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Home My WebLink About0244 i ~ . ~ Borrower and Lender ooveaant and aQree aa foUow~: ~ i. Paymeat of Priacipal and Iatere~~ Borrower ahnll prompqy pay when due the principa! of and intereet on the indebtedaees evidenosd by the Nots, pnpayment a~d late chuQe~ a~ provided in the Note. and tha principal of and interat on any I~ture Advances secured ~ by thi~ Mort~a~e. s Z. Ftind~ for Ta:e~ ~nd Iruuraace. Subject b applicable law or to a written waivu by I.ender, Bormw er shall pe~y to [.end~ on the day ~ monthly inataliments of principal and intereet are payable under the Note. u~ti! the Note is paid in tull, a sum (herein "Ftinda") equal to oae- ~ twelfth oithe yearly taxes and aaaewments which may attain priority over this Mo~age, snd ground re~ts on the Property, if any. plus one twelRh of y~erly premium installments for hezard inaurance, plw one~tweltth of yearly premium installmenta tor mortga~e induraace. if any. ( all aa reasonably eetimated initiat~y and fraa time to time by I.ender on the basis of arseeementa and bilb and reaiwnable eetimates thereof. ~ The Ftinds sl~sU be held in an institutioathe deposits or acoounts of which are insured or Yuaranteed by a Fdd~l or State ageacy (includin~ I.endar if Lender is ~uch an inatitution~ Lend~ shali apply the Fuads to p~y seid ta~~es. assessmeata, insuranoe premiums and ground re~ta. Lender mey not charQe for ~o holding and applyinQ the ILnda. analyaing said aooount~ o~'verityin~ and oompiling said awe~meats and bills. unlesa I.ender psyn Borrower interest on the I~lu?ds and appticable law permib Le~der to maka such a charge. Borrower aad Leader msy agree in writin~ at the time of ezecutioa of this Mortgage that intereat o~ the fi~nds ehall be paid to Borrower, snd nntess such a~re~t ia made or applicabk law reqaire~ snch intere~t to be psid. Lender shall not bs required to pay Borrower any intere~t or earaiags on the ~nd~. Lende~r shall give to Borrower. writhont charge, an annual aooouating of the ~nda ehowing credite and debits b the Pt~nds aad the purpose for which each debit to the Funds was made. The Funds are pl~dged as additional security for the eum~ secured by this Mortgage. If the amount of We PLnds held by Lender. together with !he future aanthly inatallaaente of ~ada paya ble prior to the due dates of t~es. assessments. insuranoe premiuma and ground renb. ahall esoaed the amouat required to pay aaid taxea. assceaments. inauranoe premiums and ground rents as they fall dae. such ezcas shall be. at Bo~rower's option, either prompdy repaid b Borrower or credited b Bormw~ on monthly inetaUments of Fhnds. If the amount of t6e P1u~d~ ~eld by Lender shall not be sufficient to pay t~ea, asseasmenta, inaurance premiuma snd ground nats as they fall due. Bormwrer ahall pay to L.end~ any amount neoeseary to make up the deficiency within 30 days fcom the date notioe is mailed by I.ender to Borrower requeating payment thereof. - Upon payment in t~ili ~ aU sume secand by this Mortgage. Lender ahaU pmmptly rafund to Borrower any funds held by Lender. If undrr paragraph 18 hereof We Property is soW or the Property ia otherwise aoquired by I.ead~, Lender shall apply. no later than immediately prior to the sale of the PropeKy or ita aoquisitioa by Lender. any Ftinds held by I.ender at the time of application as a credit againat the enms eec~ued by thia Moitgage. 3. Applicatlon of Psyments. Unleea applicable law provides otherwise, aU payments received by Lender under the Note and paraeraphs 1 and 2 hereof shall be applied by Lender first in payment of amounte payable to Lender by Borrowe~r under paragraph 2 hereoi, ' then to interest payable on the Note. thea to the ~incipal of the Note. and then to interest and principal on any Fnture Advaaces. 4. Charges; I.iens. Borrower ahall pay all taxea. aeseasmenta and other charges, finee and itppositions attributable to the Prop~erty which ~ may attain a priority over Lhia Mortgage, and leasehold paymenta or ground rents, if any, in the manner provided under paragcaph 2 hereof or, ' if not paid in auch manaer, by Borrower making paymeqt, when due, directly to the payee thereof. Bore+ower ahall pmmptly fumish to I.endet all notices of amoants due under thia paragreph, and in the event Borrower shall make payment directly, Bormwer ahail pmmptly furniah to Lender reoeipta evidencing euch paymenta. Borrower shall pmmptly discharge any lien which has priority over thia Mortgage- pmvided, that i Borrower ahall not be required to diecharge aay such lien eo long as Borrower shaU agree in writing to the payment otthe obligation secured by i auch lien in a manner acceptable to Lender, or ahall in good faith eontesi such lien by, or defend enforcement of such lien in, legal proceedinga which op~erate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. S. Hazard Insurance. Borrower shall keep the i~npmvementa aow e:iating or heresfier erected on the Property inaured againet i;,ssx br fire. hazards included within the term "pactended ooverage," and auch other hazarda ea I.ender may require and in such amounta and for such i perioda as Lender may? require; provided, that Lender ehell not require auch coverege amoant e:ceeding the minimum, as may be reqnired by j atate or federai ng~tlations goveraing activitiee of Lender. or that amouat