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Home My WebLink About0803 Borrower and Lender covenant aod a~ree aa followi: 1. Psymeat of Priucipal and Intere~t. Borrower shall prompdy pey when due the p:inapal of and interat oa tM iadebtedneas evidenced by the Note. prepeymeM and late char~ea aa provided in the Nate, and the prindpal of and iateeest oa aay Pbture Advance~ ~ecwred by thiu Mort~a~s. a. FY~t~da for Tsse~ and Insurwaoe. 3ubject to applicable law or to ~ written waiver b~r l.ender, Borrovre~ shall pay to t<nder on the dey monthly ins/allments of priacipal and intere+t are pe~yable under the Note, unW the Note is psid in tuU. a sum Il?ereia "Etinds'~ equal b oa~ twelfth of the yearly taxes and aseeaamenta which may attain priority over this MotiQaQe, and Qround renta on the Property. if any. piu~ ons twelfth of yearly premium installmenta for hazard iruurance, plw onatwelRh oiy~rty pcemium installme~iu [or mo~age in~urancr, ilany, all a~ reasonably estimated initially and hom tirr?e to time by Lender on the buia of a~es~ments and hilb and reawnabk estimates thereof. The I~1~nds shall be held in an institution ehe deposib or aooounts of which are inaued oe gusnaeesd by ~ Federal or 3tate a~ency (includin~ Lsnder ii Leader is such an in~titution). Lender ~haU apply the Funds to pay said t~es, saea~meat~, iasnrance premiums and ground rent~. Lende~ may not chsrge for eo holdin~ and applyinQ the Ftinds. analy:in~ ~aid account~ or verifyin~ and caapilin~ said aisa~amenta and biW. unlc~s [.ender peyn Borrower intenst oa the Ftinds and epplicabk la~r permib I.eAder to make wch a char~e. Borrower abd I.ender may agree in writing at the tuae o[ execution of thu Mort~age that iater~st a~ tl~e E1nds s6a11 be paid to Aorrower. and unla~a such s~reemeat ia made or applicable law requires such intar~: 6e paid, L~nder shaU not be eeQnired to pgy Borrowrer any iatere~t or ~ earnings on the ~nds. L.ender shall give b Borrower. rvithout charge, an annual acoountinQ of the Fnnds slwwin~ credit~ and debits to the Fund~ end the purpose for which each debit Lo the Fti?nds was made.'R~e Funds are pkdQed eu additioaal ~curity fo~ tl~e s~ ~ecured by tF~i~ f ~~~e, r ' Ii the amount of the I~tnds held by Le~deT, together with the future wouthly inatallmeuts of Funds psyabk prior w ehe due dates of t~e~, j assesamenb. insurance premiums and ground rents, shall esoaed the amonnt reqnired to pay said ta~cea. as~wnenta. iainrance premiums ~ and ground eeats as they tall due, snch e~oess shall be, at Borro~i ~ optioa. eiWer proraptly repaid to Borrowet or aeditcd to Borrower on monthly iiuWlments of Ptinds. If the amount of the Funda hcld by Lende~ shaU aot be suf'bdeat to pay ta~e~. aase+~ments. uuurance peemiums and ground rents as they faU due. Bosrower shall pay to I.ende~ aay amount aeoaeary ta make up the deficiency within 30 days ; from the date notioe is mailed by Lender to Borrower requesting payment thereof. ; Upon payment in fuU of alt swns secured by this Mortgage, [.ender shall promptly refiu~d to Borrower any tunda beld by Lend~. Uuader ~ paragreph 18 hereof the Property is sold or the Property ia otherwise aoquireii by L,eade~. L.endrr shall apply. ao later than immediately prior i to the aale of the Prope~ty or ita aoquiaition by Lender. any I~nda held by Lender at the time otspplication as a credit egainat We swns secured _ ~ by this Mort~a~e. - , ~ 3. Application ot Paymeata. Unleas applicabk law provide. otherwise. all payments rereived by Lend~ ander the Note and -.r paragrephs 1 end 2 hereof shall be applied by Lender firat in payment of amounts payable W l~eader by Bo~r~ower nnd~ paragraph 2 hereof. ? then to interest payabte on the Note, then to the principal of the Note, and thea eo inter~t aad princapal oa any Future Advancea. 