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Home My WebLink About0045 ~ ~ ~ Borruwer and l.ender covenent and agree ae fullows: l. Payment of 1'ri~eipal and lntereet. I~c,rruwer ehnll promplly pay when due the princip~.: of nnd inte~ret on the indrbteclnrxa evidenced by the Note, prepayment and late chargee as pruvidcd in the Note, und the principnl otand inte~est on uny F uture Adv~ncea necu~ed by this Mortgage. 2. Funde forTaxes and l~eurance. ~ubjecl to upplicublr luw or to a writlrn wuiver by I.ende~, liurruwer ahnll puy to IAnder on theday monthly instxllmenta of principt~l und interest ate puyuble undrr the Nute, u~til the Nute ia puid in full, i~ aum Iherrio "Funde") equal to unP twelfth of the yea~ly t~?xre nnd a+asesamente which may attuin priority ova~ this hlurtgage, und ground rentx on ihe Pruperty, if any, plua unt tweltth of yearly premium installmentx for haznnl inNUrnnce, plue~ onPiweltth ofyetirly premium inatullmrntei for moirlgugc insurunce, if any, all iia reseonably eatimated initiaUy und from time to time by I.rnder on the baaia of ueaexsments nnd bills und rrasonxble ealimutex therrof. The Funde shall be held in an inatitution the depueita or accounts of which are inaured or guaranteed by a Federal or State agency (including l.ender if I.ende~ is auch an institution). l.ender shall apply the Funda to pay said taxee, assexamente, ineurance premiums and grouad renta. l.ender may not charge fo~ eo holding and applying the Funda, analyzing eaid account, or verifying and c~,mpiling said ~ asseeamentx and bills, un~exa l.ender paye E3urrower intereal on the Funde and applicable luw permita I.ender tn make euch a charge. Rorrower and l.ender may agree in writing at the time of execution of thia Mortgage that intereat on the F unda ehall be paid to ~3orrower, and unlesa euch agreement ie made or applicable law requires euch intereat to be paid, I.ender ahall not be required to pay Burrowe~ any interest or earningd uh thr i~'unde. I.rnder e?tiail givr tu ~~rruwet, withoat char~e, an annu~i ~ctivvnting of the ~unds ahawinq crs,iits and debita tu tt~r Funda and the purpoae foc which each debit to the Funds wua made. The F unda are pledged as udditional security for the aume aecured by thie Mortgage. lf the amouwt of the Funda held by Lender, together with the future monthly inatallmenta of Funds payuble prior to the due dates ottaxea, asaesaments, inaurance prnmiume and ground renta, ahall excaed the amount required to pay suid tuxea, aaseaemente, ineurance premiume and ground rents aa they fall due, auch exceas ehall be, at Ro~TOwe~'s option, either promptly repi?id to t3orrower or credited to Borrower on monthly inatallmenta of Funda. If the amount of the Funda held by I.ender ahall not be aufficient to pAy taxes, asaeasmenta, inaurance pre~niuma and ground renta as they tall due, Borrower ahall pay to l.ender any amount necessary to make up the deficiency within :i0 days from the date nulice is mailed by l.ender to Ei~?rrower requesting paymeot thereof. Upon payment in full of all aums aecured by thia Mortgage, I.ender ahall promptly refund to E3orrower any funda held by I.ender. If under paragraph IA hereof the Property ia sold or the Property ia otherwise acquired by l.ender, l.ender ahall apply, no later than immediately prior to the sale of the Property or ita acquiaition by I.ender, any Funds held by I.ender at the time of application as a credit againat the aume secured by thie Mortgage. Applieation of Paymente. Unlesa applicable law providea otherwiae, all payments received by l,ender under the Note and paragraphs I and 2 hereof shaU be upplied by I.ender firet in payment of amounts payable lo I.ender by liorrower under paragraph 2 kermf, then t~ intereat payable on the Note, then to the principal ot the Note, nnd then to intereat and principal on any Future Advances. 4_ Charges: Liene. Borrower shali pay all taxea, assessments und other charges, 6nes and impusitiuns altributable k? the Property w•hich muy attnin a priority over thia Mortgage, and leasehold payments or ground renta, if any, in the manner provided under parn~aph 2 here~,f or, i[not pt?id in such manner, by Borrower mAkinK payment, when due, directly to the puyee thereuf. Burn~werahall promptly furnish to l.ender all nutices of amuunts due under this paragraph, and in the erent I3orrower shall make pt~yment direcU~~, Korn?wer shall promptly furnixh to I.ender rereiptx evidencing such payments. f3orrow•er shali promptly discharge any lien which has priority o~•er this MortKage; pm~•ided, that E3orrower shull not be requirecl to dischurge any such lien so tung as E3orrower shaii agree in writing to the puyment of theobligution secured by such lien in a manner acrnptable tu I.ender, or shall in ti~N~d faith rnntc~t such lien by, ordefendenfi~rcementofsuch Gen in, legal proceedings which operate to prevent the enforcrment of the lien or forfeiture of thf• Pmperty or nny part thereof. 