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Home My WebLink About0807 Borrower snd Lender cove~a~t and a~ree a~ follows: 1. Payment of PAncipal ~~d lntereat. Borrowe~ shall promptly pay when due the principal of and interest oa 1he indebtednes~ evidenoed by the Note, prepaywent and late chsr~es as provided in the Note, and the principal oi and intereat on any Ftiture Advance~ ~ecured by this Mort~a~e. 2 P1tad~ for Tuea snd In~urance. Subject b applicable law or b s written waiver by l.e~der, E3orrower ehall pay to I.ender on the day monthly installmenla of principal and intereat are payable und~ tfie Note, until the Note is paid in full, a ~um (he~ein "I~'unda") equa! to ons twelfth oi the yearly tiuces and as~eaemeate which may ettain priority over thia Mortgage, and ground cents on the Property, if ar?y, ptw onc tweltth of yearly premium installments for hezard insurance, pluaonetwelfth ofyearly premium inatalimenta for mortguge inaurance. if any, all as reaeonably e+stimated initially and trom time to time by l.ender oa the baais of aseeasmente end bills and reaeonable estimates thereoL '(~e Fl~nds ahail b,e i~ld in e?n institution the depoeib or accounti of which ars insured or gueranteed by a Federal or 3tate agency (including Lende+r if Lender iu ~uch an institution). I.ender shall apply the F uads to pay said taxe~, asseasments. insuranoe p~emiuma and ~e~ound nnb. Leader m~y not charQe for so holdin~ and applying the Ptiunds. analyzinQ said account, or verifying and rnmpiling said asse~sments and bilb, unlcs~ I.ender paya Sorrower interest on the ~nds and applicable law permits Lender to make such a charge. Sormwer and Lender may agree in writing at the time of eaecution of thia Mortgage that inee~est on the Funda ahaU be pai+d to Borrowar, and unless snch a~nement is made or applicable lsw requirea ouch inter~st b be paid, I.ender ahell not be required to pay Borrower any interest or earningr on the 1~1ndi. I.ender shall give to Borrower. without charge. an annual acoounting o[ the Funda showing credits and debits to the t~inds aad the purpo~e !or which each debit to the Ftinds was made. The Fnnde are pledged as additional security for the sumi eecured by this Mott~age. ~ I~the amonnt of the Ptinds held by I.ender. together with the future monthly installmenta of Funda payeble prior to the due dates of tauea. asaeaameate. insuranoe preiniume and ground rents, shall ezc~red the amount raquired to pay aaid taxes, assesaments, inaurance premiums end ground rents ea they [all dne, ~uch e:cess shell be. at Bonower s option. e'sthes pmmpdy npaid to Sorrower or credited to Borrower on monthly installments of FLnds. It the amount of the Funds held by [.ender shali not be sufficient to pey taxes, asaeesments, inaurance premiums and ground rents as they fall due. Borrower shall pay to Lender eny amount neceasary to make up the deficiency within 30 daya from the data ~?otice is mailed by Ler?der tfl Borrowar requestin8 P~yment thereof. Upon payment in full otall sums secwed by thia Mortgage. I.ender shall promptly refund to Borrower any funds held by [.ender. If under paragraph 18 hereo! the Property ia sold or the Property is otherwise acquired by Le~der, Lender shall apply, no later than immediately prior to the sale ot the Propedy or its aoquiaition by Lender, any PLnda held by Lender at the time of application ae a credit againat the eums secured by thia Mortgage. ~ 3. Applicatioa of Paymenb. Unless applicable lew pmvidea otherwiae. all paymente received by L,ender under the Note and paragraphs 1 and 2 hereo! shall be applied by [.ender firet in payment of amounts payable to Lender by Borrower under paregreph 2 hereof, ~ then to intereat payable oa the Note, then to the prinripal of the Note, and then to interest and principal. on any Futun Advancea. 4. C6argea; I.iens. Borrower ahall pay all ta:es. easeesmenta and other charges, finee and impositions attributable to the Property which may attain a priority over.thie Mortgage, and leaeehold paymente or ground rents, if any, in the manne~ provided under paragraph 2 hereof or. if not paid in auch manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shnll promptly furnieh 40 [.ender all notices of amounte due under this paragraph, and in the event Borrower shall make payment direMly, EZorrower ahall promplly furnieh to Lender reoeipta evidencing auch paymenfa. Borrower ahall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower ahall not be required to diacharge any such lien ao long as Borrower ehall agree in writing to the payment of theobligation secured by such lien in a manner acceptable to Lender. or ahall in good faith contest auch lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the entorcement of the lien or [orfeiture of the Property or any parC thereof. 