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Home My WebLink About0044 Borrower and I.ender cQYenant and agree ae foUowa: l. Paymeat of Pri~cipal and Intercet. E3orrower ehall prompdy pay when due the principal of and intereat on the indebtedneae evideaced by the Note, prepayme~t and late charge8 se provided in the Note, ar_d the p~ncipal of and intereet on any ~ture Advancea secured by this Mortgage. 2. F~nde tor Tasee aad Ineurance. Subject to applicable law or to a written waive~ by l.ender, Rorrower shal) pay to I.ender on the dny monthly inatallmente of principal and intereat are payable under the Note, until the Note ie paid i~ full, A sum (herein "F~nde") equal to one~ twelfth of the yearly taxee and assesaments which may attain p~ority over thia Mortgage, and ground renta on the Property, if any. plua one twelfth of yearly premium inatallments fo~ hazard i~surance, plus onetwelfth ofyearly premium installmenta for mortgage inaurance, if any, all ai+ reaeonably eetimated initially and trom time to time by I.ender on the basis oCusaesamenta and bills and reasonable eatimates thereof. The Flinds shall be held in an inatitution the deposita or accounte of which are inaured or guaranteed by a Federal o~ State agency (including I.ende~ if l.ender ie such an inetitution). Lender ahall apply the Funda to pay aaid taxee, aseeasmente, insurance premiums and ground renta. L,ender may not charge [or so holding and applying the Funda, analyzing eaid account, or verifying and rnmpiling eaid aseeasmenta and bille, unless Lender paye Borrower intereat on the Funde and applicable law permita l.ender to make euch a charge. Borrower and I.ender may agree in writing at the time of e:ecation of thia Mortgage that intereat on the Funds ahall be paid to Borrower, and unlesa auch agreement ia made or applicable law requiree auch intereat to be paid, Lender ehall not be reyuired to pay Borrower any intereat or earnings on the F~nde. I.ender ahall give to Borrower, without charge, an annual accounting of the Funda ahowing credite and debite to the Funda and the purpose for which each debit to the Funda waa made. The Funds are pledged as additional security for the auma eecured by thie Mortgage. If the amount of the F1nde held by I.ender, together with the future monthly installmente of Funda payabte prior to the due datea of taxes, aseesamenta, inaurance premiuma and ground rents, ehall excaed the amount required to pay said taxea, asseasmenta, inaureince premiuma and ground rents ae lhey fall due, auch e:oese ehall be, at Borrower s option, either promptly repaid to Borrower or rredited to Borrower on monthly inatallmente of fl~nde. If the amount of the Funde held by I.ender ahall not be sufficient to pay taxes, assessmenta, insurance premiums and ground rents ea they tall due, Borrower ehall pay to Lender any amount neceaeary to make up the deficiency within 30 days from the date notice ia mailed by Lender to Borrower requesting payment thereof. Upon paytaent in full of all sums secunK! by this Mortgage, Lender shall promptly refund to Borrower any funds held by I.ender. If under paragraph 18 heteof the Property ia sold or the Property is otherwise acquired by Lender, Lender ahall apply, no laterthan immediately prior to the eale of the Property or its eoquieition by Lender, any Funds held by I.ender at the time of application as a credit against the aums secured by this Mortgage. 3. Application o! Paytneate. Unlese applicable law provides otherwise, all paymente received by Lender under the Note and paragrapha 1 and 2 hereof ahaU be applied by I,ender firet in payment of amounte payable to Lender by Borrower under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of the Note, and then to intereat and principal on any Future Advancea_ 4. Charges; Liena. Borrower ahall pay all taxes, asaessments and other charges, fines and impositions attributable to the Prope~y which may attain a priority over this Mortgage, and leasehold payments or ground rents, if any, in the manner pro~ ided under paragiraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, direMly to the payee thereof. Borrowershall promptly furnish to I.ender all notices of amounta due under this paragraph, and in the event Borrower shall make payment directly, Borrower shall promptly furnish to Lender receipts evidencing such payments_ Borrower shaU promptl~• discharge uny lien which has priority over this Mortgage; provided, that I3orrower ehall not be required to discharge any such lien so long ns Borruwer ahall agree in writing to the payment of the obligation secured by such iien in a manner acceptable to Lender, or shall in good faith contest such lien by; or defend enforcement of such lien in, legai proceedings which operate to prevent the enforcement of the lien or forfeiturn of the Property or any part thereof. 