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Home My WebLink About0663 , ~ , ~ Borrower aad Lender covenant and a~ree w foAows: 1. Pa~naeat oi Priacipal and Iateres~ $orrower shall promptly pay when due the principa! of and interest on the indebtedneea evidencad by the Note. pnpayment and latechargas as pmvided in the Note. and tha principal of and intere~ton any ~ture Advances secured by thia Mort~a~a 2. Ptiu?d~ fos Tue~ and Insuranoe. Subjed to applicable law or to a written waiver by Lender, Borrower ahall pay to I.e~der on the dey monthly installme~ts of principal and interest are payable under the Note. unW the Note ia paid in fuU. a aum (herein "l~nda") equal to one- twelRh of the yearly t~uces and aeeesamente which may attain priority over this Mortgage. and ground rents on the Prope~ty. if any, plue ono- twel8h of yearly p~nium installmeate for hazard inaurance, plue onetwelRh ofyearly premium installmente [or mortgage inaurance, if any. all as reasonably eetimated initiaqy and tmm time to tirne by Lender on the baaia of asseaamenta and bills and reaaonable estimatee thereo! The Plends ahall be held in an inetitntioa Lhe depoaita or aooounts of which an insured or guaranteed by a Federal or State agency (including Lender if Lender is such an institutioa). Lender ahall apply the Funds to pay eaid taxes. asaeasments. insurance premiume and grouad nnts. Lender may aot charge for w holding and applying the ~nds, analyzing said account, or verifying and compiling eaid asaesamenta and bips, unlees I.ender pays Borrower interest on the FLnde and applicable law permite Lender b make such a charge. Borrower and I.ender may sge~ee in writing at the tune of esecution of thia Mortgage that intenst on the ~nda ehall be paid to Borrower, and unlesa such agreement is made or applicable law requirea sych inte~st to be peid. I.ender shall not be required to pay Borrower any intereat or earnings oa the Phnds. Lender shall give to Borrower, wifhout charge, an annual acoounting of the Funds showing credite and debite to the F~nds and the purpoee for which each debit to the ~tnda was made. The ~nde are pledged ae additional eecurity for the aume eecured by thie Mortgage. . If the amount of the Fliade held by Lender, together with the future monthly inatallments of I~nda payable prior to the due datee of taues, asseeameats, inaurance premiuma and ground rente. shall ex~ed the amount required to pay esid tases. seeeesmenta, insurance premiuma and ground rente as they fall due. such e~cceea shall be, at Borrower's option. either prompdy repaid b Borrower or credited to Borrowrr on m~nthly inetaUmenfs of Fl~nds. V the amount of the ~nds held by I.ender shall not be aui~cient b pay ta~ces. aseeeaments, inaurance premiums and ground rents ae they fall due. Borrower ehall pay to Lender any amouat neceseary b make up the deficiency within 30 daya from the date notioe ie mailed by Lend~ to Borrower requeating payrnent thereof. Upon paymeat in fiill of all sums secured by this Mortgage, Lender ahall pmmptly refund to Borrower any funde held by I.ender. If under paragraph 18 hereof the Property ie aold or the Property is otherwiee acquired by Lender, Lender shall apply, no later than immediately prior to the eale of the Properiy or its aoquisition by Lender, any fl~nde held by Lender at the time of application se a credit againat the sams aecured by chis Mortgage. 3. Applicatioa of Paymente. Unleea applicable law pmvides otherwise, all paymente received by I.ender under the Note and paragraphs l and 2 hereof ehall be appliedby I.ender firet in payment of amounte payable to Lender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principal of ihe Note, and then to intereet and principal on any ~tnre Advancea 4. Chargee; Liens. Borrower ahall pay all taxea. asseeaments and other charges. fines and impositiona attributable to the Property which may attain e priority over this Mortgage, and leasehold paymenta or ground rents, if any, in the manner pmvided under paragraph 2 hereof or, if not paid in euch ihnanner. by Borrower making payment, when due, directly to the payee thereof. Borrower shal) promptly furnieh to Lender all notices of amounta due uader thia paragraph, and in the event Borrowei shall make payment directly, Borrower shall promptly furnish to Lender reoeipts evidencing auch paymente. Borrower ahall prompUy discharge any lien which has priority over this Mortgage; provided, that Borrower ahail not be required to diacharge any such iien so long as Borrower ahall agrce in writing to the payment of the obligation secured by such Gen in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedinga which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Haaard Insurance. Borrower ahall keep the impmvements now e:iating or hereafter erected on the Propetty insured against loss by fire, hazards included within the term "e:tended ooverage." and auch other hazards as Lender may require and in such amounts and forsuch periode aa Lender may require; provided, that I.ender shall not require auch coverage amount exceeding the minimum, as may be required by atate or federal regulations governing activiti~ of Lender, or that amount of coverage required to pay the euma secured by this Mortgage, whichever ie