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Home My WebLink About0256 .i ; . f i Borrower and Lendes covenant and a~ree a~ follovin: + 1. Paymeat of Pe~iacipal Rad l~tere~~ Borrowsr ~hall pmmptly pay when due the principal of aqd intare~t on the indebtednees ~ evidenoed by the Note, prep4yment and late char~a aa provided ia the Note. etid the principal otand interat oa any PLture Advanoee secured by thia Morf~a~s. - 2. Ftiads [or Tue~ and Insur~noe. Subject to applicable law or to a writtea waiver by I.ende~. Borrower shall pey to l.ender o~ the day monthly installment~ of principal and inttrest are payable under the Note. until the Note u paid in fuU. a aum (herein "~nds") equal to onP twelRh of the year~jr taues end asaeasmeats which may attain priority over thia Mo~tgage. and ground nnts on the Property. i[a~y. plus ona twelRh of yearly premium inslaltmenta for hesard inaurance. plus onetwelfth of year~jr premium inatallmenta for mortgage ineurance, if any. ell aa reaeonably estimated initially and trom lime to time by Lender on the besia otassessments and bilb and reasonable eetimatea lhereoi: The Pttndr shwU be held ia an institutioA the deposit~ or aooounta of ~rhich are inaured or gnarantead by a Federal or 3tate agency (including Leader if Lender i~ such an institution~ Ieader ahaU app~jr the ~nda b pay said ta~ces. a~sessments. inauranee premiuma and ground reats. Lender mqyr ~at char~ for w holdin~ and applying the Ptiad~. ana~yzing said aoooun~, or verifying and eompiling ~aid awesements and bilL. ua;ea Leader pays Borrovver interest on the P1u?ds and applicable law permib Lender to make auch a charge. Borrower ~ and I.ender may agres ia writiuQ at the time of e:ecutioa of thie Mortgage that interest an the F~nds shall be paid to Borrower, and ualess auch a~reemeat ia made or epplicable law require~ wch iat~est to be paid. LRAdli ~}l8U AOL b! [eQYlt'Ed ~O pi1~I BOf!'ONE[ 8p3/ IA~Qt'ES~ OT essninge on the Fbada. Lende~ ahall give to Borrower. without charRe. an annual aocounting of the I~nda ahowing credite and debits to the ~ fl~nd~ and the purpose for which each debit to the F~nds was ~aade. The F~nds are plcdged ae additional security for the sums secured by thia ~ Mortgage. . s If the emount of the ~nda heM by Lender. tagether with the futiue monthly iastallments of Funda payable prior to the due dates of taues, ~ aasessment0. insmanoe premiums and g~+uund rents. ahaU~rsaaed the amouat required b p~yr said ta~cea. aaseasments, insurance premiwns ` and ground renb as Wey fall due. snch escess ~hall be, at Bonowei s option, either prompdy repaid to Borrower or credited to Borrow~ on ~ monthly inetallmeats af ~ads. lf the amonnt of the F~nds held by Lender ahall not be sui'ficient to psy taues. asseaamenta~ insyranoe pnmiums and ground rents as they fall due, Borrower shaU pay to Lender any amount aeceseary to make up the deficiency ari Wia 30 days from the date notioe u mailed by I.ende: to Boimwa requesting pa~yment thezeof. Upon payment ia fup of all suma secured by thia Mortgege, I.ender shall promptly nfnnd to.Borrovrer any funda held by I.ender. If under paragrapf~ 18 hereof the Property is sold or the Property ia otherwise acquired by Lender. Lender ehall apply. no later than immediately prior to the sale of the Property or its aoqniaition by Leader. any I~nds held by Lender at the time of spplication aa a credit againat the sums secured bY Wia MortgaQe. ' . 3. Appljcattoa of Paymeata. Unleas appUcable law pmvides oWerwiee. all payments received by Lender under the Note and paregraphp 1 and 2 hereof ahall be applied by Lender fint in payment of amounte payable to Lender by Borrower unda paragraph 2 hereof. ~ then to interest payable on We Note, then to the principai of the Note. end thra~ to interest and principal on any ~tm+e Advaaoea. 4. Charges; Liena. Borrower ahall pay all tauea, esecssmente and other chargea. finea aad impositiona attributable to the Property which i may sttain a priority over thia Mortgage, snd leasehold paymenta or ground rente. if any, in the manner pmvided under paragraph 2 hereof or, if not paid in such manner. by Borrow~ making payment, when due, directly to the payee therc+of. Borrower shall promptly furniah to Lender aU notices ot amounte due under this paragraph, and in the ev~t Borrower shall make payment directly, Borrower shall promptly fumish to Lender reoeipts evidencing euch payments. Borrower shall promptly discharge any lien which has priority over this Mortgagr, provided, that Borrower ahall not be required to discharge any such lien so long as Borrower ahall agree in writing to the payment of the obligation eecured by such lien in a manner acoeptable to Lender, or ahall in good faith conteat auch lien by, ordetend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrow~ ahall keep the impmvemente now ezisting or hereaiter erected on the Property inaured againat loss by ` fire, hazaids included within the term "~tended ooverage," and auch other hazarde as Lender may require and in such amounts and for auch ~ perioda as Lendet may require; provided, that Gender shall not require such ooverage amount ezceeding the minimum, as may be required by r state or federal regulatione governing activities of I.ender. or t6at amount of coverage reqnired to pay the