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Home My WebLink About0582 Borrower end I.nnder covenant and a~ree as follows: 1. Payment of Priacipwl utd Iatere~t. Borwwer shelt promptly pay when due the priacipa! o! and interest on the indebtedness ~ evideaoed by the Note. prepayment and lute char~ea as provided irt the Note, and the principal of and intereat on any i~ture Advances eecured by chi. Mort~aQe. ' ~ - Z. I~nd~ forTaxes snd Iasuranoe. Subject to epplicable law or to a written waiver by I.ende~, Sorrawershal! pay tol.enderon theday ~ monthty uutallmtnta o[principal and iatereat are payable und~ the Note. unW the Note u paid in fuli. a sum (herein "I~nda") equal to one twelRh of the yeetly tases and asseesmenb which may attain priority over thu Mortgage, and ground renta on the Propedy. if any, plus ono- twelfth of yeetly premium installments tor hazard inaurance. plue onatwelRh of yearly premium inatallments for rnorigage inaurance, if any, y aQ as nasonably estimeted initially and tmm time to time by I.ender on the baeia of asseasments and bille and reasoaable estimates thenof. ; The FLnda shall be held in an inatitution the depoaits or aceount+~ of ~rhich are insured or Quaranteed by a Federal or State agency = iineluding Lender if Lender is such an institution). I.ender ahall apply the fi~nds to pay said ta:es. a~seasmeats, insurance premiume and ` ground rente. Lendar may not charge for so holding and applying the ~nds. enatyzing said account~ or verifying and co~npiling eaid asaesamenta and biUe. uniess I.ender pays Borrower intee~eet on t~e ~nds and applicabk law permits I,ender to meke auch a charge. Borrower and Lender may agree in writing at the time of e:ecution oi thia Mortgage that interest on the ~nda shall be paid to Borrower. and unless such aQreement is made or applicable law requirea euch intereat b be paid. I.ender shall not be required to pay Bon~ower any intee+est or eamings oa the P1u?ds. I.ender shall give to Borrower, without charge, an annuat accounting of the PLnds showing credits end debits to the I?tinds and the purpoee for which each debit to the fi~nda was mada The Funde are pledged as additional security for the euma eecured by thia Mottgsge. If tbe amount of the F~nds held by Lender, together with the future monthly instaAments of Funds payable prior to the due datea of taxes, f esaesements, insurance premiudaa and ground nnte. ehalt ezaxd the amount required to pay eaed t~ea. asaeasments. inaurance premiuma : and Bround rents as they fall due. euch ~cess shall be. at Borrower'e option, either pmmpdy repaid to Borrower or credited to Horrower on moathly instsllmeab ot FLnda. If the amouat of the Ptiu?de held by Lender shall not be e~fficient to pay tazea. aseessmenta, inaurance ` preminma and ground renta as they fall due, Borrower ahall pay to Lender any amount neceesary to make up the defi«ency within 30 days from the date aotice ia mailed by Lender to Borrower requeeting payment thereof. Upon payment u? fnll of all enms secured by thia Mortgage, Leader shall promptljr refund to Borrower any funds held by Lender. If under paragraph 18 hereof We Property ia sold or the Property is otherwiee acquired by I.endert. I.ender ehall apply; no later than immediately prior to the eale of the Propedy oT its acquisition by Lender, any Ftinda held by Lender at the time of application as a credit againat the aume secured by thie Mortgage. ~ 3. Application of Paymente. Unlesa applicable law provides otherwiee, all paymenta received by Lender under the Note and ` paragraphs 1 and 2 hereof ahall be applied by Lender firet in payment of amounta payable to [.ender by Borrower under pa;agraph 2 hereof, ' then b intereat payable on the Note. then to the principal of the Note, and thea to interest and principal on any I~ture Advances. 4. C6arges; Liens. Bormwerehall pay all taxes, assesaments and other charges, finea and impoaitions attributable to the Property which may attain a priority over thia Mortgage, er~d leasehold paymenfa or ground rents, if any, in the manper provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrowershall promptly furnish to Lender ali notices of amounta due under this paragraph, and in the event Borrower sha11 make payment directty. Borrower ahall promptly furnieh to Lendet receipta evidencing auch paymenta. Borrower shall promptly diacharge any lien which has priority over this Mortgage; provided, that Bottower ahall not be required to diecharge any such lien so long as Borrower shall agree in writing to the payment of the obligation aecured by ? such lien in a manner acceptable to Lender, or ahall in good faith rnntea! such iien by, ordefend enfomement ofsuch lien in, legal procePdings which op~ate W prevent the enforcement of !he lien or forfeiture of the Prop~ty or any part thereof. 