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Home My WebLink About0623 Borrower and Leader rnvensnt and e~ree aa followr 1. Paymept of Prlncipal a~d iaterea~ Borrower shall pmmptly pay whe~ due the principal of and interest on the indebtedneea evidenoed by the Note. prep~ayment and late cherge~ as pruvidod in the Note, and the principal of and interest on any [~Lture Advanoee secured by thu M~a~e. 2. PLnds for Ta~te~ wad Iaauranoe. Subject b applicable law o~ to a written waiver by I.e~det, BoROwer ahall pay to I.ender on the day mo~thly uutallmenta o[principal and interesl are p~yable uad~ the Note. unW the Note is paid in fuU. a sum (herein "E~nda") equal to one~ twelRh of the yearly tases and aesessments which may attain priority over thia MortgaQe, and gtound renta on the Property. if any. plw one- twelfth o[yearly pnmium installments for hszard insuranca, plua onstwelRh ofyearly premium installmenta for mortgage inaurance, if any, all as reasonably estimated initially and trom time eo time by I.ender on the uas~s of assessmenta and biiia ana reasonable estuna~es ci~enoi. The Pbnds shaq be held in an inatitution the deposita or aooonnt~ of ~eluch are insurod or guarenteed by a Federal or 3tate agency (includiag I.eader if Lertder ia such ap institution). Lender ahall apply the P~nds b pay ~aid taxes. asseasments. insurance pnmiums and ground reats. I.ender may not char~e for so holding and applying the ~u?da, enalyaing said aocounR or verifying nnd compiling said , ae~esaneats and biW, onless Lender pays Borrower intere~t oA the Fluide and applicable law pernaits Lender to meke such a charge. Borrower and Lender may agree in ariting at the time of executioa ot this Mortgage that intereat on the I~nds shall be paid to Borrower. and unlea~ such agreement is mede or appGcable la~v requires auch intenst to be paid, I.ender shall not be required to pay Borrower any interest or '~arnings on the F1~nds. Lender shaU give to Bonower. without charge. an annual aooounting of the F~nds ahowing credite and debits to the Fbnde and the pnrpwe for which each debit to the Phnds wes made. The Funds are pledged as additionai security for the sums secured by this Moctgage. ~ If the amount of the F1nds held by I.ender. Logether with the future monthly inaLallments olPtiu~ds payable prior to the due dates of ta~ces, aasessments, insnrance premiuma snd ground renta, ahall e:aaed the amount required to p~y said tuea. aseeaements. insurance premiums aad ground rsAta as they fall due. such ezoess ahall be. at Borrower s option. either promptly repaid to Borrower or credited to Borrowar on monthly inatallmenb of ~ada. If the amount of the ~nd~ heid by Lender shaq not be eufficient to pay t~es. ae~eeaments. insnraace premiams and grouad renta as they fall due. Borrower shall pay !o Leader any amonnt necesaary to make up the deficienry within 30 days firom the date notice is mailed by I.ender Lo Borrower requeeting payment thereof. - Upon payment in fuU of all aums secured by ehis Mortgage. Lender shall prompdy refund to Borrow~ any tunds held by Lend~. If under paragraph 18 hereof the Property is aold or the Proper4y is otherwise aoquired by Lend~. I.c~,u~ a:~ai; a j,y~;r, u~ ::,,:i, :wmaiiuie:y y,riur to the sale of the Property or ita aoquiaition by Lender, any ~nda held by Lender at the time of applicatior~ as a credit againat the euma sec~red by this Mortgage. ~ ~ . " 3. Application of Paymenta. Unlees appUcable law provides otherwiee. all payments received by Lender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender firat in payment of amounts payable to I.ender by Borrower under paregrnph 2 hereof, then to iaterest p~yabla on the Note, then to the principal of the Note, and then to inteeeat and principal on any Futare Advances. 4. Chsrgee; Liens. Borrower shall pay all taxee, aseesements and other chargea, fin~ and impoaitiona attr~butable to the Property which may attain e priority over this Mortgage, and leasehold payments orground rents, if any, in the manner pmvided under paragraph 2 hereofor, if not paid in euch maaner, by Borrowes tuaking payment, when due, directly to the payee thereof. Borrower shall prompdy furniah to Lender all noticee of amounts due under this paragraph, and in the event Borrower ahall make paym~t directly, Borrower shall promptly fumiah to Lender receipta evidencing euch paymente. Borrow~ shall prompUy discharge any lien which haa priority over this Mortgage; provided, that Borrow~ ahall not be required to diecharge any auch lien so long aa Borrower ahall agree in writing to the payment of the obligation aecured by such lien in a manner aoceptable to I.ender. or ahall in good faith contest auch lien by. ordefend eaforcement of such lien in, legal proceedings which oparate to prev~t the enforament of the lien or fodeiture of the Propetty ~ any part thereof. 