auma eecured by thia Mortgage, k whichever ia the greater. The insurance carrier providing the insurxnce shall be chosen by Borrower subject to approval by Lrnder; provided, that such appro~•al ahall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereotor, if not paid in each manner, by Borrower making payment, when due, directly to the insurance carrier. b All inautance policiee and renewala thereof ahall be in form acceptable to Lender and shall include a standard mortgage clause in favor of and in form aooeptabk to L.ender. Lender ahall have the right to hold the policiea and renewala thereof, and Borrower shaU promptly furnish to i.ender all renewel noticee and all reoeipts of paid pr~iums. In the event of loea, Borrower ahall give prompt notice to the insurance carrier f and Lender. Lender may make proof of loss if not made promptly by Borrower. ! Unlees Lender and Borrower otherwiee agree in ~vriting, insurance prooeede ahall be applied to reatoration or repair of the Pmperty damaged, provided anch reatoration or repair ia economically feasible and the eecarity of thia Mortgage is not thereby unpaired. If such 'I restoration or repair ia not eoonomicaUy fesaible or if the security of thie Mortgage would be impaired, the inaurance prooeeds shall be applied to the eums secnred by this Mortgage, with the e~coess, if any, paid to Borrower. If the Property ie abandoned by Botrower, or if Borrower faila to ' respond to I.ender within 30 days from the date aotioe is mailed by Lender to Borrower that the inaurance carrier ogere to eetde a claim for ~ insarance benefite, L,euder is authorized b coUect and apply the insurance proceede at Lende~a optioa either to reatoration or repair of the ~ Property or the snms secured by thia Mortgage. E . Unleea Lender and Borrower othervviee agree in writing, any sach appGcation of pnuoeeds to principal shall not eztend or postpone the due ! date of the monthly inatailments referred to in paragraphe 1 and 2 hereof or change the amoant of euch installmente. V ~nder peragraph 18 g hereof the Aoperty is aoqnired by Lender, all right, title and intereat of Borrower in and to any inaurance policies and in and to the proceeds S thereof resulting from damage to Property prior to the eale or aoquisition ahall pase to I.ender to the eutent of the e~ms aecured by thia ~ Mortgage immediately prior to auch sale or aoqt~ieitioa. ~ 6. Preservation and Maintenance of Property; Leaseholds; Condominums; Plapned Unit Developments. Borrower shall keep ~ the Property in good repair and shall ttot commit waete or permit impairment or deterioratioa of the Property and shall oomply with the ' proviaiona of any lesse if this Mortgage ie on a leasehold. If thia Mortgage ia on a unit in a oondominiu~ or s planned unit developmen~ s ~ Borrower bhall perfocm all of Borrowei s obligations under the declaration or coyenanta creatingor gov~ning the oondomininm or planned ` ~ unit development, the by-laws and regulations of the condominium or planned unit development, and oonstituent documente. If a ~ ~ rnndominium or planned unit development rider is ezecuted by Borrower and recorded together with this Mortgage, !he oovenanta and ~ g agreementa of auch rider ehall be incorporated into and shall amend and eupplement the oovenante and agreemeats of Wia Mortgage as if the ~ rider were a part hereof. 7. Protectlon o! Lender's Securit~. If Borrowa feils to par[orm the oovenanta and agreementa oontained in thia Mo ~ ~ action or prooeeding is commenoed which materially afiecte I.eade~a interest in the i't888e, or if any insolvenc7?. oode ~forcem~t~ or ~P~Y. inclnding, bnt not limitedto. eminmt domain, ~ F arrangements or pmceedings involviug a bankrnpt or deoaden~ thea I.ender at I.eadds option,up~n ~ ~ notioe to Bore~owtr may make such appearances, disburae snch sums and take wch adion au iu neoessasy to proteet Lenda's inta+est~ i indnding, b~ not limited to. disbur~ement of reawnable atbmey's fee~ and entry upon the Property to mal~e repair~. Ii Lenda reqnired - mortgage insuranoe ai a condition of making the loan secnred by this Mortgage, Borrower shaU pay the premiums reqnired to maintain ; snch inenranoe in egect nntil snch time ag the reqnirement for such insuranoe te~rminatea in aooordanoe ~vith Borrower's and I.endd~ written agreemeat or applicabk Law. Borrower shall pay the amonnt of all mortgage insuranoe pnmiums in the menna provided unda~ para,graph 2 hereof. MY amounts disbnreed by Lender persuant to thii paragraph 7, with interest thereon, shaU become additional indebtednese of ' ; Borrower secured by this Mortgage. Unless Borrower and Lender agree to other teRns of paym~t, auch amountd shaA be payable upon ; notice from Lender to Borro~ver i+eq~esting payment thcreot, and shall bear inter~est from the date of disbursemeat at the rate payeble fiom time to time on outetanding principal under the Note unless payment of intereet et such rate would be oontrary to applicable law. in which y ~ evmt such amounts ahall beas in~t et the higheat rate permissible under applicable lew. Nothing contained in this paragraph 7, shaU ~ ~ reqtiire Lender to incur any ~pense or take any action hereunder. # a a k i ~ s ~ Rr. ~0z ~ ~E z ~ ~ . 56 . ! r ~ ~ ~ r,~,- ;F. ~ - - - ~ _ _ - - h: c ,:'t . . . _ . y.. ~ . ~.~.,'s"'-° _ _