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Home My WebLink About0844 ~ ' 'v f3orrower and l.ender covenant and agree ae followe: l. Payment ot Principal and Intereet..Borrower shnll promptly pay when due the principa) of and interest on the indebtrdnraa evidenced by the Note, prepayment and late chargee ae provided in the Nute, und the principal of and intereet on any Future Advances eecured by thia Mortguge. 2. F`unds for T~es and lnsurance. Subject to applicable luw or to a writte?? waive~ by Ixnder, fi~rrower ehall pay to l.ender un the day monthly inatalimenta of principal and inierest are puyable unde~ the Note, until the No1e ia puid in full, u sum (herein "h unds") equal to one twelfth of the yearly tiucea and assessments which may attain priority over this Mortgnge, find ~round renta on the Property, i[any, plua one twelRh of yearly p~emium inatallments for hazprd insurance, plus onetwelfth of yearly premium instatlments for mortguge ineurance, if any, all as maaonably eatimated initially and frum time to time by I.ender on the t~ttais of asseasments i~nd bill~ and renaonc~ble rstiniatrs thereof. The ~nde ahaU be held in an inetitution the deposita or accounte of which are insured or guaranteed by a Federal or State e~ency (including Lendez if I.ender is such an inatitution). Lender ahall apply the Funds to pay said taxes, aaseaxmenta, ineurance premiuma nnd ground rente. I.ender may not charge for eo holding and applying the F~nda, analyzing said account, or verifying and compiling eaid assesamente and billa, unless I.ender paya Borrowe~ intereat on the Funda and applicable law permita Lender to make such a cha~e. E3orrower and I.ender may agree in writing at the timc of execution of thia Mortgage that intrrest on the Funds ehaU be paid to Borrower, and unlesa auch agreement ia made or applicable law requi~es auch intereet to be paid, Lender shall not be required to puy. Borrower any intereat or earninga on the ~nde. L.ender shal! give to BorroMrer, without charge, an annual accounting otthe Funds ahowing credita and debita to the Funde and the purpose for which each debit tv the Funds was made. The F unds are pledged as additional aecurity farthe aums secured by this Mortgage. If the amount of the ~nds held by I.eoder, together with the futurn monthly inatalimenta of Funds payable prior to the due dates of taxee, assessmenta, inaurance prnmiums and ground rents, sha11 excred the amount required to pay said taxes, asaessments, ineurance premiuma and ground renta ae they fall due, auch exceae ahall be; at Borrower's optian, either prompdy repaid Co Aorrower or credited to I3orrower on monthl'y inatsllmente of F1nde. If the amount of the Funda held by lender ahall not be-aufficient to pay taxea, aseessmenta, insurance pre~niuma and ground rents as they fall due, E3orrower ahall pay to I.ender any amount neceaaary to make up the deficiency within 30 days from the date notice is mailed by Ixnder to Borrower requeating payment thereof. Upon payment in full of all auma secured by this Mortgage, Lender shall promptly refund to Borrower uny funds held by l.ender. If under paragraph 18 hereof the Property is aold or the Property is otherwise acquired by I.ender, l.ender ehall apply, no later than immediately prior to the sale of the Property or its acquisition by Lender, any Fuada held by I.ender at the time of application as a credit against the sums secured by this Mortgage. ~ 3. Applieation of Payments. Uniess applicAble taw provides othemiae, all paymenta received by Lender under the Note and paragraphe 1 and 2 hereof ahaU be applied by I.er,der firtst i: payment of amountn payable to l.ender by Borrower under paragraph 2 hereof, then to interest payable on.the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Chargea; Liens. E3orrower shall pay all taxes, assessments and other charges, fines and impositions attributuble to the Properiy which may attain a priority o~ er this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under ptiragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee therec,f_ Born?wer shall promptly furnish to I,ender all notices of r.mounts due under thia paragraph, and in the event Ac~rrower shall make payment direcily, E3orrower shall promptiy furnish to Ixnder receipts evidencing such payments. E3orrower shall promptly disch:~rge any lien K hich has priority over this Mortgage; pm~•ided, that f3orrower shall not be required to discharge any such lien so tong as Borrower shull agree in writing to the pay ment of theobligation secured by sach lien in a manner acreptable to I.ender, or shaU in g~wd faith contest such lien by, or defend enforcrment of such lien in, legal proceedings which operate to prevent 4he enforcement of the lien or lorfeiture of the E'ropertp or any part thereof. 