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Home My WebLink About0354 I3~rrower and l.ende~ covenant and agree ae fullowa: 1. Payment ot Principal and Interest. F3arrower ahuil promptly puy when due the principal of and interrat on the indebtrdne~u evidenced by lhe Note, prepayment and latechargea ae providrd in the Note, ond the principal of and intemet on anp Ftiture Advnnces aecured by this Mortgage. 'l. Flinde for Texee and lneurance. Subject k? applicable law or to a written wai~ er by I.ender, tiorn?wer xhnll pay tu I.ende~ oo the day monthly inetallments of principal and inte~eat are payuble unde~ the Note, until the Note ia paid in full, a aum (herein "Funds") equu) to one~ twelfth of the yearly taxes and assesamente which may uttain priurity over this Murtguge, And gruund rentss on thr !'ruperty, if any, plus o~e~ twelRh of yearly premium inatallments for hazard inaurance, plus onetwelfth of yearly premium installmenta for mortguKe i~aurance, if any, ull aa rnasonably ei+timated inilially and from time tu time by l.ender on the basia of asaesameota ~?nd bills a~d reuaonuble eatimatra thereof. The Hl~nds ahaU be held in an institution the deposite or accounte of which are inaured o~ guaranteed by a Fede~al or State agency (including Lender if Lender ia auch an inetitution~. l.ender ahall upply the Funde to pay exid taxee, assessmeata, insurance premiums and gmnnd rente. Lender may not charge for eo holding and applying the ~nds, anatyzing said account, or veri[ying and compiling eaid aeaessments and bille, unless I.ender paya Borrower intereat on the Funda and applicable law permita l.ender to make such a charge. Borrowe~ and l.ender may agree in writing at the time of execution of thie Mortgage that intereat on the Funda shall be paid to E3orrower, and unlesa euch agreement is made ot applicable law requiree such intereet to be paid, I.ender ahall not be required to pay Borrower any inlereat or earninge on the ~nds. l.ender ahall give to Borrower, without charge, an annual accounting of the Funda showing credita and debits to the Funde and the purpoee for which each debit to the Funda wua made. 7'he Funds are pledged as additiona! eecurity for the auma secured by this Mortgage. It the amount of the Hl~nda held by Lender, together vrith the future monthly inatallments of Funda payable prior to the due dates of taxea, asaesamenta, inaurance premiuma and ground renta, ahall exored the amount required to pay said taxea, asseasmenta, insurance premiuma and ground renta aa they [all d~ee, euch excesa shall be, at Bonower'a option, either prompUy repaid to Borrower or credited to E3orrower on monthly inatallmente of F~nde. If the amount of the Funda held by l.ender shall not be sufficient to pay taxes, aseeasmente, insurance premiuma and ground rente as they fall due, Borrower shall pay to [.ender any amount neceasary to make up the deficiency w~thin 30 days from the date notice is mailed by i.ender to Borrower requeating payment thereof. Upon paytnent in full of all sums aecured by thie Mortgage, I.ender ehall prompdy refund to Borrower any funde held by I.ender. If under paragraph 18 hereof the Property ia sold or the Property is otheTwiae acquired by Lender, Lender~dhall apply, no later than immediately prior to the eale of the Property or its acquieition by l.ender, any ~nda held by l.ender at the time of application as a credit againet the suma secured by thie Mortgage. 3. Applieation of Paymenta. Unlesa applicable law providea otherwiae, all payments received by I~nder under the Note and paragrapha 1 and 2 hereof ahall be applied by I.ender firt~t in payment of amounte payable to Lender by Borrower under paragrtiph 2 hereof, then W intereat payable on the Note, then to the principal of the Note, and then to intereat and principal on any FuWre Advances. 4. Charges; I.iens. Iiorrowershall pay all taxes, assessments and othercharges, fines and impositions attributable to the Properly which . may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereuf or, if not paid in su~h manner, by 13orrower making payment, when due, directly to the payee thereof. E3orrower shall promptly furniah to l.ender ~?11 notices of amounts due under thia paragraph, and in the rvent Borrower shali make payment directly, Borrow•er shall promptly furnish to I.ender receipts evidencing such paymenta. Borrower shall prompily discharge any lien which has priority over this Mortgage; provided, that E3orrower ahall not be required to discharge any such lien so long as E3orrower shall agree in writing to the payment o[the obligation secured by such lien in a manner acceptable to [.ender, or ahall in good faith contest such lien by, ordefend enfurcement of such lien i~, legal procredings which operate to prevent the enforcement of the lien or forfeiture of the f'roperiy or any part thereof. 