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Home My WebLink About0329 E3urrower and I.ender cuvena~t t?nd n~ee as [ollowe~ 1. Payment o! Principal and Intereet. Burruwe~ shell pn~mptly pny when due the principa) of nnd intenwt un the indrbteclneaei evidertced by the Note, ptepayment and late charges ae pruvided in the Nole, And the principal of und intemat un any Future Advancex eutiured by thia Morcgage. 2. Fltt~de [or Ta:ee and Insurance. Subject to upplicuble luw or to n wntten wuiver by I.endr~, l;urruwer shttll pa~y tu l.endr~ un thr duy monthly inatallmenta of principal and i~terrat are payabie under the Note, until the Note ia puid in full, u aum therrin "Funda") eyual to une twelRh of the yearly teuces a~d nsaeaamenta which mny attain priority uver thia Mortgtige, and ~ound renta un the !'ruperty, if any, plus one- twelRh of yearly premium inetallmenta for hnzt?rc! inaurance, plus onetwelfth of yearly premium inatallmrntx for muriguge inaurunce, if uny, all na reaeonably estimnted initiaUy nnd from time to time by I.ender on the busis of iu?aei+»mentx uad bills nnd reusonuble c~timutej~ /hereof. The ~nda shall be held in an inatitution the depoeite ~r accounta of which are ineured or guaranteed by a Federal or State agency (including Lender if I.ender ie auch an ioatitution). I.ender ehali apply the Funde to pay aaid taxre, naaeeaments, inaurance premiuma and ground tents. Lender may not charge for eo holding and applying the Funda, analyzing said account, or verifying and compiling eaid aasesamente and bills, unleas I.ender pays Borrower intereat on the Funds and applicable law permits I.ender W muke such a charge. i3~rruwer and l.ender may agree in writing at the time of execution of this Alortgage that intereat on the h unda ahall be paid to &,rrower, and unlesa such ugreement is made or applicable law requirea such intereet to be paid, l.ender shall not be required to pay I3orrower any interest or earninga on the F~nda. l.ender ehall give to Borrower, wilhout charge, an annual Acc^~unting of the h u~ds ahowing credils and debita to the Funda and the purpose for which each debit to the Funda was made. 77~e Funde are pleclged as additiunal security for the auma secured by this Mortgage. Itihe amount of the Funda held by l.ender, toRether with the future monthly inetaUments of F unde puyable prior to the duedatea of taxea. asaeasmenta, inaurance premiuma and ground rents, shaU excred the amount required to pay eaid taxee, asseae~mente, inaurance premiuma and ground rnnls ae they fall due, auch exceae ah~ll be, at Boirower s option, either promptly repaid to I3ormwer or crnclited to f3orrower on monthly inatallmente of ~nds. If the amount of the Funde held by Lender ahall not be sumcient to pay tnxea, assesamenta, insurance prnmiuma and ground rents ae they fall due, Borruwer shall pay to l.ender any amount necessary lo make up thedefciency within 30daya from the date notice is mailed by l.ender to Borruwer requet+ting payment thereof. Upon payment in full of all aums aecured by this Mortge~e, l.ender shall promptly refund to Borrower any funda held by l.ender. lf under paragraph 18 hereof the Property is sold or the Property is otherwiae acquired by l.ender, l.ender ahall appiy, no later than immediately prior to the sale of the Property or ita acquisition by I.ender, any ~nds held by I.ender at the time o[application as a credit againat the suma secured by this Mortgage. 3. Application of Paymente. Unleas applicable law provides otherwise, all paymentx mceived by [.ender under the IVote and pa~agrapha 1 and 2 hereof ehall be applied by Lender firat in pnyment of nmounts p~vable to L.endQr by Borrqvver undq{ paragraph 2 hereof, then to intereat payable on the Note, then to the principal of the Note, and then to interest and principul on any I~'uture Advances. 4. Charges; Liena. Eiorrower shall puy all tuxes, assessments and other churgea, fines and impositions attributable to the Property w hich may attain a priority over this MortgaRe, and les~sehold paymente; or Kmund rrnts, if nny, in the manner provided under pari~raph'l hermf or, if not paid in such manner, by Burrower making p~iyment, when due, directly to t~e payee lhermf. F3urrower shall prumptly farniah to I.ender all notices of amuunts due under thia paragraph, and in the event Borrower shall make payment directly. Rorn,K er shall promp~y furnish to l.ender receipts evidencing such payments. f3orrower shall prompdy discharge ai1i61ien which h.?s prioriEy over thisMortµ~ge: ptv~ided, that Borrower shall not be required to discharge nny such lien so long ~s F3orrower shall aqree in writing to the paymc•nt of the obligation ~ecured by such lien in a manner acceptable to Lender, or shall in good faith rnntest such lien by, ordefend enforcement of Kuch lien in, leKal prucecdinKs which operate to prevent the enforcement of the lien or forfeitum of the E'roperty or any part thereof. 