the greater. The inaurance carriet providing the insurance ahall be chosen by Borrower subject to approval by Lender, pmvided, that such approval shall not be unreasonably withheld. All premiums on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if not paid in such manner, by Bortower malung payment, when due, directly to the insurance carrier. All insurance policiea and renewala thereof ehall be in form aoceptable to Lender and shall include a atandard mortgage clauae in favor of and in form aoceptable to Lender. I.ender ehall have the right to hold the policies and renewala thereof, and Borrower shall promptly fumisfi to i.ender all renewal notices and all receipts of paid premiuma. In the event of loea, Borrower ahall give prompt notice to the inaurance carrier and Lender. Lender may make proof of lase if not made promptly by Borrower. Unless Lender.and Borrower otherwiee agree in writing, inaurance procxeda shall be applied to restoration or.repair of the Property damaged, provided auch reetoration or repair iB economically feaaible and the eecurity of thie Mortgage ia not thereby impaired. If auch restoration or repair is not eoonotnically feasible or if the eecurity of thie Mortgage would be impaired. the ineurance proceeda sh all be applied to the suma secured by thie Mortgage, with the excess. if any. paid to Borrower. If the Property is abandoned by Borrower. or if Borrower faile to reapond to Lender within 30 daye from the date notice is mailed by Lender to Borrower that the inaurance carrier offers to eettle a claim for ~ ineurance benefite. Lender ia authorized to collect and apply the inaurance pmceeds at Lender s option either to restoration or repair of the ~ Property or the awna secnred by thia Mortgage. ~ Unless Lender and Borrower otherwiee agree in writing, any auch application of praeeda to principal shall not extend or poatpone the due ~ date of the monthly installmente refen~ed to in paragrapha 1 and 2 hereof or change the amount of anch inatallmente. If under paragraph 18 ~ hereof the Property ie aoqnired by I.ender. all right. tide and interest of Borrower in aad to any insnrance policiee and in and to the proceeda ~ thereof reeulting from damage to Property prior to the sale or acquiaition ahall paae to Lender to the eztent of the ewna secured by this ~ Mortgage immediately prior to auch sale or aoqniaition. ~ 6. Preaervation and Maintenance of Property; Leaeeholde; Condominume; Planned Unit Developmente. Borrower ahall keep the Property in good repair and ahall not commit waste or pennit impairment or deterioration of the Property and ahall comply with the ~ provisiona of any leaee if thie Mortgage ie on a leasehold. If thie Mortgage ia on a unit in a oondominium or a planned unit development, ~ Borrower ehall perform all of Borrowez'e obligationa under the declaration or rnvenante creatingor governing the condominium or planned ~ unit development, the by-laws and regulatione of the condominium or planned nnit development, and conetituent dceaments. If a ~ oondominium or planned unit development rider is eaecuted by Borrower and recorded together with thie Mortgage, the oovenants and ~ agreemente of such rider ahall be incorporated into and ahall amend and supplement the covenanta and agreements of thia Mortgage as if the = rider were a part hereof. ~ 7. Protectian ot Lender'~ 3ecarity. If Borrower fails to perform the wvenants and agreements contained in this Mortgnge. or if any action or proc~eeding is commenoed which materially affecte I,ender's intereat in the Property, including, but not limited to, emin~t domain, ~ insolvency. oode enforr,ement, or aasngements Qr pmoeedings involving a banl~rupt or deoedenk then Lender at Lender's option,upon = notice to Botrower may make such appearanoes, disburse snch aums and teke each action es is neoeseary to pratect Lender'e intereat, - inclnding. b~ not limited to, diebureement ot reeaonable attorney e fees and entry apon the Propedy to meke npein. If Lenda required i mortgage inenrance aa a condition of malring the loan eecnred by this Mortgage. Borrowet ehall pay ihe preminms reqoired to maintain = snch inaurenoe in et~ect until euch time as the requirement for auch insurance tezminates in aacordance with Borrowet'e and Lender's written egreemeat or applicable Law. Borrower shall pay the amount of all mortgage inaurance premiume in We manner provided nnder - paragraph 2 hereof. Any amounts diebureed by Lender peteuent to this paragraph 7, with interest thereon, ehell beoome additioaal indebtedneee of Borrower secnred by this Mortgage. Unleas Borrower and i.ender agree to other terma of payment, auch amounts ehall be payable upon ` notice from Lendar to Borrower requeeting payment theteof, and ahall bear intereat from the date of diebureement at the rate payable from ~ time to time on outetanding principal undez the Note aalesa payment of interest at anch rate would be oontrary to applicable law, in which ~ event ench amounts she11 bear intereat at the higheat rate permieaible under applicable law. Nothing rnntained in this paregreph ehall ~ require I.ender to incur any eupense or take any action hereunder. ~ ~ . ~ ~~k~ ~os ss~ _ . ~ . . ~ ~ ~ ~ ~ _ _ ~ `~r~~ ~N~.~-. . ; ~ s ~ ~ E . . . ~r.~~ ~ ~ _ } _ ~ ~ ~z~s~ ~