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Home My WebLink About0922 s ~ Borrower and I.ender covenant and a~ree as iolbws: ; 1. Paymeqt o[ Ptiacipal a~d Iateres~ Bo~ower ~hall prompUy pay when due ihe principai of nn~ interest on ihe indebtednew evidenoed by the Note. prepayment and late char~e~ aa provided in the Note, end the principal of and intereat on any I~ture Advance~ secured by this Mort~a~e. ~ . 2. Ftiad,~ for Teu~e~ Rnd Iruuranoe. Subject to applicable law or to a written waiver by l.endar, Borrower ahall pay to l.ender on the day + moathly initallmenb of principal and i~tereat are payable under the Note. until the Nole is psid in full, a sum (herein "Funde") equai tv ona ~ twelfth of the yearly taxes and a~sessmente which may attain priority over thia Mottgage. and ~rround ronb on the Property. if any. plw oas ~ ' twelRh of yearly premium irutallmenta fos hasard inaurance, plus onetwelfth ofyearly premium installments [or mortga~e insurance. if any. ` all iu reaaonably estimated initially aad kom time to time by I.ender on the basia o[ as~essmente and billa and reasoneble estimates thereoL ~ '17~~•F~u?d~ ~haU be heW in an iaditution the depwib or acoounls ot rvhich are {naured or Quaranteed by a Federal or 3tate aQency ' (includin~ I.e~der it Lender u such an insatuaon). Lender.hall a~ly ehe ~,?da t~o ~y.aid eaxe., a,ae.amenv, insuranoe premiuiw and ~ ground renb. Lender may not char~e [o: ~o holdin~ and epplying the ~ndi, ana~ysing said account, or veritying und rnmpilia~ ~aid ~ ~ as~e~s~neats and bills. unle~s Leader payr~ Borrower intere~ton the I~nds and applicable law permite Lender b make ~uch a charge. Horrower ~ and I.ender may a~ree in arriting at the time of e:ecution of thi~ 1Nbrtga~e that interest on the F`~nds ahall be paid to Borrower, and unleas ~ i ~ach a~reea?aat u made or epplicabk la~r requires ~uch intae~t b be paid. I.ender ahall not be required to pay Borrower any intehat or , earnings on the Flindi. Lender shall give b Borrower, vrithout charge. an annual accounting of the Ftinde showing credita and debite to the - ~ Ftiads and the pur{w~e [or which ~ch debit to the Ftinds was made. The Funds are pled~ed as additional aecurity for the eums eecured by thiu ~ Mo~age. ' ~ If the amount of the F1~nds held by Lender. together with the future monthly installwenta oI Funds payable prior to the due dates of t~a. f ass~ssmenta, inanranae premiuau and gronnd rents. shall exaaed the amount required to pay said ta:es, aaaessmenta. insurenoe preauuau ~ and ground renb as they tall due. ~nch esoe~s ~hall be. at Borrowe~s opRion, either promptly repaid b Bocrow~ or credited to Borrower on } monthly insWlmeats of flinds. If the amount ot the Funds heW by Lender ~hall not be suil'uient to pay t~es, asaeasments, insurance ; premiums and gronnd rents aa they fall due. Borrower shap pay to Lend~ any amount neceesary to make up We deficiency within 30 days ; from the date notioe is mailed by I.ender to Borrower requesting payraent theceof. i Upoa payment in faU of all ~uuu secured by this Mortgage, Lender shall prompdy refuad to Borrower any funds held by Lendrr. If under g paragraph 18 6~eof the Property ia sold or the Prope:ty is otherwiae acquind by I.eader, Lender shall apply, no later than immediately prior j to the sak of the Ptoperty or ita eoquisition by Let?der. any F~nds held by I.ender at the time of application as a crcdit against the sume secured ; by thu Mortgage. _ s 3. Application o~ Paymeata. Unless applicable law provides otherwise. all payments reoeived by Lender nnder the Note and = peragraphs 1 and 2 hereaf shall be applied by Lender first in peyment of amuunte payable to I.ender by Borrower under paragraph 2 hereof, ~ then to interest payable on the Note, then to the principal of the Note, and then to intereat and principal on any ~ture Ad~ ancea. _ 4. Charges; Liens. Borrower eha11 p~y all ta~ces, easesementa and othercharges, finea and impoeitiona attributable to the Property which may attain a priority over this Mortgage. and leaaehold paymenta or ground rents, itany, 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. Borrower ahall promptly furniah to I.ender _ all notices of amounta due under thia paragraph, and in the event Borrower ahall make payment directly; Borrower ehali prompdy fumish to ~ [.end~ reoeipta evidencing euch peyments. Borrower shall promptly diecharge any lien which hea priority ove[ this Mortgage; provided, that ~ ; Borrower ehall not be required to diacharge any aqch lien so long as Borrower shall agree in writing to the payment of the obligation secured by ~ such lien in a manner soceptable to I.ender, or ahall in good faith conteat such lien by, or defend enforcement of euch lien in, legal proceedings ; which operate to prevent the enforcement of the lien or fo~feiture of the Property or any part thereof. { 5. Hezard Iasuraace. Borrower ahall keep the improvemente now racisting or hereafter erected on the Property insured againat loss by . fire, hszards induded writhin the term "e:tended ooverage," and auch other hazards aa I.ender may require and in auch amounts and for auch perioda ea Lendsr mey require; provided, that Lender ehall not require auch ooverage amount e:ceeding the minimum, as mey be required by state or federal regulations governing activities of Lender, or that emount of coverage required to pay the sums secured by thie