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Home My WebLink About0614 ! " ~ BoROwer and I.ender covenac?t and agree as foilows: - l. Payment ot Principal and latere~t. Borrower shal! promptly pay when due the principal of end interost on the indebtedness ~ evidenced by the Note, ptepayment eu~d late charges as provided in the Note, and the pri~cipal o[and interest on any I~ture Advances secured by thiu Mortga~e. ; 2. Ftinds tor T~uces aad [nsurrunoe. 3ubject to applicable iaw or to a written waiver by l.ender, Borrowar ahal! pay tol.endar on the day ' monthly irutaUment~ otprincipal end interest are payable under the Note. u~til the Note is paid in fuU, a sum (herein "Funds") equa! to opa ~ twelRh of the yearly taxes and asaes,ments which may attain priotity over this Mortgage. and grourtd rents on the Property. if any. plus ona ~ twelfth of yearly pr~aium instailments for hazard inaurance. ptua onetwelfth of yearly premium instaltments for mortgege insurance. if any. atl as reasonably estimated initially and from time to time by Lender on the baais otaeaeasmenta and bille a~d reaaonable estimates theteof. ~ The F1~nd~ shall be held in an ihstitution the deposits or sooounts oi which ere uuured or guaraateed by s Federal or 3tale ageacy (including Lende! if I.ender is such an institution). Leadet ahall apply the Fuade to pay said taxes. aaseasme~ts, inaurance premiums and ~ ground rents. Lender mqy not charge for so holding and applying the Ftinds. analyzing said aoooun~. or veritying and compilin~ aaid assesrments and biW. unl~s Lender pays Borrower int~eat on the ~nds and applicable law pennita Lender to make such a charge. Borrower # and I.ender tqay agree in writing at the time of e:ec~tion of this Mortgage that interest on the F~nds shall be paid to Borrower, and unlea ~ ~~h a~reement ie made or epplicable la~v requiree such int~est to be paid, Lender ahall not be reqnired to pqy Bortower any inGerest or ; earnings on the Flmds. Lead~ shall give to Borrower. without charge. an annual acmunting of the l~nds ahowing credita and debits b the F~nda and the purpose for which each debit to the P~nds waa made. Tha Funde are pledged aa additional aecurity for the sums secured by this Mort~age. . If the amount of the Eluids held by Lender, together with the tuture monthly iaatallments of I~nds payable prior to the due dates of tases, asiessmente~ inauranoe pnmiume and grnund rents. shall e~ozed the amount required to pay said taxes, aseeesments. ineurance premiuma and ground renb as they faU due. such excus ahall be~ at Borrower s option. either promptly repaid to Borrower or credited to Borrower on moothly ia•!aUmenta ot FLnds. If the amount of the F~trds held by Lender shaU not be suf~cieat to pay taxea. asseeaments~ inauranoe prerni4:ns and ground teate aa they faU due. Borrower ehall pay fo I.ender any amo~nt necesasry to m~e up the defi+ciency within 30 days from the date aotioe is mailed by l.ender to Borrower requeating payment thereof. . , Upon payment in full of all suma sec~red by thia Mortgage. I.ender shall promptly refund to Bo~rower anX funda held by Lender. V under paragraph 18 h~eof the Property is sold or the Property is otherwise acquired by Lender, Lender ahall apply. no latec Wan immediately prior to the eale ot the Property ~ its aoquieitioa by I.ender. any P1~nde held by I.ender at the time of apptication as a credit againet the sums aecured by this Mortgage. . - 3. Applicatlon oi Paymeats. Unless applicable law pmvidea otherwise. aU paymenta reoeived by Leqder under We Note and paragrephs 1 and Z hereof ehall be applied by Lender first in payment of amounts payable to I.ender by $orrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note. and then to intereet aad principal on aay Future Advaaoee. 4. Charges; Liens, Botrower ahall pay all ta:ea, asaeasmenta and other chargee, finee and impoeitiona attributable to the Property which may attain a priority over this Mortgage, and leasehold paymenta or g?ound rents, if any, in the manner provided under paragraph 2 hereofor, if not paid in such manner. by Borrower making payment, when due, directly to the payee thereof. Botrower ahall promptly furnish to Lender all notices of amount8 due unde~ this paragraph. and in the event Bore~ower shall make payment directly, Borrower shall ptomptly turniah to Lender reoeipts evidencinq snch payments. Borrower shall promptly discharge any lien which has priority over this Mortgage; pmvided, that Borrower ahall not be required to diacharge any such lien ao long aa Borrowerahall agree in writeng to the payneenl of the obligation secured by such lien in a manner acceptable to I.ender. or ahall in good faith conteat such lien by, or defend enforcement of such lien in, legal prooeedinga which operate to prevent the enforcement of the lien or forteiture of the Property or any part thereof. 