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Home My WebLink About0349 f ~ 1 •t~ . r Bonower snd Lender covenant and a~ree e~ [olbwa: 1. P~ymea~ ot Priacipal aad Intere~t~ Borrower ~ha11 pmmpdy pay when due the principa! of a~d intere~t on the indebtednes~ evidenood by the Nots. psepayment and late char~e~ ss provided in the Note, and the pri~cipal of and interat oo any Future Advance~ ~ecured by this Mort~a~e. 2 Pltnda tor Ta~ce~ ~d Inrurwooe. Subjed to applicable law or b a written waiver by [.ender, Borrower ~hall pay to l.ender on the day monthly irutallmenta of pri~cipal aad iMere~t are payable un~u the Note, unW the Note u paid in full, a sum lherein "I~nds") equal to ous tweltlh of the yeariy taxes and as~c+s~menb which mey attain priority over thu Mort~a~e, and ~round nnb on the Property, if eny, piw ons twelRh of yearly premium installments for hasard inaurance, plw onatwelRh olyearly premium installments [or moriga~e inaurance, ifany. all ss reswnwbly estimated initially and hom time to time by Lmder on the basu ot e~~mente and billa and reasonable estimate~ thereof. The Pbnd~ ~hall M held in an ituRitution the deposit~ or e~o~oune~ oi wluch ere insured or ~uaranteed by a Fedenl or State a~eacy (includin~ Lende~ if Leodar u~uch an inatitution). I.ender shaU +~PP~Y the Fhnda eo pay ~aid tsxe+. asseasmeat~. insnranae premi~uns e~ad ~round rsrts. I.endet may aot cher~e for w holdin~ and applying t6e ~nds. analyzing wd aooount, or verifyin~ and oompilin~ said aa~asmeat~ and bills. nnleY i.ender pays Borrower intere~t op the F1~nds and epplicable law permits I.end~ to make such a char~e. Borrower and Lender may a~res ia writin~ at the tuae of esecution of Wu Mortga~e that interest oa the P1mda ~hell be paid to Bon~ower. and unlw snch a~e+ee~ae~t is msde or app6cable law requises ~uch int~t to be paid, i.ender shall not be required to pay Sorrower any intered or earnin~ on the F1~nds. Lender shall give to Borrower. without charQe, an annual aooountin~ of the Fnnde ~howing credib end debits to the Ftinda and the purpo~e for which each debit to the Fnnds ~va~ made. The Fund~ an pled~ed ai additional ~ecurity for the ~um~ ~ecured by this MortBeQi. . Iithe amonnt of the Ftinds held by I.ender. to~ether w~ith the future monthly inataUwcnta of Fnnds payable prior b the due dates of ta~ces. ~ ~entr. iaauranoe premiuau and Qround renta. ~hall exaaed the emount rsquired b pay ~aid ta:ea. ass~sment+. ieuuranoe premiumi and gmund reub a~ Wey tall dne. nich esaa ~haU be. at Borrower'~ option. either pmaaptly repaid W Borrower or credibd to Borro~rer on monthly i~utallmeab of i~ndi. If the amount of the Fundi held by Lend~ ~haU not be sufficient to pay taxes. a~sessmenta. inanrance pnmium~ aad gronad rents as they fall due. Borrower ~hall pay b Lender any emount aeceasary to make up the deficienry within 30 day~ from the date notice ia mailed by Leader to Borrower requeating payment thaeof. Upon payanent ia full of aU sums eecured by this Mortgage. Lender shall promptly refnnd to Borrower any funds hald by Lender. Uundrr poragraph 18 hereof the Property u wld or the Property is otherwi~e acquired by Lender. Lendrr shall ePD1Y. no later than immediately prior to the sak of the Property ar its aoquisition by Lender. any I~nds held b~r I.ender at the time of application as a ceedit againat the sums exured by thu Mortga~e. - 3. Application of Paymenta. Unless applicable law provide~ otherwi~e~ all payme~ts reoeived by LeAder under the Note and peragrephe 1 and 2 henwt shaU be applied by Lender firat i~ payment of amounfa payable to [.ender by BRrrower under paragraph 2 hereof. then to interest payable on the Note. then to the principal oi the Note. sad then to intend and principal on any Future Adyances. 4. Char~es; I.tetu. Borrower shall pay all taues, aseeesmenta and other charges. fines and impositions attributable to the Property which . may attain a priority over this Mortgage. and Ie~uehoW paymente or ground renta. if sny. in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making paymeat, when due, direc4ly to the payee thereoL Borrower shall promptly furniah to I.ender all notices of amounta due under thia paregraph. and in the even! Borrower shaU meke payment directly. Eiorrower shall promptly furnish to [.ender rnceipts evider~cing such paymenta. I;orrower shall prompqy diecharge any lien which hea priority ovesthia Mortqagr, provide~, that ~ Borrower ehall not be required to diacharge any auch lien so long es Borrower shal! agree in writing to the payment of theobligation securC.i ~ euch lien in a manner acoeptable to [.ender, or ahal) in gaod taith contest such lien by, ordefend enforcement of such lien in, legal proceedinga which operate to prevent the eatorcement of the li~n or forfeiture of the Property or any part thereof. - 5. Hasard In~urauoe. Borrower ahall keep the improvement~ now euisting or hereafter erected on the Pwperty insured againet loss by fire, hazards included writhin the term "~tended rnverage," and such other hazards as Lender may require and in such amounta ared forauch periods as Lender may require; provided, that Lendrr shaU not require such ooverage amount exceeding the minimum, as may be required by ~ state or [ederal regulations governing activities of I.ender. or thlat amount of ooverege required ta pay the suma secared by