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Home My WebLink About0241 8orrower and Leader ooveasnt and a~res eu folbws: 1. Payment ot Prlucipal sad Ipteres~ Borrowar shall promptly pay when due the principal of and interest or? the indebtedness evidenosd by the Note. prepaymeat and late charQe~ as provided in ths Note. and the principe! of aad intere~t on any I~ture Advancea ~ecured bY thia Mort~a~s. 2. Ftiad~ fos Ta:e~ ~ad lasut~ace. Subjec~t b applicable law or b a written waiver by I.ender, Borrower shall pay b Lender on the dqy moathl,y ituialimenb otprincipal and iaterest ere payable under the Note. until the Note is paid in tuU, a sum (hesein "PLnda'7 equal to ona twelRh of the yae~rly ta:ea a~d asaesaroents which mqy attain priori/y over thie Morlgage. and ~round rents on the Property, if any. plus one twelRh of yearly pnmium iiutal4nenta for hasard insurance. plw onetwelRh of yearly pr~nium instaltmenta for mortgage insuranoe. if aay. all as reaeonably astimated initiaQy and froaa time to time by Lender on the basis oi assessments and bilb and reesonable eetimatas thereof. The I~1tnd~ ~hall bs held in aa in~titntioa ths depo~it~ oc accounts of which are insured or Qusrenteed by a Federal or State agency (includir~ I.ende~ if Irende~ ia anch an institution~ I.ender ahall aPP1Y the F~nd~ to pqy said ta:a. a~seasraenta, ineursnce preminms and gronad rent~. I.eader me~i not charQe for w hoWin~ and applyin~ the I~Ad~. analysing aaid aooounR o~ verifying and rnmpiling .aid a~se~sments and biW. unlas I.et~der paya Bors+uwer intere~t on the F`unda and applicable law permits Lender b make ~uch a charge. Borrower and Leader msy t~ree in rvritinQ at the tune of ~ecutioa of this MoiRgage that interest on the F~ads a6all be paid to Borrower. aad unlees ~uch a~reement is mada or applicaWe law requires wch intere~t to be paid. Lender shall not be reqnired to pay Borrower any ititerest or earniag~ on the P1~ads. Lender aball give to Borro~ver. without chergs, an annual aooounting of tbe ~nde ahowing credits and debib to the Fbnda ead the purpase for which each debit b the Phnds waa made. The I~nds are pledged as additional eacariqr for the sua~ secured by this Mortgage. ~ . If the amount of We Phnds held by Leader. together with the futun ~aonthly inatallmenb of I~snds payable prior tc the due dates of taues, aaseasmenta. insuraace pnmiuuu aad ground rents. sba11 exoaed the amount reqnired to pay eaid t~ea. asseeamenta, iasuranoe ~emiums and ground rent~ aa t1~e~r•isll due„ sudi ~cees ahall be. at Borrowa's option. either promptly npaid to Borrowar or credited to Borrow~ a~ moathly instsllment~ of P1~nds. If tht aaaa~at of the F'nnds held by Lendec ahall not be sufficient to pay tases, assessments, insuranoe pnmiuma and ground nats as tl~ey fall due. Borrowec ab~ll pay to Lender any amount neceesary to make ap the deficiency within ~ days from tbe date notiae is mailed bY Le~der to Borrowrer requeetinll Payment thereof. . Upon paymea! in fnll af all wms ~scared by this Mortgege. Lender shall promptly refund to Borrower any funds held by I.ender. ff under P~ae~P~ 18 hereof the Proper4y is add or tbe Prop~ty id otherwise acquind by Lender. I.ender ahall aPP1Y. no later thsa immediately prior to the sale of the Ptop~ty ar its ewqaisition by Lender. aay I~nda held by I.ender at the time of application sa a credit against the eums secured by this Mortgage. . 3. Appl~cation o! Pa~ment~. Unleas applicabk law pmvides otheiwise, all ~ayments received by Lender under the Note and paragraphs 1 end 2 hereof shall be applied by Lender firat in paymenL of amounts payable to I.ender by Borrower under paragraph 2 hereof. then to interest payable on the Note. then to the principal of the Note. and then b intereat and principal on any Future Advancee. 4. Chargea; Lieas. Borrower shall payr all tanes, aea~ssmenta and other charges, fines and impositiona attributable to the Property which may attain a priority ova this Mortgage. and IeasehoW payments or ground rents, if any, in the manner provided under paragraph 2 hereof or, if not pai~ in such manaet. by Borrow~ making paymen~ when due, directly to the payee thereof Borrower shall prompdy furniah to Lende~r ell aotices of amounta due under this paragtaph, and in the ev~t Borrowa shall make payment directly. Borrower shall promptly furniah to Leader receipts evidencing auc6 payments. Borrowa ahall promptly discharge any lien which has priority over thia Mortgage; provided, that Bonovrer ahall not be required to discharge aay snch lien so long as Borrowerahall agree in writing b the payment of the obligation secured by auth lien in a manner aoceptable to I,ender. or shall in good faith contest auch lien by, ordetend enforc~e~ent of such lien in, legal proceedings which opezate b prevent !he enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hezard Insaranoe. Borrowez shall keep We imgmvementa now e:iating or hereafter erected on the Property inaured against lose by 5r~ hasarda inclnded wnttun the term "ezteaded ooverege," and auch other hezards as I.ender may require and in such amounts and for ench periods ae Lende~r may reqnire; pmvided, that Lender shall not require anch aoverage amount ezceeding the minunum, as may be required by etate or f+~deral regulatione governing adivities of Lender. or that amount of rnverage reqnired to pay the snma eecured by thia Mortgage, whichever is the greater. 