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Home My WebLink About0094 ' . : E3orrower and Lender oovenant and agree aa foUows: ; 1. Payment oi Principal w~d lptere~~ Hoirower shall prompdy pay when due the principal of and interest on the indebtednees ~ evideAOed by the Note, prepsyment aad lab charges as pmvided in the Note. and the principal of and interest oa any ~hue Advances secured by th;a Mortga~e. , , 2. I~l~nds for Ta:ea and Insuranoe. Subject to applicable law or b a written waiver by I.ender, Borrower shall pay to Lender on the de~y ~ moathly installments of principaJ and intaest are payable under the Note. unW the Note is paid in full. a sum (herein "fl~nds°) equal b one twelRh of the yearly tauee and assesements which may attain priority over thie Mortgage. and ground rents on the Property. ifany~ plue one twelRh of yearly preanium instaliments [or hasard inaurance. plus onetwelfth ofyearly premium inatallments for mortgage insuranoe. if any~ all as reasonably estimated initially and from time to time by [.ender on the basis of aseesamenis and bills and reaaonable estimatea thereof. The ~nd~i el?$!1 be AeW in sn instilati~ tha drposita ar axounts of srhith are insurad or gvafant~d by a Federal or Staie agency (including Lender if I.ender ia euch an iqstitution). I.ender ehall~apply the Fur?ds to pay said taxes. asaesamente. insuranoe premiume and ~ ground rente. Lenda mqy not charge for so holding and applying the fi~nds, analy:ing eaid aecounR or verifying and compiling esid asaessmenta and bills, unlas Lender pays Borrowec interest on the Funda and applicabk laM permiea I.ender to make such a charge. Borrower and Lender may agree in writing at the time of e:ecution of this Mortgage that intereet on the F~nde shall be paid to Borrower, and unless } such agreement ia made or applicable law requirea sach iaterest to be paid, Lende~r shall not be required to pay Borrower any inter~t or earnings pn the ~nda. Lender ahall give b Borrower. without charge. an annual aocounting of the [~nds ehowing credit8 and debits to the ~nds aad the purpoae for which each debit to the I~nde waa made. The Funds are pledged aa additional security for the aums eecured by this ' ~ Mortgage. If the amouat of the ~nds held by I.ender. together with the future monthly inetaliments of Funda payable prior to the due dates of taxes, aasesaments. insuranoe premiuma and ground renta. e~hall rxoaed the amount required to pay said taxea. aasesaments, inaurance premiums and ground nnts as they fall due. such e:oeas shall be, at Borrower'a option. either pmmpdy repaid to Borrower or ct~dited to Bormwer on monthly installmeate of Fbnds. If the amount of the Ptinds held by Lender ehall not be sufficient to pay te~ea, aeseeaments, insurance premiums and ground reata as they fall dne. Borrower ahall pay to Leader any amount neceeeary to meke up the de6ciency within 30 days from the date notice is mailed by Lender to Borrower requeating payment thereof. Upon payment in fi~ll of all aume secured by thia Mortgage, Lender ahal! pmmpdy refund to Borrower any funda held by Lender. If under paragreph 18 hereof the Property is sold or the Property ie otherwiae acquired by Lender, Lender ahall apply, no later than immediately prior to the aale of the Property or its aoquiaition by Lender, any ~nds held by Lender at the time of application as a credit againet the eums secured by this Mortgage. 3. Applicatioa of Payments. Unlesa applicablc law provides otherwise, all paymente reoeived by Lender under the Note and paragraghs 1 and 2 hereof ahall be applied by Lender firet in payment of amounta payable to Lender by Borrower under paragraph 2 hereof. then to interest payable on the Note. then to the principal of the Note. and then to interest and principal on any Future Advancea. ~ 4. Chargea; Lieas. Borrower shall pay all taxea. assesamente and other chargea, fines and impoeitiona attributable to the Property which ; may attain a priority over this Mortgage, and leasehold payments or ground rente, if any, in the manner pmvided under paragraph 2 hereof or, ~ if not paid in such manner. by Borrower making payment, when due, directly to the payee thereof. Borrower ahall promptly furnish to Lender ~ all notices of amounta due under this paragraph, and in the event Borrower ahall make payment directly. Borrower shall prompdy fumiah to 3 Lender receipts evidencing such paymenta_ Borrower ahall promptly diacharge any lien which has priority over thia Mortgag~ Provided, that F Borrow~ ahap not be required to diecharge any auch lien so bng ae Borrowerahall agree in vrriting to the payment of theobligation secured by ? auch lien in a manner acceptable to I.ender, or ahall in good faith contest such lien by, or defend enforcement of such lien in, legal proceedings which operete to prevent the enforcement of the lien or forfeiture of the Property or any part thereof. 