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Home My WebLink About0404 t3urrower and Icnder covenant and e~g~ee ae fullows: l. Payment ot !'cincipal and t~tereat. 13orrower ehall promptly puy when due the principxl of and interrat on the indebtecl~rrie evidenced by the Note, prepayment and latechnrgea ae pYc~vided in the Note, and the principal uf and intereet on any h'uture rldvunces secured by this Mortgage. 2. E`unde [or Tases a~d Ineurance. Subjecl to upplicable liiw ur k~ a wrille~ waiver by l.ende~, t~rn,we~ e~h:~ll pay to l.ender on the day monthly inatallments o! principal And interrst ure puyublr under the Note, until the Nutr iri puid in full, u xum (herrin "F unda") eyun) to une~ twelRh otthe yearly taxes u~d usse~xmenta which may nttuin priority uver this MortRn~;e, nnd Kround rentx on lhe E'roperty, if uny, plus one twelRh of yearly premium inatullmenis for hazard insurance, plus onetwrlfth ofyearly premium inst:~llmenl.9 for mortgi~ge insurunce; if any, aU as reateonably eatimated initially and from time to time by I.ender on the bnsie of nssessments und bills and reusoni?ble estimutex thereof. The Fl~nde ahall be held in an institutio~ the deposite or accou~ta of which ,pre inaure~d or guaranteed by a Federal or State agency (including l.ender it l.ender ie auch an inslitution). l.ender ahAll apply the Funda to pay eaid taxes, aaseeusmrnte, inaurance premiums and ground renta. I.ender may not charge for eo holding and applying the Funda, analyzing said pcccwnt, or veri[ying and compiling said aeaeasmente and biUs, unleaa Lender peys Born~wer intereat on the F unda and applicable law permits l.ender to make auch a charge. Borrower and [.ender may agree in writing at the time of execution oC this Mortgage that intereat on the Funda shall be paid to Borrower, and unlesa such agreement ie made or applicable law requirea auch intereat te be paid, l.ender ehall not be required to pay fiormwer any inte~eat or earnings a~ the ~nds. l.ender shall give to Borrower, without charge, an annuul accounting of the Funde ahowing credite i?~d debitx to the Funda and the purpoee for which each debit to the Funds was made. The Funda nre pledged as additio~al aecurity !or the sums secured by this Mortga~ce. If the amount of the F~nde held by l.ender, together with the future monthly instalimenls of Funds payt~ble prior to the due dates of taxes, asseasments, inaurance premiuma and ground renta, shall excred the amuunt required to pay said taxee, uaseusments, insurancc premiums and ground rnnte as they tall due, auch excese ahail be, at E3orrower'a option, eilher promptly repaid to f3orrower or credited to Borroweron monthly installmente of Funde. If the amount of the Funda held by I.ender ahal! not be auffcient to pay taxes, assesuments, inaurance premiuma and ground renta aa they [all due, E3orrower shall pay to I.ender any amount necessary tu make up the deficiency within 30 days from the date notice ia mailed by l.ender to E3orrower requexting paymrnt thereof. Upon payment in full of all sums eecured by this Mortgage, l.ender ahaU promptly refund to E3orrower any funds held by I.ender. If under paragraph 18 hereof the Property is sold or the Yroperty is otherwiae acquired by I.ender, l.ender ehpll s~pply, no later than immediately prior to the eale of the Property or ita acquisition by Ix~der, any Funda held by l.ender at the time of application aa a credit against the suma secured by thiB Morfgege. 3. Application ot Paymente. Unleea applicable law provides otherwise, all payments received by I.ender under the Note pnd paragraphe 1 and 2 hereof ahall be applied by Lender firat in payment of amounts payable to I.enJer by f3orrower under p~ragraph 2 hereof, then to intereat payable on the Note, then to the principal ot the Note, and then to interest and principal on any F uture Advances_ 4. Charges; Liene. Borrowershall pay all taxes, assessments and other charges, fines and im~x?sitions attributable to the Yroperty which may attain a priurity over this Morlgage, and lea.gehold payments or ground rnnts, if any, in the manner provided under pt?ruKraph'L hereofor, if not paid in such manner, by Borrower making payment, when due, directly to the p~yee thereof.l3orn,wershall promptly furnish to Ixnder alt notices of amuunts due under this paragraph, and in the event Borrower shal) make payment Jirectly, BorruM er shall promptlv furnish u, (.ender receipts evidencing such payments. }3orrvwer shall promptly disch:~rRe any lien which has priority over this MortK.~Re; pmvided, that Borrower shall not be required to discharge pny such lien so long a4 Rorrower sh:?ll agree in writing to the paymenl of the ubliKation secured by such lien in a ms~nner acceptzible to I.ender, orshall in good faith n?ntest such lien by, ordefend entorcement ufsurh lien in, leKal prcx~etdinKs which opcrate to prevent the enforcement of the lien or forfeiture of the Property or any part thercr~f. 5. Hazard Insurance. E3orrower ahall keep the improvements now existing or hernafter erected on the I'roperty insured against loss by fire, hazarda included within the term "extended coverage," and auch other hazards as Lender may require and in such nmounts and forsuch periods as Lender may requirn; provided, that l.ender ahall not require such coverage amount exceedinq the minimum, as may be