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Home My WebLink About0022 E3oROwer and l.ender covenant and agree ua fullowe: ~ ~ ' ' 1. Payment of E'rincipal and Interrat. l3cirruwer shiill pmmpQy pay when due the pri~cipa! uf nnd interrat un the indebtadnrx~s evidenced by the Nute, prepayment and lale chargea as pruvidc~l in the Nute, and the principal uf and interret uo any Futurr AdvAncea secured by this Mortgage. 2. ~tnde for Taxee and lnsurance. Subject to upplicnble luw ur ta a writirn waive~ bp I.ender, f3urrower xhail pay to IA nde~ on thr day monthly inatallmenta of principul and interret ure puyable under thr Note, until the Note ie paid in full, u aum Ihe~rin "Funda") eyuul to one twelfth otthe yes~ly taxes and naxeesaments which mpy attnin p~'ibrity over thia M~rtguge, und y~n~und rentx un the !'roperty, if uny, plue une- twelRh of yeurly prrmium installmenta [or hazard inaurance, plusonNtwelfth ofyenrly premium installmentx fur morlgt~ge inaurance, if any, all ae masonably eatimated initiall~ and from time to time by l.ender an the busis ot assrxsmenta and billx nnd ~e:uiunable estimatra thrreof. The i~'unda ahall be held in an inatitution the deposita or accounta ot which are inaured or quAranteed by a Federal or State x~ency (including l.ender if I.ender ia euch an institution). [.ender shall apply the Funda to pay said taxes, axaesamenta, inaurance premiume and ground rente. l.ender may not charge for eo holding and applying the Funde, analyzing said eccuunt, or verifying and compiling xaid / asaesamente and bille~ unlesn I.ender paya Borrower intereet on lhe Funds und applicable law permita I.ender w make auch a charge. E3orruwer and l.ender may agree in writing at the time of execution of thia Mortgage that interest on the P'unds ahall be paid to E3orrower, and unleae euch agreement ia made or applicable law requirea auch interest to be paid, l.ender ehall not be required to pay Borrower any interest or earnings on the Funda. Lender ehali give to Eiorrower, without charge, a~ annual accounting of the Funds ahuw~ing credita and debite to the RundR and the purpoae for which each debit to the F unda waa made. The F unda arn pledqed as additional aecurity for the aums eecured by thia Mortgage. ' Itthe amount of the ~nds held by Lender, togeiher with the future munthly inatallmenta of F unds payable prior to the due datea of taxes, aseessmenta, ineurance premiuma and ground rents, ahaU excred the amount required to pay said taxea, aseeasmenta, insurance premiuma and ground rents as they fall due, such e:ceaa ahall be, at Borrower's option, either promptly repaid to I3orrower or credited to Borrower on moothly inatallmenta of Funda. If the amount of lhe Funda held by l.ender ehall not be sufficient to pay taxea, aseeeamenta, inaurance pre~niums and ground rente as they fall due, Borrower ahall pay tn I.ender any amount necessary to make up the defirie~cy within 30 days from the date notice ie mailed by I.ender to Borrower requexting payment thereof. Upon payment in full of all auma secured by thia Mortgage, I.ender ehall promptly refund to E3orrower any funda held by I.ender. If under paragraph 18 hereof the Property ie sold or the Property is otherwiee acquired by I.ender, l.ender ahall apply, no later than immediately prior to the sale of the Prc,perty or its acquieition by Lender, any Funds held by [.ender at the time of application as a cndit againat the snms secured by this Mortgage. 3. Application ot Paymenfs. Unless appiicable law providea otherwiae, all paymenta received by I.ender under the Note and paragtaphs 1 and 2 hereof shall be applied by I.ender first in payment of amounta payable to I.ender by Borrov?er under paragraph 2 hereof, then to ifitereat payable on the Note, then to the princi~al of the Note, and lhen to interest and princtipal un any Future Advances. 4. Chargea; Liens. F3~rn~wer shaU pay all taxes, a.ssessments s~nd otherchargea, fines and im{wsiliuna attributable to the f'roperty which may attain a priority over this Mortgage, and lensehold pabrments or ground rents, if any, in the manner provided under para~aph 2 hereuf or, if not paid in such mxnner, by 13orrtiwer making payment, when due, directly to the payee thereof Borrower shali prompdy furnish to I.ender all notices of amounts due under this parugraph, and in the event Rorrower shall mnke payment directly.l3orrower shxll promptly tumish to I.ender receip~~ evidencing such paymentrs. I3orrower shall promptly di.cchnrQe any lien which has priority over this Mori}cage: pruvided, that &~rrower ahall not be required to discharge any such lien so long as Borruwer shaU aRree in writing to the payment of theobliKation secund by such lien in a manner acceptable to Lender, or shall in gc?od faith cuntest such lien by, or defend enforcrment of such lien in, lt*al pr~xeedinga which operate to prevent the enforcement of the lien or forfeiture of the Yroperty or F~ny part thereof. 