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Home My WebLink About0822 f3o~ruwer and I.ender covenant and a~ree ua followe: 1. Peyment of Principal and laterest. Borrower ehall promptly pay when due the princi{wl of und interrxt on the indrbtcrlnras evidenced by the Note, prepnyment and late rhargea as providcd i~ the Note, and the principal of nnd intemet un any Future Adv??ncea aecu~ed by thie Mortgage. 2. Fltnde tor Taxes and lnsurance. Subject to applicable law or to a written waiver by I.endrr, liorruwe~ shull puy to l.ender un thc duy monlhly inatallmr~ts uf p~~cipal and intereal are payabte under ihe Nute, until the Nute ie paid in full, a sum Iherein "Funds"? equu! to one twelRh of the yearly tazes and asse»emente which may attain priority o~•er thia Murtgage, and Qruund ~rntt~ un Ihe !'ruperty, if pny, plua onP twelRh of yearly premium inataltmente for hazurd inaurance, plus unPtwelRh ofyearly premium inatullments [or mortguge inxurunce, i[uny, all aa musonably estimnted initially and firom time to time by I.ender on the basis of axsexxments and bills i~nd rnt~aonable redimalea thereof. The Flinds ehalt be held in an inatitution the deposits or accounts of which are inaured or quaranteed by a Federel or Stete agency (including l~ender if l.ender ia auch an inatitution). l.ender shall apply the Funde to pay said taxea, aasesamenta, insurance pmmiume and ~ound rente. I.ender may not charge [or so holding and applying the Fnnds, analyzing aaid account, or verifying and compiling suid asseaemeats and bills, unlesa l.ender pays Borrower inteteat on the Flinds and applicable law permits l.ender to make euch a charge. E3~rrower and l.ender mxy agree i~ writing at the time of execution of thie Mortgage that intereat on the Funde shall be p~id to Borrower, and unlesa such agrcement ia made or applicable law requires auch intereat to be pnid, l.ender ahull not be requie~ed to pay Horruwer any intereat,or earninga on the Funde. [.ender ahall give to l3orrower, without chnrge, an annual accounting of the F unds ahowing credita and debits to t~e Funds and the purpose for which each debit to the I~ unda was made. The Funde a~ pledged as additional security for the suma secured by thie Mortgage. if the amount of the Funds held by Lender, together with the future monthly inRtallmenta of Funda payable prior to the due datee of taxea, aeaesaments, inaurance premiums and ground renta, shall excred the amount required to pay said taxea, asseasments, insurance premiume and ground renta as they fall due, euch excesa shall be, at Borrower'a option, either prompUy rept~id to Borrower or credited to Borruwer on monthly inatallmente of ~nda. If the amount of the Funde held by l.ender ahsil not be sufficient to pay taxes, assessmenta, ineurance premiums and ground rente as they fall due, Borrower ahall pay to Lender any amount neceasary to make up the deficiency K•ithin 30days from the date notice ie mailed by [.e~der to Borrower requesting payment the~euf. Upon payment in full of all aums aecured by this Mortgage, I.ender ehall prc~mptiy refund to Borrower any funda held by Lender. If under paragraph 18 hereof the Ptoperty ie aold or the Ptoperty is oiherwiae ucquired by l.ender, l.ender ahall apply, no later than immediately prior to the sale ot the Property or ite acquieition by I.ender, any Funds held by l.ender at the time of npplication as a credit against the aumx xecured by thie Mortgage_ 3. Application of Paymente. Unleas applicable law providea otherwise, all payments received by l.ender under the Note nnd p~ragraphs 1 and 2 hereof shall be applied by I.ender firxt in pnyment of am~~unts payable to I.ender by Borrower under par?graph 'l herenf, then to intereat payable on the Note, then to the principai of the Note, nnd then to intereat and principal un any Future Advances. a. Charges; Liene. Borrower shall pay all taxes, assessments nnd other charges, fines a+nd impo~itions attributable to the I'roperty H•hich may attain a priority over this Mortgage, and le~sehold payments or Kn~und mnts, if any, in the manner provided undet paraRr~ph 2 hermlor. if not paid in such manner, by l3orrower makinK payment, w hen due, directly to the payer thereof. Eiorn,wer shall promptly furnish to IA nder all notices of amounts due under this paraRraph, and in the event E3orroveer shall make papment directly. Borrower shaU promptly fumish tu I.ender receipts evidencing such payments. I3orrower shall promptly discharKe any lien which has priurity over this MortKage; provided, that Borrower shall not be required to discharKe any such lien so long as t3orrower shall aKree in writinK to the payment of thr ubligation ~ecured h~ such lien in a manner.acceptable to I.ender, or shall in g«xi faith rnntest such lien by, ur defend enfi~rmment of ~uch li~•n in, IeKal pnx•e~eclinKs which operate to prevent the entorcement of the lien or forfeiture of the F'roperty or any part therer~f. 5. Hazard Ineurance. Borrower ahall keep the improvementa now exiating or hereafter erected on the }'roperty inyured against luss by fire, hazards included within the term "extended coverage." and such other hazards as Lender may require and in such amounts and for such periods as Lender may require; provided, that Lender ahall not requirr such rnverage amount exceedinq the minimum, ns may berequired by state or