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Home My WebLink About0519 Eiorrower and I.eader rnvenant and agree as follows: 1. Peyment ot Pri~cipal end Intereet. Borrowe~ ehall promptly pay when due ihe pri~cipal of n~d interest on the indebtrdneas evidenced by the Note, prepayment and late charges as provided in the Note, and the principal of and intemat on any Future AdvanceB aecured by this Mortgage. 2. bltnde forTeuce. and lnrurance. Subject to applicable !aw or to a written waiver by l.ender, !3~?rn~wer ~hall pny to l.ender un the dny monthly inatallmenta o[ principal and intereet are payablr under the Note, until the Note is puid in full, a sum (he~ein "F unde") eyual to onr twelfth of the yearly taxee and asaesementa which may altain priority uver thia Mortgage, and gn,und renta on the }'ruperty, i~any, plus one twelRh of yearly premium inatallmenta tor haaard inaurance, plus onetwelfth ufyearly premium instullmentei for murtga?ge insurunce, if any. all as seaeo~ably eatimated initially and from time to time by l.ender on the baeia of asaesaments and billa und reasunable extimAtra thereot. Tha ~nde ahall be held in an iastitu~on the deposits or accounts of which an inaured or guara~teed by a Federal or State agency (including [.ender if I.ender is euch an institution). l.ender ahall apply the Funda to pay said taxes, aseesamenta, inaurance prrmiuma and qround rents. I.ender may not charge tor ao holding and applying the F~nda, unalyzing said account, or verifying a~d compiling said aBaesamenta and billa, unlese I.ender pays Borrower inteieat on the ~nds and applicable law pecmita I.e~der to make auch a charge. [;orrower and Lender may agree in writing at the time of e:ecution of thie Mortgage that interest on the Funds ahall be paid to Borrower, and unlesa euch agreement is made o~ applicable law requires euch interest to be paid, L.ender ehall not be required to pay E3or~ower any intereat or earninge on the Flinds. Lender shall give to Borrower, without charge, an annual accounting of the Fun~1a ahowing credits and debita to the Funda and the purpoee for which each debit to the Flrnde waa made. The Funda are pledged aa additional security fur the auma eecured by thia Mortgage. If the amount of the F~nda held by I.ender, together with the tuture monthly instaUments of Funda payable p~or to the due datea oCtaxes, seaeasmenta, inaurance pmmiuma and ground renta, ahall ex~red the amount required to pay said taxes, assesamenta, insurance prnmiums and ground rente aa they fall due, auch exceas aha11 be, at Bo~TOwer s option, either promptly repaid to Borrower or credited to Borrower on monthly inetallments of Funde. If the amount of the Funda held by I.ender ahall not be su~cient to ps.y taxea, asaessmenta, inaurance premiuma and ground renta aa they fall due, Borrower ehall pay to Lender any amount necessary to make up the deficiency within 30 days from the date notice ia mailed by Lender to &?rrower requesting payment lhereof. Upon payment in full of all suma secured by this Mortgage. I.ender ehall promptly rnfund to Barrower any funda held by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by l.ender, l.enderehall apply, no later than'itnmediately prior to the sale of the P~roperty or its soquiaition by Lender, any Funda held by Lender at the time of application ae a credit againat the auma secured by this Mortgage. 3. Application of Paymeate. Unlesa applicable law providea othecwiee, all paymente received b~ Lender under the Note and paragraphs 1 and 2 hereof shall be applied by L.ender firat in payment of amounts payable to Lender by Boerower under paragraph 2 hereof, then to intereet payable on the Note, then w lhe prinripal of the Note, and then to interest and pdncipal on nr~ Futurs AdKanoee: 4. Charges; Liena. Borrowe~ ahall pay all taxes, assesamenta nnd other rharges, f4t~es and impositions attributabie to the Property which may attain a priority overthis Mortgage, and lelsehold payments or gmund rents, if xny, in the mnnner pm~ ided under parugraph 2 hereof ur, if not paid in auch manner, by Horrower making payment, when due, directly to the payee thereot E3orrower shall promptly fumish to I.ender all notices of amounts due under this paragraph, and in the event Borrower sh~+ll make payment directly, t3orrower shall promptly fumish to I.ender receipts evidencing such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; pmvided, that F3orrower ahall not be required to discharge any such lien so long as Borrower shxll pgree in vvriting to ihe payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by. ordefend enforcement of such lien in, legal proceedinge which operate to prevent the enforcement of the lien or forfeitum of the Pruperty or any pari thereof. 