5. Hazard Insurance. Borrower shaU keep the improvementa now existing or heceafter erected on the Piroperty insured againat loss b~ fire, hazarde idcluded within the term "extended cover~e," and auch other hazards as Lender may require and in such amounts and forsuch periods as l.ender may require; provided, that I.ender shall not require such rnverage amount eaceeding the minimum, as may be required by state or fecieral regulations governing activitiea of I.ender, or that amount of rnverage required to pay the sums secured by this Mortgage, whichever is the greater. ' ThP insurance carrier providinK the insurance shall be chosen hy liorrow~er subject d~ appro~•al by IAndeC pn~vided, that tiuch approval shall not be unreasr~nablv withheld_ All premiwnw on insurance pdicies shall tx~ paid in thr manner pruvidcd under paruKraph 'l herr~?f or, if not paid in such manner, by 13orrower makinK payment, when due, directlc to the insurance carrier. All inaurance policiea and renewals thereof ahall be in form acceptable to l.ender and ahail include a atandard mortgage clauae in favor of and in form acceptable to Lender. I.enderahall have the right to hold the policies and rrnewals thereof, and Rorrower shall promptly furnish to i,ender all renewal notice~+ and all receipta of paid premiuma_ In the event of loss, Born,wer ahall Rive prompt t~otice to the insurance carrier and I.ender. [.ender may make proof of loss if not made promptly by Borrower. Unlesa Lender and Burrower otherw~se agree in writinq, insurance proceeds shall be applied to restoration or repair of the Prnperty I'~ damaged, provided euch reatoration or repair is economically feasible and the aecurity of this Mortgage is not thereby impaired. If such _ reatoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insuiance proceeds shall be applied to the sums secured by this Mortgage, with the excexs, if any, paid to Borrower. If the Property is abandoned by Borrower, or if E3orrower faila to . respond to Lender within 30 days fmm the date notice is mailed by I.ender to Borrower that the inaurance carrier of~era to settle a claim for inaurance benefita, Lender ie authorized to coUect and apply the insurance proceeds at l.ender's option either to restoration or repair of the Property or the auma secured by thie Mortgage. Unleas Lender and Sorrower otherwise agree in writing, any such application of proceeds to principal aha11 not extend or postpone thedue date of the monthly installmenta referred to in paragraphs 1 and 2 hereof or change the amount of such inatallmente. If under paragraph 18 hereof the Property is acquired by Lender, all right, tide and interest of Borrower in and to any insurance policiea and in and to the proceeds thereof resulting from damage to Property prior to the sale or acquisition ahall pass to I.ender to the extent of the euma secured by this Mortgage immediately grior to auch eale or acquisition. 6. Preeervation and Maintenance of Property; Leaseholde; Condominuma; Plenned Unit Developmente. Borrower ahall keep the Property in qood mpair and ahall not commit waste or permit impairment or deterioration of the Property and shall comply with the pmvisions of any lease if thia Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Borroveer ehall perform all of Borrower'e obligations under the declaration or venants creatingor governing the condominium or planned unit development, the by-laws and regulatiuns of the condominium or ` anned unit development, and constituent documents. If a condominium or planned unit development rider ia executed by Bortower and recorded together with thie Mortqage, the oovenanta and aqreemeata of such rider shall be incorporated into and shall amend and supplement the covenants and agreementa of this Mortguqe as i[lhe rider were a part hereot. 7. Protection oi I.ender'e 3ecurity. If Borrower fails to perform the oovenante and agreemente contained in this Mortgage, or if any action or proceeding ie commenced which materially affecte Lender e intereat in the Property, including, but not limited to, eminent domain, ineolvency, oode enforcement, or arrangemente or proceedinge involving a bankrupt or decedent, then Lender at Lender's option,upon notice to Borrower may make euch appearancea, dieburee auch eums and take auch action ae ie neceseary to protect Lender s interest, including, bnt not limited to, diebureement of reasonable attorney's fees and entry upon the Property to make repaite. If I.endet required mortgage insnrance ae a rnndition of makinq the loan eecured by this 11~origage, Borrower ahall pay the premiume required to maintain such inaurance in effect until euch time se the requirement for such ineurance terminatee in accordance with Borrower's and Lender'a written agreement or applicable Law. Borrower ehall pay the amount of all mortgage insurance premiume in the menner provided under paragraph 2 hereof. . My amounte diebureed by Lender perauant to thia paragraph 7, with intereat thereon, ahall become additional indebtedneaa of Borrower eecured by thie Mortgage. Unleae $onower and Lender agree to other terme of payment, auch amounte ahall be payable upon notice from Lender to Borrower requesting payment theteof, and ehall bear interest from the date of diebureement at the rate payable from ~ time to time on outetanding principal under the Note unleas payment of intereet at auch rate would be rnntrary to applicable law, in which event auch amounte ehall bear interest at the highest rate permiaaible under applicable law. Nothing contained in thie paragraph 7, ehall require I.ender to incur any expense or take any action hereunder. ~ A ~p - ~ 3BL#'+~C.JO =~f~ ~ ~ ~ - - II : ~ ~ ~ ~ x ~ - - ..W _ . _ ` ` ' - -