5. Hazard Ineurance. Borrower shall keep the improvements now existing or hereafter erected on the Property insured against loas by fire, hazarde included within the term "extended rnverage," and auch other hazards as Lender may require and in such amounts and for such periods aa Lender may require; provided. that Lender ehall not require such ooverage amount exceeding the minimum, as may be required by state or federal regulationa governing activitiea of Lender, or that amount of coverage required to pay the sums secured by this Mortgage, whichever is the greater. The ineurance carrier providing the inaurance shall be chosen by Borrower subject to approval by l.ender, pmvided, that such approval ahall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner pmvided under paragraph 2 hereof or, if j not paid in auch manner, by Borrower making payment, when due, directly to the insurance carrier. ; All insurance policies and renewals thereof ahall be in form acceptable to Lender and ehall include a atandard mortgage.lause in favorof j and in form acoeptable to Lender. Lender shall have the right to hold the policies and renewals thereof, and Borrower shall promptly furnish to ~ i.ender all renewal noticea and all receipte of paid premiums_ In the event of losa, Eiorruwer ahall give prompt notice to the insurance carrier and I,ender. Lender roay make proof of loss if not made promptly by Borrower. Unlesa Lender and Borrower otherwise agree in wtiting, inaurance proceeds ahaU be applied to reatoration or mpair of the Property ~ damaged, provided such restoration or repair is economically feaaible and the eecurity of thie Mortgage is not thernby impaired. If such ` restoration or repair is not economically feasible or if the aecurity of thia Mortgage would be impairnd, the inaurance proceeda shall be applied ! to the auma eecured by thie Mortgage. with the exceas, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faila to ; reapond to Lender within 30 dayrg from the date notice ia mailed by Lender to Borrower that the insurance carrier offera to setile a claim for 'E inaurance benefita, I.ender ie authorized to collect and apply the insurance proceeda at Lendei s option either to restoration or repair of the f Property or the aums aec~ted by thie Mortgage. ~ Unleas Lender and Borrower otherwise agree in writing, any auch application of proceeda to principal shall not extend or ~ date of the monthl ~astallments referred to in ara P~tPonethedue ~ Y~ p graphs 1 and 2 hereof or change the amount of auch installmenta. If under paragraph IS ~ hereof the Property ia acquired by I.ender, all right, tide and interest of Borrower in aad to any ineurance policies and in and to the proceeds ` thereof reeulting from damage to Property prior to the sale or acquieition ehaU pasa to L.ender to the extent of the sums secured by this s Mortgage immediately pFior to such eale or acquisition. € ~ 6. Preaervation and Maintenaace of Property; Leaseholds; Condominums; Plenned Unit Developmenta. Borrower ahall keep : the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and ahall rnmply with the ~ proviaione of any lease if this Mortgage is on a leasehold. If thie Mortgage is on a unit in a oondominium or a planned unit development, q Borrower shall perform all of Borrower's obligatione under the declaration or covenants creatingor governing the condominium or planned ~ unit development, the by-laws and regulationa of the condominium or planned unit development, and conetituent documenta. If a~ ' condominium or planned unit development rider ia executed by Borrower and recorded together with thia Mortgage, the oovenanta and ~ agreements of such rider shall be incorporated into and shall amend and supplement the covenants and agreements of this Mortgage as if the ~ rider were a part hereof ~ 7• Protection ot Lender'e 3ecurity. If Borrower fails to perform the oovenante and agreemente oontained in this Mo rtgage, or if any ~ action or proceeding ie commenoed which materially affecte Lender s interest in the Property, including, but not limited to~ eminent domain~ ~ ineolvency, oode enforcement, or arrangemente or proceedinga involving a bankrupt or deoedent, then Lender at Lender e option,upon notice to Bormwer mey make euch appearancee, diaburse euch sums and take euch action ae ie neceaeary to protect I.ender'e intereat, ~ including, but not limited fo, disbureement of reaeonable attorney's fees and entry upon the Property to make repaire. If Lender required ; mortgage ina~uance aa a rnndition of making the loan aecared by this Mortgage, Borrower ehall pay the premiums required to maintain ; euch ineurance in effect unti] such time as the requirement for such ineurance terminatee in aceordance with Borrower's and Lender's _ ~+~titten agreement or applicable Law. Borrower ahall pay the amount of all mortgage inaurance premiuma in the manner provided under paregraph 2 hereof. . My amounte diebursed by Lender pereuant to thee paragraph 7, with intereet thereon, ehall become additional indebtednese of Borrower eecured by this Mortgage. Unleas Borrower and Lender agree to other terms of psyment, such amounts ahall be payable upon : notice trom Lender to Borrower requeeting payment thereof, and ahall bear intereat from the date of diabureement at the rate payable from ~ time to time on outatanding principal under the Note unleae payment of intereat at auch rate would be contrary to applicable law, in which event such amounte ehal) bear intereat at the higheet rate permiseible under applicable law. Nothing contained in this paragraph 7, ehall fi require Lender to incur any expenae or take any action hereunder. ~ ; ; a~CC,r ~OS ; AGE 44 ~ ~ ~ ~ , ,