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Home My WebLink About0310 i . . , • f~,rn,wer and l.ender cv~venant and agree ns [ollows: 1. f'syment ot 1'rincipal snd Interert. 13orruwer ehnll pmmptly pay whe~ due thr principal uf and intr~ret on the indrt,tednrna evidenced by the Note, prepayment and late chargee ea pmvidrd in the Note, and the principal of und intrrerl un any F'utu~e Advancea securecl by thia Mort~a~e. 2. F1nd. fo~ Taxc~ and Inwrance. Suhjw~t to npplicable law ur to a writtrn waiver by l.ender, liom,wer ahnN puy lo I.ende~ un thr duy monthly inatallmenta of prinripal a~id i~terest are payable under the Note, until the Nutr ia paid in full, ~ sum Iherrin "Funaa ryual to one twelfth of the yeArly laxee and xearasmente which mqy attuin priurity over thie Mortgage, nnd grcwnd renla un the I'r~?prrty, if uny, plue unP tw~ltih of yearly premium installmenta for haznrd inaurance, plueonetwelfth ofyearly premium inetuilmentx formortguge ineu~nnce, if any, xll eu reaeonably eatimated initially a~d frum time to tirr~e by l.rnder on the buaie uf uxxex~mentx und bille »nd reiwonable ~.s~xtimatee thr~eof. The Fl~nds shall be held in en inslitution the deposits or accounte of which are ineured or guaranteed by a Federal or State ~ency lincluding l.ender if I.ende~ is such an inetitution). I~ender shall apply the M unds to pay said tuxee, ueeeaamentn, ineurance prrmiume and Kround renta. I:ender mey not charge [or so holding and applying the Ftinds, analyzing said account, ur ve~[ying and compiling aaid aasessme~ts and Lills, unleae l.ender pays Ratrower inlereat on the F uode and applicable lew permiU+ l.ender to make such a charge. l3orrower and I.e~der may agree in writi~g at the time of eaecution of this MurtgaKe that interest un the h unda shall be paid tu Korrowe~, and unlexs such a~reement is made or applicable law reyuirea such inlereet to be paid, i.endet ehall not be required to pay Rurrower any intereat or eamings on the Funds. I.ender ahall give to Borrower, withuut charge, an annual acruunting otthe F unda ehuwing credita and debita lo the F unds and the pur{x~se for which each debit to the Funds was made_ The Funda are pledged aa additional xecurity for the eume eecured by thia Mortgege. If the amuunt o[the Funda held by l.ender, together with thc [uture monthly inatallmenta of Funde payuble prior to the due datcw of taxre, sesesaments, insurance prnmiums and ground renta, ahall excxd the amuunt required to pay auid tuxes, ase~euimenta, ineurancr premiums and ground rente ae lhey [all due, auch exoeea ahall be, at Borrower'a option, ei/her prumptly mpaid to Borrower or rredited k, f3orrower on monthly installmenb of Ftinds. It the amount of the Funds held by l.ender ehall not be su~cient to pny tuxee, axaese~mente, ineurance premiuma and ground rents as they fall due, Borrower ehal) pay to I.ender any emount necessary tn make up the deficiency within 311 daya from the date notice ia mailed by I.ender ta Burrower requesting payment the~eot. Upon payment in full of all sums aecured by this Mortgage, Irender ahall promptly refund to I3orruwer any funds held by l~ender. lf under paragraph 18 hereof the Property is aold or the Property is otherwiee acquired by l.ender, l,ender ~hall npply, no later than immcdiately prior to the eale ot the Propecty or ifa acquisition by l.ender, any Funds held by I.ender at the tirne of applicatiun aa a rredit ugninet the xums aecurcd by thia Mortgage. 3. Application ot Paymente. Unlesa applicable luw provides otherwiee, all paymente rrceiecd by l.ender under the Nnte Und paragraphe 1 and 2 hereof shall be applied by l.eader firnt in payment otamuunta payable to l~ender by F3orn~wer under parngraph 2 hereof, then to intereet payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advancea. 4. Charges; l.iene. liorrowerahall pxy all laxea, :?ax~KSamentx and other i•harges, finrei and impwsitione t+ttributable G? thr Property which may attain a priority over this Mortgage, and Iraxehuld puymentx or gn~und rentx, if any, in the m~nner pruvided under p:~ragraph'l hrrcr,f or, if not paid in such manner, by Horruwer makinQ ~,:~yment, when due, directly to the payee~ thPreof. Born?wer ahall promptly furnish to I.ender :~11 notices of amuunts due under thie paragraph, and in !he event B.~rr~~wer ahall make payment directly, Borrower shall pn,mptly furniah tr, I.ender receipt8 evidencinq such pnyments. l3orrower ahall promptly diachHrge any lien which hus priority over thia Murtgaqe; providrd, that korrower shall not be reyuind to diachnrge any such lien so Iong as fiorrower ehall agree in writinb k, the payment of the ublig~?tion scrured by such lie~ in ~ mannet acceptable to l.ender, or ahal) in gix,ct fe~ith cuntei+t such lien by, ordefend enforcement of such lien in, li~al pr~K•r~xlinKa which operate to prevenl the enforcement of the lien or forfeiturr of the Property ~~r any part there.,f. 5. Nazard laeurance. Rorrower shall keep the improvementa now exieting or hereafter erectcd on the Property inaured againat loss by fire, hazards included within the term "eztended coverage," and ,such other hazurde as l.ender may require and in such amuunts and for euch periode ae I.ender may require; provided, that l.ender ahall not require such coverage amount e:ceeding the minimum, as may be rryuired bg Ktate or lederal regulations goveming aMivitiee of I.ender, or that