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Home My WebLink About0033 ' . ~ . i • v . Borrower and I.ead~ coveaant uid e~~ee as follows: 1. P~U~ment of Priaclpal aad inteseat. Bormwer shaA promptly pey whea due the principal of and intere~t on the indebtodnas wides~osd by We Not~. prepaymaut and laf,e cha~es as pruvided in the Nob, and the principal of and iaterest on any I~ture Advances ~ecured by this Mo~a~e. 2. E~Lnd~ for Tue~ aad Iwuranqs. Subjed to applicable law or to a writtea waiver by Lender, Boirower shall pay to L,erider on the day awath~y installmenb of principal and intenat are payable uader the Note, uatil the Note ia paid in full. a sum (herein "F~ad~'7 eQual to a~a twelfth oiihe year~jr taxes aad assessuienta which may attain priority over this MortQage, and ground rente on the Property. if anY. Plus aas twdRh of ysarly premium installmenta for h~ard inaurance, plns oAStwelRh of yearly premium inataliments for mortgage insurance. if eny. ell as reaaonably estimated initial~y and from time to time by i.ender on the basis of aasess~nente and bills and retisonable estimatee thereof. 1be P1~nd~ ~hall b held in en Ine~itntioa ths depo~ib ~ scoounfa of which ars inanred or guaranteed by a Federal or 3tate ageacy (iacbdin6 Lander ii I.ender i~ ~nch aa inatitution~ Leader shall app~y the F1~nds to p~y said taus~. assasmenb. iruurance preminws aad ~round taata. I.eadet msy aot drar~e faar su holdinQ and appl,yin~ We FLndi. analysng said aooount, or varifyin~ and oompiW~ snid as~e~sme~ats and bills. nnless Lander psys Boreo~ interest on We Ptinds and applicable la~v pesmite Lender to make ench a charge. Borrower aad Lead~ at~y agree in writin~ at We time of ezecution of this Mortgage that iatere~t on the ~nds ahall be paid to Borrower, and unleea snch a~t is made or appUcsble law reqnires such iaterest to be paid. Lender ahall iwt be required b pay Borroa~ any interest or earaing~ on the Fl~nd~. Lende: shall give to Borrower. without charge. an annual aooounting of We Funda showing credits and debits to We F~nda and the purpose for which each debit to the P~nds was made. The I~1nds are pledged as additional secnrity for the sums eecured by this Mottgage. ~ If the amount of the fi~nds hdd by I.ender, together writh the future awnthly inste~llments of [~nd~ payable prior to the due dates of taze~, assessUaents. ins~anoe premiums and ground nats. shall esoaed the amonnt required to pqy esid ta~ces. asaessmente, insnranoe premium~ and Qt~onad reats as they faq due. sueh ~oas shaU be. at Horrower's option. eiWer promPW? repaid to Boirow~r or credited b Bosrower on monthly installme~b of F1wda. If t6e amount of the F~nda heid by Lender shall aot be anfficient to pqy tsuee. assesam~ts. insuranoe ~ pnmi~ms and gmand r~ta as they fall dne, Borrower shali pay to I.ender any amount neoessary to make up the deficzency within 30 days from the date notice is msiled by Lender to Borrow~ t~questing pa~yment th~eof. Upon payment in fnll of all snm~ ~ecm~ed by thia Mortgage. I.ender shall prompdy refund to Borrorrer any funds held by Lender. If nnder paragraph IS hercof the Propetty ia sold ~ the Property ia oWervrise aoquired by I:et~der.'Iander shall apply. no late~ than immediately prior b the sale of tbe Property or ib aoqnisition by Lender, any Pbnds held by Lender at the time of application aa a czedit against the suaue eecnred by this Mo~a~e. . 3. AppUcation of Psymenta. Unless applicable law provides otherwise. all payments reoeived by Lender nnd~ the Note and paragraphs 1 and 2 haeof shall be applied by Leader firet in payment of amounta payable to L,eader by Borrower under paragraph 2 hereof. th~ to interest peyable oa the Note. then to the p~rincipal of the Note. end thea to interest and principal on any Pht~re Advanoes. 4. Charges; I.teas. Borrower ehaU pa~y all taxea, aaseesmente and other charges. finee and impositiona attribntable to the Ptoperty which may attain a priority over this Mortgage, and leasehold paym~te or grouad rents. if any. in We manner provided under paragraph 2 hereof or. if not paid in such manner. by Bormw~ mairing paymen~ when due. directly to the payee thereof. Borrower ahall promptly furnish to I.ender - all aotioee of amonnts due under thia paragraph. and in the event Borrower ahall make payment diredly. Borrower ahall prompUy furnish to Lender reoeipts evidencing such payments. Borrower ehall protnptly discharge any lien which has priority ov~ this Mortgage; pmvided, that Borrowa ahall not be required to discharge any such lien eo long as Boirower shall ageee in writing to the paymneat of the obligation eecured by such Gen in a manner acceptable to Lender, or ahall in good faith eonteat such Uen 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 p.art thereof. 