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Home My WebLink About0711 Horrowe~ und l.ende~ covenant and ~gree as follows: 1. Payment of Principal and Intereet. Rorrc?we~ shull promptly puy when due the principal ~~f t+nd interrat on the indebtedneas evidenced by the Note, prepayment and late charKes ae pruvided in the Nute, and the principal of and inte~8t on any F~ture Advxncea eecured by thie Mortgage. 2. ~nds tor Ta:es and Insurance. Subject to applicuble law or to a written waiver by l.ender, t~rmwer ahaill pay td I.ender on the dey monthly i~atallments u[ principal and interest are puyxble under Ihe Nute, until the Note is pxid in full, a sum Ihr~ein "Funda") eyual to un~ twelfth of the yearly taxea und usaessmentt~ which may nttuin priority over thia MortguEte, und gruund rentx un the 1'n?periy, if any, plus onr twelRh of yearly premium installments for hazard i~isu~ance, plua onetwrlfth of yearly premium installmrnta fu~ mortK~?ge insuram~e, if any, all aa rea~?nably estimated initially and from time to tirne by l.ende~ on the bae~is uf :~.waesxments and bills and reasont~ble estimatrx ihereof. The Funds ehall be held in a~ institution the depoaita or accounte of which are insured or guaranteed by a Federal or State aKency . (including I.ender i[ Lender is auch an inatitution). l.ender shall apply the Fuods to puy suid taxre, astseui+meota, inaurance premiuma nnd ground rente. I.ende~ may not charge for eo holding and applying the Funda, analyzing sxid a~r~unt, or verifying and compiling auid xeseeame~ts and bills, unless l.ender paya BoROwe~ intereat on the Funds and applicuble law ~rmite I.ende~ to make such a charge. Borruwer and I.ender may agree in writing at the time of executiun o[ lhia MoRgaKe that intereat on the F unde shul! be paid to t;orn~wer, and unlrss such agreement ia made or apglicable lew requirea such intereat to be paid, I.ender ehall not be required to pay f3orrower any intereat or earnings on the ~nde. Lender shall give to E3orrower, without charge, an annual accounling of the Funde showing creditx and debits to the Funds and the purpose for which each debit to the F unds wua made. The F unda am pledged as additional security for theaums aecured by this 1ltortgage. If thp amount of the Funds held by l.ender, together wilh the tuture month ly instaUmentx uf Funds payable prior to the due datea utti?xes, asaessmente, insurance premiums and ground rents, ahaU ex~ed the nmount requind to pay said taxes, assesaments, insurarn~e premiuma and ~ound renta aa lhey fall due, such excess ahall be, at f3o~n?wer's aption, either promptly repaid to E3orruwer ar crediled to 8orrower on monthly inetallmenta of Funds. if the amount of the Funde held by Ixnder shall not be aufficient to pay txxes, naseasments, insurance premiums and ground renta as they fall due, t3orrower shall pxy to l.ender any amuunt necessary to make up the deficiency within 30 days fmm the date notice is mailed by I.endec to E3orrower reyuesting pi~yment thenr~f. Upon payment in fuU of all aums secured by lhis Mortgage, l~ender ahaU prompdy refund to iiorrower nny funds held by t.ender. If under paragraph 18 hereof the Property ie sold or the I'roperty is otherwise acquired by l.ender, l.ender shnll i~pply, no later than immediately prior to the sale of the Property or ite acquiaition by Lender, any Funds held b~• l.ender at the time of application as ~?creefit ~gainst the sums secured by this Mortgage. 3. Applieation of Paymente. Unleas applicable law provides otherwise, a11 payments received by I.ender under the Note and paragraphe 1 and 2 hereof ahall be applied by [,ender f rat in payment of amuunta payable to l~c nder by E3orrov?•er under paragraph 'l hereof, then to intereat payable on the Note. then to the principal of the Note, ~nd then to interesl and principal on any Future Advances. 4. Chargee: Liene. Borrower shall pay all taxea, assessments and other chxrges, fines xnd ~mpositions attrihutable tu the Pruperty w~hich may attain a priority over this Mortgage, and lea.gehold payments or gmund rents, if ~n~~, in the manner pruvidc~cl under paraKruph 'l hcreof or, if not paid in auch manner, by Borrower making payment, when due, directly to the payce thertrd liorn~wer,hall prumptly furnish to 1 A~nder :ill notices of amounts due under this paragraph, and in the event f3orrower shxll make paymPnt direcUv, BorniNer shall prumpUy furnish !o I.ender receipts evidencing such paymenta. f3c?rrov~er shnll prompdy dischnrRe any lien which h.~s priurity u~•er this MnrtKage; pn?vidrel, that Itnrrower shall not be required to discharyte any such lien so long as Borrower ahall agree in writinK to the payment uf theuhliKation securecl by such lien in a manner acceptable to I.ender, or xhall in ~ood faith contest such lien by, or defend enfonrment of such lic•n in, leK.~l pr~~~cdinKs w•hich operate to prevent the enforcement of the lien or forfeiture of the I'roperty or any part thereuf. 5. Hazard Insurance. Borrower shall keep the impmvementa now existing or hereafter erected on thr 1'roperty insured against luss by fire, hazarde included within the term "extended coverage; ' and such other hazards as Lender may require and in such amounts and for auch periods as l.ender may require; provided, that I.ender shall not require such coverage amount exceeding the minimum, :?s may be required by state or federal regulations governing activitiea of I.ender, or that amount of coverage required to pay the sums secured by this Aiort~age. whichever is the greater. The insurance carrier providinq the insuranc~e shall be chosen by Borruwer subject to appro~~al by 1 a•ndt•r: pnn•idcd, th:rt such .ippn~val shall not be unreasonably withheld. All premiums on insurance {x~licies shall be p.