5. Hazard Ineurance. E3orrower shail keep lhe improvementa non existing or hereafter erected on the Property insured against lusa by fire, hazarda included within the term "extended coverage," and xuch other hazards ae [.ender may require and in such amounts and for such periods as I.ender may require; provided, that I.ender ahall not requirr such rnverage amount exceeding the minimum, as may be required by state or federal regulationa gaveming activities of I.ender, or thal Amount of coverage required to pay the aums aerured by this Alortgage, whichever is the greater. The insurance camer pro~•idinK the insurance :+hall tx chu~en b~• 13urrow•er subject u~ a~ppro~•al by I.ender; pruvided, thnt such .?pproval shall not t?e unreaw~nxbh~ w~ithheld. All premiums on insurance p~~licies shaU t?e paid in the manner pnrvidecl under paraKraph 2 hercYif or, if not paid in such manner, by I~rruwer ma!cin~ paymi~nt, w•hen due, ~iirectly la the insurance carrier. All insurance policies and renewals thereof shaU be in form acceptable to l.ender and shall include a atandard mortgage clause in favor of and in form acceptable to I.ender. I.ender shpll have the riRht to hold the policiea and renewals thereof, and Borrower shall promptly furnish to i.ender all renewa) notices and all receipla of paid premiums. In the event of loss, l3orruwer shall qive prompt notice to the insurance carrier and Lender_ I.ender may make proof of loa4 if not made promptly by Borrower. I Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or repair of the Property damaged, provided auch restoration or repair is econorr~ically feasible and the security of this Mortgage ia not thereby impaired_ if auch reetoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance prooeeda shal) be applied lo the sums secured by this Mortgage, with the excess, if any, paid to Eiorrower_ If the Property is abandoned by Rorrower, or if Borrower fails to ~ - reapond to Lender within 30 daya from the date notice is mailed by I.ender to I3~rrower that the insurance carrier offers to settle a clnim for i insurance benefite, [.ender is authorized to collect and apply the insurnnce proceeda at I.endei s option either to restoration or repair of the Property or the suma secured by this Mortgage. Uniess I.ender and Borrower otherwise agree in writing, any such application otproceeda to principal sha11 not extend or postpone the due date of the monthly instaliments referred to in paragraphs 1 and 2 hereof or chanqe the amount of auch installmenta. If under paragraph 18 hereof the Property is acquired by Lender, all right, title and intereat of Aorrower in and to any insurance policies and in and to the proceeda thereof resulting from damage to Property prior to the sale or acqu~eition ahaU pasa to Lender to the extent of the aums secured by thie Mortgage immediately prior to such sale or acquiaition. 6. Preeervation and Maintenance of Property; Leaseholde; Condominums; Planned Unit Developmenta. I3orrower ahall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and ahall comply with the proviaiona of any lease if this Alortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit de~•elopment, Borrower shali perform all of Borrower's obligationa under the declaration or covenants creatinRor governing the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documenta. If a condominium or planned unit development rider is execut~d by Borrower and recorded together with this Mortgage, the oovenante and agreementx of such rider shall be incorporated into and ehall amend and supplement the covenants and agreementa of this htortgage as if the rider were a part hereof. 7. Protection of Lender'e 3ecurity. If Borrower faile to perform the covenanta and agreemente rnntained in thie Mortgage, or if any aMion or proceeding ie commenced which materially affects Lender a intereat in the Property, including, but not limited to, eminent domain, ineolvency, oode enforcement, or arrangementa or proceedinge involving a bankrupt or deoedent, then Lender at Lender e option,upon notice to Borrower may make auch appearancee, diaburae euch aums and talce euch action as iB necessary to protect Lender's intereat, including, but not limited to, diebureement of reaeonable attorney e fees and entry upon the Property to make tepairs. If I.ender reqaired mortgage ineurance ae a condition of making the loan eecared by thie Mortgage, Borrower ahall pay the premiuma ~required to maintain auch ineurance in effect until euch time ae the requirement for such inaurance tetminatee in accordance with Borrowrr's and i.ender's written sgreement or applicable Law. Borrower ehall pay the amount of all mortgage inaurance premiume in the manner provided under paragtaph 2 hereof. Any amounte dieburaed by Lender perauant to thia paragraph 7, with intereat thereon, ahall bcti.~ome additional indebtednees of Borrower secured by thia Mortgage. Unleae Borrower and I.ender agree to other terme of payment, such amounte shall be payable upon ~ notice from Lender to Borrower requeeting payment thereof, and shaA bear intereet fmm the date of dieburaement at the rate payable from ~ time to time on outstandinq principal under the Note unleas payment of intereat at euch rate would be contrary to applicable law, in which j event euch amounte ahall bear intereet at the highest rate permisaible under applicable law. Nothing contained in thie paragraph 7, ehaU ' require Lender to incur any expenee or tske any action hereunder. ~ - UQ ?Q~ - 50C~( vp i'~Lf ~ r~ ~ r-. ~ t : _ . . . ~ ~ ~ ~ ~~'~~,~~~~~~7~ , ~ ~ ~ - . ` . ~