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Home My WebLink About0817 Ro~ower and Lender rnvensat and aQroe es followr 1. Peyment ot Principal a~d lote~e~t. Borrower shaU prompUy pay when due the principal ot and intereat on the indeblednea~ ; evidenced by the Note, propsyment and late charger a~ provided in the Nute, and the p~ncipsl of and intereat on any Future Advancw ~ecured by thu Mort~aQe. ± 2 Ptincla tor Twues snd I~aur~nce. Subject to applicable law or b e written waiver by l.ender, Iiorrower shaU pay to t.ender on the day s mo~thly inataliments of principal and intereat are payable under lhe Note, unW the Note is paid in tull, a sum (herein "Funda") equal to ona ; twelhh of the yearly tazes and asscasmenta which may attain priority over this Mortgage, and Qruund renta un the P~operty, if any, plw ona ~ twoltth of yearly p~emium installme~ts for hasard insuraaoe, plw onatwelRh ofyearly premium installmenta for mortgage ineutance, if any, ~ all as reasonably estimated initially and from time to time by I.ender on Ihe basis of assessments end bills and reasonable estimat~ thereot. The Funds sha11 be held irt en institution the depwita or sooounb of which ase insurod or guaranteed by s Federa! or Strte ageocy (includin~ l.ender if I.endar iu such a~ in~titution). l.e~der ehall apply the Funda to pay said taxa. as~esamen4. insuranoe premiume and ground renb. I~nder may not charge for ao holding and applying the I~nda. analyzing said account, or ve~[ying and compiling seid we~sment~ and bilb. unleet Lender pays Borrower interest on the Funds and applicable law permit~ l.ende~ to make euch a charqe. Borrower and L.enda may a~ree in writin~ at the time of execution o[ thiu Morigage thet intere~t on the Funds rhall be paid b Eiorn~wer, and unleea such aQreemeat u made or applicable law require~ such interest to be paid. I.ender shall not be required fo pay Borrower any in4reat or earnin~s on the F~?nds. I.ender shall give to Borrower, without charge, an annual acoounting of the Funda showing credita and debita to the ~ Funds and the purpwe for which eech debit to the ~nds was made. The I~'unda are pledged as additional security for the aums eecured by thi~ Mortgage. I[the amount of the ~ndi held by Lender. together with the future monthly inetallments uf Funda payable prior to the due dates of ta:es, I asseaaments. insurance premiuau and ground rents, shall exc~zed the amount required to pay eaid taxes, asaesaments, insurance premiums ~ and ground rents as they fall due. such excew shall be, at Borrower's option, either prompfly repaid to Borrower or c~dited to Borrower on monthly inttallmenta of I~~ds. U the amount ot the Funds held by Lender shall not b~ sutRcient to pay te.ues, a~seaemenb, insurance ~ premiams a~d ground renb aa they fall due. Borrower shall pay to Lender any amount necessary to meke up the deficiency within 30 daya ~ from the date notice u mailed by [.ender to Borrowrr requeeting payment thereoL ~ Upon {?ayment in full ot all sums secured by this Mortgage, [.ender shall promptly refund to Borrower any funds held by I.ender. lf under ~ peragraph 18 hereof the Property ia sold or the Property is otherwise acquired by Lender, l.ender ahall apply, no later than immediately prior ~ to the aale of the Property or ita aoquisition by I.ender, any F~nds held by Lender et the time of application ea a credit againat the euma eecured by thia Mort~age. - • i 3. Application ot Payments. Unleas applicabte law providee otherwise. all paymenta received by Lender under the Note and ~ paragraphe 1 and 2 hereof ahall be applied by Le~der fimt i~ payment of amounts payable to I.ender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to intereat and principal on any Future Advancea._ 4. Cherges; Liens. Borrower shall pay all taxes. aesessmenta and other charges, finee and impositions attributable to the Property which may attain a priority over this Mortgage. and teasehold payments or qround renta, if any, in the manner provided under paragraph'l hereof or, ~ if not peid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower ahall promptly furniah to l.ender ~ all notices of emounte due under this paragraph, and in the event Borrower ahall make payment directly, Borrower ahall promptly furnish to 4 I.ender receipta evidencing auch paymenfa. Borrower shall promptly diacharge any lien which has priority over thix Mortgage; ptovided, that z Korrower ehall not be requind to diecharge any such lien ao long as Borrower shall agree in writing to !he payment of the obligation aecured by t auch lien in a manner eccepteble to Lender, or ahall in good faith conteat such li~n by, or dptend enforcement of Ruch lien in, legttl proceedings ~ which operate b prevent the enforcement o! the lien or forfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrower shall keep the impmvemenLs now exiating oT hereafter erected on the Property inaured against loss by fire. hazards included within the term "e:tended ooverage,° and euch other hazrsrds as Lender may require and in auch amounts and for auch ' periods as l.endrr may require; provided, that I.ender ahell not require auch ooverage amount exceeding the minimum, as may be required by i atate or federal regulationa governing activitiee of Lender, or that amount of coverage required to pay