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Home My WebLink About0803 kioROwe~ and I.ender cuvenant and ugree ua (oUuwa: 1. Peyment of Principal and Interest. Burrower ahull promptly pay whrn due the principni o[ nnd interret on the indrbtrdnee?a Nvidenced by the Note, prepayment and late ch~irgea as pn~vidirl in tAe Note, und the principril of nnd intereat un nny Futu~e Advancea secured by thie Mortgage. Z. Ftinds for Ta:ee and lneur~nce. Subjrct tu upplicuble I:~w or to a written wuivr~ by I.ender, fiurruwer Khall pay tu IA nderon theday monthly inatallments of principal und intereat urc pnyi~ble unde~ the Nute, until the Note ie paid in full, u sum (herein "F unde"1 eyuul tu onP twelfth of the yeurly txxre~ und asse~xments which muy i~Us~in priurity ~n•rr thia Murtgagr, and gruund rentx un the!'roprrly, if any, plus une~ twelfth o[yearly pmmium inatallmenta for haznrd inxurnnce, plue un~twelfth ofyrurly prrmium inatullmen4y for mortguge ine~urance, if uny, nll aa mt~sunably estimated initiully nnd from time to tin~e by I,ender on the basis of nxaeasmenta i~nd l~illa nnd renaunublr eetimtitea thereof. ' Tfie F~nds ahaU ba held in an inetitution the deposita or acrnunte of which are ineared or Ecuaranteed by a Federal or State xgency iincluding lxnder if I.ender ia such an institution). I.ender shall apply the Funda to pay snid taxes, ~si+eanments, inaurance premiumx and ground rnnte. I.ender may not charge for eo holding and applyinQ the Funds, analyzing said accou~t, or verifying and compiling suid assexamente aod bills, unlesa l.ender payx E3orrower interest on the F unds and applicable law perm~ta I.ender to make auch a charge. [3orruwer and I.ender may agree in writing at the time of eaecution nf thia Mortgage that intereat on the E~unda ahall be paid to I3orruwer, and unleae auch agreement ie made or applicable law requirea auch interest to be paid, l.ender ahall not be req~ired to pay Borrower any intereat ar earnings on the Funda. I.ender ahall give to Borrower, without charge, an annual acc~unting of the Funda showing credits and debite to the Funda and the purpose for which each debit to the Funda was made. The Funda are pledged as additianal aecurity for the sume secured by thie Alortgage. ![the amount of the I~1~nde held by l.ender, t~ether vrith the future monthly inatal lmenta of Funda payAbie prior to the due dates ottaxes, :?saeasments, inaurance premiume and grc~und rents, shall exc ~ed the amount required to pay said taxes, aex~eesmente, insurance premiums and ground rents as they fall due, auch excesa shall be, at E3o~TOwer's optiun, either promptly repaid to E3~rrower or credited to Borruwer on mor.thly instalimenta of Funds. It the amount of the Funda held by I.ender ahaU not be suffcie~t to pay taxes, assessments, inaurance pm~niuma and ground cents aa they fall due, E3orrower shall pay to Lender any amount necessary to make up the deficiency within 30 daye fn,m the date notice is mailed bY l.ender lo Borrower requeating payment thereof. IJpon payment in full of all suma secured by this Mortgage, Lender ahall promptly mfund to Rorrower any funds held by l.ender. If under paragraph 18 hereof the Property ie sold or the Ymperty is otherwise acquirrd by I.ender, Lender ahalt apply, no iater than immediately prior ui the sxle of the Property or ita acquisition by I~ender, any Funda held by Lende~ at the timeof application as a credit t~ainst the sums secured by this Mortgage. 3. Applieation of Paymente. Uniess applicabie law provides otherwise, all paymenta received by l.ender under the [Vote and pnragraphs 1 and 2 hereof shaU be applied b~ I.ender Grxt in payment at amuunta payable to I.ender by Borruwer under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of the Nofe, and then to intereat and principal on any Future Advances. a. Charges; I.iena. Bormwer shall pay all taxes, t~ssessmen4s and other chtirges, fines and impositions ~ttributable to the Property which m.~y :~ttuin a priority over this Mortgage, and let~sehold payments or gn~und rents, if any, in lhe manner pru~•ided under paragr~iph `l hereof or, ~f not paid in such manner, by Borruwer making ps~yment, when due, directly ta the payee thereoL Borrow er shall promptly furnish to [.ender ali notices of umounts due under this paraKraph, and in the event Rorrower shall make payment direcdy, Borrower shall promptly fumish k? I.ender receipt~~ evidencing such pa.r•ments. I;orrov?er sh:~ll promptlp discharKe any leen v?hich h.is priority over thic ;~1ortKaQe; provided, that I;urrower shnll not be required k?discharge any such lien so lunK .Lw I~rrower shall aKreein writinQ to the payment uf the obliKation secured by ~u~•h lien in a manner acceptable to I.ender, or shall in Kood faith contest such lien by, urdefend enfonrment ot'auch lien in, lrgal pr~~dings ..