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Home My WebLink About0112 . , , ; ~ i Borrower and Lender covenant end a~ree as foUovw: ' i. Paymeat of Peiacipal and Iatere~~ Borrower shall prompdy pay when due the principal of and ~intereat on the indebtednees ~ evidenced by the Note. prepayaawt and inte char8es u provided in the Note, and the principal of and interat on any I~ture Advancea secu~ed by this Morf~a~e. a. ~nd~ [or Taze~ aad Iaauraaoe. 3ubject to applicable law or b a writtsn waiver by Lender. Borrower ehall pay to I.ender on the da~y monthly installmenta of priacipal and interest are payable under the Note. unW the Note is paid in full, a aum (hereit? "F~ads") equai to ono- twelRh of the yearly taxes and aesessmenta which may attain priority over this Mott;age. and ground renta on the Property. if any. plua one twelRh of yearly preminm installments [or hazard insuranoe, plua onetwelRh of yearly premium inatailmente for mortgage inaurance, if any, , all as reasonably eatimated initially and from time to time by Lender oa the baais of aeaeeaments and bills and reasonable estimates thereof. ~ The 1~1~nds shall be held ia an institution the depoeit~ or acoount~ of which are iasured or guaranteed by a Federal or 3tate ageacy (includin~ Lende: if Landez is sach an inetitution). L,eAder ahaU app~y? the F~nds b pay said tues. asseesment~. iasuranoe premiump and ground reats. Lend~ may aot charQe for so bolding and applying the Ftind~. analyung ~aid aooount, os v~ifyioQ and compiling said esseasmenta and bills. nnless I.ender paye Borrower intereet on the ~nds and appGcable law permita Lender to make euch a charge. Borrower and Lender may agree in writing at the time of eaecution of thia Mortgage that intereet oa the ~nds ahall be paid to Borrower. and unlees auch a~reement is made or applicable law requires such int~erest to be paid. Lenda ahall not be required Lo p~y Horrower any inte~est or earniags on the P~nda. Lender shall give to Bormwer. vvithout charge. an annual aaoounting of the ~nde ahowing credifa and debita to the I~nde and We purpoee for which each debit b the Ptiu?ds wae made. The Funds are pledged ae additional sec~uity for the suma secured by this Mortgage. If the amount of the ~nds hdd by Lender. togeW er with the futun monthly. inetallments of Funda payable prior to the due dates of t~es. aeseesments, insuranoe premiums and ground ceats. shall pacoaed the amount required to pay aaid tases. asaessments. inaursnoe premiums and ground renta as they fall due. such ezoees ahall be, at Borrower's option. either promptly repaid to Borrowa or credited to Borrower on monthly installmeafa of Plinds. If the amount of the I~nds held by L,ender shall not be sufficient to pay taues. aseeeaments. inanrance premi~una and ground nnte aa they faU due. Borrowrer shall pay to Lender aay amount neceeaary Lo make up the deficieacy within 30 deys from the date notice is mailed by Lender to Borrower requeeting paymeat the~eof. - Upon payment in fnU of sU sums secured by this Mortgage, Lender shall prompdy refund to Bortowet any fnnde held by Lender. U under paragraph 18 hereof the Property ie sold or the Property ie otherwise acquired by I.ender. Lender shall apply. no later thaa immediately prior to the sale of the Prope=ty or its aoquisition by Lender. any Fnnda held by Lender at the time of application as a credit against the suma secured by thia Mortgage. 3. Application of Payments. Unleas applicable law providea oWerwiee. all paymente received by Lender nnder the Note and ~u~iajins i Sau 2 iie~Y ia'inu ue a{r~uai uy ixt3~2Y ii~"s4 iTi jruji uae~i 3i &au'vua~Ge Nr3yauic w Lciaucr by Piiiaiv~~ i+tauc= g~f"w~aFh 2 h~ra~f. then to interest payable on the Note, then to the principal of the Note. and then to intereet and principal on eny Future Advances. 4. Chargea; Liens. Borrower shall pay all t~ea, aeaeasments and other charges, finea and impositions attributable to the Property which may attain a priority ove! this Mortgage. and leasehold paymenta or ground rente. if any, in the manner provided undet paragraph 2 hereof or, if not paid in auch manner, by Borrower making payment, when due, directly to the payee thereof. Borrower ahall promptly furniah to I.ender all noticee of amounta due under thie paragraph. and in the event Borrower shall make payment direct(jr. Borrower ahall promptly furnish to Lender reoeipta evidencing such paymenfs. Eiorrower ahell promptly discharge any lien which has prio.rity over this Mortgage; provided. that ~ Borrowez shail not i~e required to diecharge any such tien eo Iong as Borrower ehail agree in writing to the paymrn t of the obiigaiion i~.ur~d by E auch lien in a manner aoceptable to Lender, or ahall in good faith conteat such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. : 5. Hazard Insurance. Borrower shall keep the improvementa now ezisting or hereafter erected oa the Property insured againat loea by fire, hazarda included within the term "e:tended coverege.