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Home My WebLink About0112 Borrowe~ and I.ender covenant and agrre as followa: 1. Payme~t of Principa) end tntereet. 13orn,wer shall promptly pay when due the principal of and interest on the indebteclneas evidenced by the Note, prepayment and late chargea ae provided in the Note, and the principul of and intereat un any l~~ture Advancee aecured by thia Mortgage. 'l. ~de for Taxes and Ir?eurance, Subject to applicnble law or to e writirn waiver by l.ender, Fiorruw•rr ahall pay to l.ender on the day monthly inetallmenta of principal and intemet are payable uncie~ the Note, until the IYote ia paid in Cull, u aum Iherein "F unda") equal to une twelfth of the yearly ttuces and asaessmenta which may attain priority ovr~ thia Mortgage, and gruund rrntx on the Pruperty, if any, plus one twelRh of yearly premium inataUme~ts for hazard inaurunce, plus onetwelfth ofyearly premium inatuilmenta for mortgi~ge inaurance, if any, all ae reasonably eatimated initially and from time to time by I.ender on the basie of t~sseasmenta and billa and reasonable eatimates thereof. The Ftinde shali be held in an inetitution the depoaita or accounte ot which are insured or gua~anteed by a Federa) or State agency (including I.ender if Lender ia auch an institution). l.ender shall apply the Funda to pay said taxea, aeaeaaments, insurance premiums and ground rente. [.ender may not charge !or eo holding and applying the Funds, analyzing said account, or veri[ying and compiling said aeaeasmente and bille, unlesa L,ender paye Borrower intereet on the Funds and applicable law permits I.ender to make auch a charge. Borrowe~ and I.ender may agree in writing at the time of execution of this Mortgage that intereat on the Funds ahall be paid to Borrower, and unleas auch agreement ie made or applicabte law requirea such intereat to be paid, I.ender ahall not be required to pay Eio~rower any intereat or earninge on the F~nda. I.ender ahal) give to Borrower, without charge, an annuai accounting of the Funda showing credita and debita to the Funda and the purpoee for which each debit to the Funda wae made.l'he F unda are pledged as additionnl aecuri:y for theauma aecured by this Mortgage. If the amount of the Flinda held by L.ender, together with the future monthly inatalimenta of Funds payable prior to the due dates of taxee, aeaesamenta, inaurance premiuma and ground rents, ahall exc~:ed the amount required to pay said taxea. aasessmenta, inaurance premiume and ground renta as they fall due, euch excesa ahall be, af Borrower a option, either prompdy repaid to Borrower or credited to f3ortower on monthly inetalimente of I~'unds. If the amount of t}~e Funda held by L,ender shall not be aufficient to pay taxes, asseaementa, inaurance Premiuma and ground renta ae they fall due, Borrower ahall pay to l.ender any amount necessary to make up the deficiency within 30 daye from the date notice ie mailed by I,ender to Borrower requeating.payment thereof. Upon payment in full of all sums aecured by this Mortqage, I.ender shall promptly rnfund to Borrower any [unds held by l,ender. If under ParaBraph 18 hereof the Property is sold or the Property ia otherwiae acquired by I,ender, l.ender ahall apply, no leter than immediately prior to the eale of the Property orits aequiaition by Lender, any Funds held by Lenderat the timeotapplication aa a credit against the eums secured by thie Mortgage. ~ ' 3_ Application of Paymente. Unlesa applicable law provides otherwise, all payments received by Lender under the Note and paragraphe 1 and 2 hereof ahall be applied by Lender first in payment otamounts payable to l.ender by Borrower under paragraph 2 hereof, then to intetest payable on the Note, then to the principal of the Note, and then to interest and principal on any Future Advances. 4. Charges; Liens. Borrower shall pay all taxes, esaes,gments and othercharges, fines and impositions attributable to the Prc~perty which may attain a priority over this Mortgage, and leasehold payments or ground rent~, if any, in the manner pmvided under paragraph 2 hereofor, if not paid in such manner, by E3orrower making payment, when due, directly to the payee thereof. Borr+ower shall promptly furniah to Lender . all noticea of amounta due under this paragraph, and in the event Bonov?er shall make payment directly, E3orn~wer shall promptly furnish tu Lender receipts evidencing such payments. ~3orrower shall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower shall ugree in writing to the payment of theobligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, ordefend enforcement of such lien in, lc~a) proceedings which operate to prevent the enforcement of the lie?~ or [orfeiture of the Property or any part thermf. 