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Home My WebLink About0982 E~rrower and Irnder covenant and agree as fulluw.: 1. Payment of Principal and Intereet. F3o~rower shnl) promptly pay w•hen due the principal of and intereet on the indebtrdnrea evidenced by the Note, prepayment and late chargee as pmvidcd in the Nute, and the principal utand intereet on any Future Advnncea secured • by this Mortgage. 2. Flrrtds forTaxee and lneurunce. Subject to applicable law ur to a written wuiver by I.ender,l3~~rruwerahull puy ta I.rnderun theduy monthly inatallmenta of principa! and interest are payablr under the Note, until the Note ix paid in fuil, u sum lherein "N unda"1 ryuul to un~ twelRh of the yearly tcucea nnd uasesaments which muy attain priority over this Murtgage, and gruund renta un thr 1'ruperty, if any, plua one twelfth of yearly ptemium inatallme~ta for hazard inaurance, plus unPtwelfth ofyrarly premium inslulimrntx for mortgi+ge inyurr~nce, if any, all aa reasonably eadmated initially and from time to time by I.ender un the busis of assexxments and bills ~nd reaso~uble cwtimntrs ihereof. 'I~e E1nde ehall be held in an institution the depoeite or accounta of which are insured o~ guuranteed by a Federal or State agency (including Lender if l.ender ia such an inatitution). [.ende~ shall apply the Funda to pay said taxea, asaeaxmenta, insurance premiuma and . ground rente. l.ender may not charge for eo holding and applying the Ntinda, analyzing eaid account, or verifying and compiling said 'aeaeaementa and bills, unless i.ender paya Borrower intereat on the F~nde and applicable law permita l.ender to make auch a charge. Borrower and Lender may agree in writing at the time of e:ecution o[ thia Mortgage that intereat on the ~'unds shall be paid to Borrower, and unleas~ euch agreement ie made or applicable law requirea auch intereat to be p~fd, I.ender ahall not be required to pay Borrower any intereat or earninge on the ~nda. L.ender ahal) give to Borrower, without charge, an annual accounting of the Funda ahowing credita und debita to the Funde and the purpose for which each debit to the Funds wna made. The F unda are pledged as additional security [or the aums secured by this Mortgage. If the amount of the Fl~nde held by Lender, together w~th the future monthly installmenta of Funds puyable prior to the due datea ot/axes, asaeasmenta, inaurance pmmiuma and ground rents, ahall excxd the amount required to pay said taxea, assessments, inauram~e premiuma and ground rente aa they faU due, auch e:cess ahall be, at Bo~YOwer's option, either promptly repaid to BoTrowet or crediteci to E3orrower on monthly installmenta of ~nds. If the amount of the Funds held by [.ender ahall not be sufficient to pay taxes, asaessments, insurance premiuma and ground renta ae ihey fall due. Borrower ahaU pay to l.ender any amount necessary to make up the deficiency within 30 days fiom the date notice is mailed by Lender to E3orrower requesting payment thereof. Upon payment in full of all suma secured by this Mortgage, Ixnder ahall promptly mfund to E;orrower any funde held by l.ender. lf under paragraph 18 hereof the Property ia sold or the Property is otherwise acquired by i~ender, Lender ahall apply, no later than immediately prior to the sale of the Property or its acquiaition by Lender, any Funda held by I.ender at lhe time of application as a credit ugainst the aums securcd by this Mortgage. 3. Application of Paymente. Unless applicable law pro~ldes otherwise, all payments recei~~ed by I.ender under the Note and paragraphe 1 and 2 hereof shaii be applied by I.ender firest in payment of amounts payable to I.ender by Borrower under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of lhe Note, and then to interest and principal on any Future Advancea. 4. Charges; Liens. Borrower shall pay all taxes, assessments and atherch<irQes; fines and impositions attributnble to the I'roperty ~vhich may attain s~ priority over this Mortgage, and leasehold payments orgmund rents, if nny, in the munner pro~ idcd under paragrnph `l hereotar, if not paid in such manner, by E3orrower making payment, v?hen due, directly to the pay ee therc~L Rormwer shall promptly furnish to I.ender all notices of amounts due under this paragraph, and in the event Borrower shnll make pa~~ment directly, I3orruNer shall prumptly fumish to I.ender receipts evidencing such paymenta. E3orrower shall promptly dischargr a~ny lien which has priorit~• over this MurtKage; pro~ ided, that E3orrower shall not be.required todiacharge any such lien so long as Borrower sht~ll aqree in w•ritinR to the payment of theobliKation secured by such lien in a manner acceptable to (.ender, or shal) in good faith contESt such lien by, ordefend enforcement nf such lien in, leKxl prcxc~~dinKs which operate to prevent the enforcement of the lien or forfeiture ot the Property or any part thercti~f. 5. Hazard Ineurance. Borrower ahall keep the improvements now existing or hernafter erected on the Property insured against loss by fire, hazards included within the term "extended rnveraQe," and aach other hazards as Lender may require and in such amounts