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Home My WebLink About0160 ' Y` Borrowa and Lender ooveaant and e~ree aa follows: 1. Papment ot Priacipsl aad latere~l. Bormwer ~hall prompdy pay when due the principsl ot and interest on the i~debtedn~ evideaoed by the Note, prepeymeat and Iste char~es as provided in the Note. and the principa! of aad intereat on ~y Ptiturs Advanoes secured by this Mort~~e. 2 F~nd~ for Taues aad lrunriwoe. 3ubjed to applicable law or b a written waiver by [.ender, Borrower ihall pey to Lend~ on the day~ aanttily insWlmenta ot priacipal and interest are pa~yable und~ the Note. until the Note is paid in [ull, a aum (herein "Elrad~") equal to oaa twdith of the yearly ta:es and asaeaaments whicl~ ms~y attain priority ove~ thia Mort~a~e, and ~round rente on the Property. if any, plus w?e- cwelRh ofye.riy pnmium installmena for hasard i?uurance. Dlua onstwetRh ofyear~y premium instaUmeaes fo~ mortgage insusence. if ar~y. aU a~ cea~oaably estimated initielly and from time to time by I.ender on the basis of asaesame~ts and bille a~d rea~onable estunetes thereof. 11~ Fbnds shall be beld ia aa in~titntioa the deposita or aocounts o[ which are in~ured or gusranteed by a Fedaral or State agency , (incladiag [.e~da if I.enda is wch an iastitution). Lender ~hall apply the t~nd~ to p~y aaid ta~es. arseaaments. insuranoe pnmiums and ~roand reab. I.ende~ may not d~ar~e tot w holding apd applying the I~1ads. analyting ~aid aooount, or verifying and compiling aaid as~eameab and bi1b. nnlen I.ender pays Bormwer interest on the ~nda and applicable law permita Lend~ to make such a charge. Bc+rrower ~ and Leader msY a8~+ee in writiai wt the time of e:ecution of thie Mortgage that iatereat on the F1mde ehall be paid to Borro~rer, and unless ~ socb a~reemeat is made or applicable law requires mch intRSest to be paid. Lender shall aot be required ~o pay Bormwer any interest or earning~ on tl~e F1nds. l.ender shall giv,e to Bonower. wiehout chasge. en anaual aooounting of the i~nda showin6 credies and debits to the P1~nds and tbe pnrpwe for ~vtich each debit to the Ftinds wae made. Tho Ftinds are pledged es additional security for the sums secured by this Mo~igege. If the amouat of We Pb~nds heW by I.euder. together w~iW tbe future monthl,y inatallmente of ~nda payable prior to the due dates of tases. asw~ments. iusaranoe prea~iama and ground reuta. aball ezazed the amount required to pay said taxes. assessmeats, inauranoe premi~ and groaad rentr a~ Wey faU due. auch e:oen ahaU ba. at Borrower'a optioa. eifher pmmptly repaid to Bottower or credited to Borrower on montlily installmeats d Pbad~. it tbe amonnt of tbe I~nda held by Lender shall oot be 8ufficieat to Pa?Y taues, a~snaents, insaranoe ~ preminms and gmand nata as they fall due. Borrower shall pay to Lender any amount necessary to inake up the deficiency w+ithin 30 daya ~ irom tbe date aotioe is mailed by I.ender to Borrower requeating payment thereof. . Upon paymait in tnU d aU sums secured by this MQregage, Lendes ahall proaopdy refuqd to Bo~r.w~ any innds held by Lendet. If nnder paragrap618 baeof t6e Propaty is eold or We Pe+op~rty is othenvise acquired by Lender. Lender ahall aPPly, no later than iramediately prior to the sele of tlie Pt~op~ty a its aoqnisition by I.ender~ any Pbnds held by Lender at the time of application as a credit againat the auma eecured by this Mort~eige. 3. Applk~atlon. of Papmenta. Unless applicable law provides oWerwiee. all paymentat received by I.eader nnder the Note and paragraphs 1 aad 2 heeeof shaA be applied by Lender firet in payment of amounts payable to Lender by Borrower under patagraph 2 hereof. thea to interest payabk oa the Not~e, then b the principal of the Note. and then b interest and principal on any P'nture Advances. 4. Charses; Li~s. Borrnwer shall p~y aU t~es, aeaeasments and other charges, finee and impositiona attributable to the Property which ~aay attain a priority over this Mortgage, and leasehold paymente or ground rents, if any, in the ma~ner provided under paragraph 2 hereof or, if not paid in anch manner. by Borrow~ making paymen~ when due, directly to the payee thereof. Borrower ahall prompdy furniah to L,ender all notices of amounta due under this paragraph, and ia the event Borrower shail make payment directly, Borrower ahall prompdy fiuniah to Lender reoeipta evidencing euch payments. Borrower ahall promptly discharge any lien which has priority overthia Mortgage; provided, tha! Borrower ahall aot be reqnired to diacharge anq such lien eo long aa Borrow~ aha11 agree in writing to the payment of the obligation aecured by such lien in a manner acceptableto Lender, or shall in good faith contest such lien by, or detend enforcement of snch lien in, legal pr«.