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Home My WebLink About0233 ti Borrowes and Lender covensnt and a~ree as follows: • 1. Pqrmeat ot Pri~lpal u?d Iatere~~ Bosrower ahall pmmptiy pay whe~ due the principal oi and intereat on the indebtodne~ ; evideACed by the Note, p~epayment and late charQes as provided in the Note, and the principal of and intere~t on aay Ptiture Advancee ~ecured by this Mart~a~e. 2 Ptiada for Tiuces aad ltuuraace. Subjed to applicable law or b a written waiver by Lender, Borrower shall pay to [.enda on the day monthly uutallments of principa! and iatereet are payable undu the Note, until the Note is paid in fuU, a sum (herein "iLnds'7 equal to on~ twelRh of the yearly taxee and aeseasmenta which ma~y attain priority over this MortgaQe. and ground rents on the Propedy. if any. plt~a one : ~we1Rh of yearly prenaium instullments for hazard insurance, plue ono-twelRh ofyearly premium iastallments for mortgage insurance, if any. ' all as nasonab~y estimated initially and from time to time by Lender on the baais of aesessments and bills and reaso~able eatianatcs thereof. ~ The I~nds shall be held ia an in~titution the deposits or aooounb of which are iasured or Quarenteed by a Faierel or State ageacy (including Lender if l.ender is such an inrt~tutioa). Lender shall aPP1.Y the Ptiu?ds to pay said ta~~es. assesameats. insuranoe premiums and ~ ground renb. Lender anqy aot charge for w holdin~ snd applying the P~nds. analysinB said acoount, or varifying at?d coanpiling said aasesament~ and biW. nnlwe Lender pays Borrower interest on the I~nda and applicabk lew perauts Lender to make such a charge. Borrower and Le~d~ mqy agree in aritinB at the time of e:ecutioa of thie Mortgage that interest on the ~Lnde ahall be paid to Borrower. and unless ; such aareement is made or applicable law requires such interest to be paid~ LQAdE! ~18u AO~ bO f8Q111!'~ ~O pB~/ BOZT'OW!! 8IIy IIltBLfAL Oi earninss on the FLnds. Lender shall give to Borrawer. withont charge, an annual aooouating of the fl~ds showing credita aad debita to the 4 ~ads and the pnrpo~e for which ~ch debit to the F'unds was made.'11ie Funds are pledged as additional eecurity for the aums aecured by this ' Mortgage. If the amount of the fiurda held by Lender, together with the future monthly installmeats of ~ds p~yable prior to the due daf~es of t~ea. a~seasmeats, insuranoe premiums and ground nnts. shall esa~ed the amonnt required b pqy said tases~ asseasinents. inauranoe pnmiums and ground nnts as they faU due, such e~coess shaU be. at Borroaer'a option, either prompdy repaid to Bosrower or credited to Borrower on = monthly inst$llments ~of I~Luds. If the amount of the F~unds held by Lender ahall not be au~icient to pay tauea. assessments. insuranoe ' premiuma end ground rente as they fall due, Borrower ahall pay to Lende~ any amount nece~ary t4 snake uythe de5ciency within 30 daya from the date notice is mailed by Lender to Borrower requesting payment thereof. - - Upon paymeat in full of all auma aecured by thie Mortgage. Lender shaU promptly eefnnd to Borrovrer any funds held by I.ender. If under paragra~ 18 hercof the Property is sold or the Prope~ty ia otherwise acquired by Leader. Leader shaU app~y, ap le~than immediately prior to the eale of the Property or its aoquisition by Lender. any FLnds held by Lender at the time of ~ppl}cation as a credit a~aiast the anmr aecured - t.. by.thia Mortgage. ` - . 3. Applicadon of Payments. Unlees applicable law providea,~tLe~i~ sI1 pgyQl~nis re~lived by Lender ander the Note and ~ paragraphs 1 and 2 hereof ahall be applied by Lender 6rst in payment of amounte payable tu Lender by Borrower under paragraph 2 hereof, then to interest psyable on the Note, then to the principal of the Note, and then to intereat and principal oa any Pbture Advances. 4. Char~es; Liens. Borrower shall pay all taues. aaeeasmenLa and other chargea, fines and impositions attributable to the Property which may attain a priority over this Mortgage, and leasehold paymen~s or ground renta; if any, in the manner provided under paragraph 2 hereof or, if not paid in such mannet. by Borrower making pay~nent, when due, directly to the payee thereof. Borrower shall prompdy furnish to Lender i all notioes of amounta due under this paragraph, and in the event Borrower ahall malce payment directly, Borrower shall promptly furniah to ~ Lender receipts evidencing auch paymente. Borrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower ahall not be requind to discharge any such lien ao long aa Borrower ahall agree in writing to the payment of the obligation secured by such lien in a manner aooeptable to L.ender, or ahall in good faith rnnteat such lien by, or defend enforcement of such lien in, legal proceedinga whirh operate to pnwent the enforcement of the lien or fodeiture of the Prpperty or any part thereof. ~ 5. Hazard Ineuranoe. Borrower ahaU keep the impmvemente now e:isting or hereafter erected on ~the Property ineured against loss by fire, hazarda included within We term "eutended ooverage,° and auch other hazerda as I.ender may require and in snch amounte and for auch periods as Lender may require; pmvided, that Lend~ shall not require snch coverege aaaount e:ceeding the minimum, as may be required by ; state or federal