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Home My WebLink About0837 . ~ t~. ~ •r Borrower and Lender covenant and agree as iollows: 1. Payment of Principsl and lateres~ Borcower ahall pmmptly pay ~vhen due the principal of and interest on the indebtedneea evidenoed by the Note, prepayment and late chargee as pmvided in the Note. and the principal of and intereet on any ~ture Adva~cea secured by this Mort~a~a 2. FLnds for T~ces euid Insuranoe. Subjed W applicable law or to a written waiver by l.ender. Borrower ahall pay to l.ender on the day monthly installme~ts of principal and intereat are payable under the Note, until the Note ia paid in full, a sum (herein "~nda") equul to one twelRh of the yearly taxee and easessments which may attain priority over this Mortgage, and ground mnte on the Property. if any. plue o~e . twelRh of yearly premium inatallments for hazard ineurance, plua onetwelflh of yearly premium installmenta for mortgage inaurance, if any, all as reasonably eatimated initially and from time to time by I.ender on the baeis of assesamenLs and billa and reasonsble estimatea thereof. The Ptinds shaU be held in an institution the depoeita or accounts of which are inaured or guarant~eed by a Federal or State agency (including Lende~r if Lend~ is such an inetitution). Lender shall apply the F'unds to pay eaid taxee, aseeaements. insurance premiums and ground reats. Lender may not charge for so holding and applying the ~nda, analyzing said account, or verifying and compiling aaid • asecssmenta and biUs, unless Lender paye Borrower intereet on the F`unde and applicable law peranita I.ender to make auch a ch arge. Borrower and Leader may agree ia writing at the time of execution of thia Mortgage that interest on the I~nda shall be paid to Borrower, and unleas auch a~reement is made or applicable law requir~ auch interest to be paid. Lender ahall not be reqnired to pay Borrower any interest or earnings on the ~ds. Lender ehall give to Borrower, without charge, an annual acoounting of the Funda showing credits and debita to the , Funds and the purpoee for which each debit to the Funda was made. The Funde are pledged as additional eecurity for the euma eecured by this , Mortgege. If the amount of the ~nde held by Lender. together with the future monthly installments of Funds payable prior to the due dates of taxea, aseeesmenta, ineurance premiuma and ground rente, ehall e~[eaed the amount required b pay eaid taxes. aseeeamenta. inauranoe premiume and ground rents aa they fal! due. euch exceee ahall be, at Borrower'e option, either promptly repaid to Borrower or credited to Borrower on monthly installmenta of P1?nds. If the amount of the Funda held by Lender ehaU not be aufficient to pay taxes, assesementa, insurance premiums and ground rente ae they fall due, Botrower shall pAy,to I;en , ~?~yj n ~ry to malce up the deficiency within 30 days from the date notice is mailed by Lend~ to Borrower requesting paymen ihe~~ kf~~ UpoA payment in full of all suma eecured by thia Mortgage, Lender ehall ~Eie'E~M~ Borrower anY funde held by L.ender. If under paregraph 18 heTeof the Property ie sold or the Property is oth~ acgo' _ 1 p1~( no later than immediately prior to the eale of the Property or ita acquieition by Lender, any E~nda held by~Ifen~e~'~e f~PP i~3d a credit againat the aums eecured by thia Mortgage. i~k~+d! y~~?~A 3. Application of Paymenta. Ualeaa applicable law providesothervvT~,~"glt~?~~~„~rcy~~~.~.I.ender under the Note and paragraphe 1 and 2 hereof ehaU be applied by Lender firet in payment of amounts payable to I.ender U`y ~o'rrower under paragraph 2 hereof. then to intereat payable on the Note, then to the principal of the Note, and then to intereat and principel on any Future Advancea. 4. Chargee; Liena. Borrower shall pay all Laxes, assessmenta and other charges, fines and impositions attributable to the Property which may attain a priority over this Mortgage. and leasehold p~ymenta or ground rents, if any. in the manner provided under paragraph 2 hereof or. if not paid in auch manner, by Borrower making payment, when due, directly to the payee thereof. Borrower shall promptly furnish to I.ender all noticea of amounfs due under thia paragraph. and in the event Borrower shall make payment directly, Borrower ahall promptly furniah to I.ender receipta evidencing such paymente. Borrower ahall promptly discharge any lien which has priority over this Mortgage; provided, that Borrower shall not be required to discharge any such lien so long as Borrower ahall agree in writing to the payment of the obligation secured by such lien in a manner acceptable to Lender, or shall in good faith contest such lien by, or defend enforcement of auch lien in, legal proceedings which operate to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Ineurance. Borrower ahall keep the impmvements aow eaiating or hereafter erected on the Property insured against loss by fire. hazarda iacluded within the term "eztended ooverage," and euch other hazarde as I.ender may require and in auch amounts and for such periode as Lender may require; provided, that Lender shall not require auch ooverage amount exceeding the minimum. as may be r~quired by state or federal regnlationa