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Home My WebLink About0206 ~ ~ Borrowe~ and l.ender rnvenant and agree ua folluwe: 1. Paymeat a[ Principal and Intereet. I3~rrower ahall promptly pay when due the principal uf and 'enterext un the indebted~ee?a evidenced by the Note, p~epayme~t and latechargea aa provided in the Note, and the principal o[nnd interest on any Future Advancea eecured by this Mortgage. 2. I~lu~de [orTnxea and Ineurance. Subject to applicxble luw or to a written waive~ by I.ender, f3orrowershiill pay to l.enderon theday monthly installments of principal and intereat +~re payable under the Note, until the Note ia paid in full, a sum (herein "Funda") equal to one twetRh of the yearly taxes and nasessmenta which may atuiin priority over this 111ortgage, and ground rents un the i'ruperty, if any, plus one twelfth of yearly premium installments for hazard insura~ce, plas one-twelfth of yearty pmmium inetxllments for mortguge insurance, i[any, all as masonably estimated initially and frnm time to titr~e by i.ender on the basis of t~sseasments and bilis a~d reasunuble estimutes therec~f. 71~e ~?nda shall be held in an institution the depoaita or accounts of which are inaured or guaranteed by a Fedeial or State agency (including Lender if Lender ia euch an institution>. l.ender ahail apply the Funds to pay said taxes, aeu3easmenta, inaurance preri?iuma nnd ground rents. I.ender may not charge for eo holdi:ig and applying the Funde, a~alyzing said aceount, or verifying and compiling said asaesamenta and billa, unlesa L.ender paya Borrower intereat on the ~nds and applicable law permita [.ender to make auch a charge. Borrower and Lender may agree in writing at the time of execution ot this Mortgage that interest on the Funde shall be puid to Borrower, and unless such agreement is made or applicable law requirea such intereat to be paid, Lender ahall not be required to pay Borrower any intereat or eamings on the ~nde. I.ender ahall give to Borrower, without charge, an annual accounting of the Funds showing credits and debits to the Funds and the purpose for which each debit b the Funds was made. The Funda are pledged as additional aecurity for the sums secured by this Mortgage. If the amount of the Funds held by l.ender, together with the future monthly inatallmente of Funda payable prior fo the due dates o[taxea, assesaments, ineuiance premiums and ground renta, shali eacred the amount required to pay eaid taxea, aesessments, insurance premiuma _ and ground rents ae they fall due, such e:cesa shall be, at BoiTOwer a option, either promptly repaid to Borrower or credited to Borrower on monthly installmenta ot ~nds. If the amount of the Funds held by L,ender shall not be sufficient to pay taxes, assessmenta, insurance prnmiuma and ground renta as lhey fall due, Borrower shall pay to [.ender any amount necea8ary to make up the deficiency within 30 days from the date notice is mailed by Lender to Eiorrower mquesting payment thPSeot. Upon payment in futl of all sums secured by this Mortgage, I.ender ahall promptly retund to Borrower any funds held by l.ender_ If under paragraph 1$ hereof the Property is sold or the Property is otherwise acquired by l.ender, Lender shnll apply, na later than ig~mediately prior to the sale of the Property or its acquisition by I.ender, any ~nda held by Lender nt the time of application as a credit againat thesums sec~ured by this Mortgage. 3. Application of Payments. Ltnlesa applicable law provides otherwise, all payments received by I.ender under the Note and paragrapha 1 and 2 hereof ahall be applied by l.ender firxt in payment of amounts payable to [xnder by Borrower under para~raph 2 hereof, then to interest puyable on the Note, then to the principal of the Note, and then to interest and principai on any Future Advances. 4. Charges; Liens. Borrower shall pay all taxes, assessments and other rharRes, fines and impositions attributable to the Property v~ hich may attain a priority over this Mortgaqe, and leasehold ptiyments or gn,und rents, if any, in the manner provided under paragraph'l hereof or, if not paid in such manner, by Rorrower mnking pi~yment, w•hen due, directl~ to the payee thereoL Borrower sha11 promptly furnish to 1.ender all notices of amounts due under this paragraph, and in the event E3orruwer shaD make payment directl~, Borrower shall promptl} furnish to Lender receipts evidencing such payments. E3orruw~er shall promptl~ dischnrKe an~• lien which has priority orer this Mortgage; pmvided, that Bonower shall not be required to discharge any such lien so long as &~rrower shall ugree in writing to thr payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in Rood faith contESt such lien by, or defend enforcement of such lien in, legal proceedings Nhich operate to pre~•ent the enforcement of the lien or forfeitum of the Propert}• or nn~• part thereof. 