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Home My WebLink About0093 Borrower and Lender covei?aat and a~res as folloMn: - 1. Pwmeat ot Prtacipal u~d Intereat. E3ormwer shaU promPtly paY whea due the principel of and intereat on the indebt~edness rvidenosd by the Note, pnpsyment snd late char~es aa pe~ovided in the Note. snd the psincipel of aad iaterest on aay P1~ture Advanoss ~ecnred by thi~ btort~a~a . Ptiad~ for Tues aad Iaour~noe. Subjed b applicable law or to a writt~ waiver by l.ende~, Bortower shall ~y to Lend~ on the dqy moathly installmenta of principal and iuterest aro payable undec the Note. until the Note u paid in tuU. a sum (herein "Phn3~'h equal to oae- twelRh of the y~rly taxes and assessments which me~y attain priority over this Mort~aQe. and grouad rente oa the Property. if any. plu~ ona twelRh of yesrly pt~emium instalimeah for hasard insusance. plw onetwelRh of yearly pr~mium i~talimeata for moetgage insaranoe. if any. e~U aa reasoaably atiansted initiaUy and trom time to time by Lender on the basi~ of assesamenta and bille and reasonable estimate~ thereof. The FLnd~ ehaU bs held'ia aa i~itntion the depo~ita a: aaoounts of which us insured or suarantead by e Fed~d or State a~eacy (~,ciudin~ Lwder ii L~,der i. •uch an insatution). Leades shall apply the F~nda to pny said tasa. a~sesameats. insuranoe preauum~ and ~round e+ent~. Lend~ mqy uot charge for so 6oldin~ and app(yin~ the I~?nd~, aaalysinQ ~aid aoooua~ or verityin~ and coapilin~ ~aid as~eaoaaats and biUs. unlea Leader psy~ Borrovre~ iate~et oA the P1mda end applicabk law permib Lendrr to make ~uch a charge. Borrower aad Lende~r mqy a~ree in writiaQ at the time of esecation oi this Mortgage that interest on tl~e Ptinds she~ll be paid to Borrowror. and unle~s sach a~reement u a~ade or spplicaDk la~v reqnires such interest to be paid. Lender ~hall not be required to pqy Borrower any intered or earnings on We I~Lnds. Lend~ shaU give to Borrower, ~vithout charge. an annnal aooounting of the Ftinds ahowing credits and debits to the I~nds and the parpo~e foi which each debit to the PLnda waa made. 9~e Ftiinds are pledged as additional security for the sunns secured by this Mortgage. If We amount of the Phnda held by Lender~ bgethes wit6 the future ~aonth~y inatallments of ~nds pe~yable prior to the due dates of tuea, assesemen4. iaanranoe peemiums aad gmund ra~t~. ~hall e:oaed We amount required to pa~y said tase~. aa~eesoaeats. inaurana premiums and gronnd renta as they fall due. anch e~ow ahall be. et Borrowe~s option. either prompt~y repaid !0 8orrower or c~dited to Borrower on monthly uutallments of Ftitnd~. If the amount of the Plutdt held by Lender shall.not be enfficient to pay t~es. asaeaaments. uuuranoe _ pnmiums and ~round renta as they faU dur. Borrower shall pay to Lend~ any amonnt neaeeary to make up We de5ciency within 30 days from Wa date notica is mailed by I.ender to Borrower requesting payment thereof. Upoa paymeat in full ~ all sums secured by this MortBeBe. I.ender t~hall prompdy refund to Borrower any funds held by Leader. Itander paregraph 18 hereof the Pcope:ty is soW or the Property is otherwise acquired by Lender. Lender shall spply. no later than immedistely prior to We sale of the Pe+operty ~ its aoquiaition by Lender, any I~nds held by Lender at the time of application ae a ciedit againat the sums secured by tl?is Mortgage. 3. Applicwdon of Payments. Unleaa applicable law provides otherwise. all paymenta reoeived by Lendar under We Note and psregraphs 1 and 2 hereof ahaU be applied by Lender first in payment of amonnts pa~?abk to I.ender by Borrower under paragraph 2 hereof. thea to iaterest p~yable on the Note, then to !he principal of the Note. aad then to interest and principal on any ~ture Advanoee. 4. Charges; I3eas. Borrower ahall p~y all taxes. aesessments and other chargea. fines and impositiona sttributable to the Pwperty which may attain a priority ove~ thia Mortqege. end leasehold payments or ground ref~ta, if any. in the mannes provided under paragraph 2 hereof or, if not paid in such manner, by Borrowe~r making payment, when due, directly to the payee thereof. Borrower ehall prompdy furniBh b I.ender all notic~ of amounta due under thia paragraph, and in the event Borrower shall ma]~e payment directly. Borrower ehall pmmpdy furniah to I.end~ reeeipts evidencing such paymenta. Borrower shall pmmptly diacharge any lien which has priorily ove~r this Mortgag~ provided, that Borrower shall not be required to diacharge any auch lien eo long as Borrower ahall agree ii? writing to the payment of the obligation eecured by auch lien in a maaner aoceptable to I.ender, or ahall in good faith rnnteet auch li~ by. or defend enforcemgnt of auch lien in, legal proccedings which operste to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insuranoe. Borrowez aliall keep the impmvements now e:isting or hereafter erected on the Property ina~ued against loes by fin, hazards inclnded ~vithin the term "e~tended oove~rage," aad such other hazarde as Lender may require and in auch amounte and for anch periods as Lender maly requir~ provided, that I.ender shall not reqnire auch ooves~age amount e:ceeding the ininimnm, aa may be required by state or federal regulationa goveming adivities