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Home My WebLink About0240 , , Borrower and Lender covenant aAd aRree as follows: 1. P~ymept o! Psincipol at~d Inteced» Borrower rhall pmmptly pay whe~ due the principal o! and intereot on tha indebtednes~ avidenoed by the Note. prepayment and late charge~ as poovided in the Note. and the principal of and inta~eston any fi~ture Advances secured by this MortQa~e. 2. PY~ad~ foe Tsse~ utd lasuranoe. 3ubject to applicable law o~ b a wrilten waiver by Lender. Borrower ahall pay to l.ender on the day monthly installme~ta of principal and intetest are payabte under the Note. unW the Note is paid in full. a sum (herein "F~und~") equal to one- twelfth of the y~rly te~ee and assesements which may attain priority over this Mortga~e, and ground renis on the Propedy. if any, plus one~ tweltth of yearly premium irutallments for hasard ineurence, plw ono-twelRh ofyearly premium inatallments [or mortgaRe inaurance. if any. aU as reasonably eatimated initially and hom tima to time by Lender on the basie of aasessrnenta and billa a~d reaeonable eetimates thereof. 'lUe Ptinds shall be hekl in an institution the deposit~ or aocounts ot which are inaured or Quaranteed by a Federal or 3tate agency (including Lender if [.eada~ ia sych an uutitution)- Leader shall apply the Fnnds b pay said tase~. aaaes~ments, ineuranos premiums and gronnd renta. Leader may not charge for so holding and applyi~ We Fund~. ana~yzing ~aid aocount, or verifying aad compiling said aaessment~ and bills. unless I.ender psys Borro~vet interest on the PY~nds and appUcable law permits Leader b make such a charge. Borrower end Lender ~nay a~ree in writing at the time of esecution ot this Mortgage that interest on the ~nda shall be paid b Borrower, and unless such a~e~eement is made or applicabk law requires such iaterest to be paid, Leader shall not be required to pay Borrower aay intereet or earnings on tha Ptinds. i.ender shali give b Borrower. ~vithout cbarge. aa annual aooounting of the Fhada showing credits and debita to the Funda aad the purpoee for which ~ch debit to the Funds was made. The I~nda are pledged as additional security for the aums eecured by this Mortgage. If the amount of the I~nda held by I.eader, together with the future monthly inataAmente of Funds payable prior to the due dates of ta~cea. asaeesmeat~. insaranoe premiums and ground rents. shall exoaed We amount required tb pay said taxes, aaseaamenta, inauranoe premiums and ground rentr aa they tall due, such e~ccese shall be. at Borro~refs option. either promptly repaid to Borrower or credited to Borrower on monthly installments of Pluida. If the amount of the Fbnde held by Lender ahall not be autficient b psy ta~ces. aseessments. inaurance pnmiums and ground repts ea Wey fall due. Borrower shell pay to I.endrr any amount ~ecessary to make up the deficiency within 30 deya from the date aotioe is mailed by I.eader fo Borrower requesting payment thereof. Upon payment in fnU of atl suaoa secured by thia Mortgage, Lender shall pmmptly refund to Bornower any funda held by Leader. If under paragraph 18 hereof the Property is eold or the Property ie oLherwiee acquired by Leader, Lender ahall apply, no later than immediately prior ~ to the asle of the Property or its aoqnisidon by I.ender, any l~nds held by Lender at the time of application as a credit against the suma secured bY this Mortgag~ 3. Applicadon of Paymeats. Unleai applicable law providea otherwiee, all payinenta rPCeived by Lender under the Note and paragrapha 1 and 2 hereof ahall be applied by Lender fuet in payment of amounts payable to Lender by Borrower under patagraph 2 hereof, . then to interest payable on the Note, then to the principal of the Note. and then to interest and principal on any Futare Advancea 4. C6argea; Lieas. Borsowerehall pay all ta~ces, aasessmenta and other chargee, fines and impoeitions attributable to the Property which may attain a priority over this Mortgage. and leasehold paymenta or ground renta, if any, in the manner pmvided under paragrnph 2 hereof or, if not paid in auch mannert, by Borrower making payment, when due, directly to the payee thereof. Borrower ahall prompdy furniah to Lender all notices of amounts due under Lhis paragraph, and in the event Borrower ahall make payment directly. Borrower ahal! promptly furniah to Lender reoeipts evidencing auch paymenta. Borrower shall promptly discharge any lien which has priority over thia Mortqage; provided, that l3orrower shall not be required to diecharge any auch lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner a~ptable to L.ender, or shall in good faith rnnteat such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereot. 