Mortgage. whichever ia the greater. . ! The inaurance carrier providing the ineurance ahall be chosen by E3orrower aubject to approval by [.ender, provided, that euch approva! ' shall not be unreasonably withheld. All premiuma on insurance policies ahall be paid in the manner provided under paraqraph 2 hereof or, if ' not paid in such manner, by Eiorrower making payment, when due, directly !o the ineurance carrier. ~ # All inaurance policies and renewala th~eof shell be in form acceptable to I.ender and ahall include a atandard mortgage clauee in favor of ~ and in form acceptable to Lender. Lender ahall have the sight to hoW the policiea and renewals thereof. and I3o~tower shall promptly furnieh to i.ender all renewa) notices and all receipta of paid premiums. In the event of loea, Bornower shaU give prompt notice to the inaurance carrier and I.ender. I.ender may make proof of losa if not made prompUy by Borrower. Unlesa I.eader and Borrower otherwise agree in writing, inaurence proceeda aha11 be applied to reetoration or repair of the Property ~ ; dameged, provided such restoration or repair ia economicaUy feasible and the security of this Mortgage ia not thereby impaired. If such restoration ar repair ia not economically feasible or if the security ot this Mortgage would be impaired, the insurance pmceeda shall be applied E to 1he suma secared by this Mortgage, with the exceas, itany, paid to Borrower. If the Property is abandoned by Borrower, or if Bormwer faila to reapond to Lender within 30 daya from the date notice is mailed by Lender to Borrower that the insurance carrier offers to aeWe a claim for ~ insurance benefita, Lender ie authorized to rnpect and apply the insurance praxeds at Lender s option either to restoration or repair of the ~ Property or the sums secnred by thia Mortgage. { ~ Unless Lender and Borrower otherwiae agree in writing, any sach application of proceeds to principal ahall not estead or postpone the due ; ; date of the monthly inatallments referred to in paragrapha 1 and 2 hereof or change the amount of such inaLallmente. If under paragraph 18 ` ~ hereof the Property is acquired by Lender, all right, tide snd intereat of Borrower in and to any ineurance policies and in and to the prooeeds ~ ~ thereof nsulting from damage to Property prior to the sale or aoquirition shall paas Eo Lender to the e=tent of the suma secured by thia F ~ Mortgage immediately prior to such sale or aoquisition. £ 4 6. Preservatlon and Maiatenance of Property; Leaseholda; Condominums; Planaed Unit Developmeats. Borrower shall keep = ~ the Property in good repair and ehall not rnmmit waate or permit impairment or detesioratioa of the Property and shall oomply with the ~ provisiona of any lease if this Mortgage ia on a leasehold. I! thie Mortgage is on a unit in a oondominiuro or a planned unit development, ~ f3orrower shall pertorm aU of Borrower'a obligations under the declaration or covenanta creatingor governing the oondominium or plenned ~ ~ unit development, the by-laws ~ar?d regulatione of the condomininm or planned unit development, and oonstituent documents. If a ~ condominium or planned unit developmeni rider ia e:ecuted by Borrower and recorded together with thia Mortgage, the oovenanu and ' agreementa of euch rider shall be inrnrporated into and shall amend and supplement the covenanta and sgreements of thie Mortgage se if the ~ rider were a part hereof. ~ ~ 7. Protection ot L.ender'a Secqritp. If Borrower fails to par[orm the ooveaants and agnements oontained in t}w Mortgage. or if any ~ action or prooeeding ia ooanmeaoed which materially affecte I.ende~~ interest in the Property, including, bat aot limited to, emineat domain. ~ inwlvency, oode enforoement, ar arrangements or pmoeedings involving a bankmpt or deoedent, tha~ Lender at I.ender'~ option.npon = notioe to Borrower may make ~uch appearanoes, disbune snch sums and tate wcb action as i~ aeoe~sary to proted I.ender'~ inLerest~ • ' incltding, bat not limited to, disbursement of rea~onable attorney's fces and entry npon the Propeity to ma1~e repair~. If La~der seqaire~ - mortgagc ineurance as a oondition of maldng the loan eecnred by this Mortgege, 8osrower ehall pay the pnminm~ reqnired to maintain • ' ~+uh in~uranoe in eftect nntil snch tune as the requinmeat for snch insurance terminatee in aooordanoe with Borrowds aad Leader'~ s ~ writtea a~reement or applicable Law. Borrower ehall the amount of aU mo ~ , pay rtgage insurance premiums in the menner provided under ; PareBrePh 2 hereof. 4 Any amonnts di~bursed by Lender persuant to this paragraph 7. with interest thereon, sbell beoome additional indeM~ednes~ of f Borrower ~ecured by thia Mortgege. Unless Borrower end I.enda agree to other trrms of paya~ent, such amounta shell be payabie upon ~ notice firom Lender to Borrower requesting payment thereof, and shall bear intereet from the date of disbursement at the rate payable ~om ~ time to time on outatanding principal under the Note unless payment of interest at such rate would be oontrary to applicable law. in which ~ event such amonnts shall bear interest at the highest rate permiasible under applicable 1aw. Nothing oonfsined in this paragraph ~hall ~ require Lender to incvr any e~cpense or take any action hereundtr. ~ ~ a e S ~ ~`~~:«299 P~ 922 . ~ : ~ ~ . ~ ~ ~ y . ~ ; ~ , _ y - -a. ff . , I e2x.~"- r ~ _ ~ ~~F.~~ m`=i ' : . ~~`r` ~.`~~.F~~