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Home My WebLink About0237 . Borrower and Lendet coveaant and a~ree as follows: 1. Payment ot Peiacipal and Iateres~ Borrower shall promptly pay when due the prin~~ipal oi and intereot on the indebtedneaa ; svidenoed by ths Note, prepaymeAt eu~d late charQa a~ provided in the Nota. and the principal ot and interest on any ~ture Advance~ eecured by thi~ Mort~a~a 2. F1tnd~ for Teuce~ uid Iqsuranoe. 3ubject to applicable law or to a written waiver by [.ender. Borrower ahnll pay to L.ender on the day monthly uutallmenta of principal aad intereot are payable undEr the Note, until tha NoLe is paid in futl, a sum (hetein "Ftinda'~ equal to ono- twelRh of the yearly ta:ea and aeseaaments which may attain priority over this Mortgage. and ground reata on the Pmperty, if aay. plus one~ twelRh of yeazly premium installments for hezard insuranoe, plus one~tw elRh of yearly premium inatallments for morigege ineurance. if any. all aa reasonably eatimated initiaUy and tmm time to time by I.ender on the baais of assessmenta and bills and reasonable eetimatea thereof. The P4nds shall be held in sa i~atitutioa the depoeit~ or eocounts of which ars uuured or guaranteed by a Federal or 3tate agency ~ (indudin~ Leader if I.ender i. wcb an insatuaon). I.~d~ ehall apply the Ptinds to pay oaid taxes, a~aesaments. insurance premiume and ground reata. Lender may not char~e f~ s~ holdin~ and applying the FLnd~. aaalysing said aooounl, or verifying and rnmpilin~ ssid aseeseaQents and biW, ualesa [.ender paye Borro~ver interest on the Ifinds and applicable law permita Lender to make auch a charge. Borrowet and Lender may agree in writing at the time of execution of thia Mortgage that intee+e4t on the F~nds ahall be paid to Borrower. and unless such a~re~aeat is made or applicable law requires wch int~est to be paid. I.Ctld![ tZ19I1 QOL b@ tEQ1111'Ea ~O j/fl~l BOI[OWE! 8[1}~ IA~@f'@8L O! earning~ oa We PLads. Lender shail give to Borrovver. without chsrge, an annual acoounting of the Ruads showing credits and debita to the Fti?nda and the purpase for which each debit to the ELnds was made. The I~t?da are pledged aa additioaal security for the suma secured by this Mortgege. If the amount of the FLnds held by Lender. togelher with We future monthly.inatallmenta of Ftinds payable prior to the due dates of taues. ase~ameats. insaranoe premiuau and ground renta. shall ~eaed the an?ount required to pay esid ta:e~. aaseesnaents, inaurance premiums and ground rents as t6ey fall due, snch exasa ehall be. at Boirower's optioa. eiWer promptly repaid to Borrower or ci~edited to Borrow~ on moathly installments of P~nds. If the amount of the Fqnda held by I.end~ shall not be suf6cieat b p~y tazes. assesementa. inaurance premiums end 6rouad rents as they fall due. Bon~ower ahall pay to Let~d~r anY amount neoessary to make up the deficiency within 30 days from the date aotioe ia mailed by Lender Lo Borrow~ te9~ RwXme~t thereof. ~ Upon payment in fnll of all sums secured by thia lV~o~~ ~d~r,shall promptly refund.to Borrowez any funda held by Lender. If under psragraph 18 hereof the Property is eeld or t~~ Piopeity ~a ~er~~e aoquired by Lender; Lender shall apply. no later than immediately prior to the eale of the Propedy ~ ita aoquiptlon 6~ Lendet. aAKP~~1d by Lender at the time of application aa a credit againat the auma eecured by this Mortgage. _ ,i,~ _ 3. Applicatlon ot Payments. ~`lnless applicable law provides otherwise, all payments reorived by Lender under the Note and paragraphs 1 sud 2 hereof ahaU be applied by Lender first in payment of amounts payable to Lender by Borrowez under paragraph 2 hereof, then to interest pe~yable oa the Note, then to the principal of the Note. and then to intereat and principal on any Future Advancea 4: Charges; I.tens. Botmwer shall pay all taues, assessments and other chargea, finee and impoaitiona attributable to the Property which may attain a priority ovalhie Mortgage. and leaaehold payments or ground rente, if any, in the manner provided under paragraph 2 hereof or, if not paid ia such manner. by Borrowtr making payment; when due, directly to the payee thereof. Borrower ahall promptly fi~rniah to I.ender all noticee of amounte due under thia paragraph, and in the event Borrower shall make payment directly, Borrower shall prompUy furnish to i.ender reaeipts evidencing auch paymente. Borrower shall promptly discharge any liea which hae priority over this Mortgage; pravided, that Borrower ahall not be required to discharge any such lien eo long ae Bormwer shall agree in writinq to the payment of the obligation eecured by auch tien in a manner accepLabie to I.ender, or shall in good faith rnntest such lien by, or defend enforcemeni 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 Ine~uranoe. Borrower ahall keep the improvements now eaisting or hereafter erected on the Propeity insured against losa by fire, hazarda included within the term "e~ctended ooverege." and auch othethazarda ae Leader may reqnire aad in such amounte and for such periods as I.ende~ m~y require; pmvided, that Lender ahall not require such ooverage amount e:ceeding the mi~unum, as may be required by atate or federal regulatione governing adivities of L.ender. or that amount