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Home My WebLink About0493 ~ Borrower and l.ender cove~ant and agree ae followa: l. Payment ot Principal and Intereet. E3orrower ahall promptly pay when due the principal of and intereet on the indebtedneas evidenced by the Note, prnpayment and late chargea as provided in the Note, and the principal of and intereat on pny Future Advancea secured by thie Mortgage. 2. Eltnde for Taxes and lnsurance. Subject to applicable luw or to a written waiver by I.ender, Borrower ehc+ll pay to Ixnder on the duy monihly inataUmente ot principal and intereat are payable nnder the Nute, until the Note ia paid in full, a sum (herein "F unde") equal to one twelRh of the yearly taues nnd aaseasments which may attain priority over this Mortgage, and ground rents un the Property, if any, plue one twelRh of yearly premium instxllmenta for hazard insurance, plus onetwelfth ofyearly premium inataUments for morigage insurance, if any, all ae reaaonabiy estimated initially and from time to tirr~e by I.e~der on the b~sis of ussessmenta and bills and reusonnbte eatimatea thereof. The ~Lnda shall be held in an institution the deposita or accounts of which are ineured or guaranteed by a Federal or State agency ~including I.ender if Lender ie such an inetitution). I.ender ehall apply the Funds to pay said ta:ea, aseeasmenta, inaurance premiuma and ground renfe. Lender may not charge for eo holding and applying the Fl~nda, analyzing said account, or verifying and compiling said aeaeesmente and bille. unlesa l.ender pays Borrower intereat o~ the ~Lade and applicable law permits I.ender to make auch a charge. Borrower a~d Lender may agree in writing at the time of execution of thie Mortqage that intereat on the Funds ehall be paid to Borrower, and unleas auch agreement ie made or applicable law requirea such intezeat to be paid, Lender shall not be required to pay E3orrower any interest or earninge on the ~nde. Lender shall give to Borrower, without charge, an annual accounting of the Funds ahowing credita and debita to tl~e Ftinda and the purpose for which each debit to the Funde was made. The Funda are pledged as additional aecurity for the sums secured by this Mortgage. If the amount of the ~nds held by I.ender, together with the future monthly installmente of Funda payable prior to the due datea of taxes, asaesamenta, inaurance premiuma and ground rente, shall exc~ed the amount required to puy said taxes, assessmenta, inaurance premiums and ground rente as they fall due, auch excesa shali be, at Borrower'e option, either prompdy repaid to Borrower or credited to Borrower on monthly inetallmente of Ftinde. If the amount of the Funda held by Lender ehall not be aufficient to pr+y taxes, aseesamenta, insurance pmwiume and ground rents as they fall due. Borrower shall pay to I.ender any amount nereesary to make up the de6ciency within 30 daye from the date notice ia mailed by L.ender to Borrowrr requesting payment thereof. Upon payment in ihll of all eums secwed by thia Mortgage, I.ender ahall prompdy refund to Borrower any funds held by Lender. If unde~ paragraph 18 hereof the Property is sold or the Property is otherwiae acquired by Lender. I.ender ahall apply, no later than imr:~ediately prior to the sale Qf the Property or its acquisition by [,ender, any Funda held by I.ender at the time of application us a credit againat the auma secured by this Mortgage. 3. Application of Paymente. Unless applicable law provides otherwise, all payments received by Lender under the Note and paragrapha 1 and 2 hereof shall be applied by L.ender first in payment of amounte payable to Lender by Botrower under paragraph 2 hereof, then to interest payeble on the Note, then to the principal of the Note, and then to interest and principal on any Future Advancea. 4. Charges; Liene. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to the Property v~ hich may attain a priority over this Mottgage, and leasehotd puyments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in auch manner, by E3orrower making payment, when due, directly to the payee thereof. Borrower shall~promptly furnish to I.ender all noticea of amounfs due under this paragraph, and in the event I3orrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing auch payments. Borrower shall pmmptly discharge any lien which has priority over this Mort{sage; provided, that Borrower ahall not be required to discharge any such lien so long as Borrower ahall xgree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or ahall in good faith contest such lien by, or defend enforcement of such lien in, legal pra~eedings which operate W prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Ineurance. Borrower shall keep the improvements now exiating or hernafter erected on the Property insured againat lose by fire, hazarde included within the term "extended coverage," and xuch other hazards as Lender may require and in auch amounts and for such ~ periods as I.ender may require; pmvided, that Lender shall not requ:rn such ooverage amount exceeding the minimum, as may berequired by state