the auma secured by this Mortgage, s whicheve~ ie the greater. The inaurance carrier providing the ineurance ehal) be choeen by Rormwer eubject to approval by I.ender, provided, that auch approval ~ shaU not t?e unreaeonably withheld. All premiuma on ineurance policiea ahall be paid in the manner provided under paraKraph 'l hermf or, if ~ 4 not paid in auch manner, by E3orrower makina payment, wheti due, directly to the insurance carrier. All insurance policiea and renewale thereof shall be in form accepteble b Lender and shal) include a standard mortgage clauee in favor ot and in torm acceptable ta Lender. Lender shall have the right to hold the policiee and renewala thereof, and Borrower ahall promptly fumieh to ixnder all renewal noticea and all receipta of paid premiume. In the event otlose, Borrower ahall give prompt notice to the inaurance carrier and l.ender. L.ender may make proof of loas if not made promptly by Borrower. Unlese Lender and Borrower otherwise agree in writing, insurance proceeds ahall be applied to reetoration or repair of the Property . damaged, pmvided snch reetoration or repair ia economically [easible and the security of thia Mortgage is not thereby impaired. I[ auch - reetoration or repait is not economically feaeible or it the security of thie Mortgage would be impaired. the inaurance proceeda ehall be applied i to the auma secured by this Mortgage, with the excese, if any, peid to Bormwer. If the Property is abandoned by Borrower, or it Borrower fails to reepond to Lender within 30 days from the date notice is meiled by I.ender to Borrower that the insurance carrier oil'ere to eetde a claim for i inaurance benefits, I.ender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the ~ Property or the sumb eecured by this Mortgage. ~ Unlees Lender and Borrower otherwise egree in writing, any auch application of proceeda to principal shall not extend or poetpone thedue j date of the monthly inetallments reterred b in paragrapha 1 and 2 hereof or change the amount of such inetallmente. If under paragraph lA ! hereof the Property is aoquired by [.ender, a11 right, title and interest of Borrower in and to any inanrance policiee and i~ and to the proceede II ~ thereof resulting from damage to Property prior to the eale or aoquiaition shaU pase to Lender to the e:tent ot the sums eecured by thia ; Mortgage immediately prior to such sale ot aoquisition. : ' 6. Preservation and Maiatenance of Property; Leaseholde; Condominume; Planned Unit Developmenta. Borrowe~r shall keep ' ~ the Property in good repair and shall not commit waate or pennit impairment or deterioration of the Property and ahall comply with the E proviaione of any lease iE thie Mortgege ia on a leasehold. If this Mortgage ie on a unit in a condoaunium or a planned unit development, f Borrower shall perform all o[ Borrower e obligationa under the declaration or oovenanta creatingor governing the oondominium or planned 't unit development, the by-lawe and regulations of the rnndominium or planned unit development. and conatituent documente. If a ~ condominium or planned unit development rider ie euecuted by Borrower and recorded together with thia Mortgage, the oovenante and agreemente of such rider ahall be incorporated into and ahall amend and supplement thernvenants and agreementa of this biortgage as if the ~ ~ rider were a part hereof. ' ~ ~ 7. Protection ot I.ender'~ Securit~r. If Borrawer fails to pa[orm the oovenants and agrcementa oontained in thi~ MortgaQe, or if any ' ~ action or proceedinQ is commenoed which materially aftects Lender s intereat in the Property. inclnding, bnt not limited to. eminent domain, inwlvency, oode enforcrment, or arran~ements or proceedings involving a benlwpt or decedeat, then I.ender at Lender's optioa,npon : = notice to Borrower may meke such appearanoes, disbu»e such suma and take such action aa ia neoe~sary to protect L~t?da'~ interee~ ~ ~ inclnding, bnt not limited to, disbureement of reasonable atbmey's fees and entry upon the Property to make repairs. If I.enda required mortgage insurance as a oondition of making the loen secured by this Mortgage, Borrowa ihaU pay the premiwn~ required to maintain Y euch insurance in effect until snch time as !he reqninment for ~uch uuurenoe terminates in aocordanoe with Borrowes's and Le~idd'~ t vrritten agreement or applicable Laa. Borrower ~hall pey the ainount of all mortgage insurance premium~ in the mannar provided under s peragraph 2 hereo! ~ - My amounts disbursed by Lender persuant to this paregraph 7, with intere~L thereon, shall beoome additional indeM4dness of ' 4 Fiorrower secured by this Mortgage. Unless Borrower and Lenda agree to other terms of payment, such amounts shall be payeble upon ; notioe from I.ender to Borrower requesting payment thereof, and shali bear interest from the date oE diebursement et the rate payable from ' time to time on ouistanding principel under the Note nnlese payment of interM et such rate would be oontrary to applicable law, in which i ~ event such amounts ehall bear intereat at the high~t rate permisaible under epplicable law. Nothing contained in this paragraph 7, shall ~ ~ requ'ue Lender to incur any expense or take any action hereunder. a ~ ~ - ' r ~ (1 np ~ 8~~~ ~i~0 f'ACE ~17 ~ _ . . ~ ~ ~ : , ~ --:fi ~ ~ ~ i ~ ~ _ - . ~ , -