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Home My WebLink About0604 ~ . _ _ Borrower and I.ender coveaant and a~ree as follows: 1. Paymeat of Priacipal end Iaterest. Borrower ahall promptly pa~r when due the principal of and interest on the indebtednee~ evidenced by the Note. prepayment and late charge~ as provided in the Note, and the principal of and intereat o~ any ~tun Adva~cee ~ecured by thia Mor~a~e. 2. Ptiu~da for Tw~[es end Insuraace. 3ubject to applicable law or ta a written waiver by [.ender. Borrower shall pay to [.ender on the dqy ......,eh]v in.tAllmo~tn n! principal and interest are oeyAbl~ unda+~ the Nnte, uoti) the Nde is paid in full, a aum (herein "~nda'1 equal to oa~? twelRh of the yearly ta:a and aasessments which may attain priority over thia Mort~age. and ground rente on the Pn~pe~ty, if any. plus one- twelfth of yeaily premium installments for hazard inaurance, plns onttwelRh of year(yr premium install~uents for mortgage insurance, if any. all as reaeonaWy eetirnated initially nnd from time to tim~ by i,ender an the bssis of aaeeasments and bills and reasonable estimates thereot. The fi~nds ehdl be held in an institution the deposits or accounb oi which an ir~sured or guaranteed by s Federel or SLate agency (including Lender if Lend~ ie such an institutio~). Lender ahall apply the Funda to pay said ta:es. asseesmenta. insurenoe p~emiuaAS end ground nnta. Lender ma~y not charge for eo holding and applying the PLnd~. analysing said account, or.verifyin~ and oompiling said asaesamenta and bills. unless Lender pays Borrower interest on the P'unds and applicable lew permits I.ead~ to make such a charge. Borrower and I.ender ma~y agree in writing at the time af esecution of thi~ Mortgage that iriterest on the F1nde ahall be paid to Borrower. and unlesa such agreement i~ made or applicable law requires such interest to be paid, Lender ahall not be required Lo pay Borrower any iaterest or earnings oa the ~nnds. Lender ahall giva to Borrower. arithout charge, an annual accounting of the Funde showing credits and debita to the i~nds and the purpoee for which each debit to the binds wes made. The Fhnds are pledged as additional security for the sutas socured by this Mortgage. ~ If the amount of the Ftinde held by Lender. together with the future moathly installmenta of Funds payabla prior to the due dates of tauea. aesessments. insuranoe premiums and grouad renta. ahall ezc~~ed !he amount required to pay said taxea. assessmenb. insurance premiums and ground rents as they fall due. such ea~oess shall be, at Borrower s option. either promptly repaid b Borrowar or credited to Borrower on _ monthly instsllments of Fl~nds. If the amount of the ~nds heW by Lender shall not be aufficient to pay ta:es. asaessments. insurance premiums and ground rents aa they fell due, Botrower shaU pay to Lender aay amount neoeeeary to make up the de5ciency within 30 days from the date notice ia mailed by I.eader to Sorrowe: requesting payanent thereof. Upon payment in full of aU sums eecured by this Mortgage. I.ender shall promptly refund to Borrowe~r any funds held by Lender. If under paragraph 18 hereof the Property is sold or the Property ia otheiwise acquired by I.ender, Lender shall apply, no later than immediately prior to the sale of the Property or ita aoquiaition by Lender. any F'nnde held by Lender at the time of application as a credit againat the auma eecured by this Mortgage. 3. Application of Payments. Unless applicable law providea otheiwiee. all payments received by L.ender under the Note and paragraphe 1 and 2 heerof ahall be applied by Lender firet in payment of amounts payable to Lender by Botrower under paragraph 2 hereof. thea to interest payable on the Note, Wen to t6e principel of the Note. and then to intere~ and principal on any Fnt~ue Advances. 4. Chargea; Liens. Borrower ahall pay all tauea, aeaeasmente and other charges, fines and impoaitions attributable to the Prop~ty which may ettain a priority over this Mortgage. and leasehold paymenta or ground rents, if any, in the manner pmvided under paragraph 2 hereof or. if not paid in auch manaer. by Borrower making payment, when due. dinrtly W the payee thereof. Borrower shall prompdy furniah to Lende~r all notices of amounta due under thie paragraph, and in the event Borrower ahall make payment direcdy, Borrower ahall promptly furnieh to I.ender reoeipta evidencing snch payments. Borrower shall promptly discharge any lien which has priority bver this Mottgage; provided. that Borrower ahall not be required to discharge any such lien eo long as Borrower shall agree in writing to the payment of the obligation eecured by such lien in a manner acceptable to I.ender, or ahatl in good faith contest such lien by, or defend enforcement of such lien in, legal procecdinga which operate to prevent the enforcement of the lien or forteiture of the Property or any part thereof. 