amount of coverage required tu pay the suma srcured by thia Mortqage, whichever ie the greater. The inaurance carrier providing the inauranm sha11 be ch~~en by &~rrower aubject to approval by t.rnder; pmvideKi, lhat such approval whall not be unreasunably withheld. All prnmiume on ine~urancr policira bhall be paid in the manne~ providrd under par:~Kraph 'l heradur, if not paid in such manner, by Iiom~wer makinQ paymenl, when due, direcUy to the insuranm cs~rrier. All ineurance policies and renewala thereof shall be in form acceptable to I.ender and ahull include a atandard mortgage clnuee in favor of and in furm acceptable to Lender. l.ender shall have the right to hold lhe policies and renewala thereof, and f3orrower shall promptly fumiah b ?.ender all renewal noticea and all receipta of paid premiuma. In the event oF loes, Iiorruwer ahall give prompt nRtice to the ineurance carrier and I.ender. I.ender may make proof of lo~s if not made promptly by Horrower. Unless I.ender and F3orrower olherwiee agree in writing, inaurance proceeda ahall be applied to reatoration or repair of the Property da~neged. provided euch reatoration or repair ie economically feaeible and the security of thie Mortgaqe iR nnt thereby impaired. If such , rreturation or repair is nol economically leaeible or if the eecurity ot this Morigage would be impaired, the ineurance proceeda shall be applied i to the aums secured by this Mortgage, with the excesa, if any, paid to Borrower. If the Property ie abandoned by E3orrower, or it I3orrower faila to respond to I.ender within :i0 daye from the date notice ia mailed by Ixnder to Borrower that the inaurance carrier offera to settle a claim for f ineurance benefite, I~ender ia authorized to collect and apply the ineurance proceeds at l.e~der's option either to restoration or mpair of the F'roperty or the eums secured by this Mortgage. e Unlesa I~nder and Borrower otherwiee agree in writing, any such application of proceeda to principal ahall not extend or pc~etpone the due g date ot the monthly inetnllmente referred to in paraqraphe 1 and 2 hereof or change the amount of euch inetallmenta. If under paragraph lA ~ hereof lhe Property ie acquired by I.ender, all riqht, title and intereat of Borrower in and to any ineurance policies and in and to the proceeda ~ thereot resulting from damage to Property prior to the eale or acquisilion shaU pase to Lender to the e:tent of the sums eerured by thie hiortgage immediately prior to auch sale or aoquieition. 6. Preservadon and dlaintenance of P~operty; I.eaeeholds; Condominume; Planned Unit Developmente. Borrower ehall keep the Property in good repair and ahall not commit waBte or permit impairment or deterioration of the Property and ahall rnmply with the . pr~,visiona of any lease if thie Mortgage is on a leasehold. if this Mortgage ie on a unit in a condominium or a planned unit development, ~ Fi~~rrower shall perform all of Borrowerb obligations under the declaration or covenante creatingor qoverning the condominium or planned ~ unit development, the by-lawe and regulationa of the condominium or planned unit development, and conetituent dceumente. It a q ~undominium or planned Lnit development rider ia executed by Borrower and recorded together with thie Mortgage, the oovenanta and ~ agreementa of Auch rider xhall be incorporated into and ahall amend and Rupplement the covenante and agreemente o[thie Mortguge as if the ~ rider were w part hereof. . T. Protection ot Lender'~ $ecur[ty. If Borrower fails to perform the oovenants and agreements contained in this Mortgege, or if any - ~ actiun or praceeding is commenoed which materiaUy effecte Lender's interest in the Proprrty, including, but not limited to, eminent domain, ~ ineolvency, oode enforcement, or arrangements or proceeding~ involving a bankrupt or decedent, then Lender st Lender s option,upon notice to Borrower mey.make such appearances, diabune such eums end take such action as is necessary to protect Lender's interest, including, but not limited to, disbursement ot reasonable ettorney's feu and entry upon the Property to make repairs. [f L.ender required = mortgage ineurance as a condition of making the loan secured by this Mortgage. Borrower shall pay the premiums required to meintain ~ auch insurance in effect until such time as the requirement for such insurance terminates in accordance with Borrower's and I.ender s ~ written agreement or applicable I.aw. Borrower shal) pey the amount ot aU mortgage ineurance premiums in the manner ptovided unda ~ paragreph 2 heteof. ~ ~ Any amounte diaburaed by L.ender pereuant to this paragraph 7, with interest thereon, shall become additional indebtedness of ' ~ Borrower sec~red by this Mortgage. Unleee Borrower and Lender agree to other terms of payment, such amounts she11 be payable upon ~ notice [rom i.ender to Borrower requeHting payment thereof, and ahall bear interest from the date of disbursement at the rate payable from ~ time to time on outstanding principel under the Note unlese payment of interest at auch rate would be oontrary to applicable law, in which ~ event euch emounts shall bear interest et the highest rate permisaible under applicable law. Nothinq contained in this paragraph 7, shall ~ requ'ue Lender to incur eny e:pense or take any action hereunder. ~ ~ ~ ~ ~ ~ ~ A ' • ~ H` ~ ~ ~ . - - s~} x-~ - ~ ~ , ~ ~ . ~ti~ ~ 6 u . ~ . ~ s~~ ~