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Home My WebLink About0021 i • . ; . . Bormwer and I.ender covenant ar?d agree as tolbvw: ' 1. Pwymeat ot Princlpal aAd Ipteres~ Borrower ehall promptly pay when due the prinripal o! and interest oa the indebtedne~s ~ evidenced by the Note. prepayment snd late charges as pmvided in the Note, and the priaci~,al o[and interest on any I~ture Advanoes securod ; by thia Mort~a~e. 2. Ptiad~ for Te~e~ and lnsuranoe. Subjeci to applicable law or b a writte~ waiver by [.ender, BoPrower ehall pay to l.ender on lhe day , monthly itutallments of prinripal and interest are peyable under the Note. unW the Note u paid in full, a sum (herein "Funds") equal to obe- twelRh of the yearly t~uces and aseessmenta which may attain paority over thia Mortga~e. and ground rents on tha Property, if any, plus one~ ; twel[th of yearly premium indallmenta fdr hazard insurance, plua onetweltth o[yearlg premium inatallments for mort~age inaurance, if any. 2 all as nasonab~jr estimated initially and tirom time to time by I.ender on the besia of asaeeamenta and billa and reasonable eatimatcs thereof. ~ Th~ Ptind~ shall be held in en insNtutioa the deposit~ or acoounb of which are in~ne+ed or guaranteed by a Fed~al or State e~ency (including Lender it Lender is such an instituaoa). Lendes ahall apply the Funda to pay said tazes. asseesment~. insuranoe premiums and ground nnts. I.ender may not charae for ro hoWing and applying the Phnds. analy:ing eaid account~ or vesifyinQ and compiling eaid ~ awessments and bilb. unleas Lender pays Borrower interest on the Ftinds and appGcable law permits Lender to maka wch a charge. Borrower ~ snd Lende~r may agree in ~?ritiag st the time of e:ecution of this Moregage that interest on the PLnds shall be paid to Bormwer. and unlers sucb agreement is made or spplicable lew requires such interest to be paid. Lender ahaU not be required to pay Borirower any interest or , essning~ oa the flu~ds. I.end~ shal) give to Borrower. without charge, an annual acoounting of the Funda showing credib and debits to the , - FtitntL aad the purpo~e for whicli each debit to the_Ptinda was made. The I~nds are pledged as edditional sec~ui4jr ior the suma secured by this ~ Mortgage. } If Lhe anuount of ths I~nds held by L.ender, together with the futun month~y inataliments of F'unds payable prior to the due dates otta~~es. asseasments. iasurance praniums and ground renfa. shall e~[c~ed the amount required to pay said ta~cea. asaeaaments. iasuranar premiuma ~ ead groand ieats as they fall due, such e:cess ehall be. at Bonower's option. either pmmptly repaid to Borrower or credited to Borrower on monthly installments of I~nds. It the amouat of the Funds held by Leader shaU aot be sufRcient to pay t~es. aaeesameate, inaurance . premiums and ground rents as they fall due. Borrower shall pey to Lender any amount neceasary to make up the deficiency rvithin 30 daya from the date notica u mailed by l.enda to Borrower requestin6 PaYment theraof.~ , Upon paywent in tull of sU sum,e secured by this Mortgege. Lender shall prompdy refund to 8orrower any funds held by Lender. lf under i peragraph 18 henof the Property is aold or the Property ia otherwise acquired hy~c}er. l.ender ehall epply. no later than immediately prior to the sala of the Propedy or ite aoquisition by Lender, any P1u?de held by I.ender a the time o~application as a credit l~geins~~ suma eecured ~ by this Mortgage. ' ~ ` ' ~ _ . . ~:t• 3. Application oI Payments. Unless applicable law provides otherwis~.~l~. p~,yjnents a~ooiv~d bwi~.ender }tnder eh Note and paragraphs 1 and 2 hereof ahall be applied by Lender first in payment of amounts pe~yable to Len~er by Borrowei un~er pkre~r'~~ 2 hereof. then to intereat payeble on the Note, then to ttie principal of the Note. end then to intereat and principal on eny I~ture Advanoes. 4. Chargee; Liens. Borrower ahall pay aU tuea. aseesamenta and other chargea. fines and impo~itiona attributable to the Property which may attain a priority over thia Mortgage, and leasehold paymenta or ground rente, if any, in the manner provided under paragraph 2 hereof or, ~ if not paid in such manne~, by Borrov?~er making payment, wheqdue, directly to the payee thereof. Borrower shall promptly furnieh to Lender ~ aU noticea of amounte due under thia paragraph, and in the event Borrower ahall make payment directly. Borrower ahall promptly furnish to Lender receipta evidencing such paymente. Borrower shall promptly diacharge any lien which hae priority over this Mortgege; provided. that Borrower ahall ~ot be required to diecharge any auch lien so long aa Borrower shall agree in writing b the payment of the obligation secured by auch lien in a manner acceptable to I.ender, or shall in good faith contest such lien by, or defend enforcement of auch lien in, legal proceedings which ope:ate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ~ 5. Haaard ineurance. Aorrower RhaU keep the improv~ente now eaistinq or hereafter ecected oa the Property ineured against loae by ; fire. hazards iucluded within the teim "extended coverage." and e~uch other hazards ae I.ender may require and in such amounts and for such perioda as Lender may require; provided, that Lender ehall not re~quim such rnverage amount e:ceeding the minimum, as may be required by state or