of I.ender, or that amoant of ooverege required to pay Lhe eums sectired by thia Mortgage. whichever is the greater. The ineuranoe earrier providing the inaurance shall be chosen by Borrower aubject to appmval by Lender. provided, that such approval ahall not be unreaeonably withheld. All premiuma on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrovrer making payment, when due, directly to the insurance carrier. All insuranoe policies and renewala lhereof ahaU be in form sooeptable to I.eader and ahall inclade a standard mortgage clanee in favor of and in form aoceptable to I~nder. Lender ahall have the right to hold the policies and reaewals lheceof, and Borrower ehall pmmptly furniah to i.ender all reaewal aotices and all reoapta of paid premiuma. In the event of laa~s, Borrower shall give prompt notice to the insurance carrier and I.ender. Lender may make proof of loes if not made promptly by Borrower. Unlees I.ender and Borrower oWerwise agree in writing, insurance proceede shall be applied to restoration or i+epair of the Property i damaged, provided auch reatoration or repair is economically feasible and the eecurity of thia Mortgage ie not thereby impaired. If such restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeda ehall be applied to the sums secared by thia MortBage, with We ~ceas, if any. P~id to Borrower. If t6e Propedy ia abandoned by Borrower. or if Borrower fails to reapoad to Leader wiWin 30 daya fmm the date notioe is mailed by I.ender b Borrower that the insurance camer offeia to eettle a cleim for ~ insurance benefita. Lender ia authorized to collect and apply the inaurance prooeeda at I,ende~a optioa either to reatoration or repeir of the Property or the suma eecured by this Mortgage. Unless I.ender and Borrower otheswise agree in writing, any auch application of pmceeds to principal ehall not ~tend or postpone We due dste of tbe monthly installmenta referred to in paragraphs 1 and 2 ha+eof or change the amaant of ench inetallmeata. If nnder paragraph 18 hereof the Property is aoquired by I.ender. all right, title and interest of Borrower in and to any insuranee policies and in and to the proceeda thereof resultiag fmm damage b Properiy prior to the aale or soquiaition ehall pass to I.ender b the e:tent of We sums secured by thia ~ Mortgage immediately prior to such sale or acquieition. 6. Preservation aad l[aintenance of Property; Lease6olds; Condominums; Planned Unit Developmenta. Bormwezshall teep the Property in good repair and ehall nat oommit waete or permit impairment or deterioration of the Property and ehall comply with the pmvisions of any lease if Wis Mortgage is on a leasehold. If lhis Mortgage ia on a unit in a oondominium or a planned unit development, Borrower ahall perform all of Borrowa's obligatione ander the declaration or oovenants creatingor governiag the oondominium or planned . unit development,. the by-laws and regulations of the condomini~un or planned unit developmeat, and oonstitnent documenta. V a condomininm or planned unit development ridez ie e~ecated by Borrower and recorded together wiW thia Mortgage. the uovenants and egreeme~nta of such rider ehall be incorporated into and shall amend and aupplement the oovenanta and agreementa of thia Mortgage as if the rider were a part hereof. ~ - - 7. Protection ot Lender'~ Secaritp. If Borrowe: lails to paform the oovenants and agreem~ts aontaiaed in thi~ MortBage, ar if eqY ~ action or prooeeding is oommeaced which materiallY aftecte L~de~s interest in tlse Prope:ty, including. but not limited b. eatin~t domain, ~ uuolvencq. aode aiforcemen~ or arrangements or pmoeedings invalving a banlnnpt or deoedent, then Leader at Lende~s option.npoa not~e to Ba~rrower may ma1~e snch appearanae~, d'uburse sach sumr and take snch ection as is aeoessary to protec.t I.ender'~ interest, ~ indnding. b~ not limited fo, disbu~semeat of reaaonable atloruey's fees and eatry upon the Pmp~rty to make repsirs. If ~Leader reqnired ~ m~tgage insnrance as a oondition of making the loan secnred by t!w Mortgage. Borrower ~hall pay the preminma reqnired to maintein - wch insuranoe in e~ed nnlil snch time as the reqairement tor snch in~uranoe terminat~ in eooordanoe with Borrower's and I.eadd~ ~ written agreemeat ar applicable Law. Barrower shall pay tl~e amonnt of all mottgage insurance premiums in the manna pmvided nnder = paragraPh 2 hereof. X Any amonnts disbnreed by i.ender persnanc ~o chis paraeraph 7, witl~ int~r~st thereon. ~hall become additional indebtednee~ of ' ~ Borrower ~ecnred by thia Mortgage. Unless Borrower and Lenda agree to other te:ma of payment, ench amounta shell be payabk npon ~ ~ notioe fmm I.ender b Bormwer requeeting peyment thereof, and ahall bear intereet from the date of disbnrsemeat at the rate payabk brom _ time to time on outstanding principal under the Note ~uiless paymeat of intrred at such rate would be ooatrary to applicable laa, in whic6 ~ ~ event wch amo~u?ts shaU bear interest at the highest rate permiseible under applicabk law. Nothing oontained in this peragraph 7. ~hall s. require Le~der to incar any ezpense or take aay action haeunder. r ~ ~ ~ ~ BOC!( JV~ i'~r,,c ~ ~ ~ ~ . , ~ ~;w , _ - - ~a .x _ - • ~:=s' ` , _•r~ ~ ~ : ~ ; . II ~ ~ a,.'~..Y :i . _ . . _ . _ss