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Home My WebLink About0098 . _ • Borrower and I.ender covenaat and agree as folbwi: ~ 1. Paymeat of Priacipal end Iateres~ Borrower shall promptly pay when due the principal of and intereat on the indebtedneas ~ evideaoed by ths Note. prepayment aad late charges ae provided in the Note, and the principat of and intereet on any PLture Advancee secured 1 bY thia Morfgage. ~ 2 F~ds for Tases and Insurauoe. Subjed to applicable law or to a written waiver by I.e~der, Borrower ahal! p~y to Lender on the de1Y moathly uutalla~enta of principal and intezest are payable und~ the Note. unW the Note ia paid in fuU. a sum (herein "~nds") oqual to ono- tweJfth of the yearly taues and aeeeeaments which may attain priority over this Mortgage, and ground renta on the Property. ifany, plua one- twelRh of yearly premium instaltments for hazard insurance, plua o~etwelfth ofyearly premium instaltmerifa for mortgage inaurance, if any, all ae reasonably eatimated initiaUy and tran time to time by L.ender on the basie of aeaeasmenta and bille and reasonable estimatea thereof. ~ 'iLe I~nds shal) be hdd in an institution the depoeits or aoeounts of which are inaured or guaranteed by a Federal or 8tate agency s (including Lender if Lender is such an inatitution). i.eader ahall apply the I~nda to pay said taxes, asseesmenta, inaurance pre~niume and # • ground renta. I.ender may not charge for w holding and applying the ~tads. analyzing said aooount, or verifying and compiling said assessmenfs and bills. unleas Lender pays Borrower intereet on the l~nds and appGcable law permits I.ender to make such a cherge. Bonower ~ and I,ender may agree in vvriting at the time ot e:ecution of this Mortgage that interest on the Funda shall be paid to Borrower, and unleas such egreement is made or applicable law requires such interest to be paid, Lender ahall not be required to pay Borrower any interest or earnings on the Ptinde. I,ender ahall give to Borrower, without charge, an annual aceounting of the Funds ehowing credits and debits to the ~nds and the purpose for which each debit to the FLnds was made.'11~e Funds are pledged as additional secwity for the eums secured by this Mortgege. , Ii the amount of the I~nda held by Lender, together with the future monthly inaisllmenta of Funda payable prior to the due dates of taxea, aesessmenta. insuranoe prapiums and ground rents, shaU esceed the amount required to pay said ta:es; assesamenta, inaurance premiuma and ground renta as they fall due. such e:aas ehall be. at Borrower s option, either pmmptly repaid to Borrow~ or crediteci to Borrower on ` monWly insteUments of F1~nds. If We amount of the Funds held by Leader shall not be au[ficient to pay taues, aeaeesmente, insura~ce pnmiums and ground reats as Wey taU due, Borrower ahall pay to Lender any amount neceeeary to make up the deficiency within 30 days from the date notice is mailed by Lender to Borrower requesting payment thereof. Upoa payment in full otall eums secured by this Mortgage, Lender ahall promptly refund to Borrower any funds held by Lender. If under paragraph 18 hereof the Property ia sold or the Property ie otherwise acquired by Lender, I.ender shall apply. no later than immediately prior to the eale of the Property ~ its aoquisition by Leader, any ~nde held by Lender at the time of application as a credit againat the sume secured by this Mortgage. 3. Appiicadon of Payments. Unless applicable law providea otherwise, all paymenta received by Lender.under the Note and paregraphs 1 aad 2 hereof shall be applied by Lepder first in payment of amounte payable to I.ender by Borrower under paragraph 2 hereof, then to interest payable on the Note, then to the principa! of the Note. and then to intereat and principal on any Pliture Advancea. 4. Chargee; Liens. Borrower ahall pay all taxes, assfasmenta and other charges. fines and impoaitiona attributable to the Property which mag attain a priority over this Mortgage, and leseehold paymenta or ground renEs, if any. in the manner provided under paragraph 2 hereof or, if not paid in auch manner. by Borrower making payment, when due, directly to the payee thereof. Borrowershall promptly furnish to Lender I all noticea of amounta due under thia paragraph, and in the event Borrower ahall make payment directly, Borrower ahall promptly fumish to ~ Lender reeripte evidencing e~ch paymenta. Borrower shall promptly diacharge any lien which has priority over thie Mortgage; pro~~ded, that ' required to discharge any auch lien so long as Borrower ahall a Borrower shall not be gree in writing to the payment of the obligation secured by f such Gen in a manner soceptable to Lender, or ahall in good faith eontest such lien by, ordefend enforcement of such lien in, legal proceedinga which operate to prevent the enforcement of the lien or forteiture of the Property or any part thereof. ~ 5. Hazacd Iasuranoe. Borrowrr ahall keep the improvements now e:iating or hereafter erected on the Property insured againat loss by fire, hazards included within the term "~tended ooverage." and euch other hazards ae I.ender may require and in such amounts and for such perioda ss Lender may require; provided, that I.ender shall not require such ooverage amount e:ceeding the minimum, as may be required by atate or federal regulationa governing