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Home My WebLink About0667 Borrower and Lender rnvenant and agree as folbws: 1. Poymeat o~ Priaclpal and I~teresR Borrower ahall prompdy pay when due the principal of aad interest oa the indebt,~dneea evidenoed by the Note, prepayment aad leta charges as pmvided in the Nole, and the principal of aad intereat on any ~ture Advancee secured by this Mortga~e. 2. I~nda for Te~w and Insarance. 8ubject to applicable law or to a written waiver by I.ender, Borrower shall pa,y to I.ender on the day mortthly inatallmente of principal and intereet are payable under the Note. unW the Note ia paid in full, a sum (herein "~nde") equal to ane twelfth of the yearly taxes and aaeeaements which may attain priority over thia Mortgage, and ground reats on the Property, if any. plua one- - _ twelRh of yearly premium inatallments for hezard inaurence, plus onetwelRh of yesrly premium inatallmente for mortgt?ge inaurance. if any, all as reasonably eatimated initially and fmm time to time by I.ender on the basie of aeaessmenta and billa and reasonable eatimates thereof. j The I~1nds shaU be held in aa institution the deposits or aocounta oi which are insured or guasanteed by a Federal or State ageacy ~ (including Lender if Lender ie such an inetitution). Lei?der shall apply the ~nds to pey~said ta:es, aeseaements. insurance premiume and ground rents. Lendes me~y aot charge for so holding and applying the FLnds, analyaing eaid accoun~ or verifying and rnmpiling said assessments and bi11s, unlees Lender pnys Borrower interest on the fl~nds and applicable law permita Lender to make such a charge. Bormwer and Lender may agree in writtng at the time of eaecntion of this Mortgage that interest on the Ftinds ehaU be paid Lo Borrower. and unless euch agreement is made or applicable law requiree euch interest b be paid. Lendez shall not be required to p~y Borrower any intereet or earninga on the PLnds. Lendez shaU give to Borrower. wilhout charge, an annual acoounting of the fl~nds ahowing credits and debita to the ` Ftinds and the purpoee for which each debit to the flinde wae made. The Ftinde ar8 pledged as additional eecurity for the sums eecured by this Mortgage. If the amount of the ~nds held by Lender, together with the futnre monthly inetallmenta of F~nde payable prior to the due datee of ta:ea, aaseeaments. ineuraaoe premiums and ground renta, ehall ~cxed the amount required to pey said taaea, aeaeasmenta. insurance premiuma and ground reata as they fall due. auch e:oese shall be. at Borrower's option. either prompdy repaid to Borrower or credited to Borrower on moathly iastallments of Phnds. If the amount of We Funds held by L.ender ahall not be auffirient to pay ta~ces, aaseaamente. ineurance premiums and gronnd rents as they fall due, Borrower ahall pay to L,ender any amount neceeeary to make up the deficiency within 30 daya from the date notice is mailed by I.endbe ~etB~'rwi~et trei~l'ewingrpi/t~t tt~Meof. - Upon pd~rment in full of all auma eecured by thia M~igilq~I je~ , l promptly refund to Borrower any funds held by Le.mder. If under paragraph 18 hereof the Pcoperty ia solc~ or t~e Pso y~a oUierwi~red by Lender. Lender ehall aPP~Y. no later than immediately prior to the eale of the Property or ita aoquisition by Lender, s~y~d he7ley~Irendeaet#he Rme of application as a credit againat the aums aecured ' by Wis Mortgage. 1~ ~ :•f. N:_~~ .1~«~i~~~v . 3. Application of Payments. Uple~ applicable laYC,pcpvidg~ otherwiie. all paymente received by i.ender under the Note and paragrapha 1 and 2 heceof shaU be applied by I.ender firet in paymet~'t otamonnta payabte to Lender by Borrower under paragraph 2 hereof, then to iatereet payable on the Note, then to the principal of the Note, and then to intereet and principal on any Future Advancea 4. Chergee; Lieae. Borrower ahall pay all taues, assesaments and other chargea, finee and impositions attributable to the Property which may attain a priority over thie Mortgage, and leasehold payment8 or ground rents, if any, in the manner provided under paragraph 2 hereof or, ' if not p~?id ia auch manner. by Boirower making payment, when due. directly to the payee thereof. Borrower shall promptly furnish to I.ender ~ ~ aU noticee of amounts due under thia paragraph, and in the event Borrower ahall make payment directly, Borrower shall promptly furniah to ~ i Lender receipts evidencing euch paymente. Borrower ahall promptly discharge any lien which has priority over this Mortgage; provided, that ! Borrower ahall not be uired to disch ; req arge any such lien so lo~g as Bormwer ahall agree in writing to the payment of the obligation secured by such lien in a mannar aoceptable to I.ender, or shall in good Caith contest auch 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. Hazard Insurance. Borrowet ehall keep the unprov~enta now ezieting or hereafter erected on the Property ineured againat lose by fire, hazards included within the term "eutended ooverage." and auch other hazards as Lender may require and in auch amounts and for buch periods as Lender may reqnire; pmvided, that Lender ahall not tequire auch ooverage amount eaceeding the minimum, as may be required by atate or federal