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Home My WebLink About0165 ' 't • ' ~ Borrower and l.ende~ covenant and agree a~ lotluw~: ` l. Payment ot Principal end Intere~t. Eiorrower shall promptly pay when due the principel ot and interest on the indebtedneas ' evidenced by the Note, prepayment and late charges as pmvided in the Note, and the principal otand interest on any PLture Advances ~ecured by thii Mortga~e. ; 2. E~'unds tor T~e~ and In~usance. gubject to appticable taw or to e written waiver by [,ender, Horrower ehall pay to I.ender o~ the day monthly itutallments of principal and intereat are peyable under the Note, until the Note is paid in fuU, a eum (herei~ "Fund~") equal to one twelRh of the yearly tanee and asseasmenls which may attain priority over thii Mott~age, and ground mnta on the Property, i[any, plu~ o~o- twelRh of yearly p~emium inatallments for hazard ineurance, plus onatwelfth of yearly premium installmenta for morigage insura~ce, if any, all as reasonably eatimated initially and firom time to time by I.ender on the besis of aasewmenta and bilis and reaeonable estimates thereof. ~ 71~e F1~nds ahall be held i~ an institution the depoaits or account~ of which are insured or guaranteed by a Federal or 3tate agency (including I.ender it l.ender ia ~uch an institution).-[.e~der ahaU apply the Funds to pay said ta:es, as~escment~, insuranoe premiums and ~round nnts. Lender may not charge for w holdin~ and applying the ~nds, dnalyzing said account, or verifying and compiling aaid , asseaamente and bilb, unleas I.ende~ paya Aorrowe~ interest on the F1nd~ and applicable law permits I.ender to malce such a charge. Borrower ~ and Lender may agree in writing at the tune of execution of thia Mortgage that interest on the Funda ahall be paid to Botrowes, and unlesa such agreement is made or applicable law requires such intereet to be paid, I.ender shall not be required to pay Borrower any interest or ~ earnings on the i~nds. Lender ~hall givs to Borrower, withont charge, an annual aceounting of the Funda showing credita and debits to the Fur.ds and the purpose for which each debit to the Funds waa made. The Funda aro pledged aa additional security [or the sums secured by this Mortgage. If the amount of the FLnd~ held by I.ende~, together with the future monthly inatallments of Funde payable prior to the due datee of taxes, aasesaments. in~urance premiuma and ground renta, shall e:eaed the amount required to pay eaid ta:es, asseaamente. ineurance premiuma and ground rents as they fall due, such e:c~sa ahall be, at Bo~TOwer s option, either promptly repaid to Horrower or credited to Borrower on monthly instailments o! i~Lnds. If the amount of the Funds held by.Lender shall not be sutficient to pay taies, essesaments, inaurance premiums~and groand rente ar they fall due, Borrower shall pay to l.ender any amount necewary to make up the deficiency within 30 day~ fmm the date notice is mailed by l.ender to Borrower requeeting payment thereof. Upon payment in full of a11 eums aecured by this Mortgage, Lender ahall promptly refund to Borrower any funda held by Gender. If under paragraph 18 hereotthe Pcoperty ia sold or the Property ia otherwiee acquired by [.ender, l.ender ahall apply, no later than immediately prior to the sale of the Property or its aoquieition by [.ender, any F`unds held by I.ender at the time of application as a credit againat the suma eecured by this Mortgage. 3. Appllcation ot Payments. Unlese applicable law providea otherwise, all paymrnta recejved by Lender under the Note and paragrapha 1 and 2 hereof shall be spplied by Lender first in payment of amounte payable to I.ender by Bor~ower under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advancea. 4. Charges; Liens. I3orrowerahall pay all taxes, asaessments and otherchargea, finea and impoaitiona pttributable to the Pmperty which may attain a priurity over this Mortgage, and leasehold payments orground renta, if stny, in the manner provided under paragraph 2 hereofor, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Eiorrower ahall promptly furnish to l.ender all noticee of amuunta due under thia paragraph, and in the event E3orrower ahal) make payment directly, Eiorrower shal) prompUy fumish to I.endet receipta evidencing such paymenta. Borrower ahall promptly discharge any lien which haa priority over this Mortguge; provided, that E3onower ahall not be requirrd to diacharqe any such jien au long as Borrower shall agree in writinq to the paymentuf theobligatiun aecured by such lien in a manner acceptable b Lender, or shall in Rood taith conteat auch lien by, ordefend enforcement ofauch lien in, legal proceedinga ~ which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. _ S. Hazard Ineurance. Borrower ahaU Iceep the improvementa now exiating or hereafter erected on the Property inaured againat loae by fire, hezsrds included within the term "extended rnverage, ' and auch other hazarde ae Lender may require and in auch amounte and for auch perioda aa I.ender may require; provided, that l.ender ehall not requirn such ooverage amount exceeding the minimum, aa may be required by etate or federal regulatinns governing activitiea of l.ender, or that amount of ooverage required to pay the eums secured by thia