5. Hazard Ineurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loss by fire, hazarda included within the term "extended rn~~erage," and such other hazards as Lender may require and in such amounts and for such periods as Lende~ may requirn; provided, that l.ender shall not require such coverage amount exceeding the minimum, as ma} be required by state or federal regulations goveming activities of Lender, or that amount of coverage required to pay the aums secured by this Morfgage, i whichever is the greater. ; The insurance carrier pro~•iding the insurance shall be chosrn b~ Burruw•er subject tu apprm•al by l.ender; pmvidc~, that such appro~•al shall not be unreasonably withheld. Ail premiums on insqrance pulicies shall be paid in the manner pmvided under par.iKraph 2 herEhf or, if ~ not paid in such manner, by E3orrower making p:~~•ment, v~•hen due, direcdy u~ the intiurance carrier. ~ All inaurance policies and renewals thereof shall be in form acceptable to Lender and ahall include a standard mortgageclause in fa~or of : and in form acceptable to Lender_ Lender shall have the right to hold the policies and renewals thereof, and Borrower shall pmmptly furnish to ; i.ender all renewal noticea and all receipts of paid premiums. In the event uf loss, Borruw er shall qive prompt notice to the insurance carrier € and Lender. I.ender may make proof of loas if not made promptly by E3orrower. ~ ~ Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or mpair of the Property n damaged, provided- such restoration or repair is economically feasible and the security of this 1ltortgage is not thereby impaired. If such ~ reatoration or repair is not economically feasible or if the sec:urity of this Mortgage would be impaired, the insurance proceeds shall be applied ~ to the aums secured by this Mortgage, with the excess, if any, paid to Borrower_ If the Property is abandoned by Borrow er, or if E3orrower fails to ~ respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to settle a claim for ~ insurance benefits, Lender is authorized to collect and apply the insurance proceeda at Lender's option either to restoration or repair of the Property or the sums secured by thia Mortgage. ~ Unleas Lender and Borrower otherwise agree in writinq, any such application of pmceeds to principal shall not extend or postpone the due ' date of the monthly installments referred to in paragraphs I and 2 hereuf or change the amo~nt of such inatalimenta. If under paragraph 18 ~ hereof the Property is acquircd by L,ender, all right, title and interest of Borrower in and to any insurance policiea and in and to the proceeds ~ thereof reeuiting from damage to Property prior to the sale or acquisition shall pass to Lender to the extent of the suma secured by this ~ Mortgage immediately prior to such eale or aoquisition. ~ 6_ Preservation and Maintenanceof Property; Leaseholds; Condominums; Planned Unii Developments. Bonowershall keep ; the Property in good repair and shall not commit wa8te or permit impairment or deterioration of the Property and aha11 comply v~~th the ~ provisione of any lease if this Mortgage ia on a leasehold. If this Mortgage is on a nnit in a rnndominium or a planned unit development, ~ Eiorrower shall perform all of Borrower's obligations under the declaration or covenants creatinQor governing the condominium or planned (g unit development, the.by-laws and regulations of the condominium or planned unit development, and constituent documents. If a ~ condominium or planned unit development ridQr is executed by Borrower and recorded together with thia Mortgage, the oovenants and ~ agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this 1lortgage as if the rider wem a part hereof. - 7. Protection of Lender'e 3ecurity. If Borrower faile to perform the covenante and agreements contained in thie Mortgage, or if any ection or proceeding ie commenced which materially affecte Lender'a interest in the Property, including, but not limited to, eminent domain, ~r ineolvency, aode enforcement, or arrangemente or proceedinga involving a banlwpt or decedent, then Lender at Lender'a option,upon - notice to Borrower may make euch eppearancea, dieburse euch aums and tske euch action as is necessary to protect Lender'a intereet, including, but not limited to, diebureement of reaaonable attorney's feee and entry upon the Property to make repaire. If Lend~ required mortgage inaurance as a condition of making the loan secured by thie Mortgage, Borrower ehall pay the premiume required to maintain snch ineurance in ef'fect until auch time as the requirement for such insurance terminates in accordance with Borrower'e and I.ender a ,`~s written agreement or applicable Law. Borrower shall pay the amount of all mortgage insurance premiuma in the manner provided under 'r~ paragraph 2 hereof. ~t My amounte diabursed by Lender pereuant to this paragtaph 7, with intereat thereon, shall become additional indebtedneae of Borrower eecured by this Mortgage_ Unleas Borrower and Lender agree to other terma of payment, auch amounte shall be payable upon notice from Lender to Borrower requeating payment thereof, and ehall bear interest from the date of diebursement at the rate payable from time to time on outetanding principal under the Note unleae payment ot interest at euch rate would be contrary to applicable law, in which ;x event euch amounta shall bear intereat at the highest rate permiseible under applicable law. Nothing contained in thie paragraph 7, ehall require Lender to incur any expenee or take any action hereunder. Y~ • - s~ n i . , ` (i R 2:~~ r1GE ~Ol~ . S~~ x v s:: ~ ' ' _ _ ~ ~ ~..w~:~?~~~z-~~':°'s~'.Fr~ , s'~S~ s ~ ' . . .r+`~w..~~x~"..:..~