this Mortgage. E whichever ia the greater. ~ The insurance carrier providing the ineurance ahall be chosen by E3orrower aubject to approval by ixnder; provided, that auch appmva) ; ehal) not be unreasona6ly withheld. Ai) premiume on inaurance policiea ahall be paid in the manner provided under paragraph 2 hereof or, if ± not paid in auch.manner, by Borrower making payment, when due. directly to the insurancr carrier. Alt insurance policie~ and renewaL thereof shall be in form sooeptable to I.ender and ehall include a etandard mortgage clauee in favor of F and in form aooeptable b I.ender. I.ender shall have ths right to hold the polici~ and renewals thereof, and Borrower ahall promptly furnish to ; i.eader aU renewal noticea and all receipts of paid premiums. In the event of lo~s, Borrower shall give prompt notice to the ineurance carrier ' and Lender. Lenda anay make proof of loss if not made promptly by Borrower. E j Unleas Lender and Borrower otherwise agre~ in writing,-insurance proceed~ shell be applied to ~eetoration or repair of the Property - ~ ; { delnaged~ provided such~ natoration or repair ia economically feasible and the ~ecurity of this Mortgage is not Lhrreby impaired. If such E ~ restoration or repair is not economically fesaible or if the security of this Mortgage would be impaired. the inaurance prooeeda ahall be applied ; t,o the sums secured by this Mo*t8age. with the ezoess. if anY. Paid to Borrower. If the Property is abandoned by Borrower. or it Borrower faits to M rerpond to L.endes wiWin 30 days from the date notice is mailed by Lender to Borrower that the insurence carrier offen to seWe a claim for ~ ~ inauraace benefita. Lendet is authorized to collect and apply the insurance procee~s at Lender s option either to reatoration or repair of the Property or the ~ums secnred by this Mortgage. ~ Ualeaa L,ender and Borrov?K otherwise agree in writing, any such application of proceede to principal ehall not eztend or postpone the due date of the monthly installmenta referred to in paragraphs 1 and 2 hereof or change the amount of such insLellmenb. If under paragraph 18 henof the Property is aoquired by Lender. all right, title and interest of Borrower in and to any inanranoe policies and in and to the proceeds + thereof ~r~anlting from damage to Property prior to the eale or aoquiaition ~hal1 pass !o Lender to the eutent of the sums secured by thia ' ~ Mortgage immediately prior to such ~ale ar aoqui~ition. ~ ~ 6. Preservattoa end Muintenance ofProperty; Leaaeholds; Condominum~; Planned Unit Developmenta. Borrower shall kcep ~ the Property in good repair and shal! not oommit waate or permit impairment or deterioratioa of the Property and ehaU comply with the ? provieions of any lease if this Mottgege is on a leasehold. If this Mortgage u on a unit in a condominium or a plenned unit development, ~ Borrower shall perform all of Borrower's obligations under the declaration or oovenante creatingor governing the condomininm or plenned . ' unit development, the bylawe and regulations o[ the oondominium or planned unit developmenL, and oonstituent documents. If a ~ ~ oondominium or planned unit development rider is ~ecuted by Borrower and recorded togethu with this Mortgage, the oovenanta end ~ ~ egreements of such rider shall be incorporated into and ehall amend and supplement the covenanta and agrcernents of thia Mortgage aa if the ~ rider were a part he~eoi t 7. Pe+oteetioa ot Lender's Securitp. Ii Bor~o~rer tails to per[orm the ooveaants aad a~re~ments oontuined ia this Mort~sge, or ii any # actioA or proc~eedinQ u~ced which materially aftecta I.ender's interert in tbe Proprtty. includin~. but aot limited to. emineat domain, ~ in~olvency~ eode eatorcemen~ a erran~emeat~ or praxeding~ involvin~ a bonkrnpt or deoeden~ ehen Leader at Le.~?de:'~ optioa~npon notice b Bo~rro~rer may make ~uch appearance~. disbnne ~nc6 ~uma sad take snch action as is neoe~sasy to {~otect Lender'~ interest, a inclodin~. but not limited to. diabnr~ement of reaionabk atLorney'~ fee~ aad entry upoa We Property to inake repain. U Leader reqnired f' mo~tgage iri~nrance ss a condition o! making the loan secured by this Mortgage, Borrower ~hall pay the premium~ reqaired to maintain ~ ~ snch in~nrance iu e~ect nntil such time a~ the requiremeat for snch insuranoe term'snate~ ia t~ooordanoe with Borrowar's and Lender'~ ,g written a~reement or appGcabk I.aw. Borrower ~halj pay the amount of all mortgage insurenoe premiuau in t1~e manna provided under $ Pe?reS*aPh 2 hereoi ~ ` My amounta disbarsed by Lender pe»uant to thia peragraph 7, with int~erest thueon, ahall beoome additional andebtednesa ot ' $ Borrower ~ecnred by this Mortgage. Unleas Borrower and Lender agree to other term~ of payment, ~uch amonnb ~hall be payable npon ! ~ noticx-irom Lender to-Boreower requesting payment thereot, aad shall bear interest from the date of disbunement at the ra4 payeble ~om ~ ~ time to time on outstanding principal under the Note unlep peyment of interest at such rate would be oontrary to applicable law. in which ffi event such amounts ~haq bear intereat at the hi~hest rate permissible under applicable law. Nothing contained in thi~ paragraph shall ~ ~ eequire La~der to incur any expense or teke any action h~eunder. - ~ ~ , OF ~ ~ _ ~ , SQ:x 299 PACE 349 ? ~ . . ~ _ ~ _ i:•~!~.G .t; . _ . ~ a