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Home My WebLink About0979 t3c>muw•er and lrnder coveaant and a~ee as [olluws: l. Payment o~ Priacipal and Intereet. fiorrovrer shall prompdy pay when due the principal of and interret un the indebted~ieeu? evidenc~ed by the Note, prepayment and late charges ae pn~vidrd in the Note, and the principal of a~d internat on any N uture Advnnces secured by this Mott~age. 2. F unda fo~ Te=ee and Ineurttnce. tiubjrct to t+pplicublr luw ur u, a writtrn wuiver by I.rnder, F~~rn~wrr ahull puy to l.ender on the day monthly ~nstalimrntx of prineipal and interest are puyubir under the Note, until the N~te is p~id in tull, t+ aum (herein "Funds"1 eyua! to onr tvrelfth of the yearly taxes and assrsaments which may:+ttuin priurity o~•er lhiR Aturtg~e, and Kn,und rPnts un the {'roprrty, i[f~ny, plus unP twelfth uf yeariy premium instalimentx for hazard inxurance, plus one-twelRh ~f yearly premium inst;tllmentu for murtgaKe insu~.ince, if any, all as reasonabl>• estim~ted initiaih• und fn~m time to lime by I,endrr on the Fu+sis uf assessmen~~ and biilA .~nd re:uaunable extimcites thereoL 7lie Funds shall be held in an inatitution the depoaita or accounta o[ which arr inaured or guaranteed by a Federal or Sts;r agrncy tincluding l.ender if Lende~ is auch an iostitution?. I.ender ah~ll apply the Funda to pay astid taxrs, axarsxmenta, inaurance prr~niums and graund renta Lender may not charge tor eo holding nnd applying the Funds, analyzing suid accuunt, or verifying and compilinK said asaesaments and billa, unlesx l.ender paye E3o~rower interest on the FunJs and npplicable law~ {~ermits l.ender to muke auch a churgr. F3orrower and I~nnder may agree in writing at the time of execution u[ this MoRga;;~ •hat interc~xt on the F undx shaii be puid to f3orruwer, and unlesa snch agreement is made or applicable luw mquirea auch intrreat to be paid, l.ender ahall nut be required to pay Eiorrower any interest or earnin~,s on the Funds. I.ender shaq give to Rorruwer, without charge, an annual a~rnunting otthe Funde shuwing credite und debits tu the Funda and the purpoae [or which each debit to the F unds was made. The F~~nds arn pledKed as additional security for the sums aecured by this :Nortgage. if the amount of the Funds held by I.ender, together with the futurr monthly installments of F unds payablr priur to the due dates of taxea, assessmenta, insurance premiums and ground renta, shall excxd the amount requinvl to pay said tuxea, assesaments, ine~urance premiumb and ground mnts as they fall due, such excesa shall be, at Bo~rov?er'e option, either pmmptly repaid t~? Rurrower or credited to liorrower on monthly installments of Funds. If the amount ot the Funda held by I.ender ahall not be sufficient to pa} taxea, ~ssessmenta, inaurance premiums and ground cents ae they fall due, Eiorrower shall pay to I.ender any amount ne.-~eseary to make up the deficiency w~thin 30 days fr~m the date notice is mailed by l.ender to Borrower requ~ting payment thereof. l. pon pay-ment in full o[ali sums secured by this htortgage, l.ender ahall promptly mfund to Borrov?er any tunds held by I.ender. If under paraECraph 18 hereof the Property is sold or thc Propert~ is otherwise acyuired by lrender, I.ender shall apply, no later than immediately prior to the sale of the RvE,eR~ or its acquisition by [.ender, any Funda held by l.ender at the time of.~pplication xs a credit against the sums secured by this :ltortgage_ 3. Application ot Payments. l?nless applicnble law provides otherv?ise, all payments recei~ed by I.ender under the Note and para~[rapha i and 2 hereof shall be appiied by l.eader firxt in payment of amuunts payahle to I.ender b~ Borraw•er under paragraph `l hemof, then to interest papable on the Note, then to the principal of the Note, and then to interest nnd principal on any Future Advances. a. Charges; Liens. Rorn,wer shaU pay all t:?xcw, asst•s.~mrnts :ind other charKc~x, fines.?nd imEx~tiitiuns attrihut:?ble to the Properh• K•hi~•h mac attain a priorit} o. er this ~1ort;taKe, and Ic•asrhold payments ur Kmund rents, if any, in the manner provided under p~raKraph'L hereof ~~r. if not paid in such manner, by E3orruwer makinK pavment, when due, directh• to the pa}•er there~iG Born~vrer shall promptly furnish to I.~ nder all notices of amounts due under this paraKraph, and in the e~~ent Korrow•er shall make p.~yment directl~. Rurrow~er shall prompth furnish u? l.ender receipts evidencing ~uch p:~} men~R. F3urruw•er sh:ill prumpth• discharKr am• lien W hich ha~ priority uver this ~1~~riKaKe: providtd, that I3orrov~ er shall not be required to discharg~ an~• such lirn su lon~; :is F3~~rrow•er shall .iKree in w~ritinQ to the pa~•mt~nt of the obliKation secvrcKl b_y such lien in a manner acirptablr to I.ender, or shall in K~xx1 f.iith cuntcwt suc•h lien b~, ordefrnd rnfurcemrnt ofsuch lir~ in, leKal pnx•e~~ciinKs w~hich operate to prevent the enf~~rcement of the lit~n nr forft•iture ~~f the 1'ropertp or am• part thereof. Hazard Insurance. Borrower shall keep the impmvements nuw• ex~stinR or hereafter erncted on the Property insured against loss by fire, hazards included vrithin the term "extended coveraRe," and such other huzards as l.ender may rnqoirr and in such amounts ~nd for such peri~ds as Lender ma~ requim: provid~d, that (.ender ahall not require