5. Hasard Ineuranoe. Bormwer e~all keep the improvements now eziating or hereafter erected on the Property insured againat loae by fire, hazarda included arithin the term "e:tended coverage," and uuch other hazarda ae Lender may require and in auch amounts and for such periods as L,ender may require; pmvided, that Lender ahall not reqnire such oovetage amount e:ceeding the minimum, as may be reqnired by atate or federal regulatione goveming activitiea of Lender, or that amount of coverage n3quired to pay the eums ae~cured by this Mortgage, . whichever is the greater.. _ - The insurance carrier providing the insurance shall be chosen by Borrower subject to epproval by Lender, provided, thut such approval shall not be unreaeonably withheld. All premiuma on inaurance policiea ahall be paid in the manner provided under paragraph 2 hereof or, if not paid in such.manner, by Borrower making payment, when due, directty to the ~inaurance carrier. All insurance policies and renewals thereof ehall be in form acceptable to Lender and ahall include a standard mortgage clause in favor of and in form aoceptable to Lender. I.ender ahall have the right to hold the policies and renewala thereof, and Borrower ahall prompUy turniah to i.ender aU renewal notio~ and aU receipte of paid premiume. In the event of loea, Borrower ehall give prompt notice to the inaurance carrier and Lender. Lender may make proof of loes if not made pmmpdy by Borrower. . ~ Unlesa Lender and Borrower otherwise agree in writing, insurance proceeda shall be applied to restoration or repair of the Property I damaged, provided such restoration or repair is economically fessible and the secarity of this Mortgage ie not thereby impaired. If such 'f reatoration or repair ie not economically feaeible or if the eec~ity of this Mortgage would be impaired, the inaurance proceede ahall be applied f to the suma eec~ued by thie Mortgage, with the e~ccese, if any, paid to Borrower. If the Property ie abandoned by Borrower. or if Borrower fails to ' respond to I.ender within 30 daya from the date notice is mailed by L,ender to Borrower that the inaurance carrier o~ere to settle a claim for ~ inaurance benefite, Lender ie aathorized to rnllect and apply the insurance proceede at Lender'a option either to restoration or repair of the Property or the suma eecured by thia Mortgage. - j Unlese Lender and Borrower otherwiee agree in writing, any auch appGcation of prooeeds to principal shall not eztend or poatpone the due ~ date ef the monthly inatallments referred to in paragrapha 1 and 2 hereof or change the amouat of auch instailments. If under paragraph 18 ~ hereof the Property is ac~quired by Lender, all righk title and interest of Borrovrer in and to any insarance policies and in and to the proct,~eds ~ thereof resulting trom damage to Property prior to the eale or aoquisition ahall pasa to Lender to the eztent of the euma eec~red by thia ~ Mortgage imme~ietely prior to such sale or aoquiaition. _ . 6. Preservation and ldaintenance of Property; Leaseholda; Condominums; Planned Unit Developmente. Borrower aha~l keep ~ the Propetty in good repair and ahall not commit weste or permit impairment or deterioration of the Property aad ehall oomply with the provisione of any lease if thie Mortgage ia on a leseehold. If this Mortgage is on a unit in a oondominium or a planned anit development, ~ Borrower ahall perform all of Borrower's obligationa under the declaration or oovenanta creatingor governing the rnndominium or planned - unit development, the by-laws and regulations of the condominium or planned unit development, and rnnstitnent dcenmente. If a ° condominium or planned unit development rider is e:ecuted by Borrower and recorded togetber with this Mortgage, the oovenante and ~ $ agreementa of auch rider sball be incorporated into and shall amend and eu lement the covenants and a ~ ~ pp greemente of this Mortgage as if the rider were a paK hereof. S Protection ot Leader'~ Security. If Borrower fails to paform the oovenaats and agrcements oontained in this Mortgege. or if any ~ action or prooceding ia commenoed which mat~iaily affects Lesder's intere+st ia We Proparty, induding. bnt not limited to, eminent domain. ~ insolvency, oode ~forcement, or arrangem~ta or prooeedinga involving a banl~rapt or deoeden~ tbea I.ender at Leader's option.upon ~ t notia to Borrower may make auch appearanoes. disbane snch snms and take sncb action as ia neoessary to proteet I.eader's interer~ including, but not limited to, disbureement of reauonable attorney's fees and entry apon the Property to make repairs. If Lendes reqnirod ~ mortgage inaurance a~ a coadition of making the loan eecured by this Mortgege. Borrowe~ shall pay the praniums reqaired to maintaia snch insarance in effect until sach time as We reqninment for snch insuranoe tuminates in aacordance with Borrowa e and Leadd~ written agreement ~ applicable Law. Borrower shell pay the amount of all mortgage inauranoe premiums in the manner provided nnder ParsBraPh 2 heroof. ~ ~ ~ My amounts diebnrsed by Lender persuant to this paragraph with interest th~eon, ehall beoome additional indebtedneea of ; , Borrower secured by thie Mortgage. Ualess Boaower and Lend~ agree to other term~ of payment, auch amounts shall be payable upon notice fram Lender to Borrower requesting payment the~ot, and ahall bear interest from the date of disbureea~ent at the rate payable irom ~ time to time on outatanding principel und~ the Note unlees payanent of interest at sach rate would be o~ntrary to appGcable law, in which % event auch amounts ahall bear interest at the highest rate permiasible under applicable law. Nothing rnntained in this paragreph 7, shall ~ require Lender to incur any ezpense or take any action hereunder. { ~ F . ~ . - s~R~ ~02 24 - ~ } ~ 0 : : - - ~ t - ~ - - _ _ _ ~~a ~ _ _ _ ~ _ _ . i~~ ~ ~W