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Home My WebLink About0799 . . i3orrower and Ixnder uovenant and a~ee a~ lollows: 1. Paymeot ot Priacipal and Intere~t. Borrower shall promptly pay when due the principal oi and intsrest on the indebtedneaa evidenoed by the Note, prepeyment and late charge~ aa pmvided i~ the Note, and the principal of and inteceat on eny Futun Advances secured by thu Mort~a~e. 2 Ftitad~ for Taue~ snd In~urance. Subject to applicable law or b a writte~ waiver by [.e~der, l3orrowe~ xhell pay to l.ender un the dey monthly itutallments of principal and interest are payable under the Note, uMil the Nole u paid in full, a eum (herein "F unda") equal to one~ twelfth of the yearly taxes and asseasmenta whirh mey attain priority over this Mortgage, end gr~,und renls on the Property. iiany, plua on~ twelRh of yearly premium inatalitneots for hazard insurance, plue onetwelRh oiyearly premium installments fo~ mortgage insurance, if any, sil ea reasonably estimated initiaUy and trom time to time by I.ender on the basis of asseasments and bills and reaaonabte estimates thereot. 'll~e P1u~ds shall be heW in an inditution ths depwita or aocounta oi which are insured or Quaranteed by a Federa) or 3tete agency (including l.ender if Lende~ i~ euch an u?stitution). I.ender shall apply the Ftinds to pay said te:es. essesaments. uuurance premiums and ge~onnd nnN. Lender may not charge fos so holdin~ and spplying the Fund~, analyzing said aocount, or veritying and compiling said as~ewmenta and bilb. unless Le~der pays Borrower inter~st on the Ftinds and appUcable law permits Lender to wake auch a charge. Borrower and I.enda may agree in writing at the time of e:ecution of thu Mortgage that interest o~ the Fi~nda shaU be peid to Borrower, and unleas such agreement ie made or applicable la~r requires such intereat to be paid Lender ahall not be required to pay Borrower any intereat os ~+arnings on the F~nds. Lr.nder shall give to Borrov?er, without charge, en annual acrnunting olthe Funda showing credita und debita to the Fuadi and the purpoee for which each debit to the I~Lnds wes made_ The Funds are plec{ged as additional security for the sums eecured by thia Mortga~e. If the amount of the ~Lnds held by l,ender, together with the [utnrs monthly installments of Funds payable prior to the due datea of taxea, aeaewments, insarance premiume and ground rente, ahall exoaed the amount required W pay eaid taxee, aseeasmente, ineuranoe predaiume and ground rents ea they [all due. such excea~ shall be. at Bonower s option, either prompUy repaid to Borrower or credited w Borrower on monthly inatallmenta of FLnds. If the amount of the Funds held by Lender shall not be sufficient to pay ta:es, asseeaments, insurance premiums and gwund renb as they fall due. Borrower shall pay to I.ender any amount neceeaary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thercoL Upon payment in full of all sums secured by thia Mortgage, Lender shall promptly refund to Eiorrower any funda held by I.ender. If under paragcaph 18 hereof the Property is wld or the Property is otherwise acquired by Lender, Lender shall apply, no laterlhan immediately prior to the sale oi the Property or its aoquisition by l,ender, any F1~nda held by [.ender at the time of application ae a credit againat the aums aecured by this Mortgage. 3. Application of Paymenb. Unless applicable law providea otherwiee, all paymenta received by I.ende~ under the Note and paragraphs 1 and 2 hereof shall be applied by Lender first in payment of amounts peyable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, thea to the principal of the Note, and then to intereat and principal on any Future Advarices. 4. Charges; Liens. Borrower ahall pay all ta~cee. aaseeementa and other charges, finea and impoaitionaattributable to the Property which . may attain a priority over this Mortgage. and leasehotd payments or grnund renta, if any, in the manner provided under psragiraph 2 hereotor, if not paid in auch manner. by Borrower making payment. when due. direct:y to the payee thereof. Borrower ehall promptly fumiah 10 l.ender all notices of amounts due under this paragreph, and in the event Borrower ahall make payment directly, E3orrower ehall promptly furniah to Lender receipta evidencing auch paymenta. Borrower shall promptly discharge any lien which has priority over this MortgaKe; provided, that Borrower ehall not be required to discharge any such lien so long ae Borrower ahall agree in writing to the payment of the obliqation aecured by such lien in a manner aeceptable to I.ender. or shall in good faith contest such lien by, ordefend en[orcement of auch lien in, legal proceedinga which operate to prevtnt the enforcement of the lien or forfeiture of /he Property or any part thereof. 