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Home My WebLink About0707 E3orrower and I.ender covenant and agree ae follaws: ' 1. Psyment of Principal and Interest. Borrower ehatl promptly p~y when due the principul of and interret un the indebtedneeis evidenced by the Nute, prepayment and latechargex aa provided in the Note, nnd the principa] uf and intereet on any Future Advnncea secured by this Mortgage. 2. F~tnds tor Ta:ea and lneurance. Subject to applicable law or to a written waiver by t.ender, Bom~wer ah~ill pi~y ta l.ender on the duy monthly installme~ts of principal and interest are puynble under the Note, until ihe Note ie paid in full, a aum Iherrin "M unde") equal to one twelfth of the yearly ttuces and asaesamente which may attuin priority uve~ thie Mortgx~e, and Kruund rrnl.e u~ the f'ruperly, if any, plus onr twelfth of yearly prnmium inatnllments for hazard inaurance, plus onetwelfth o[yearly premium inxtullments for mortgage inauru~ce, if any, all as reaaonably estimated initiaUy and from time to time by l.ender on the basia of naec~ments and billa and rcusoniible ~xtimutrei thereof. ~ The ~nds ehall be held in an inatitution the depoeits or accounts of which are inaured or guaranteed by a Federal or State uge~cy (including Lender if l.ender ia auch an inatitution). [.ender ehall apply the Funda to pay said taxee, aeaeasmenta, insurance premiuma and ground rnnte. Lender may not charge for eo holding and applying the ~nda, analyzing eaid account, or veri[ying and compiling eaid aasesaments and bille, unle,~s I.endei paye F3orrower interest o~ the F unds and applicable law permite l.ende~ to make such a charge. t3orruwer and I.e~der may agree in writing at the time of execution of this Mortgage that intereat on the F unds ahatl be paid to F3orrower, nnd unleae anch agreement is made or applicable law requirea auch interest to be paid, l~ender shall no? be required to pxy Borrower any intereat or earninge on the F~nds. l.ender ahall give to I3or~ower, without charge, an annuai accounting of the F unda ehowing credita nnd debite tu the Funda and the purpose [or which each debit to the F unda was made. The Funds are pledged as additional serurity for the sums aecureci by this Mortgage. If the amouot of the F~unda held by Lender, together with the future monthly instullmenta uf E~ unds paynble prior to the due datea of taxea, assesaments, inaurance premiuma and ground renta, shall exczed the amount required tu pay said tuxes, assessmenta, insurance premiuma and ground rente as they fall due, auch excesa shall be, at Borrower'8 option, either promptly repuid to I3orrower or credited to Borrower on monthly inetallments of hl~nda. If the amount of the Funda held by l.ender sh~il not be sufficient to pay taxes, ussessmenta, inaurance premiuma and ground rente ae they fall due, I3orrower ahall pay to I.ender any ami~unt necessary to make up the deficiency within 30 days fiom the date notice is maited by [.ender lo liormwer requeating pnyment therc~:f. Upon payment in ful! of aU aume aecured by this Mortgage, [.ender shall promptly refund to I3orrower any funda held by l.ender_ Itunder paragraph 18 hereof the Property is aold or the Properiy is otherwise aryuimd by I.ender, l.ender shall apply, no later than immediately prior to the sale of the Property or ita aoquisition by Lender, nny Funds held by I~ender at the time of applica?tion as A credit against the sums securrd by this Mortgage. 3. Application of Peyments. Unless applicable law provides otherwiae, all puyments received by I.ender under the Note and paragraphe 1 and 2 hereof ahall be applied by I.ender firnt in payment of amounts payable to I.ender by Bonower under paragraph 'l hereof, then to intereat payable on the Note, then to the principal of the Note, and then to interest and principai on any Future Advances. 4. Charges; Irena. Borrower shall pay all taxes, assessments and other charges, fines and impositions uttributable tu the 1'roperty which may attain a priority over this Mortgage, and leasehold payments or ground renls, if any, in the manner pro~ ided under para~aph `L hrreof or, it not paid in such manner, by Borrower makinq pnyment, when due, dircctly to the pnyee thereof. Rorn,wer shail promptly furnish to 1.~ nder al! notices of amounta due under thia paragraph, and in the event Borrower shall make payment directly. Rorn~wer shnll prumptl~ furnish to l,ender receipts evidencing auch paymenta. Borrower shall promptly discharqe a~ny lien which has priority over this MortKxKe; providecl, that - I~rrower shall not be required to discharge any such lien so long as E3orrower shall agree in writinK to the pa~•ment uf theoblik~?tion securE~ by such lien in a manner acceptable to I.ender, orshall in Qood faith contest such lien by, or defend enfimement of:;uch lien in, Ic*:~1 pr~xr~~c~inKti which operate to prevent the entorcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard Insurance. Borrower shall keep the improvements now existing or hereafter erected on thr f'roperty insur~l aguinst loss by fire, hazards included within the term "extended coverage," and such other hazards as I.ender may require xnd in such amounts nnd for such periods as L.ender may require; provided, that [.ender eha11 not require such rnverage amount exceeding the minimum, as may be required by state or federal regulations governing activities of Lender, or that amount of coverage required to pay the sums secured by this Mortgage, whichever is the greater. 