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Home My WebLink About0379 liorrower a~d l.r~der covenAnt and agree us folluwe: 1. Paymeot of Nrincipal and Intcreat. 13om~wer ehall promptly puy when due the principal uf nnd intcrral on the indebtednrax evidenced by the Note, prepnyme~t and latechargea us pn~vidctii in the Note, and the pri~cipal of nnd iutemet un any Future Advancex secured hy thia Mortgage. 2. 61u?de for Ta:es and Ineurance. Subjecl tu applicuble luw or to a writtrn wuiver by lAnder, l~~rrower ahull puy tu l.endrr on the day moothly inatnllmenta o[ pri~cipal and interest ure payuble under the Note, until the Nute ia p:iid in full, i~ aum (herein "Funds") eyual to on.- twelfth otthe yearly tnxea nod iisaexemenW which may t?tti?in priority ove~ this Mortgnge, und gruund rentx un the I'ruperty, if uny, plus une twelfth of yearly premium ina/Hllmenta fur haz~ird inaur~nce, plux unNtwelRh of yeurly p~emium inat.illmrntx for murtKugc ine~uronm, if any, all an rectsonably eatimated initis~lly and from time to time by I.rnder un the btwia of iu+sexxmentx and billa:~nd ~easona~ble eatimidrs thereuf. The E1nda ahall be held in an institution ihe depoaite or accounta of which are insured or guaranteed by a Fede~a) or State agency (including l.ender i[ l~ender ie such an inetitution). l.ender ah~ll apply the h unde to pay said taxen, nseeaamente, inaurance premiuma and Kround renta. l.ender may not charge for so holding and applying the MLnds, analyzing eaid account, or verifying and compiling said rsaesaments and bilis, u~leae I.ender paya ~iorrower intemat on the Funds und applicable law permitez I.ender to make such a chzirge. Borruwer ..nd I.ender may agrre in w.iting at the time uf rxecutlon oi thia Mortgnge that intereat un thr Funda ehull br puid to Rurrower, and unleas ~uch agreement is made or applicable law requirea auch interest to be paid. I~ender shall not be required to pay Rurrower any intereat or enrnings o~ the Fl~nds. l.ender shall give to E3orrower, without charge, an nnnut+l accvuntinK of the Funda ehowing creditei and debit8 to the i~'unda and lhe purpose for which each debit to the M unda was mude. The F unda are pledged as udditionnl security for the auma secured by this Mortgage. !f the amount of the Funda held by I.ender, together with the future monthly installmentx of Funde pnyable prior to lhc due datea of taxes, nasesaments, insurance premiuma and g~und rents, ehall excxri the um~~unt nquired to poy aaid taxea, a~t?ea+~mente, inaurance premiuma and ground rents as they fall due, such exceaa ahall be, at l3oin?wer'a option, either promptly re{x~id to Borrower or credited to Burrower on monthly installmenta of F~nda. If lhe t?mount of the Funds held by I.ender ehall not be eufficient to pay taxea, uasesamenta, insurance premiume and ground rente as they fall due, Borrower ahAll pay to l.ender any amount necesa~ry to make up the deficiency within :i0 days from the date notice ia mailed by Ixnder to Borrower requeating payment thereof. Upon payment in full of all eums aecured by this Mortgage, i.ender shall promptly refund to 13orruwer any funds he~d by I.ender. If under paragraph 18 hereof the Property ia sold or the Property is otherwise acquired by I.ender, l.ender shaU npply, no later than immediately prior to the eale of the Property or ite acquisition by l.ender, any Mtinda held by [.ender at lhe time utnpplicution as a credit againat the auma secured by thie Mortgage. 3. Application of Peymente. Unlese applicable law provides otherwise, all paymenta receivcd by I.ender under the Note and pnragraphe 1 and 2 hereof ehaU be applied by [.ende~ fitet in payment of amounte payable fo I.ender by l3orrower under paragmph 2 hereof, then to interest payable on the Note, then to the principal of lhe Note, and then to intrrrst and principal un any Mutum Advancex. 4_ Charges; Liene. E3orrowerahall pay all laxea, assexxments und other chtirKc~+, fin~x a~nd imEx~sitiunx altributs?ble u~ the f'n~perty which m.?y attain a priority over this MortKage, and le.ixehold payments or ~~und renta, i[any, in the m.~nner provided under p:vagr:iph'L hereof or, if not paid in such manner, by Borra~wer making puyment, when due, directly to the payee therrof. l;urruwershtill prompUy furnish to Ixnder .ill noticea ot amounts due under thia pnruKr~ph, and in the event Eiorrower xhall make pa+yment dircrtly, Born,wer shull prumptiy fumish tu lxnder receipts evidencing such payments_ i3c~rrower shali prompUy discharKe any lirn which h.~a priority ~ver this MoHg.iKe; pruvided, that t~orrower shsll not be required to dischurge any such lien su long iu+ 1~?rn,wer xhnll a~rcr in writing tu the paymeM ~~f theubliKution xerunYl by yuch lien in a manner acceptable to Ixnder, or shall in K~wd f:~ith rnntest such lien by, ordefend enfi~rcement ~?f such lirn in, l~~.il pruc~ti~clinKs which operate !.o prevent lhe enforcement oC the lien or forfeiture of the 1'roperty or any part therer~f. . 5. Hazard Ineurance. F3orrower ahall keep the improvementei now existing or hemafter erected on the !'roperly inaund uKninst loss by fire, hazarda included within the term "extended coverage," and euch other hau~rde ae [.ender may require and in xuch amuunta and for such periods as Lender may require; provided, that l.ender ehall not require such rnverage amount exceeding the minimum, as may be mquired by ytate or federal mgulations guveming activitiee of l.ender, or that amount of coverAge required to pay the aums aecured by thia MortKage, whichever ia the greater. The insurance carrier providinK the insuranc~ shall iK chi~.4rn by Borrower subject to appr~val t~y la~nder, provid~~c1, that such :~ppruv.il shall not be unrea~sunt~bly withheld_ All pmmiums on insur.