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Home My WebLink About0187 e, Borrower and l.cnder cove~ant a~d agrre as followa: 1. Payment ot Principal and Inlereet. Eiorrowe~ ahAll pmmptly pay when due the principal of and intemet un the indebtcdnesa evidenced by the Note, ptepayment and late chargea ae pravided in the Note, and th~ principal of and intereat on any Futum Advnncea aecured by this Mortgage. 2. F~nda [or Taxee and Ineurance. Subject tu applirable law or to n written waiver by l.ender, ~ROwer ahz~l) pxy to I.e~der on the day monthly inatallmenta of principal and intereat are payable under lha Note, until the Note ia puid in full, a sum (herein "Funde") eyu~l to one twelflh of the yearly taxea and asaeasmente which muy attxin priurity over thie Morigage, and ground rentx on the 1'n,perty, if any, plua one twelRh of yearly premium inetallmenta fur hazaod inaurance, plus unetwelfth of yearly premium inatzillments for mortgaKe insur~nce, if any, . all as reasonably eslimated initially and from time to tirr~e by l.ender on the basis of assessmentx t~nd bills and reasonc~ble eatimutes thereof. The F~nde ehaU be held in an inatitution the deposita or accounta of wliirh are ineured or quaranteed by a Federal or State agency (including Lender if l.ender ia auch an i~atitution). l.ender ahall apply the Funds to pay said taxes, uasesamenta, insurance premiums and ground rente. I.ender may not charge for eo holding and applying the Funde, analyzing said account, or verifying and compiling said naseeementa and bille, unleas I.ender paya Borrower intereat on the Ftinda and applicable law permita I.ender to make e~uch a charge. Burruwer - and I.ender may agree in writing at the time of execution of thia Mortgage that intereat un the Nbnds ahall be paid to I3orrower, and unlesa auch agreement is made or applicable law requirea auch intereat to be paid, l.ender shall not be required to pay E3orrower any internst or earninga on the ~Lnds. Lender ahall give to Borrower, without charge, an annual accounting of ihe Funds showing credita and debits to the Funde and the purpoae for which each debit to the Funds wae made. The Funda are pledged as additional security for the sume aecured by this Mortgage. If the amount of the F~nds held by Lender, together with the future monthly inatallfients of Funda payable p~or tothe duedates of taxes, aaseasments, inaurance pmmiums and ground rents, ahall excaed the amount required to pay ss~id taxea,~assessmenta, inaurance premiuma and ground rents as they fall due, auch excese ahall be, at Bo~rower's option, either promptly repaid to Borrower or credited to E3orrower on monthly inetaUments ot Funda. If the amount of the Funds held by Lender shall not be aufficient to pay taxea, assessmenta, inaurance premiume and ground renta as they falt due, Borrower ahali pay to [.ender any amount necessary to make up t~~ deficiency wilhin 30 days from the date notice is mailed by Lender to Rorrower requesting payment thereof. - ~ Upon payment in full of all auma secured by this Mortgage, l.ender ahall promptl~fund tp E3orrovo4R'~fiy fuMAsheld by l.ender: If'linder paragraph 1R hereof the Property ia sold or the Property ia otherwise acquired by [.ender, l.ender shall apply, ~o later than immediately prior to the sale ot the Property or its acquiaition by Lender, any Funda held b~ Lender at the time of application as a credit againat the sums secured by this Mortgage. - 3. Application of Paymente. Unless applicable law pmvides otherwise, all payments recei~ed by Ixnder under the Note and paragraphs 1 and 2 hereof shall be applied by I.ender fimt in payment of amounte payable to I.ender by Borrower under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges: Liena. Borrower ahall pay nll taxes, assessments and uther charRes, finex and im}wsitions ~ittributable to the Propert_r• µ•hich may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph'l hereof or, if not paid in such manner, by Borrower making payment, when due, directiy to the payee thereof. Borrower shnll promptly furnish to l.ender atl notices of amounts due under this paragraph, and in the event E3orrower shall make payment directly, Borrower shall prumptly fumish to [xnder receipta evidencinq such payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; pmvided, that Bormwer ehall not be required to discharge any such lien so long ax I3orrower shall aKree in N~ritinK to the payment of the obligatiun 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 pr«•eedinqs which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Inaurance. Borrower ahall keep the improvementa now existing or hereafter erected on the f'roperty insured aqainst loss by fire, hazarda included within the term "e:tended coverage," and $uch other hazards as I.ender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require such coverage amount exceeding the minimum, as may be recjuired by state or federal regulations g~verning activities of I.ender, or that amount of coverage required to pay ihe sums secured by this Mortgage, whichever