such coveraqe amount e:ceeding the minimum, as may be reyuired by ~ scate or federal mgulations go~eming activities of I.ender, or that amount of coveraqe required to pay the suma secured by this 11ortKage, ahichever ~a the gr~eater. The inwranoe carrirr pru~•idinK thP insuran~r sh:?II tM chu.rn bt• Iturr~,wer subjcrt tu :~ppn~~~:~1 bt• I,rnder, pm~•ided, thxt ~uch appruval shall not be unrea~,nabl~ w•ithheld. All premium. ~~n i~~ur:~m-e {~~lici~w xhall 1~ p:~id in thr mannrr pnn~idt~c! under para};raph henr,f or, if not paid ~n such manner, b}- ~~rruw•er makinK pa~•mrnt, w-htm due, directh- tu th~• in~uran~r carrier. ~11 insurance pulicies and renev?als thereof shall be in form acceptable to l.ender and shall include a standard mortKage clauxe in fa~ ur of and in form acceptabte to t.ender_ Ixnderahall have the riqht to hold the pulicies and renewals thereof, and F3orruwer shall promptly furnigh tu - i.ender al! renewal noticea and all receipts of paid premiums. In the event of loss, ~3orn~wer shall Ki~•e prompt notice to the insurance r~rrier and Lender_ Lender may make proof ot loss if not made promptly by Borrower. L'nless Ixnder and Borruwer othervvise agree in writinK, insurance proceeds shall be applied to restoration or repair of the Property damaged, pro~ided such restoration or mpair is economically feasible and the security of this MortQaRe is not thereby impaired. if such restoration ~ repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sums secured by thia ~lortgage, with the excesss, it any, paid to E3orroN er. If the Propert~ is abandoned by E3orrow~er, or if E3~irrower fails to respond to I.ender vrithin 30 days from the date noticr is mailed by I.ender to Rormv?er that the insurance camer offers to settle a claim for inaurancr benefita, Lender is authoriud to collect and apply the insurance proccrds at I.ender's option either to restoration or mpair of the ~ Propem or the sums secured by this MortgaQe. ~ ~ Cnless Lender and Borrow•er otherwise agree in writing, any such app(ication of proceeJs to principal shall not extend or postpone the due date of the monthlc insiallments referred to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph IS ~ hereof the Ptoperty is acquired by Lender, all right, title and interest of Eiorrov?er in and to any insurance policies and in and to the proceeds ~ thereof resulting from damage to Property prior to the sale or acquisition ahall pass to I.ender W the extrnt of the sums secured by this , Nortgage immediately prior to such sale or acq~,isition. ~ 6. Preservadon and ylaintenanceof Property; [.easeholds; Condominums; Planned linit Developmenta. E3orrow~er shall keep ~ the Property in Rmd repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the pro~-isions of any lease if this Atortgage is on a leasehold. If this Morlgage is on a unit in a condominium or a planned unit develop:nent, ~ Borrower ahall perform all of E3orrow•er'a obligations under the declaration or co~•enants creatinKor qoverninR the condominium or planned t unit development, the b~-laws and regulations o! the condominium or planned unit development, and constituent documents. If a s condominium or ptanned unit development rider is executed by E3orrower and recorded together n~th this biortgage, the covenants and ~ agreements of such rider shall be incorporated into and shall amend and supplement thrrnvenants and agrremenGsof this blortga~e asif the rider were a part herenf_ ~ 7• Protection of Lender'a 3ecurity. If Borrower faile to perform the oovenenta and agreemente rnntained in this Mortgage, or if any ! action or proceeding is commenced which materially aNecte Lender'a interest in the Property, including, but not limited to, eminent domain, ~ ineolveacy, oode enforcement, or arrangemente or proceedings involving a bankrupt or decxdent, then I.ender at Lendei s option,upon i notioe to Borrower may mal~e euch appearancee, diaburee euch e~une and talce auch action se ie neoeeaary to protect I.ender'e intereat, 5 inc~oding, bM not limited to, diabureement of rnasonable attorney'e feea and entry upon the Property to make repaire. If Lender reqaired ; mortgage inaurance as a condition of making the loan secured by thie Mortgage, Borrower ehall pay the premiume required to maintain ~ such insurance in effect nntil auch time as the requirement for auch ineurance terminates in accordance with Borrower e and i.endei s vrritlen agreement or applicable Law. Borrower shall pay the amount of all mortgage ineurance premiuma in the manner provided under paragraph 2 hereof. Any amounts diabursed by I.ender pereuant to thia paragraph 7, with intereet thereon, ehall beoome additional indebtednesa of Sorrorver secured by thia Mortgage. Unlesa Borrov?er and I.ender aqree to other terme of payment, euch amounta shall be payable upon notice from Lender to Bornower requesting payment thereof, and ahall bear intereet fmm the date of diabursement at the rate payable from $ time to time on oatstanding principal under lhe Note unleee payment of intereat at such rate would be contrary to applicable law, in which ~ event such amoanta aha11 bear intereat at the higheet rate permiseible under applicable law. No:hing contained in thie paragraph 7, ahell ~ reqnirr I.ender w incur any expense or take any action hereunder. ~ bu ~~~Q iACE ~ , _ - _ y~ _ ~ ~ - _ _ ~