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Home My WebLink About0351 Borrower and l.ender covena~t and agree'ns follows: 1. Payment ot Principal n~d Intereet. Borruwer ahAll prompQy pay when due the principal of and intereat un lhe indebtednese evide~ced by the Note. prepayment and latc charges as provided in the Note, and the principul of nnd intereat on any F uture Advuncea secured by thie Mortgage. 2. F~tnde for Tauee and Ineurance. Subject to upplicnble IAw ur to a wtitten waive~ by I.ende~, E3orrower eht~) l pi~y to l.ender on the dny monthly i~atallments of p~ncipal and interrat are payab~e under the Note, unti) the Note is paid in full, a sum Iherein "N unds") equal to one~ twelRh o[ the yearly taxee and aaseaxmente which ~nay attnin priority uver thia Mortgage, and ground renta on the 1'roperty, if ~ny, plus one /welfth of yeariy ptemium inatallmenta for hnzard inaurance, plus one-twelfth ofyearly premium installmenta [or morlguge inaurance, if any, ali xe reaaonably eatimated initially and firom time to tirue by Ixnder on the basis of nsaessments i?nd bills nnd reasonable eatimutes thermf. The Funda ahaU be held in an institution the depoeite or aceounta of which are insured or guaranteed by u Federal or State ugency (including l.e~der if I.ender is auch an institution). I.ender ahall apply the Funda to pay snid taxea, aasesamente, ineurunce prnmiuma and ground tente. Lender may not cha~ge fo~ eo holding and applying the Funds, analyzi~g said account, or verifying and coq~piling said aesesamenta and bille, unlesa I.ender paya Borrowe~ intereet on the Funds and applicable law permits I.ender to make auch u charge. Born,wer and I.ender may agree in writing at the time of execution of thia Mortgage`that intereat on the Funda ahall br paid to Rorrower, and unleas euch agreement ie made or applicable law requirea auch intereat to be paid, [.ender ahall not be required to pay Borrower any intereat or eaminga on the ~nde. I.ender ahall give to Borrower, without charge, an annual accounting of the Funda ahowing credita and debita to the Funda and the purpose for which each debit to lhe Funda wua made. The Funds are pledged as additional security for thesums secured by this Mortgage. If the amount of the FLnde held by Lender, together with the future monthly inatallments of Funds payable prior to the due datea oftaxes, assesamenta, insurance premiuma pnd ground rents, ahall excaed the amount requimd to pay said taxea, assessme~ta, inauranee premiums and ground rents aa they faU due, auch excesa ahal! be, at Bo~TOwer's option, either promptly repnid to f3orrower or credited to E3orrower on monthly inetallmenta of Funda. I[ the amount of the Funds held by I.ender ahall not be sufEicient to pay tnxea, asaesaments, insurance prnmiuma and ground mnfs ae they fall due, Borrower shall pay to Lender s~ny amount necessary to make up the deficiency within 30 daye ftom the date notice ia mailed by Lender to Borrower requesting payment thereof. Upon payment in full of aU aums secured by this Mortgage, I.ender ahall promptly refund to F3ortrower any funds held by I,ender. If under paragraph 18 hereof the Property ia sola or the Property is otherwise acquired by L.ender, l.ender ahnll apply, no later than immediately prior to the sale of the Property or ite acquisition by I,ender, any Funda held by I.ender at the time of application es a credit against the sums secured by this Mortgage. 3. Applicetion ot Payments. Unless applicable law providea otherwise, all payments received by I.ender under the Note and paragraphs 1 and 2 hereof shaU be applied by Lender firxt in payment of amounta puyable to I.ender by BorroKer under par~grpph 2 hereof, then to intereat payable on the Note, then to the principal of the Note, and then to interest and principal on any Futurn Advancea. 4. Chargea; Liene. E3orrowershall pay all tAxes, nsaessments and othercharKes, finex ~nd impositions ~ltributable to the Yr~perty which may attain a priority over this Mortgage, and leasehold payments orgmund rents, if any, in the manner pro~•idecl under paragr:~ph 2 hereof or, if not paid in such manner, by Borrower mnking payment, when due, directly to the payee thermf. Rorruw•er shall promptly furnish to I.ender al! notices of amounts due under this paragraph, xnd in the event Rorrower sh~ll make payment directly, Born?wer shalt promptly furnish to Ixnder receipts evidencing such payments_ E3orrower shall prompNy discharge any lien which has priority over this Me~rtK:~Ke; provided, that t3orrower shall not be required to discharge any such lien so lon~ xs Rorrower shall agree in writinR to the payment of theubligation secured by such lien in a manner acceptable to I,ender, or shall in Koud faith cuntest such lien by, urdefend enforcementofsuch lien in, lekal prnceeclinKs which operate to prevent the enforcement of the tien or forfeiturn ot the Property or any part there+?f. 5. Hazard Ineurance. Borrower shall keep the improvementa now existing or hereafter erected on the Property insured Against luss by fire, hazarda included within the term' Rxtended coverage," and such other 1~aza~ds as Ixnder may require and in such amounts and for such peric~de as Lender may require; provided, that Lender ahall not require such coverage amount exceeding the minimum, as