~hich operate to prevent the enfurcrment of ihe lien or furfi~iture uf the Property or any part thercr?f. 5. Hazard Inaurance. Borrower ahaU keep the improvements now existing or hereafter erected on the F'roperty insured against loss by fire, hazards included within the term "extended coverz~ge," and ~uch other hazards as I.ender may require and in such amounte and for such E~eriods as I.ender may require; provided, that Lender shaU not require such coverage amount exceeding the minimum, as may berequired by ~t<~te or frdrr:~l regulations RoveminK activities of I.ender, or that amount of co~•erage required to pa3 the sums secureci by this Atortgage, w•hichever is the greater. ~ The insurance camer prm~idinK the insuram•e shilll I~P Cf1t~5Pn bp liurruwrr subje~~t to appruc:~l by~ t xnd~~r, pro~•ided, that ruch appru~•al ~h.ill not t?e unre:~vnahly v` ithheld_ All prrmiums on insur.ince {wlicir~ ~hal) be paid in the man~er pn»•idrel under paraKraph 'L herenf ur, if n~~t paid in such manner, by Borruwer makinK pa}~ment, H~h~~n due, dircrtl~• tu the insurance carrier. All insurance policies and renewala thereof shall be in form acceptable to l.ender and shall include a standard mortgage clause in favor of and in form acceptable to l.ender. I,ender ahall have the right to hold the policies and renewals thereof, and &~rrower ahall promptly fumish to ~ i,ender all renewal noticea and all receipta of paid pmmiuma. In the event of loss, f3orn>wet ahall qive prompt notice to the insurance carrier ~ and l.ender. l.ender may make proof of loss if not made promptl~ by Borrower. Unlesa I.ender and Rorrov?er otherv?iae agree in writing, ineurance proceeds shall be appliect to restoratiun or repair of the Property ~ damaged, provided such reetoration or repair ia economically feaeible and the security of this 4lortgage is not thernby impaired. If such ~ rrstoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the insurance proceeds ahall be applied ; w the aums secured by this Mortgage, with the excesA, if any, paid to F3orrower_ Ifthe Property is abandoned by Borrower, or if Borrower fails to z respond to Lender within :i0 daya from the date notice is mailed by [.ender to Borrower that the insurance carrier offera to aettle a claim [or ~ insurance benefits, [.ender is suthurized to collect and apply the inaurance proceeds at [.ender'e ~~ption either tn restoration or rnpair of the i Yroperty or the suma secured by thia Dtortgage. ~ Unless l.ender and Borrower otherv?ise agree in writing, an~• such application of proceeda to principal ahall not extend or poatpune the due ~ date of the monthly inatalimente referred to in paraKraphA i t~nd `2 hereof or change the amount of such installmenta. If under paragraph ift ~ hereof the Pruperty ie acquired by I.ender, all right, title and interest of Borrower in and to any insurance policiea and in and to the proceeda ~ thereof maulting fmm damage to Property prior to the sale or acquisition shall paes to l.ender to the extent of the sums secured by thia ~lortgage immediately prior tr, auch sale or acquiaition. ~ 6. Preaervetion and 1+[aintenance of Property; Leaseholds; Condominuma: Planned Unit Uevelopmente. BorrowershaD keep ~ the Property~ in good repair and shall not commit w•a8te or permit impairment or deterioratiun of the Propert~ and shall comply with the ~ provisiona of any lease if thie Murtgage is on a leasehold. If this MortKage is on a unit in a condominium or a planned unit develapment, ,a Borrower ahall perform all of Borrovver's obligations under the declaration or covenanta creatinKor governinK the condominium or planned ~ unit development, the bv-laws and regulationa of the condominium or planned unit development, and conatituent documenta. If a condominium or planned unit development rider is executed by f~rtower and recorded together with this Mortgage, the covenanta and x~reemenG4 of su~h nder shall be incnrEwrateci into and shali amrnd and wuppiement theco~•ens~nts and agreements of this M~rt~age as if the ~der were a part hereof. ~ 7. Protection of Lender'e Security. If Borrower faile to perform the covenanfe and agreements contained in thie Mortgage, or if any action or proceeding ia commenced which materialiy etfects I.ender'a intereet in the Property, including, but not limited to, eminent domain, = insolvency, oode enforcement, or arrangementa or proceedinge involving a bankrupl or decedent, then Lender at Lender'e option,upon - notice to Borrower mey make auch appearancee, dieburee euch aume and take euch action es ie neceseary to protect Lendei s intereat, - including, but not limited to, diabureement of reaeonable attorney'a feea and entry upon the Property to malce repaire. If Lender required ;j mortgage ineurance as a condition of making the loan secured by this Mortgage, Borrower ehall pay the premiums required to maintain - auch ineurance in effect untii such time aa the requirement for auch insurance terminates in accordance with Borrower'e and Lender'e ~ written agreement or applicable Law. Borrower ahall pav the amount of al) mortgage inaurance premiums in the manner provided under ;:j paragraph 2 hereof. ; Any amounte diabursed by Lender pereuant to thia paragraph 7, with intereat thereon, ehall become additiona) indebtedneae of ~ E3orrower eecured by this Mortgage. Unleae Borrower and I.ender agrea to other terms of payment, euch amounts ehall be payable upon + '«i notice from I.ender to Bormwer requeating payment thereof, and ehall bear intereat from the date of diebursement at the rate payable from s` time to time on outetanding principal under the Note uniese payment of intereet at euch rate vrould be contrary to applicable law, in which ~ event auch amounts shall bear intereat at the highest rate permisaible under applicable law. Nothing contained in this paragraph ahall require Lender to incur any expenae or take any action hereunder. I ~ ~ ~ ~ ~ ~'~`~3U4 ~~a~~ 803 ~ ~ _