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Home My WebLink About0080 Borrower and Leud~ oovenaat eu~d a~rse as folbw~: 1. Psymeat of Priacipal and Intere~t. BoROw~ shnll prompt~y pay when due the principsl of and intere~t on tbe indebtednew evideaced by We Note, prepayment and late charQe~ ai peovided ia the Note~ sad the principal ot aad intere~t oa sny I~ture Advanoe~ ~ecured by thi~ Mort~aga Z. F~ad~ tor T~e~ ~ad Ituurenoe. 3ubjed I~o applicable law or to a written waiver by Leader. Borrower ahall pay to Lend~ on the dqy monthly irutallmeata of priocipal and iaterest are payable under the Note. unW the NoLe is paid in tull. a sum (hereia "I~nda"1 equal to o~a twelRh of the yeatl y ta~ces aad asseesments which may attain priority over thia Mortgage. and gmund rents on the Property, if any. plus one~ tweltth of yearly premiam inatulimenb for hazard insurance. plua onetwelRh of yearly preatium installmeats for martga~e insurance. if aay. all as reasonab~y estimated 'u?itially and iroon time b time by Lender on the basie of aeseeamenta and bills and ceasonable estimates thereoi Tha P~nd~ shall b~ held in aa insCitutioa ths deposits or aooonnb of wWch are insured or Quaranteed by e Federal or State aQency (includia~ Lender if Lender L s~ch aa iastitution). I.enda shall aPP~jr the I~nda to pqy aaid taxes. a~seasmenb. iaaurenoe prrmiuma and ~~round e~ents. Lender may aot ch4rge fos w hoidinQ and spplyin~ ths I~lu~da. ainalysinQ raid aocount~ o~ verifying and oompiling ~aid as~e~h and bil1a. unlas Lendae pays BorroMrer interest on the Phnds and applicable law permib LeAd~ to make such a charge. Borrower and I.ender me~y s~ree in writia~ at the time oi esecutioA of this Mortgage that interost on the P~nds ahaU be paid to Borrower. and nnles~ ~och a~nemeat u made or appliceWe law requires ~ueh iaterest to be paid. Lender shaU not t~e required to psy Bo~rro~rer any intered or earning~ oa the Ftind~. Lead~ ahall give to Bosrower. ~vithout charge. an annual aooountiag of the Funds ehowing credits and debits to the Ptiusds and the paspoee for which each debit to the ~ads was made. The I~nds are pledged as additioaal ~ecusiqr fos the snms ~ecurad by this Mortgage. - ~ If the amouat of the Pbnds held by Lender. Logether with the fetae~e monthly installments otFhnds payable prior b the due dates of ta~es. assesemeata. inaaraace premiums and ground nnta. shaU esored the amouat required to pe~y ~aid t~e~. essessmeata, inanranoe premiums aad gronnd reats as they fall dne. such e~coees ahaU be. at Borrovver's oytion. eith~r pmmpdy repaid to Borrowes or credited to Borrower on montlily installment~ of P1~ads. If the amonnt ot the F~nd~ beld by Leader shall not be auf~iicieat to yay tazes. aaaeraments, inaurance premiuma apd ground renta as they fsll due. Borro~rer ahall pay to I.end~ any amount neoeseary to mate up the deficiency within 30 days from the date notioe is mailed by Ler?det to Borrowar requesting patiyment thereof. Upon pqyment ia fiill o~f all eanu secured by this~Mortgage, Lender shall pranpdy refund to Bormwer any funda held by Lender. If under paragraph 18 hereof the Property is sold os the Pmperty is othe~wise aoquired bq Lender. Lender ahall aPP1Y, no 1at~ than immediately prior to the sale of the Property ar its aoqaidtion by Lender~ any Pbnds held by I.ender at the tims of appUcation as a credit againat the suma eecnred by thi. M~tgage. 3. Application of Payment~. Unl~s applicable law provides otherwiae. all payments reoeived by . I.ender under the Note and paragraphs 1 and 2 hereof shall be applied by Lender firaE in payment of amounte payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then b the principal of the Note. and then to interest and principel on any Future Advanoe~s. . Char~ea;l,iens. Borrower shall pay sll t~ea, assessments aed other chargee. fines and impoeitions attributable to the Property which may attain a priority over this Mortgage. and'leasehold p~yments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not paid in euch manner. by Borrower making payment, when due, directly to the payee thereof. Borrower ahall promptly furniah to i.ender all notices of smounfe due under thia paragraph. and in the event Borrower ahall make payment directly, Borrower ehall promptly fnrniah to Lender receipte evidencing auch paymente. Borrower shall promptly diacharge any lien which hae priority over this Mortgage; pmvided, that Borrowez ahall not be required to discharge any such liea so long as Botrower shall agree in writing Eo the payment of the obligation a~cured by such lien in a manner aoceptable to La~der. o: ehall in~good faith rnatest such lien by, or defend enforcement of auch lien in, lega! proceedinga which operate to preveat the enforcement of the lien or forfature of the Property or any part thereof. 