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Home My WebLink About0157 Horrowe~ and l.ender coveoant and a~ree as foltows: ~ 1. Payment ot Principal and Intereat. fiormwe~ ehall promptly pay whe~ due 1he principal of and interest on the indebtedneas evidenced by the Note, pnpayment and late chergee as provided ir? the Nnte, and the principal of aod interest un eny Future Advances secured by thia Mortgage. 2. I~tnds foc Te~ea and Ineurance. Subject to applicable law or to a written waiver by [.ender, E3orrower ahall pay to I.ender on the day monthly inetallmertts of principal and intereat are payabla under the Note, until the Note ia paid in full, a sum (he~ein "P1?nds") equal to une~ tweltih oithe yearly taxes and aaeeasments which may attain priority over this Mortgage, and gruu~d rentu on the Properly, if any, plw one~ twelfth of yearly ptemium inatallmenta for hazaod ineu~unce, plue onetwelfth ofyearly premium installme~ta for morigage inaurance, if any, all aa reaqonably eetimated initiapy and firom time to time by l.ender on the baeis of assesamenta and bille and reaeonable eetimates thereof. The Fltnds shall be held in an institution the deposits or accounts of which are insured or guaranteed by a Federal or 3tate agency (including Irnder if Lender ia such an institution). I.ender shal! apply the Funds to pay said ta:es, aseesamenta, insurance premiuma and ground rents. I.ender me~y not charge fos w holding and applying the Funds, analyzing said eccount, or verifying and compiling said asaeasmente and bills, unleas Lender pays Borrower interest on Lhe Funda und epplicable law permite Leader to meke auch a charge. Borrower and I.ender may agree in writing et tht time of execution of this Mortgage that interest on the Funda ehaU be paid to Borrower, and unleas _ sach agreement is made or applicable law requires euch interest to be paid, Lender shall not be reyuired to pay Borrower any interest or eamings on the ~nds. Lender shall give to Borrower, without cherge, an annual accounting of the Funde showing credita and debite to the Funda and the purpose for which each debit to the Ptinda was made. The Funde are pledged as additional aecurity for lhe suma secured by thie Morigage. . _ It the amount of the ~nds held by l.ender, together with the future monthly inatallments of Funds payable prior to the due datea of taxes, aeeeeaments, insuranoe premiume and ground rents, shaU e:caed the amount required to pay said taxea, asseasmente, insurance premiums and ground rente aa they fall due. such e:cesa ehall be, at Borrower s option, either prr~mpdy repeid to Borrower or credited to Borrower on monthly instaUments of PLnds. If the amount of the Funds held by I.ender ehall not be aufficient to pay tauea, asseasmenta, insurance premiums and ground rente aB they tall due, Borrower ehall pay to I.ender any amount necesapry to make up the deficiency within 30 days from the date notice is mailed by~Lender to Borrower requeating payment th~eof. Upon payment in full otall auma eecured by thie Moitgage. Lender ahall prompdy refund to Borrower any funde held by [.ender. If under paragraph 18 hereof the Property is sold or the Property is othPrwiee acquired by I.ender, Lender ahaU apply, no later than immediately prior to the sale of the ProperRy or ita aoquiaition by Lender, any Funds held by l.ender at the time oiapplication as a credit against the auma seeured by this Mortgage. 3. Application of Payments. Unlees applicable Iaw provides otherwiae, all paymenta n~ceived by I.ender under the Note and pa~agrapha 1 and 2 hereof ehall be applied by l.ender first in payment ot amounte payable toi.eadei by.~orrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest 8ud,p~i~tcjpal on any Future Advancee. ~ 4. Charqes; Giene. E3ormwer shall pay all taxes, nasesaments and other chargea, fines and impqp~~tions attri6utnblr to the I'roperiy which may attain a priority over ihis Mortgage, and leasehold payments or ground renta, if any, in themanner provided under paraqraph'l hereof ur, if not paid in such manner, by E3orrower making payment, when due, directly to lhe payee theteoL Borrower shall promptly fumish to Lender all noticee of amounts due under thia para~raph, and in the event Borrower shall make payment directly, Borrower ahall promptly furniah to I.ender receipts evidencing such puyments. E3urmwer ahall promptly diacharge uny lien which has priority over thi» Mortgage; provided, that t3orrower shall not be required to discharge any such lien ao long aa E3orrower shall aqree in writing to the puymentof theoblig~tion aecured by auch lien in a manner acceptable to I.ender, or shAll in good~faith context such lien by, or defend enforcemrnt ofeuch lien in, legul proceedings which operate to prevent the enforcement of the lien or fo~[eiture of the Property or Any part thereof. 