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Home My WebLink About0729 ' . f , , ' e • ~ Borrower s~d L.endes covenant and agree as follows ~ 1. Payment of Priacipal and Iateres~ Borrower shal! promptly pay when due the principal of and intereet o~ the indebtednesa evidenced by the Note, pnpayment aaid late charge. as pmvided in the Note, and the princi~?al of and interest on any Ftiture Advancea eecured by this Mort~sa~ge. ' 2~nde [or Ta=es and insurance. Subjecl to applicabie law or b a written waiver by l.ender, [iorrower shall pqy to I.enderun the day monthly inetaliments of principal and intereal, are payable under 1he Note, until the Note ia paid in full, a sum (herein "Fl~nda") equal to one twelfth of the yearly ta~cea and aaseaements which may attain priority ove~ this Mortgege, and ground ~~ta on the Properiy, itany, plue one twelRh oiyearly premium inataltmenta for hasard ineurance, pluaonetwelRh ofyearly premium inataliments for mortgage inaurance, if any, all es reasonably estimated initially and trom time to time by I.ender on the basis of asseasmenta and billa and teasonable estimates thereof. The I~nds ahall be held in an institution the deooaits or acoounts oi which are iusured or ¢uaranteed bv a Federal or State aaencv (including l,ender if Lender is auch an institution). [.endK ahall apply the Funda to pay said taxea, asaesaments, inaurance premiuma and ground rents. Leader me~y not charge for so holding and applying the FLnde, analyzing said account, or verifying and compiling said assaamenta and bills, unlese Lender pays Borrower interest on the ~nds and applicable law permite I.ender to make auch a charge. Borrower and I.ender may agree in writing at the time of e:ecution of thia Mortgage that iaterest on the F~nda ahall be paid to Borrower, and unlese such agreement ia made or applicable law requires auch intrrest to be paid, Lender shall not be required to pay Borrower any interest or earnings on the Flinds. I.ender ahaU give to Borrower, without charge, an annual accounting of the Funda ahowing credit8 and debite to the ~nda and the purpoee for which each debit to the Ftiu?da was made. The Funds are pledged ea additional eecurity for the sums secured by thia Mortgage. If the amount of the Ftinds held by Lender, together with the future monthly inatallmente of Funds payable prior to the due datea of tazes, aseesamente, inewranoe premiuma and ground renta. 6ha11 e~[oaed the amount required to pay said ta:es, aaeeeaments, inaurance premiuma and ground rente as they fall due, auch r~cees ahall be, at Borrower'e option, either promptly repaid to Borrower or credited to Borrower on . aaonthly instaUments of-I~Lnds. If the amount of the Funda held by I.ender ahall not be sufficient to pay taxee, aseessments, inaurance premiume and ground nnte ae they fall due. Borrower ahall pay to Lender any amount neceseary to make up the deficiency within 30 daye from the date notice ia mailed by L.ender to Borrower requ~ting payment thereof. Upon payment in full of all auma secured by thia Mortgage. Lender shaU promptly refund to Borrower any funde held by I.ender. If under paragraph 18 hereof the Property is aold or the Property is otherwiee acquired by Lender. Lender shall apply, no later than immediately prior ;a ahe sal~ of the Pr~perty ar it~ aa~uuition by I.en~er, any Fan3b ttElf~ Z3}} IRII~2P dL La~iB ulIl'c ai 5pplia^,u~lAi'i ue 8 CTcajit ~d1IiSL L~12 eiil'~i b n2a: ilPrt~ by this Mortgage. • 3. Apptication of Payments. Unleae applicable law proyidea otherwiee, all payments received by Lender under the Note and paragraphs 1 and 2 hereof ahall be applied by [.ender firet in payment of amounte payable to Lender by Borrower under paragraph 2 hereof, thgn to intereat payable on the Note. then to the pzincipal of the Note, and then to interest and principal on any Future Advancea. 4. Chargea; I.pene. Borrower shall pay all taxes, aseessments and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in auch manner, hy Borrower making pay~nent, when due, directly to the payee thereoL Borrower ahall promptly furnish to Gender aU notioes of amounts due under this paragreph, and in the event Borrower shall roake payment directly, Borrower ehall promptly furniah to L.ender reoeipt~ evidenring such payments_ Borrower shall promptly discharge any lien which hae priority over this Mortgage; provided, that Borrower ahall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien ot forfeiture of the Property or any part thereof. 