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Home My WebLink About0928 Bvrrower and l.ende~ covenant and e~ree a~ tullows: 1. P~yment of Pri~cipal snd Interest. &~rrowe~ shall promptly pay when due the principal of e~d intereat u~ theindebtedness evidenced by the Note, prepayment a~d latechargea as provided in the Note, and the principal of and i~te~e~to~ eny Future Advancee secured by thia Mort~aQe. 'l. M'und~ for Ta:es and I~surance. Subject to applicabie luw ur to a written waiver by l.ender, t3orruwe~ ahall p~y to t.ende~on the day i muathly inatallments of principel und intereet are payable under the Note, until the Note ia paid in futl, a ium (herein "Funds") equal to onp ~welfih of the yearly taYea and a8sessments wh:ch may atlain priurity ov~r this Mortgage, and gn~und renta on the Property, if any, plus ono- tweltlh of yea~ly prcmium inetallme~tn for htizard insurance, plus onetwe) Bh of yearly premium installmenta for mortgage ineurance, if any, all ae reaeonably eslimated initialiy end from time to tiR~e by l.ender on the baxia of aseeasmrnte end biUs and reaaonable eetimatee thereof. The FLnds ahal) be held in an institution the depoeits or accounts of which are insured or guaranteed by a Federal or 5tate agency lincluding t.ender i[ l.ender is such an institution). l.ender shall apply the Funda to pay said taaes, esaeasments, insurancx premiwns and Rround renb. Lende~ may not cha~ge tor so holding and applying the Flinds, analyzing said account, or verifyiag anci compilinq aaid aeaessmenta and bille, unleae I.ender pays Borrower intereat on the ~und~ and applicable lew pennits t.ender to make such a charge. E3orrowar and l.ender may agree in writing at the time of e:ecution of this Mortgage that intereat on the I~~nda shall be paid to Borrovver, and unleaa auch agreement is made or applicable law requires such interest to be paid, I.ender shall not be required to pay Bonower any inter~t or earninga un the Funds. l.ender ahaU give to E3orrower, without charge, an annual accounting of the Funda showing credita and debita to the Funds and the purpose for which each debit to the Funds was made. The Funda are pledged as additional aecurity for the ~uiae secured by this Mort~ase. If the amount otihe F~nds held by l.ender, together with the future monthly installme~ta of Funda payable prior to theduedatea o[ta:es, aeaessments, ineurance premiume and ground rents, ahaU e:cred the amount required to pay aaid taxea, assessmenta, insurance premiuma and ground renta as they fall due, such e:ceae~ ehall be, at Bo~TOwer'a option, either promptly repaid to I3orrower or credited to Borrower on monthly installments of ~nds. lf the amount of the Funds heid by l.ender ehall not be aufficient to pay ta:es, aesea~menta, inaurance pre?n~ me and ground rents as they tall due, Eiorrower shall pay W I.ender any umount neceaeary to make up the deficiency within 30 deye fn,m t11e date notice is mailed by I.ender to F3orrower requeatin~ payme~t thereof. Upon payment in full of al) sums secured by this Mortgage. I.ender shall promptly refund to Burrower any tunda held by I.ender_ Itunder paragraph IS hereof the Property ie nold or the Property ie otherwise acquired by I.ender, l.ender shall apply, no laterthan immediately prior tn the sale of the Property or ita acquiaition by l.ender, any Funda heid by I.enderat the time of application as a credit againat the auma eecured by thia Mortya~e. 3. Application ot Paymente. Unleae applicable law providee otherwiee, a11 paymente received by l.ender under the Note and pf~ragraphe 1 and 2 hereof ehall be applied by Irender firwt in payment otamounts payable to I.endet by Borrower under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of the Note, and th~n to intereet and principal on any Future Advancea. •1. Chargee; I.iens. Aorrower sha11 pay all taxea, assei?aments and other cha~gea, finea and impoaitiona allributable to the T~n~perty which mny attain n priority over thie MurtK~~ge, and leasehold paymenla or ground rei~~a; itany; in the manner provided under paragiraph 2 hereof or, if'not paid in auch manner, by lioirower making payment, when due, directly to the payee thereof. F3ormwershall promptly furniah to I.ender :+11 notices of amounta due under ihia paragraph, and in the event Rorrower ahaU make pF~yment directly, E3~rrc?wer shali promptly furniah to ~ (.rnder receipte evidencing auch paymente. Rorrower ahall promptly diacharge any lien which hna priority over this Mortgaqe; provided, that Rorrower shall not be required to diacharge any such lien so long :is f3orrower ehall agree in writing to the paymentof lheobligation xecured by ,uch lien in n mannet acceptable U, Ixnder, or shal) in good fuith conteat auch lien by, ordefend enfurc~ementufauch lien in, legal proceedings whicfi operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof 5. Hazerd ineurance. ~iorrower shall keep the improvementa now exiating or hernafter erected on the Property insured against loae by fire, hazrirds included within the term "extended coverage, ' and e~uch other hazarde as [.ender may require and in auch amounta and tor euch periods aa I.ender may require; provided, that I.ender ahall not require such rnverage amount exceeding the minimum, ae may be ~equired by state or federal regulations governing activities ot Lender, or that