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Home My WebLink About0229 . ~ . . Borrower and I.end~ covenunt and a~ree as followa: ' ` 1. Pgymeat oi Principal and Iateres~ Borrower shall promptly pay when due the principal of and interest on the iadebtednew ; evidenoed by the Nota. prspsyanent and late charges as pmvided in tho.Note. and the principal of aad iatere~t on any P1?ture Advances secured ~ by thi~ Mortga~e. t 2 FY~ads for Ta:e~ ~nd Iawrance. Subject to applicable law or to a written waiver by Lender, Bormwer ahall pa,y to Lender on the day i monthly installments of principal and interest are payable under the Note. uaW the Noee is paid in full, a sum (herein "Ptinds") equal to ona 3 tweltth oithe yearly taxes and asecsements which may attain priority over this Mortgage, and gmund renta on the Property. if any, plus ono- tweltth olyearly premium installments for hazard insnrance, plus onetwelfth otyea~ly premium inetellmenb for mortgeQe inaurance, if any. all as reaeonably estimated initial~j? and tr«n Gme to time by Lender on the baais of aaeeasmenta and bills and reasonable estimates thereof. 'ILe PLnds shall bs held in aa institution the deposita or aoo~unts of which ars inaured or guaranteed by a Federal or 3tate agency (includiag Lender if Lender is wch aa inatitutio~). Leader shall apply the Funda to pay said taxes. aseesamenta, iasuranoe premiums and gronnd reAts. I.endeir mqy not chargs for w holdinQ and applying the flinds, analyzing said aooount, or verifying and compiling eaid asseeameab and bills. unlea I.ender pays Borrower int,erest on the ~ds and applicable law peranita I.ender b make such a charge. Borrower aad Leader msy agree ia writing at the time of e:ecutioa of thia Mortgage that interest on the F1~nds e6a11 be paid to Borrower, and unlas snch agnement ia made or applicable la~v requires such interest to be paid, Lende~ shaU noc be reyu;red to pay Borrowa any incenat or easniaga~on the F1~nds. Lender shaU give to Harrower. aithcut charge, an annual aooouating of the Funda showing credits and debita to the E~nda and the purpose for which each debit b We Phads was made. The Funds are pledged sa additional eecurity for the sums aecured by this , Mortga~gb. ' If the amonnt of the Fhads held by Lender. together with the future monthiy installments of Funde payable prior to the due dates of tues, ~ assessments. insurance praninms and gronnd reats, ahali ezoaed the a~ount required to pay said ta:ea. aesesameaes, insuranoe premiums ' and gronnd rente as t~ey fall due. such euo~s ahall be, at Botrower's option, either promptly repaid to Borrower or credited to Borrower on monthly instaUments of FLi?da. If the ~anount of the P'ande held. b~y j~n~eb~~~l!lB~F not be suffi«ent to Ps,Y tases. aseeeaments, inaurance ; premi~nns and gronnd reate ae thi~q t~ll due, Borroarer ahgll pay to I.end~r unt neceasary to make up !he deficiency wiWin 30 deys i from the date notice is mailed bya,llad~o b Borros~csr reque~ting pe~ymc~l Upon paymeat in fuU of aU a~byiliis~ge~ I.~qde~ihs~~My refund to Borrower any funds held by Lender. Uunder paragraph 18 hereof the Property so or' e Property ia othelvnse acquired by I.ender, Lender shall apply. no later than immediately prior to the sak of tbe Property or ita aaquisition by Lender. any ~nds held by Lender at the time of application ae a credit againat the s~uns eec~nd by Wis Mortgage. - 3. Application ot Peqments. Unlese applicable law pmvides otherwise. all paymenta received by Lendsr under the Note and paragraphs 1 and 2 hereof shall be applied by Lender firet in payment of amounts payable to Lender by Borrower under paragraph 2 hereof. ' Wen b interest p~ayable on the Note, then to the prinapal of the Note, and Wen to intereat and principal on any I~tnre Advaac~. ~ 4. Charges; Liens. Borrower ahall pay all tauee, aseeeements and other charges, fines aad impoeitiona attributable to the Property which ~ may attain a priority ov~ this Mortgage, and leasehold p~ymente or ground rente, if any. ip t~e manner pmvided under paragraph 2 hereof or, if not paid in auch manner. by Borrower making payment, when due, directly W the payee thereof_ Borrower shall promptly furnieh to I.ender $11 notioea of amounts due und~ thia paregraph, and in the event Borrower ahall malce payanent directly. Borrower ehall pmmptly furniah to I.ender reoeipts evidencing such paymenta. Borrower shall promptly discharge any lien which has priority over this Mortgage; pmvided, that ' Borrower shall not be required to discharge any such Uen so long as Borrower shall agree in writing to the payment oithe obligation secured by ~ guch lien in a mann~ aoceptable to Lender, or ahall in good faith ~onteat such lien by, or defend enforcement of such lien in, legal proceedinge which operate to prevent the enforcement of the lien or torteiturn of the Property or any part thereof. ~ 5. Hazard Inaurance. Borrower•ehall keep the improvementa now eiisting or hereaRer erected on the Property insured against loea by fire, hazerde included within the term "e:tended coverage," and such other hazarda as Lender may require and in such amounfs and for such ~ periode as Lender may requirE; provided. that Lend~ ahall not require such ooverage amount e:ceeding the minimum, as may be rEquired by state or federal reg~ilationa governing adivities of Lender. ar that amount