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Home My WebLink About0108 ~ Borrower and I.ender covenant and a~ee aa folbws: 1. Payment of Priacipsl aad Iatere~~ Borrower shaU promptly pay when due the pri~cipal of and interest on the indebtednew evidenoed by the Note. prepqyment and late cherges as pmvided in the Note. and the p~incipal of and interest on any I~ture Advancea secured by ehis Mort~a~e. 2. PLnds tor Tues and Insuranoe. 3ubject to applicable law or to a written waiver by Lender, Borrower ahall pay to Lender on the day montiily uutallments of principal and intereot are pe~yable under the Note. u~W the Note is paid in fuU. a sum (herein "~nda'~ equal to oae twelfth of the yearly taxes and aaeesamenta which may attain priority over thi.s Mortgage, and ground rents on the Propedy, if any, plus ono- twelRh of yearly premium inatall~t?enfa for hasard inaurance, plua onetwelRh ofyearly premium installaaents for mortgage inaurance, if any, all as reasonably estimated initial(y and firom time to time by I.ender on the basie of asseasments and bille aad reasonable estimates thereof. The Pbnd~ shall be held ia an institutioA the deposib or Aocounte of which ate uuured or guaranteed by s Federal or State agency ~including Lender ii I.end~ is such aa in.atnaon). Lender ahall apply the I~nda to pay said tases, assessmente. ineuranoe premiums and grouad rents. I.ender inqy not charge for w holding and applying the Ftiunds. analysing said account, or verifying and compiling said asseesments and bills, unlesa Lender pays Bormwer intsrest on the F~nda and applicable law peranita I.ender to make such a charge,Borrower and Leader may agree in writing at the time of e:ecution of this Mortgage that interest on the FLnda shall be paid to Borrower. and unl~a such agreement is made or applicable 1a~v requires such interest to be paid. Lender shall not be required to pay Borrow~ any intereat or earnings on We Ptinde. Lend~ shell give to Borrower. without charge. an annual aooounting of the Funds ehowing credita end debits to the PLnds and tha purpoee for which each debit to the Ftinds waa made. The I~nds are pledged aa additional security for the sums Becured by thia Mortgaga If the amount ot the ~nds held by I.ender. together with the future monthly inefallmente oi Funde payable prior to the due dates of taues. aasessmenb. ineuranoe pr~niuma and ground rents, ahaU ~oaed the amount required to pay eaid ta:ea. easeeamenta, insuranoe premiwns and grouad rents as they fall due. such e:oess shall be, at Bonower's option. either promptly repaid to Borrower or credited to Borrower on montWy installmeats of Fbnda. If the amount of the P~nds held by Lender ehall not be sufficient to pay texea. asseeamenis, insurance premiuma and ground nnfa aa they fell due. Borrower shall pay to L,ender any amount neceseary b make up We deficiency within 30 daya from the date notioe is mailed by I.ender to Borrower requeeting payment thereof. Upon psymeat in fiill of all snms secured by this Mortgage. ~.ender shall prompdy refund to Borrower any funda held by I.ender. If undar P~iee~Pb 18 he~reof the Prop~ty ia eold or the Progerty ia othe~wis~ ~oqvired by I.ender, Lgnder shallf~PP~Y. no later than immediately prior to the sale of the Peoperty or its acquisitioa by Lender. any ~nda held by Lender at the time of application as a ctedit against the aums eecured by thia Mortgage. ~ 3. Application of Payments. Unlesa applicable law piovides otherwise, aU papments teoe~ivei by Lendei under the Note and '_r'-g'-'~~'!~' ! ets~1 ~ her_++sf eh~ hn ~p~~ed hy Lp*~~r fi~t~ in ~wi+~nt of amounta payable tn I~nder hy Boerowv under ParaBraQh 2 hereuf, then to interest payable on the Note. then to the principal of t1u Note, and then to intereat and principal on any F~ture Advancea 4. Charges; Liens. Borrower shall pay all taxea, seaeasmenta and other charges, fines and impoeitions attributable b the Property which may attain a priority over this Morlgag~ and leaeehold paymenta or ground rents. if any, in the manner provided under paragrnph 2 hereof or, if not paid in auch manner, by Boirower making payment, when due. directly to the payee thereof. Borrower ahall promptly furniah to Lender all notioes of emounta due under thia paragraph, and in the event Borrower shall make payment directly, Bornower ahall promptly fumish to Lender receipts evidencing euch paymente. Borrower ahall promptly discharge any lien which has priority over thia Mortgage; pmvided, that Borrower shall not be required to discharge any auch lien so long as Borrower ahall agree in writing to the payment otthe obligation secund by such lien in a manndr aoceptable to Lender, or ehap in good faith oontest such lien by, ordefend enforcement of such lien in, legal prooeedings which operate to pnwent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insuranoe. Borrower shall keep the improvements now eziating or hereafter erxted on the Property inaured againet loes by fire, hazaids iacluded withia the term "atended_ oov~age," end auch other hazarde sa Lender may require and in such amounts and for euch periada as Lender may reqnire; pmvided, that Lender ehall not require auch ooverage amount e:ceeding the minimum, es may be required by etate er federal tegulatione governing adivitiea of Lender. or tha! amount of oovecage required