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Home My WebLink About1008 , ~ Borrower and l.ender rnvenant and a~ree a~ foUows: ` 1. Psymeat ot Pri~cipal and Intere~~ Borrower ehall prompt~y pay when due the principal of and interest on the indebtedneea i evidenced by the Note, prepayanent and late charges as provided in the Note, and the prinripal oi and interest on any ~ture Advancee aecured i by this Mortgage. ! 2. Ftinda fo~ T~e. and Insuraace. 5ubject to applicable law or to a written waiver by Lender, Borrow~r shall pay to l.e~der on the day ~ monthly installments of principal and interest an payable undei the Note. until the Note is paid in full, a aum (herein °~nds") equal b one twelRh of the yearly ta:es and aase8emente which may attain prioriLy over this Mortgage. and gtound rente on the Propedy, if any, plua one ~ twelfth of yearly premium inatallments for hazard ineurance. plus onetwelRh of yearly premium installmenta for mortgage ineurance, if any, all as reasonably eetimated initially and from time to time by I.ender on the baais of sesessmenta and billa and reasoneble estimates thereof. 'ILe Phnds shall be held in an inatitution the deposits or accounta of which are insured or guaranLeed by e Federal or State agenry (includiag I.end~ if Lender ia euch an insacuaon). Lender ehall apply ~he ~nds co pay as~d ca~ces, asseasments. inauranoe premiuens and t ground nnta. Lend~ may not charge for so holding and applying the FLnds, enalyzing said acoount, or verifying and coanpiling said , assessments end bills, unless Lender pays Borrower intereat on the P~nds and applicable taw pertnits l.ender to make auch a charge. Borrower ; and Leader may agree in writing at the time of executioa of this Mortgage that intereet on the Fl~nda ehall be paid to Borrower, and unl~a ~ such agreement is made or applicable law reqaires auch intecest to be paid, Lender shall not be required Lo pay Borrower any intereat or earnings on the Funds. Lender ehall give to Borrower. writhout charge, an annual acoounting of the Ftiu?ds ahowing credits and debits to the fi~nda and We purpose for which each debit to the ~nda wae made.'l~e Flu?de are pledged ae additional eecurity for the aums aecured by this Mortgage. • If the amouat of !he Plutda held by L.ender, together with the future monthly inatallmenta of PLnda payable prior to the due dates of ta:ea. aeeesaments,'insurance premiume and gmund rents, shall ezozed the amount required to pay eaid tazee, asseeaments, inauranoe premiums and ground rente as they fall due. auch e:oeas shall be. at Borrower e option, either promptly repaid b Borrow~ or credited to Borrower on moathly installmenta of ~nds. If the amouat of the Fnnds held by Lender shall aot be aufficient to pay taxes. sesesamenta. inaurance preminms and ground nnts es they fall due, Borrower ahall pay tn I.ender any amount neceasary to make up the deficiency within 30 days from the date notice is mailed by I.ende9r to Borrower requeating payment thereof. - Upon payment in fiill ~ all sums eecured by thia Mortgage; I.ender ahall promptly refund to Borrower any funda held by Lender. lf under paragraph IS hereof t2?e Property ia eold or the Property is otherwise aoquired by Lender, Lender ehall apply, no later than immediately prior to the sale of the Property or its soquiaition by Lender, any ~nda held by Lender at the time of apptication as a credit egainat the sume aecured by Wis Mortgage. - 3. Applicadoa of Paymenta. Unl~s applicable law providea otherwiee. all paymente n~oeived by Lender under the Note and ~ paragraphe 1 and 2 henof ehall be applied by I,ender firet in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to intereet payable on the Note. Wen to the principal of the Note, and then to interESt and principal on any Ftiture Advances. 4. Chargea; Lieas. Borrower ahaH pay all tazee. asseasmenta and other chargea, fines and impositions attributable to the Property which may attain a priority over thia Mortgage, and leaeehold payments or ground renfs, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, dirertly to the payee thereof. Borrower ahall promptly furnieh to Lender all notices of amounts due under this paragraph, and in the event Borrower ahall make payment directly, Borrower ehall promptly furniah to Lender receipta evidencing auch payments. Borrower ahall promptly diacharge any lien which has priority over thia Mortgage; pmvided, that ~ Borrower ahaU not be requirPd to discharge gny such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to I.ender, or shall in good faith conteat such lien 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 part thereof. ; 5. Hazard Iasuranoe. Borrower si:all keep the impmvements now e~ciating or hereafter erected on the Property insured againat losa by fire, hezarda included within the term "e:tended coverage." and auch other hazards ae Lender may require and in auch amounts and for such perioda aa Lender may require; provided, that Lender shall not requice such ooverage amount e:ceeding the minimum, as may be required by atate or federal regulationa governing activitiea of Lender, or that amoant