5. Hazard Insnrance. Borrower shall keep the improvemente now existing or hereatter erected on the Property inaured againet lose by fire, hazarda included within the term "extended coverage." and auch other hazarda as I.ender may require and in euch amounta and [or such perioda ea Lender may require; provided. that Lender ahall not require auch ooverage amount ezceeding the minimum, as may be required by state or federal regulations governing activitiea of Lender, or that amount of coverage required Eo pay the aums secured by thig Mortgage, whichever ia the greater. The insurance carrier providinq the inaurance ehall be chosen by E3orrower subject to approval by I.ender, provided, that sueh approval shall not be unreasonably vrithheld. All premiuma on insurance pulicies shall be paid in the manner provided under paragraph'l hercotar, if not paid in such manner, by f3orrowec making p~yment, when due, directly to the inaurance carrier. All inaurance policiea and renewale thereof ehall be in form acceptable to [.ender and shall include a atandard mortgage clause in favor of and in form acceptable to Lender. I,ender ehall have the right to hold the poliriea and renewale thereof, and Borrower ehell promptly furniah to [.ender all renewal notices and ap receipts of paid premiume. In the event uf loss, Borruwer shall give pmmpt notice to the insurance carrier and Lender. Lender may make proof of'lose if not made prompdy by Borrower. Unless Lender and Horrower otherwise agree in writing, inaurance proceeda ehall be applied to restoration or repair of the Property f dameged, provided auch reatoretion or repsir ie econanically feasibie and the security of this Mortgage ie not thereby impaired. If auch i reatoration or repair ie not economically feasible or if the security of this Mortgage would be impaired the insurance proceeds ahall be applied !E to the suma stcured by thia Mortgage, with the exceae, if any, paid to Borrower. I[the Property ia abandoned by Borrower. or if Borrower faila to I respond to I.ender within 30 days from the date notice ia mailed by Lender to Borrower that the inaurance carrier offere to settle a claim for insuranoe benefits. Lender is anthorized to rnllect and apply the ineurance proceede at Lender s option either to reatoration or repair of the Property or the sums eecured by this Mortgage- Unlesa Lender and Borrower otherwiae agree in writing, any euch applicstion of proceede to principal ahaU not eztend or poetpone the due date of the monthly installments referred to in paragrephs 1 and 2 hereof or change the amount of such inatallments. If under paragraph 18 ~ hercol the Property ia aoquired by Lender, a!1 right, title and interest of Borrower in and to any ineurance policiee and in and to the proceeda thereof resulting from damage to Property prior to the sale or aaquiaition shall paae to I.snder to-the estent of the sums eecured by thia ~ Mortgage immediately prior to euch sale or aoqniaition. 6. Preservation aad Maintenance otProperty; Leaseholda; Condominums; Ptanned Unit Developments. Borrower shali keep the Property in good repa'u and shall not oommit waete or permit impairment or deterioration of the Property and ehall comply with the pmviaions of any leaee if this Mortgage is on a leasehold. If thie Mortgage is on a unil in a wndominium or a ptanned unit development, Borrower ahall perform all of Borrower's obligationa under the declaration or rnvenante creatingor governing the condominium or planned ~ unit development, the bylawe and regulations of the rnndominium or planned unit development, and conatituent documenta. If a condominium or planned unit development rider is e:ecuted by Borrower and recorded together with thie Mortgage, the oovenante and agreements of such rider shall be incorporated into and ehall amend and eupplement the covenanta and agreeinente of this Mortgage as if the rider were a part hereof. 7. Protection of Lender't Securitr. Ii Borrower faila to perform the ooveaants and agreemente oontained in this Mortge~e. or if any action or prooeeding is commenoed which materially affects Leader s interest in the Proputy, including, bnt aot limited !o, eminent domain, insolvtncy, oode enforcemeat, or arrangements or peoc~eding~ involving a bankrupt or deoedent, then I.eudes at Lender't opdon,upoa ~ notioe to Barrower may make such appearancea, diaburae such sumi aud take such action es is neoesasry to protect Lender's interest~ ~ inclnding, bnt not limited to, disbureement of nasonable attorney's fees and entry upoa We Propedy to make repain. If Lenda required mortgage insurance as a rnndition of making the loan secueed by this Mortgage, Borrowet shall pay the pe~emiuau required to maintain ~ snch insnrancx in effect until such tiane as the requirement tor such inauranoe terminates in aocordanoe with Bor~ower's and I.endd~ written a~reement or applicable Law. Bormwer shaU pey the amou+n-t ot all mortgage insurance premiums in the menn~r provided under ~ paragraph 2 hereoL ~ ~ My amouaLs diebursed by Lender persuant to this paragraph 7, with intereat thereon, ehall beoome edditional indebtedness of payment, auch amounts ehall be payab)e u ~ Borrower secured by thia Mortgage. Unleas Borrower and I.ender agrce to other terms of pon ~ notioe from Lender to Borrower requesting payment thereot and ahall bear interest from the date of diabureement at the rate payable from time to time on outetanding principal under the Note nnleae payment of interest at such rate would be oontrary to applicable law, in which ~ event such amounts shall bear intereat at the highest rate permisaible under epplicable law. Nothing contained ia this paragraph 7, ehall ~ require Lender to incur any e~cpenee or take any action hereunder. B~Cf ~~O YAGE 7t~ ~ . ~ ~ ~ ~ . _ _ _ _ _ . ~ ~s.~„ _ _ - ~ w~.. . ~