is the greater. The insurance carrier providinR the insurance shall be chosen by Borrower subject tiW approval by I.endrr, pro~•idcd, that such approval shali not be unreasonably withheld. All premiums on insuranm policies shall be paid in the manner pmvidecl under paza~r.iph 2 here~f or, if not paid in such manner, by Borrpwer making payment, vehen due, directlt to the insurance carrier. _ All insurance policies and renewals thereuf shall be in form acceptable to I.ender and shall include a standard mortgage clause in favor of i and in form acceptable to Lender. Lendershall have the right to hold the policies and renewala thereof, and E3orrower shall prompdy furnish to i.ender all renewal notices and all receipts of paid premiuma. In the event of lose, Borruwer shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by E3orrower. Unleae I.ender and Borrower otherwise agree in vvriting, inaurance proceeds shall be applied to restoration or repair of the Property ~ damaged, provided such restoration or repair is economically feasible and the security of thia Mortgage is not thereby impaimd. If such restoration or repair is not economically feasible or if the eecurity of this Mortgage would be impaired, the inaurance proceede shall be applied ` to the suma secured by thie Mortgage, with the excess, if any, paid to I3orrower. If the Property is abandoned by Borrower, or if Borrower faila to ' respond to Lender within 30 daya from the date notice is mailed by Lender to Borrower that the insurance carrier oflers to settle a claim for insurance benefita, Lender is authorized to collect and apply the inaurance proceeda at Lender's option either to restoration or repair of the ~ Property or the sums aecured by this Mortgage. ~ Unlesa L.ender and Borrower otherwise agree in writing, any such appiication of proceeds to principal ahall not extend or postpone the due ~ date of the monthly inatallmenta referred to in paragraphe 1 and 2 hereof or change the amount of such installmenta. If under paragraph 18 ~ hereof the Property ia acquired by Lender, all right, title and interest of Borrower in and to any ineurance policies and in and to the proceeda ~ thereof reaulting from damage to Property prior to the sale or acquisition ahall pasa to Lender to the extent of the aums secured by this ~ Atortgage immediately prior to such sale or acquieition. ~ ~ 6. Preservation and Maintenance of Property; Leaseholds; Condominums; Planned Unit Developmenta. Borrower ahall keep ~ the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and ahall comply with the ~ provisione of any lease if this Mortgage ie on a leasehold. If thia Mortgage is on a unit in a condominium or a planned unit development, Rorrower shall perform alt of fiorrower's obligationa under the declaration or covenanfs creatingor governing the condominium or planned ~ unit development, the by-laws and regulations of the condominium or planned unit development, and conatituent documenta. If a condominium or planned unit development rider ia executed by Borrower and recorded together with thie Mortgage, the oovenanta and =•s a~reements 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 Leader's 3ecurity. If Borrower faile to perform the oovenante and agreemente rnntained in ihie Mortgage, or if any _ action or proceeding ie commenced which materially affecta Lendei a intereet in the Property, including, but not limited to, eminent domain, ineolvency. aode enforcement, or arrangemente or proceedinga involving a banErupt or decedent, then I.ender at Lender'a option,upon notice to Borrower may make auch appearancee, disburee auch aume and take euch action as ia neceesary to protect Lender'e intereet, including, but not limited Lo, disbureement of reasonable attorney'e feee and entry upon the Property to ma1~e repaire. If I.ender required mortgage inearance ae a condition of making the loan eecured by thie Mortgage, Borrower ehaQ pay the premiuma required to maintain _ auch ineurance in eftect until euch time ae the requirement for auch ineurance terminates in accordance with Borrower'e and Lender'e written agreement or applicable I.aw. Borrower ahall pay the amount of all moctgage inaurance pretniume in the manner provided under ~ ~ paragraph 2 hereoL Any amounte diebnraed by I.ender persuant to thia paragtaph 7, with intereat thereon, ahall become additional indebtedneee of , Borrower eecuted by thie Mortgage. Unieas Borrower and Lender agree to other terma of payment, such amounte ehall be payable upon ' notice from Lender to Borrower requeeting payment thereof, and ahall bear intereat from the date of diebureement at the rate payable from time to time on outatanding principa) under the Note unlesa payment of interest at such rate would be oontrary to applicable law, in which - event auch amounte ahal) bear intereet at the higheet rate pernriasible under applicable law. Nothing rnntained in thie paragraph 7, ahall ~s require Lender to incur any expenee or take any action hernunder. 0 R = ~~~~2.94 ~~7 . 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