governing activitiee of I.ender, or that amount of coverage required to pay the sums aecured by this Mortgage, whichever is the greater. The inaurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided, that such approval shall not be unreaeonably withheld. All premiums on insurance policies shall be paid in the manner pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directly to the insurance carrier_ All inaurance policiea and renewals thereof shall be in form aoceptable to L.ender and ahall include a standard mortgage clauae in favor of and in form acceptable to Lender. Lender shall have the right to hold the policiea and renewala thereof, and Borrower shaU promptly furniah to i.ender all renewal notices and all receipfs of paid premiuma. In the event of loss, Borrower shall give prompt notice to the inaurance carrier and Lender. I.ender may make proof of loea if not made promptly by Borrower. Unlesa Lender and Borrovrer of]~erwiee agree in writing, inaurance proceeds ahell be applied to reetotation or repair of the Property damaged. pmvided such reatoration or repair ia economically feseible and the aecu:ity of this Mortgage ia not thereby impaired. If auch restoration or repair is not eoonomically feasible or if the security of thi8 Mortgage wouid be impaired, the ir.surance proceeds shall be applied to the eume eecnred by thia MorEgage. with the e~cceae, if sny, paid to Borrower. If the Property is abandoned by Borrower, or if Borrower fails Lo reapond to Lender within 30 daye from the date aotice ia mailed by Lender to Borrower that the inanrance carrier ot~'era to settle a claim for ~ insurance benefita. Lender is authorized to collect and apply the insurance proceeda at Lender's option either to reetoration or repair of. the E Property or the sume eecured by this Mortgage. ; Unless Lender and Borrower otherwiee agree in writing. any auch application of proceeda to principal ahall not eatend or postpone the due ~ date of the monthly inataUments referred to in paragrapha 1 and 2 hereof or change the amount of auch inatallments. If under paragraph 18 t hereof the Property is aoquired by Lender, all right, title and inLereat of Borrower in and to any insurance policties and in and to the proceeda K thereof reaulting 5rom damage to Property ~rior to the sale or soquiaition shall paea to Lender to the eztent of the suma sec~red by thia z Mortgage immediately prior to auch aale or aoquisition. ~ 6. Preservation and Maintenance of Property; Leaseholde; Condominuma; Planned Unit Developmente. Borrower ahall keep ~ the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the t provisions of any lease if this Mortgage ia on a leasehold_ If thie Mortgage is on a unit in a oondominium or a planned unit development, ~ BoTrower ehaU perform all of Borrowei s obligations under the declaration or rnvenante creatingor gov~ning the condominium or ptanned ~ unit development, the by-lawa and regulatione of the rnndominium or planned unit development, and conatituent documente. If a x condomini~un or planned unit development rider is executed by Borrower and recorded together with this Mortgage. the aovenants and ~ agreements of such rider shall be incorporated into and shall amend and eupplement the covenants and agreementa of thia Mortgage as if the ~ rider were a part hereof. + ; 7. Protection of Lender's Securtty. If Borrower fails to perform the aovenante and agreements contained in thie Mortgage, or if eny j action or p~roceeding is commenced which materially aftecte Lende~e intereet in the Property, including, but not limited to, eminent domain, ineolvenry, oode enforcemen~ or aasn8ements or proceedinea involving a banlcrupt or deoeden~ then Lender at Lender'e option.npon notice to Borrower may make auch appearanoes, diaburse such aums and talce such action as ia nec~essary to protect Lender'a interest, ` including, but not limited to, diabursement of reasoaable attorney'e feee and entry upon the Property to make repairs. If I.ender required mortgage insurence se a condition of malong the loan eecured by thie Mortgage. Borrower ehall psy the premiume required to maintain ~ auch insurance ia effect nntil such time as the requirement for euch iasurance terminates in accordence with Borrow~ e and Lende~e written agreement or applicable Iaw. Borrower eha11 pay the amount of all mortgage ineurance premiuma in the manner provided ander ' paregraph 2 hereoL { My amounts diebureed by Lender persuant to thia paragraph 7, with intereet thereon, ehall become additional indebtedneas of Borrower secnred by this Mortgage_ Unleee Borrower and Lender agree to other terma of payment, auch amounte ehell be payeble upon ~ aotice from I.ender to Borrower requesting payment thereof, and ahall bear interest from the date of diebnreement et the rate payable from ~ time to time on outetanding principal under the Note unlesa payment of interest at euch rate would be oontrary to applicable law, in which 3 event euch amounte ahall bear intereet at the highest rate pecmiaeible under epplicable law. Nothing contained in thie paregraph ahell a require Lender to incur any ezpenee or take any action hernunder. ~ 4 . i . . ; 3^CX ~VV .°a~f ~tl~ ~ . ~ . ~ _ ~ ~ ; _ ; ~ . ~ . , ~T ~.._.~.~.~,,.m~. _