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Home My WebLink About0093 tiorruwer nnd l.ender covenunt and ag~ee aa lolluwa: 1. Peyment of Pri~cipel and lnterest. &,rruwrr ehali pn,mpUy pay whrn due the principal of And intereet un the indrbtednesa evidenced by the Note, prepayment and late chargee ue provided in the Note, and the principal of and intereat on any F uture Advnnces secured by this Mortgage. 2. Ftitnde for Taxee and Ineurance. Subjrct to upplicable law o~ to a written wiiiver by l.cnder, t~rrower ahull pay to l.ender on the day monthly inatallme~ts o[ principal and interest are payable unde~ the Note, until the Note ia paid in [ull, u aum lherein "Funds") eyual to one twelfth of the yearly t:ixea und aasessmenta which may attuin priority over this Mortguge, and ~und re~ts un the i'ropeirty, if n~y, plua one twelfth of yenrly premium inatailmenta for hnzard inaurtince, plua onetwrlRh of yearly p~rmium insti~llmenta for mortgflge insur~~ce, if any, nll ae rnaeona6ly eatimiUed initially nnd from time tu time by t.ender on the baeia of asscxaments and bills t?nd reasunnble rxtimntes therer?f. The ~Lnda ahutl be held in an institution the depoeite or accou~ta of which are inaured or gunranteed by a Federal or State agency (including Lender if l.ender ia such an inetitution). I.ender ahall apply the Funds to pay said taxes, aaseaemente, insurance premiuma and ground rents. I.ender may not charge tor ao holding and applying the Hunde, analyzing eaid account, or veri[ying and compiling suid aeseasmenta and bille, unless l.ender paye E3orrower interest on the Funda nnd applicable law permits I.ender to make euch a charge. E3orr~wer and I.ender may agree in writin~ at the time of execution of this lNortaage that intemat on the F~nde ehall be paid to l3orruwe~, and unleas euch agreement ia made or applicable law requirea such internet to be paid, l.ender ehall not be required to pay Borrower any internat or earninga ort the F~nds. l.er.der ahall give to E3orrower, withuut charge, an annual accounting of the Funda showinq credita nnd debita tu the Funds and the purpose for which each debit to the Funds was made. The Funds are pledgec~ ax additionai security for the aumA secured by thie hlortgage. If the amount of the F'unda held by l.ender, together with the future monthly inatallmenta otFunds pAyable prior to the due datea of taxes, aaeeeamenta, insurance premiums and ground rents, ahall excred lhe amount required to pay said txxee, asarsamenta, insurance premiume and ground renta ae they fall due, auch excesa ahall be, at BoiTOwer'e option, either prompdy repaid to Borrower or credited to Eiorrower on monthly inatallmente of Nlinde. If the amount of the Funda held by l.ender ehall not be aufficient to pay taxea, asaeasmente, inaurance premiuma and Rrnund renta as they fa11 due, E3orrower ahall pay to [.ender any amount necessary to make up the deficiency within ~0 days from the date notice ia mailed bv l.ender to E3orrower requexting payment thereof. Upon paytnent in fuU of all eums secured by this Mortgage, Lenderahall promptly retund to Borrowrr any funda held by Ixnder. I[under paragraph 18 hereof the Property ia sold or the Propert~ is otherv?iae acquired by I.ender, I.ender ahpll apply, no later than immediately prior to the sale of the Property or its acquisition by l.eoder, any F unds held by l.ender at the time of application as a credit against the aums aecured by thia Mortgage. 3. Application of Paymepte. Unleas applirable law pm~~des otherwise, all payments received by I.ender under the Note and paragrapha 1 and 2 hereof shal) be applied by I.ender firxt in pay ment of amounts payable to I.ender by E3~rrower under paragraph `l hereQ~ then to inteteat payable on the Note, then to the principal of the Note, and then to intereet and principal on any Future Advancea. 4. Charges: Liena. f3orrowerahall pay all taxes, assessmenls and other charKes, fines and impositions attributable to ihe 1'roperty which mny attxin a priority over this Mortqage, and lea.gehold payments or ground rents, if any, in the manner pn,~•i3ed under par:igraph 2 hrrec~f or, if not paid in snch manner, by Borrower making payment, when due, directly tu the puyee therec~f. Born?wer shall prumptly furnish tu l.ender all notices of amountiR due under this paragraph, and in the event t3orruw~er shnll make pu~•ment direclly, i3e,rn,wrr sh~ll promptly furni~h u~ l.ender receipts evidencing such paymenta. Borrower shail prompUy dischargr nny lien which has priurity over this Mort~age; provided, that Rorrower sht?ll not be required to discharge any such lien so lung as Borruwer shall aKree in writing tu the payment of the obligution secured hy ,uch lien in a manner acceptable to (.ender, or shall in Kiwd faith contest such lien by, or defend enfor~rment uf such lien in, legal pr~x-ctiYiinKs which operate to prevent the enforcement of the lien or for[eiture of the Property or nny part therc~?f. 5. Hazard Inaurance. Borrower shall keep the improvementa now existing or hereafter erected on the E'roperty insured against loss by fire, hazarda included within the term "extended coverage," and euch other hazarda ae l.ender may require and in such amounts and for such periods as l.ender may reyuire; provided, that Lender ahall not require such coverage