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Home My WebLink About0059 Borrower and l.e~der cove~ant aad a~ree a~ follows: - 1. Payment o! Prlnclpel and lnteresi. Borrower ehall promptly pey when due the principal of and interest on the indebted~eae evidenced by the Note. prepayment end late charges as provided in the Note, and the principal of and intereat ot? any Ftiture Advances eecured by this iHortgage. 2. I~tnds fot Taueo and Ineuratice. Subjec! to applicable inw or to a written waiver Dy l.e~der, Borrowerahn!! pay to I.ender on the day manthly installmenta of p~incipa! and interest are payable under the Note, until the Note ia paid in full, a sum (he~ein "~nda") equal to one twelfth of the yearly taxes and aaeesements which may aitain priority over thie Mortgage, and qround rnnts on the Property, if any, plua one~ tweltth of yearly premium installmente for hazerd inautance, plua onetwelRh otyearly premium inatulimente for mortgage ineurance, if any, ! all ua teasonably eatimated initially and from time to time by I,ende: on the baais of aseeaementa and bills and reusonable eatimatea thereof. '!~e Funds shaU be held in an institution the deposib or accounts oi which are insured or guaranteed by a Federal or State ageacy ~ (including Lender i[ I.ender is euch an ir?adtution). l.ender ehall apply the ~nds 1o pay eaid taxes, aasessments, insurance premiums and ; ground rente. Lender mayr not charge [or so holding and applying the Ftinda, analyzing aaid account, or verifying end eompiling eaid eaaeesmtata and bills, unlees I.ender pays Borrowe: intecEal on the Funde and applicable law permita Lender to make auch a charQe. Borrower and I.ender raey agree in wtiting at the time of e:ecution of thie Mortgage that interest on the ~nde shall be paid to Borrower, and unlesa such agteement is made or applicable law requires euch intereat to be paid, Lender ehall not be required to pay Borrower any interest or earninge on the FLnda. [.ender shail give to Borrower, withaut charge, a~ annual acrounting of the Furede ahowing credita and debita to the ~nds and the purpose for which each debit to the ~nda was rnade. Tfie Funde are pledged as additiot?al aecurity for the aums aecured by this Mortgage. - I[the amount of the ~nda held by Lender, together with the future monthly instaliments of ~nda payable prior to the due dates of taxes, aseeeements, inenrance premiums and ground rente, shall excaed the amount required to pay aaid taxea, aesesamente, inaurance premiume and ground nnte ae they fall due, such eYceea ehall be, at Borrower e option, either promptiy repaid to Borrower or credited to Borrower on monthiy ineLaUmenta of FLnde. U the amount of the ~nda held by l.eader ahall not be aufficient to pay taiee, aeeesamenta, insurance premiums and ground nnta as they falt due. Borrower ahall pay b I.ender any amount neceseary to make up the deficiency within 30 daya from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in full ot all auma eecured by thia Mortgage, i.ender shall promptly refund to Borrower any funde held by Lender. If under peragtaph 18 hereof the Property ia eold or the Property is otherwise acquired by Lender, Lender shaU apply, no later than immediately prior to the eaie of the Property or ita aoquisition by I.ende~. any Fands held by I.ender at ihe time of application as a credit againat theeuma secured by thia Mortgage. ~ 3. Application ot Payments. Unleas applicable law pmvides otherwise, all payments received by Lender under the Note and patagrapha 1 and 2 hereof ehall be applied by L,ender firat in payment of amounts payable to L,ender by $omower under paragraph 2 hereof. then to interest peyable on the Note. then to the prencipa) of the Note, and then to intereat and principal on any Future Advancea. 9. Chargea; Liene. Borrower shall pay all taxes, assesaments and other chargea, finea and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold paymente or ground rente, if any, in the manner provided under paragraph 2 hereofor, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrowershall promptly furnish to Ixnder all notices of amonnte due under this paragraph, and in the event E3orrower shall make payment direclly, Borrower shall prompdy furnish to Lender reoeipta evidencing auch paymenta. Borrower ahall pmmptly diseharge any lien which has priority over this Mottgage; pmvided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manne9r aeceptable to L.ender, or shall in good faith contest such lien by, ordefend enforeement ofsuch lien in, legal proceedings which operate to prevent the enforcement of the lien or forfei?ure of the Property or any part thereof. 