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Home My WebLink About0880 ~ • .1 . ~ ~ Borrower and I.ender covenapt and a~ree as foAowa: ~ 1. Py?went of Piriacipal aad lateres~ Borrower shall pmmpdy pay when due the principal of and interest on the indebtednees ' evidenced by the Nate, prepaymeat and late charge~ aa provided in the Note, and the principal ot and intereat on any Ptiture Advancea aecured ~ by t}w Mort~age. . ~ 2. Ftinds for Teaes and Insuranoe. Subject to applicable law or to a written waiver by I.ender, Borrower shall pay to Le~der on the day monthly installmeata ot principal and interest are payable under the Note. until the Note u paid in full, a aum (herein "Ftinds") equal to one } twelfth o[the yearly taues and asseasmenta which may attain priority over lhis Mortgage. and ground rents on the PropeKy, if any. plw onc~ ~ twelfth of yearly premium inslaliments [or hazard insurance, pl~ onetwelRh of yearly premium instal[ments [or mortgage insurance. if any, ! . all as reasonably eetimatai initially and trom time b time by Lender on the basie of aaeeeamenta and billa and reasonable eatimatea thereof. Ths I~nds shall bs held in an inetitution the deposib or aooouata oi which are insurod ot guaranteed by a i~'~ederal or State ageary ~ (iacluding Lender it i.ende~ is sach an institution). Lender shall apply the P'unds W pay eaid taxes. aseesementa. inaurance Qremiums and 1 gronad nnta. Lender may aot charge for so holding and applying the F~nds, aaalyzing said acsount, or verifying and compiling said ~ aisasmwts and biW. unless Lender pays Borrower interest on the fl~nds and appiicable lew permits Lender to make euch a charge. Borrower and L,aider aQay agree in wniting at the time of execution of this blortgage that intereat on the ~nds shall be paid to Borrower, and unleea such agreement is mmde or appticable law requires such intereat to be paid. Lender shall not be required to pay Borrowez any interest oT earnings on the ~nda. Lender shall give to Borrower, without charge, an annual acoounting of the Ftinde ahowing~t~diEs'aad debib to the Ftiads and We purpose tor which each debit to the Fltnds was made. 7l~e Funds are ple3ged as additional eecurity for the aums eecured by this ` Mortgage. If the amount of the I~nds held by Leader. together with the fnture raonthly installmenta of ~nda payable prior to the due dates of te:es, assesements, inaurance premiums and ground rents, ahall Pacazed the amount required to pay eaid ta:ea, aeaesaments, insurance premiums and grouad rents aa Wey fall due. such encess ahall be, at Borrower's option. either prompdy repaid to Borrower or credited b Borrower on i monthly inatallments of Phnds. If the amount of the ~nds held by Lender ehaU not be su!'hcient to pay taxes. aseeasm~ts~ inaurance ~ premiums and ground rents as they fall due, Borrower shall pay Lo Lender any amount neceaeary to ma1~e up the deficiency within 30 dayb ~ from the date notice is mailed by Lender to Borrower requeating payment thenwL ~ Upon payment ia full of all sums eecured by thie Mortgage. Lender ahall pmmptly refund to Borrower any funde held by [.ender. If under paragraph 18 hereof the Property ie eold or ~he P~m~ertY is otherwiee acquired by Lender. Lender ahaU aPP~Y. no later than immediately prior ' to the sale of the PropeKy or its aoquiaition by Lender, any fi~nda held by Lender at the time of applicetion as a cndit against the sums eecured by this Mortgage. 3. Applicstion o[ Payments. Unleas applicable law providea otherwiee, all paymente received by Lender nnder the Note and paragraphs 1 end 2 hereof ehaU be eppUed by Lender first in payment of amounte payable to I.ender by Borrow~ under paragraph 2 hereof, then to intereet payable on the Note, then to the principal of the Note, and then to intereat and prindpal on any fi~ture Advancee. 4. C6arges; Liena. Borrower ehall pay all taxea, assesements and otherchargea. fines and impoeitions gttributable to the Prop~ty which may attain a priority over this Mortgage, and leasehold payments or ground renta, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Bocrower making payment, when due, directly to the payee thereof. Borrower ahall prompUy fumish b Lender all noticea of amounts due under thia paragraph, and ia the event Borrower ahaU make payment directly. Borrower ahall prompdy fnmieh to I.ender reoeipta evidencing auch payments. Borrower ahall promptly discharge any lien which has priority over this Mortgage; pmvided, that Borrower ahall not be required to discharge any such lien so long ae Borrower ahall agree in writing to the payment of the obligation secured by auch lien in a manner ameptable to I.ender, or ahall in good faith contest such lien by, or defend enforcement of such lien in, legal procecdings which operate w prevent the enforcement of the lien or forteiture of the Property or any part thereof. .5. Hazard Ineurance. Borrower ahall keep the improvementa now e~ciating or hereafter erected on the Propedy insured againet losa by fire, hazarda included within the term "eztended ooverage." and euch other hazards as Lender may require and in such amounte and forsuch periods se Lender may require; pmvided, that Lend~ ahaU not require such ooverage amount e:ceeding the minimum, as may be required by ~ atste or fe~3eral regulationa goveming activities of I.ender. or that amount of ooverage