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Home My WebLink About1009 t3urrvwer nnd l.ender covenunt and agrer ua [olluwa: 1. Payment of f'rineipel and Intereat. I3orrowrr shnll prc:mptiy pay ~vhen due the principal of nnd intereat un thr indrtitctilness evide~ced by the Note, prepayment and late chargea t?a p~vided in the Note, und the pnncipul ot und interest on any M uture Advanrrx secured by thia Mortgage. , 2. ~ds forTaues and Insucnr~ce. Subject to upplicnble law or lo a written wui~~er by I.~•nder,l3urruwerxhull puy tulA nderon Ihe day monthly inslallmenta of principal und inte~eat are puyable under the Note, until ihe Nute ie pnid in full, a sum (herein "h unds") equal tu une twelRh ot the yearly tnxes And assest+menta which may utluin priority ove~ thia Mortgnge, und gruund reots on the Property, if any, plus onN twelfth of yearly premium installmenta tor hnzArd insurance, pluaunrlwelfth ofyeu~ly premium inxtullments fur murtgugr insu~unce, if any, all as reasonAbly eatimated i~itially und from lime to tirne by I.ender on the baxis of ~xses~rne~tx and hills and reasont~ble estimatex thercot. The Ftinde ahall be held in an inetitution the depoaits or accounts of which are i~au~ed or guarunteed by a Federal or State agency (including l.ender if l.ender ie such an inatitution). l.ender ahaU apply the Funda to pay eaid tuxea, usseaxmenta, insurance premiums and ground rents. I.ender may not charge tor eo holding und applying the Funda, unalyzing ae~id uccount, or verifying and cumpiling said asaeasmenta and bills, unleas I.ender paya Borrower interest on the Funda and applicable law permita I.ender lo make auch n charge. tiorrower and I.ende~ may agree in writing at the time of execution of this Mortgage that intereat on the Funda shaU be paid to Borrower, und unleas euch agreement ia made or applicable law requirea such intereat b be paid, l.ender ahall not be required to pay Borruwer uny interest or earnings on the ~nda. l.ender shall give to Borrowe~, without cha~ge, an annual accounting of the H unds showing c?~iita and debits to the Funde and the purpose for which each debit to the F'unds wus made. 7'he F unds are pledg~d as udditional security [orthe aums eiecured by thi~ Mortgage. If the amount of the N~nda held by l.ender, togethe~ with the future monthly installments of N unds puyt~ble priur to the due datea uf taxea, assesamenta, inaurance premiums und ground rents, shaU excred the amuunt required to pay said taxes, asser~menla, insurance prnmiums and ground renta as they" fall due, auch exceas ahall be, at Borruwer's option, either promptty repaid to ~rrower or credited to Borrower on monthly inatallments of Funda. If the amount of the Funds held by I.ender ahall not be suffcient to pay taxea, assexsments, insurance premiums and ground rents as they fall due, F3orrower shall pay to l.ende~ any amount necessary to make up the deficiency w~ithin 30 days from the date notice ia mailed by l.ender to F3orrower reyuesting payment thereof. Upon payment in full of all suma eecured by this Mortgage, Ixnder shall promptly refund to ~rrower any funds heid by I.ender. If under paragraph 18 hereof the Property is sold or the I'roperty is otherwiae acquired by I.ender, Lender shali apply, no later than immediately prior to the sale of the Nroperty or its acquisition by l~ender, any Funds held by l.ender nt the time of applict~tion as a credit against the sums secured by thie Mortgage. 3. Application of Paymente. Unleae applicable law provides otherwise, all payments received by I.ender under the Note und paragrapha 1 and 2 hereof ahall be applied by Leader firxt in payment of amounts payable to I.ender by Borrower under paragraph 2 hereof, then to intereat payable on the Note, then to the principal of the Note, And then to interest and principal on nny Future Advances. 4. Chargee; Liena. Borrower shall pay all taxes, assessments and othercharges, fines nnd impositions attributable to the Pmperty «hich may attain a priority over this Mortgage, and leasehold payments or gmund rnnts, itany, in the manner provided under pnraRr:~ph'L hereof or, if not paid in such manner, by E3orrower making payment, when due, directly to the payee there~f. Rorrower shall prompdy furnish to I.ender all notices of amounts due under this paragraph, and in the event E3orrower shall mxke payment direcdy, Korrr~wer shall promptly furnish to l.ender receipts evidencing such paymenfs. E3orrower shall promptly discharge any lien which has priorit~ u~~er this MortKage; pmvideci, tha~t Borrower sh~ll not be required to discharge any such lien so long as Borrower shall aKree in writinK to the paymenl uf theubligation secured by such lien in a manner acceptable to Ixnder, or shall in Qood faith contest such lien by, ordefend enfonrment of such iien in, lekai pn?ce~dinKs which operate to prevent the enforcement of the lien or forfeiture of the F'roperty or any part thereof. 