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Home My WebLink About0990 +J i. ~ Bortower and l.ender rnvenant and agree ae followe: 1. Payment o! Principa! and Interest. I3orrower ahall promptly pay when due the principal of and intereat on the indebtedneas evidenced by the Note, pnpayment and late chargee aa provided in the Note, and the principal of and interest on any ~ture Advances aecured by this Mortgage. 2. I~tnds for Taues and Insurance. Subject to applirable law or tu a written waiver by l.ender, Borrovrer ahail pay to I.ender on the day monthly inatallmenta of principal end interest are payable under the Note, until the Note ie paid in full, a sum (herein "Funda") equal to one _ tweltth of the yearly taxes and assessmenta which may attain priority over thia Mortgage, and ground rents on the Property, if any, plusone twelfth of yearly premium installme~te for hazard inaurance, plua onetwelfth of yearly premium installments for mortgnge insurance, if any, all se reaa~nably eatimated initially and from time to time by I.ender on the baais of usseasmenta nnd billa and reasonable eatimates thereof. The ~nds ehall be held in an institution the deposita or accounte of which are insured or guare?nteed by a Federal ar State agency (including Lender if Lender ie euch an institution). L.ender shall apply the Funda to pey said ta:ea, assesaments, ineurance premiuma and ground renta. Lender may not charge fot eo holding and applying the ~nds, analyzing said account, or verifying and compiling said assessments and billa. unlees I.ender paya Bor~owe~ interest on the ~nds and applicable law permita Lender to make such a charge. Borrower and l.ender may agree in writing at the time of e:ecution of thia Mortgage that interest on the Funda shal{ be paid to Borrower, and unleae auch agrcement ia made or applicable law requiree euch intereet to be paid. I.ender ahall not be required to pay Borrower any intereet or earuinge on the ~nde. L.ender ahall give to Borrower, without charge, an annual accounting of the Funde showing credita and debite to the ~unda and the purpoee for which each debit to the Funda wae made. The ~nda are piedged as additiona! eecurity tor the sume eecureci by this Mortgage. If the amount of the Funda held by I.ender, together with the future monthly installmenta of Funda payable prior to the due datea of tauea, aseeaements, inaurance prrmiume and ground renta, aha11 eac~red the amount required to pay eaid taxea, ansessmente, inaurance premiums and ground rente as they fall due, euch e:cees shall be. at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly inetallments of ~nda. If the amount of the Funda held by I.ender ahall not be aufficient to pay taxea, aseeeaments, ineurance premiums and ground rente ae they fall due, Borrower ahall pey to Lender any amount necessary to make up the deficiency within 30 days from the date notice ie mailed by Lender to Borrower requesting payment thereof. Upon payment in full of all auana secured by thia Mortgage. I.ender ahall promptly refund to Borrower any funds heid by Lender. If under paragraph 18 hereof the Property is sold or the Property is otherwise acquired by Lender, I.ender ahall apply, no later than immediately prior to the sale of ~the Property or its soquisition by l.ender, any F~nda held by I.ender at the time of application as a credit againat the auma secured by this Mortgage. 3. Application of Paymeats. Unlesa applicable law providea otherwiae, all payments received by Lender under the Note and paragraphs 1 and 2 hereof ahall be applied by Lender firet in payment of amounte payable to I.ender by Borrow•er under paragraph `L hereof, then to interest payable on the Note, then to the principal of the Note, and then to intereat and principa! on any Futurn Advancea. 4. Charges; Liene. Borrower shall pay all taxes, sesessmenta and other charges, fines and impositions attributable to the Property which may attain a priority over lhis Mortgage, and leasehold payments or ground rents, if any, in the manner pmvided under paragraph'l hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. }3orrowershall promptly furnish to Lender all noticea of amounts due under thia paragraph, and in the event Borruwer shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments. Borrower shall promptly discharge any lien v?hich has priority overthis MortRage; provided, that Borrower shall not be required to discharge any such lien ao long as Borrower shnll a~ree in writing to the payment of the obligation secured by _ such lien in a manner acceptable to Lender, or ahaU in good fuith contest such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafier erected on the Property insured against losa by ti_.. .....a~ . wti~.w _.w..a~ e , ..,~;e_ tie,.: ,..~a e i„~..ae : ...p.._,, • . . . ..°.:a°.s°.. u.• o e ....o u • •..°.;j..'.."'.y~. u.