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Home My WebLink About0089 Hurruwer nnd l.ende~ covenunt and agree ue folluwa: 1. Payment ut 1'rincipal and Intereet. Fic?rt~~wer ehall promptly pt~y whe~ due the pnncipal of and inlerrxt on the indebtednese evidenced by the Note, prnpayment and late cherges ae pn~vided in the Note, and the pri~cipal of und intemat on uoy F uture Advnncee secured by thie Mortgage. 2. ~nda for'Csxea a~d Ineurance. Subject to appliceble luw or k~ a written waiver by l.ender, Fk~rruwer ahall puy t~~ I.ender on thr day monthly inatallmenta of pri~cipal and inte~eat are puyable unde~ the Nate, until the Nole ia paid in full, a aum (herein "Funda"1 eyuul to une~ twelRh otthe yearly tnxes and nsaessmenla which may attain priority over this Mortgage, und ~ound rentx on the I'roperly, if 1ny, plus one twelfth of yearly premium installmenls tor haxurd insurance, plua unr~lwelfth ofyearly premium inattillme~te3 for morlgugeineurance, if any, ull :ia reneonably estimnled initially nnd from time to time hy I.ender on ihe busis ot.tissesi+ments and bilis and ~easona?hle rr~timutes thereof. The Funde ehall be held in an inatitution the depoaits or accounta of which are inaured or guaranteed by a Federal or State agency ~including I.ender if I.ender is such an inetitution). I.ender shall apply the Funda to pay said taxes, nasesxmente, ineurance premiuma and Kround rente. l~ender may not charge for so holding and applyinK lhe Funde, analyzing eaid nccount, or verifying and compili~g auid ~+aseasmenta and bills, unleas l.ender pays Eiorrower intrrexl on the Funda and applicable law permita l.ender to make euch a charge. I3orrower and l.ender may ag~ee in writing at the time of execution of thia Mortgi~Ke thal intereat on the Funda ahall be paid to Borrower, and unleas ~uch agreement ie made or applicable !aw requirea euch ir.terest to be paid, l.ender shall not be ~equired to pay Rorrower any intereat or earninge on the Funde. I.ender ahall give to &?rn?wer, without charge, an annual accounting of the Funda shoH ing credits and debita tu the Funde and the purpose for which each debit to the Funda was made. The F unds are pledKed ua additional security for the sums secured by this Mortgage. lf the amount of the Funde held by I.ender, together with the future mc~nthly inatallmenta of Funds payable prior to the due dates of taxes, asaessmenfs, insurance premiums and gruund rnnta, shnll excred the amount required to pay said taices, stsaesaments, inaurance premiuma nnd ground renta as they fall due, auch excesa shall t~e, at Ro~tower's option, either prompdy repaid W Borrovee~ or ctedited to E3orrower on monthly inataUmenta of ~nda. If the amount of the Funda held by I.ender ahall not be sufficient to pay taxea, asaesxments, inaurance premiums and ground renta se they fall due, f3orrower shall pay to I.ender any amoant neceseary to make up the deficiency within 30 days fmm the date notice is mailed by t.ender to Borrower requesting pnyment thereof. ~ ~ Upon payment in full of all sums aecured by this btortgage, Lender ahall pmmptly refund to E3orrower any funde held by l.ender. If under paragraph lA heteof the Property is sold or the Property ie otherK iae acquired by I.ender, l~ender st~all appiy, no later than immediately prior to the eale ot the Property or ita acquisition by~ l.ender, any Funda hetd by I.ender at the time of application as a credit againat the truma secured by thie Mortgage. 3. Application of Paymenta. Unlesa applicable law provides otherwise, all paymenta received by I~ender under the Note and paragtapha 1 and 2 hereof shall be applied by I.ender firat in pnyment of amounts payable to I.ender by F3orrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges; Liens. E3orrower shall pay aU taxes, assessments and othercharKes, finc~ und imp~w5itions attributable u? the E'roperty ~ hich may attain a priority over this Mort~cage, and leasehold payments or gmund rentf?, if any, in the manne~ providecl under paragraph 2 hereof or, if not paid in such manner, by E3orrower making payment, when due, directly to the payer there.~f. Rorn,wershnll promptly furnish to I.rnder all notices oC amounts due under this paragraph, and in the e~•ent Bonower shall make puyment direceh . Borrower sh.iU prumptly furnish tu I.ender receip~a e~ldencing such payments. E3orrower shall promptly dischxrKr any lien w•hich h:is priority o~•er this Mort~aKe; pro~~ided, that I~~~rrower shall not be required to discharge any such lien solonR as E3orrower shall aKree in writinK to the p.~ymrnt of theubliKution secure~d by .uch lien in a manner acceptable to I.ender, or shall in Ka,d faith contest such lien by, ur defend enfurrrment of such lien in, lr~al proceedings w~hich operate to pre~ent the rnforcement of the lien or forfeiture of the 1'roperty or any part thereof. 