5_ Hazard Insurance. Borrower shali keep the improvements now exiating or hereafter erected on the Property insured against toss by fire, hazards included within the term "extended coverage," and ~uch other hazards as I.ender may require and in such amounts And for such periods as L.ender may require; provided, that I.ender shall not require such coverage amount exceeding the minimum, as may be required by state or federal regulationa governing activitiea of Lender, or that amount of coverage required to pay the aums secured by this llloitKage, whichever is the greater_ The insurance carrier providing the insurance shall be chosen by Borrower subject to approvat by I.endt•r; pru~~idtd, that such approeal shall not be unreasonably withheld. Ail pmmiums on insurance pr,licies shall be paid in the manner prrn•id~d under par.iKraph 'L ht•re~?f or, if not paid in such manner, by E3orrower making payment, when due, directly to the insurance camer. All insurance policies and renewala thereof ahall be in form acceptable to [.ender and shall include a standard mortgage clause in favor of and in form acceptable tv Lender. [~ender shall have the right to hold the policies and renewals thereof, and E3orrower shall promptly furnish to iznder all renewal noticea and all receipts of paid premiums. In the event of loss, Borruwer shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made pmmptly by Borrower_ lfnless Lender and $orrower otherwise agree in writing, inaurance proceeda ahall be applied to restoration or repair of the Property ; damaged, provided such restoration or repair is economically feaeible and the security of this Mortgage is not thereby impaired. If such i reatoration or repair is not economically feasibte or if the security of this Mortgage would be impaired, the inaurance proceeds shal! be applicd to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or if Rorrower fails to ` respond to I.ender within 30 daya from the date notice ia mailed by I.ender to Borrower that the insurance camer offers to settle a claim for insurance benefits, Lender is authorized to collect and apply the insurance proceeds at I.ender's option either to restoration or repair of the ~ Property or the sume secured by this Mortgage. ~ Unless Lender and E3orrower otherwise agree in writing, any auch application of proceeds to principal shall not eatend or postpone thedue date of the monthly inatallmenta rnferred to in paragraphs i and 2 hereof or change the amount of such instaliments. If under paraqraph 1R 3 hereof the Property ia acquired by Lender, all rig6t, tide and interest of Borrower in and to any insurance policies and in and to the proceeds ~ thereof resulting from damage to Property prior to the sale or acquisition ahall paea to [,ender to the extent of the suma secured by this ~ Mortgage immediately prior to auch sale or aoquieition. 6. Preeervation and Maintenance otProperty; Leaseholde; Condominuma; Planned Unit Developmente. Borrower ahall keep ~ the Property in good repair and ahall not commit waste or permit impairment or deterioration of the Property and shall comply with the ~ proviaions 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, F3orrower shall perform all of E3orrower a obligations under the declaration or covenants creatingor goveming the condominium or planned ~ unit development, the by-laws and regulaliona of the condominium or planned unit development, and constituent documenta. If a ~ condominium or planned unit development rider is executed by Borrower and recorded together with thia Mortgage, the covenants and ~ a~reements of such rider shall be incorporated into and shall amend and supplement the covenants and agreementa of this Morigage as if the rider were a part hereof. ~ 7. Protection o! I,ender'e 3ecurity. If Borrower faila to perform the o~venante and agreemente contained in thie Mortgage, or if any ' action or proceeding is commenced which materially affecte I.endei s intereet in the Ptoperty, including, but not limited to, eminent domain, ~ ineolvency, oode enforcement, or arrangemente or proceedings involving a baniwpt or decedent, then Lender at Lender'e option,upon ~ notice to Borrower may make euch appearancea, diehurae euch aums and take euch action ae ie neoesaary to protect Lender e interest, ` including, but not limited to, diebureement of reaeonable attorney'e feea and entry upon the Property to make repaire. If Lender required ' mortgage ineurance as a condition of making the loan secured by this Mortgage, Borrower shall pay the premiums required to maintain ; euch insurance in effect until such time ae the requirement for auch ineurance terminates in accordance with Borrower'e and Lendei e _ written agreement or applicable Law. Borrower ehall pay the amount of all mortgage inaurance premiuma in the manner provided under 's, paragraph 2 hereof. ; My amounta diabureed by Lender perauant to thie paragraph 7, with intereet thereon, ahall become additional indebtedneae of ; E3crroweT eecured by thie blortgage. Unleae Borrower and Lender agree to other terma of payment, euch amounts shali be payable upon ~ notice from L,ender to Borrower requeating payment thereof, and ahall bear intereat from the date of disbureement at the rate payable from ~ time to time on outstsnding principal under the Note unleea payment of intereat at such rate would be contrary to applicable law, in which ~ event auch amounta ehall bear intereat at the highest rate permissible under appiicable law. Nothing contained in thie paragraph 7, ahall . ~ require Lender to incur any expenae or take any action hereunder. ~ ~ ~ a f ~ V ~ . ~ V IJIJ ? . a ~ ~ _ , ~.~r. _ _ _ . e ~,r~ # ~ ^ ~ 3~ii~ c~. rt~"` a.~w ``~a J