5. Hazard lneurance. $orrower ahall keep the unprovements now exiating or hemafter erected on the Properiy insured against loss by fire, hazards included within the term "e:tended coverage," and e~uch other hazards as Lender may require and in such amuunta and for such periods as Lender may require; provided, that Lender ahall not requite such coverage amount exceeding the minimum, as may be required by state or federal regulations governing activitiee of l.ender, or that amount of coverage required to pay the sums aecured by this Mortgage, whichever ia the greater. ' The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Ixnder, provided, that such approval shall not be unreasonably withheld. All pmmiums on insurunce policies shull be paid in the manner providec! under paraKr~ph 2 here+~f ar, if r.ot paid in such manner, by Borro~ver making payment, when due, direMly to the insurance carrier_ All inaurance policiea and reaewals thereof ahall be in form acceptable to l.enderand shall include a standard mortgage clause in favor of ~ and in form acceptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to E i.ender all renewal noticee and all receipts of paid premiuma. In the event of loss, Borruwer shall give prompt notice to the inaurance carrier p and l.ender. I.ender may make proof of lose if not made prompdy by Borrower. ~ Unless Lender and Borrower otherwiae agree in writing, inaurance proceeds shall be applied to restoration or repair of the Property damaged, provided auch restoration or repair is economically feasible and the security of this Mortgage is not thereby impuired. If such ~ reatoration or repair ie not economically feasible or if the security of this Mortgage woutd be impaired, the inaurance proceeds ahall be applied g to the sums secured by this Mortgage, with the eacese, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails to ~ respond to Lender within 30 days from the date notice is mailed by I.ender b Borrower that the insurance carrier of[ers to aetde a claim for insurance benefita, Lender is anthorized to collect and apply the insurance praceeds at Lender's option either to restoration or rnpair of the Property or the euma secured by thia Mortgage. ~ Unleae Lender and Borrower otherwise agree in writing, any such application of pra.~eeds to principal shall not extend or postpone the due ~ date of the monthly installmenta referred to in paragraphs 1 and 2 hereof or change the amount of auch installmenta. If under paragraph 18 hereof the Property is acquired by I.endet, all right, title and interest of Borrower in and to any inaurance policies and in and to the proceeds thereof resulting from damage to Property prior to the sale or aoquiaition ahal) pass to Lender to the extent of the sums secured by this - Mortgage immediately prior to such eale or aoquiaition. ~ 6. Preservation and Maiatenance otProperty; Leaseholde; Condominuma: Planned Unit Developmente. Borrower ahall keep ~ the Property in good repair and ahali not commit waste or permit impairment or deterioration of the Property and ahall comply with the provieions of any lease if this Mortgage ia on a leasehold. If thie Mortgage ia on a unit in a rnndominium or a planned unit development, ~ Borrower shall perform all of Borrower's obligatione under the declaration or covenante crnatingor governing the rnndominium or planned unit development, the by-laws and regulationa of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider ia executed by Borrower and recorded together with this Mortgage, the oovenante and s agreements of such rider ahail be incorporated into and ahall amend and aupplement the covenants and agreements of thia Mortgage as if the ~ rider were a part hereof. 7. Protection ot Lender's 3ecurity. If Borrower fails to perform the oovenante and agreemente contained in this Mortgage, or if eny ~ action or proceeding ie commenced which materially affecte Lender'a interest in the Property, including, but not limited to, eminent domain, - ~ ineolvency. aode enforcement, or arrangements or pra:cedinga involving a bankrupt or decedent, then Lender at Lender'e option,upon ~ notice to Borrower may malce such appearanoes, diaburee such sums and take euch action as ie ncoeesary to protect I.endei s intereet, x°' including, but not limited to, diabureement of reasonable attorney e fees and entry upon the Property to make repairs. If Lender required _ mortgage ineurance ae a condition of making the loan eecured by thie Mortgage, Borrower ehall pay the premiume required to maintain euch ineurance in effect until auch time aa the requirement for auch ineurance terminatee in accordance with Bortower's and Lende~e written egreement or applicable Iaw. Borrower ehall pay the amount of all mortgage inaurance premiume in the manner pmvided under ~ paragreph 2 hereof. My amounte diebursed by Lender pereuant to thie paragraph with interest thereon. ehall become additional indebtedneae of - 4~ E3orrower secured by this Mortgage. Unleae Borrower and L.ender agree to other terme of pa~nen~ ~ emounte ehall be payable upr~n ~ notice from Lender to Borrower requeeting payment thereof, and ahall bear intereet from the dat~ of dis ~ reement at the rate payable from ~ time to time on outetanding principal under the Note unlese payment of intereat at auch rate would be oontrary to applicable law, in which ~ event auch amounta a~all bear interest at !he highest rate permieaible under applicable law. Nothing rnntained in thie paregraph 7, ahall requ've Lender to incur any expenee or take any aMion hemunder. { ~ ~a ~ °R2 3~~N ~7 Gi rACE ~19 ~ ~ ~ . - ~ ~ ~ - ~ ~ ~~^~i~~ kE3~ . ~ F'~ " ,41h'`' ~ ,x t~~~~ -`~.v~'rt=t`.'y~t~ ,S uT,as:" ?p~~vk,~ . ~ '~'3-F t `"~,-..rts-~ ' J : ? r+~..~,..~~~'-~''~,~$-~'~-~ ~ ~.rt ' , , ~,~.~=,r~ ~xr - ; ~c~;'a~.5.~.' ss i