regulations governing activitiee of I.ender. or that amouat of coverage required to pay the auma eecured by this Mortgage, • F whichever ia the greatet The inaurance carrier providing the inaurance shall be chosen by Borrower subject to approval by Lender, provided, that auch approval shall not be unreaeonably withheld. All premiuma on insurance policies shall 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 insurance carrier. All insurance policiee and renewals thereof ahall be in form aoceptable to I.ender and ahaU include a standard mortgage claose in favor of ~ and in form aoceptable to Lender. Lender shall have the right to hold the policies and renewals the:eof, and Borrower ahall pmmptly furnish to i.ender all renewal notices and all reoeipts of paid pre~niums. In the eveat of loea, Borrower ehall give prompt notice to the iasurance carrier and I.ender. Lender may make proof of loss if not made promptly by Borrower. Unl~e Lender and Borrower otherwise agree in writing, insurance pmceeds shall be applied to reatoration or rnpair of the Property damaged, provided auch restoration or repair is economically feasible and the aecurity of thie Mortgage ia not thereby impaired. If such ~ restoration or tepair is not ec:oaomically feasible or if the security of thia Mortgage wonld be impaired, the inaurance proceeds shall be applied € co the sume eecured by chia Morc~age, with the ~cesa, if any. paid to Borrower. If the Property is abandoned by Borrower, 8r if Botrower faila to reapond to Lender within 30 days from the date nobice is mailed by I.ender to Borrower that the inaurance carrier offers to settle a claim for inaurance benefits. L:ender ia authorized to rnUect and apply the insurance proceeda at Lender's option either to reatoration or repair of the Property or the sumB eecured by thie Mortgage. Unleas Lender aad Borrower otherwiee agree in writing, any anch application of proceeds to principal ahall not e~ctend or postpone the due date of the monthly iastallments referred to in paragraphH i and 2 hereof or change the amount of auch installments. If under paragraph 18 hereof the Property ia aoquired by Lender, all right, ~itle-and intereat of Borrower in and to any insuranoe policies and in and to the proceeds ~ thereof reaulting fmm damage to Property prior to the eale or aoquieition ahall paes to Lender to the eztent of the sums secure~ by this Mortgage immediately prior to euch sale or aoqnisition. ` 6. Preeervation and Maintenance of Property; Leseeholds; Condominume; Planned Unit Developmenta. Borrower shall keep the Property in good repsir and ahall not commit waste or permit impairment or deterioration of the Property and ahall comply with the ~ provisiona of any lesee if thie Mortgage ie on a leaeehold. If this Mortgage ia on a nnit in a condominium or a planned unit development, ~ Bormwer ahall perform sA of Borrower'a obligatione under the declaration oroovenanta creatingor governing theoondominium or planned # unit developmen~ the by-lawa and regulations of the oondomininm or planned unit development. and oonstituent documenta. If a ~ oondomininm or planned unit development rider ie ~ecuted by Borrower and recorded together with thia Mortgage, the aovenants and ~ agreements of such rider shall be incorporated into and ahall amend and supplement the covenants and agreements of thia Mortgage as if the ~ rider were a part hereof. ~ < 7. Ptotection of Le~er'~ Securtty. If Boirower faila to perform !Le oovenants and agreements contained in this Mortgage, or if any ection or prooeeding is commenced which materially affects I.ender's interest in the ProPe~tY. including. but not Wnited to. eminent domain. ~ insolvency. aode eaforoement, or arrangements or prooeedings iavolviag a bankrapt or deoedenk then Lender et I.ende~'s option,npon notioe to Borrower may malce such appearanees, diaburee suc6 sums and take such ection as is necesaary to protect Lendez's interest, _ ~ inclnding, bat aot limited to, disbnrsement of reeeonable ettomey's fees and enlry apon the Propedy to mate npairs. If I.ender required _ ~ martgage iasnrance as a oonditioa of making the loan eecnred by thie Mortgage, Borrower ahall pay the pr~inms reqnired to maintain ; ~ snch inanraAOe iu e~ect nntil sach time as We reqnirement for such insuraace terminates in aooordanoe wilh Borrowa'e and I.evder's writka a~eement or applicabk L.aw. Borrower shall pay the amonnt of all mortgage inaurance pn~miams in the manner provided under ~ ~ ParagraPh 2 henoi _ . ~ ~ Aqq amounts disbursed by I.ender persuant to this ParagraPh 7, with interest thereoa, shaU beoome additional indebtedneas of Borrower secnred by thia Mortgage. Unlees Borrower and Lender agree to oW~ terma of peyment, euch amounta shall be payable npon ~ notice from Lenda to Borrower requesting payment thereoi, and shall bear interwt from !he date of disbureemeat at the rate payable firom ~ time to time on outstanding principal undez the Note anleas payment of intereet at such rate would be oontrary to applicable law, in w}uch event such aawunts ahall bear intereat at the highest rate pera~ieeible nnder applicable lew. Nothing oontained in this paragraph 7. shall # j reqnin I.eader to incur any ~pense or take any action haennde:. - - Beox exl3 ~,~CE z ' : f- ~ , ~ _ , _ ~ ~ ~ ; ~ =~`t- ~