required to pay the euma secured by thia Mortgage, _ whichever ia the greater. ' The insurance carrier providing the inaurance shall be chosen by Borrower aubject to approval by I.ender; provided, thst auch approval s shall not be anreaeonably withheld. All premiuma on inaurance policies shall be paid in the manner provided under paragraph 2 hereof or, if $ not paid in such manner~ by Borrower making payment, when due, directly to the insurance carrier. All insurance policiea and renewale thereof shall be in form 8cceptable to Lender and shall include a standard mortgage clause in favor of ~ and in forw aoceptable to I.ender. I.ender ehall have the right to hold the policies and renewals therpof, and Borrower shall promptly farnish to iender all renewal notioes and all receipta of paid premiuma. Ia the event of loea, Borrower ahall give pmmpt notice to the ineurance carrier and Lender. Lender may make proof of lose if not made promptly by Borrower. ~ Unless Lender and Borrower otherwiee agree in writing, inanrance proceeda ahali be applied to restoration or repair of the Property damaged, provided auch restoration or repair ia economically [easible aad the eecurity of thie Mortgage ie not thereby impaired. If such ~ ~ reatoration ar repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeda shall be applied ~ ~ to the eame secured by thie Mortgage, with the eaccese, if any, paid to Borrower. If the Property ia abandoned by Borrower. or if Borrower fails ta = zeapond to Lender within 30 days from the date notice ia mailed by Lender to Borrower that the ineurance carrier o~ere to aettle a claim for ~ 'f ineurance benefita, Lender is authorized to collect and apply the ineurance proceede at Lendei s option either to reatoration or repair of the ` i Property or the sume eecured by this Mortgage. T € Unleas I.ender and Borrower otherwiee agree in writing, any auch application of proceeds to principal ehall not eztend or postpone the dne ~ date of the monthly installmenta referred to in paragraphs 1 and 2 hereof or change the amount of euch inetallments. If ander paragraph 18 ~ P~Y " bY . B y' po p _ hereof the Pro ie a uired Lender all ri ht, dtle and iatereat of Borrower in and !o an ~naurance l~cies and in and to the roceede ~ thereof reeulting from damage b Property prior to the eale or aoquisition ehall pase to Lender to the eztent of the eume secured by thia = Mortgage immediately prior to snch sale or soquisition. 3 6. Preservation end Maintenance of Property; Leaeeholds; Condominuma; Pianne~ Unit Developments. Borrower shall keep ; s the Property in good repair and ahsll not commit weste or permit impairment or deterioration of the Property aad ahall comply with the > ~ provisione of any leaee if thie Mortgage is on a leasehold. If this Mortgage ia on a unit in a o~ndominium or a planned unit development. - ~ Borrower ahap perform all of Borrower'a obligatione under the declaration or covenar.ta creatingor goveming the condomininm or planned ~ unit development, the bydawe and regulations of the oondomininm or planned unit development, and oonstituent documente. If a ~ ~ condominium or planned unit development rider ie ~ecuted by Borrower and recorded together with this Mortgage, the oovenants and ~ agreementa of such rider ahall be incorporated into and shaii amend and aupplement the covenants and agreementa of this Mortgage as if the ~ rider were a part hereof ~ ~ 7. Protection ot I.ender'~ Secaritp. U Barro~ver fails to pertorm the oovenante and agreements oontained in this Mottgage. ot if any ' ~ action or proceeding is rnmmenoed which materially afEects Leader'~ intenet in the Property. including, but not limited to, eminent domain, i i insolvency. oode enforcement, or arrengement~ or prooeedings involving a banlcrnpt or deoedm~ Wen Lender at I.ender's optioa,npon notioe to Boreower may make such appearanoe~. diaburee such aums and take snch ection as is neoe~sary to p~~oted La~der'~ inteiest, ~ ~ inclnding. but not limited to, disbursement of naeonable attorney's fees end entry upon the Property to make repaire. If Leada required ~ mo~tgage insnrance aa a oondition of making the loan aecured by this Mortgage. Borrowec ahall ~ each inenrsnoe in eEfect nntil snch time as the PaY the premiums reqnired to maintain ' requirement for snch inaurance terminate. in sooordanoe with Borrowds and Leade~s ~ written agreement or applicable I.aw. Barrower shaU pay the amoant of all mortgage inaurance preminms in the manner pravided nnder ~ paragraph 2 hereot. ~ ? Any amonnta disbursed by I.ender pereuant to this paragraph 7. with interest thereon, ahall beoome additional indebtedness of ~ Borrowes eecared by t~is Mortgege. Ualeas Borrower and I.ender agree to other terma of payment, wch amounts shall be payable npon ~ ~ notioe ~om Lender to Botmwp reqwsting payrment thereot, and ehall bear interest from the date of diebursement at the rale payabLe 5rom ~ time to time on outstanding principal undez the Note unless payment of inlenst at such rate would be aontrary to applicabie law, in whicb ~ ~ eveat such amounta ahall bear in~t at the highest rate permissible ynder applicable lew. Nothing oontained in this paregraph 7, shall ; reqaire Lender to incur any e:pense ot take any actioa hereunder. i ~ ~ ~ ~ ~ . ~ ~ - ~ ~ PA~E V / V ~ _ ao~x2 ~ : ~ . - . ~ ~ - ~ ~ ~ ' : ~ x~.~` s . ~r_•~~:,~ . . _ ~ -