amuunt of coverage required to pay the eume secuced by thia Mortgage, ' whichever ie the ~reatet. ~ The insurance carrier providinK thr inaurHnc-e shall br choxen by Rorrower subject to approval by I.ender, pmvided, that auch approval ~hxll not be unreasc,nably withheld. All premiuma on insurtince p~~liciex shall be paid in the manner pruvidrd under paragraph 2 here~?f or, if ! nut paid in such mAnner, by Rorrower making pi~yment, whrn due, directly to the ineurance carrier. i All insurance policies and renewala lhereof ahal) be in form acceptable to Lender and ehal) include a atandard mortgageclauae in tavor of and in form acceptable to Gender. Lenderahall have the right to hold the policiea and renewals thereof, and Borrower ahal) promptly furniah to ~.ender all renewal notices and all receipte ot paid premiuma. In the event of lose, Born>wer ehal) qive prompt notice to the inaurance carrier and [.ender. Lender may make proof of loee if not made promptly by E3orrower. Unless Lender and Eiorrower otherwiae agree in writing, inaurance proceede ahall be applied to restoretion or repair of the Property damaged, provided such reetoration or repair ia economicallx feaaibie and the aecurity of thie Mortgage ia not thereby impaired. If auch reetoration or repau ie not economically feasible or if the eecurity of this Mortgage would be impaired, the ineurance proceeda shall be applied u? the auma eecured by thie Mortgage, with the exceaa, if any, paid to F3orrower. If the Property is abandoned by Rorrower, or if Borrower faila to F reapond to (.ender within 30 days from the date notice ie mailed by Lender to Borrower that the insurance carrier oftere to settle a claim [or ; insurance benefite, I.ender ia authorized to collect and apply the ineurance proceeda at I.ender's option either to reatoration or repair of the ~ Pmperty or the sums eecured by lhie Mortga~e. ~ Unleae I.ender and Borrower otherwiae agree in writing, any auch ap~lication of proceeda to principal ahall not e:tend or poetpone the due dese of lhe monthly inatsllmenta referred to in paregraphs 1 and 2 hereof or chenge the amount of auch inetallmenfs. If under paragraph 18 hereof the Property is acquired by I.ender, a11 right, title and inlerest of Rorrower in and to any ineurance policiea and in and to the proceede ~ thereof resulting from damage b Property prior to the sale or acquiaition ahall pase to Lender to the extent of the sums eecured by thie ` ~iort~a~e immediately prior to eucfi sale or aoquiaition. ` ~ 6. Preservetion and Maintenence of Property; Leaseholde; Condominume; Plenned Unit Developments. Borrower shall keep { the Property in good rnpair and bhall not commit waste or permit impairment or deterioretion of the Property and ahall rnmply with the ~ provieiona of any lease if this Mo~aqe ia on a leasehold. lf thie Mortgage ie on s unit in a oondominium or a planned unit development, ~ Fiorrower ehall perform all of Borrower's obliqationa under the declaration or rnvenante creatinqor governing the condominium or plenned s unit development, the bylaws and regulationa of the condominium or planned unit development, and constituent documente. If a condominium or planned unit development rider ie executed by Eiorrower and recorded together with thia Mortgage, the oovenants and aKreementa of auch rider ehall be incoryoratc~l intn and shall amend and supplement thecovenante and agreementeofthie Mortgageae if the _ rider were a part hereo! ~ Protection ot I.ender'e $ecurity. If Borrower taila to perform the oovenanta and agrcemente contained in thia Mort;ege, or if any j action or proceeding is commenoed which materiaUy effects Lender's intenst in the Property, induding, bnt not limited to, eminent domain. insolvency, oode entorcement, or arrangements or pe+oceedings involving a bankrupt or de~xden~ then Lender at Lender'e option.upon notice to I3orrower may mete such appearances, disbune such sum~ and take such action a~ u neoersary to protect Lender'~ interert, ~ including, but not limited to, disbursement ot reasonable attorney'e tees and entry upon the Property to make repairs. If Lender required 4 mortgage insuranoe as a condition ot making the loan secured by this Mortgage, Borrower shall pay the pre~ninms reqnired to maintain euch insurance in effect until such time as the requirement for such insurance terminetes in aceordance with Borrower's and Lender~ written agreement or epplicable I~w. Borrower shall pay the amount of all mortgage insurance premiuma in the manner provided under t pare~raph 2 fiereoi My amounts diebursed by Lender persuant to this paragraph 7, with interest thereon, ehall become additional indebtedness of = Rorrower secured by this Mortgage_ Unlesa Borrower and I.ender agree to other terms ot payment, euch amounte shall be payable upon notice from I.ender to Rorrower requeating payment thereof, and sha11 bear interest from the date of disbursement et the rate payable from time b time on outetanding principal under the Note unlese payment of interest at such rate would be oontrery to applicable law, in which i _ event such amounte shall bear interest at the highest rate permiaeible under applicable Iaw..Nothing contained in thu pera~raph 7, shall ' ~equire I.ender to incur any expense or take any action hereunder. • ~ `~~97 ~.,,E 925 eo~ ~ , ~ _ w . . _ . , . . - . ~ . ~'r