5. Hazatd Ineurance. BorroweT ahall keep the improvements now existing or hernafter erected on the Property insured against loss by fire, hazards included within the term "extended coverage," and such other hazards as [.end~r may requim and in such amounts and tor such periods as Lender may require; provided, that Lender shali not requirr sucN coverage amount exceeding the minimum, as may be required by state or federal regulationa governing activitiea of Lender, or that amount of coverage required to pay the sums aecured by this Mortgage, whichever is the greater. The insurance carrier providing the inaurance shall be chosen by Born,wer subject to approval by Ixnder; pmvidecl, that such appruval shall not be unreasonabty withheld. All premiums on insurance ~,licies shall be puid in the manner provideci under paraKr.+ph 'L hereof or, if not paid in such manner, bv Borrower m:?kinR payment, when due, directly to the insurance carrier_ All insurance policies and renewala thereof shall be in form acceptable to l.ender and ahall include a standard mortgaRe clause in favor of and in form acceptable to l.ender. I.enderahall have the right to hold the policies and renewala thereof, and Rorrower shall promptly turnish to i.ender all renewal notices and all receipts of paid premiums. In the event of loss, E3orruwer shall give prompt notice b the insurance carrier ' and Lender. Lender may make proof of losa if not made promptly by Borrower. i Unlesa Lender and Borrower otherwise agree in writing, inaurance proceeds shall be applied to reatoration or repair of the Property ~ damaged, provided auch restoration or repair is economically feasible and the security of this hlortgage is not thereby impaired. If such I reatoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the inaurance proceeds shall be applied ~ to the aums aecured by thie Mortgage, with the excesa, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to ~ respond to Lender within 30 daya from the date notice is mailed by l.ender to Borrower t6at the insurance carrier offers to aettle a claim for ~ inaurance benefita, Lender is authorized to coilect and apply the inaurance proceeds at t.ender's option either to reatoration or repair of the ~ Property or the suma secured by this Mortgage. ~ Unleas Lender and Borrower otherwise agree in writing, any snch application of procrede to principal ahall not extend or poatpone the due ; date of the monthly instaUmente referred to in paragraphs 1 and 2 hereof or change the amount of such installmente. If under paragraph 18 ' hereof the Property is acquired by I.ender, all eight, title and interest of Borrower in and to any insurance policiea and in and to the proceeds ~ thereof reaulting from damage to Property prior to the sale or acquisition ehall pasa to Lender to the extent of the aume aecured by thia ~ Mortgage immediately prior to auch sale or acquiaition. 6. Preservation and Maintenance of Property; Leaseholds; Condominume; Planned Unit Developmente. Borrower shall keep the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Prope~ty and shall rnmply with the provisiona of any lease if this Mortgage ie on a leaeehold. If thie Mortgage is on a unit in a condominium or a planned unit development, ~ E3orrower shall perform all of Borrower'e obligationa under the declaration or covenante creatingor governing the condominium or planned ~ unit development, the by-laws and regulations 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 oovenanta and aRreementa of such rider shall be incorporated into and shall amend and suppiement the covenants and aqmementa of this Aiortgage as if the ~ rider were a part hereof. ~ Protection of Lender'e Security. If Borrower fails to perform the oovenants and agreemente contained in thia Mortgage, or if any ~ action or proceeding ie commenced which materially affecte [.endei e interest in the Property, including, but not limited to, eminent domain, insolvency, oode enforoement, or arrangements or proceedinga involving a bankrupt or decedent, then Lender at Lendei e option,upon ~ notice to Borrower may meke euch appearancea, dieburee auch sums and take euch action aa ie neceeeary to protect Lender's interest, including, but not limited to, diebureement of reseoneble attorney e fees and entry upon the Property to make repaira. If Lender required - mortgage ineurance aa a condition of making the loan eecared by this Mortgage, Borrower ehall pay the premiums required to maintain - auch ine~rance in effect until euch Lime as the requirement for auch ineurance terminatee in accordance with Borrower's and Lende~s 's~ written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiume in the manner provided under paragraph 2 her¢of. ' My amounts diaburaed by Lender perauant to this paragraph 7, with intereat thereon, ahall become additional indebtednese of Iiorr~wer eecured by thie Mortgage. Unleae Borrower and Lender agree to other terme of payment, auch amounte ehall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear intereat fmm the date of diebureement et the rate payabie trom ~N time to time on outatanding principal under the Note unlees payment of intereat at auch rate would be oontrary to applicable law, in which event such amounta ahall bear intereet at the highest rate permiaeible under applicable law. Nothing contained in this paragraph 7, ahall `~i require I.ender to incur any expenee or take any action hereunder. ~ ~ ~ ~i f R ~ 292 F:~~~ 329 _ iJGX ryE ""k . _ _ _ _ _ . _ . ~ Z~ . • t a - _ sr'r+ " a~'~ .h- ~ a~~ . ~~~~'~~~.~'t~r.~ ~ ~ ' _ ~ ~ ,~..;<,_~rs' .d_. a"~ . ~ ``~~~~..~+s~...z'~~~_`"rt~_'~- ~•~3~+ ~