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Home My WebLink About0338 i . , j ` • • i t f Borrower epd Lender covenant And e~ as folbvw: 1. Pa,ymeat ot Principal ~nd Interee~. Bo~ower ~hall promptly pay when due the principal of and intero~t oa the indebtedna~s ~ widenced by the Note. prepaymeat and late cherQe~ w provided in the Note. and the principel of and inta+at on any I+titure Advances ~ecured ~ by thi~ Moct~a~e. ; Ptitad~ for Tase~ ~nd Insurance. Subject to appticable law or io s written waiver by I.ender, aorwwer shall pe~y to l.ender on the day j monthly i~utellmeats of priacipal and iate~est are psyable under the Note. until the Note u paid in tull. a sum (herein "Ftind~") equul to oas f tweltth otthe yearly t~es and arsea~menb which mey attuin prio~ty over this MortQa~e, and ground nnta on 1he Propedy, itany. plus ons ~ tweltth of yearly premium inatallme~tr for hasard insurance, plus onetwelRh oly~rly prrmium inatalimenb for mort~age insurance. if any. , sU as reawnubly atimated 'uutially and trom time to time by I.ender on the ba~u of a~ae~amente and bilb and reasonable atimata thereo[ The Fbnd~ ahsll b~ held in aA inatitution tl?e depwita or aoooun~+e ~t which are uuured or Quarenteed by s Federal or 81ate a~ency ; (includia` Lender it I.ender is ~uch aa iiutitulion). I~mdes shall apply the Funds b pay ~aid tuer. awes~menta. insuranoe premiums a~d ~ ~round reat~. Lender may not charQe for w holdinQ and spplyir?Q the Ftiind~. on~lysin~ wid aooounR or verityin~ end oompilin~ said a~e~sa~eafa and biW. unlea Lender'pays Borrower intere~t ort the Ftindi and applic~ble law permit~ I.ender to make such a chary~e. Borrowe~ and Leader may a~ree ia writin~ et the time of e:ecution of thu MortQsQe that interest on the FWnda ahdl be paid to Borrow~er. at~d unle~s . ! such a~reemeat i~ made or applicebk law reqnin~ such intecest to be paid, Lendes shaU not be required to pay Horrower any inter~t or ~ esrnin~ on the F~nd~. I.ender shaU give to Borrower, withoot charge. an annual ~coountin~ oithe Ptit~da showin~ credits and debits b the F'unds and the pnrpwe for ~vhich ~ch debit to the I~nds wraa made. The Funds are pled~ed aa additional ~ecurity for the oums ~ecured by thi~ ~ Mocege~s. _ If the amoant of the ~nds hald by.I.ender, together with the future monthly inatallment~ of F~ndi payable prior to the due date~ of tases. ~ asseeun~ts, insurance pnmiuma and ~round rents. shall ~ccaed the amount required b pay ~aid tases, awe~sments. insurance preauuau and grouad rents a~ Wey fall due. ~ach euoe~s ~haq bs. at Borrowe~s option. either pt~mpt~p rep~id to fiorrorva or cndited b Borrower on monthly in~taUmeata of Plinds. If the amount oi tbe Fbnd~ held b~r I.ender shall not be suffirient to pay teucas. aaseaamenta, insuranoe premioma aad ~rouad nat~ aa they tal! due. Borrower shall pay to I.ender aap amount necsstary to make up the deficiency within 30 day~ trom the date notice u mailed by Lender to Bormwa requestin~ payment thrreof. Upon paymeat ia tull of all sums ~ecured by thi~ Mortgage, Lender rhall psomptly nfnad b Bore+ower any funds held by I.eud~. Itunder ( p4ragraph 18 6~reof the Prop~ty is wld or the Property ia.othervnise soquised by I.ender. Lender.hail apply. no later than immediately prior to the ~ak~of the Property or its aoquisition by Lender, any P~nds beldby I.ender at tbe time of application as a credit agaiuat the suma secured ~ by Wis Mortgage. • - 3. Applkation of Psymeata. Unless applicable law pmvides otherwiie, all payments received by Lend~r under the NoLe and peragraphs 1 and 2 hereo~ shall "oe appiied by I.eader first in payment ot amounta payable to Lender by Borrower ur~d~. ~:~raph 2 hereot. then to interat peyable on the Note. then to the principal o! the Note. and then to interest and principal on any Future Advaaces. Chsrser. Lien~. Bormwer shall pay ali taxes, aeeeesments and other cha; ges. Snes and impositiona attributable to the Property which ~ may attain a priority over thia Murtgage, and leasehold payments or ground rents. if any, in tt~e manner provided ut?da peragraph 2 hereof or, if not paid in such mann~. by Borrower making payment, when due, direcdy lo the payee thereof. Borrower shall pranptly furniah b L.ender 3 aU notices of amounts due under this paragraph, and in the event Borrower shall make payment directly, Borrower shaU promptly turnish to I.ender reoeipts evidencing such paymenta. Borrower shall promptly diacharge any lien which has priority over thia Morigage; provided, that Borrower shall not be required to diacharge any such lien so long as Borrower ahall agree in writing to the payment of the obligation eecured by euch lien in a manner aaxptable to Lender, or shall in good faith conteat such lien by, ordefend enforcement of such lien in, legal proceedings ! E which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ' 5. Hazard Insuranoe. Borrower ahall keep the improvements now ezisting or hen~aRer erected on the Property insured against loss by 7 fire. hazarda included within the term "~tended ooverage," and tluch otber hazarde aa I.eader may require and in wch amounta and forsuch ~ periads sa I.ender way tequire; provided, that l.ender shap not require ruch ooverage amount e:ceeding the minimum, as may be required by ; atate or federa! regulations governing activities of Lender, or thet