federal regulations governing activitiea of I.ender, or that amount of coverage required tu pay the sums secured by this A1ortKage, whichever is the greater. The insurance carrier providing the insuranm shaU be chosen b~• Rurruwer subj~~ct to appru~•al b~• I.endrr, pro~•idcd, that ::uch appru~~al ahall not be unreasonabl} withheld. All Rremiums on insurance pulicies shall t?e p~id in the manner provide~l under paray;r.iph 2 her~v~f or. if. nut paid in such manner,_ by E3orrower making payment, v?hen due, direrdy to the insurance camer. All insurance policies and renewals thereof shall be in form acceptable to I.ender and shall inctude a standard mortgage clause in fa~•or of k and in form acceptable to Lender. Lender shall have the right to hold the policiea and renewals thereof, and Borrower shall promptlv fumish to f i.ender all renewal noticea and all receipts of paid premiuma. In theevent of loss, Borruwer ahall gi~e prompt notice to the insurance carrier ~ and Lender. I.ender may make proof of loss it not made promptly by Borrower. € Unleas L.ender and Borrower otherwise agree in writing, insurance proceeds shall be applied tu reatoration or repair of the Property ~ damaged, provided auch restoration or repair is economically feasible and the security of this Mortgage ia 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 shall be a~pplied ~ to the atuna secured by this Mortgage, with the excess, if any, paid to Borrower. if the Property is abandoned by Borrower, or if E;orrower faila to respond to I.ender within :;0 days from the date notice is mailed by I.ender to Borrower that the inaurance carrier of~era to settle a claim for ~ inaurance benefits, Lender is authorized to collect and appiy the insurance proceeds at I.ender's option either to restoration or repair of the ~ I'ruperty or the suma eecured by this Mort~[age. ~ Unieas Lender end Borrower othern~se agree in writing, any such appiication of pmceeda to principal ahall not extend or postpone thedue ~ date of the monthly inatallments referred to in paraqraphs 1 and 2 hereof or change the amount of auch installments. If under paragraph 18 ~ hereof the Property ie acquired by Lender, all right, title and intereat of Borrower in and to any ineurance policies and in and to the prcx~eeda thereof resulting from damage to Property prior to the sale or acquiaition shall pass to Lender to the extent of the auma secured by this ~ Mortgage immediately prior to auch sale or acquiaition. ~ 6. Preservation and Maintenance of Property; Leaseholde; Condominuma; Planned Unit Developmenta. E3orrower shall keep ~ the Property in good repair and shal) not commit waste or permit impairment or deterioration of the Property and shall compl_v with the ~ proviaions of any lease if this Mortgage is on a leasehold. It this Mortgage is on a unit in a condomini~m or a planned unit development, ~ Kurrower ahall perform all of Borrower's obligations under the declaration or co~enants creatingor qoverning the condominium or planned ~ unit development, the by-taws and regulaliona of the condominium or planned unit development, and conatituent documents. If a ~ condominium or planned unit development rider is executed by I3orrower and recorded together with thia Mortgage, the oovenante and ~ .iRreements of such rider shall be incorporated into and shall amend and supplement thecovenants and aKreements of thia btoetgageas if the rider were a part hereof. ~ 7. Protection of I.ender'e 3ecurity. If Borrower faile to perform the covenante and agreements contained in thie Mortgage, or if any ` action or proceeding ia commenced which materially effecta Lender'e intereat in the Property, including, but not limited to, eminent domain, ineolvency, oode enforcement, or arrangements or proceedinge involving a bankrupt or decedent, then Lender at Lender's oprion,upon Y notice to Borrower may make auch appearancee, dieburee euch aums and take such action ae ie neceaeary to protect I.ender e intereat, including, but not limited to, diebureement of reaaonable attorney's fcea and entry upon the Property to make repeirs. If I.ender required mortgage ineurance ae a condition of making the loan eecured by this Mortgage, Borrower ehall pay the prnmiume required to maintain euch ineurance in effect until auch time ae the requirement for auch ineurance terminatea in accordance with Borrower e and Lendei a 'i written agreement or applicable Iaw. Borrower ehall pay the amuunt of all mortgage insurance premiums in the menner provided under paragraph 2 hereof. - Any amounte disbursed by Lender perauant to thia paragraph 7, with intereat thereon, ehall berome additional indebtedneae of E3orrower secured by thia Mortgage. Unlesa Borrower and I.ender aqree to other terma of payment, such amounts ehall be payable upon ~ notice from Ixnder to Borrower requeating payment thereof, and ahall bear intereet from the date of diebursement at the rate payable from ~ time to time on outetanding principai under the Note unleae peyment of intereat at such rate would be rnntrary to applicable law, in which ~ event euch amounte ahall bear intereat at the highest rate permiaeible under applicable law. I`othing contained in thie paragraph ehall ~ require I.ender to incur any eapenee or take any action hereunder. ~ • 11 S~YK 3U4 ~~~.E 822 a~ ~ ~ _ , ~z. ~ ~ ~ _ _ _ - - _ - - _ = _