4. Charges; Liene. Borrower ehall pay all ta:ee, assessmenta and otfier chargea, finea and impositiona attribatabk to the Property which t may attain a priority over this Mortgage, and leaeehold payments ar ground renta, if any. in the manner provided nader paragraph 2 hereotor, if not paid in auch mannez, by Borrower making payment, when due, directly to the payee thereof. Bormwer ehaU p~~omptly furnish to Lender ; all noticee of amounte due under thia paragraph. and in the event E3orrower sha11 make paymeoi dircetly. Bormwer shall promptly furnieh to ~ I,ender receipta evidencing auch payments. Borrower ehall promptly diacharge any lien w+hich has priority over this Mortgagr; provided, that F3orrower shall not be required to diacharge any such lien so long as Borrower aha11 agne in writing to the psyment of the obligation secured by euch lien in a manner aoceptable to I.ender, or ehall in goad faith contest such lien by, or defend enforcement of such lien in, legal procee~ings which operate to prevent the enforcement of the lien or torfeiture ot the Property or any part thereof. 5. Hazard ta.urance. Borrower ahall keep the improvemente now e~ciating or hereaRer e~ected on the Property insurid againat loes by ~ fi~e, hezards included within the term "estended coverage,° and auch other hazards e~ l.ender cnay reqaire and in such umonnta and for such = periods aa Lender may require; pmvided, that Lender shall not require such oovaage amount e:ceeding the minimnm, aa may be required by ~ etate or tederal regulationa goveming activitiea of Lender, or that amount of eoverage required to pay the sums secored by thie Mortgage, ~ ~ whichever ia the greater. The insuranoe carrier providing the inaurance ehall be chosen by f3orrower subject to appro~ al by I.ender,' provided, that auch approval ~hall not be unreasonably withheld_ All premiuma on inaurance policies shall be paid in the manner provided under paraqraph'l hereof or, if not paid in such manner, by Borrower makinq payment, when due, direclly to the insurance carrier. All inauranoe poliaea and renewala thereof ahall be in form acceptable to Lender and shaU inclade a standard mortgage claoae in favor of ~ and in form acceptable to Lender. I:ender shaU have the right to hoW the poGciea and reaewala thereof, and Borrower ahall promptiy furnieh to ixnder al) renewal notices and all receipts of paid premiums. In the event of loss, Borrower ehaU give prompt notice w the ina~uance cerrier f and Lender. Lender may make proof of loea if not made pmmptly by Borrower. ~ Unleee Lender and Borrower otheewise agree in writing. insuranae proceeds shall be applied to restora6oa or repair of the Property ~ damaged. provided such restoration or repair is economically feasible and the security of this Mortgage u not thereby impaired. It such ~ reatoration or repair is not economically teasibie or if the secarity of this Mortgage vrould be impaired, the inanrance prooeeda shall be applied f w the sums secured by thia Mortgage, with the eucees. J any. Vaid to Borrovver. If the Property is sbandoned b~ Borrawer. or if Borro~rer fails to ~ ! reepond to I.ender within 30 deys from the date notice is mailed by Lender to Sorno~re: that tbe inwrance carri~ oBer~ to eettle a claim for insurance benefita, Lendu is authorized to collect and apply t6e ineurance pro~eeds at I~ender'a option