amount of ooverage required to pay the sums eecured by this Mortgage. ; whichever ia the greater. ~ ~ The inaurance carrier providing the ineurance shall be chueen by Eiorrower subject to approval by Lender, provided, that such approval ehall not be unreasonably withheid. A11 premiuma on inaurance policiea ahall be paid in lhe manner provided under par+~raph 2 hereof or, if ~ not paid in such manner, by Borrower making payment, when due, directly to the ineurance carrier. All insurance policies and renewala thereof sha11 be in form acceptable to l.ender and ahall mclude a standard mortgage clause in favor of and in form aooeptable to I.ender. Lendtr shall heve the right to hold the policiea and renewala thereof, and Borrower shall promptly furnish to i.ender aU renewal notices and all receiptb of paid peemiums. In the event of laes. Borrower ahall give prompt notice to the inaurance carrier and Lender. Lender may make proof of lose if not made promptly by Borrower. i Unless [.iender and Borrower otherwise agree in writing, inaurance proceeda ahall be applied to re~toration or repair ot the Property damaged, provided such restoration or repair is economically feasible and the security of t6is Mortgage is not thereby impairrd. If such r+eatoration or repair u not economically feasible or if the security of this Mortgage would be impeired, the inswanceprooeeds shall be applied j to the sums ~ecnred by this Mortgage, with the eacceas, if any, paid to Borrower. If the Propedy ie abandoned by Borrower, or if Borrower faila to ~ reapond to I.ender arithin 30 days firom the date notice is mailed by I.ender to Borrower that the inaurance carrier oPfers to aetde a claim for ~ uuuraaoe benefits, Lender ia anthorized to collect and apply the inaurance pmceeda at Lender's option either to restoration or repeir of the - ! Property or the sums eecured by thia Mortgage. . Unless I.ender snd Borrower otherwise agree in writing, any auch epplication of pmceeds to principal shall not eutend or poatpone the due date of the monthly installments referred to in paregrapha 1 end 2 hereof or change the amount of euch inataliments. If under paragraph 18 hen~of the Propazty is aoquired by I.endrr. ali right, tide and intereat of Bonower in and to any inaarance policie~ and in and to the proceeds ( thereof resnlting from damage to Property prior to the aale or aoquisition shall pass tn Lender to the e~tent of the sums aecured by this ~ Mortgage immediately prior to such sele or soquirition. ? 6. Preaervatlon and l~atntenance of Property: l.earc:~olds; Condominumr. Planned Unlt Development~. Borrowerahall keep i the Property in good repair aad shaU not oommit waste or pennit impairment or dderioration ot the Property and shaU oomply wnth !he ~ provisions of any lease if.this Mortgage is on a leasehold. If this Mortgage is on a unit in a oondomiaiwn or a planned unit development, . Borrower al~all paform all of Borrowe~'s obligaaons undtr the declaration or oovenants creatingor governing the oondominium or planned ~ unit development, the by-law~ and regulations of the oondominium or planned unit development, and oonstituen! documenta: If a ~ oondominium or planned unit development rider is executed by Borrower end recorded together with this Mortgage. the oovenan4 and ~ agreements of such rider shal! be incorporated into and shall amend and aupplement the covenanta and agreemente of thia Mortgage as if the ~ ~ rider ~vere a part henof. ~ 7. Protedbn of Lender'~ Securitp. If Borrower faib to paform the ooveaanta and a~reements oontained in thi~ Mort;a~e. or if any ~ aCL~OQ OT plOOEEd1Dg L OO~IOEd ~Yb1Cb mBtE[l~Iy Q~'IlCb L@OdCt~~ IA~Eilf~ III WE P[O~y. incl~din~. bnt not limited to. eaninent domain, ~ = in~olvencY. oode eaforosmeat~ or arrangememh or pmceeding~ involvin~ a bankrupt ot deoedeat, tha~ L~ et L~nda~'~ option.npon i x no~ios to ~iorrower may make such sppearanc~e~. di~bur~e svc6 suau and take suc6 action a~ i~ neoewary to peoted Leader's intere~t, ~ inclodin~. bat aoe limited to, di~burrement of reasonabk attoraey't tee~ aud eatry npon tbe Proprrty to make repair~. It Leade: required ~ mort~age iruuranoe a~ e oondition of makin~ the loan secured by thi~ Mortgage. Botrov~er ~hall pay the premi~ reqnired to maintain - _ snch in~~uaaee in dfect nntil soch time aa the reqoirement for snch insnranoe terminates in aocoedanca witb Borrower'~ end Leadds s ~ written o~reement or applicabk Iaw. Borrower ~hal) pay the amonnt ot all mortgage.insarance preminm~ in tbe manner provided onder i ~ para~raPh 2 hereoL ~ ~ Any amonnt~ di~buned by Lender penuant to thi~ peregraph 7. ~rith int~rat thereon, ~hall beoume additional indebtedneN ot ~ Boirower ~ecured by this Mortge~e. Unle~ Borrower and Lender agrce to otha t~erm~ oi payment, ~uch amonne~ shaU be payabk upon ~ notioe from Lenda to Borrower requesting peyment thereof, and ~hall bear interest fmm the date of disbursement at the rate payabk ~om ~ time to time on outstanding principal under the Note anless paywent of intereat at such rate aould be oontrary to applicable law. in which 1 ev~t ~uch amounta ~hall bear intereat at the highest rate pe=miasible under applicable law. Nothing oontained ia thu paragreph 7. shall requin I.a?der to incur any ~penae or take any e~ctioa heseunder. s ~ ' ; ~ D~x 299 ~,cE 33 ~ g ~ ~ _ - . $ ~ ~ _ . - - . ~ _ -