5. Hasard Insursnoe. Bo=rower ahall keep the impmv~eats now ezisting or h~ erected on the Froperty ine~u~ed againat loea by fire, hazards inclnded witbin the term "ezteaded ooverage," and auch oWer hazards as I.ender may require and in such amounta and for such periods ae I.eadrr may req~pre; provided. that Lender ahall not require snch ooverage amount ezceeding the minimum. as may be required by . state or federal regulatione governing activitiea of Lender. or that amount of coverage reqnired to pay the auma secured by thia Mortgage; whichever ia the greate~. The insuranoe carrier providing the inaurance ahall be chosen'by Borrower subject to epproval by I.ender; provided, that auch appmval shall not be unreaeonably withheld. All preminma on inaurance policiea ahaU 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 inaurance carrier. All insurance policiea and renewals thereof ahall be in form soceptable to Lender and ehall include a standard mortgage clanee in favor of and in form aooeptable to Lender. L,endei ahall have the right to hold the policies and renewale thaeof. and Borrower ahall ptompdy furniah to i.ender all reaewal noticea and all reoeipts of paid premiums. In the ~weht of losa, Boreower ahall give prompt notice to the insurance carrier ~ and Lender. I,ender may make proof of laes if Aot made prompdy by Borrower. Unlees I.endet and Borrower otherwise agree in writine. u?surance pr~eeds shall be applied to restoratioa or npair uf the Property damaged, provided auch restoration or rPpair ie econoaaicaUy feaaible and the security of this Mortgage is not thereby impaired. If sach ~ reatoration ar npair is not eoonomically feaaible or if the security of this Mortgage would be impaired. the inatuance proceede ahall be spplied to the sums iecurad by thia Mortgage, with the ezcess, if any, paid to Borrower. If the Property ia abandoned by Borrower, or if Borrower faila to ` respoad to Lender within 30 daya irom the date notice ia mailed by Leader to Borrower that the inaurance carrier oHere to eettle a claim for ; inaurance bene5ta. Lender ie authorized to collect and apply the inaurance pmceeda at Lende~e option either to reatoration or repair of the ~ Propezty or the sams secured by thie Mortgage. - ~ Unleas Lender snd Borrower olherwise agree in writing, any auch application of pmceeds to principal ahaU aot e~ttend or postpone the due date of the monthly installmenia referred to in paragraphe 1 and 2 hereof or change the amount of such inatallmenta. If nnder paragraph 18 ~ ha+eof the Pmperty is aoqnired by I.ender. all right, title and intereat of Borrower in and to any inaurance policies and in and to the proceeds theteof resnlting from damage to Property prior to the sale or soquisition ehall psse to Lender to the eztent of the eums eecured by this Mortgage immediately prior tQ euch aale or aoq~isition. 6. Preaervation and ~aintenance of Property; Leaseholda; Coadominums; Planned Unit Developments. Borrower shell keep the Property in good repair and ahall not rnmmit waate or permit impairment or deterioration of the Propedy and shall oomply with the pmviaione af eny lease if this Mortgage is on a leaeehold. If thie Mortgage ia on a unit in a oondominium or a planned unit development, Borrower shall perform all of Borrower'e obligationa under the declaration or oovenants creatingor goveming the condominium or planned ~ nnit development, the by-lews and regulationa of the rnndominium or planned unit development, and conetiE~ent documente. If a _ oondoanininm or planned unit development rider ia ~ecuted by Borrower and e+ecorded tagether with thia Mortgage, the oovenania and ~ agreementa of euch rider shall be inrnrporated into and ahall araend and supplement the covenanta and agreements of thi~s Mortgage aa if the ~ rider were a pa~t here~of. 7. Protection ot Lender'~ Secnrity. ~f Borrower feils to parfarm the oovenante and agreemenb oontained in this MortBaBe. or if any ~ ~ aetion or procxeding is oommenoed wluch materially affects Lender's interest in the Property. including. bnt not limited to. e:ainmt domain. ! ~ insolvency. oode enforoemwt, or arrangements or proceedings involving a banksnpt or deoedent, then Lender at Lender's option.upoa ; notioe to Barrower maY maice anch appearanoes, disbune sndi ~um~ and take wch action as is neoessary to protect I.ender's intaest, incloding. but not limited to. disb~ent of reawnabk attomey's fees and entry upon the Property to maice npairs. I[ I.ender reqaired ~ mortgage insuranoe as a condition of making the loan secured by thia Mortgage, Borrowa shall pay the preminms reqnired to maintain sach insuranoe in e~ect nntil ench time as the reqnirement fos euch insuranoe terminates in aocordance with Borrower's and Leadar'~ ~ written a~eemmt ot applicable Law. Bosmwer shall pay the amount of all mortgage insurance premiumt in the manne provided ander ~ para~raph 2 haeof. ~ Any amounts disbnrsed by Lendes persuant to this Para6*aPh 7, with interesi thereon. ahall beoome additional indebtedne~s of s Borrowa secured by this Mortgage. Unless Borrower and Lender agree to other terms of payment, such amonnta shall be payable npon ~ notioe firom I.ender to Borrowe= nqueeting payment thereo~ and shall bear interest from !he date of disbursement at the rate payable from ~ time to time on outatanding principal und~ the Note nnleos payment of interest at such rate would be oontrary to appliceble law, in which ~ event each amonnts a6aU bear intereat at the highest rate permissible under applicable law. Nothing ooatained in this paregraph 7. ehall ~ reqnin La~der to incur any ~pense or take any action hrnunder. i t ~ ~ ?~~RY 302 ~ - Fl', 80 ; . ~ ` ~ ~ ; - ,~M ' x ~~~~~`'~z+'~~ ? _