to pay the suma eecured by this Mortgage, whichever is the gre~ter. The inaurance carrier providing the insurance ahall be chosen by Borrower subject to approval by I.ender, provided, that such approval shall not be unreasonably withheld. All premiume on insurance policiesshall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner. by Borrower making payment, when due, directly to the inaurance carrier. All ineurance policies and renewala thereof shall be in form acceptable to Lender and ahall include a standard mortgage clause in favor of end in form aoceptable to I.ender. I.endez ehall have the right to hoW the poliriee and re~ewala thereof, and Borrower ehall promptly furniah to i.ender aU renewal notices and sU receipts of paid premiuma. In the event of loes. Borrower ehall give prompt notice to the insurance carrier ' and I.ender. I.ender may make proof of loes if ao! made pmmpdy by Borrower. ! Unleea Lender and Borrower otherwise agree in writing, inaurance pmceeds shall be applied to restoration or repair of the Property ~ damaged, provided such reatoration or repair ia economically feseible and t6e eecurity of this Mortgage ie not thereby impaired. If auch j reetoration or repair is not economically feasible or if the secarity of thia Mortgage would be impaired, the insurance proceeda shall be applied E to the suma secnred by thia Mortgage. with tl~e ~cese, if any, paid to Borrower. If the Property ia abandoned by Borrower. or if Borrower faila to _ f respond to I.ender withii? 30 days ~om the date notice ie mailed by I.ender to Borrower that the ineurance carrier offers to eettle a claim for ` inaurance benefita. Lender is authorized to collect and apply the insurance proceeds at Lender e option either to restoration or repair of the ~ Property or the aums eec~u~ed by this Mortgage. Unl~s Lenda and Borrower otherwise agree in writing, any such applicatioa of prooeeda to principal shall not extend or postpone the due date of the montlily installmenLs referred to in paragrapha 1 and 2 hereof or change the amount of snch inetallments. If under paragraph 18 hereof the Property ia aoquired by Lender, all right, title and interest of Borcower in and to any inaurance policiee and in and to the proceede thereof rESnlting from damage to Property prior to fhe sale or aoquisition shall pasa to Lender to the extent of the suma secured by thie Mortgage immediately p~ior to such sale or aaquisidon. 6. Preservadon and llaintenance of Property; Leseeholds; CODdOOUAlime~ Planned tinit Developments. Borrowa ehall keep the Property in good repair and ahall not oommit ~vaate or permit impairment or deterioration of the Property and shall comply with the provieions of any leaee if thia Mortgage is on a leaeehold. If this Mortgage ia on a uait in a condominium or a plannecl unit developmen~ ~ Borrower shall perform all of Borrower's obligationa under the declaration or rnvenante ~reatingor governing the oondominium or planned ~ unit developmeat, the by-lawa and regulations of the coadomininm or planned uait development, and conetituent documenta. If a ~ condominium or planned unit development rider ia ea~ecuted by Borrower and reoorded together with t6ia Mortgage, the oovenaate and . ~greemenLe of auch rider shall be incorporated into and ahall amend and eupplement the covenanfa and agreemente of this Mortgage ae if the ~ nder were a part hereof. 7. Protection ot Lender'~ Securtty. If Bormwa fails to perform the oovenants and agreements oontained in thia Mortgage. or if aay ~ gction or prooeeding is co~nmenoed w~hich materially affect~s Lendei s interest in the Propaty. incinding. but not limited to. emin~t domain. ~ ~nsolvency. oode a?torcement, or arrangements or prooeeding~ involving a banlm~pt or decedmt, then Lender at Lender'~ option.upon - notice to Bormwer may mai~e ~uch appearanc~. disburse sach sums and tate snch action as ia neoeseary to protect I.endds interes~ ~ inclnding. bat not limited to, disbunemeat of reawnable attorney's fees and entry apoa the Prope:ty to malce repairs. If Leader required ~ mortgage iusuranoe as a oondition of making the loan secared by this Mortgage. Borwwer shall pay the preminms reqnired to maintain ~ sach insnranoe in ~ifect uatil s~ch time as !he reqoirement for snch insnranoe terminates in aocordance with Borrower's and I.euder's written ag~eem~t or applicabk Law. Borrower s6a11 pay the amonnt of all mortgage insarance premiums in the menna provided nnder ~ paregraPh 2 heeeof. _ ~ My amounts disbursed by Lendez penuant to this paragraph 7, with interest thereon, shaU beoome additional indebtedness of ~ Borrower secured by thia Mortgage. Unless Borrower and I.ender agree to other teems of payment, anch amounts ahall be payable upon • ~ notice firom Lender to Borrower requesting payment thereof, and shall bear interest from the dete of disbursement at the rate payable from ~ time to time on outetanding principal nnder the Note nnless payment of intereat at euch rate would be oontrary to applicable law, in which ~ event such amounts shall bear intereat at the highest rete permiaaible under applicable law. Nothing contained in this paragreph shall ~ require Lender to incur any e:pense or take any action hereunder. ~ ~ ~ CP ~ " : * ~V~ ~ . ~0~ ` 'i , ~ a ~ _ ~ { ~ . . n t ..~~,~vt. _n- , ~ ~ ..v~.. ...F _ ?.7--w"~ tk"'r ?~i