amount exceedinQ the minimum, as may be required by state or tederal regulations governing activitiea of Lender, or that amount of coverage required to pay the sums secured by this hlort~age, whichever ia the greater. The insurance carrier providing the insuran~r shall be chosen by Kurro~er subject to nppro~•al b~• I.ender, pn~videcl, that 5uch appro~•al shull not be unreasonably withheld. All premiums un insurance poiicicw shall be paid in the manner pm~•id~r1 under paraKraph 'L herc~f or, if not paid in such manner, by i3orrower makinR payment, when due, ~~irectl~ to the insur.mce carrier. All ineurance policies and renewala thereof ahall be in form acceptable to l.ender and shall include a atandard mortgage clause in favor of and in form acceptable to Lender. Lender ahall have the right to hold the policies and renewals thereof, and Borrower shall promptly turnish to i.ender all rnnewal noticea and all receipta of paid premiums. In the event of losa, Borrower shall give pn?mpt notice to the insurance carrier i and I.ender. Lender may make proof of loas if not made promptly by. Borrower. ~ Unless Lender and Borrower otherwise agree in writing, inaurance proceeds shall be applied to restoration or repair of the PropeKy ~ damnged, provided such restoration or repair is econumically [easible and the security of this Mortgage is not thereby impaired. If such r restoration or repair is not economically feaaible or if the security of this Mortgage would be impaired, the inaurance proceeda ahal! be applied to the sums secured by this Mortgage, with the excesa, if any, paid to Borrower_ If the Property is abandoned by E3orrower, or if Fiorrow er fails to respond to Lender within 30 days from the date notice is mailed by I.ender to Borrower that the insurance carrier offers to settle a claim for ; insurance benefits, Lender is authorized to collect and apply the insurance pmceeda at Ixnder'a option either t4 restoration or repair of the ~ Property or the sums secured by thia Mortgage. : ~ Unless Lender and Borrower otherwise agree in writing, any such application of proceeda to principal shail not extend or postpone thedue ' date of the monthly installmenta rnferred to in paragraphs 1 and 2 hereof or change the amount of auch inatallmenta. If under paragraph 18 ~ hereof the Property is acquired by Lender, all right, title and interest of Borrower in and to any inaurance policies and in and to the proceeds ` thereof resulting from damage to Property prior to the sale or acqu~sition ahall pass to I.ender to the extent of the aums secured by this ~ 1lortgage immediately prior to auch eale or aoqaisition. ~ 6. Preservation and Maintenance of Property; Leaseholds; Condominums; Planned Unit Developmenta. Borrower shall keep ~ the Property in good repair and ahaU not commit waste or pertnit impairment or deterioration of the Property and shall comply with the pro~•isiona of any lease if thie Mortgage ia on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, q E3orrower shall perforne all of Borrower's obligationa under the declaration or covenants creatinKor governing the condominium or planned ~ unit development, the bylaws and regulationa of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the oovenanta and ~ agreements of such rider shal l be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the `y rider were a part hereof. 7. Protection of I.ender'e 3ecurity. If &?rrower faile to prrfarm the oovenants and agreemente contained in thie Mortgage, or if any action or proceeding is commenced which materially affects Lender'e interest in the Property, including, but not limited to, eminent domain, ~ ineolvency, oode enforcement, or arrangemente or proceedinge involving a banknipt or decedent. then Lender at Lender'e option,upon ~ notice to Borrower may. maice euch appearancea, diabutee euch sume and take such action ae ie neceeeary to protect I.ender's intereet, includin~, but not iimited to, disbureement of reseonable attorney's feee and entry upon the Property to make repaire. If Lender required - mortgage insurance ae a condition of making the loan eecured by thia Mortgage, Borrower ahall pay the premiume reqaired to maintain ~ euch ineurance in effect until auch time ae the requirement for auch inaurance terminatee in accordance with Borrower'e and Lendei a written agreement or applicable Law. Borrower ehall pay the amount of all mortgage inaurance premiuma in the manner provided under ; paragraph 2 hereoL 'd Any amounte diabureed by Lender persuant to thie paragraph 7, with intereat thereon, ehall ~ecome additional indebtednesa of ~ Borrower aecured by thia Mortgage. Unleae Borrower and Lender agree to other terma of payment, auch amounta ehall be payable upon ! notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of diebursement at the rate payable from time to time on outatanding principal under the Note unlesa payment of intereat at auch rate would be contrary to applicable law, in which event euch amounts shall bear intereet at the highest rate permiasible under applicable law. Nothing contained in thie paragraph 7, shall require Lender to incur any expense or take any action hereunder. 3 ~ - ~ ~ i3 i v ~ ~ ~ ~U4 ,,,~r c _ ~ 4~ - - - - - - ~ = - • ~ z ~ f~.a~ ~ z" ~ .*~n 1'~a. ,t~,w i- $ t _ . . ~t~ b . . _ . . ~ ~