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Home My WebLink About0248 . t Borrower er?d Leader cove~ant end a~ree as followc i 1. Pwymeat ot PtipcipRl and Intere~t. Borrower ~hall pmmptly pay when due tho principal ot and interest oa ehe indebtednee~ evidenosd by the Nota. pnpaymeat and late charQes as provided in the Note, and the principal of and in tcrsat on any Plitura Advancea ~ecured ~ bY thi~ Mottssaga ' ~ 2. Ptinda for T~ueo aad la~uranoe. 3ubjat to applicable law or b a writte~ waiver by l.ender. Borrower shall pay to l.ender on the dey s awnthly inatallmenta of principal aad interest are payable under the Nots, until the Note is paid in full. a sum (herein "~nda'ry equal to ono- twelRh of the yearly taxa end arseeaments which may attain priority over this Mortge~e. and ground rents on the Piroperty~ if any. plus one- twetfth of yearly pnmiwn installments for hesard insurance, plus onetwelRh of yeady premium inatallments !or mortgage insurance, if any, ~ aU as reasoaably estimated initially and tirom time to time by Lei?der on ehe basis of esseasmenta ar~d bills and reasonable eetimates thereof. 1be Phnds sha11 be heW in en in~titution the deposita or aocounh of ~rhich are insured ot guaranteed by e Federe! or 3tate egency (includin~ Leader ;f Lender i. such an insacuao~). Lender shall apply the Rnnds to pay said taxes, asseeaments, insuranoe premiwns and gtonad nat~. Lead~ me~y aot charQe for w holdinQ aad aPP1Yin~ the P1u?da. ena~yzing eaid aocouat~ or verifyinQ and compiling said eusewm~ts and biW, unle~s Le~der pays Borrower int~t oa the Funde and applicable law pesmita Lend~ to make such a charge. Bonrower = and I.endas meiy agtes in writin~ at the time of e:ecutioa o! tluw Mortgage W at interest on the Ftitnds shaU be paid to Borrower, and unlees ~ such agreement is mede or applicable law requires such in~t to be paid, Lendet shaU aot be ra~uired b pay Borrower any interest or ~ earaings oa the I~Lnda. Lender shall give to Borrower. without charge. an annual aooounting of the Fhnds ehowing credite end'debita b the i Ftinds and the purpoae for which each debit to the ~ads was made.'Ibe Funds are pledged ae additional security for the sums aec~red by this ~ Mortgsge. ~ Iithe amount of the ~nds held by Leader, together with the future monthly inaLallmeate of Funde payable prior to the due detes of t~ea. a_ assessmeata, inearaaae premiums and gc+ound renta, ehall exa~ed the amount required to pay said ta~cea. esaEaaments. insurance premiums ~ and ground rents as tbey falt due. such exoess ahall be. at Botrower'a option, either pmtnptly repaid to Borrower or credited to Borrower on monthly inafsUmeats of Flinds. If the amount of the F~nds held by Lender shall not be su!'Ccient_ to pay ta~ces. asseesmenta. ineurance ~ premiums and ground reab as they fall due, Borrower shall pay to [.ender any amount neceeaary to mske up the deficiency within 30 dayre from the data notioe is mailed by I.enda to Borrower nyueeting payment thereof. t Upon gayment in f~U otall sums secured by thie Mortgage. I.ender shaU promptly refund W Borrower any funde held by Lender. Itunder paragraph 18 henof the Property ia sold or the Property u otherwise acquired by I.ender, I.ender shall apply. no later than immediately prior to the aale of the Property a ite aoquisition by Lender, eny t~nds held by Lender at the time of application as a credit against the auma sec~ued by this Mortgage. . . 3. Applicatloa of Paymeats. Unlesa applicable law pmvides otherwiae. all paymeate received by Lender under the Note and paregtaphs 1 snd 2 hereof ahall be applied by I.ender fust in payment of amounte payable to Lender by Borrower under paragraph 2 hereof, then to intend pe~yable on the Note. then to the ~incipal of the Note. and then to interest and prinripal on any I~tun Advanoes. - 9. Cbatges; Lieas. Botrower ehall p~y all tauea, aae~srr?ents and other chargea, 6nes and impositiona attributable to the Property which may attair? a priority over this Mortgag~ and leasehold payments or ground rents, if any, in the manner provided under paragsaph 2 hereof or, if not paid in auch manner~ by Borrower making payment, when due, directly to the payee thereof. Borrower ahall pmmptly furnish to Lender all notices of amounta due ander this paragraph, and in the event Borrower ehall make payment directly, Borrower ehaU promptly furnish tfl Lender n~ceipta evideacing auch paymente. Borrower ahall promptly diacharge any lien which has priority over this Mortgage; pmvided, that Borrower ahall not be required to diacharge any such lien so long as Borrower shall agtee in writing to the payment of the obtigation secured by such lien in a manner aooeptable to Lender, or aha11 in good faith rnntest such lien by, or defend enforcement of auch lien in, legal proceedinga which operate t~o prevent the enforcement of the lien or forfeiture of the Property or any part thereof. - 5. Hezaed I~uranoe. Bortower ghall keep the improvementa now eaciating or hereaRer erected on the Property inaured against loae by fire, hazarda included ar'tWin the term "~tended rnverage." and auch other hazarda eH L.eader may require and in such amounts and for auch periode es I.ender may reqnire; provided, that I.ender ahali not require auch ooverage amount e:ceeding the minimum, as may be r~quired by state or federal