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Home My WebLink About0535 i BO~l~O~II!! Slt1d ~ OOVdi~t iRd a~[~Ee as ~O~~ON~: 1. Py?ment ot Ptiuclpal and lnteres~ Borrower shaU promptly pay when due the principal oi and intereat on the indebtedness ~ i evideaoed by the NM~e, prepayment and late charQes a~ pmvided in the Note, and the principal of and intereat on any fi~ture Advances secured by tbis lrlort~e~a ~ - ; 2 Phnds for Tw=a aad loaurance. Snbject to applicable law or to a vrritten waiver by I.ender, Borrower ehall pa~y to I.ender on the day ~ monthly installmenta of priiicipa! aad interest are payabk under the Note, until the Note ia paid in full, a sum (herei~ "F~nde") equal to one- i twclfth of the yea~jr ta:ee and assessmenta whid? may attain priority over this Mortgage, and ground rente on the Property. if any, plus ont twelRh otyesrly p~+emium inatallments for hazard insurance. plua o~etwelfth of y~r~jr premium inatallments for mortgage ineurance. if a~y, all as reasonably estimated initiaUy and ltom time to time by L.end~ on the baais of aasessmenta and bills and reaaonable estimates thereof. 7be ~ads shall be hdd ia sa inetitutioa the deposita or accouata of which are insured or guarantee~d by a Federal or State agency ; (includin~ Leada if I.endet is anch an inatitutiop~. Lender shall apply the ~nda to pay said taxes. eseesamenta, insurance prEmiume and ' ground ra?ts. Lender may not diarge for w holding aad applying the Flinda, analyzing aaid account, or verifying and compiling said aaees~menb and bills. unkss Lender pays Borrower intaest oa the ~nds and applicable law permite Lender to make auch a charge. Borrower and Lender may agree in writing at the time of e:ecutioa oi thia Mortgage that interest on the FLnda shall be paid to Borrower. and unlesa euch age~eemeat is made or appticabie law reqaires such interest to be paid. Lender shall aot be required to pey Bormwer any intereat or ~ j earnings oo We fl~nds. I,endet shall give to Bonower. writhoat charge. an annual accounting of the Funda ehowing credits and debite to the ~ Fund~ aad the purpwe for which each debit to the ~nds was made. The ~ads are pledged aa additional eecurity for the aums eecured by thia ; Mortgage. • ~ If the amouat of the ~nda hdd by Leader. togeth~ with the future mont2ily installmente of Funde payable prior to the due datee of t~es. ' aaeesamenfs. insaranoe premiuma and ground rents, ahall e:ceed the amount required to pay said ta:es, asseasmenta, inaurance premiuma and geound trnte as they fall dae, euch e~ceas ahaU be, at Borrower s option, rither pmmpdy repaid to Borrower or credited to Borrower on f monthly installmenta of F1u?ds. U the amoant of the Funds held by Lender ahaA not be sufficient w pay tauea, aseesamente, insurance preminms and ground ients as tbey fall due, Borrower ahall pay to Lender any amount necessary to make up the deficiency within 30 daye from the date aodae is mailed by Lender to Borrower requesting payment thereof. • Upoa payment in fall ~ all anma secared by thia Mortgege, I.ender shall pmmpdy refund to Borrower any funds held by Lender. If under ~ paragraph 18 hereof the Propaty is sold ar the Property is otherwise acquired by I.ender, l.ender shall apply. no later than immediately prior to the aale of the Property or its aaquisition by Lender. any Funda held by Lender at the time of application as a credit againat the auma secwed by th;a Mortgage. • 3 Application of Paymeats. Unleaa applicable law pro~+ides othenvise, all paymente received by Lender under the Note and paragraphs 1 and 2 hereof shaU be appiied by Lender fust in p~yment of amounta payable to Lender by Borrower under paragraph 2 hereof, then to iatereet payable oa the Note, then to the principal of the Note, and then to interest and principal on any Future Advances: 4. C6ar~ea; liena. Borrower shall pay all ta~ces, assessments and other charges, fines and impoaitions attributable to the Property which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in snch manner. by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to Lender all noticea of amounts due anrier this paragraph, and in t}ie event Borrower shall make payment directly, Borrower shall promptly fumish to Lende reaeipts evidenc~ng such payments. Borrower ahall promptly discharge any lien which has priority over this Mortgage; provided, that E3orrower ahall aot be requited to discharge any such lien so long as Borrow~ shall agree in writing to the payment of the obligation aecured by such lien in a manner acoeptaWe to Lender, or ahall in good faith contest such lien by, or defend entorcement of such lien in, legal proceedings v? hich operaLe to prevent the enforrement of the lien or forfeiture of the Property ar any part thereof. 