regulatione governing activitiea of L.ender, or that amount of coverage required to pay the aums secured by this Mortgage, whichev~ ie the greater. The insurance carrier providing the insurance ahall be choaen by Borrower subject to approval by Lender, pmvided, that such approval ehall 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 Borrower making payment, when due, directly to the insu;ance carrier. All inaurance policiee and renewals thereof shall be in form acceptable to I.ender and ahall include a atandard mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and fenewale thereof, and Bonower shall promptly furnish to = i,ender all renewal notices and all receipte of paid premiume. In the event of lose, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loae if not made promptly by Borrower. ' ' Unleas Lender and Borrower otherwise agree in writing, inaurance proceeda shall be applied to reatoration or repair of the Property damaged, pmvided snch restoration or repair is economically feasible and the security of thia Mortgage is not thereby impaired. If such ; reatoration or repair ie not economically feasible or if the security of thia Mortgage would be impaired, the inaurance proceede aha11 be applied to the aume aecured by thie Mortgage, with the ~ceae, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower faila to reepond to I.ender within 30 daye from the date notice ia mailed by Lender to Borrower that the insarance carrier o~ers to settle a claim for ' insurance bene5te. Lender is authorized to co~lact and apply the inaurance proceeda at Lender'e option either to restoration or repair of the ~ Property or the auma eecnred by thie Mortgage. ~ Unleee Lender and Borrower otherwise agree in writing, eny auch application of proceede to principal ehall not e:tend or poatpone the due ~ date of the monthly instellmente referred to in paragraphe 1 and 2 hereof or change the amount of euch inatallments. U under paragraph 18 hereof the Properly ia aoquired by Lender. all right, title and interest of Borrower in and to any inaurance policiea and in and to the proceeda ~ thereof ~eulting from damage to Property prior to the eale or aoquisition shsll paes to Lender to the extent of the eums eecured by thia _ ~ Mortgage immediately prior to such eale or aoquiaition. ~ 6. Preeervatlon and Maintenance of Property; Leeseholds; Condominuma; Planned Unit Developmente. Borrower ehall keep ~ the Property in good repair and shall not rnmmit waste or pemiit impairment or deterioration of the Property and ehall oomply with the provieione of any lease if this Mortgage ie on a leasehold. If this Mortgage ie on a unit in a oondominium'or a p!anned unit development, ~ Borrower ehall perform all of Borrower's obligationa under the declaration or covenante creatingor governing the rnndominium or planned " - ~ unit development, the by-lawe and regulationa of the condorainium or planned unit development, and oonetituent documente. If a ~ condominium or planned unit development rider is e~ec4ted by Borrower and recorded together with thie Mortgage, the oovenante and ~ agreements of such rider ahall be incorporated into and shall amend and aupplement the covenanta and agreemente of thia Mortgage as if the i rider were a part hereof. ~ 7. Protection of I.ender's Security. If Borrower faila to perform the oovenants and agreements contained in this Mortgage, or if any 5 action or proceeding is oommenoed which materially aftects Lender's interest in the Property, including, but not limited to. emingat domain, $ insolvency. code enforcement, or arrangements or proc.eedinge involving a bankrupt or deoedent, then I.ender at Lender's option,upon notice b Borrower may make such appearanoee. diabune ench aums and take such action as is neceseary to protect Lender's intere~t~ i incltyding~ btrt not limited to. diebureement of reasonable attorney's fees and entry upon the Property to make repair~e. If I.ender required - mortgage insuzance ae a rnndition of mairing the loan secured by this Mortgage, Borrower shall pay ~the preminms reqnired to maintain ~ euch inenrance in effect until euch time es the requirement for such inaurance terminates in aaoordance with Bonower's and I.endds ' written agreement or applicable Law_ Borrower ehall pay the_amount of all mortgage insurance premiums in t~ie mannec provided nnder ' paragraph 2 hereof. ~ Aby amonnta disbureed by L.ender persuant to thie paragreph 7, with interest thereon, shall beoome additional indebtednees of ~ ~ Borrower secured by this Mortgage. Unlese Borrower and Lendez agree to other terms of payment, euch amounta shall be payable upon ~ notice trom Lender to Borrower requeeting payment thereof, and ehall bear interest from the date of disbursement at the rate payable from ~ time to time on ontstanding principal undrr the Note unlese paymeat of interest at euch rate would be oontrary to epplicable law, in which 7 event ench amounta ahall bear intereet at the higheet rete permieaible under applicable law. Nothing oontained in.thiQ paragraph 7, ahall ~ require Lender to incur any ~penee or take any action hereunder. ~ : ~ F S Y • 50GK JV~ oAGf Ss~ ' E C ~ ~ ~ , ~ k. - - ~ ~ E ~ "`n s` -~~a._'c .~s}y° . ~ ~~3+~'"t"w+. _ 1 . I