federa! regulations governiag activities of Lender, or that amount of oovetage reqnired to pay the aums aecured by thie Morigage, 4 whichevet ia the gr~ter. ~ ~ The insurance carrier providing thc inaurance ahall be choeen by Barrower aubject to approval by Lender; provided, that such appn,val ~ shall noYbe unreasonably withheld. All premiums on insurnnce policies ahall be paid in the manner pmvided under paragraph 2 hereof or, if ~ not paid in such manner, by Borrowec malcing payment, when due, directly to the insurance carrier. ~ All inaurance policiee and renewala thereof shall be in form acoeptable to Lender and ahall include a standard mortgage clauee in favor of ~ and in form aoceptable to Lender. Lender ahall have the right to hold the polici~ and renewale thereof, and Borrower shall promptly furniah to ~ i.ender all renewal aotio~ and all receipts of paid premiums. In the event of loea, Borrower shall give prompt notice to the inauranoe carrier 'i and Lender. L.ender may ma1~e proot of losa if aot made pmmpdy by Borrower. f f Unleae I.ender and Borrower otherwiae agree in writing, inaurance proceeda shall be applied to restoration or repair of the Propert,y - f damaged, provided euch restoration or repair ie economically feasible and the eecurity of thia Mortgage ie not thereby impaired. If such ~ restoration or repair is not economically feaaible or if the aecurity of thia Mortgage would be impaired. the ineuranoe proceeds ahall be applied ~ ~ to the aums secured by this Mortgage, with the exceas, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faila to ~ reepond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offers to eettle a cleim for ~ insurance benefits, Lender ia authorized to collect and apply the inaurance proceeda at I.ender'e option eith~ to reetoration or rPpair of the Property or the eums secured by thia Mortgag~. ~ Unleee Lender and Borro~rer otherwiee agree ~n writing, any euch application of proceeda to principal ahaU not eztend or poetpone the due date of the monthly inatallmenta referred to. in paragraphe 1 and 2 hereof or change the arnount of such installments. If under paragraph 18 hereof the Property is acquired by Lend~, all right, title and intereat of Borrower in and to any insuraace policies and in and to the prooeeda ~ thereof resnlting from damage to Property prior to.ihe eale or aaquiaition shap pass to I.cnder to the e~ctent of the snms secured by thie ~ Mortgage immediately prior to such sale-or soquieitioa: - 6. Preaervation and Maiatenance of Property; I.easeholds; Condominums; Planned Unit Developments. Borrower shall keep ~ the Property in good repair end shall not commit waste or permit impairment or deterioration of the Property and shaU oomply with the ~ pmviaions of any teaee if this Mortgage is on a leaeehold. If thia Mortgage is on a unii in a oondominium or a planned unit development, ~ Borrower shall perform all of Borrowei s obligationa under the declaration or oovenante creatingor governing the oondominium or planned anit development, the by-laws and regulatione of the condomini~un or planned unit development, and oonstitnent documente. If a oondominium or planned unit development rider ie e:ecuted by Borrower and rxorded together with this Mortgage, the oovenanta and agreementa of euch rider shall be incorporated into and ahall amend and supplement the covenants and agreementa of this Mortgage as if the ~ rider wen a part hereof. ' ~ ~ Protection ot Lender'~ Securih~. U Borrovrer faits b pexform the oavenents and agreements ooutained in thi~ Mortgage. a if any ~ action or prooeeding is commenced which materially affecte I.ender's interest in the Propexty, including. bat not limited to, eminent domain, ~ ~ insoivency, oode e~forcement, or arrangementa or pmceedings involving a banl~rnpt or deoedent, then Lender at Lenda's option,upon ~ notiae to Borrower may make ~uch appearanoe~. diabnr~e such anms and ta1~e anch action as is neoessary to proted L.~dds int~rest, ~ inclnding, but not limited to, diebnrsement of reawnable attomry's fee~ and eatry npon the Property to make repairs. If Iw~der required mortgage ia~nrance a~ a condition of making the loan secured by thia Mortgege. Bormwer shall pay !6e premiums reqnired to maintain anch inenrance in effect until snch bime ar the requuement for such insuranee terminatea in aooordanoe with Borrower's and I.ender's writt~a sgreement or applicabk L.aw. Borrorrer shall pey the amonnt of all mortgage insurance premiuma in the manner provided under PamB~Ph 2 hereof. Any umounts disbursed by Lender persuant to thie paragraph 7, wiW interest thereon, shali beoome additional indeMedness of i Borrower secured by this Mortgage. Unlese Botrower and I.enda agree to other terms of payment, such amounts shell be payable apon notiae ~om Lender to Borrower requ~ting paymenL thereof, and shall bear intereet from the date of disbursement at the rate payable 5rom ; time to time on outatanding principal under the Note unless payment of interest at snch rate would be contrary to appGcable laa. in which event such amounta shall bear intereat at the higheet rate permieaible under applicable law. Nothing contained in this paragraph 7. shall reqnire Lender to incur any e:penee or take any action herewlder. ~ ~ gooK 297 P~F 349 ~ - ~:;JK~~~ PASE ~ • ~ ~ ~ ' ; ~ _ - ~ t. ..v~.. _