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Home My WebLink About0389 f Borrower and Lendu covenant euLd aQres ea followc ' 1. Payment of Frincipal sAd Intere~~ Borrower ahall promptly peY when due the principal of and interest or the indebtedr?ees evidenoad by We Note. pzepaymei?t ai?d late charge~ as provided in the Note. a~d the principal of and intereet on any ~ture Advancea secured by this Mortgage. 2. FLnda for Tese~ and Ituuraaoe. 3ubjed to applicable law or to a written waiver by l.ender. Borrower shall pey to I.ender on the day monthly installment+ of principal and interest are payable undes the Note. unW the Note ia paid in full. a sum (herein "fi~nds") equal to one twelRh of the yeerly ta:ea and asseesments which may attain priority over lhia Mortgage. a~d ground rnnts on the Property. if any. plus one- twelRh of yearly premium inatallmenta for ha=ard insurance, plua ono-twclfth of yearly premium inatallmente [or mort~age inaurance, if any, all es reasonab~jr estimated initially and trom time to time by I.ender on the baeis of asseesmenfs and bills a~d reaeonable estimates thereof. , The P~n~s shall be held in an institution the deposits or aooout?ta of which are inaurod or guaranteed by a Federal or State ageacy ~ (includins Lender if Lender i~ such aa institution). Lender shaU apply the I~nds to pay said ta:es, aseesanents. insurence premiums and ground rents. Leader mety not chargs for so holdiag aad epplying the P1~r?ds. analyzing said account, or verifying and compiling aaid aeeessmenta and billa, unlesa I.euder pays Borrower intenst on the PLnds and applicable law peanits l.ender to make such a charge. Borrower n and Lenda~ may agree in writing at the time of eaecution of thia Mortgage thet interest on the ~nda shall be paid to Borrower, and unless euch agnement ie made or appUcable law requires auch interest to be paid. Lender ehaU aot be required to pay Bosrower any intereat or eamings oa the Fhnds. Lender ahall give to Borrower. without charge, an annual aoeounting of the fi~nds ahowing credita and debits to the ~ ~ Funds and the purpose for which ~ch debit to the PLnda was made. The ~nds are pledged as additional eecurity for the aume secured by this Mortgage. If the amount of the Ftinds held by Lender. together with the fntun monthly inatallmente of ~nda payable prior to the due datRe of taxes, xsaessments, inauranoe premiums aad ground rents. shall e:oaed the amount required to pay said taxe4 aeseesmenta, ineurance preminms ; and ground rents aa they fall due, such ~cees sha11 be. at Borrowei s option, either pmmptiy repaid to Borrower or credited to Borrower on ' monthly installments of P1~nds. If the araount of !he F~u~da held by Lender shall not be eufficient to pay tazee. aseessments, inanrance premiume and ground rents as they fall due, Borrower ehall pay b Lender any amount neocs4ary to make up the deficiency within 30 days from the date notice is mailed by I.ender to Borrower requesting payment thereof. Upon payment in fnll of all suma eecured by this Mortgage. Lender shall pmmptly refund to Borrower any funds held by Lender. If under paregraph 18 hereof the Property ie sold or the Property is otherwise aoquired by Lender. I.ender ehall apply. no later than immediately prior to the eale of the Property or its aoquisition by Lender. any I~nda held by Lender at the time of application as a credit againet the euma eecured by chis Mortgage. 3. Application of Paymente. Unleea applicable law pmvidea otherwise. all paymente received by Lender under the Note and paragraphs 1 and 2 hereof shall be appUed by Lender first in payment of amounta payable to Lender by Bormwer uader paragraph 2 hereof, then to intetest payable on the Note, then to the principal of the Note, and then to intereat and principal on any fi?ture Advances. 4. Charges: Liena. Borrower shall pay all taaea, aesessmenta and other chargea, fines and impositions attributable to the Property which m ay attain a priority over thia Mortgage, and leasehold paymenta or ground rente, if any, in the manner provided under paragraph 2 hereof or, 3 if not paid in euch manner. by Bormwer makinB Payment, when due, directly to the payee thereof. Borrower shall promptly furnieh to Lender . all notices of amounte due under thia paragraph. and in the even! Borrower ahall make payment directly, Borrower ahall prompdy furnieh to ~ Lender receipt8 evidencing euch payments. Borrower ahall promptly discharge any lien whicht?as priority over thia Mortgage; provided, that i Borrowe~r shall not be required to discharge any such lien ao long as Borrower ahall agrce in writing to the payment of the obligation secured by ; such lien in a manner acceptable to Lender, or ahail in good faith rnntest such lien by, or defend enforcement of such lien in, legal praceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Ineuranoe. Borrower shall kcep the unprovemente now euieting or hereafter erected on the Propeity inaured againet loss by fire, hazaede included within the term "e:tended rnverage," and each other hazerde as Lender may require and in auch amounte and for auch periodb as Lender may require; pmvided. that I.ender ahall not require such ooverage amount e:ceeding the minimum. as may be required by state oT federal tegulatione governing activiqee of Lender, or that