5. Ha:ard Insurance. Borrower ahall keep the improvementa now e:ieting or hereati,er erected on the Propetty inaured againet loas by fire, hazards included within the term "e~ctended ooverage; ' and auch other hazarda aa Lender may require and in such amounts and for auch periods as Lender may require; pmvided, that Lender shall not re~quire such ooverage amount e:ceeding the minimum, as may be reqnired by atate or federal regulatione goveming activitiea of Lender, or that amount of coverage required to pay the sums aecured by this Mortgage, whichever is the greater. The insurance carrier providing the inaurance shall be chosen by Borrower subject to approval by i.ender; provided, that such appmval shall not be unreaaonably withheld. A11 premiums on inaurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by_Borrower making payment, when due, direcfly to the insurance carrier. All insurance poUciea and renewals thereof shall be in forn~ aoceptable to Lender and shall include a standard mortgage dauee in favor of and in form acceptable to Lender: Lendei ahall have the tight to hold the policiea and renewals thereof, and Borrower shall pn,mptly furniah to i.endez aU renewal notices and all reoeipts Af paid premiuma. In the event of losa, Borrower ahall give prompt notice to the ina~rance carrier 'f and Lender. Lender may make proof of loee if not made pmmptly by $orrower. ~ Unlesa I.ender and Borrower otherwiee agree in writing, inaurance proceeds shall be applied to restoration or repair of the Property damaged, provided such reetoration or repair ia economically feasible and the eecurity of this Mortgage ie not thereby impaired. If such reetoration or repair is not ecoaomically feseible or if the security of thia Mortgage would be impaired. the ineurance proceeda ahall be applied . ~ to the suma secared by this Mortgage. with the esceea, if any. paid to Borrower. If the Property is abandoned by Botrower, or if Borrower faila to ~ reapoad to I.ender within 30 days from the date notice ia meiled by I.ender to Borrower that the inanrance carrier offera to eetde a daim for insurance benefits. Lender ia suthorized to coAect and apply the inaurance proceede at Lender'e option either to restoration or repair of the Propezty or the enms secured by thie Mortgage. ~ Unlese Lender and Borrower othervvise agree in writing, any auch application of proceede to principal ehall not eztend or poatpoae the due ~ date of the monthly inetallmente referred to in paragraphs 1 and 2 hereof or change the amount of anch inatallmente. U under paragraph 18 hereof the Property ia acquired by Leader, sll right, title and intereet of Borrower in and to any iasnrance policies and in and to the proceeds thereof reaulting from damege to Property prior to the eale or aoqnisition shall pass to I.ender W the eactent of the aums eec~red by this Mortgage immediately prior to such aale or aoquisition. 6. Preservation and Yaintenance otProperty; I.eaeeholde; Condominums; Planned Unit Developmenta. Bormwer shall kcep the Property in good repeir and ehall not oommit waste or permit impairment or deterioration of the Property and ehall comply with the proviaioae of any lease if thia Mortgage ia on a leasehold. If this Mortgage ia on a nnit in a oondominium or a planned unit development, Borrower ehall perform all of Borrowe~'s obligationa nnder the declaration or oovenante crestingor goveming the rnndominium or planned unit davelopment~ the by-laws and regulations of the oondominium or planned anit developmen~ and oonstituent documents. If a condominium or planned unit development rider ia e:ecuted by Borrower and recorded together with this Mortgage, the wvenants aad ~ agreements otsuch rider ahall be incorporated into and ahall amend and supplement the covenants and agreemente of thia Mortgage as if the rider were a part hereof. ~ 9. Protedion of Lender's Secaritp. lf Borrowrr faila to perform the oovenants and agreaa~ts oontained in this Moitgage, o~ if any action or pzooeeding is commeaced ~vhich materiaUy affecta Iende~s interwt in the Property. includin8. bnt not limited to. emineat domain. ~ insolvency. aode enforo~nen~ or errangements or proceedings involving a bankivpt or deoedeat~ then Lender at I.enda'e optiofl.upon ~ notioe to Borrower may make snch appearanoes. disbune rnch sum~ and take sach action as is neoaaary to pavtec~ Lender'i interest. ~ incloding, but not limited to. disbursement of rensonable attorney's fees and entry upon the Property to make repain. If Laider required i ~ mortgage inenranoe as a condition of making the loan eecured by this Mort8a8e, Borrower ahall pay the premiums required to maintain ` ~ wch insnrana in dfect until snch time es the requirement for such insnranoe t~erminates in aooordanoe with Barrower'~ and I.endei'~ written agreement or applicabk I.a.v. Borrower shall pay the amonnt of all mortgage inaurance premiums in the msnn~ provided nade~ ~ paragraph 2 hereof. ~ ~ Any amonnb disbnrsed by Leader perauant to thia paragraph 7. with intereet thereon. shall beoome additional iadebtedness of Borrower secured by this Mortgage. Unless Borrower and Lender agrce to other terms of peyment, such amw~nts shall be payable upon notioe from Lender to Borrower requeeting payment thet~eof, and shall bear interest from the date of disbursement at the rate payable irom time to time on outstanding principal under the Note nnleae payment of interest at anch rate would be contrary to applicable law, in which event such amounte shall bear interest et the highest rate permiesible under applicable law. Nothing contained in this paragFaph 7, shaU nquin Lender to incur any espense or take any action herennder. ~:.lX~~ ~ ~ ~ ~ 6p4 ~ - - ~s ~"~^u _~,._r , ~'A