of coverage required to pay the aums aecured by thia Mortgage, whichever is the greater. The inaurance carrier providing the insurance shall be chosen by Borrower aubject to approval by Lender; provided, that such approval ehall not be unressonably withheld. All premiuma on ineurance policiea ahal) be paid in the manner provided under paragraph 2 hereof or, if not paid in auch manner. by Borrower malring payment, when due, directly to the insurance carrier. ~ All inaurance policiee and renewals thereof ahall be in form acoeptable to I.ender and ahall include a standard mortgage clauee in favor of and in form acoeptable to Lender. I.eader shall have the right to hold the policiee aad renewala thereof, and Borrower ehall promptly furniah to ~ i.ender all renewal notio~ and all reoeipts of paid premi~ms. In the event of loss, Borrower ahall give prompt notice to the insurance carrier ~ and I.ender. Lender may make proof of loee if not made prompdy by Borrower. f Unleas Lender and Borrower otherwiee agree in writing, insurance proceede ahall be applied to restoration or repair of the Property ! damsged, provided sach reatoration or npair ia economically feasible and the security of thie Mortgage ie not thereby impaired. If euch ! reatoration or repair is not economically feasible or if the security of thie Mortgage would be impaired. the insurance proceeda shall be applied ~ to the aume eecared by this Mortgage, arith the e:cees, if anY. paid to Borrowe~. If the Property ie abandoaed by $orrower, or if Borrower faile to ~ reipond to Lender within 30 daya from the date notice ie mailed by Lender to Borrower that the insurance carrier off'ere to eettle a claim for t insuranoe bene5ts. Lender ie authorized to rnllect and apply the insurance proc~eeda at Lender's option eithe: to reatoration or repair of the ~ Property or the aums eecured by this Mortgage. ~ ~ Unleaq Lendet and Borrower otherwise agree in writing, any auch application of proceede to principal shall not e:teud or poetpone the due E date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of auch inetallments. If under peragraph 18 ~ hezeof the Propaty ia aoqnired by Lender, all right, title and intereat of Borrower in and to any inaurance policies and in and to the proc~edB c thereof neulting from damege to Property prior to We sale or aoquisition ehall pase to Lender to the eztent of the auma secured by this E Mottgage iaimediately prior W such eale or aoquisition. ( 6. Preeervation and Maintenance of Property; LeaBeholda; Condominums; Planaed Unit Developmente. Borrowerehall keep ~ the Property in good repair and eha11 no~ commit waate or perrnit impairment or deterioration of the Prdperty and ahall oomply with the provisions af any lease if thia Mortgege is on a leaeehold. If thie Mortgage is on a nnit in s oondominium or a planned nnit development, Borrower ahall per[oim all of Borrower's obligations under the declaration or covenants creatingor governing the oondominium or planned unit development, the bylawe and regulationa of the condominium or planned unit development, and oonstituent documente. If a ~ condominium or planned unit development rider is r~ecuted by Borrower and reoorded together with thie Mortgage, the oovenants and agreements of euch rider ahall be incorporated into and ahall amend and aupplement the oovenante and agreemente of thie Mortgage aa if the E rider were a part hereof. - - ~ 7. protection of Lender'a Securitp. If Borro+ver fails to perform the oovenants and agreements oontained in this Mortgage. or if any g action or prooeeding i~ oommenced which materially affects Lender'a intere~at in the Property~ inclading, but not limited to. eminent domsin, ~ insolveacy. aode eafosce~eat, or arrangements or prooeedinga involving a bankrnpt or deoedeat, then Lender at I.ender's option,npon ~ notioe to Bore+ower may make such app~earanoe~, disbnrse snch sums and teke mch action aa is neaseary to protect Lender'~ int~res~ inclnding, but not limited to, disbursement of nasonable attorneyr's fas and entry npon the Property to make repain. If Lender reqnired . ~ mart8age insurance as a condition of making the loan secared by this MortBaee. Borrower shall pay the preminms reqaired to msintain _ ~ each insnranoe in dfect antil anch time as the rcquirement for such inenra,nce terminates in aooor~anoe witb Borrower's and I.eade~e writtea agreement or applicable I.aw. Borrower shall pay the awonnt of all mortgege inaurance pr~niams in the manner provided nnder Pars8r8Plr Z hereof. - ; My amonnts diibureed by Lendet persuant to this paragreph 7, w+ith interest thereon, shall beoome additional indeM~ednees of ~ Borrow+er secared by this Mortgage. Ualess Borrower end Lender agree to otha terms of paymenl, snch amounts shall be payable upon notioe fr~ Lcada_ b Borrower requeating peyment thereof. and shall bear iuterest irom the date of disbureement at the rate payable firom ~ ~ time to time on outatanding principal under the Note nnless paymeat ot interest at auch rate would be aontrary to applicsble law. in which event snch amonnts shall bear interest at the highest rate perminaible under applicable lew. Nothing oontained in this paragraph 7, ahall ' ~ reqnin Lender to incur any ~pense or take any action hereunder. a ~ ~ ~ , _ g~o~ ~(12 244 , ~ ~ - ~ ~ } ~~~~r . _ _ ~ ~ ~ ~ ~ _ . ~ s~ . ~ ~ ~ ~