or federal regulations governing adivities of Lender, or that amount of coverage required to pay the aums eecured by this Mortgage, whichever is the greater. The insurance carrier providing the insurance shsll be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unceasonably withheld. All premiums on insurance policies shail be paid in the manner provided under para~raph 2 hereof or, if not paid in such manner, by Borrower making payment, ~vhen due, directly to the insurance carrier. All insurance policiea and renewals thereof shal) be in form acceptable to I.ender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. L.ender ehall have the right to hold the policiea and renewals thereof, and Borrow er ahall promptly furniah to i.ender all renewal notices and all receipts of paid premiums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by Borrower. Uniess Lender and Borrower otherwiae agree in writing, insurance proceeds shall be applied to restoration or repair of the Property ~ damaged, provided such reatoration or repair is economically feasible and the security of this Mortgage ia not thereby impaired. If such I reatoration or rnpair is not economically feasible or if the security of thia Mortgage woutd be impaired, t~?e insurance proceeda ahall be applied ~ to the aums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property ia abandoned by Bortower, or if Borrower faila to respond to L,ender within 30 days from the date notice is mailed by Lender to Borrower that the inaurance carrier ofiers to settle a claim for inaurance benefite, Lender is authorized to collect and apply the insurance proceeda at Lender's option either to reatoration or repair of the Property or the sums secured by this Mortgage. ~ Unless Lender and Borrower otherwise agree in w•riting, any auch application of proceeda to principal ahall not eatend or poatpone the due ~ date of the monthly installmenta referred to in paragraphs 1 and 2 hereof or change the amount of such inatallments. If under paragraph 18 ~ hereof the Property is acquired by Lender, all right, title and intereat of Borrower in and to any ineur~nee policies and in and to the proceeda ~ thereof resulting from damage to Property prior to the sate or soquieition ehall paea to Lender to the extent of the aums aecured by thia ~ Mortgage immediately prior to such sale or aoquia:lion. _ 6. Preservation and Maintenance of Property; Leaseholde; Condominume; Planned Unit Developmente. Borrower.shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and ahal) comply with the ~ provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, ~ Borrower shall perform all of Borrower's obligations under the declaration or covenanta creatingor governing the condominium or planned ~ unit development, the by-lav?s and regulationa of the condominium or planned unit development, and constituent dceumenta. If a condominium or planned unit development rider ia eaecuted by Borrower and recorded together with this Mortgage, the covenante and ~ agreementa of such rider aha11 be incorporated into and shall amend and supplement the covenanta and agreementa of thia Mortgage as if the rider were a part hereof. ~ 7. Protection of I.ender'e Security. If Borrower faile to perform the oovenanfs and agreementa contained in this Mortgage, or if any action or proceeding is commenced which materiaily affecte Lender'e interest in the Property, including, but not limited to, eminent domain, 3 insolvency. oode enforcement, ot srrangements or proceedings involving a bankrupt or deoedent, then I.ender at Lendei e option,upon ~ notice to Borrower may maice auch appearances, dieburee such aume and take euch action as ie neceaeary to protect L.ender's intereet, including, but not limited to, diebureement of reasonable attomey's fcee and entry upon the Property to make repaire. If Lender required mortgage insurance ae a condition of making the loan eerured by this Mortgage, Borrower shall pay the premiume required to maintain ~a snch ineurance in effect until such time se the requirement for euch ineurance terminatee in accordance with Borrower 8 and I.ender'e writtea agreement or applicable Law. Borrower ahall pay the amount of all mortgage insurance premiume in the manner provided under ~ paragraph 2 hereof ' ~ My amounta diabursed by Lender perauant to thie paragraph 7, with intereet thereon, ahall become additional indebtedneee of ~ Boaower eecured by thie Mortgage. Unleee Borrower and Lender agree to other terme of payment, euch amounts ehall be payabie upon notice from Lender to Borrower requesting payment thereof, and ehall bear intereet from the date of diebursement at the rate payable from time to time on outetanding principal under the Note unleas payment of intereet at euch rate would be oontrary to applicable law, in which ~ event euch amounte ahall bear intereat at the highest rate permisaible under applicable law. Nothing contained in thie paragraph 7, shall require LendeT to incur any ezpenae or take any artion hereunder. ~ ~ :~L~~t7~ rAi,l ~t_7~ . a • '~S ' " . ' ' ' . 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