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Home My WebLink About0460 t Borirower and I.ender covenant and a~res a~ folbws: 1. Payment of Priacipal and Intereat. Borrower shell pmmptly pay when due the principsl of and intereat on the indebtedneea evidenoed by the Note. prepayment and late chuge~ es provided in the Note. and tbe principal oi and interest on any I~tun Advancea secured by thia Mor~age. . 2. ~nds for Tauces snd Insuraace. Subjert to applicable law or to a written waiver by l.ender, Borrowe~ shall pay to I.ender on the day maathly installmenfa of principal and intereet are p~vabk under the Note, unW the Note ia paid in full, a aum (he~ein "FLuda") oqual to one tweltth of the yearly ta~ces and asaesaments which may attain priority over this Moetgage. and g~round rente on tha Properiy. ifany. plus ono- twelRh of yearly premium inatallmenta for hazard insurance. Plus onetwelRh of yearly premium inatallments for mortgage ineurance, if any. aU as reasonably estimated initialty and firom time b tiwe by I.eAd~ on the beais of asseeameats and billa and reasonable eatimates theseoi The Phnds shall be held in aa inatitntioa We deposit~ or aoooanta oi ~rtuch are uuund or guaranteed by a Fed~al. or 3tate a~ency (including Lender if Lender ia such an inatitutioa~. Lender shall apply tbe Funds to pay said te~es, aaeeasments. insuranoe premiums and ground nnta. Lend~ may not charge for w hoWing aad applying We F~ads. analyung said aocount, or verifying and compiling said sasessments and bills. unlesa Lender pays Borrower intaest oa the F~ads and applicabk l~w permita Lender to make auch a charge. Borrower and Lender may ageee in writing at the time of e:ecntion of tl~is Mortgage t2~at interest oa the Funda ahaU be paid to Borrower. and ualees euch agreement ia made or appGcabk law requirea sw~h interest b be paid. I.ender ahaU aot be required to pey Borrower any interest or earnings on the ~nds. Lender ahall give to Boreower, withont charge. an annual aceounting of the Fhnds ahowring credits and debits b the Funda and the purpoee for which each debit ~o the Ftiads was made. 71~e ~nda are pledged as additional eecurity for the eums secured by this Mortgage. - If We amount of the FLnds held by Leoder. together with the fnturc mon Wly inatallments of ~nda payable prior to t6e due dates of t~ea, aseeeamenta. iaaurance pr~aiums and ground reat0. ahall a~azed the amount required !o psyl~aid tazea. asaeeame~ts. insuranoe preoaiiims and grouad rente as they fall due. s~h ~oea~ shall be. at Bonower'a optioo. either pmmpdy rrpaid to Borrower or credited to Borrower on monthly installmenta oi fi~ada. If We amount of~tLe F`unds held by Lct~det ahall not be a~f5ciwt to pay taues, aaseasmenta. insurance premiums and ground rents as they fall due. Borrower ahail Pe~? to I.end~r sny amount neceaeary to make up We deficiency withia 30 daya from ihe dete notice is mailed by Lenda eo BorroWer requestu?8 P~Y~ent thaeof. Upon paymer~t ia full of all aums secured by this Mortgage. I.eader ahaU prompdy refund to Borrower any funde held by Lender. If under paragraph 18 hereof the Property is sold or the Property ia otha~rise aoquired by I.eader, I.ender ahall apply. no later than immediately prior to the eale of the Propedy or its aoquiaition by Lender. any ~a held by I.ender at the time of application as a credit againat the auma eecared by this Mortgage. - 3. Application of Paymenta. Unless appUcabk la~r providea oWerwise. all paymenta received by Lender under the Note and paragraphs 1 and 2 hereof shaU be applied by I.endes 5rat in payment of amounta payable to I.ender by Bormwer nnder paregraph 2 hereof,- then to intereat payable on the Note, then to the prinapal of the Note. and fhen to interest and principal on any Futun Advanoea. 4. Charges; I.ieaa Botrower shall pay all taxea, asaessments and other chargea, fiaes and impositions attributable to the Property which may attain a priority over this Mortgsge, and leaaehoW paymeats or ground rente, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when dne, direetly to the payee thereot Borrower shall pmmptly furniah to L.ender all noticee of acaounte due under thia paragraph, and in the event Borrower shall make payment directly, Borrower ehall promptly furniah to Lender reoeipts evidencing such payments. Borrower shall promptly diacharge any lien which has priority over this Mortgage; provided, that Borrow~ ahall not be required to diecharge any such liea so bng aa Borrower ahall agree in writing to the payment of the obligation aecured by auch lien in a manner acceptable to Lender, or shall in good faith conteet such licn by, ordefend enforcement of such lien in, legal ptoceedinge which operate W prevent the enforoement of the lien or forfeiture of the Property or any part thereof. 5_ Hazard Insnrance. Borrow~ e6sU keep the impmvemeats nowr e:i.sting or hereaiter erected on the Property inanred against loas by fir~ hazaids included within the term "~tended coverage.