required by etate or federal regulatione governing activities ot l.ender, or that amount otcoveraqe required to pay the sums secured by :nis Mortgage, whichever is the greater. The insurance carrier providing the insur~nce shall be chusen by Korruwer subject to appro~•al by I xnder, provided, th.:t tiuch aippruval shall not be unreasonably withheid. All premiums un insurance p~lici~ shall be paid in the manner pnrvided under paraKraph `L herc~~f or, if not paid in such manner, by Eiorrower mxkinq payment, when due, directly tu the insurance carrier. All insurance policiea and renewala thereof ahall be in form acceptable to l.ender and shaU include a standard mortgage claueTe in favor of s~nd in form acceptable to Ixnder. l.endershall have the riRht to hold the policies and renewala thereof, and Borrowershall promptly turnish to i.ender all renewal notices and all receipte of paid premiuma. In the event of loss, Borruwer shal! Ecive prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly by I3orrower. 'i Unlesa Lender and Borrower otherwise agree in writinq, insurance proceeds shall be applied to reatoration or repair of the Property damaged, provided such restoration or repair ia economically feasible and the security of this Mortgage is not thereby impaired. If such restoration or repair is not economica?ly feaaible or if the security of this Mortgage would be impaired, the insurance proceeds shall be applied ; eo the sume secured by this Mortqage, with the excesa, if any, paid to Borrower. I[the Property is abandoned by E3orrower, or if Rorrower fails to ` reapond to I.ender within 30 days from the date notice ia mailed by I.ender to E3~rrower that the insurance carrier offers to settle a daim for ~ insurance benefita, Lender is authorized tt? collect and apply the insurance pruceeda at I.ender'a option either to restoration or rnpair of the I f'roperty or the sums aecured by this MoriKaKe• ~ Unleas Lender and E3orrower otherwise agree in writing, any auch application of proceeda to principal shall not extend or postpone thedue ~ date of the monthly inatallmentg refened to in paragraphs 1 and 2 hereof or change the amount of such installments. If under paragraph iR ~ hereof lhe Property ia acquired by I.ender, all riqht, tide and intereat of E3orrower in and to any inaurance policees and in and to the proceeds ~ thereof reaulting from damage to Property prior to the sale or acquisition shall pass to l.ender to the extent of the sums secured by this ~ Mortgage immediately prior to auch sale or acquiaition. ~ 6. Preeervation and Maintenanceof Property; Leaseholda;Condominums; Planned Unit Developments. Borrowerahall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and ahall comply w-ith the ~ proviaiona of any leaae if thia Mortgage is on a leasehold. If this Mortgage is on a unit in a rnndominium or a planned unit development, Bortower ahall perform all of Borrower'e obligations under the declaration or covenants creatinKor governing the condominium or planned ` unit development, the by-laws and regulatione o[ the condominium or planned unit development, and rnnstituent documenta. If a ~ condominium or planned unit development rider ia executed by I3orrower and recorded together with thia Mortgage, the rnvenante and ~ agreements of such rider shall be incorporated into and xhall amend and supplement the covenanta and agreements of this Mortgage as if the rider were a part hereof. ~ 7. Protection of Lender'e Security. If $orrower faila to perform the oovenants end agreemenfa rnntained in this Mortgege, or if sny ~ action or proceeding ie commenced which materially affectt~ Lender'a intereat in the Property, including, but not limited to, eminent domain, ~ ineolvency, oode enforcement, or arrangemente or pcoceedings involving a banlwpt or decedent, then I.ender at Lendei e option,upon notice to Borrower may make auch appearancee, dieburee euch sume and take ench aMion se is neceeeary to protect Lender's intereet, including, but not limited to, dieburaement of reseonable attomey's feee and entry upon the Property to make repaire. If Lender required _ mortgage ineurance ae a condition of making the loan eecured by thie Mortgage, Borrower shall pay the premiume required to maintain ; euch ineurance in effect until such time ae the requirement for euch insurance terminates in accordance with Borrower'e and [.ender's ' written agreement or applicable Law. Borrower ehall pay the amount of all mortgage inaurance premiuma in the manner provided under paragraph 2 hereof. ~ Any amounta diebureed by Lender perauant to thie paragraph 7, with interest thereon, ahall becrome additional indebtedneae of , E3orrower eecured by thie Mortgage. Unleas Borrower and Lender agree to other terma ot payment, euch amounts ehall be payable upon ~ notice from Lender to Borrower requeeting payment thereof, and ehall bear intereet from the date of diebursement at the rate payable from ~ time to time on outatanding principal under the Note unleea payment of intereet at euch rate would be rnntrary to applicable law, in which ` event euch amounte ehall bear intereat at the higheet rate pertnisaible under applicable law. Nothing contained in thie paragraph 7, shall ~ require Lender to incur any expenee or take any action hereunder. ~ ~ ~ ~Uy a~; . ~ 404 ~ . ~ ~ ~ ' ~ 3~ ~ : ~ a - ~ ; . . ° ~