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Home My WebLink About0725 . . . . , , Borrower and I.ender covenant and agree as follows: 1. Paymant of Princlpul end Intereet. Borwwer ahull promptly pay when due the principal of and intereat on the indebtedneea evidenced by the Note, prepayment and late charges as provided in the Notc, and the principal of and intereet on any h~ture Advances eerured by thia Mortgage. 2. ~nds for Tasea and Ineurance. Subject to applicable law or to a written waive~ by I.ender, I3orrower shal! pay to l.ender on the day monthly inatallmenta of principal and intereat are payable under the Note, until the Note ie paid in fuU, a sum therein "Funds") equal lo one twelfth oithe yea~ly taz~ and aasesaments which may attain priority over thia Mortgage, and ground renta on the Property, i[any, plue one twelfth of yearly premium inatallments tot hezard inaurance, plua onetwelfth of yearly premium inatallmenta for mortguge inaurance, if any, all ea reaeonably eatimated initially and from time to tirr~e by [.ender on the basis of aasexementa and bills ~nd reasonuble eatimates thereof. T{.~ R...,i~ e~.sll l.n I.vU ew :+.d:~..~+wn f1.a A~~v.~~f~ ns eMnue~f~ ~f mhiwh nro inaursrl nr m~arnnt~wi hv o Fado?nl n~ Gsfa nonnMr ~ : - - - _ _ - - - - Q - - - : - - - - - - - (including Lender if Lender is auch an inatitution). Lender shall apply the Funda to pay eaid taxee, assesamenta, inaurance premiums and ground rente. Lender may not charge for eo holding and applying the ~nda, analyzing said uccount, o~ verifying and rnmpiling aaid aesesaments and bilis, unleea Lender paye Borrower interest on the Funda ~nd applicable law perinita L.ender to make auch a charge. Borrower and Lender may agree in writing at the time of execution of thie Mortgage that intereat on the fi~nds ehall be paid to Borrower, and unleae such agreement is made or applicable law requires such intereat to be paid, I.ender shall not be required to pay Borrower any interest or earnings on the Funds. Lender ehall give to Borrower, without charge, an annual accounting of the Funde ahowing credita and debite to the Funda and the purpoee for which each debit to the ~nda was made. The Funda are pledged as additional security for the aums secured by this , Mortgage. If the amount of the ~nda held by I.ender, together with the futum monthly installmente of Funda payabte prior to the due datea of faxea, ~ aseeeaments, inaurance premiume and ground renta. ahall exczed the amount required.to pay said taxee, aeaenamenta, inaurance premiuma and ground renta as they fall due, such excesa ahall be, at Borrower's option, either prompdy repaid to Borrower or credited to Borrower on monthly installments of ~nde. If the amount of the Funde held by Lender shaU not be aufficient to pay taxea, asseasments, inaurance premiums and ground renfs ae they fall due, Borrower ahall pay to Lender any amount neceasary to make up the de6ciency within 3C days from the date notice is mailed by Lender to Borrower requeating payment thereof. Upon payment in full of all aume aecured by this Mortgage, Lender ehall promptly refund to Borrower any funda held by I.ender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by I.ender, Lender shall apply, no later than immediately prior to the eale of the Property or its aoquisition by Lender, any ~nds heid by Lender at the time oi application as a credit againac the sums secured by thie Mortgege. 3. Applieetion of Paymente. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragraphs 1 and 2 hereof ahall be applied by l.ender first in payment of amounte payable to Lender by Borrower under paragraph 2 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. Chargea; Liens. Borrower shall pay all taxes, as.gessments and other charges, fines and impositions attributabie to the Property which may attain a priority over this Mortgage, and leasehold paymentsorground rents, if any, in themanner pmvided underparagraph 2 hereofor, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all noticea of amounts dur under this paraqraph, and in the e~ ent Borrower shall make payment directly, $ormwer shail promptly furnish to [.ender receipta evidencing auch payments, Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be requited to discharge any such lien so long as Borrower shall agree in writing to the payment of theobligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, ordetend enforcement of such lien in, legal proceedings w hich operate to prevent the enforcement of the lien or forfeitum of the Property or any part thereof. fi. Hazard Inaurance. Borrower ehall keep the improvements now existing or hereafter erected on the Property insured againat loss by fire, hazards included within the term "eatended rnverage; ' and euch other hazards aa Lender may require and in such amounts and for auch periode as Lender may require; provided, that Lender ahal) not require such coverage amount exceeding the minimum, as may be required by state or [ederal regulationa governing sctivitiea of Lender, or that amount of coverage required to pay the suma secured by this Mortgage, whichever is the greater_ The insurance carrier providing the insurance shall be chasen by Borrower subject to approval by I.ender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner pmvided under paragrap6 `L hermf or, if not paid in such manner, by E3orrower making payment, when due, directly to the insurance carrier. • All inaurance policies and renewala thereof shall be in form acceptable to Lender and shall include a atandard mortgage clause in favor of and in form acceptable to~Lender. l.ender shall have the right to hold the policiea and renewals thereof, and Borrower shall promptly furniah to ! i.ender all renewal notices and all receipts of paid premiuma. In the event of losa, Borrower ahall give prompt_notice to the insurance carrier and Lender. Lender may make proof of loas if not made promptly by Borrower. 4 Unleas Lender and Borrower otherwiae agree in writing, ineurance proc~~eds shall be applied to restoration or repair of the Property damaged, pmvided auch reatoration or repair is economicaUy feasible and the security of this Mortgage is not thereby impaired_ If such ~ reatoration or repair is not economically feaaible or if the eecurity of this Mortgage would be impaired, the inaurance proceeds ahaU be apptied ~ to the a~ms secured by this Mortgage, with the excess, if any, paid to Borrower. Ifthe Property is abandoned by Borrower, or if Borrower faila to ~ rnapond to L.ender within 30 daya from the date notice ia mailed by Lender to Borrower that the inaurance carrier of~ers to settle a claim for ; ineurans~benefits, l.ender is authorized to coltect and apply the insurance proceeda at Lender s option either to restoraaon or repair of the ~ Property or the aums secured by this Mortgage. . ~ Unless Lender and Bortower otherwiae agree in writing, any such application of proceeds to principal shall not extend or postpone the due ~ date of the monthly inatallments referred to in paragraphs 1 and 2 hereof or change the amount of such inatallments. If under paragraph 18 ~ hereof the Property ia acquired by Lender, alt right, title and intereat of Borrower in and to any ineurance policiea and in and to the proceeda ~ thereof resultiag from damage to Property prior to the sate or acquiaition shal! pase to Lender to the extent of the euma secured by this ~ Mortgage immediately prior to such sale or aoquisition. ~ 6. Preaervation and MaintenanceofProperty; Leaseholde; Condominume; Planned Unit Developmente. Borrowershall keep : the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and ahall comply with the ~ proviaions of eny lease if thie Mortgage ie on a leasehold. If thie Mortgage ia on a unit in a oondominium or a planned unit development, ~ Borrower ehall perform all of Borrower's obligationa under the declaration or covenante creatingor governing the condominium or planned ~ unit development~ the by-lawa and regulations of the condominium or planned unit development, and rnnstituent dceumente. If a *A condominium or planned unit development rider is e:ecuted by Borrower and recorded together with this Mortgage, the covenante and agreements of such rider shall be incorporated into and shall amend and supplement thecovenants and agreements of this Mortgage as if the rider were a part hereof. 7. Protection of I.ender's Security. If Borrower feile to perform the oovenanta end agreemente contained in thie Mortgage. or if any ~ action or proceeding ie rnmmenced which materially affecta Lender e intereat in the Property, including, but not limited to, emineat domain, - ineolvency, oode enforcement, or arrangemente or proceedinge involving a bankrupt or deoeden~ then Lender at Lendei a option.upon notice to Borrower may make auch appearancee, diaburee auch eume and take such action ae ie neceseary to protect L,ender's intereat, inclnding, but not limited to, diebureement of resaonable attorney'e fees and entry upon the Property to make repairs. If I,ender required ~f mortgage inaurance as a condition of mal~ing the loan eecured by this Mortgage, Borrower ahall pey the premiuma required to maintain auch ineurance in effect until euch time as the requirement for euch ineurance terminatea in aacordance with Borrower e and Lende~s written agreement or epplicable Law. Borrower shall pay the amount of all mortgage inaurance premiume in the manner provided nnder ; paragraph 2 hereoL ~ My aawante diabursed by Lender persuant to thia paragreph 7, with intereet thereon, ahal! beoome additional indebtednese of j Borrower eecvred by this Mortgage. Unless Borrower and Lender agree to other terme o! payment, auch amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and ahall bear interest from the date of diebureement at the rate payable trom _ cime to time on outstanding principal under the Note unleae payment of interest at auch rate would be contrary to applicable law, in which ~ ~ event auch amounta ahell bear intereat at the highest rate permieaible under appticable law. Nothing rnntained in thie paragraph-7, ahall ` ~ require Lender to incur any expenae or take any action hereunder. ~ r~ ~ ~ 3 , 'i , i: q~ = ,~t~2~ 7~4 ~ ~ ~_f ~ ~ -.r - - - - - - ' ~ : _ : ~ ,~G ~ ~ ~`~.,s,~~-"~''~`~'.a'~; _