ntle and interest of Bormwer in and to any insurance policies and in and to the proceeds $ thereof reaultinQ from damaQe to Property prior to the sale nr acqwsition ehall pax.4 to I,ender tn thP extent of the sums gecu: _~1 by this ~ MortKage immediately prior to such sale or acquisition. rt 6. Preservation and Maintenance uf Pro ~ perty; Leaseholds; Condominums; Planned L'nit Developmenta. i3orrowerahall keep ~ the Property in qond repair and shall not commit wayte ur permit impairmrnt or deterioration of the Property and shall comply w~th the proviaions of any lease if this MortgaKe is on ~ leasehold. If this Murtg~ge is on a unit in a condominium or a pl~nned unit development, ~ Fiorrower shall perform all of E3orrower's ubligations under the declaration or covenanL4 creatink or governing the condominium or planned ~ unit development, the b~-lawa and regulations of the condominium c~r planned unit development, and constituent documents. If a condominium or plannecl unit develupment rider is executed by E3orrow•er and recorded toKether with this btortgage, the crovenants and ~ aKreemenLS of such rider shall be incur~x~ratrd intu and shall amend .~nd supplement the co~•enant.4 and agreemenLs of this ,'~1ort ~ e as if the ~ rider were a part hereof. ~ 7. Protection of Lender'e Security. If Borrower faila to perform the eovenants and agreementa contained in thie Mortgage, or if any y action or proceeding ia commenced which materially affecta Lender'e interest in the F'roperty, including, but not limited to, eminent domain, ~ ineolvency, oode enforcement, or arrangementa or proceedinga involving a bankrupt or decedent, then Lender at Lender'a option,upon ~ notice to Borrower may make euch appearances, diaburee auch.aums and take euch action as ie neceasary to protect Lender's interest, including, but not limited to, diabursement of reasonable attorney~'e fees and entry upon the Property to make repaira. If Lender required mortgage inaurance as a rnndition of making th~ loan aecured by this Mortgaqe, Eiorrower ehell pay the premiuma required to maintain R~ ~ such ineurance in effect until euch time as the requirement for euch inaurance terminatee in accordance with Borrow~er'a and Lender'e ~ written agreement or applicable I.aw. Borrower ahal! pay the amount of all mortgage insurance premiume in the manner provided under ~ paragraph 2 hereof. ~ Any amounta diaburacd by Lender pereuant to thia paragraph 7, with intereat thereon, ahall become additional indebtednesa of Borrower eecured by this Mortgage. Unle~ss E3orrower and l.ender agree to other terms of payment, auch amounte shall be payable upon ~ notice from [.ender to I3orruwer requeating payment thereof, and shall bear interest from the date of disbursement at the rate payable from ~ time to time on outatandinq principal under the Note unleae payment of intereet at such rate would be contrary to applicable law, in which event such amounts ahall bear intereat at the highest rate permisaible under applicable law. Nothing contained in this paraqraph 7, ehall ~ require I,ender to incur any expenae or take any action hereunder. ~ ;:y ~ ~ ~ ~ ] ~ ~ . . ~ 7~~ ~ - - - - - _ = : w ~ : _ ~ m~x , -