'R~e inaurance carrier providing the inaurance ehall be chosen by Borrower subject to approval by Lender, provided, that auch approval ahall not be unreasonably withheld All premiwns on inaurance policiea ahall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrow~ making payment, when due, directly to the insarance carrier. All ineuranoe policaea and renewals th~eof shall be in form aooeptable to Iender and ahall include a standard mortgage clauee in favor of and in form acceptable to Iender. I.~der shall have the right to hold the po6cies and reaewsls thereof, aad Borrowet ahall promptly furnish to i.ender all renewal notio~ and aU receipts of paid premiums. Ia the event of lose. Borrower ahall give pmmpt notice to the inaurance carrier and Lender. Lender may make proof of lass if not made prompdy by Borrower. ~ Unleea I.ender and Borrower otherwise agree in writing, inaurance pmoeeds ahall be applied Lo reatoration or repair of the Property ; dameged, provided ench restoration or npair ia economically feseible aad the security of thia Mortgage ie not thereby impaired. If auch t zeetoration ar repair is not economically feseible or if t6e security of this Mortgage would be impaired. the insurance proceeds shall be applied ; to the auma secared by this Mortgage. with the eseess. if any. paid to Borrow~. If the Property ie abandoned by Borrower. or if Borrower fails to E reapond to I,ender within 30 daye from the date notice is mailed by Lender to Borrowet that the inaurance carrier offere to settle a claim for inaarance bene5ts. Lender ia anthorized to collect and apply the inaurance pmcoeede at Lende~s optioa either to restoration oz repair of the Property or the sums secn=ed by ihis Mortgege. - Unleea Lender and Borrower otherwise agree in writing, any anch application of peooeeds to principal ahall not eutend or postpone the dae date of tbe mont}ily installmente referred to in paragraphs 1 and 2 hereof or change the amount of such installmenta. If nnder paragreph 18 hei~eof the Propaty is aaqaired by I.eader. all righl, title and intereet of Borrower in and to any inanrance policies and in and to the prooeeda - thereof resdting trom damage to Property prior to the sale or aoquisition ehall pass to Lender to the extent of the eums secured by thia Mortgege immediately prior to auch eale or aoquisition. 6. Preaervation and Yaintenance of Property; Leaeeholde; Condominums; Planned Unit Developmente. Borrower ehall kcep the Propertq in good repair and ahall not commit waste or permit impairment or deterioration of the Property and shall comply with the pmviaions of any leaae if this Mortgage ia on a leasehold. If this Mortgage is on a unit in a oondominiam or a planned unit development, Borrower ahall perform all of Borrower's obligatione under the declaration or oovenanta creatingor go~erning the oondominium or planned ~ unit development, the by-laws and regnlationa of the condominium or pianned unit development, aud oonstituent documenta If a condominium or planned unit developmeni rideT is ezecvted by Borrow~r and reoorded.togelher with this Mortgage. the oovenants and ~ agreemente of euch rider ahall be incorporated into and ehall amend and snppiement the covenante and agreementa of this Mortgage as if the rider were a part hereof. ~ 7. Prote~tion ot Lender'~ Securitp. If Borrower fails to perform the ooveaants and ~ action,or prooeeding is oomm~aed which mat~ially affecta I,ende~s intend in the ~~ents contained in thi~ MortBaee, or if any Property. induding, but not limited to. eminmt domain, insolvency, oode mforoaaent, ~ erran~ementa or pmoeedin~s involving a bankrnpt ar deoeden~ thea Lender at I.endds option,upon ~ notioe to Barrower maq make snch appesranoer. disbarse such sums and take snc.h action as is neoessary to protect Lendds intae~t, ~ indnding, but not limited to, diabar~t of nawnabk attorney's fees and entry npon the Property to make repairs. If I.enda reqnired ~ mortgage insnranoe as s condition of malcing the loan secvred by thia Mortgag~ Borrower shall pay the premiam~ reqnired to meintain ~ wch inaurance in e~ect nntil wch time as the requirement Eor snch insuranoe taminates in aooordanoe with Borrowds and I.endds ~ writta? agreemeat or applicabk Law. Bormwer ahaU pay the amonnt of all mortgase ineuranoe preminms in th~e manner provided andez . ~ paragraph 2 hereof. ~ Any amonnb diabarsed by Lender persuant to this paragraph with interest thereon, shall beoome additional indebtedness of Borrower secured by this Mortgaga Unless Borrower and I.ender agree to other terms of payment, such amounta shall be payable upon notice from Leader to Borrowrer requesting payment thereof, and ahall bear interest from the date of diab~ueement at the rate payabk 6rom ~ time to time on ouLdanding principal under the Note nnless paymeat of interest at anch rate wonld be aontrsry to applicable law, in wtuch eve~t anch amonnts ehall bear interest at We higheat rate permiesible under applicable law. Nothing oontained in this paragraph 7, shall reqaire I.ender to incnr any ezpenae or take any action here~nder. . ~ . ~ k _ go~~ 303 0:~~~ 240 ~ ; . ~~1 ~ ; ~ ~ - ~ j:;e~ _ ; - - - - ~ ~ . - ~ ~ ~ _ - - - -