5. Hazard Ineurance. Borrower shall keep the improvementa now existing or hernafter erected on the E'roperty insured against loss by fire, hazarda inciuded within the term "extended coverage," and auch other hazarda as Ixnder may require and in such amounts and for such perioda as Lender may require; p. ovided, that Lender ahall not require such rnverage amount exceeding the minimum, as may be required by state or_ tederal regulationa governing activitiee of Lender, or that amount of coverage required to pay the sums secured by this Mortgage, whichever is the grnater. The inaurance carrier providing the inaurance shall be chusen by Borruwer subject tn approval by I.ender; pro~•ided, that such approval 4ha11 not be unreasonably withheld. Ali premiums on insurance policies shall be p:~id in the manner pmvided under paragraph `l herrof or, if not paid in such manner, by E3orrower making paymenl, wfien due, directly to the insurance carrier_ i All insurance policiea and renewals thereof shall be in form acceptable to Lender and ahall include a standard mortgage clause in favor of and in form acceptable to Lender. [,ender shall have the right to hoid the policiea and renewals thereof, and $orrower shall promptly furnish to j i.ender all renewal notices end all receipte of paid premiums. In the event of losa, Borrower shall give prompt notice to the insurance carrier ! and I.e~der. Lender may make proof of loas if not made promptly by Borrower. ~ Unleas Lender and Borrower otherwise agree in writing, insuranrn procceds shali be applied to reatoration or repair of the Property ; damaged, provided euch reatoration or repair ia economically feasible and the secwity of this Mortgage ia not thereby impaired. If such s restoration or repair is not economically feasible or if the securit of thie Mo Y rtgagewouldbeimpaired,theinsuranceproceedsshalibeapplied ~ to the euma eecured by this Mortgage, with the excess, if any, paid to Borrower. If the Property ie abandoned by Borrower, or if Borrower faila to reapond to I.ender within 30 days from the date notice ia mailed by I.ender to Borrower that the inaurance carrier ot~era to aettle a claim for ' inaurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to restoration or repair of the s f'roperty or the auma secured by thia Mortgage. ~ Unlesa I,ender and Borrower othenrise agree in writing, any such application of proceeda to principa) ahall not extend or poatpone the due ; date of the monthly instalimente referred to in paragraphs 1 and 2 hereof or change the amount of such installmente. If under paragraph 18 ~ hereof the Property ie acquired by Lender, all right, title and intereat of Borrower in and to any insurance policies and in and to the proceecla ~ thereof rraulting from damage to Property prior,to the sale or acqu~sition ahall pass to Lender to the extent of the aume secured by this F Mortgage immediately prior to auch eale or aoquiaition. 6. Preeervation and Mainte~ance of Property; Leaseholde; Condominume; Planned Unit Developmenta. Borrower ahall keep 3 the Property in good repair and shali not commit waste or permit impairment or deterioration of the Property and shall rnmply with the ~ provieiona of any lease if this Mortgage is on a leasehold. If this Mortgage ia on a unit in a condominium or a planned unit development, „ Borrower ahall pertorm all of Borrower's obligationa under the declaration or covenants creatingor governing thecondominium or planned ~ unit development, the by-lawa and regulations of the condominium or planned unit development, and conatituent documents. If a _ condominium or planned unit de~elopment rider is executed by Borrower and recorded together with this Mortgage, the oovenants and p aqreements of such ridec shall be incorporated into and shall amend and supplement thecovenants and agreements of this Alortgage as ifthe _ rider were a part herrof. ~ 7. Protection of Lender'e 3ecurity. If $orrower fails to perform the wvenante and agreecnents contained in thie Mortgage, or if any action ur proceeding is commenced which materially affecte Lender'e interest in the Property, including, but not limited to, eminent domain, ineolvency, oode enforcement, or arrangemente or proceedinga involving a bankrupt or decedent, then Lender at Lender'e option,upon _ notice to Borrower may make auch appearancee, dieburee euch ~nms and tal~e auch aMion as ie neceesary to protect I,ender'e intereet, ' including, but not limited to, diebureement of reaaonable attorney e fees and entry upon the Property to me1~e repaire. If Lender required ~ mortgage ineurance ae a condition of mal~ing the loan secure~ b thie Mo y rtgage, Borrower ahaU pay the prnmiums required to maintain euch inetuance in effect until auch time as the requirement tor ~uch ineurance terminatea in accordance with gorroryer'e and Lendet~e written agreement or applicable Lew. Borrower ahall pay the amount o! al) mortgage insurance premiume in the manner provided under paragraph 2 hereof. My amounte dieburaed by L.ender pereuant to thie paragraph 7, with interest thereon, ehall become additional indebtedneae of Aorrower secured by this Mortgage. Unleae Borrower and Lender agree to other terma ot payment, euch amounte ehall be pay able upon : notice from I.ender to Borrower requesting payment thereof, and shall bear intereet from the date of diebureement at the rate payable from ~ time to time on outetanding principal under the Ndte uniese payment of intereat at such rate would be rnntrary to applicable Iaw, in which ? event euch amounte ehall bear intereat at the higheat rate permiaeible under applicable 1aw. Nothing contained in thie paragraph 7, eha11 require Lender to incur any eapenae or take any action hereunder. i' ~ X i _ , U ifr r~r,~ ?~fF ~ JlJ ~ ~ u__ . _ ~