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Home My WebLink About0515 $orrower and Lender covenant and agree aa tollows: ! 1. Payment of Principal and Interest. Borrower ahall pmmptly pay when due the principa! of and interest on the indebtedness evidenced by the Note. prepayment and late charges aa pmvided i~ the Note. and the principal of and interest on any ~ture Advances aecured by this Mortgage. ~ ~ 2. Ptitnds for Teu~es end laeurance. Subject to applicable law or to a written waiver by I.ender. Borrower ehall pay to l.ender on the d~yr monthly inetallmenta of principal and intereet are payable under the Note, until {he Note ia paid in full, a aum (he~ein "Funde") equal to one twelRh of the yea~~jr ta:ee and asaessmente which may attain priority over this Mortgage, and ground renta o~ the Property. if any, plus one- i twelfth of yearly premium installmenta for hazard ir~surance, plue one~twelfth of yearly premium inatallmente !or mortgage ineurance, if any, aU as reaeonably es°ated initially and trom time to time by Leader on the baaie of asseasme~ta and billa a~d reasonable estimatea thereof. ~ The I~nds shall be held in aa institution the deposite or accounts of which are insured or guaranteed by a Federal or State agency (including Lender if I.ender ie such an inatitution). Lender ehall apply the ~nds to pay eaid ta:ee, assesaments, insurance premiuma and ground rents. I.ender may not charge for eo holding and applying the ~nda, analyung said account, or verifying and rnmpiling said ~aseesamente and bills, unleee I.ender paya Bormwer intereat on the Flinde and appGcable law permite Lender to make such a charge. Borrower and Lender ma~}r agree in writing at the tiane of e:ecution of this Mortgage that interest on the ~nda ehall be paid to Borrower, and unless such agreement ie made or applicable law requiree euch intereet to be paid. Leader ehall not be required to pay Botrower any intereat or earninge on the ~u?ds. I.ender shall give to Borrower, without charge. an annual accounting of the Funda ehowing credite and debits to the ~nda end We purpose for which each debit to the Ftinda wae made.'11~e Ftinds are pledged aa additional eecurity forthe sume secured by thie Mortgage. If the amount of the P~nda held by Lender, together with the future monthly installmente of FLnda payable prior to the due dates of taxee, j aseeesments. inaurance premiuma and grout~d rents, shall ezc~ed the amount required to pay said ta:es, aeaeasmente, inaurance premiums and grouad rents es they fall due, auch ~ceea shall be. at Boirower a option, either pmmptly repaid to Borrower or credited to Borrower on monthly installmenta of Fl~nds. If the amount of the ~nde held by Lender shaU not be eufficient to psy aoa~uzents, insurance premiame and ground rents as they fall due, Borrower ehall pay to I.ender any amount neceeeary to make up the deficiency within 30 daye from the date notice is mailed by Lender to Borrower requesting payment thereof. Upon payment in fuU of all eume secured by thia Mortgage, Lender ehall prompUy refund to Borrower any fnnda held by Lender. If under paragraph 18 hereof the Property ie eold or the Property ie otherwise acquired by Lender. I.ender ahall apply, no laterthan immediately prior to the sale of the Property or ite aoquisition by Lender, any fi~nds held by Lender at the time of application ae a credit againat the sums eecured by this Mortgage. 3. Application of Payments. Unleas epplicable Iaw .pmvides otherwiee, all paymente received by Lender under the Note and paragraphs 1 and 2 hereof shaU be applied by Lender firet in payment of amounts payable to Lender by Borrower under paragraph 2 hereof, then to inter~.st peyable on the Note, thea to the principal of the Note, and then to intereet and principal on any Future Advancea. 4. Charge8; Liens. Borrower ahall pay all taues, assesemente and other rharges, fines and impositiona attributable to the Property which may attain a priority over thie Mortgage, and leasehold paymenta or ground renta, if any, in the manner provided under paragraph 2 6ereof or, if not paid in such manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall prompdy fumish to I.ender all noticea of amounta due under this paragraph, and in the event Borrower shall make payment directly, Borrower ahall promptly furnish !o [.ender reoeipta evidencing such payments. Borrower ahall promptly discharge any lien which has priority overthis Mortgage; provided, that Borrower ahall not be required to discharge any such lien so long as Borrower shall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to I.ender, or shall in good faith conteat such lien by. ordefend 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 Ineurance. Borrower ahall keep the impmvementa now e:ieting or hereafter erected on the Property inaured againat loss by fire, hazards included within the term "e~tended coverage." and auch other hazarda aa Lender may require and in such amounta and for such periods ae Lender may require; pmvided, that I.ender ahall not require auch rnverage amount e:ceeding the minimum, as may be required by state or federal regulationa governing ectivitiea of Lender. or that amount of rnverage raquired to pay the aums secured by this Mortgage, whichever is the greater. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Ixnder, provided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shail be paid in the manner pmvided under paraqraph 2 hereof or, if not paid in auch manner, by Borrower making payment, when due, directly to the insurance carrier. All insurance policiea and renewala thereof shall be in form acceptable to I.ender and ahall include a standard mortgage clause in favor of and in form soceptable to Lender. Lenderahall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to ixnder all renewal notioea and all receipts of paid premiuma. In the event of losa, Borrower shall give prompt notice to the inaurance carrier and Lender. Lender may make proof of loae if not made prompdy by Borrower. ! Unlese Lender and Borrower otherwiee agree in writing, inaurance ptooeeda shall be applied to restoration or repair of the Property ; damaged, provided auch reatoration or repair is economically feasible and the eecurity of this Mortgage ie not thereby impaired. If such ' reetoration or repair ie aot economically feasible or if the aecurity of this Mortgage would be impaired~ the inaurance proceeds shall be applied ~ to the snms eecared by thia Mortgage, with the e:ceae, if any, paid to Borrower. If the Prope~rty ie abandoned by Borrower, or if Borrower faila to reapoad to I.ender within 30 daya from the date notice ie mailed by L.ender to Borrower that the inaurance carrier offera to aettle a claim for inaurance benefite, Lender is suthorized to collect and apply the insurance proceeda at Lender a option either to reetoration or repair of the ~ Property or the auma eecured by this Mortgage. s Unlees Lender and Borrower otherwiee agree in writing, any such application of proceeda to principal ahall not eztend or poatpone the due E , date of the monthly inatallments referred to in paragraphs 1 and 2 hereof or change the amount of such installmente. If under paragraph 18 ~ hereof the Property ie aaqnired by Lender, all right, title and interest of Borrower in and to any ineurance policies and in and to the proceeda f thereof resulting troiR-tlamage to Property prior to the eale or acquiaition ahall pasa to Lender to the eztent of the aume aecured by this Mortgage immediately prior to euch sale or aoquieition. ~ 6. Preaervation and Maintenance of Property; I.eaeeholde; Condominums; Planned Unit Developments. Borrower ahall keep ; the Properly in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ahall comply with the ~ provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a oondominium or a planned unit development, E Borrower ahall perform all of Borrower's obligationa under the declaration or oovenants creatingor governing the rnndominium or planned ; unit development, Lhe by-lawa and regulationa of the rnndominium or planned unit development, and conatituent documents. If a ~ condominium or planned unit development rider ia execated by Borrower and recorded together with thia Mortgage, the oovenants and ~ agreements of such rider shall be incorporated into and shall amend and aupplement the covenants and agreements of this Mortgage as if the rider were a part hereof. ~ 7. Protection of Leader's Security. If Borrower faila to pertorm the ooveaants aad agreementa oontained in this Mortgege, or if any d action or proceeding ie oommenoed which materially affects Lender'e interest in the Property, including, but not limited to, eminent domain, insoivency. oode enforoement, or arrangecnenta or prnoeedings involving a bankrupt or deoedent, then Lender at Lender's option,upon F notice to Borrower may make anch appearances, diaburse snch eums and take snch action as is necessary to protect Lender's inte~est, ' ~ including, but not limited to, diabureement of reasonsble attomey'e feee and entry upon the Property to make repairs. If Lender tequired s mortgage insurance ea a oondition of making the loan eecured by this Mottgage, Borrower ehall pay the preminms required to maintain euch insurance in e~fect nntil auch time se the requirement for snch inaurance terminatee in acoordance with Borrower's and Lende~s ; written egreement or applicable Iaw. Borrower shall pay the amount of all mortgage inaurance premiums in the manner provided under paragraph 2 hereof. ' My amounte diebnraed by Lender perauant to thiB paragreph 7, with intereat thereon, ahall become additional indebtednees of Bnrrower secured by this Mortgage. Unleae Borrower and I.ender agree to other terme of payment, euch amounte ehall be payable upon notice from Lender to Borrower requeating payment thereof, and ehall bear intereat from the date of disbureement at the rate payable from time to time on outstanding principel nnder the Note unleee payment of interest at auch rate would be oontrary to applicable law, in which ~ event euch amonnta ahall bear interest at the higheat rate permiaeible under applicable law. Nothing contained in Lhia paragraph 7, ahall ~ require i.ender to incar any eapenee or take any ection hereunder. ~ 5q 7 F ~ S 1 S } . o~R~ 306 c,..: 515 ~ ~ _ _ - ~a~