~id in the manner pmviderf under ~~arakraph'L her~~~f or, if not paid in such manner, by F3orrower making p~yment. when due, directly to the insurance rarrier. All insurance policies and rnnewals thereof ahall be in form accaptable to l.ender and shall include a standanl murtgaKe clause in favor of and in form accepteble to I,ender. Lendershall have the right to hold the policies and renewals thereof, and Borrower shxll prompd,y furnixh to ?ender all renewal noticea and all receipts of paid premiums. In the event of los8, E3orruwer ahall gi~e prompt notice tn the insuranre camer ~nd Lender. Lender may make proof of loss if not made pmmptly by Borrower. Unless Lender and Bonower otherwise agree in writing, inaurance proceeds ahall be applied to restoration or repair of the Property damaged, provided auch restoration or repair ia economicaUy feasible and the security of this Mortgage is nut thereby impaired. If such , rrstoration or rnpair is not economically feasible or if the security of thia Mortgage would be impaired, the insurance proceecls shall be apFlied to the sums secured by this Mortgage, with the exceas, it any, paid to E3orrower. if the Property is abandoned by Borrower, or if E3orrower fails to respond to Lender within 30 days from the date notice is mailed by Lender to Borrower that the insurance carrier offera to settle a claim for ~F insurance benefits, l.ender ie authorized to collect and apply the insurance proceeda at Lender s option either to restoration or repair of the ~ Yroperty or the suma eecured by thie Mortgage_ Clnleas I.ender and Borrower otherwiae agree in writing, any auch application of pra.~eeds to principal ahall not extend or postpone the due ~ date of the monthly inetallments referred to in paragrapha 1 and 2 hereof or change the amount of auch installments. If under paragraph 1K ~ hereof the Property ie acquired by Lender, all right, title and interest of Borrower in and to any inaurance policiea and in and to the proceeda " thereof resulting from damage to Property prior to the sale or acquieition shail pasa to Lender to the extent of the sums secured by this 4iortgage immediately prior to such sale or aoquiaition. 6. Preservation and Maintenance of Property; Leaseholde; Condominums; Planned Unit Developmente. Borrower shall keep the Property in good repair and shall not commit waste or permit impairment or deterioration of the Property and shall comply with the provisions of any lease if this Mortgage is on a leasehold. If this Mortgage is on a unit in a condominium or a planned unit development, Rorrower ahall pertorm all of Fiorrower's obligations under the declaration or covenants creatinKor qoverning the condominium or planned unit development, the by-laws and regulations of the condominium or planned unit development, and constituent documents. If a condominium or planned unit development rider is executed by Borrower and recorded together with this Mortgage, the oovenanta and ~ .iqreements of such rider shall be incorpurated into and shall amend and supplement the covenants and agreemente otthis Mortgage as if the rider were a part hereof. ~ 7. Pcotection of Lender'8 3ecurity. If Borrower taile to perform the oovenante and agreemente contained in thie Mortgage, or if any ~ aMion or proceeding is commenced which materially affecfe Lender'e intereat in the Property, including, but not limited to, eminent domain, ~ ineolvency, oode enforcement, or arrangementa or proceedings involving a bankrupt or decedent, then L.ender at Lender'e option,npon notice to Borrower may make euch eppearancee, dieburee euch sams and take auch action se ie neceeeary to protect Lendei s interest, ~ including, but not limited to, diebureement of reaeonable attorney a fees and entry upon the Property to make repaire. If Lender required ? mortgage ineurance aa a condition ot meking the loan secured by thie Mortgage, Borrowet ehall pay the premiums required to maintain ~ auch ineurance in effect until such time aa the requirnment for auch inaurance terminatee in accordance with E3orrower'e and Lender'e ~ written agreement or applicable Law. Borrower ahall pay the amount of aU mortgage insurance premiume in the manner provided under ~ paragraph 2 hereof. ~ My amounte diebureed by I.ender pereuant to thia paragraph 7, with intereat thereon, ahall become additional indebtedneae ot ~ E3orrower aecured by this Mortgage. Unleae Borrower and [.ender agree to other terme of payment, such amounte ehall be payable upon ~ notice from Lender to Borrower requeeting payment thereof, and ahall bear interest from the date of disbureement at the rate payable from ~ time to time on outetanding principal under the Note unleae payment of intereat at auch rate would be rnntrary to applicable lew, in which event auch amounts ahall bear intereet at the highest rate permisaible under applicable law. Nothing contained in thie paragraph 7, ehall ~ require l.ender to incur any expenxe or take any action hereunder. ~ f ~ ?OQr 3U9 PACE / 1~ . ~ - _ . - ~ - = ~ v~ - ~y~ s