5. Hazard lnaurance. Borrower ahaU keep the improvementa now eziating or hereafter erected on the Property inaured againet lose by fire~ hazards included within the term "eutended coverage; ' and euch other hazards aa Lender may require and in euch amounte and for such perioda aa I.ende~ may require; provided. that Lender ahall not require such ooverage 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 aums eecnred by thie Mortgage, ~ whichevrt ia the gteater. ~ - ~ The insurance carrier p~oviding the insurance shall be choeen by Borrower subject to approva) by I.ender, provided, that such approval l shall not be unreaeonably withheld All premiums on insurance policies Shall be paid in the manner provided under paragraph 2 hereof or, if - not paid in auct. manner, by Borrower malcing payment, when due, directly to the insurance carrier. • - I' All innuranoe policies snd renewals thereof ehall be in form acceptable to Lender and ahall include a atandard mortgage clauee in favor of ~ and in form aooeptable to Lender. Lender shall have the right to hold the policiee and renewala thereof, and Borrower shall prompdy furnish to i.ender all renewal notices and all receipts of paid premiuma. In the event of loas, Borrower ahall give pmmpt notice to the ineurance carrier ; and Lender. Lender may make proof of loea if not made promptly by Borrower. ~ Unlees Lender and Borrower otherwise agree in writing, inaurance prooeeds ahaQ be applied to restoration or repair of the Property ; damaged, provided such reatoration or repair ia economically feasible and the eecurity of this Mortgage is not thernby impaired. If anch p restoration or repair is not eoonomically feaeible or if the eecurity ot this Mortgage would be impaired, the ineurance prooeeds ehall be epplied ~ to the sums secured by this Mortgage. with the ~cesa. if anY. paid to Borrorver. IEthe Property is abandoned by Borrower. or if Borrower faile to reepond to Lender within 30 days ~om the date notice is mailed by Lender to Borrower that the inaurance carrier of~ere to settle a claim for ~ insurance beae5te, Lender ia suthorized to coAect and apply the inaurance proceeda at i.ender a option either to reatosation or repair of the ~ Property or the auma secured by this Mortgage. Unless Lender and Borrower othuwiee agree in writing, any auch application of proceeds to principal ehall not eutend or poatpone the due ~ date of We monthly instaUmenfa referred to in paragraphs I and 2 hereof or change the amount of such inatallmenta. If under paragraph 18 hereof the Property ia aoquired by Lender, all right, titk and intereaL of Borrower in and to any ineurance policiea and in and to the proceeda ~ thereof reaulting from damage to Property prior to the sale or aoquisition ahall paea to Lender to the eatent ot` the sums eecured by thia Mortgage immediately prior to auch sale or ac:quisition. . ~ 6. Preservation and Maiatenance of Property; I,easeholds; Condominuma; Planned Unit Developments. Borrower ahall keEp the Property ip good repair and sheU not oommit waete or permit impairment or deterioration of the Property and shall oomply with the ~ provieione of any lease if this Mortgage ia on a leasehold. If thia Mortgage is on a unit in a oondominium or a planned unit development, ~ Borrower shall perform all of Borrower'e obligations under the declaration or rnvenante creatingor goveming the condominium or planned ~ unit development, the by-laws and regnlations of the condominiam or planned unit development, and rnnatituent docvmente. If a ~ rnndominium or planned unit development rider ie euecuted by Borrower and recorded togethet with this Mortgage, the o~venante and ~ agreementa of such rider ehall be incorporated into and ahall amend and supplement the covenante and agreements of thia Mortgage as if the ; rider were a part hereof. : 7. Protection ot I.ender'~ Securit~. It Borrower fails to perform the oovenants and agreements oontained ia this Mortgage, or if any < action or prooeeding is oommenoed which matezially effects Lende~s interest in the Property, includine. bnt aot limited to. eminent domain, ~ insolvency. oode eaforc~meat, or arrangemeats or pmceedings involving a bankrnpt or deoedent~ then Leader at I.eadds option,npoa ~ notioe to Borrower may meke ench appearanres, dieburse snch aam~ and take snch action as is neoeseary to protect Lender'~ intere~t~ ; incloding, but not limited to, disbn»ement of reasonsble attosney'a fees and entry upon the Property to make repaire. If I.ender reqaired ; mortgage inanrance as a eondition of making the loan secared by thie Mortgage, Borrower shall pay the preminms reqnired to maintain ~ euch insurance in eftect nntil snch time as the requirement for auch insurance terminatea in aooordance with Borrower's and Leadds ~ ; writLen agreement or applicable Law. Borrower shall pay the aa~ount of all mortgage insurance premiums in the manne~r provided under ? ParagrsPh 2 hereof. ' . ` AnY amo~wts diebursed by Lendet persuant to this paragraph 7, with intereat Lhereon, ehall become additional indebtedneea of ' ~ Borrower ~ecured by this Mortgage. Unless Borrower and Lenda agree to other terme of payment, such amounte shall be payable upon ~ notice from [.ender to Borro~ver requeeting payment thereof, and ahall bear intere~t from the date of disbursement at the rate payable from time to time on outetanding principal under the Note nnleas payment of intereat at such rate would be oontrary to applicable law, in which _ ~ event such amounts shall bear intsreet at the highest rate prrmia~ible nnder applicable law. Nothing contained in this peragraph 7, shaU ~ require Lender to incnr any e=pense or take any action herevnder. ~ b ~ _ ~ ~ 3~~R~ 311 ~a~: :94 - : ~