~eedings t which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereot. f 5. Hazard Inauranoe. Borrower ehaU keep the improvemente now ezisting or hereafter erected on the Property insured againet loes by 1 fire, hazarda indaded ~vit6in the term "~teaded ooverege," and euch other hazarda ae Lender may require and in such amounte and for euch 1 periods aa Lender m~yr ieqaiie; provided, that I.ender ahall not reqnire ench coverage amount e:ceeding the minuaum, se may be requirtd by atate or federal ~egulations governing activitiea of L.ender. or that amount of coverage required to pay the sums secured by thie Mortgage. ~ whichever is the greata. . The insurance carrier providing the inaurance shall be chosen by F3orrower subjecl to approval by Lender; provided, fhat such approval ~ shall not be unreasonably withheld. All premiume on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if ~ not paid in such manne~, by Borrow~ making payment, when due, directly to the inaurance carrier. ~ All inaaranoe poUdea and renewals th~eof ahall be in form aoceptable to Lender and shall include a standard mortgage clauee in favor of and in form acoeptable to Irnde:. Lendez shall have the right to hold the policies and renewala thereof, and Borrower s6all promptly fnrnieh to i.ende: all renrwal notioes and all reoripts of paid premiuma. In the event of lose, Borrower ehaU give prompt notioe to the insurance carrier and I.endrr. LeadQ may maice proof of laea if aot made promptly by Botrower. - , Unless I,ender and -Borrower othenrise agree in writing. inaurance proceede ahail be applied to restoration os repair of the ProP~Y ~ damaged, provided snch restoration or repair is economically feasible and the security of thie Mortgage ia not thereby impaired. If euc6 ! reatoration or tepaQ is aot eoonanicslly feasible or if the serurity of thie Mortgage would be impaired, the inaurance proceeda ahall be applied ! to the euma secaied by thia Mortgsge, with the e~ccesa, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fsila to ! respond to I.endrr w~ithin 30 daya from the date notice is mailed by Lender to Borrower that the insurance carrier o~ere to eettle a claim for ; inaaranoe bene~ta, Leader ia anthorized to oollect and apply the insurance procxeda at Lender e option either to reatoration or repair of the ~ Propaty or tbe anms eecared by thia Mortgage. . j Unless Lender and Borrower otherwise agree in writing~ any such application of proceede to principal ahall not eztend or postpone the due i date of ths mont}ily inatallments referred to in paragraphs 1 and 2 hereof or change the amount of such insLallmenta. If nnder paragraph 18 G hereof the Property is aoquired by Lender, all right, title and interest of Borrower in and to any insurance policiee and in and to the proceeds ~ thereof eesultin8 f*+um damage eo Property prior to We sale or soquiaition ahall pasa to Lender to the e:tent of the sume e~cured by thie Mortea8e immediately prior to such aale or eoyuimtion. ~ 6. Preeervation and Mainteaance of Property; Leaseholde; Condominums; Planned Unit Developments. Borrower ehall keep ~ tbe Property in good repair and ahall not oommit waste or permit impairment or deterioration of the Property and ahall oomply with the ~ provisions af any leaae it this Mortgage ie on a leaeehold. If thia Mortgage ia on s unit in a oondomininm or a planned unit development. Borrovv~ ahall parform all of Borrower a obligations under the declaration or covenants creatingor governiag the condominium or planned ~ anit devebpment~ the by-laws and regnlatione of the rnndominium or planned unit development, and constitnent documeata. If a ~ condomininm or planned unit developmeat ridez ia ezec~ted by Borrower and recorded together with thia Mortgage, the oovenants and ~ agneements of auch rider ahall be incorporated into and ahall amend and supplement the rnvenants and agreemente of thia Mortgage as if the r rider were a part hereoL : ~ 7. Prot~ction ot Lender's Secnrit~. If Botrower fails to perform the oovenaats and agree~nente contained in thia MortB+~ge. or if enY ~ action or prooeeding is oommenoed which mat~erielly affects Lender's inte~est in We Propetty, inclnding, bnt not limited to, eminent d~main, ~ ~~~?~Y. or arrangemaib or pmceedings involving a banl~rupt or deoedent, thea I.ender at Leadds option,npon ~ ~ aotioe to Borrower may make snch appearanoes, disbnr~e snch snms and take such action.as is neoe~sary to proted I.ender'a interes~ ; f indading. b~ not limited to. di~bnrsement of reasonebk attorney's fees and entry upon the Property to meke repain. If Lender reqnired ; _ mortgag~e ini~uanoe as a oondition of making the loan secured by thia MortgaBe. Borrowet shall pay the premiums reqaired to maintain ~ ~ ~ ins~anoe in eHect anW anch time as We requsement Lor snch inauranoe terminates in accozdaace wiW Boirowde and Leadd~ ~ writtm agreement or applicabk Iaw. Bormwer shall pay the amonnt of all mortgage inaurance praniums in tbe manner provided under = P~88~Ph Z b~of ' Any amoaats disbnrsed by Lender persuant to this paragraph with interest tfiereon. ahall beoome additional indebtedness of f ` Borrower eecared by this Mortgege. Unlesa Borrower and Lender agree to other terms of payment, such amounta shall be.payable npon ~ notioe irom Leader to Borenwer requesting payment thereof, and shall bear intereat from the date of diabureement at the rate payable from r`; time to time on ontatanding principel under the Note anless paytnent of interert at snch rate would be oontrary to applicable law. in which rveat soch amounts s6a11 bear intereat at ehe higheet rate permiaeible under applicable law. Nothing oontained in thi~ paragraph 7, ahall ° ~ reqaire Lmder fo incur any dcpense or take any action hereunder. ~ ~ - ~ ~ j e a~ 1~ ~OC!c JVz P~r,E , ~ ~ ~ _ ~ a - ~ - . ~ ~ .~~;r~-~. _ ` - _ ~ r ~ . _ ~