5. Hazard Insuranoe. Borrower sha11 keep the improvements now euieting or hereafter erected on Ehe Property inaured againat loea by fire, hazarde included within the term "ractended coverage," and such other hazarde as Lender may require and in euch amounte and for auch periads as I.ender may,cequire; provided. that Lender ahali not requirn anch coverage amount ezceeding the minimum, as may be required by Btete or federal regulations governing activitiea of Lender, or that amaunt of coverage required to pay the aume aecnred by thia Mortgage, whichever is the greater. ! The insurance carrier providinq the ineurance shall be chosen by I3orrower subject to approval by I.ender, provided, that such approval ; ahall not be unreaeonably withheld. All premiume un insurance policies sht+ll be paid in the manner provided under paragraph 2 hereof or, if ± not paid in such manner, by Borrower making payment, when due, directly to the inaurance carrier. All insurance policies and renewale thereof ahal) be in form aoceptable to l.ender and ahall include a atandard mortgage clauee in favor of and in form acceptable to I.ender. Ltnder shall have 1fie right to hold the policiea and renewais thereof, and Bonowet ehall promptly fumieh to i.ender all nnewal notices and all receipts of paid premiums. In the event of lose, Borruwer ehall give prompt notice to the inaurance carrier and Lender. I.ender may make proof of loss if not made prompdy by Borrower. . Unfeaa Lender and Borrower otherwise agree in writing, insurance proceeda shall be applied to reatoration or repair of the Property ° ( damaged, provided such reatoration or rn~air ia economically feaaible and the security of thia Mortgage ie not thereby impaired. If auch reatoration or repair ia not economically feasible or jf the eecurity of thie Mortgage would beimpaired, the ineutance proceeds shall be appGed ~ W the eume secured by thie Mortgage, with the exceas, if any, paid to Borrower. If the Property ie abandoned by Borrower, or if Borrower fails to ~ respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the ineurance carrier offere to settle a claim for i insnrance benefits, Lender is authoriud to collect and apply lhe insurance proceeds at I.endei e option either to restoration or repeir of the Peoperty or the aums eecured by this Mortgage. Unieas Lender and Borrower otherwiee agree in writing, any such application otprooeede to principal ehalJ not e:tend or poatpone the due } dete ot the monthly installmenta referred to in paragsaphs 1 snd 2 hereof or change the amount of auch inetal?mente. If under paragraph 18 y hereof the P~vperty is aoquired by Lender. all right, title and interesL of Borrower in and to any inaurance policiee and in and to the proceede ~ thereof reaulting from damaBe to Property prior to the sale or acquisition shall peaa to l.ender W the e:tent of the aums secured by this Mortgage immediately prior to such sale or aoquisition. ~ ~ 6. Preservadon and Maintenance otProperty; l.easeholds; Condomioums; Planned Unit Developmeata. Botrower aha{I keep ~ the Property in good repair and ehall not rnmmit wa8te or permit impairment or deterioration of Lhe Property and shall compiy with the pmvisions of any leaee if ihie Mortgage ia on a leasehold. If this Mortgage ia on e unit in s oondominium or a planned unit development, Borcower shall pertoran all of Borrower's obligations nnder the declaration or covenants creatingor governing the condominium or planned unit development, the bylaws and regulationa of the oondominium or planned unit development, and constituent documents. If a i oondominium or planned unit development rider ia e:ecuted by Borrower and recorded together with this Mortgage. the oovenante and ~ egreementa of auch rider ehall be inrnrporated into and shall amend and aupplement the covenante and agreementa of this Mortgage as if the 7' rider were a part hereof. ~ Protection ot Lendet'~ Secnrity. If Borrower fails to per[orm the oovenante and agreementa oontained in thia Mortgage. or if eny action or prooeeding is oommenoed which materially affects Lender'~ intereaL in the Property. incinding. but not limited to, eminer~t domain, inaolveacy. oode ez~torcement, or arrengements or pmcxedinga involving s bankrupt oT deeedent, then Lender at Lendds option.upon ~ notioe to Borrower may majce such appearances. disburse sach euma and take auch action a~ is naoe~sasy to pmtect Lwder's intare~t, incloding, bni not limited to, disbursement ot reasonable attorney's fees and entry upon the Property to melce repair~• If Lender required ~ muttBaBe uuuranoe as a oondition ot mating the loan secared by this Mort888~. Borrower ehall paY ~ Premiums required to maintain snch insuranca u? d~ect nntil ench tiane aa the requirement for sush inaurance ttrminates in aoco=dance w+it~? Borro~+ds and Lender'~ 3 written agreement or applicabk Law. Borrower shaU pay the amoant of all mortgege insurence pr~niuma in the manner provided und~r Pare~rePh 2 ha~eof. : Any amous~ts disbursed bY ~nder penuant to thia P~agreph 7, with interest thereon. shall beoome additional indebtednesr ot Borrowrr secured by this Mortgage. Unlees Borrower and L.ender agree to other t~erms of psyment, such amounta shaU be payable upon ; notice from Lender to Borm~ver requeeting payment thereof, and shall bear intereat from the date of disbursement at the rate payable from time to time on out~tanding principal under the Note nnless payment of intereat at such rate would be oontrary to applicable law, in which ~ event such amounts shal! bear intecest at the highest rate permissible under applicable faw. Nothing oontained in this paregraph shall ~ require Lender w incur any expense or take any action hereunder. B~~`~ 298 r ~07 ~ ~ - ~ .,k f _ ,4 .:a-:"S~' ~'e`~"„s-~..',.,~.~"# : - s.~^.8~.~`~ "..s~~'+.+rs~