5. Hazard Insuranoe. Botrower ehall keep the impmvementa now e:ieting or hereaRer erected on the Property ineured againet loes by fin. hazards indnded within the teim "ezlended ooverage." and ench other hazards ae I.eader may eequire and in auch amounta end for auch paiods as Lendez mqy reqnire; pmvided. that I.eader ahall not require such ooverage amonnt esceeding the minimum, aa may be required by state or federai regulations governing adivities of Lender. or that amonnt of coverage required to pay the aume secured by thia Mortgag~ ~ whichever ia the greate~. ' . The insuranae carri~ providing the inaurance shall be chosen by Borrower eubject to approval by I.ender; provided, that auch approval ahall not be wueaeonably withheld. All premiams on ineurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in wch manner. by Borrower making payment. when due. directly to the inswance carrier. All insurance policiea and renewale theroof ehall be in form aoeeptable to Lender and shall include a staadard mortgage claose in favor of and itt form aooeptable to L.ender. I.ender ehall have the right to hold the policiee and renewala thereof. and Borrower shall pmmptly furnish to i,ender all rEne~val ndices and all reoeipts of paid premiums. In the event of loss, Borrower ahall give prompt notice to ttie ineurance carrier ' and Leader. Lender maq make proof of loee if not made pmmpdy by Borrower. - ~ Ualees Lender aad Borrower otherwise agree in writing. inearance prooeeda shall be eppUed to restoration or repair of the Property i damaged, pmvided auch reatoration or repair ia economically feaaible and the eecurity of this Mortgage is not thereby impaired. If such ~ restoration or npair is not eoon~aically feasible or if the secnrity of thia Mortgage would be impaired. the ineurance prooeeda shall be applied _ l to the anms secnred by this Mortgage. with the ezcese. if anY. Paid to Borrow~. If the Propeity is abandoned by Barrower. or if Borrower fails to f napond to I.ender withia 30 days fmm the date aotice is mailed by I.ender to Borrower that the inanrance carriar offe~s to eettle a ctaim for ~ iasnrance bme5ta, Lender ie anthorized to collect end apply the insurance pma.eeda at Lender's option either to restoratioa or repair of the ~ Propesty or We sums sec~u+ed bY this Mortgage. - Unlees Lender and Borrowu otherwise agree in writing, any snch application of prooeeda to princapal shall not ~tend or postpone the due ~ date of the m~nthlq instaUments reterred to in paragrapha 1 and 2 hereof or change the amount of auch installmenta. If under paragraph 18 hereof the Property ia aaquired by I.ender. all right. title and interest of Borrower in and to any ineuranoe policies snd in and to the prooeeds thereof nsultiag from damage to Property prior to the aale or aoquieition ehall pese to Lender to the e:tent of the suma eecured by this Mortgage immediately prior to aach sale or soquiaition. ~ 6. Preser~ration and Mainteaaaoe of Property; Leaeeholds; Condominnma; Planned Unit Developmenta Borrow~ ahall kerp the Property in good npair and ahall not commit waste or pecmit impairment or deterioration of the Property and ahall oomply with tha pmvieions d any lease if thie Mortgage ia on a leasehold. If thia Mortgage is on a unit in~a oondomininm or a planned unit development, Borrower sball pertorm all of Borrower's obligationa under the declaration or covenante creatingor governing. the oondominiam or planned nnit development, the by-laws and regulations of the condominium or planned unit development, and constitnent dcenmenta. If a oondominium or planned nnit development ride: is euecnted by Borrower and recorded together wiW thia Mortgege, tbe oovenants and agrcementa of anch ridet a6a11 be inco:porated into and ahall amend and aupplement the oovenante and agrcements of thia Mortgage ae if the ~ rider were a pert hereof. ~ ~ 9. Protection ot Le~er's Secnrity. If Barrower fails to perfa~m tbe ooveaanta and agreenn~ta oontained in this MortBe80. 84Y ~ action or pmceeding is commez~oed which materially affects Leades's interest in the Pmpdrty, indading, bnt not limited to. emineat domain, insolvency, oode eaforoemenR ar arrangemeat~ or prooeedings involving a banjornpt or deoeden~ then L~?der at Lendds option.npon 4 notioe b Borrower nnqy make ~uch appearanoes, diaburse snch snma and take ~nch action as is neoe~eary to pcoted Lende='~ intere~R ~ indnding, b~ not limited to, disbanement of reaeonabk attorney's fees and entry npon the Prope:ty to make npairs. If I.ender reqnired ~ moartgage insnranae as a condition of making the loan eec~ued by this MartBaee, Borrower shaA pey the preminm~ reqnired to meintain ~ ~nch insnraace in e8ed anq7 sach time as tbe reqainment for such inaoranoe terminates in ac~oordence with Borrower'a snd I.eader'~ ~ written agireemeat ar applicable I.aw. Boreower shall pay the amonnt of sll mortge8e insuranoe pzeminms in the manner pmvided and~ ~ ~paragraph Z hueof. . ' ' Any amonnta disbarsed by I.ender shall beo~me additional indebtedness of ~ pe=suant to this paragraph 7.. with iatxseat the[eon. Borrower ~ecnred by this MortgagG Unless Borrowet ead I.ende~ agree to other terms of payment, such amoants shall be payabk upon ~ aotioe Gom I.endar to Borrower reqnesting paymeat thereof, w?d shall bear interest irom the date of disbursemeat at the rate peyabk from time to time on outatanding principal nndar the Note anlese payment of interest at such rate would be oontrary to applicable law, in which ~ event auch amonnts ahall bear int~erest at the highest rate permissible nnder applicable law. Nothing oontained in this paragraph 7. shall reqnire Lender to incur any apense or te1~e any action here~ader. ~ ~ OR ~r~ . B00!( ~~t1J ~AGE c~ ~ ' ~ ~ _ . - - - - - ~ ~ ~~;;s~-~_. ~~.~.w~~~ A~.~ ~ . _