regulationa goveming activitiea of I.ender, or that amount of coverage required to pay the eams secured by this Mortgage, ; whichever ie the gnater. ~ The inaurance carrier providing the insurance ahall be chosen by Borrower subj4ct to approval by Lender; provided, that auch approval ~r shall not be unreaeonab~jr withheld All prnmiums on insurance pulicies ahall 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. AII insurance policies and renewals thmYOf shall be in form aoceptable to Lender and ehall iaclude e standard mortgage clause in favor of ~ and in form soceptable to Lender. Lender shall have the right to hold the policies and renewale thereof, and Borrower ahall promptly furnish to - i.ender all naewal ootices and all receipta of paid ptrmiums. In the event of loea, Borrower shall give prompt notice to the ineurance carrier f and Lender. I.ender may make proof of loes if not made promptly by Borrower. Ualese Lender and Borrower otherwiee agree in writing, insurance proceeds ahall be applied to restoration or repair of the Property = ; damaged, provided auch restoration or repau is economically feseible and the eecurity of this Mortgage ia not the~by impaired. If such reetoration ~ repair is not economically feasible or if the security of thie Mortgage would be impaired; the inaurance proceede sha11 be applied to the sums secured by this Mortgage, with the e~cceas, if anY. paid to Borrower. If the Property is abandoned by Borrawer, or if Botrower faila to ~ reapond to I.ender within 30 days from the date notice ie mailed by Lender to Borrower that the inaurance carrier o~ere to eettle a claim for inanrance benefita. Lender ie authorized to collect and apply the ioaurance proceeda at Lender's option either io restoration or repair of the ' ; Property or the snma secured by Wis Mortgage. _ ! Unlees Lender and Borrower otherwiee agree in writing, any auch application of prooeeds to principal ahall noi e~ctend or postpone the due ~ date of the monWly installmenta referred to in paragraphe 1 and 2 hereof or change the amount of snch inatallmersts. If nnder paragraph 18 ~ hereof the Property is aoquired by Lender. all right, tide and interest of Borrower in and to any insurance policies and in and to the pmceeda . ~ thereof reaulting from damage to Property prior to the sale or acquiaition shall paee to I,ender to the e~ctent of the auma eec~red by thia ' ~ Mortgsge immediately prior to euch eale or aoqaisition. 6. Preservation and ~aintenance of Property; Leaseholds; Condominume; Planned Unit Developmente. Borrower ahall keep • ~ the Propertq in good repair and shall not commit waste or permit empairment or deterioration of the Property and shell oomply with the F P~~o~ ~ anY lease if thie Mortgage ie on a leasehold_ If thie Mortgage ie on a unit in a oondominium or s planned unit.development, ~ Borrower shall perform all of Borrower 8 obligations under the declaration or oovenanta creatingor goveming the condominium or planned t unit development, the by-laws and regulations of the condominium or planned unit development, and constitnent documenta. If a ~ ~ condominiam or planned unit.development rider ia ezecuted by Borrower and recorded together vvith thia Mortgage. the aovenante and ~ agreementa of auch rider ehall be incorporated into and shali amend and aupplement the covenants and agreements of thia Mortgage ae if the rider were a part hereof. 7. Protection of Leoder'~ $ecarftp. If Borrow~er fails to perform the oovenanta aad agreemmta oontained in this MottBaBe, or if any ~ action or prooeeding ia oommwad which materially al~ects Lender's interest in the Psopeity, inctuding~ but not limited to. eanineat domain~ ~ insolvaicy. oode ~forcemen~ or arrangemeafa or pmceedings involving a bank:upt or deoeden~ then I.ender at Lender's option,npon ; notioe to Bare~ower may make snch appearanas. disbune snch sums and take snch action ai is neoe~sary to protect Lendez'~ intere~t, 4 indnding, bat not limited to, disbussement of reasonable attutaey's fees and entry upon the Property to make repain. If Leader reqnired ~ mor~age insnrance as a condiaon of mabng che loan secured by ~his Mor~a~e. Borrower ahaq pay ~he p~iams reQnired to maintain ; snc6 insuranoe in effect nntil snch time as the reqnirement for anch ins~rancr tuminatas in accordancx with Borrower's and Lendds ~ writt~n agreement or applicable Laa. $orrower ahall pay the amonnt of all aartgage inaurance premiums in the manner provided under ; peregraPh 2 htreof. ~Y diabnrsed by Lende: persuant to this paragraph 7, with inteiest thereon, shaU beoome additioael indebtedneea of ; Borrower ~ecured by this Mortgaga Unleas Borrower and L.ende~ agree to other ter~ns of paywent, such amounta ehall be payable npon notiae irom Lender to Bon~ower requesting payment thereof, and shall bear interest from the date of diabareement at the rate payable ~om ~ time to time on outstanding principal under the Note anless payment of interest at snch rate would be oontrary to applicable law, in which i eveat snch amounts s6all bear in~t at thr higheat rate permiseible ander applicable law. Nothing oontained in this paragtaph 7. ehall g require Lender to incur any eupecue or take any action hereunder. ~ 9 ~ . ~ gL~or 302 248 ~ ~ ~ Y ~ b - - _ ~ '~3s'»-~'°~,y'-°',~.fy`~~§y '"~,.^~t"ot 'x ~~'.yr~5 ~ 4~~ x . ' t' ~~r _ s-_a