'I'he insurance carrier providing the insurance shall be chosen by Borrower subject t{, approval by l.ender; pm~~idecl, thut such appruval shall not be unreasonably withheld. All premiums on insurance pulicies shall be paid in thr manner pnn•idi~ei under paraKr.iph 2 hf~nr~f ur, if not paid in such manner, b} f3orrower making payment, when due, directh• to the insurance carrier. All inaurance policies and rnnewala thereof ahall be in form acceptable to I.ender and shall include a standard mort~xge clause in favorof and in form acceptable to l,ender. Lenderahall have the right to hold the policies and cenewals thereof, and Born,wer shall promptly turnish to i.ender all renewal noticea and all receipts of paid pmmiuma. In the event of loss, I3orrower shall give prompt notice to the insumnce camer and Lender. Lender may make proof of loas if not made pmmptly by Borrower. ~ Unleas Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or rnpair of the Property damaged, provided such reatoration or repair ia economically feasible and the security of this Mortgage is not thereby impaired. If such i restoration or repair is not economically feasible or if the security of thia Mortgage would be impaired, the insurance proceeds shall be applied ; to the auma secured by thie Mortgage, with the excesa, if any, paid to Borrower. If the Property ie abandoned by E3orrower, or if E3orrower faila to reapond to Lender within 30 daya from the date notice is mailed by Lender to E3orrower that the insurance carrier ofTera to settle a claim for j inaurance benefifs, Lender is authorized to collect and apply the inaurance proceeds at Lender s option either to restoration or repair of the ~ Property or the aums aecured by thia Mortgage. Unlesa I.ender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly inatallmenta referred to in paragraphs 1 and 2 hereof or change the amount of auch inatallments. If under paragraph lA hereof the Property ia acquired by Lender, all right, title and interest of Borrower in and to any insurance policiea and in and to the proceeda thereof reaulting from damage to Property prior to the sale or aoquiaition shall pasa to L,ender to the extent of the auma secured by this Mortgage immediately prior to euch eale or aoquiaition. 6. Preservation and Maintenance of Property; Leseeholda; Condominume; Planned Unit Developments. Borrower shall keep the Property in good repair and ahall not commit waete or permit impairment or deterioration of the Property and shall comply with the E~roviaions of any lease if thie Mortgage ia on a leaeehold_ If thie Morigage is on a unit in a condominium or a planned unit development, Rorrower ahall pertorm all of Borrower's obligationa under the declaration or covenants creatingor governinq the condominium or planned unit development, the by-lawa and regulations of the condominium or planned unit development, and conatituent documente. If a condominium or planned unit development rider ia e:ecuted by Borrower and recorded together with this Mortgage, the oovenante and <~greements of Kuch rider ahall be incorporated into and shall amend and supplement the covenants and agreementa of this Mortgaqe as if the rider were a part hereof. ~ 7. Protection of Lender'8 3ecurity. If Barrower fails to prrform the oovenante and agreementa contained in this Mortgage, or if any ~ action or proceeding ia rommenced which materially effecte Lender'e intereet in the Property, including, but not limited to, eminent domain, q insolvency, oode enforcement, or arrangemente or proceedinge involving e bankrupt or decedent, then I.ender at Lendei e option,upon notice to Borrower mey meke auch appearance9, diaburse such aume and take auch action ae ie neceesary to protect Lender's intereet, r including, but not limited to, diebureement of reaeonable attorney e feee and entry upon the Property to mtilce repaira. If Lender required ~ mortgage inaurance ae a condition of making the loan aecured by thia Mortgage, Borrower shal! pay the premiume reqaired to maintain euch insurance in effect until ench time se the requirement for auch inaurance terminates in accordance with Borrowei s and L.endei e ~ written egreement or applicable I.ew. Borrower ahall pay the amount of all mortgage inaurance premiume in the manner provided under ; paregraph 2 hereof. ~ My amounte disburaed by L,ender perauant to thie paragraph with intereat thereon, shall beoome additional indebtedneae of - Borrower eecared by thia Mortgage_ Unleee Borrower and Lender agree to other terms of payment, euch amounte shall be payable upon ~ notice from Lender to Borrower requeeting payment thereof, and ahall bear intereat from the date of diaburaement at the rate peyable from ~ time to time on outetanding principal under the Note unlean payment of ~interest at such rate would be rnntrary to applicable law, in which event such amounte ahall bear intereat at the higheet rate permiaeible under applicable law. Nothing containe.-~ in thie paregraph 7, ahall ~ require Lender to incur any expense or take any action hereunder. ~ ~ a 3QCr ~1V~ ?ACE ~~7 ~ ~ ~ - ~ - - ~ ~ _ ~ ti~, 3 k . a~,.~