of ooverage required to pay the aume secnr~d by thie Mortgage, whichevez is the grsater. The insurance carrier providing the ineurance shall be choaen by $orrower subject to approval by Lender, provided, that such approval ~ ahall not be unreasonably withheld. All premiums on insurance policies aha11 be paid in the manne~ pr~ovided under paragraph 2 hereof or, if not paid in auch manner, by Borrower making payment, when due, directly to the insurance carrier. All inaurance policies and reaewala thereof shall be in form aoceptable to I.ender and ahall include a standard mortgage clause in favor of ~ and in form acceptable to Lend~. I.ender shall heve the right to hold the policies and renewa3a Lhereof, and Borrower ahall promptly furniah to i.eader all renewal notioes and all receipts of paid premiuma.-In the event of loee, Borrower shall give prompt notioe to the ineurance carrier f and I.ender. Lender may malce proof of lose if not made promptly by Borrower. ; Unlesa Lender and Borrower otherwiae agree in writing. insurance proceedB shall be applied to restoration or repair of the Property f damaged, provided such restoration or repair ia economically feasible and the security of thie 1~Iortgage ie not thereby impaired. If such ' ~ reatoration or repair ie not economically feasible or if the eecurity of thie Mortgege would be impnired. the insurance proceeda shall be applied ; ~ to the sume eecured by thie Mortgage, with the ezcese, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faila to ~ ~ reapond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the inaurance carrier o~ere to settle a claim for ' ~ inanrance bene5ta. Lender ia authorized to coUect and apply the ineurance proceeda at Lender's option either to reatoration or repair of the Property o; the sums eecured by thia Mortgage. . ~ Unleas Leade~r and Borrower otherwiae agree in writing, any auch application of proceeda to principal shall not eztend or postpone the dne dete of the monthly inatallmenta referred to in paragrapha 1 and 2 hereof or change the amount of auch inetallmente. If under paragraph 18 = hereof the Property ie acquired by I.ender, aU right, tiUe and intereat of Barrower in and to any inanrance policies and in and to the proceeds ~ thereof reealting firom damage to Property prior to the sale or soquiaition shall paas to Lender Lo the e:tent of the auma eecnred by this ; Mortgage immediately prior to auch sale or aoq~isition. ~ 6. Preaervation and Maintenance of Property; Leaeeholda; Condominame; Pianned Unit Developmente. Borrowez ahall keep 5 the Property in good repair and shall nof oommit waste or permit impaircnent or deterioration of the Property ~and ehall oomply with t6e ; pmvieions of any leaee if thie Mortgage ie on a leasehold. If thie Mortgage ie on a unit in a u~ndominium or a pianned unit development, ~ Borrower ahall perform all of Borrower's obligationa under the declaration or covenanta rreatingor governing the oondominium or planned ~ unit development~ the by-lawe and reg~lationB of the condominium or planned unit developmeat, and oonstituent documente. If a rnndominium or planned unit devebpment rider is ezecuted by Borrower and recorded together with thia Mortgage. We oovepanta and ? agreements of such rider ehall be inrnrporated into and shall amend and supplement the covenanta and agrcemente of this Mortgage sa if the ~ rider were a part hereof. 7. Protectioa of Lender'o Security. If Borrower fails to perform the oovenante and agreementa contained in thie Mortgage, or if aqy ~ ~ actioa or procxeding ie oommenoed which matrrially at~ecte Lender's iaterest in the Property. including, bnt not limited to. emiaent domain, insolvency~ oode mforcement~ ar arrangements or prooeedings involving a banlnvpt or deoedent, then I.ender at Lendds option.upon ~ notice to Bormaer may make snch appearanoes. disbnrse such sama and take snch action as is neoessary to protect Lender's interest, ~ inclnding, but not limited to, diabnrsement of re~sonable attorney's tces and entry upon the Property to make npairs. If Lender required 4 marttgage inanrance as a oondition of making the loan eecnred by this Mortgage, Borrower shall pay the pre~inm~ reqaired to maintain ~ sach insnraner in effect nntil each time as tlee requirement for ench insuranoe terminates in aocordance with Boirower's and Lefldds ~ ~ writtea a~reement or applicabk Law. Borrower shall pay the amount of all mortgage insurance preminma in the manner provided ander ~ ; Paragreph 2 hereof. _ i Any amounts disbnreed by Lende: persuent to this P~B~Ph with intereat thereoa. shall beoome additional indebtedness of ~ ~ Borrow.er secared by this Mortgage. Unless Borrower and L.ender agree to other terms of paymeat, snch amonnts shall be•payable upon ~ notice firom Leader to Borrower requesting payment thereof, and shall bear interest from the date of disbnreemeat at the rate payable from ~ ~ time to time on outatanding principal unda the Note unless paymeat of interest at such rate wrould be oontrary to applicable law, in which € event auc6 amounts shall bear intez+est at the higheat rate ptrmiesible under applicable Iaw. Nothing oonisined ia this paragraph 7. shall ~ require Leader to incur any ezpense or take any action hereunder. - ~ k ~ ~ ~ ~ ~ 90CK uVJ fAGf I~ ' _ x ~ yµ~ ' ~f~-~ $ _ _ _ 3i~k y ' y. 6" . . ~~.z t .s . . _-5 . _