and fursuch periods ae L.ender may require; provided, that Lender shall not require such coverage amount exceeding the minimum, as may be required by state or federal regulationa governing activities of Lender, or that amount of coverage required to pay the sums secured by this 6fortgage, whichever is the greater.. . The insurance carrier providing the insurance shall be chosen by Borruwer subject to approvi~l by I.ender; pmvideci, that such appro~•al shall not be unreasonably withheld. All premiums on insurance policies shali be paid in the m:~nner pmvidecl under paraKraph `L hereof or, if ~ not paid in such manner, by I3orrower makinQ payment, when due, directly to the insur~nce carrier. ~ All inaurance policies and renewala thereof shall be in form acceptable to Lender end shatl include a standard mortqage clause in favor of and in form acceptable to L.ender. Lendershall have the right to hold the policies and renewala thereof, and Borrower shall promptly fumish to ~ i.ender all renewal noticea and ali receipts of paid prnmiums. In the event of loss, I3orruwer shall give prompt notice to the insurnnce carrier ~ ' and Lender_ I.ender may make proof of I.~ss if not made promptly by E3orrower. E Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Prcperty ~ damaged, pmvided such restoration or repair is economically feasible and the security of this Mortgage is not thernby impaired. I[ such : ~ restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied to the sume secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if E3orrower fails to ~ respond to Lender within 30 daya from the date notice is mailed by l.ender to Borrower that the insurance carrier ofl'ers t~? settle a claim for ~ insurance benefite, Lender is authorized to collect and apply the insurance proceeda at Ixndei s option either to restoration or repair of the ~ Property or the eums secured by this Mortgage. ~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeda to principal shall not extend or postpone thedue ~ date of the monthly instaliments rnferred to in paragraphs 1 and 2 hereof or change the amount of such inatallments. If under paragraph 18 ~ heeeof 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 reeulting trom damage to Property prior to the sale or acqu~aition shaU pasa to L,ender to the extent of the suma secnred by this ~ Mortgage immediately prior to such sale or acquiaition. ¢ 6. Preaervation and Maintenance of Property; Leaseholds; Condominums; Planned Unit Developmente. Borrower shali keep ~ the Property in good repa'v and ahall not commit waste or permit impairment or deterioration of the Property and ahail comply with the ~ proviaions of any lease if ihis Mortqage ia on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borrower shall perform all of Borrower'e obligationa under the declaration orcovenants creatinKor governing thecondominium or planned unit development, the by-laws and regulationa of the condominium or planned unit development, and conatituent documents. If a ; condominium or planned unit development rider ia execnted by Borrower and recorded tvgether w~th thia Mortgage, the covenants 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. 7. Protection of Lender's 3ecurity. If Borrower faila to perform the oovenante and agreemente contained in thie Mortgage, or if any action or proceeding ie commenced which materially affecte Lender'e intereat in the Property, including, bnt not limited to, eminent domain, inaolvency, oode enforcement, or anangemente or proceedinge involving a bankrupt or decedent, then Lender at Lender'e option,upon notice to Borrower may mnke euch appearancee, dieburee euch auma and take such action se ie neceaeary to protect Lender e interest, including, but not limited to, diabureement of reasonable attorney'e feea and entry upon !he Property to make repaire. If Lender r~qaired ~ mortgage inaurance ae a condition of mal~ing the loan aecared by thie Mortgage, Borrower ehaU pay the premiume reqnired to maintain euch inetuance in effect until such time es the requitement for aach inaurance terminatee in accordance with Borrower'e and Lender e w written agreement or applicable I.aw. Borrower ehall pay the amount of all mortgage insurance premiuma in the manner provided under s paragraph 2 hereof. ~ My amounts disbureed by Lendet pereuant to thia paragraph 7, with intereHt thereon, ehall becrome additional indebtedneae of Borrower secured by thia Mortgage. Unleae Borrower and Lender agree to other terms of payment, auch amounts ahall be payable upon notice from Lender to Borrower requeeting payment thereof, and ehall bear intereet from the date of disburaement at the rate payable from ~ time to time on outstanding principal under the Note unleas payment of interest at auch rate would be oontrary to applicable law, in which ~ event such amounte shall bear intereet at the highest rate permieaible under applicable law. Nothing contained in this paragraph 7, ahall require I.ender to incur any expenae or take any action hereunder. - ~ ~ ~ - R w- _ : ~ ~ PltGf w~i . . ~ - ~ ~ _ - ~~'~"r.~z+'~'~...`'-"z, ~m+~+-Y:"~+~z+~5~,`~`-s.sav~.-.n . . , t aa~..,,~~ ~