Mortgage, whichever ie the greater. The inaurance carrier providing the ineurance ehaU be chosen by E3om,wer subject to approval by l.ender; provided, that such approval ahall not be unreasonaLly withheld. All premiuma on inaurance policiea shall be paid in the manner provided under paragraph 2 hereof or, if nol paid in such manner, by f3orrower making payment, when due, directly tn the inaurAnce carrier. All ineurance policies and renewala thereof eheU be in form acceptable to Lender and shall include a atandard mortgage clause in favor of . and in form aoceptable to Lender. Lender ehall have the right W hold the policies and renewale thereof, and Eiorrower ehall promptly fumieh to i.ender al} renewal noticee and all receipte of paid premiuma. in the event of loae, Borrower ehall give prompt notice to the inaurance carrier and Lender. Lender may make proof of lose if not made prompdy by Borrower. ~ Unless L,ender and Borrower otherwiee agree in writing, ineurance proceeda ahall be applied to restoration or repair of the Property ~ damaged, provided such reabration or repair is economically feaaible and the eecurity of thie Mortgage ie not thereby impaired_ If auch ! restoration or repair is not economicaUy feasible or if the aecurity of thia Mortgage would be impaired, the ineurance proceede shall be applied I to the sums aecured by this Mortgage, with the exceae. if any, paid b Borrower. If the Property is ebandoned by Borrower. or if E3orrower taile to ' reepond to I.ender within 30 daye from the date notice is mailed by Lender to Borrower that the inaurance carrier offers to aettle a claim for ineurance benefite, Lender is suthorized to coUect and apply the insurance proceede et Lender'e option either to reatoration or repair of the ` Pcoperty or the eums secured by thie Mortgage. Unlese Lender and Borrower otherwiee agree in writing, any auch application of proceeds to principa! ahall not extend or poetpone the due date of the monthly installmenta referred to in paragraphs 1 and 2 hereof or change the amount of such inetallmente. If under paragraph 18 ~ hereof the Property ia aoquired by Lender, all right, title and interest of Sorrower in and to any insurance policies and in and to the proceede thereof resulting from damege to Property prior W the eale or aoquisition sha11 pase to Lender to the e:tent of the sums eecured by thia _ Mortgage immediately prior to sach sale or soquisition. • . 6. PreaerveNon end Maintenanceof Property; Leaeeholds; Condom~nums; Planned Unit Developments. Borrower ahall keep - the Property in good repair and Ahall not rnmmit waste or perrnit impairment or deterioration of the Property and shall oomply with the provisione of any lefue if thia Mortgage ie on a leseehold. If thia Mortgage is on a unit in e oondominium or a planned unit development, # Bonower ahall perform all of Borrower e obligatione under the declaration or covenanta creatingor governing the condominium or plenned ~ ~ unit development, the by-laws and regulationa of the condominium or planned unit development, and oonetituent documente. If a ~ oondominium or planned unit development rider ie executed by Borrower and recorded together with this Mortgage. the oovenanta end ~ agreements of auch rider shall be incorporated into and ahpll amend and eupplement the covenanta and agreemeni8 of thia Mortgage as if the rider were a part hereof. t 7. Protection ot I.ender'~ Securitp. If Borrower taile to pertorm the oovenanta and agrw.~ents oontained in this Mortgage, or if any ~ action or proceeding is commenced which materially affecta Lender s interest in the Property, including, but not limited to, eminent domain, insolvency, oode tnforoement, or anangementa or prooeeding~ involving a banlQUpt or deoedent, then I.ender at I.ender's option,npon • notice to Borrower may make such appearanoes. di~burse such s~uas and take ruc6 action as is nec~sary to protec~ Lender i intere~t, a including, bnt not limited to, diabursement of reasonable attorney's Ices and entry upon the Property to make repain. If Lender required ; ~ martgege iaeurance as a condition of mal~ing the loen secared by thie Mortgage, Borrower shall pay the premiums required to maintain i ~nch inaurance in effect until ench time as the requirement for such in/hrance terminates in aocordanoe with Borrower'~ end Lender's ~ writLen agrcement or applicable Law. Borrower shall pay the amount of all mortgage inaurance premiums in the manner provided under { paragraph 2 hereof. r ~ My amounts disburoed by Lender persuant to this paragraph with interest thereon, shall beoome additional indebtedneea of ~ ~ Borrower ~ecured by this Mortgage. Unleas Borrower and I.ender agree to other terms of payment, such amounts shall be payable upon # 'f notioe from LEmder to Borrower requesting payment lhereof, and shall bear interest from the date of disbureement at the rate payable from ~ ~ time to time on outatanding principal uader the Note unleae payment of interest at auch rate would be mntrary to applicable law, in which ~ event such amounts shall bear interest at the highest rete permissible under applicable law. Nothing contained in this paragraph 7, shaU ` ~ require Gender to incur any e:pense or talce any ection htreunder. ~ ~1 R ~ ~v~2y7 ~ 1~ ~ ~ r ; ~ ~ ~ ~ ~ ~s . ~ ~ n. ~ 3