• ...ou., u...vu. uuu~v~aua.u periods aa Lender mey require; provided, that I.ender shall not require such coverage amount exteeding ihe minimum, as may be required by state or federal regulationa governing activitiea of Lender, or that amount of coverage required to pay the sums secured by this Mortgage, - whichever is the greater. • The inaurance carrier providing the insurance shall be chosen by Borrower subject to approval by [xnder; pn,vided, that such approval shall not be unreasonably withheld. All prnmiums on insura~nce policies shall be paid in the manner pmvided under p:~raKraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. ' I' All inaurance policies and renewala thereof ehal! be in form accepfable to Lender and shall include a atandard mortgage clause in favor of ~ and in form accepfable to I.ender. Lender ehall have the right to hold the policies and renewals thereof, and Borrower ahali promptly fumish to ! i.ender all renewal notices and all receipts of paid premiums. In the event of loss, Borruwer shall give prompt notice to the insurance carrier E and Lender. Lender may make proof of losa if not made pmmptly by Borrower_ ~ Unleae Lender and Borrower otherwiae agree in writing, inaurance proceeds shall be applied to restoration or repair of the Property ~ameged, provided auch restoration or repair is economicaily feasible and the security of this Mortgage ie not thereby•impaired. If such ~ restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the inaurance proceeda ahall be applied to the suma secured by this Mortgage, with the ezcess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faila to respond to Lender within 30 daya from the date notice ia mailed by Lender to Borrower that the inaurance carrier of~ers to settle a claim for insurance benefite, Lender is authorized to collect and apply the insurance pruceeds at Lender a option either to restoration or repair of the Property or the aums Becured by this Mortgage. Unleae Lender and Borrower otherwiae agree in writing, any such application of prooeeda to principal ahall not extend or postpone the due date of the monthly installmenis referred to in paragraphs 1 and 2 hereof or change the amount of anch inatallmenta_ If under paragraph 18 ~ hereof the Property ie acquired by Lender, all right, title and intereat of Bornower in and to any ine~uance policies and in and to the proceeda thereof reaulting from damage to Property prior to the sale or aoquieition shall pass to Lender to the e:tent of the suma secured by this ~ Mortgage immediately prior to such eale or acquisition. . 6. Preaervation and Maintenance of Property; Leaseholda; Condominume; Planned Unit Developmente. Borrower ahall keep the Property in good repair and ahall not commit waste or permit impaSrment or deterioration of the Property and shall rnmply with the ~ proviaiona of any lease if thie Mortgage ia on a leaeehold. If this Mortgage ia on a unit in a oondominium or a planned unit development, . ~ Borrower ahali pedorm all of Borrowet's obligations under the declaration or covenanta creatingor governing the condominium or planned ~ unit development, th2 bylaws and regulationa of the condominium or planned unit dev~lopment, and rnnstituent documenta. If a condominium or planned unit development rider ie executed by Borrower and tecorded together with this Mortgage, the oovenants 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. Protectioa of Lender's Security. If Bonower fails to perferm the oovenante and agreements contained in thie Mortgage, or if any action or proceeding ie commenoed which materially afiecta Lender e intereat in the Property, including, bnt not limited to, eminent domain, - ineolvency. oode enforcement, or anangements or piocxedinga involving a banim~pt or deoedent, then Lender at Lender's option,upon notice to Borro~ver may make anch appearances, dieburee euch sums and tslce euch action aa is neceasary to protect Lendtr's intereet, including, btit not limited to, disbureement of reasonable attorney's feee and entry upon the Property to umake repairs. If Lender required " mortgage inaurance as a rnndition of m aking the loan eecured by this Mortgege, Borrower shall pay the premiums required to msintain such insurance in effect until euch time ae the requirement for such ineurance terminatea in aecordance with Borrower'e and Lender a written agreement or applicable Lew. Borrower ehall pay the amount of all mortgage inaurance premiums in the manner provided under paragraph 2 hereof. My amounte diebursed by Leoder perauanC to thie paragraph 7, with interest thereon, shall beoome additional indebtedneee of ~ ~ tiorrower eecured by this Mortgage. Unleae Borrower and Lender agree to oiher terms of payment, such amounta ehall be payable upon 3 notice from Lender to Borrower requeeting payment thereof, and ehall bear interest from the date of dieburaement at the rate payable from time to time on outetandin nnci g p' pal under the Note anlese payment of intereat at euch rate would be oontrary to applicable law, in which ~ j event euch amounte ahall bear interest at the higheat rate permiaeible under applicable law. Nothing rnntained in this paregraph 7, ehall . ~ require Lender to incur any expenee or take any action hereunder. ` ~ ~ • : ~ . ri~ . ~ e~ac ~ ~cE ~ ~ , ~ -=i ~S - ~ . . ~ . . _ . . _ . ~ _ ,~~5 _~..~C ~Y3.,`~'~.~ x'~ x±~n"~.im-oY .z... _ ' ~~"iaia