5. Hazard Ineurance. Borrower shall keep the improvements now exiating or hereafter erected on the Property insured against loss by fire, hazard9 included within the term "extended coverage; ' and xuch other hazards as Lender may require and in auch amounta and for such periods as Lender may require; provided, that [.ender aha11 not require such rnverage amount exceeding the minimum, as may be required by state or federal regulations governing adivities of I.ender, or that amount of coverage required to pay the aums aecured by this Mortgage, whichever is the greater. The insurance carrier providing the insurance shall be chosen by Borrower subject to approv:~l by I.ender, provided, that such approval shall not be unreasonably withheld. All prnmiums on insurance policies shall be paid in the manner provided under paragraph 2 hermf or, if . not paid in such manner, by E3orrower making payment, when due, directly to the insurance carrier. _ All inaurance policies and renewals thereof ahall be in form acceptable to Lender and ahall include a standard mortgage clause in favor of i and in form acceptable to I.ender. I.ender ahall have the right to hold the policies and renewale? thereof, and Borrower shall promptly furnish to { i.ender all renewal notices and all receipta of paid pmmiuma. In the event of losa, ~3orrower ahall give prompt notice to the insurance carrier ~ and Lender. Lender may make proof of loss if not made promptly by Borrower_ ~ Unlesa Lender and Borrower otherwise agree in writing, insurance proceeda shall be applied to reatoration or repair ot the Property ; damaged, provided anch reetoration or repair iB economically feasible and the eecurity of this Mortgage is not thereby impaired. If such £ reetoration or repair is not economically feasible or if the security of thie Mortgage would be impaired, the insurance proceeda shall be applied ~ to the auma secured by thia btortgage, with the exceas, itany, paid to Borrower. If the Property ie abandoned by Borrower, or if Borrower faila to reapond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier ofTera to aetde a claim for ~ insurance benefite, Lender ia suthorized to collect and apply the ineurance proceeds at Lender's option either to restoration or repair of the = Property or the aume eecured by thie Mortgage. ~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeda to principal ahall not extend or postpone the due ~ date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of euch inatallmenta. If under paragraph 18 ~ hereof the Property ia acquired by Lender, aU right, tide and intereat of Borrower in and to any insurance policiea and in and to the proceeds ihereof reaulting from damage to Property prior to the sale or acquisition shall paes to Lender to the extent of the aums secured by this = Mortgage immediately pnor to auch aale or aoquisition. ~ ~ 6. Preservadon and Maintenance of Property; I.easeholde; Condominums; Planned Unit Developmente. Borrower shall keep ~ the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the proviaions of any lease if this Mortgage ie on a leasehold. If thie Mortgage is on a unit in a rnndominium or a planned unit development, ~ Borrower ahall perfoTm all of Borrower's obligations under the declaration or covenants creatinQur governing the condominium or planned = unit development, the by-laws and regulations of the condominium or planned unit development, and rnnstituent documents. If a ~ condominium or planned unit development rider ie e:ecuted by Borrower and recorded together with thia Mortgage, the aovenante and ~ agreementa of auch rider shall be incorporated into and shaU amend and supplement the covenants and agreementa of this Mortgage as if the ~ rider were a part hereof • 7. Protectton ot Lender'e Security. If Bonower faile to pertorm the oovenants and agreemente contained in thie Mortgage, or if any action or proceeding ie commenced which materially affecte Lender'e intereat in the Property, including, but not limited to, eminent domain, ~ insolvency, oode enforcement, or arrangemenfs or proceedinge involving a bankrupt or decedent, then L.ender at L.ender'e option,upon notice to Borrower may make euch appearances. diebaree auch eume and take auch action ae ia necesaary to protect Lender's in~t, ~ including, bpt not limitsd to, diebureement of reasonable attorney's feee and entry upon the Property to meke repaira. If Lender required ~:f mortgage ineurance as a rnndition of making the loan aecured by thia Mortgage, Botrower ahall pay the premiums required to maintain snch insurance in effect until such time ae the requirement for each inawance terminatee in accordance with Borrower B and I.ender s written egreement or applicable Law. Borrower ahall pay the amount of all mortgage ineurance premiume in the manner provided under paragreph 2 hereof. ' My amounta diabursed by Lender pereuant to this paragraph 7, with interest thereon, shall become additional indebtednese of Borrower eecvred by thie Mortgage. Unlese Borrower and Lender agree to other terme of payment, euch amounte ehall be payable upon notice from Lender to Borrower re~ueating payment thereof, end shall bear intereet from the date of dieburaement at the rate payable from ~ time tn time on outatanding princapal ~tader the Note unleee payment of intereet at auch rate would be rnntrary to applicable law, in which event euch amounte ehall bear intereat at the higheat rate permiasible under applicable law. Nothing rnntained in thie paragraph 7, ahall reqaire I.ender to incur any expenee or take any action hereunder. 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