~nce {x~licit~ shaU be paid in the m.ynn~~r pnn id~Y) under par.~Kr:~ph 2 h~•rer?f ur, if not paid in such manner, by &~rruwer making payment, when due, directl~ tu the in~uranre carrier. All inaurance policies and renewala thereof ahall be in form acceptable to Ixnder and shall include a e~tand~rd mort~age clau.ge in fuvur of and in form acceptable to Icnder. [.enderahall have the right to hold the policiea and renewals thereof, and E~rrov?er ahall promptly furniRh to i,ender all renewal noticee and all receipta uf paid pmmiuma. In the event of loss, ltorruwer shall give prompt notice to the insurance carrier and I.ender_ I.ender may make prout of loas if not made promptly by Borrower. ! Unleae i.ender and Borrower otherwiee agree in writing, inaurance procet~da ahall be applied to restoration or repair of the !'roperty ; d~~maged, provided such restoration or repair ie ea~nomicnlly feasible and the aecurity of this Mortqage is not thereby impaired_ If such ~ rratoration or repair ie not economically feasible or if the security ot this Mortgage would be impaired, the inaurance proceeda shall be applicd I j to the sums eecured by thie Mortgage, with the exceas, if any, paid to E3orrower. If the Property ie abandoned by Borrower, or if 13ormwer faila to reepond to I.ender within 30 days from the date notirn ia mailed by I.ender to 13orrower that the inaurnnce carrier oftera to aettle n claim for ~ ineurance benefite, [.ender is authorized to collect and apply the ineurance proceeda At I.ender_s option either to restoration or repuir of the ~ Property or the auma secured by this Mortgage. Unless I.ender and Borrower otherwise agree in writing, any auch application of pmceeda to principal ahall not extend or poatpone thedue d~te of the monihly inatallr??ente referred to in paragrapha I and 2 hereof or change the amount of auch inaLallmenta. If under paraRraph IR ~ hereof the Property ia acquired by I~ender, aU right, title and intereat of F3orrower in and tn any inaurance policiea and in and to the proceeda thereof resulting from damage to f'roperty prior to the sale or acquiaition ahall paes to l.ender to the extent of the auma secured by this ~ :~lortgaqe immediately prior to such sale or acquisition. ~ 6. Preservation and Maintenance of Property; Leaseholde; Condominume; Plenned Unit Uevelopments. E3orrower shall keep the Property in good repair and ehall not commit waete or permit impnirment or deterioration of the Propeirty and ehall comply with the pro~ieione of any lease if this Mortgage ie on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, FSorrower ahall perform xll of E3orrower's obligations under the declaration or covenanta creatinKor qoveming the condominium or planned unit development, the by-laws end regulationa of the condominium or planned unit development, and conetituent documents. If a ~ condominium or planned unit development rider ia executed by E3orrower and recorded t~~ether with thia Mortgage, the rnvenants and aKreement~? of nuch rider ahnll be incorporated intu and shuU nmend and aupplement the covenanttf and agreements of this Mortgs+Ke as if the ` rider were ~ part hereof. ~ Protection ot Lender's Security. If Borrower faile to per[orm the oovenante and agreemente contained in thie Mortgage, or if any ~ action or proceeding ie commenced which materially af(ecte I.ender'a interest in the Property, including, but not limited to, eminent domain, s ineolvency, oode enforcement, or arrangements or praceedinga involving a bankrupt or decedent, then Lender at Lender'e option,upon _ notice to Borrower may make euch appearancee, diaburee euch eume and take euch action ae ie neceeeary to protect Lender'e intereet, including, but not limited to, diebureement of reesonable attorney'e fees and entry upon the Property to make repaire. If Lender required mortgage inaurance as a condition of making the loan eecured by this Mortgage, Borrower ehall pay the premiume required to maintein - euch ineurance in effect until such time as the requirement for sach ineurance terminatee in accordance with Borrower'e and Lendei s ' written agreement or epplicable Law. Borrower ehall pay the amount of all morlgage ineurance premiume in the manner provided under ? paragraph 2 hereof. ~ Any amounte diebureed by l.ender pereuant to thie paragraph 7, with interest there~n, shell become additional indebtedneae af ~ Florrower eecured by thia Mortgage. Unleae Borrower and Lender agree to other terme of payment, euch amounte ehall be payable upon ~ notice from l.ender to Borrower requeeting payment thereof, and ehall bear interest frum the date of diebureement at the rate payable from ~ time to time on outetanding principal under the Note unlesa payment of intereet at auch rate would be contrary to applicable law, in which ry event such amounte ehall bear intereat at the higheat rate permisaible under applicable law. Nothinq contained in thie paragraph 7, ahall ~ require I.ender to incur any expense or take any action hereunder. ~ ~ ; ` ~09 ~ . . ~r''r ~ 379 ~ . ~ i ~j ~ . u. '~'V I i A z~"~ : ~ , ~