° and auch other hazards as Lender may require and in euch amounte and for auch = periode as Lender may require; provided, that Lender ahall not require euch ooverage amount e:ceeding the minimum. as may berequired by s state or federal regnlationa gover~ung adivitiea of Lender, or that amonnt of rnverage required to pay the sums secured by thia Mortgage, S whichever is the greater. The inaurance carrier providing the inaurance shall be chosen by Borrower subject to approval by I.ender; provided, that auch approval ~ ahall not be unres~anably withheld. All premiums on inaurance policiea ahall be paid in the manner provided under paragraph 2 hereof or, if # not paid in aach manner. by Borrower making payment, when due, directly to the insurance carrier. ' All insurance policies and renewale thereof ehall be in form aoceptabte to Lender and ahall include a standard mortgage clauee in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and renewala thereof, and Bosower shall promptly furniah to i.ender all renewal notices and all reoeipte of paid premiuma. In the event of losa, Borrower shall give prompt notice to the insurance carrier ~ and Lender. Lender may make proof of lose if not made promptly by Borrower. Unleas Lender and Borrower otherwise agree in writing, ineurance prooeede ahall be applied to reatoration or repair of the Property i j damaged. provided such reatoratioh or repair ia economically feaaible and the eecurity of thia Mortgage is noi thereby impaired. If auch ! restoration ar repait is not economically feasible or if the eec~rity of this Mortgage would be impaired. the inaurance proceeds shall be applied ~ to the euma eecured by thia Mortgage, wifh the eacceas, if any, paid to Borrower. If the Property is abandoned by Borrower. or if Borrower fails to reapond to Lender within 30 days from the date notice ia mailed by Lender to Borrower that the insurance carrier o~ers to setde a claun for ~ " ineurence benefits, I.ender is anthorized to collect and apply the insurance praoeeds at Lender a option either to reatoration or repair of the ~ ~ Property or the euma eecured by this Morfgage. ~ Unleee Lender and Borrower otherwiae agree in writing, any auch application oiproceeda to prinripal shell not e:tend or poatpone the due ~ date of the monthly inetallmentB referred to in paragraphs 1 end 2 hereof or change the amount of euch installments. If under paragraph 18 ~ hereof the Property is acquired by Lender, all right, dtk and inlerest of Borrower in and to any ineurance policies and in and to the proceede thereof reeulting fmm damage to Property prior to the sale or aoquisition ahall paes to Iender to the eztent of the auma eecured by thia Mortgage immediately prior to anch eale ~ aoquisitioa ~ 6. Preaervatfon and Maintenance of Property; Leaseholds; Condominums; Planned Unit Developments. Borrower shall keep ~ the Property in good repair and ehall not rnmmit waste or permit impairment or deterioration of the Property and ahall oomply with the F pmvisiona of any lease if this Mortgage ia on a leasehold. If this Mortgage ia on a unit in a oondominium or a planned unit development, s ~ Borrower ahall perform all of Borrowez's obligationa under the declaration or covenanta creatingor gov~ning the oondominium or planned : ~ anit development, the by-laws and regulations of the condominium or planned unit devetopment, and oonatituent documenta. If a ` oondominium or planned unit development rider ie rxecuted by Borrower and recorded together with thia Mortgage, We oovenanta and ~ agreements of euch rider ehaU be incorporated into and ahall amend and supplement the ccrvenants and agreements of thie Mortgage as if the rider were a part hereof. Ptotection oi Lender's $ecnrit~. ff Borrower fails to perform the oovenants and agreea~eate oontained ia thia Mortgege, or if any ~ action or pzooeeding is commenoed which materially affecta I.ende~a intee~est in We Property. including, but not limited to. emine~t domain, T ~ insolvency. oode mforcement, or arrangementa or prooeedings involving a banlm~pt or decedent, thea Lender at Lender'o option,npon r ~ aotioe to Borrower may make snch appearances, disbaree such anms and take such action as ia neoasary to protect L,euder's intesest, ~ ~j indoding. but not limited to, disbnrsement of reasonable attorney's fees end entry upon the Property to mel~e npairs. If Lender required ` s pay the pr~inms required to maintain ~ mortgage insurance es a condition of making the loan secured by thia Mortgage, Boirower ahall ~ snch ins~uanoe in effect nntil snch time aa the requirement for such insnrance terminatee in acrnrdance wit6 Borrower's and Leade:'s ~ written agreement or applicable Law. Borrower shall pay the amount of all mortgage ineurance premiums in the manner provided nnda ~ PareB~aPh 2 hereof. ~ Any amounts diebureed by Lender perevant to thia paragraph 7, with intereat thereon, shall beoome additional indebtedness of ~ Borrower secured by this Mortgege. Unleee Borrower and I.ender agree to other terma of payment, ench amounta ehall be payable npon ~ aotice firom Lender to Borrower requeeting payment thereof, and ahaU bear interest from the date of disbursemeni at the rate payable 5rom time to time on oatslanding principal undez the Note unleee payment of interest at euch rate would be oontrary to applicable law. in which ~ event ench amounte ahall bear intereet at the higheat rate permiaeible under applicable law. Nothing conteined in this paragraph 7, ahall ~ require Lender to incur any ~pense or take any action hereunder. ' ~ t ~ '1 ~ . 3Ckr3pg 11 . ~ z ~ . ~ _ _ ~v~ , _ _ . _ _ ~ _ . n.T