5. Hazard Insurance. ~3orrower shall keep the impmvementa now existing or hereafter erected on the Properiy insured against loss by f~re, hazarda included within the term "extended cvveraqe," and euch other hazards as I.ender may require and in such amounts and [or such periods ae Lender may requirn; provided, that Ixnder shall not requim such coverage amount exceeding the minimum, as may be required by state or federal regulations goveming activities of [.ender, or that amount of co~erage required to pay the sums secured by this Mortgage, whichever is the greater. The insurance carrier providing the insurance shaU be chusen by Borrower subject to approeal b~~ I.ender; pn~vided; th~t such appro~•al shall not be unrea.gonably withheld. All premiums on insur~nce policies shall be paid in the manner pmvided under paraKraph 2 hercr?f or, if - i not paid in such manner, by &~rrower making payment, when due, directh• to the insurance carrier. ; All insurance policies and renewals thereof ahall be in form acceptable to I.ender and ahall include a standard mortgage clauae in favor of ~ and in form acceptable to Lender. I.endershall have the right to hold the policies and renewals thereof, and E3~rrower ahall promptly furnish to i.ender all rnnewal noticee and all receipta of paid premiuma. In the event of loss, E3orn~wer shall give prompt notice to the insurance carrier ~ and Lender. I.ender may make proof of loss if not made promptly by Borrower. j Unlesa L.ender and Borrower otherwise agree in writing, inaurance proceeds ahall be applied to restorption 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 ~ reatoration or repair is not economically feasible or if the security of this Mortgage would beimpaired, the insurance proceeda shall be applied ; to the auma secured by this Mortgage, with the excess, if any, paid tQ f3orrower. If the Property is nbandoned by Borrower, or if Borrower fails to i reapond to Lender within 30 days from the date notice ia mailed by I.ender to Horrower that the insurance carrier offers to settle a claim for ~ inaurance benefits, Lender is authorized to collect and apply the inaurance pmceeds at I.ender's option either to restoration ~r repair of the ~ Property or the suma secured by this Mortgage. ~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to pr_ncipal ahall not extend or postpone thedue date of the monthly installmenta mferred to in paragraphs 1 and 2 hereof or change the amount of auch inatallments. If under paragraph 18 ~ hereof the Property ia aoquired by L.ender, all right, title and intereat of Borrower in and to any insurance policies and in and to the proceeds thereof resulting from damage to Property prior to the sale or acquisition shall pass to [.ender to the extent of the sums secured by this ~ Mortgage immediately prior to auch sale or aoquisition. 6. Preeervetion and Maintenance of Property; Leaseholda; Condominuma; Planned Unit Developmente. Borrower shall keep the Property in good rnpair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the } proviaiona of any lease if thie Mortgage is on a leasehold. If this Mortqage is on a unit in a condominium or a planned unit development, ~ Borrower ahall perform all of Borrowei e obligations under the declaration ozcovenants creatingor governing the con~ominium or planned g unit development, the by-lawa and regulations of the condominium or planned unit development, and constituent documents. If a~ ~ condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the covenants and agreements of such rider shatl be incorporated into and shall amend and supplement thecovenancs and agreementsof this blortgageas ifthe ~ rider were a part hereof. 7. Protection of I.ender'e 3ecurity. If Borrower faile to perform the oovenante and agreemente contained in thie Mortgage, or if any action or proceeding ie commenced which matetially affecte Lendei e interest in the Property, including, but not limited to, eminent domain, ' ineolvency, oode enforcement, or anangemente or ptoceedings involving a bankrupt or decedent, then Lender at I.ender'e option,upon notice to Borrower may make auch appearances, diaburae auch aume and take euch action ae ie neceaeary to protect Lender'e intereet, _ including, hut not limited to, disbureement of reasonable attorney e fees and entry upon the Property to make repaire. If Lender required ` mortgage ineurance as a condition of making the loan eecured by thia Mortgage, Borrower ahall pay the premiums reqaired to maintain ~ such ineurance in effect until euch time as the requirement for auch inaurance terminates in accordance with Borrower'e and Lender e ~ written agreement or applicable Law. Borrower ehall pay the amount of all mortgage inaurance pmmiuma in the manner provided under paragraph 2 hereof. K My amounte diebnreed by Lender perauant to thie paragraph 7, with intereat thereon, eha11 become additional indebtedneae of Borrower secured by thie Mortgage. Untesa Borrower and Lender agree to other terme of payment, auch amounte ahall be payable upon - notice from Lendet to Borrower requeating payment thereot, and ehali bear interest from the date of diebureement at the rate payable from time to time on outetanding principal under the Note unleas payment of intereet at auch rate would be contrary to applicable law, in which ~ event such amounta ahall bear intereat at the higheet rate permiaeible under applicable law_ Nothing contained in thie paragraph 7, ehall ~ require Lender to incur any ezpenee or take any action hereunder. ~ ~ R 2°4 843 ~ ~J~K . t ~ •~~1r~~ 4 . . ~r' ~ _ - ~ _r, - _ ~ _ ir ~ ,5. : . 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