5. Hazard Insuranoe. Borrowarshall keep the improvetnents now existing or hereaftet erected on the Propeity insnred against loss by fire. hazarda included within the term "e:tended ooverege," and auch other hazards as I.ender mey require and in such amounta and for such periods aa I.ender may require; pmvided, that Lender ahell not require such ooverage amount exc~eding the minimam, as may be required by etate or federal [egulations governing acRivities of Lender, or that amount of rnverage required to pay the suma eecured by this Mortgage, whichever ie the greater. ' The inaurance carrier providing the ineurance ahall be chosen by Borrower subject to approval by Lender; provided, that such approva! ~ ahall not be unreaaonably withheld All premiums on ineurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such mann~. by Borrower making payment, when due, directly to the ineurance carrier. All inaurance policies and renewals th~eof ahall be in form acceptable to I.ender and shall include a standard mortgage clauee in favor of and in form aooeptable to LendeT. Lender shall have theright to hold the policies and renewels thenwf, and $onower ahall promptly fumish to ieader all renewal notices and sll receipte of paid premiums. In the event of loes, Borrower shail give prompt notice to the insurance carrier • and I.ender. Lender may make proof of loea if not made prompdy bl Borrower. ~ Unleae I.ender and Borrower otherwiee agree in writing, insurance proceeds shall be applied to reatoration or repair of the Property damaged, provided auch restoration or repair ie eoonoaucally feasible and the eecurity of thie Mortgage ia not thereby impaired.lf such reetoration ~ repaiz is aot economically feasible or if the security of this Mortgage would be impaired, the inautance procee~a ahall be applied to the eume eecnred by thie Mortgage. with the e:cesa. if any, paid to Borrower. If the Property is abandoned by $otrower, or if Bomower fails to reapond to Lender within 30 daye firom the date notice is mailed by Lender to Borrower that the insurance carrier o~ers to settle a claim for insurance benefits. Lender ia authorized to coAect and apply the insnrance pivoeeda at I.ender e option either to resforation or repair of the Propezty or the snma eecared by this Mortgege. Unleea Lender and Borrower otherwise agree in writing, any such application of proceeds to principal ehall not e:tend or postpone the due date of the monthly installments rcferted to in paragrapha 1 and 2 hereof or change the amount of auch instellments. If under paragraph 18 hereof the Property is aoq~ired by Lendet, all sight. title end intereat of Borrower in and to any ineurance policies and in and to thE pmceeda thereof resnlting from damage to Propaty prior to the eale or aoqi~iaition ehall pass to I.ender to We eztent of the eume secured by this Mortgage immediately prior to such aale or aoquiaition. 6. PreservaNon and Maintenance of Property; Leaseholds; Coadominume; Planned Unit Developmenta. Borrower shall keep } the Property in good repair and shall aot commit waste or peimit impairment or deterioration of the Property and shall rnmply with the proviaiona of any lease if thie Mortgage ie on a leasehold. If this Mortgage ie on a unit in a condominium or a planned unit development, Borrower ahall perform all of Borrowet's obligationa under the declaration or covenanta creatingor governing the condominium or ptanaed unit developmen~ the by-lawe and regulationa of the coadomiaium or planned unit development, and oonatituent documente. If a oondominium or planned unit development rider is e:ecuted by Borrower and recorded together with thia Mortgage, the oovenants and agreementa otauch rider ahall be incorporated into and ahall amend and aupplement the covenants and agreements of thia Mortgage as if the rider were a part hereof. 7. Protection oi Leader'~ Security. If Borrower fails to perfonm tbe oovenants and agrcements oontained in thia Mortgage. or if any action or prooeeding is oommenced which materiallY affects I.ender's interest in ihe Prope~rty. including, but not limited to, eminent damain, insolvency. a~de enforcement, or arrangements or proceedings involving a ben~upt or deoedent, t6ea Lender at I.ender's option,apon notioe to Borrower may make auch appearanues, diaburee snch anms aad take euch ection as is neceasary to proted I,ender'e interest, incloding, but aot limited to, diaburaem~t of reasonable attorney's fees end ~try npon the Property to mal~e npeirs. If Lender reqnired mortgage insurance as a condition of making the loan secnred by this Moztgage. Borrower ahall pay the pr~inms reqnired to maintain snch insorance in ePfect until ench titne as the requirement for such ineuranoe tezminatea in aocordance with Borrower'a and I,ender's z written agrcement or applicable Law. Borrower shall pay the amonnt of all mortgage insnranc~ premiums in !he manner provided nnder PsregrePh 2 hereot. . r Any amounts disbnrsed by Lenda persnant b this paragraph with interest thereon. ahall beoome additional indebtedness of Borrrowwer eecnred by this Mortgage. Unleaa Borrower and Lender agree to other terma of paymeat, such emonnte shall be payable upon ~ notice from Leader to Borrower iequeeting payment Wereof, and ahall bear interest from the date of disburaement et the rate payable from time to time on ontstanding principal nnder the Note unless payment of interest at sach rate would be aontrary to applicable law. in which eveat such amonnts shell bear intereat at the higheat rate permiesible under applicable law. Nothing oontained in this paragraph 7. ahaq require Leader to incnr any espense or take any action hereunder. ~ ~ ~ 6CJYz~ P,~GE ~8~ ~ .G,~' ~ i Y~ _ ~ ~P `tivP~' "L.Y 1:~i .~•~tiJ"~ ~ :