5. Hazard tasuranoe. Borrower ehall keep the improvementa now exiating or hereatter erected on the Pruperty inaured against loea by fire, hazards included within the term "extended rnverage; ' and auch other hazards ae'I.ender may require and in such amounta and for such perioda as Lender may require; provided, that Lender ahaU not require such ooverage amount exceeding the minimum, aa may be required by etate or federal regulations governing activities of Lender, or that amount o[ coverage required to pay the eums eecured by thie Mortgage, whichever is the greater. The inaurance carrier providing the insurance ahall be chosen by Borrower subject to approvnl by l.ender, provided, ths~t such appruval eha11 not be unreaxnnably withheld. All premiuma on insurance pi~licies shall be paid in the manne~ pmvidecl under paragrxph `l hereof or, if not paid in auch manner, by E3orrower muking payment, Khcn due, directly to the insur:~nce carrier. ' All ineurance policies and renewale thereof ahell be in form acceptable to I.ender and ahall include a atandard mortgage claueg in favor of ! end in form aoceptable to Lender. Lender ahall have the right to hold the policiee and renewale thereof, and Borrower shall promptly furniah to ' i.ender all renewal noticea and all receipts of paid premiums. In the event of loea, Borruwer shall give prompt notice to the inaurance qrrier ~ and Lender. Lender may make proof of loss if not made prompUy by Borrower. ' Unlees Lender and Borrower otherwiae agree in writing, insura~ce proceeds'shall be applied to restoration or repair of the Property ~ damaged, provided euch reHtoration or repair is economically feaeible and the eecurity of thia Mortgage ie not thereby impaired. If auch ~ ~ restoration or repair ie not economically feasible or if the eecurity of this Mortgage would be impaired, the inautance proceeda ahall be applied ~ to the aume eecured by thia Mortgage, with the excess, if any, paid to Borrower. If the Pmperty is abandoned by Borrower, or if Borrower fails to ~ reapond to Lender within 30 days from the date notice ia mailed by Lender to Borrower that the ineurance carrier offers to aettle a claim for i ineurance benefits, Lender ia suthorized to collect and apply the inaurance proceeds at Lender s option either to reatoration or repair of lhe ~ Property or the aume eecured by this Mortgage. ~ Unleae I.ender and Eiorrower otherwiae agree in writing, any euch application of proceeda W principal shal) notextend or poatpone thedue a date of the monthly inatallmenta referred to in paragrapha 1 and 2 hereof or change the amount of euch inatsllmente. If under paragraph 18 = hereof the Property ia aoquired by Lender, all right, title and interest of E3orrower in and to any insurance policiea and in and to the proceed8 ~ thereof reeulting from damage to Property prior to the eale or acquiaition ahall paea to I.ender to the eztent of the awna secured by this ~ Mortgage immediately prior to auch eale or acquisition. g 6. Preservation and blainlenance otProperty; Leaseholds; Condominums; Planned Unit Developments. Borrower shall keep ~ the Property in good repa'v and ehall not commit waste or pern?it impairment or deterioration of the Property and ehall comply with the ~ provisione of any lease if this Mortgage ia on a leasehold_ I[ thie Mortqage is on a unit in a rnndominium or a planned unit development, ~ Borrower ehall perform aU ot Borrower's obliqationa under the declaration or covenanta crestingor governing the condominium or planned ~ unit development, the by-lawa and regulationa of the rnndominium or planned unit dev~lopment, and conatituent dceumenta. It a ~ oondominium or ptanned unit development rider ie executed by Borrower and recorded together with thia Mortgage, the covenante and • = agreementa of euch rider ehall be incorporated into and shall amend and aupplement the covenanta and agreemente of thia Mortgnge as if the ` rider were a part hereoL 7. Protection ot Lender's 3ecur[ty. If Borrower fails to perform the ooveaante and agreements oontained in this Mortgage, or if any a ection or proceeding is commenced which materially affecte Lender'e interest in the Property, including, but not limited to, eminent domain, ~ insolvency, oode enforcement, or arrangements or proccedings involving a bankrupt or deoedenk then Lender at [.ender's option,upon ' notice to Borrower may make euch appearances, diaburee auch sume and talce ouch action se ie neceaeary to proteet Lender'~ intaeat, - inciuding, bat not limited to, disbursement of reasonable attorney's feee and entry upon the Property to malce repain. If Lender required - mortgage insurance as a condition of making the loan secured by thie Mortgage, Borrower ahall pay the premiums required to maintain ; such insurance in dfect until such time ae the requirement for auch inaurance terminatee in aocordance with Borrower's and I.eader's written agrcement ot applicable Law. Borrower ehall pay the amount of all mortgage insurance premiuws in the manner provided under ~ paragraph 2 hereof. My amounte diebursed by L.ender perauanLto thie peragraph with intereet thereon, ahall beoome additional indebtedness of ~ Borrower secured by thie Mortgage. Unlese Borrower and [.ender agree to other terme ot payment, euch amounte shall be payable upon notice from Lender to Borrower requeeting payment thereof, and ehall bear interest from the date of disbursement at the rete payable from _ time to time on outstanding principal under the Note unleae payment of interest at euch rate would be oontrary to applicable law, in which ~ event auch emounts ehell bear interest at the higheat rate permieeible under applicable law. Nothing contained in this paregraph ~T, ehall ~ require Lender to incur any expenae or take any action hereunder. E ~ ~ ~ R 2~7 PA~ 1~? SOOX ~ ~ ~ ~ ~ + . _ _ _ . . . ~ ~