may be required bl• state or federal regulatione governing activities of I.ender, or that amount of coverage required to pay the aums secured by this Dlortgage, whichever is the greater. The insurance carrier providinK the insurance shall be chosen by Rorrower subject to approval b~• I.ender; provide~l, that such appru~•al ~ shall not be unreasonably withheld. All premiums on insuranc~e policies shall be paid in the manner pn,vide~ under paraKruph 'L herc~f or, if . not paid in such manner, by f3orrower making payment, when due, directty to the insur~nce carriet. i All ineurance poli~ies and renewals thereof ehall be in form acceptable to Lender and shall include a standard mort~age clause in favor of I and in form acceptable to Lender. I.enderahall have the right to hold the policies and renewals thereof, and Borrowershall promptly furnish to i.ender all renewal noticea and all receipte of paid premiuma. In the event of losa, I3orrower shaU give prampt notice to the insurance carrier ~ and Lender. I.ender may make proof of loss if not made promptly by Borrower_ k Unlesa Lender and Borrower otherwise agree in writing, inaurance proceeda shall be applied to restoration or repair of the Property damaged, provided such restoration or repair is economicaily feasible and the security of this Mortgage is not thereby impaired. If such ; restoration or repair is not economically feasible or if the security of this Mortgage would be impaired, the inaurance pmceeds shall be applied ; to the sums secured by this Mortgage, with the exceas, if any, paid to Borrower. If the Property is abandoned by ~3orrower, or if E3orrower fails to ` respond to L~nder within 30 daya from the date notice is mailed by I.ender to Borrower that the insurance carrier offers to settle a claim for ! insurance benefits, [.ender is authorized to collect and apply the insurance proceeds at I.ender s option either to restoration or repair of the ; Property or the suma secured by this Mortgage. ~ Unlesa Lender and Borrower otherwise agree in writing, any such application of prooeeda to principal ahall not extend or postpone the due x date of the monthly installments rnferred to in paragraphs i and 2 hereof or change the amount of such installmenta. [f under paragraph 18 ~ hereof the Property ia acquired by Lender, all right, title and interest of Borrower in and to any insurance policies and in and to the proceeds - thereof resuiting from damage td Property prior to the sale or acquiaition ahall pasa to Lender to the extent of the aums secured by this s Mortgage immediately prior to such sale or acquiaition. ~ 6. Preaervation and Maintenance of Property; Leaseholde; Condominume; Planned Unit Developmente. Borrower shall keep ~ the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and sha0 comply with the ~ provisions of any lease if this MortgaQe ia on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, 3 f3orrower sha11 perform all of Rorrower's obligptions under the declaration or covenants creatinRor governing the condominium or planned ~ unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documenta. If a condominiu'm or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the oovenants and agreements of such rider shall be incorporated into and shall amend und supplement thecovenants and aqreements of this Mortgage as if the rider were a part hereof. ~ 7. Protection ot Lender'e 3ecurity. If Borrower faile to perform the covenente and agreements oontained in this Mortgage, or if any 3 action or proceeding ie commenoed which materially affecte Lender'a intereet in the Property, including, but not limited to, eminent domain, ~ ineolvency, oode enforcement, or arrangementa or proceedinge involving a banlwpt or decedent, then Lender at Lender 8 option.upon ~ notice to Borrower may make auch appearancer dieburee such aume and take euch action as ie neceesary to protect Lendei e intereet, ? including, but not limited to, diabureement of reasonable attorney's feee and entry upon the Property to make repaire. If Lender required mortgage ineurance ae a condition of making the loan secured by thie Mortgage, Borrower ahall pay the premiume required to maintain ' euch ineurance in effect until euch time se the requirement for auch ineurance terminatea in accordance with Borrower's and Lender e ~ written agreement or applicable Law. Borrower ehall pay the amount ot al) mortgage inaurance premiume in the roanner pro~ided under ~ . paragraph Z hereof. - My amounte diebursed by Lender perauant to thia paragraph 7, with intereat thereon, ahall become additional indebtednese of Borrower eecured by this Mortgage. Unleae Borrower and Lender agree to other terms of payment, auch amounta ehall be payable upon notice from Lender to Borrower requeating payment thereof, and ahall bear interest from the date of disbursement at the rate payable from time to time on outatanding principal under the Note unleas payment of interest at auch rate would be contrary to applicable law, in which ;X event euch amounta ahall bear intereat at the higheat rate permisaible under applicable law. Nothing contained in this paragraph 7, ahall - require Lender to incur any expenae or tnke any action hereunder. ~ ~ ~a ; 3CL~ ~U~ ~~~~c 3 ? ~ ; - ~1 . _ ~ - ~ ' ~~~.a z ~ ~ ~ x.._-~' ,~c ~ ~,~;w~K~~ -