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Home My WebLink About0608 . ~ Borrower and L.ender covenent and a~e aa follows: 1. Pyrment of Prlpcipat aad latere~~ Borrowe~ shall promptly pay when due the principal of and inteteat on the indebtednes~ evidenced by the Note. prepayme~t and late chargee aa pmvided in the Note, and the principai of and intcrest on any FLtu~e Advances aecured by thiu Mortgage. ~ 2. Ftiwds for Taues wnd Inauranee. Subject to applicable law or to e written waiver by L.ender, E3orrowe~ shall pay to l.ender on the dey { monthly inetallments of principal and intereat are payable unde~r the Note, until the Note u paid in full, a sum Iherein "~ada") equal to ons ; twelAh of the yearly taxes and aaseeaments which may attain priority over thie Mortgage. and ground ~ents on the Property, if any. plua one ~ twelftl+of yearly premium inatall~nenta for hazard inaurance. P~usonatwelfth ofyearly premium inatallments for mortgage insurance, if any, ~ all ae reasonably estimated initially and from time to time by I.ende~ on the baeia of aseessments and bills and reasonable estimat~ thereof. ; 71?e ~nda ahall be held in an institntion the depoaits oT accounts of which are insured or guaranteed by a Federal or State ageacy (including Lender if Lender u euch an inatitution). Lender ehaq epp7y the I~nda to pay said taxea. aseessments. insurance premiwns and ~ ground renta. I.endet may not charge for so holdinQ and applying the E1nda, analyzing aaid acoou~t, or verifying and compiling eaid . essoeementa and billa, ~nleea L.ender pays Bormwer interest on the ~nda and app4cable law permits [.ender to make such a charge. Bormwer and I.ender may agree in writiag at the time of e:ecution of this Mortgage that intereat on the ~nds shall be paid to Borrower, and unleas ' such e~nement ia made or appUcable law requires auch intereat to be paid. I.ender shall not be required b pay Borrower any interest rn• ' earnings on the fl~nds. Lender shall give to Borrower, without charge. an annual aooounting of the Funds ahowing credite and debits to the ~ Flu?ds and the purpose for which each debit to the F1~nda waa made. The Funds are pledged ap additional security for the sums secured by thie Mortgage. ¢ If the amount of the ~Lnda held by Lender. together with the future monthly installments of Funds payable prior to the due datea of ta:es, ~ as~easments, insurance premiums and ground rents, shall euozed the amount required to pay said tazes. aesesements. inauranct premiums ~ and gmund rents as they fall due. auch exceas shall be, at Borrower's option. either promptly repaid to Borrower or credited to Borrower on E monthly iastallments of fi~ndd. If the amount of the Funda held by Lenda shall not be euftlcient to pay taues, aseeeementa, inaurance premiutas and ground rents as they fall due. Borrower shall pay to Lender any amount necesaary to make up the deficiency within 30 daye ; fmm the dete notice is wailed by Lendec to Borrowet requesting payment thereof. ~ Upon payanent in full of all surns a~cured by this Mortgege, Lender shall pmmptly nfu~d to Borrower any funds held by I.ender. If under paragraph 18 henwf the Propetty is sold os the Property ie otherwiee acquired by I.ender, [.ender ahall apply, no later than immediately prior to the sale of the Propedy or its aoquiaition by Lender, eny ~nds held by I.ender at the time of application se a credit againet the auma eecured by thia Morfgage. ~ 3. t?ppiicauon O~ p~y~@Dis. V[l[Cb6 7l~l~tii~DtC i~aw Niv~iu8a vui2isisa2. nii ~saj.aac:i~w a~.'~'~"..... ~i v~ ~~rria ~~.1~ ~1~~ N~~a nnei _ paragraphs 1 and 2 hereof ahall be applied by Lender firat in payment of amounta payable to Lender by Borrower under paragraph 2 hereof, then to inter~t payable on the Note, then to the principal of the Note, sed then to intereat and principal on nny Futurr Advences. : 4. Charges; I.iens. Borrower ahall pay all t~xes, aseesamenta and other chargea. finea and impositiona attributable to the Property which ; may attain a priority over this Mortgage. and leasehold paymenta or ground mnts, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof.l3orrower ahall promptly furniah to Lender all noticea of amounts due under thia paragraph, and in the event Borrow~ shall make payment directly, Borrower ahall promptly furniah to Lender receipta evidenring auch paymenta. Borrower ahall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower ahall not be required to discharge any such lien eo long as Borrowerahall agree in writing to the payment of theobligation secured by ~ such lien in a manner acceptable to l.ender, or shall in good taith contest such lien by, or defend enforcement of such lien in, legal proceedinga which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. ~ 5. Hazard Insuranoe. Borroa?er aha11 keep the improvementa now raciating or hereafter erecfsd on the Property insured against loas by : 6re. hazarda included withia the term "extended ooverage.