of ooverage required to pay the auma eecured by thia Mortgage, whichever is the greater. The inaurance carrier providing the insurance shall be chosen by Borrower subject to approval by L,ender; provided, that such approval ehall not be unreaeonably withheld. All premiuma on inaurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in euch manner, by Borrowe~ making payment, when due. directly to the insurance carrier. All inauranoe policiee and renewals theneof shall be in form acceptable to Lender and ahall indnde a 8tandard mortgage clauee in favor of and in form aoceptable to Lender. Lender ehall have the right to hold the policiee and renewals thereof, and Borrower ahall promptly furnish to i.ender all renewal notices and all receipte of paid premiums. In the event of lo~a, Borrower ahall give prompt notice to the ins~uance carrier I~ and Lender. Lendez may make proof of loee if aot made promptly by Borrower. i Unleas Lender and Borrower otherwise agree in writing, inaurance proocede shall be applied to restoration or repair of the Property j dameged, provided auch reetoration or repair ie economically feasible and the ee~,vrity of this Mortgage ie not thereby impaired. If such ~ reetoration or repair is not eoonomically feaaible or if the eecurity of thia Mortgage would be impaired the insurance prooeeda shall be applied ~ to the suma eecured by fhia Mortgage, with the e=ceas, if any. paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faile to f respond to I.ender within 30 days from the date notice ia mailed by Lender to Borrower that the insurance carrier offera to settle a claim for ~ insurance benefits, I.ender is anthorized to collect and apply the insurance proceede at Lendefs option either to reatoration or repair of the ~ Property or the snms sxured by this Mortgage. Unleae Lender and Borrower othervvise agree in writing, any euch application of prooeeda to principal shall not entend or postpone the due date of the monthly inatallment8 referrEd to in paragraphs 1 and 2 hereof or change the amount of euch inatallmente. If under paragraph 18 hereof We Property ia aoqtured by I.ender. all right, title and inte~+eet of Borrower in and b any insurance poHcies and in and to the proceeds thereof reaulting from damage to Property prior to the aale or acquisition sha11 paee tb Lender to the e~tent of the euma eecared by thia Mortgege immediately prior to snch sale or aoqnieition. 6. Preeervation and Maintenanoe of Property; Leaseholda; Condominums; Planned Unit Developmente. Borrower ehall keep the Pcoperty in good repair and ahall not oommit waste or permit impairment or deterioration of the Propedy and shell oomply with the pmvisions of any lease if this Mortgage is on a leasehold. If this Mortgage ia on a anii in a oondominiwn or a planned unit development, Borrower ahall perform all of Bortower'e obligations under the declaration or covenante creatingor gov~ning the rnndoaninium or planned unit development, the by-lavre and regulationa of the oondomininm or planned nnit development. and oonatitueat docamente. If a oondomininm or planned unit deveiopment rider ia e:ecuted by Borrower and recorded together with this Mortgege. the oovenants and agreementa of such rider aha11 be incorporated into and ehall amend and supplement the covenants and agreementa of this Mortgage as if the rider were a patt hereof. - Protection of Lender's Secarit~. If Borrower fails to pe:form the oovenanta and agreemente oontained in thie Mortgage, ar if anq actioa or prooeeding is commeaced which materially affects Lende~s interest in the Property. includi~g, bnt not limited to. emiaent domain. insolvency. oode enforcement, or arrangements or pmc~edin~s inwiving a bankiupt or deoedenk then Leader at I.ender's option,npon notice to BoTe+ower mey make ench appearenoes. diaburse snch snms and take snch action as is neoessary to proted I.ender's interes~ ~ inciuding. but not limited to. disbnrsement ot reaionabk attorney's fees and entry npon the Property to make npairs. If Lender reqaired ~ ~ mortgage insurance as e condition of making the loan secared by this Mortgage, Borrower ehall pay the pnminms reqaired to maintain ~ sach uuuranoe in effect nntil ench time as the requirement for such insnrance terminates in sooordanoe with Borrowa's and Lende~s ~ writtea agreemeat or applicable Law. Borrowe; ehall pay the amount of all mortgage inanranoe premiuma in the manner psovided under ~ paragraph 2 haeof. ~ Mq amonnte diebursed by Lender persuant to this paragraph 9. with interest thereon, shall beoome additional indebtedness of Borrower secured by thia Mortgega Unleas Borrower and Lender agree to other terms of payment~ auch amounta ehall be payable upon notice firom I.endez to Borrower reqnesting payment thereof, and shall bear intend from the date of disbur~eme~t at the rate payable from time to time on outatanding principal under the Note unless payment of interest at snch rate woald be oontrary to applicable law. in ahich event anch amounfs shall bear interest at the highest rate permisaible under applicable law. Nothing oontained in this paregraph 7, shall require I.ender to inc~u any eupenee or take any action hereunder. . ' ~ BOGK t~ PACE ~JUT1 ~ .,.:r,, ~ rc _ .ti-~ r.~~- - - - 4..~~--~' - .~~x 7'r- ^r: -