5. Hazard Insurance. Borrower ahall keep the impmvementa now eaiating or hereafter erected on the Yroperty insured againet loas by fize, hazntda included within the term "e:tended rnverage," and $uch other hazards as Lender may require and in such amounte and for such periods as I.ender may require; provided. that Lender ahall not require such ooverage amount e:ceeding the minimum, as may be required by state or federal regnlations governing activitiea of Lender, or that amount of coverage required to pay the sums secured by this Mortgage, whichevetr is the greater. The insurance carrier providing the insurance shali be chosen by 8orrower subject to approva) by I.ender, provided, that sach approval sha1) not be unmaeonably withheld_ All premiums on insurance policies shall be paid in the manner provided under paragraph `l hereof or, if not paid in euch manner, by Borrower making payment, when due, directly to the insurance carrier. All inaurance policies and renewale thereof ahall be in form acceptable to Lender and shall inciude a standard mortgage ciause in favor of and in form aoceptable to I.ender. Lender ehall have the right to hold the policies and renewala thereof, and Borrowerahall prompdy furniah to i.ender all r~enewal notices and all receipta of paid premiuma. In the event of loae, Borrower shaU give prompt notice to the inaurance carrier and Lender. Lender may make proof of loas if not made pmmptly by Borrowet. ' Unleas Lender and Borrower otherwise agree in writing, ineurance proceede ahall be applied to restoration or repair ot the Property damaged. provided such restoration or r~epair is economically fessible and Lhe security of this Mortgage ie not thereby impaired. If such reatoration ar repair ie not economically feasible or if the eecurity of this Mortgage would be impaired, the inaurance proceeds ahall be applied to the s~una eecured by this Mortgage, with the eacese, if any, paid to Borrower. If the Property iapbandoned by Borrower, or if Borrower fails to rPSpond to I.ender within 30 daye from the date notice ia mailed by I.ender to Borrower ihat the inaurance carrier o~ers to settle a claim for insurance benefite, Lender is aathorized to collect and apply the insurance proceeda at Lender's option either to reatoration or repair of the Property or the sums eecurEd by this Mortgage_ Unleas Lender and Horrower otherwise agree in writing, any such apptication of proceeda to prinripat ahall not eatend or poetpone the due date of the monthly inataliment$ referred to in paragrapha 1 and 2 hereof or change the amoun! of such inatallmenta. If under paragraph 18 hereof the Fivperty ie soquired by I.ender, all right, tide and interest of Borrower in and to any inaurance policiea and in and to the proceeds thereof reaulting trom damage to Property prior to the eale or acquisition shall paes to Lender to the e:tent of the same secured by thie Mortgage immediately prior to such sale or aaquisition. 6. Preservation and MaintenanceofProperty; Leaseholda, CondomjnumB; Planned Unit Developments. Borrower shall keep the Property in good repair and ehall not rnmmit waste or pennit impairment or deterioration of the Property and ahall comply with the provieions of any lease if thie Mortgage is on a leasehold. If thie Mortgage is on a unit in a oondominium or a planned unit development, Borrower ehall perform all of &?rrower's obligatione undet the declaration or rnvenants creatingor governing thecondominium or planned unit development, the by-lawe and regulationa of the condominium or planned unit development, and rnnatitnent dceumente. If a oondominiutn or planned unit development rider ia executed by Borrower and recorded together with thia Mortgage, the oovenanta and agreemente of such rider shall be incorporated into and shall amend and aupplement the covenanta and agreemente of this Mortgage as ifthe rider were a part hereof. 7. Protectlon ot Lender'e Securlty. If Borrower fails to perform the oovenante and agrcemente rnntained in this Mortgage, or if any action or proceeding ie commenced which materially affecLs Lendei'a interest in ttle Property, including, but not limited to, eminent domain, insolvency. oode enforcement, or arrangemeats or proceedings involving a banimipt or deoedent, then Lender at Lender's option,apon notice to Borrower may atalce auch appearancea. diepurse auch aums and te]ce anch action ea is necessary to protect Lender'e intereat, including. but not limited to, diabursement of reseonable attorney's fees and entry upon the Property to mahe repa.ire. If Lender required mortgage ineurance as a rnndition of making the loan eecured by this Mortgage, Borrower ehall pay the premiums required to maintain such ine~rence in effe~t uati( euch time aa the requirement for euch inewance terminatee in aa:ordance with Borrower e and I.endds written agreement or applicabk Law. Bormwer ahall pay the amount of all mortgage inaurance premiums in the manner provided undet DaraSraph 2 hereof. Any amoants diabureed by Lender pereuant to thie paragraph 7, with intereat thereon, ehall become additional indebtedneea of Borrower aecvred by thia Mortgage. Unleas Borrower and Lender agree ta other tezme of payment, auch amounte ehell be payable upon notice hom Lender to Borrvwer requesdng payment thereof, and ehall bear intereet from the date of diebnreement at the rate payable from time to dme on outetanding principal under the Note unlesa payment of interest at auch rate would be oontrary to applicable law, in which event euch amou~ta ehall bear in~t at the higheat rate permiaeible under applicabie law. Nothing contained in this paragraph 7, ehall require L,ender to incur any ezpenee or take any ection hereunder. BGOK ~.~1 PAGE J~ . ' i ~ ,.2 ~ ` _ - , . ~ ,~f.s a~^."~- ~~y ~ ~ 3 ' :'t;,y~e t~~.,~. j _ ~ y ~ . ; - ' ' v, -.~c., - : y'r...._ ' t~'..~. -