5. Hazard Insuranoe. Borrower shall keop We improvementa now esisting or hereaRer ee~ected on the Propetty ineured againat loss by fire, hazarde included within the term "atended coverage." and anch other hazards as I.ender may require and in auch amounts and for such periods sa Lender may require; provided,~that Lender ehall not requir~e auch ooverage amount e:ceeding the minimum, as may be required by state or federal regulationa governing activities of Lender, or that amount of ooverage reqnired to pay the awna secured by thia Mortgage. whichever ie the greater. - - The insurance carrier providing the inaurance ahall be chosen by E3orrower eubject to approval by [.ender; provided, that such approval ahall not be unreasonably withheld. All preminms on insurance policies aha11 be paid in the manner prorided under paragraph 2 hereof or, if not paid in auch manner, by Borrower making payment, when due, directly to the inaurance carrier. All inaurance poliriee and renewale thereof shall be in form acceptable to Lender and shall.include a standard mortgage clauee in favor of snd in form soceptable to Lender. I.ender ehall have the right to hold the poUries and renewala thereof, and Borrower ahell promptly farnieh to iender all renewal notices and all reoeipts of paid pre~niume. In the event of loes. Borrower ahall give prompt notice to the inaurance carrier I and Lender. I.endet may make proof of loee if not made pmmptly by Borrower. Unleea Leadec and Borrower otherwiee agree in writing, inHUrance pmcceda ahall be applied to reatoration or repair of the Property dameged, provided snch restoration or repair is economically feasible and the securiLy of this Mortgage is not thereby impaired. If such restoratioa or rtpair is not eoonomieally feasible or if the secatity of this Mortgage would be impaired, the ineurance pmceeds shall be applied ta the sums eecured by this Mortgage, with the excess, ff anY. Paid to Borrowc. ifthe Property is abandoned by Borrower, or if Borrowa faila co respond to I.ender within 30 days from the date notice is mailed by I.ender b Borrower that the insurance carrier o~ers to aetde a claim for inaurance benefita. L.ender is suthorized to collect and apply the ineurance proceeds at Lender'e option either to restoration or repair of the Property or the eume secured by thia Mortgage. Unlesa I.ender and Botrower otherwiee agree in writing, any auch application of prooeeda to principal ehell aot eztend or postpone the due date of the monthly inatallments referred to in paragraphe I and 2 hereof or change the amount of auch instaliments. If under paragraph 18 haeof the Property ia acquired by Lender. aU tight, titk and intereet of Borrower in and to any insnrance policiea and in and to the proceeda thereof reaulting from damage to Property prior to the eale or aaquiaition ahall pass Lo Lender to the eztent of the suma eccnred by thia Mortgage immediately prior to such sale or aoquiaition. ~ 6. Preservatioa and Maintenance of Property; Leaseholds; Condominums; Planned Unit Developments. Borrower ahall keep the Property in good repair and ahall not oommit waste or permit impairment or deterioration of the Property and shall oomply with the pmvisione of any lease if this Mortgage ie on a leasehold. If this Mortgage is on a unit in a oondominium or a planned unit development, - Borrower ehall perform all of Borrower's obligatione under the declaration or rnvenants creatingor goveming the oondoaainium or planned unit development, the by-laws aad regulations of the condominium or planned unit development, and oons6tueni docnmenta If a ooridominium or planned unit development rider ia execated by Borrower and recorded together with thie Mortgage, We oovenants and agreements of auch rider shall be inoorpofated into and ahall amend and supplement the covenanls and agreemente of this Mortgage as if the rider were a part hereof. - 7. Prottction ot Lender'~ Securky. If Borrower fails to perform the oovenante and agreema?ta oontained in this MortSeBe. or if any action or prnoeeding is oommenced which materially affects Lender's inferest in the Propaty. including. but not limited to. eminent domain. inwlvency. oode enforcement, or arran~ementa or peooeedings involving a banl~rnpt or deoedent, then I.eader at Lendds option,npon notioe to Bono~ver may mal~e such appearanc~s. disbaree such sums and take ench action as is neoe~sary to proted Leadds inta~esk inclading, bat not limited to. disbureemeat of reasonable attorney's fees and entry upon the Property to mal~e repair~. If I.ender required mortgage insnrance as a conditioa of mating the loan secnred by this Mort8a8e, Borrower ahall pay We pr~iams reqnirad to maintaia snch inanranoe ia eged nntil s~d? time as We reqnirement for snch uuaranoe terminafes in acoordance with Borrower's and Leadd~ written agreement ar applicabk IBw. Borrower ehall psy the amount of all mortgage inaurence pr~iums iu the manner provided nnder paragraph 2 hereof. Any amonnts disbursed by Lender persuant to this paragraph 7, with interest thereon, shall beoome additional indebtedneea of Bormwer secured by this Mortgage. Unless Borrowrr and I.ender agree b other terms of payment, anch amounts shall he payable npon . aotice from I.ender to Borrower requesting payment thereof, and shall bear interest from the date of diabursemeat at the rate payable brom time to time on outstanding principel twder the Note unleas payment of interest at euch rate would be aontrary to applicable law, in which event such amounts ahall bear intereat at the higheat rate permiesible under applicable law. Nothiag coatained in this paragraph 7, shall eeqniTe I.a?der to incur any e:pense or take any action hereunder. ~ dO.K 4 ~ ° ~99 ~~E 623 ~ _ I - _ , . _ _ , _ _ , ?.~_.,~y:~