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Home My WebLink About0333 Borrowe~ and l.ender covenent and ag~ee aa foliuwe: 1. Payment of Principal and lntereet. liorruwe~ shall promptly p~+y when due the p~incipal of nnd interrat un the indebtednr.e?e evidenced by the Note, prepnyment and latechargea us pruvidecl in the Note, and the pri~cipnl o[nnd interral on any Fu1um Advnncrs aecured by this Morigage. ~ 2. ~unds [or Tazee and Ineurance. Subject to npplicAble li?w o~ to a written w~ivrr by l.endrr, l~,rruwrr ahull pay tu I.ende~ on the day monthly installmenta of principal and inte~eat ure payAble under the Note, until the Nu?c is paid in full, u e~um Ihe~ein "Funde"1 equul w une twelRh of the yea~ly tnxes and t~ssessmenta which mny attAin priority over thie Mortgnge, tind ground rentx un the I'ruperty, if any, plus unP twelfth of yea~ly premium inatalimente for haznrd insurance, plusonetwelRh ofyearly premium instullmrnta for murtgiigeineurunce, if uny, nlt ax rexaonablv eatimated initiaUy aad from time to time by I.cnde~ on the bnsie of uasexamenla und bills und re3sonnblr extimal~~ t!?creot. The Ftinds shall be held in an inetitution the deposita or acrounta of which are ineured or gueraoteed by a Federal or Stute agency (including I.e~der i[ I.e~der is auch ao inatitution). I.ender ehall apply the Funds to pay said taxes, axssesxmente, inau~ance premiuma and ground re~ts. I.ender may not charge for eo holding a~d applying the F~nds, analyzing said accuunt, or veri[ying and compiling e~aid asaesementa and bille, unlesa I.e~der paya Borrower intereat on the Ftinda and applicable law permita l.ender W make auch a charge. E3orrower and I.ender may agree in writing at the time of execution of thia Mortgage that intereat on the Funds ahall be paid b E3orrower, and unleas . such agreement is made or applicable law requires such intereat to be paid, [.ender ahaU not be required to pay Borrower any intereat or earninga on the FLnde. I.ende~ ahall give to Borrower, without charge, an annunl accounting of the H unds showing credita and debita to the Funds and the purpoee for which each debit W the F unda wns made.l'he Funds are pledged as additional security for the suma secund by this Mortgage. If the amount of the F~nda held by l.ender, together with the future monthly installmenta of Funds paynble prior tn the due dnten of taxes, asaesamenta, inaurance premiuma and ground renta, ahall excrcd the amuunt required to pay said taxea, assrxsments, insurance premiuma and ground rents as they fall due, such exceas ahall be, at Bo~TOwer s option, either prompdy repaid to Borrower or creditrd to t3orrower on monthly inetallmenta of Funda. If the amount of the Funda held by l.ender ahaU not be su~cient to pay taxes, asser~mente, insurance premiume and ground tenta ae they fall due, Botrower shall pay to I.ender any amount neceseary to make up the deficiency within 30 days from the date notice ie mailed by l.ender to Borrower requesting payment ihereof. ' Upon payment in full of all auma eecured by thia Mortgage, I.ender ahall prompUy refund to E;orrovrer any [unda held by l.ender. If under paragreph 18 hereof the Property is sold or the Property is otherwiae acquired by I.ender, l.ender ahall apply, no later ihan immediately prior to the sale of the Property or its acquisition by l.ender, any F~nda held by I.ender ut the time of application as a credit ugainat the suma secured by thia i4lortgage. 3. Applieatioa of Payments. Unlesa applicable law provides otherwise, all payments received by Lender under the Note :~nd paragrapha 1 and 2 hereof shall be appiied by Lender first in payment of amounts payable to I.ender by Roaower under paragraph 'l hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges; Liene. Borrower ahall pay all taxes, assessments and other chnrges, fines nnd impusitions attributable to the Property N hich may attain a priority over this Mottgage, and leasehold payments or ground rents, if uny, in the manner provided under parnKraph'L hereof ur, if not paid in such manner, by E3orrower making payment, when due, directly to the payee thrrrot Rorn?wershall promptly furnish to l.endcr all notices of amounts due under lhis pnragraph, and in the event &?rrower shall m~ke payment direcdy, Borro~ver sha~ll promptly furnish to l.ender receipts evidencing such payments. I3orrower shall promptly discharge any lien which has priority ove~ this Mortgage; provided, that Borrower shall not be required to discharge any such lien so lung ~+s Borrower shnll a~ee in writing w the pa~ ment of the ubligation secured by such lien in a manner acceptable to I.ender, or shall in good faith rnntest such lien by, or defend enforcement qf such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any pari thereof 5_ Hazard Insnrance. Borrower shall keep the improvementa now existing or hereafter erected on the Property insurect against loss by fire, hazards included within the term "extended coverage," and ~uch other hazards as I.ender may requirn nnd in such amounts and for such periods as I.ender may require; provided, that Lender shall not require such coverage amount exceeding the minimum, as may be required by state or federal