of coverage required to pay the sume aecured by this Mortgage. v4hichever ia the greater. The inaurance carrier providing the inaurance ahall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrowermaking payment, when due, directly to the insurance carrier. All inaurance policiee and renewals thareof ahall be in form aeceptable to Lender and shall include a standard mortgage clause in favor of and in form acceptable to Lender. L-ender ahall have the right to hold the poliries and renewala thereof, and Borrower ahall pmmptly furnish to i.ender all renewal notices and all receipte of paid premiuma. In the event of lose, Borrower shall give pmmpt notice to the insurance carrier ' and Lender. Lender may make proof of loes if not made promptly by Borrower. i ~ Unless Lender and Borrow~ otherwise agree in writing, inaurance proceeda ahall be applied to restoration or repair of the Property ~ damaged, provided auch restoration or repair ia economically feasible and the security of this Morlgage iB not thereby impaired. If auch ~ reetoration oi repair is not economically feasible or if the security of thie Mortgage would be impaired, the insurance proceeda shall be applied ~ to the suma eecured by thia Mortgage, with the ezcees, if any, paid to Borrower. If the Property ie abandoned by BoTrower, or if Borrower faila to respond to Lender within 30 daye from the date notice ie mailed by Lender to Bor~ower that the ineurance carrier ogera to eettle a claim for S inaurance bene5te, Lender ie anthorized to collect and apply the insurance proc~eede at Lender a option either to reatoration or repair of the ~ Property or the suma secnred by thia Mortgage. Unlese Lender and Borrower otherwiee agree in writing, any s~ech application of proceeda to principal ahall qot ~tend or postpone the due ; date of the monthly inatallments refernd to in paragrapha 1 and 2 hereof or change the amount of such installmente. If under paragraph 18 hereof the Property is aoquired by Lehder. all right. title and intereat of Borrower in and to any inaurance policiee and in and to the procceds thereof reanlting from damage to Ptroperty prior to the sale or soquisition ahall pesa to Lender to the eztent of the suma secured by this ~ Mortgage immediately prior to euch sale or aoquieition. . 6. Preservation and Meintenance of Property; Leaeeholde; Condominuma; Planned Unit Developmente. Borrower ahali keep the Property in good repair and ahaU not rnmmit waete or permit impairment or deterioration of the Propedy and shall oomply with the proviaiona of any lease if thie Mortgage is on.a leasehold. If this Mortgage ie on a unit in a condominium or a planned unit development, Borrower ahall perform all of Borrower'e obligations under the declaration or covenanta creatingor governing the condominium or planned unit development the by-laws and regulationa of'the condominiwn or pianned unit development. and conetituent documente. If a condominium or planned unit development rider ia ezecuted by Borrower and reoorded together with thia Mortgage. the oovenanta and ~ agreementa of auch rider shall be incorporated into and ahall amend and supplement the covenanta and agreementa of this Mortgage as if the rider were a part hereof. ~ 7. Protedion of Lender'~ Secarit~+. If Borrower fails b perform the oovenante and agreeinenta oontained in this Mortgage, or if any action or proceeding is commeaced which matezially affecte I,ender'e interest in the Property, induding, but not limited to, eminent domain. option,apoa ~ insolveacy, oode enforcement, or arrangemcnta or proceedings iavolving a banlm~pR or deoedent, then Lender at Lender s ~ notice to Borrower may make such appearances. diaburse auch eums and talice snch action ea is neceseary to protect Lendei s interest, ~ indnding, but not limited to, disbursement of reasonable attorney's fees and entry upon the Property to mal~e repairs. If Lender required ~ mortgage insnrance as a ooadition of making the loan secured by this Mortgage, Barrower ehaU pay the preminms required to maintain fi anch insurance in effect nntil euch time aa the requirement for such ineurance terminates in aooordance with Borrower's and I.ende~s ~ writtm agreement ar epplicabk Law. Borrower shall pay the amount of all mortgage inaurance premiums in the manner provided under ~ paregraph 2 hereof. ~ My amounte disbnreed by Lender persuant to this paragraph with intereat Wereon, ahall beoome additional indebtednees of , Borrower secured by thie Mortgage. Unless Borrower and Lend~ agree to othrr terms of payment, anch amounte ehall be payable upon ? notice from Lender to Borrower requesting payment thereof, and shall bear interest from the dete of diabureeinent at the rate payable from time to time on outetanding priacipal under the Note unless paya~ent of interest at sach rate would be oontrary to applicable law. in which ; event such amounfe ahsill bear interest at Lhe highest rate permiesible under epplicable law. Nothing contained in this paragraph 7. ehell require I.ender to incur any expense or teke eny artion hereunder. ~ ~ 3CC!! ~Vt3 !'A~t1oo 1 ~ - . ' . . . - - - - - ' ~ ~ _ - .~y_