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Home My WebLink About0292 Borrower and I.ender covenant and agree a~ folbwr. i. P~yine~l vf Fri~ipai au$ Inieresi. I~iarrawer shaii pmmp~iy pay when dne the principai of and iniereat on :he indebtedness evidenced by the Note, prepayment and late charga as pmvidod in the Note, and the principal of end interest on any PLtun Advances eecured by thia Mortgage. . 2. Ftinds for Tases aad In~uranoe. 3ubject b eppliceble law or to a written waiver by I.ender. Borrower ahall pay to I.ender on the de~y monehly inatallraenes of principal and in~t are payable und~ the Note, until the Note ia paid in full. a aum (herein "fi?nds") equal to oae twelfth of the yearly taxes and asscaaments which may attain priority over t}~ia Mortgage. and grour?d rents on the Property, if any. plas one twelRh of yearly premium installmenta for hasard ineurance, plua onetwelRh of yearly premium inatalimente for moKgage ineurance, if any, ' all ea reasonably estimated initially and from time b time by Lender on the basia of asaeeamenls and bills and reaeonable estimatea thereof. Tlre Flinds shall be held ia an institutioA the depoeits or aocounts of which are inaured or guaranteed by a Rederal or 3iate agency (including L.ender if L.ender is such an institution). Lender shaU apply the P~nds to pay said t~ea, asseeamenta. inaurance premiuma and ground nnta. I.eader me~y not charge for so holding and applyinQ the FLads. analyaing aaid account, or verifying and compiling said asaessments aad bills, unless I.ender psys Boirower interest on the FLnds and applicable law permits Lender to make such a charge. Borrower and I.end~ mqy agree in writing at the time of execution oi this Mortgege that interest on the ~nda ahall be paid to Borrower. and nnless '~uch agreement is made or applicable !s~r za=urea auch intereat to be paid, Lender aha!! : aL bc sequind ta pay Borrower anyintercet or ~rninga on We FY~nds. I.ender shaU give to Borrower, without charge, an annual accounting of the fi~nds ahowing credita and debits to the F~nds and the purpoee for ~rhich each debit to the ~nds wae made.'11~e Funda an pledged ea additional security for the sums oecured by this Mortgage. If the amount of the ~nda held by Lender, together with the futun monthly inatallmenta of ~nda payable prior to the due datee of ta:es, aseessments, ineuranoe pnmiuma and ground renta. shall exc~ed the amount required to pay said taxee. aeeeasments, inaurance premiums and grouad retnb aa they fall due. such e~cceaa shall be, at Borrower's option, either promptly repaid to Borrower or credited to Borrower on monthly inatallments of ~nds. If the arnount of the Funda held by Lend~ shaU not be eufficien! to pay ta:es. aeeeasmenta. iasurance premiums and ground nn4 as they fall due, Borrower ahall pay to Lender any amount neceeeary to make up the deficiency within 30 daye firom the date aotice is mailed by Ixnder to Borrower requeeting payment thereof. Upon payment in full of sU sums secured by thia Mortgage. Lender ahall promptly refund to Borrower any funda held by [,ender. If ander peragraph 18 henof the Property is sold or the ~roperty is othurviee acquired by Lender, Lender shall apply, ao later than immediately prior to the sale of the Properiy or its aoq~isition by Lender, any ~nde held by Lender at the time of application as a credit against the suma eecured by this Mortgage. 3. Application of Pyiments. Unlees applicable law pmvidee otherwiae, all payments received by Lender under the Note and paragraphs 1 and 2 hereof ahall be applied by Leader first in payment of amounts payable to Lender by Borrower under paragreph 2 hereof. then to intereat payable on the Note. then to the principal of the Note, and then to interest and prinripal on any fi~ture Advances. 4. Cha. s€-a; Li~;ss. Barrosv~.-s~all pay a11 tsx~. asac--~~~r:ta ar.d ~iher charges, fin~ atid imp~iti~r~es aiiiibuiabte t~i it~e Froperiy wnici~ may attain a priority ov~ this Mortgage, and leasehold paymente or ground rente, if any, in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Borrower ma~king paytaent, when due, directly to the payee thereof. Borrowershall pmmpdy furniah to Lender all notioea of amounts due iu?der thia paragraph, and in the event Borrower shall make payment direcUy, Borrower ahall promptly [urniah to Lender nreipts evidencing such paymenta. Borrow~ ehall promptly discharge any lien which has priority over thia Mortgage; provided, that Borrow~ ahall not be required to diecharge any such lien so long aa Borrower ahall agree in writing to the payment of the obligation secured by auch lien in a manner acceptahle to Lender. or ahall in good faith rnnteat such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent tt~e enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hezard Inaurance. Borrower shall keep the impmvemente now ezisting or hereaRer erected on the Property insured againat loae by 5re, hazarde included within the te~rm "eactended coverage. ' and auch other hazarda as Lender may require and in such amounts and for auch periods as Lender may require; provided, that I.ender ahall not require such coverage amount e:ceeding the minimum, as may be required by stste or federal regulatioas governing adiviti~ of Lender, or that amount of rnverage required to pay the sume aecured by this Mortgage. whichever ia t}?e greater. The insurance carrier providing the insurance shall be choaen by Borrower subject to approval by l.ender; provided, that such approval ahall not be unreaeonably withheld. All premiume on insurance policies shall 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 rene~vala thereof shali be in form acceptable to Lender and ahall include a standard mortgage clause in favor of and in torm aoceptable to I.eader. I.ender ehall have the right to hold the policies and renewala thereof, and Borrower shall promptly furniah to i.ender aU renewai noticee and all receipte of paid premiume. In the event of loee, Borrower ahall give prompt notice to the inaurance carrier and Lender. I.ender may make proof of loes if not made prompUy by Borrower. I Unlees Lender and Borrow~ otherwiee agree in writing, ineurance pr~oceeda ahall be applied to reHtoration or repau of the Property ~ damaged. provided such reatoration or tepair is economically feasible and the eecurity of this Mortgage ie not thereby impaired. If auch ' reatoration or tepair ie not eoonomically feasibie or if the security of thie Mortgage would be impaired. the ineurance prooeeda shall be applied t j to the snme eecured by thie Mortgage. with the escxsa, if anY. paid to Borrower. If the Ptoperty ia abandoned by Borrower, or if Boirower faila to ! reapond to I.euder within 30 days ~om the date notice ia mailed by Lender to Borrower that the ineurance carrier offers to settle a claim for ~ inaurance benefite. Lender ia authorized to oollect and epply the inaurance proceeds at Lendei s option either to restoration or repair of the ~ Property or the sums aecured by this Mortgage. j Unlees Lender and Borrower otherwise agree in writing, any auch application of pmceede to prinripal ehall not ~tend or poetpone the due E date of the monthly iastallmente referred to in paragrsphs 1 and 2 hereof or change the amount of euch installmente. If ander paragraph 18 ~ hereof the Property is acq~ired by Lender. all rigbt, title and interes! of Borrower in and to any insurance policie8 and in and to the proceeda thereof resulting from damage to Property prior to the eale or aoquiaition ahsll peas to Lender to the eztent of the aume eecured by thia ~ Mortgage immediately prior to anch eale or aaq~isition. 6. Preeervation and Maintenaace of Property; I.ease6olds; Condominume; Planned Unit Developmente. Borrower shall keep ' ihe Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ahall oomply with the provisione of any leaee if this Mortgage is on a leaeehold. If thie Mortgage ie on a unit in a oondominium or a planned unit development, r Borrower ahall perform all of Borrowerb obligatione under the declaration or covenanta creatingor governing the oondominium or planned = unit developmen~ the by-laws and regulations of the rnndominium or planned unit development, and conatituent documente. If a ` oondominium or planned unit development rider is executed Dy Borrower and rec~orded tagether with thie Mortgage, the oovenante and agreementa of auch rider ahall be incorporated into and shall amend and supplement the covenants and agreementa of this Mortgage as if the rider were a part hereof. ~ Protection oi Lender's 3ecnrity. If Borrower fails to pertorm the oovenants and agreements oontained in this Mortgage, or if any ~ ~ action or pmceeding is commenced which materially affects Lende~s interest in We Property, inclnding, but not limited to. ~inent domain, ~ insolvency, oode enforoement, or errangementa or prooeedings involving a banlmipt or deoeden~ then I.ender at Lenda's option,upon j notioe to Borrower may make such appearance~. diaburse sncb snma and take snch action as is neceasary to proteet I.ender's intaest, ~ _ including. bnt not limited to, disbnreement of reasonable attorney'e fees and entry upon the Property to make repai~. If I.enda required mortgege insnrance as s oondition of malong the loan secured by thia Mortgeg~ Borrower shall pay the premiams reqaired to maintain ? - ench insuranoe in effect nntil anch time as the requirement for such inaiuanoe terminates in aocordanoe with Botrower's and I,endar's = written agreement ~ applicable L,aw. Borrower ahall pay the amount of all mortgage ineurance premiums in the manner provided nnda ~ paregraph 2 hereof. ~ My emounte disbureed by Lender persuant to thia paragraph 7, with interest thereon, shall beoome additional indebtedness of Borrower secvred by thia Mortgage. Unless Borrower and Lender agree to other terms of payment, such amounts ehall be payable upon ~ notice from Lender to Borrower requesting payment thereof, and shall bear interest from the date of dietsursement at the rate payable trom time to time on outstanding principal unda the Note unless payment of interest at auch rate would be oontrary to applicable law, in which _ ~ eveat snch amounts ehali bear interest at the higheat rete permissible under applicable law. Nothing contained in this paragraph 7. shell ~ reqnire Lender to incur any expense or take any action hereunder. ~ a ~ ~ ~ ~ , { € ~ J'J ~ Y ~ = , Pt ~U5 : 292 ~ • =`-,~rC ~ ' _~a~~b,`~'a.~'~~ Yi.M -A ~3,s:.'-G .a . _r.S.-"~_. , r . ~3}>r ....~"A:x ~