5. Hazard Insurance. Borrower shall keep the improvemente now existing or hemafter erected on the I'roperty insured against loss by fire; hazards included within the term "extended coverage; ' and such other hazards as I.ender may require and in ~uch amounts and for such peri~~ds as Lender may require; provided, that I.ender shall not requirr such coverage amount exceeding the minimum, as may be required by state or federal rngulationa goveming aMi~~tiea of Lender, ur that amount of coverage required to pay the suma secured 5y this Mort~cage, µ•hichever is the greater. The insurance carrier providing the insuran~r shall he chusrn by Burruw•er suhje~K tu.ippru~~al by Ixnder, pru~•idcd, that such appru~~al shall not be unreasonably withheld. All premiums on insurance {«~lirit~ shall t?e paid in the manner pnn~idr~l under paruKruph Y hc~rtr?f or, if n~~t paid in such manner, by Born~wer makinK payment, when due, dirtril~ to the insurance carrier. 'i All inaurance policies and renewals thereof shal) be in form acceptable to Lender and shali include a standard mortgage clause in fa~ or of and in form acceptable to I.ender. Lender ahall have the right to hold the policies and renewala thereof, and Borrow•er shall promptly furnish to j i.ender all renewal noticea and all receipta of paid pmmiums. In the event of losa, Borniwer shall give prompt notice to the inaurance carrier I <+nd Lender. Lender may make proof of loss if not made promptly by E3orrower. E Unleas I,ender and Borrower otherwise aRree in writing, insurance proceeds shall be applied to reatoration or repair of the Property ~ damaged, provided such restoration or repair is economically feasible and the security of this Mortgage is not thereby impaired. If such ' restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds shali be applied ~ to the auma secured by this Mortgage, with Lhe excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Rorrower fails to i respond to l.ender within 30 daya from the date notice is mailed by l.ender to E3orrower that the insurance carrier offers to settle a claim for ; insurance benefita, Lender is authorized to collect and apply the insurance proceeds at i.ender a option either to reatoration or repair of the ~ !'roperty or the sume secured by this Mortgage. q Unleas I.ender and ~iorrower otherwise agree in writing, any such application of proceede to principal shall not extend or poatpone the due ~ date of the monthly installmenta referred to in paragrapha 1 and 2 hereof or change the aw~ount of auch instaliments_ Ii under paragraph 18 Q hereof the Property is acquired by I.ender, all right, title and interest of &?rrower in and to any insnrance policiea and in and to the proceeds ~ thereof resulting from damage to Property prior to the sale or acqu~sition shall pasa to Lender to the extent of the sums secured by this '~lortgage immediately prior to auch sale or acquiaition. ` 6. Preaervation and Maintenance of Property; Lesaeholde; Condominume; Planned Unit Developmente. Borrower ahall keep ~ the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and shall comply with the ~ provieions of any lease if this Mortgage is on a leaisehold_ If this l~tortgage is on a unit in a condominium or a planned unit development, ~ [3orrower ahall perform all of Borrower'a obligationa under the declaration or covenants creatin~or governing the condominium or planned ~ unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documente_ If a 4. condominium or planned unit development rider is executed by BorroKer and recorded together with this Mortgage, the oovenante and ~ .~Kreementt; of such rider shall t?e incorporated into and shall amend and supplrment the covenanta and agreementa of this htortgaqe as ifthe rider were a part here~f. 9. Protection of Lender'e Security. If Borrower faila to perform the aovenante and agreements oontained ia thia Mortgage, or if any ' action or proceeding is commenced which materially affecte Lender'e intereet in the Property, including, but not limitrd to, eminent domain, ~ ineolvency. oode enforcement, or arrangemente or proceedinge involving a bankrupt or decedent, then Lender at Lender e option,upon ~ notice to Borrower may make euch appearencee, dieburee euch aume and take such action se is neceaeary to protect Lender's intereat, = including, but not limited to, diebureement of reasonable attorney'8 fees and entry upon the Property to malce repaire. If L,ender tequired - mortgage ineurance ae e condition of making the loan eecured by this Mortgage, Borrower shall pay the premiume required to maintain auch ineurance in effect until euch time as the requirement for auch ineurance terminates in accordance with Borrower's and Lender'e ,i written agreement or applicable Law. Borrower ehall pay the amount of all mortgage insurance premiume in the manner provided under paragraph 2 hereof. - My amounte diabursed by Lender perauant to thie paragraph 7, with interei+t thereon, ehall become additional indebtedneae of E3orrower secured by thie Mortgage. Unleae Borrower and L.ender agree to other terme of payment, auch amounte ahall be payable upon notice from Lender to Borrov?er requeating payment thereof, and shall bear intereat from the date of diebursement at the rate payable from time to time on outstanding principal under the Note unieea payment of interest at auch rate would be rnntrary to applicable law, in which - event auch amounta ehall bear intereat at the highest rate permieaible under applicable law. Nothing contained in this paragraph 7, ehall require I.ender to incur any expense or take any action hereunder. , ,a ~ - 3'' ~ 3U4 , ~9 ~ ~ . - ~ ~ ~ ~~~.~.,~G ~ -