° aad auch other hazards as Lender may require and in such amounts and for auch perioda aa L.ender may require; pmvided. that Lender ahaq not reqnire such ooverage amount e:ceeding the minimum, se may be required by atate ot federal regulations governing aetivities of L.ender, or thac amounc of coveraee r~eyuired co pay the aume .eewed by thia Mortgaee, whichever is the greater. ~ The inaurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval shall not be unreasonably withheld_ All premiums on insurance policies ahall be paid in ihe mannet provided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when ~ue, directly to the inaurance carrier. All insurance policies and renewala thereof ahall be in form aoceptable to I.ender and shaU inclnde a eiandard mortgage clauee ia favor of and in [orm aoceptable to Lender. I.ender ehall have the right tu hold the policies and rei?ewale thereof, and Borrow~ ahell promptly furniah to i.ender aU renewal notices and all reoeipts of paid premiuma. In We eveat of loea, Borrower shall give prompt notice b the ineuranoe carrier _ and Lender. Lender may malce proof of loss if not made promptly by Borrow~. ~ Ualeas Lender and Borrower otherwise agree in writing, insurance proeeede shall be applied to restoration or repair of the Property damaged, provided such reatoration or repair ia economically feasibk and the eecurity of this Mortgage ie not thereby impaired. If such ~ reatoration or repair ie not economically feasible or if the eeca=ity of this Mortgage woald be impaired. the insurance proceeda ehall be applied ~ to the sums eecured by t6ia 1Vlortgage, with the e~aeas. if anY. paid to Borrovver. If the Property is abandoned by Borrower. or if Borrower faile to ' reapond to Lender wifhin 30 days ~+om the date aotice ia mailed by I.ender to Borrower that the inaurance carrier offers to eettle a claim for ; inaurance benefite, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to r~toration or repair of the ~ Property or the swne eeciued by thia Mortgage. . ~ UnleBS Lender and Borrower otherwiee agree in writing, any such application of proceeds to principal ahall not extend or postpone the due date of the monthly installmente referred to in paragraphs 1 and 2 heieof or change the amount of such inatallmenta. If nnder paragraph 18 i hereof the Property is acqaired by Lender. all right. acle and inceresc of Bormwer in and co any insnrance poL'riee and in and to the proceeds thereof reaulting from damage to Properiy prior to the eale or acquisition shaU pass to Lender to the ~tent of the eums secured by thia ~ Mortgage immediately prior to such sale or soqui~tion. t 6. Preaervatioa and ~Iaintenance of Property; Leaseholds; Condominums; Planned Unit Developments. Borrower ahall keep ~ the Property in good repair and shall not oommit wraste or permit impairment ~ deterioration of the Ptoperty and ahall oomply with the proviaiona of any leaee if this Mortgage ia on a leasehold. If thia Mortgage is on a unit in a oondomininm or a planned unit development, ~ Borrower ahall perform all of Borrower a obligations ander the declaration or covenante creating or governing the condominium or planned unit development, the by-laws and regulations of We oondominium or planned unit development, and oonetitueat dceumente. If a ~ condominium or planned unit development rider ia ~ecuted by Borrower and recorded together with this Mortgage, the oovenants and agree.ments of auch rider ehall be incorporated into and ahall amend and supplement the rnvenants and agreementa of this Mortgage as if the ~ rider were a parl hereof. ~ Protection of I.e~er'~ Secnrit~. If Borrower fails to perform the ooveaenta and agreements oontained in this Mortgage, or if any ~ action or prooeeding is oomme~noed which materially affects I,ende~s interest in tl~e Property. including. bnt aot limited to, eminmt domain, ~ insolvenry, oode enfozcemen~ or arrangemmta or pmoeedings involving a banim~pt ~ deoadent, then Lender at I.eader'a option.upon } notioe to Borrower may mahe such appearanoes. diaburee sncti sam~ and take suc6 action ai is neoessary to proted Lender'a interest~ inclnding, but not limited to, diabnrseaoeat of reewnabk atto~ney's fees and entry npon the Pcoperty to make repaire. If I.euder reqnired 4 mortgage inaurance as a oondition of making th~ loan semred by this Ma~tgage, Borrowa shall pay fhe pe~minms reqaired b maintain ~ sncli insurance in effect nntil such time as the teqniremmt for snch insuranae t~minates in aooordance with Borrower's and I.endds ~ written a~reement or applicabk I~w. Borro~ver shnlt pay the amount of all mortgage insuranoe premiums in the manner provided nnder ! pareBraPh 2 henof. $ My amounts disbureed by Leader persuant to this paragraph vrith intereat thereon, ahaU beoome additional indebtedness of s Borrower secured by this Mortgage. Unlees Bormwer and I.a?der agree to other te:ma of payment, snch emonnta shall be payable npon ~ aotice from Lender to Borrower requesting payment thereof. and shall bear interest trom the date of disbnrsement at the rate payable f;om time to time oa outstanding principal under the Note aiilees paymeat of interest at such rate would be oontrary to applicable law, in which ~ event such amounte ehall bear intereat at the highest rate pamis~ble under applicabk law. Nothing oontained in this paragraph 7, ahall ~ require Lender to incur any ezpenee or take any action 6ersundv. ~ ~ ~ ~ s - 9~i~!c JV2 rY.S~ 4~ ~ . ~ ~ 3 _ ; - ' ~r5 , M1 m~,'° ' c'~ ~ ~y_. _ a . r . -x • _