regulations governing activitiea of Lender, or that amount af rnverage required to pay the sums secured by this Mort~age, whichever is the greater. '1'F~e insurance carrier pro~~iding the insurance shall be chosen by f3c?nower subject to appro~ al by I.ender, pm~~idc~, that such appru~•al shall not be unreasonably w~thheld. All premiums un insurance p~~licies shall t?e paid in the mxnner proeided under paraKraph 'L herE~f or, if not paid in such manner, by Eiorrower making payment, when due, directly to the insurance carrier. All inaurance policies and rnnewals thereof shall be in form acceptable to l.ender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. Lender ahall have the right to hold the policies and renewals thereof, and Borrow•er shatl promptly furnish to l.ender all renewal noticea and all receipta of paid premiums. In the event of loss, Borruwer shall give prompt notice to the insurance carrier ~ and Lender. Lender may make proof of losa if not made promptly by Borrowec i Unlesa Lender and Borrower otherwise agree in writing, inaurance proceeds shall be applied to restoration or mpair ot the Property ! damaged, provided such reetoration or rnpair is economicaUy feasible and the aecurity of this Mortgage is not thereby impaired. If such ~ reatoration or repa'v is not economically feasible or if the eecurity of this Mortgage would be impaired, the ineurance proceeds shall be applied ~ to the suma secured by this Mortgage, with the eacess, if any, paid to Borrower. If the Property is ahandoned by Borrower, or if Borrower fails to respond to Lender within 30 days from the date notice ia mailed by I.ender to Borrower that the insurance carrier offera to setde a claim for ~ inaurance benefit8, Lender ia authorized to collect and apply the inaurance proceeda at Lender s option either to restoration or repair of the ~ Property or the sums aecured by this Mortgage. ~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal ahall not extend or postpone the due 4 date of the monthly installments referred to in paragrapha 1 and 2 he~eof or change the amount of auch inatallmenta. If under paragraph 18 ~ hereof the Property ie acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds thereof reaulting from damage to Property prior W the eale or acquisition ahall pass to I.ender to the extent of the suma secured by this ~ ~ :~lortgage immediately prior to auch sale or acquisition. 6. Preaervation and Maintenance of Property; Lease6olds; Condominume; Planned Unit Developments. Borrower ahall keep ~ the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisiona of any lease if this Mortgage ia on a leaeehold. If thie Mortgage ia on a unit in a condominium or a planned unit development, ~ E3orrower ahall perform all of Borrower e obligations under the declaration or covenanta creatingor goveming the condomininm or planned unit development, the by-laws and regulatione of the condominium or planned unit development, and constituent documenta. If a ~ condominium or planned unit development rider ia executed by Borrower and recorded together with this Mortgage, the wvenanta and agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the ~ rider were a part hereof. z, Protection of Lender's 3ecurity. If Borrower faila to perform the oovenante and agreemente oontained in this Mortgage, or if any ~ action or proceeding ia rnmmenced which materially affecte Lender'e interest in the Property, including, but not limited to. eminent domain, ~ ineolvency, code enforcement, or arrangementa or proceedings involving a bankrupt or decedent, then Lender at Lender'e option,upon ~ nodce to Barrower may malce such appearancea, dieburee such aume and take euch action ae, ie neceesary to pmtect Lendei s interest, ~ including, but not limited to, diebureement of reasonable attorney'e feee and entry upon the Property to make repaire. If Lender required ~ mortgage insurance ae a condition of making the loan eecured by thia Mortgage, Borrower ehaU pay the premiums required to maintein -4 euch ineurance in effect until such time sa the requirement for such inaurance terminatea in accordance with Borrower'e and Lender e written agreement or applicable Law. Borrower ehall pay the amount oi all mortgage ineurance pmmiume in the manner pmvided under ~ paragraph 2 hereof. My emounte diBbursed by Lender persuant to thie paragraph 7, with intereet thereon, ahall become additional indebtednesa of ~ Aorrower secured by this Mortgage. Unleea Borrower and I.ender agree to other terme of payment, such amounte ehall be payable upon notice from Lender to Borrower requesting payment thereof, and eha116eat inLerest from the date of diaburaement at the rate payable from time to time on outetanding principal under the Note unleas payment of intereat at auch rate would be rnntrary to applicable law, in which ~ event euch amounte ahall bear intereat at the higheat rate permissible under applicable law. Nothing contained in thia paragraph 7, ahall require Lender to incur any expenae or take any action hereunder. ~ ~ ~ _ ~ ~ ~92 P,~f 333 - -~,x r.. . ~ ~ _ _ - - - _ . _ ~ ~ ~ _ ;.g ~ ~ ~ 4-~ ~ ~ : ~ ~ t - =~s-.~"~•= ~ , ,~~-t-, ~ ,t~ ,st~t s~°„T~ e ; - ` k 4 _t - w~ _ z