° and auch other hazards as L.ender may require and in suth amounts and for auch ~ perioda es [.ender may require; provided, that Lender ahall not requirn such ooverage amount e:ceeding the tninimum, as may be required by atate or federat regulatione goveming activitiea of Lender, or that amonnt of rnverage required to pay the auma eecured by this Mortgage, whichever is the greater. The insurance carrier providing the insurance ahall be choeen by Borrower subject to approval by I.ender, pmvided, that such approva! shall not be unreasonably withheld. All premiuma on inaurance policies shall be paid in the manner provided under paragraph 'l hereof or, if not paid in such manner. by Borrower making payment, when due, ditectly to the insurance carrier. - All inaurance policiea and renewala thereof ahall be in form acceptable to Lender and ehall include a standard mortgage clauee in favor of and in form acoeptable to Lender. Lender ahall have the right to hold the policies and renewals thereof, and Borrower ahall promptly furnish to ~ L,ender all renewal noticea and all teoeipts of paid premiuma. In the event of loss, Borrower shall give prompt notice to the inaurance carrier ~ and Lender. Lender may make proof of ldea if not made ptoroptly by Borrower. ~ Unlese Lender and Borrower otherwiee agree in writing, ineurance proceeda ahall be applied to reetoration or repair of the Property ~ damaged, provided such reatoraEion or repair ie economicaliy feseible and the eecurity of thia Mortgage ia not thereby impaired. If anch f reatoration. or repair ie not eeonomically feaaible or if the Becurity of thia Mortgage would be impaired, the ineurance proceeds shall be applied ; to the snma secured by thie Mortgage, with the ezceae, if anY. paid to Borrower. If the Propedy ie abandoned by Borrower, or if Borrower faile to ; ~ reepond to Leader within 30 daye from the date notice ia mailed by Lender to Borrower that the inaurance carrier o~era to eettle a claim for ~ insurance benefits, Lender is authorized to collect and apply the insurance proceede at Lende~s option either to reetoration or repair of the } : Property or the enms eecured by thie Mortgage. ~ Unless Lender and Borrower otherwiee agree in writine. anY such application of proceeda to principal ehall not eactend or postpone the due date of the monthly inatallmenta referred to in paragraphe 1 and 2 hereof or change the amount of anch installmenta. If under paragraph' 18 ~ hereof the Property is acquired by Lender, all right. tide and intereat of Borrowet in and to any inaurance policiea and in and to the proceeda _ i thereof resulting 5rom damage to Property prior to the sale or aoquisition ahall pasa to Lender to the e:tent of the eums eecured by thia Mortgage immediately prior to auch sale or soquiaition. 6. Preaervation and ~Iaintenance of Property; Leaseholds; Condomiaume; Planned Unit Developments. Borrower ahall teep the Property in good repair and ahall not commit waste or prnnit impairment or deterioration of the Propedy and sha11 oomply with !he provisiona of any lesee if this Mortgage ia on a leseehold. If thie Mortgage ie on a unit in a oondominium or a plaaned unit development, Borrower shall perform sU of Borrower 8 obligations under the declaration or covenants creatingor governing the condominium or planned unit development, the by-laws and regulatione of the rnndominium or planned unit development, and conatituent documente. If a condominium or planned unit development rider is e:ecuted by Borrower and recorded together with this Mortgage, the oovenante and ~ agreements of auch rider ahall be incorporated into and ahall amend and supplement the covenaate and agreemente of this Mortgage as if the ~ rider were a part hereof. ' 7. Protection of Lender'~ Security. If Borrower fails to perEorm the oovenante and agreemeats oontaiu?ed in this Mortgage. ar if any ~ ~ action or proceeding is commenoed which materially affecte L.ende~a interest in the Property. including, bnt not limited to. eminent domain, 't insolvency. oode enforcement, or arrangements or peoceedinge involving a banlm~pt ~ deoedent, then Lender at I.endds option,npon ; ~ notice to Borrower may mai~e suc6 appearanaea. disburee such anms and take snch action aa is neoe~sary to protect Lender ~ inten+~t, ~ including, but not limited to, disbursemeat of reasonable attorney's fees and entry npon the Property to make npairs. If Lender reqyired mortgage ineurance as a coudition of making the loan secnred by this Mortgage, Borrower ahall pay the preminms reqnired to maintain ~ auch insurance in effect until such time as the requirement for snch insurance terminates in aocordanoe witb Borrower's and Lmda'~ ; ~ written agreement or applicable I.aw. Borrower shaU pay the amount of all mortgage inaurance premium~ in the msnner provided nnder ; ~ paragraph 2 hereoL ~ Any amonnts disbursed by Lendez pereuant to this paragraph 7, with intecest thereon, shall beoome additioaa! indebtedness of Botrower secured by thia Mortgage. Unleas Borrower and Lender agree to other terma of payment, snch emounte shall be payable upon notice from I.endez to Borrower requesting payment thereof, and shall bear interest from the date of diabureement at the rate payable from ~ time to time on outstanding principal under the Note unlese payment of interest at ench rate would be oontrary to applicable law. in which ~ ~ event ench amounte shall bear interest at the higheet rate permiaeible under applicable law. Nothing oontained in this paragraph ~hali ~ require [.ender to incur any expense or lake any action hereunder. ~ U~~K 299 pg = ~ . FACE 6 ~ ~ ~ ~ - - _ ~ _ _ - . , . . - _