5. Hezard Insurance. Borrower ahall keep the improvemente now exiating or hereafter erected on the Property insured against loss by fire, hazarde included within the term "extended coverage,° and euch other hazards aa Lender may requirn and in auch amounta and for such perioda as Lender may requirn; provided, that Lend~ ahall not require auch ooverage amount e:ceeding the minimum, as may be required by state or federal regnlationa governing ectivitiea of Lender, or that amount of coverage required to pay the sums scrured by thia Mortgage, whichever ia the gr~eater. The insurance carrier providing the insurance ahall be chosen.by Borrower subject to approval by Lender; pmvided, that such approval ahaU not be unreasonably withheld. All premiums on insurance policies shxll be paid in the manner provided under paragraph 2 hereot or, if not paid in auch manner, by Borrower making payment, when due, directly to the insurance carrier. All insuradce policies and renewals thereof shall be in form acceptable to Lender and shall includes standard mortgage clauee in favor of ! and in form acoeptable to Lender. Lender shall h ave the right to hold the policies and renewala thereof, and Borrower ahall promptly furniah to i.ender all renewal notices and all receipta of paid ptemiums. In the event of loea, Borrower ahall give prompt notice to the inaurance carrier ~ and Lender. Lender may malce proof of laea if not made promptly by Borrower. ! Unleea Lender and Borrower otherwise agree in writing, insurance pr~oceeds ahall be applied to reatoration or repair of the Property dameged, provided euch reatoration or repair ie economically feaaible and the security of thie Mortgage ia not thereby impaired_ If euch ~ restoration or repair is not economically feaeible or if the eecurity of thia Mortgage would be impaired, the ineurance proceeda shall be applied ~ to the aums aecured by thia Mortgage, with the e:cesa, if aay. paid to Borrower. If the Property ia abandoned by Borrower. or if Borrower faile to ! reapond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the inaurance carrier offers to settle a claim for ~ insnrance benefite, Lendet is suthorized to collect and apply the inaurance proceede at L,ender s option either to restoration or repair of the ~ Property or the sama eecured by this Mortgage. . ~ Unlesa Lender and Borr+ower otherwise agree in writing, any such application of proceeds to principal ahall not e:tend or postpone the due date of the monthly instaUmente referred to in paragraphs 1 and 2 hereof or change the amount of euch inatallments. If under paragraph 18 ~ hereof the Property ie aoquired by Lender, all right. tide and interest of Borrower in and to any inaurance policies and in and to the proceede thereof reeulting from damage to Property prior to the sale or acquiaition ehall pasa to Lender to the e:tent of the eums serared by this ~ Mortgage immediately prior to such aale or aoquiaition. 6. Preservation and Maintenaace otProperty; I.easeholds; Condominums; Planned Unit Developmente. Borrower ahall keep ~ the Property in good repair and ahall not rnmmit waste or permit impairment or deterioration of the Property and shall oomply with the provisione of any lease if this Mortgage ie on a leasehold. If this Mortgage ia on a unit in a oondominium or a planned unit development, ~ Borrower ahell perform all of Borrower'a obligationa under the declaration or rnvenanta creatingor goveming the condominium or planned ~ unit development, Lhe by,-lawa and regulatione of the condominium or planned unit development, and rnnetituent documents_ If a ~ condominium or planned unit development rider is e:ecuted by Borrower and recorded tagether with thie Mortgage, the covenante and ~ agreements of auch rider shall be incorporated into and shall amend and supplement the covenants and agreements of thia Mortgage as if the ~ rider were a part hereof ~ 7. Protection of Lender'~ Securlty. If Borrower fails to perform tbe oovtnants and agreements oontained in this Mortgage, or if any action or pmceeding is commenced which mat~ielly affecte Lender s intereet in the Property, including, but not limited to, eminent domain, insolvency, oode enforcemene, or arrangements or prooeedings involving a banlunpt or deoedent, then Lender at Lender s option,upon notice to Borrower may make such appearances. disbnrse suc6 euma and take snch action as is neoeseary to protect Lender's interest, ~ inclading, but not limited to, disbursemeat of reasonable attomey's fees and entry apon the Property to make repairs. If Lenda required ~ mottgage uuurance as a condition of making the loan eecured by this Mottgege, Borrower shall pay the premiums required to maintein ench insarance in effect nntil such time as We requirement for snch inaarance tuminates in aooordance with Borrower's and I.~der's ` writttn agreement or applicabk Is~w. Borrower ahall pay the amoant of ell mortgage insurance preminms in the manner provided nnder 5li PareBraPh 2 hereof. Any amoants diebursed by Lender persuant to this paragraph 7; with interest thereon, ahall beoome additionel indebtednesa of r ~ Borrower ~ernred by this Mortgage. Unless Borrower and I.ender agree to other trrms of payment, such amounts ahall be payable upon r,n: notice from I.ender to Borrower requeating peyment thereof, and shall bear intereat from the date of dieburaemeat at the rate peyable from ~ time to time on outatandin g principal under the Note nnleas payment of intenat at aach rate would be oontrary to applicable law, in which ~ ~ev~t such amounts shall bear intereat at the higheat rate permisaible under applicable law. Nothing oontained in this paragraph 7, shall ; ~ reqnin Lender to incur any eupenee or take any actioa hereunder. ' > . ~ ~ i ~ ~ t_ e c p~ Z93 oac~ 7 ~ w. ze ; ~:j ~ ~ _ - _ _ ~ `?3~ ~ ~w_ ~ ` - = p ~