ather to restoration or repaic of the ; ~ Property or the suma secured by this Mortgege. ~ ~ Unlesa I.ender and Borrower otherwiee agree in writing, any such applicatioa of pmoeeds to pcindpal ahall oot ~tend or postpone the due ~ a date of the monthly installmenta referr~d to in paragrapha 1 and 2 hereof or change the amonnt of such inataliments. !f unda paragraph 18 ~ hereof the Peoperty ia acquired by Lender, all right, title and interest of Borm~ver in and to any insuranoe policies and in and to the proceeda ~ E thereof reeulting from damage to Property prior to the sale or acqwsitioa ahall pasa to I.ender to the atent of the sums secured by thie ~ Mortgage immediately prior to such sale or aoquiaitibn. ~ Q 6. Preservation aad Maiotenance of Property; I.easeholds; Condominams; Planned Uait De.welopmeata. Barrorva ahall keep ~ the Properly in good repair end shall not commit weate or permit impairment or deterioration of the Ptopecty and shaU oomply with the ~ provisiona of any lease if thia Mortgage ie on a leseehold_ If this Mortgage ia on a anit in a aondomirunm or a plauned nnit development, i ~ Borrower ahall pertorm all of Borrower'e obligations under the deciaration or aovenanfa creatingor governing the oondominium or planned ~ ~ unit development, the by-lawe and regulations of the condominium or planned unit devdopmen~ aod eoastitnent documeats. It a ~ condominiam or planned unit development rider ie e:ecuted by Borro~ver and reoorded tagether w+iW this Mortga~e, tbe avvmante and ~ agreemente of auch rider shall be incorporated into and shall amend and aupplement the oovenants and agte.~emente of thia Mortgage sa if the ~ rider were a part hereof. ; g Peotectioa ot Leoder'r Security. If Borrowe~ feils to pa~[orm We aoveaaab and aareement~ aontaiaed in tbis Moit~aQe. or if any i ~ action or proceeding u coanmenoed which maLerially affecte Lende~s in~ in the Proparty. indudinS. but not limited to. emin~t domain, iniolvency. oode eaforcemen~ or arrangemenL or pmceedings involvin~ a banluvpt a~ decaim~ tbm I~ader at [.ender'~ option,npon _ notioe to Bo~rnmwer may roake snch appearencxs. diabune such snm~ and tate wch aetion as is neoarary to proted La~dac'~ interes~ = incCading, ypt not limited to. disbareement of reasonabte attoTneyr's fee~ and entry apon tbe Peopa~ty to ma1~e repain_ It I.eader reqnired = mortgage insntanoe as a condition of making the loan secared by Wis Mort~ag~ Borrawer ~hall pey tbe pe~emium~ reqaired to msintain ~ ~nch iiuuniace in effect until such time e~ the requinme~t for such in~aranoe taminates in aeooe~danoe with Boaowd~ and Leadd~ written a~reeuu~t or applicabk Law. Borrower shall pay the amonnt of all mortgage insaranoe preminms in tbe manna p~ovided nnda ~ = PareBraph 2 hereoL ~ ~ Any amounts disbursed by Lendez persuant to thia paragraph 7, writh intere~t the:+eon. ~ha11 beoome additional i~debtednw of # ~ Borrower ~ecvred by this Mortgage. LUnleas Borrower and Lender agree to other te:ms of paymeat, ~nch amoonts s~a11 be Peyabk upon ; ~ notice from Lendrr to Borrower requesting payment thereof, and shall bear interwt from the date of diaburse~ent at the nLe payabk fmm ~ time to time on outatanding principal under the Note unlear payment of intere~t at such rate wonld be aontnry to applicable law. in whic6 ~ event such amounb shell bear intereat at the highest rate permiesiWe under applicaWe law. Nothing oontained in this pua~raph 7. ahall require Lender to incur sny ~pense or take any action hereunder. a ~ ~ ; I t ~ F ~~7V VUV ~ Bi1~ ~c Fa6F ' ~ Y . _ ~ _w ; - - - - _ _ ~ = ~ ~ ..w ~ ~