activitiee of Lender, or that amount of coverage required to pay the auma secured by this Mortgage, whichever is the greater. The insurance carrier providing the inaurance ahall be chosen by Borrower subject to approval by Lender, provided, that such appmval shall not be unreasonably withheld. All premiume on insurance policies shall be paid in the manner provided under paragraph 2 hereof or, if ~ot paid in surh enannez, by Borrm~rr mafing payment, Rhen due, dire~tty to the ineur~+ncr carrirr. All ineuranoe policies and renewele thereof shall be in form aoceptable to Lender and ehall include a etandard mortgage clause in favor af and in form aoceptable to Lender: Lender shall have the right to hold the policies and renewala thereot, and Borrower ahall pmmptly furnish to ' i.ender all renewal notices and all reoeipte of pa.id premiums. In the event of loss, Borrower ahali give prompt notice to the inaurance carrier ' and Lender. Lender may make proof of loee if not made pmmptly by Borrower. I , Unlea~ Lender and Borrower otherwise agree in writing, inaurance proceeda shali be appiied to restoration or repair of the Property k dameged, provided anch reatoration or repair is economically feasible and the security of thie Mortgage ie not thereby impaired. If auch ` ; reatoration ar repair is noi economically feaaible or if the eecurity of this Mortgage wonld be impaired, the ineurance proceeds shall be applied ; to the suma secnred by this Mortgage, with the e:cesa, if any. paid to Borrower. If the Property ie abandoned by Borrower, or if Borrower faila to respond to Lender within 30 daya from the date notice is mailed by I.ender to Borrower that the insurance carrier offers to eeWe a claim for ~ inaurance benefita, Lender is suthorised to collect and apply Ehe insnrance pmoeeds at Lende~s option either to reatoration or rnpair of the i Property or the aume secured by this Mortgage. ~ Unless Lender and Borrower otherwiae agree in writing~ any euch application of penceede to principal ahall not actend or poatpone the due date of the monthly insfallmente referred to in paragrapha 1 and 2 lirreof or change the amoant of auch inatapmente. It under paragraph 18 ~ hereof the Property is aoquired by Lender. all right, tiLle and intereat of Borrower in and to any insurance po}icies and in and to the proceeds F thereof reaalting trom damege to ~roprrty prior to the aale or aoquisition ahall paea to Lender to the eztent of the sums secvred by thia r Mortgage immediately prior to such sale or aaquisition. - _ ~ 6. Preservation and Maintenance of Property; I.eareholde; Condominuma; Planned Unit Developments. Borrower ahall keep ~ the Property in good repair arid ahall not comnnit waete or permit impairment or deterioration of the Property and ehall oomply with the ~ pmviaiona of any leaee if thie Mortgege ia on a leasehold. If thia Mortgage ie on a unit in a condominium or a planned unit development, ~ Borrower sha11 perform all of Borrower's obligationa under the declaration or rnvenanls creatingor governing the condominium or planned ~ unit developmeat, the by-laws and regulatione of the condominium or planned unit development. and conatituent documenta. If a ~ condominium or plenned unit development rider ie e:ecuted by Borrower and recorded together with thia Mortgage, the oovenants and ; agreementa of auch ridet ehall be incorporated into and shall amend and supplement the covenants and agreements of thia Mortgage as if the rider were a part hereof. ~ 7. Protection ot Lendet's Secaritp. If Borrower faila to per[orm the oovenanta and agre,einent~ ooneained in this MortQage, or if any action or prooeeding is oommenoed which materially affects i.ende~s interest in the ProPertY. including. bat not limited to. eminent domain, ; - • insolveacy. aode eaforoeanmt, or arran~ementa or prooeeding~ involving a banlQUpt o~ deoedeat, Wen Lender at I.ender'~ option.npon } ~ notice to Borrower may make snch appearancn. disbarse ~uch snms and take snch ac~tion as is neoessary to protect Lender'i int~res~ _ inclading, but not limited to, diebursement of reasonable attorney's tees and entry upoa the Property to make npain. If Lenda required s mortgage insnranoe as a oondition of mairing the loen eecured by thia Mortgage. Borrower ahall pay the praninms reqnired to maintain t such inauranoe in egect antil sach tune as the requirement for such inaurance terminates in aocordance with Borrower's and I.endei's writtea agreement ar applicabk I.aw. Borrower shall pay the amonnt of all mo:tgage insurance premiams in the manner provided nnder paragraph 2 hereof. My amoants diebnned by Lender perauant to this paragraph 7. with interest thereoa. ahall beoome additional indebfedness of Y ' Borrower secured by this Mortgage. Unleas $orrower and Lender agree to other terms of payment, such amoanta shall be payable upon £ t notia from Lendtr to Borrower requesting payment thereof, and ahall bear interest firom the date of disbursement at the rate payable from ~ time to dme on ontstanding principal undc the Note unlees payment of intere~t at such rate would be oontrary to applicable law, in which event snch amounts shall bear intrrest at We highest rate permisaible nnder applicabte law_ Nothing oonteined in this paragraph 7, shall ~ require Lender to incur any e~penee or take a~y action hc-reunder. ~ f - °~RK3i1 PA~: s98