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Home My WebLink About0027 - • . . ~ ~ Borrower and Lender covenaat aad a~ree a~ [oUowe: 1. Payment of Prlaclpal and Iateres~ Bormwer shall promptly pay when due the pri~cipal of and interest on the indebtedneas evidenoed by the Note, prepayment and late charges a~ provided in the Nota, and the principal of and inte~eat on any PLture Advances eecured by thu Mort~aQs. ' 2 Ftitnds !or Tases and Insuraace. Subject to appUcable law or b a written waiver by Lender. Borrower shall payr to I.ender on the day monthly instaUmenta of principal and interest are p~yable under the Note, unW the Note ia paid in full. a aum (herein "Flindi") equal b ono- twelRh of the y~r~y taxes and asaeeaments which may attain priority over this Mortgage. and grvund renta on the Propetty, if any. plus one t twelRh of yearly premium inatallmenta for hazard insurance, plua onetwelRh ofyear~jr premium inatallments for mortgage insuranse, if any, , all as reasoaably estimated initial~y and irom time b time by I.ender on the basis of aseessmenta and bi11s and reasonable eetimates thereo! . j The P1~ads shall be held in en inatitution We deposita oT aooounts of which an insured or guaranteed by a Federsl o1r 3tate agency i (iaclndiag Lender if I.and~ ie such an institutioa). Iender shall app~y the Ftinds to pay said taxea. aeeeaaments, inaurance premiums and ' ground reats. Lender me~y not charge for s~ holding and applying the FLnds. analyziag said aocoun~ or verifying and canpiling eaid asseeaments and biAs. unlees Lender pays Borrower interest on the FLnds and applicable law perwita L.ender b make auch a charge. Borrower ~ and Lender me~y agree in writing at the tiana of e:ecution of this Mortgage that interest oa the ~nda shaU be paid to Borrower. and unlees ~ such egrcement is made or applicable law requins such interest to be paid. Lender ahall aot be required to pay Bormwer any intereat or earnings on the Fhnds. Lender shall give to Borrower. wifhoat charge, an annual aooounting of the Funda showing credite and debits to the ~ fi~ndi and the purpoee for which ~ch debit to the PLnds was made. The ~nds ure pledged as additional security for the sums secured by thia Martgage. : V the amount of the FLnde held by Lender. togethar with the future monthly installmenta of ~nda payable prior to the due dates of ta:ea,. ~ aeseasmenta, ins~ance pr~iums and ground renta. ehap ex~ed the amount required to pay said ts:ea, aeseesments, inaurance premiums `s and gro~utd reats aa they fall due. such excess shall be, at Borrower e option, either promptly repaid to Borrower or credited to Borrower on ; monthly uutallments of ~nde. U We amount of the Funds held by Lender shaU noL be sufficient to pay ta~ces. asaeeamente. ineurance • ; pramiums and ground renta as they faU due. Borrower shaU pay to Lend~ any amount neceesary to make up the deficiency within 30 days = trom the dete notiae is mailed by I,end~ to Borrower requeeting payment thereof. Upoa payment in fuU o~f sU snms eecured by thia Mo:tgage. Lender ehall pranptly refund to Borrower any funde held by I.ender. If under paragraph 18 hereof the Property is eold or the Pmperty ia otherwiee acquired by Lender, Lender ahall apply, no later than iminediately prior ~ to the sale of the Property or ite aoquisition hy Lender, any P1~nds held by Lender at the time of application as a credit againat the euma eecured by this Mortgaga 3. Application of Payments. Ualeea applicable law providea otherwise, all paymente received by l.ender under the Note and paregraphs 1 and 2 hereof ehall be applied by Lender first ia payment of amounte payable to Lender by Borrower under paragraph 2 hereof, then to interest payable oa the Note, Wen to the principal of the Note, and then to interest and principal on any Future Advancea ' 4. Chargea; Liens. Borrower ahall pay all ta~cea, assesaments and other charges, fines and impoaitions attributable to the Property which may attain a priority over this Mortgage, and leaeehold payments or ground rents, if any, in the manner provided under paragcaph 2 hereof or, if not, paid in such manner. by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnieh to Lender atl noticee of amounta due under thia paragraph. and in the event Borrower ahall make payment directly, Borrower shall promptly furnish to Lender receipts evid~cing such payments. Borrower ehall promptly discharge any lien which has priority over this Mortgage; provided, that Borrow~ ehall not be required to discharge any auch lien so long as Borrower ahall agree in writing to the payment of the obligation secured by auch lien in a manner aoceptable to I.ender, or shall in good faith contest auch lien by, ordefend enforcement of such lien in, legal proceedings which ope~ate to prevent the enforcement of the lien or forfeiture of the Property or any pert thereof. 