5. Hazard Insnrance. Bonovver shall keep the improvements now eriating or hereafter erected on the Propetty inaured against loss by fir~ hazarda indudsd within the term "eztended coverage," and auch other ha~ards as Lender may require and in such amounts and for such periods aa I.ender may require; provided, that I.ender ahall not require such ouverage amount ezceeding the minunum, as may be required by state or federal tegulationa governing activitiea of Lender, or that amount of rnverage required to pay the euma secured by this Mortgage, ~.hichever ia the g~ta. The insurance carrier providing the insurance shall be chosen by Borrow*er subject to approval by I.ender; pmvided, that such approval sha11 not be unreasonably withheld a~W premiums on inaurance policies shall be paid in the manner provided under paragraph 2 hereof or, if =,ot paid in sach manner, by Borrower making payment, when due, directly to the insurance carrier. - All insarance policies and reaewala thereof ahaJl be in form acceptable to Lender and ahall inciude a standard martgage clause in favor of and in form aaceptable to Lender. I.ender ahall have the right to hold the policies and renewals thereof, and Borrower ahall promptly furnish to i i.ender all renewal nodces and all rPOeipte of paid premiuma. In the event of loea, Borrnwer shall give prompt notice to the inaurance carrier i and L,ender. L.ender may make pmof of loss if not made pmmpdy by Boirower. Unl~a I~nda and Borrov?a oWerwise agree in writing, insnrance proc~eeds ahall be applied to restoration or repair of the Property j damaged, provided suct~ reatoration or ~epair is economically feasible and the security of this 1ltortgage is not thereby impaired. If euch ~ rea Wration or repair ie not eoona~micaUy feasible or if the eecurity of thia Mortgage wonld be impaired, the inaurance proceeda ahall be applied to the sums secnred by this Mortgage, with the ~aesa. if any. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faila to ~ respond to Lmder within 30 daya from the date aotice is mailcd by Lender to Bozrower that the insurance carrier offers to setde a claim for inaurance bmdts, Lender ia autharized to collect and apply t6e inaurance proceeda at Lender s option either te restoration or repair of the q Property or the sams secured by this Mortgage. - Unleas Lender and Borrower otherwriae agree in~writing, any auch application of pmoeeda to principal ahall not e:tend or postpone the due date of the moathly installments nfeired to in paragrapha 1 aad 2 hereof or change the amoant of such installmente_ If under paragraph 18 hrreot tbe Propaty is soqaired by Lender, all right, tide and intereat of Borrower in and to any inaurance policiee and in and to the proceeda thereof resnlting ~om damage to Propaty prior to the sak or aoquisition ahall pass to Lender to the e:Lent of the aums eecured by this Mortgage immediately prior to such eale or soqaisition. . 6. Preaervation and baintenance of Property; Leseeholda; Condominums; Planned Unit Developmente. Borrower ahall keep the Propertq in good repair and shall not rnmmit waste or permit impairment or deterioration of the Property and ahall oomply with the provisions of any lesse if t6is Mortgage ia on a leasehold_ If this Mortgage is on a unit in a oondominium or a planned unit development, Borrowet shall parform all of Borrower's obtigationa under the declaration or covenants creatingor governing the condominium or planned unit developmen~ the by-la~vs and regulationa of the condominium or planned unit development, and constituent documente. If a wndomininm or planned unit development rider ie ~ecuted by Borrower and recorded tagether with thie Mortgage. the oovenants and agreementa of such rider shall be incorporated into and ahall amend and supplement the covenants and agreementa of this Mortgage as if the rider v?ere a part haeof_ . 7. Protection ot Lender'~ Securit~. ff Bormwer fails to parform i6e oovenants and agreemeate oontained in thia Mortgage, or if any - = action or p~ooeeding ia oommenoed whidi materially affects L,endtls interest in the Property, including, but not limited to, eminent domain. _ X insolveaey, aode wforoement, or arran~emenb or praceedings involving a banlm~pt or deoedeat, thea Leader at Lende~r's option.npon ~ notice to Barrower may ma1[e sach appeatanoe~. disbarse snch snms and take snch acdioa as ia aeoesaary to proted I.ender's inta~est, di~ indnding. b~ not limited to. di~bunemeat of reawnabk attorney's fees and entry npon the Property to meke npairs.lf I.ender reqnired ~ m~ insnranoe as a oondition of making the loan ~ecnred by this Mortgage, $orrower ahall pay the premiums reqnired to maintain ~ such in~aranae in e~ect ontil sach time as the requirement foc snch inauranoe terminatea in aooordanoe with Borrower's and~ Lend~'s ~ writtea agiraemeat or applicabk LBw. Borrower ahall pay the amount of all mortgage insurance premiume in the manner pmvided under Pa~Pb Z h~eo~ ~ Any amoanta d'uba»ed by I.endu pereaant to this paragraph 7, wiih iatereet thereon, shall beoome additional indebtedneas of - ~ Borrowa ~ec~red by this Mortgage. Unless Borrower and Ls~der agr~ee to other tezms oi p~yment, ench amounta shall be payable npon 4 notioe inom La~der to Boreower reqaesting payment thereof, and shall bear intereat from the date of diebursement at the rate payable 5rom ame to time on oot~danding principal nnder the Note unless payment of intered at snc6 rate would be oontrary to applicable law, in which ~ ~ evmt aoch amonnta s6all bear intae~t at the highest rate pe:misaibk under applicable law. Nothing oontained in this paragraph 7, shall reqnin Geoder to incar any apense or take any aciion hereunder. _ ~Ry "5~4 a ~ ~0~8 295 i i~r. _ t ~ s ~ " 2 -r ~ : - - : :~:'%^r`" - - ~ ~~kt .~'s~ r . `T'°~.,,~.f^3.'~~, :~`-i ~