5. Hazard Ineurance. Borrower shall keep the improvemente now exieting or hereaRer erected on the Propedy insured againat loes by fire, hazarda included within the term "e:tended coverage." and euch othet hazards ae Lender may require r.nd in such amounts and for auch periode as Lender may tequire; pmvided, that Lender shall not require euch ooverage amount ezceeding the minimum, aa may be required by atate or federal regulatione goveming activitiea of Lender, or that amount of coverage required to pay the auma eecured by this Mortgage, whichever ia the greater. - . The insurance carrier providing the inaurance shall be chosen by I3orrower eubject to approval by [.ender, provided, that such approval ahall not be unreasonably withheld. All premiums on inaurance policies 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 insurance carrier. All inaurance polictiee and i+enewals thec+eaf ahal) be in torm acceptable to I.ender and ahell include a standard mortgage claune in favor oi and in form acceptable to Lender. Lender ahall have the right to hold the policies and renewala thereof, and Bonower ehall promptly furniah b i.ender all renewai noticea and all receipte of paid premiume. In the event of loss, Borrower shall give prompt notice to the ina~uance carrier and Lender. Lender may criake proof of loes if not made prompdy by Borrower. Unless I.ender snd Borrower otherwiee agree in writing, in.swance proceeds ahall be applied to restoration or repair of the Prqperty damaged, prorided auch reatoration or repair is economically feasible and the eecurity of this Mortgage ie not thereby impaired. If auch reetoration ar npair is not economically feasible or if the eecurity of thie Mortgage would be impaired, the inaurance proceede ahall be applied to the snwa secared by thia Mortgage, with the ezc~8a, if any, paid to Borrower. If the Property is abandoned by Borrower, or if &?rrawer fails to respoad b Lender within 30 daye from ihe date notice ia mailed by Lender to Borrower that the inaurance carrier offera to setUe a claim for inanrance benefite, I.ender is aathorized to collect and apply the insurance prooeeda at Lender s option either b reetoration or repair of the Property or the sums eecwed by this Mortgage. . Unless Lender and Borrower otherwiee agree in writing, any sach applicetion of praceede to principal ehall aot e~ctend or poatpone the due date of the monthly instsUmeate referred to in paragraphe 1 and 2 hereof or change the amount of euch inatallmenta. If under paragraph 18 htnof the Property is aoquired by Lendet, all right, title and interest of Bon+ower in and to any inaurance policies and in and b the proceeda chereof nsulting from damage to Property prior to the eaie or aoquisition shall paaa to I.ender to tht e~tent of the aums aecured by this Mortgsge immediately prior to auch aale or aoquisition. ~ 6. Preaervation and Maintenance of Property; Leaseholda; Condominuma; Planned Unit Developments. Borrower ahall keep the Property in good repair and shall not commit waBte or permit impairment or deterioration of the Property and ahall comply with the provisions of any lease if this Mortgage ia on a leaeehold. If lhie Mortgage ia on a unit in a condominium or a planned unit development, Borrowec shall perform all of Borrower's obligations under the declaration or covenanta cireatingor governing the condominium or plenned iu?it development, the by-lawe and regulatiaas of the condominium or planned nnit development, and oonstituent dceuments. If a condomininm os planned unit development rider ia executed by Borrower and reeorded together with thie Mortgage, the wvenante and agreements of auch rider ahall be inrnrporated into and shall amend and supplement the covenante and agreemeate of thia Mortgage as if the rider were a part hereof. 7. Protectian ot Lender's $ecarity. If Borrower faila to perform the oovenants and agreementa oontained in thia Mortgage. or if any action or prooeeding is commenoed which materially affects Lende~s intereet in the Propetty. including, bnt not limited to, emineat domain, ` insolvency, code wforremen~, or errangements or proceedings involving a banlciapt ar deoedent, tben Lender at Lender's oplion,npoa notioe to Botrower may make euch appearances, disburee such sume and take such action as is neo~sary to protect I,enda'~ interest, ( incloding, but not limited Lo. disbnrsemeat of reasonable attorney's fees and entry npon the Pevperty to mal~e npain. If I.~der require~i mort8age uuarance aa a oondition of making the losn secu~d by this Mortgag~ Borrower ahall pay the pre~niyms reqnired to maintaia such insurance in effect antil snch time as the requirement for snch insurance tezminatee in aaoordanae w+ith Borrower i and Leadds written agreement ar applicable L,aw. Borrower shaU pay the amount of all awrtgege insnrance preminma in the manner provided ondet paragraph 2 hereof. Any amounta disbursed by Lender pereuant to this paragraph 7, with interest thueon, ehall beoome aflditionel indebtednees ot Bo*ro~rer secured by this Mortgege. Unlesa Borrower and Lender agree to oLher terms of peyment, sych amounte shall be payable npon noticx firom Lender to Borrower reqnesting payment thereof, and shal[ bear interest from the date of diabursement at the rate payabk from time to time on oatatanding principat under the Note unlas peyment of intetest at such rate would be oontrary to applicable law, in which event such amounta ahall bear intereet at the higheet rate permissible undet applicable law. Nothing contained in this paregrapb 7. shaU ~ eeqnin I.Mder to incur any expense or take any action heeeunder. - ! ~ . . } ~ ~99 P~~~ 614 F ~ ~ _ - _ , . - . _