amount of coverage required to paY the eume eecured by thia Mortgage, whichever ia the greater. The insurance carrier Providing the insurance shall be chosen by Borrower subject to approval by Lender; provided, that such approval i shall not be anreasonably withheld. All premiums on insurance policiea shall be paid in the manner provided under paragraph 2 hereof or, if 3 not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier. ; All insurance policiee and renewala thereof ahall be in form acceptable to Lender and ahall include a atandard mortgage clanee in favor of t and in form saoeptable to Lender. Lender ehall have the right to hold the policiee and renewala thereof, and Borrower ahall promptly fumish to ~ i.ender aU renewal noticee and all receipta of paid premiuma In the event of loes, Borrower shall give pmmpt notice to the insarance carrier ' and Lender. I.ender may make proof of loea if not made promgdy by Borrower. li Unless Lender and Borrower otherwiee agree in writing. ineurance pmc~eeds ahall be spplied to restoration or repair of the Property ~ damaged, provided auch restoration or repair ia economically feasible and the security of thie Mortgage ie not thereby impaired. If such reatoration or repau is not economically feasible or if the aecurity of thia Mortgage would be impaired the inaurance prooeeda ahall be applied ~ to the aums secured by thie Mortgage. with the ezc~eee. if anY. Paid to Borror"er. If We Property is abandoned by Borrower, or if Borrower fails to reapond to I.eader within 30 days from the date notice is mailed by Lender to Borrower that the inaurance carrier offera to eetde a claim for ~ ineurance benefits, Lender ie anthorized to collect and apply the insurance procxeda at Lender's option either to reatoration or repair of the ~ Property or the sume eecured by this Mortgage. s Unless Lender and Borrower otherwise aBree in writing, any such application of prooceda to principal ahall not ea~tend or poetpone the due : date of the monthly inetallments referred to in paragrephs 1 and 2 hereof or change the amount of euch installmenta. If under paragraph 18 ~ hereof the Property ia aoquired by Lender. all right, title and intereat of ~3orrower in and to any insnrance policiea and in and to the proceeda , thereof reeulting irom damage to Property prior to the sale or soquiaition shall paea to Lender to the ezten! of the sums eecared by thie ~ Mortgage immediately prior to auch eale or acqnisition. ~ 6. Preservation and Maintenance of Property; Leseeholds; Condominums; Plaaned Unit Developments. Borrower ahall keep the Property in Bood rePair snd ehall not rnmmit waste oz permit impairment or deterioration of the Property and ahall comply with the provisions of eny leaee if this Mortgage is on a leasehold. If this Mortgage ie on a unit in a oondominium or a planned unit development, ~ Borrower ehall perform all of Borrower a obligationa under the declaration or oovenante cr~eatingor govezning the vondominiam or planned ~ unit development, the bylaws and regulatione of the oondominium or planned unit development, and oonatituent documente. If a condominium or planned unit development rider is ezecuted by Borrower and reoorded togethet with thie Mortgage, the oovenanta and ~ agreements of such rider shall be inoorporated into and ahall amend and supplement the rnvenants and agreementa of this Mortgage sa if the rider were a part hereof. 7. ProtecNon of Lender's Secnrity. If Boiro~va fails to Pertorm the aovenante and agreemente contained in this Mortgage, or if any ~ action or prooeeding i~ oommenoed whid~ materiallY effects I.ender's u?terest in the Property. including. bnt not limited to, emineat domain, ~ insolvency, eode eaforoement, or arrangements or prooeedin8s involving a banl~rupt or deoedent, then Lender at I.ender s option.upon , - notiue to Borrower may mal~e snch appearanoes. disbnrse euch sums and take snch actioa as is neoessary to pmteet Lendds interest, ~ inclndiag. bnt not limited to. diabursement of reasonable attorney's fees end entry upon the Property to maice repaire. If I.ender required - mortgage insuranoe as a oondition of maicing the loan secnnd by this Mortgage. Borrower ehall pay the premiams re4nired to maintain ~ ~ such insnrance in d~ect until such time as the requirement for auch inaurance terminates in socordence wit2? Borrower's and I.~dds ' ~ written egreement or applicable Law. Borrower ehall pay the amount of all mortgage inaurence premiums in the manner provided nndet P8re8raPh 2 hereof. ~ Any amonnb disbursed by Lender pereuant to this paragreph 7, wiEh intereat thereon, ehall beoome additional indeM~edness of gorrower secured by this Mortgage. Unleae Borrower end i.endet agree to other t~erms of paymen~, euch amounts ehall be payable upon notioe from Leader to Borrower requeeting payment thereof. and ehall beer intereat from the date of diabureement at the raLe payable from ; ume to time on outstanding principal unde: the Note unleas payment of intenst at such rate would be oontrary to applicable law. in which ~ event such amounts ehali bear interest at the higheet rate permieeible under applicable lew. Nothing oontained in this paragraph 7. shall reqnire I.ender Lo incur any e:pense or take any action haeunder i 3 ' SOGK J11~ oACE JO~ ~ ~ - ~-r-_ -5-~y ~ " ~ ~ . - -