5. Hazard Insuraaoe. Borrowar shall keep the improvements now eziating or heieaft,er encted on the Property ineured againet loss by . fire, hezards included within the term "atended ooverage," and such other hazar~ds as I,ender may require and in anch amounta and for such periods ae I.ender may require; pmvided, that I.end~ ahal} not require such wverage amount e:ceeding the minimum, as may be required by state or federal regulationa goveming adivitiea of Lender. or that amount of ooverage required to pay the sume eecured by thia Mortgage, whichever ia the greater. _ The insurance carrier providing the inaurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval " ahall not be unreaaonably withheld All premiums on insurance policies shall be paid in the manner provided under pazagraph 2 hereof or, if not paid in aach manaer, by Borrower making payment, when due, directly to the inaurance carrier. ~ All ineurance policies and renewale thereof ehall be in form acceptable to Lender and shall include a standard mortgage clanse in favor of and in form aooeptable to Lender. I.endar shall have the right to hold the policies and renewals thereof, and Borrower ahali promptly furniah to i.eader all renewel notices and all reoeipte of paid premiume. In the event of lass. Borrower ahall give prompt notice to the insarance carrier ~ ' and Lender. Lendrr may make proof of loes if not made prompdy by Borrower. ! Unleae Lender and Borrower otherwise agree in writing, insurance ptooeeds ahall be applied to reatoration or repait of the Property dameged, provided eueh restoration or repair ia economicelly feaeible and the security of this Mortgege is not thereby impaired. If auch ~ reatoration ar repair is not economically feasible or if the eecurity of thie Asurtgege would be impaired. the ineurance prooeeda shall be applied j to the aums eecared by this Mortgege, arith the e~ccese, if anY. peid to Borrower. If the Propedy is abandoned by Borrower, or if Borrower faila to respond to L~ender within 30 days from the date notice ia mailed by I.ender to Borrower that the insurance carrier ogers to settle a claim for i inenrance benefits, Lendtr is authorized to oollect and apply the inaurance proceeda at L.endei's option either to reatoration or repair of the j Property or We suma secured by thia Mortgage. ~ Utileas Lender and Borrower otherwiee agree in writing, any such application of proceeda to principal shall not eztend or poatpone the due ~ date of the monthly installmente referred to in paragrapha 1 and 2 hereof or change the amonnt of auch inatallmenta. If under paragraph 18 hereof the Property is soqnired by Lendet, aU rigbt, title and intereat of Borrower in end to any inaurance policiee and in and to the prooeeda E thereof r~ulting irom damage to Property prior to the sale or soquisition shall pase to Lender to the e:tent of the euma eecured by this ; Mortgage immediately prior to snch sale ot soquisition. ~ 6. Preservation and Maintenance of Property; I.eseeholds; Condominuma; Planned Unit Developments. Boaower shall keep the Property in good repair and ahall not oommit waete or pernait impairment or deterioration of the Property and ehall oomply with the ~ pmvisione of any lease if thie Mortgage ie on a leasehold. If thie Mortgage is on a unit in a oondominium or a planned unit development, Borrowrr ahall perform all of Borrower's obtigationa under the declaration or covenante creatingor governing the oondomini~un or planned ~ unit development, the by-lawe and regulationa of the condominium or planned nnit development, and constituent docnmente. If a } condominium or planned unit development rider ia e:ecuted by Borrower and recorded together with this Mortgage, the oovenante and agreementa of such rider ahall be incorporated into and ehall amend and aupplement the covenants and agreementa of thia Mortgage as if the ~ rider were a part hereof. ~ 7. Protection of Lender'~ Securit~. tf Barrower faila to perform the aovenente and agreementa contained in this Mortgage, or if any action or prooeeding is oommenoed whicb materially affects I.ende~s interest in the ProPertY. includinB. bni not limited to, eminent domain. s insolvency~ oode eaforoement, o~ arrangemenq or p~dings involving a banl~supt or deoedenk thea I.ender at Lender's option.apon _ notice to Borrower may make snch appearance~. disburee such snms and take snch action ee is neoessary to protect I,ender s intere~t, incl~ing, but not limited to. disbursement of reasonabk attorney's feee and entry npon the Property to mal~e npeirs. If Leader required ~ ~ mortgage inearance aa a condition of making the loan eecured by this Mortgage, Borrower shall pay the premiams required to maintain ~ euch ineurance in eff'ect until snch time aa the reqnirement for such insurance terminates in soc~ordance with Bormwer's and Leadde written agreement or applicable Iaw. Borrower shell pay the amount of ell mortgage insarance preminms in the manner provided unde: paragraph 2 henof. Any amounte disbareed by Lender penuant to this paragraph 7, with interest ihereon, ehall beoome additional indebtedness of ' Borrower se~vred by this Mortgage. Unleas Borrower and Lend~ agree to other t~enns of payment, euch amounts shaU be payable upon ~ notice from I.ender to Borrower requeeting payment thereof, and ahell bear inttreet from the date of disbureemeat at the raLe payable ftom ~ time to time on outstanding principat ander the Note unless payment of interest et such rate would be oontrary to applicable law. in which ~ event ench amounte ahall bear interest aE the highest rate permissible under applicable law. Nothing rnntained in thie paragraph 7, ahall ~ reqnire I.ender to incur any ezpense or tal~e any action hereunder. s ~ ' ~ SOG! JO~ ~AGE z~ 3 • ~ i R ~ Z~ ' - . _ - r"4"~.t5---: «..~s~. ~ ~ T~~.. - ',v' _T.... . _ . ~ dy a